Concentration of Risk and Enterprise-Wide Disclosures

12 Months Ended

Dec. 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 December 31, 2023 and December 31, 2022, respectively:

	December 31, 2023				December 31, 2022
Federal Government	$	8,885	6	%	$	4,612	3	%
State Governments		2,355	2	%		3,111	2	%
Local Governments		12,804	9	%		16,197	10	%
Private Companies		119,590	83	%		134,317	85	%
Gross receivables		143,634	100	%		158,237	100	%
Allowance for credit losses		(361)				(606)
Net receivables	$	143,273			$	157,631

At December 31, 2023, a customer in the Private Companies category accounted for 19.9% 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 years ended December 31, 2023, 2022 and 2021.

	2023		%		2022		%		2021		%
Federal Government	$	153,410	22	%	$	80,116	11	%	$	54,480	9	%
State Governments		59,354	8	%		62,516	8	%		4,790	1	%
Local Government		99,621	14	%		125,015	17	%		120,311	20	%
Private Companies		399,393	56	%		480,675	64	%		421,779	70	%
Total contract revenues	$	711,778	100	%	$	748,322	100	%	$	601,360	100	%

In the year ended December 31, 2023, a customer in the Federal Government category accounted for 12.7% of total contract revenue. For the years ended December 31, 2022 and 2021, no single customer exceeded 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 5.1%, 0.9% and 0.5% of total revenues for the years ended December 31, 2023, 2022 and 2021, respectively, and were primarily located in the Caribbean Basin.