Contracts in Progress

6 Months Ended

Jun. 30, 2023

Contractors [Abstract]

Contracts in Progress

5.Contracts in Progress

Contracts in progress are as follows at June 30, 2023 and December 31, 2022:

	June 30,		December 31,
	2023		2022
Costs incurred on uncompleted contracts	$	1,447,828	$	1,251,853
Estimated earnings		206,565		180,705
		1,654,393		1,432,558
Less: Billings to date		(1,660,310)		(1,426,375)
	$	(5,917)	$	6,183
Included in the accompanying Condensed Consolidated Balance Sheets under the following captions:
Contract assets	$	34,949	$	43,903
Contract liabilities		(40,866)		(37,720)
	$	(5,917)	$	6,183

Included in contract assets is approximately $14.2 million and $13.4 million at June 30, 2023 and December 31, 2022, respectively, related to claims and unapproved change orders. See Note 2 to the Company’s consolidated financial statements for discussion of the accounting for these claims.

Remaining performance obligations represent the transaction price of firm orders or other written contractual commitments from customers for which work has not been performed or is partially completed and excludes unexercised contract options and potential orders. As of June 30, 2023, the aggregate amount of the remaining performance obligations was approximately $818.7 million. Of this amount, the current expectation of the Company is that it will recognize $560.8 million, or 69%, in the next 12 months and the remaining balance thereafter.