Concentration of Risk and Enterprise-Wide Disclosures

3 Months Ended

Mar. 31, 2023

Risks and Uncertainties [Abstract]

Concentration of Risk and Enterprise Wide Disclosures

4.Concentration of Risk and Enterprise-Wide Disclosures

In both reportable segments accounts receivable include amounts billed to governmental agencies and private customers and do not bear interest. Balances billed to customers but not paid pursuant to retainage provisions generally become payable upon contract completion and acceptance by the owner.

The table below presents the concentrations of current receivables (trade and retainage) at March 31, 2023 and December 31, 2022, respectively:

	March 31, 2023				December 31, 2022
Federal Government	$	11,006	7	%	$	4,612	3	%
State Governments		3,862	2	%		3,111	2	%
Local Governments		11,721	8	%		16,197	10	%
Private Companies		126,408	83	%		134,317	85	%
Gross receivables		152,997	100	%		158,237	100	%
Allowance for credit losses		(515)				(606)
Net receivables	$	152,482			$	157,631

At March 31, 2023, one customer in the Private Companies category accounted for 10.9% of total current receivables. At December 31, 2022, no single customer accounted for more than 10.0% of total current receivables.

Additionally, the table below represents concentrations of contract revenue by type of customer for the three months ended March 31, 2023 and 2022, respectively:

	Three months ended March 31,
	2023		%		2022		%
Federal Government	$	23,056	14	%	$	22,695	13	%
State Governments		18,328	12	%		7,704	4	%
Local Governments		20,688	13	%		32,402	19	%
Private Companies		97,102	61	%		112,130	64	%
Total contract revenues	$	159,174	100	%	$	174,931	100	%

In the three months ended March 31, 2023, one customer in the Private Companies category accounted for 10.9% of total contract revenues. In the three months ended March 31, 2022, one customer in the Federal Government category accounted for 10.4% of total contract revenues.

The Company does not believe that the loss of any one of its customers would have a material adverse effect on the Company or its subsidiaries and affiliates since no single specific customer sustains such a large portion of receivables or contract revenue over time.

The concrete segment primarily purchases concrete from select suppliers. The loss of any one of these suppliers could adversely impact short-term operations.

Contract revenues generated outside the United States totaled 1.7% and 0.4% of total revenues for the three months ended March 31, 2023 and 2022, respectively, and were primarily located in the Caribbean Basin.