Concentration of Risk and Enterprise-Wide Disclosures

9 Months Ended

Sep. 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 September 30, 2023 and December 31, 2022, respectively:

	September 30, 2023				December 31, 2022
Federal Government	$	16,408	10	%	$	4,612	3	%
State Governments		2,206	1	%		3,111	2	%
Local Governments		21,196	13	%		16,197	10	%
Private Companies		127,406	76	%		134,317	85	%
Gross receivables		167,216	100	%		158,237	100	%
Allowance for credit losses		(496)				(606)
Net receivables	$	166,720			$	157,631

At both September 30, 2023 and 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 nine months ended September 30, 2023 and 2022, respectively:

	Three months ended September 30,								Nine months ended September 30,
	2023		%		2022		%		2023		%		2022		%
Federal Government	$	27,336	16	%	$	15,394	8	%	$	94,808	19	%	$	57,923	11	%
State Governments		12,360	7	%		17,836	10	%		44,864	9	%		39,293	7	%
Local Governments		29,422	17	%		31,609	17	%		71,803	14	%		90,209	16	%
Private Companies		99,358	59	%		117,782	65	%		298,709	59	%		364,702	66	%
Total contract revenues	$	168,476	99	%	$	182,621	100	%	$	510,184	101	%	$	552,127	100	%

In the three months ended September 30, 2023, one customer in the Federal Government category accounted for 10.2% of total contract revenues. In the nine months ended September 30, 2023, no single customer accounted for more than 10.0% of total contract revenues. In the three and nine months ended September 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 2.7% and 1.4% of total revenues for the three months ended September 30, 2023 and 2022, respectively, and 2.8% and 0.9% for the nine months ended September 30, 2023 and 2022, respectively, and were primarily located in the Caribbean Basin.