Concentration of Risk and Enterprise-Wide Disclosures

6 Months Ended

Jun. 30, 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 June 30, 2023 and December 31, 2022, respectively:

	June 30, 2023				December 31, 2022
Federal Government	$	26,878	16	%	$	4,612	3	%
State Governments		2,740	2	%		3,111	2	%
Local Governments		19,139	11	%		16,197	10	%
Private Companies		120,061	71	%		134,317	85	%
Gross receivables		168,818	100	%		158,237	100	%
Allowance for credit losses		(576)				(606)
Net receivables	$	168,242			$	157,631

At June 30, 2023, one customer in the Federal Government category accounted for 13.0% 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 and six months ended June 30, 2023 and 2022, respectively:

	Three months ended June 30,								Six months ended June 30,
	2023		%		2022		%		2023		%		2022		%
Federal Government	$	44,416	24	%	$	19,834	10	%	$	67,472	20	%	$	42,529	12	%
State Governments		14,176	8	%		13,753	7	%		32,504	10	%		21,457	5	%
Local Governments		21,693	12	%		26,198	14	%		42,381	12	%		58,600	16	%
Private Companies		102,249	56	%		134,790	69	%		199,351	58	%		246,920	67	%
Total contract revenues	$	182,534	100	%	$	194,575	100	%	$	341,708	100	%	$	369,506	100	%

In the three months ended June 30, 2023, one customer in the Federal Government category accounted for 14.0% of total contract revenues. In the six months ended June 30, 2023, no single customer accounted for

more than 10.0% of total contract revenues. In the three and six months ended June 30, 2022, no single customer accounted for more than 10.0% 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 4.0% and 1.0% of total revenues for the three months ended June 30, 2023 and 2022, respectively, and 2.9% and 0.7% for the six months ended June 30, 2023 and 2022, respectively, and were primarily located in the Caribbean Basin.