Concentration of Risk and Enterprise-Wide Disclosures

3 Months Ended

Mar. 31, 2024

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, 2024 and December 31, 2023, respectively:

	March 31, 2024				December 31, 2023
Federal Government	$	15,048	12	%	$	8,885	6	%
State Governments		4,577	4	%		2,355	2	%
Local Governments		17,358	13	%		12,804	9	%
Private Companies		91,578	71	%		119,590	83	%
Gross receivables		128,561	100	%		143,634	100	%
Allowance for credit losses		(366)				(361)
Net receivables	$	128,195			$	143,273

At March 31, 2024 and December 31, 2023, a customer in the Private Companies category accounted for 14.9% and 19.9% of total current receivables, respectively.

Additionally, the table below represents concentrations of contract revenue by type of customer for the three months ended March 31, 2024 and 2023, respectively:

	Three months ended March 31,
	2024		%		2023		%
Federal Government	$	53,382	33	%	$	23,056	14	%
State Governments		13,984	9	%		18,328	12	%
Local Government		28,973	18	%		20,688	13	%
Private Companies		64,333	40	%		97,102	61	%
Total contract revenues	$	160,672	100	%	$	159,174	100	%

For the three months ended March 31, 2024, the United States Navy, which is included in the Federal Government category, accounted for 23.7% of total contract revenues. For the three months ended March 31, 2023, one customer in the Private Companies category accounted for 10.9% of total contract revenues.

With the exception of the Unites States Navy, 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 besides the United States Navy sustains such a large portion of receivables or contract revenue over time.  On March 10, 2023, the United States Navy awarded the Dragados/Hawaiian Dredging/Orion Joint Venture a $2.8 billion contract to complete the construction of a dry dock at Pearl Harbor Naval Shipyard.  The Company’s portion of work as a dedicated subcontractor totals $435.4 million.  For the fiscal year ended December 31, 2023 and the three months ended March 31, 2024, the Company’s revenue related to the joint venture subcontract was approximately $90.5 million and $38.0 million, respectively.

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 6.0% and 1.7% of total revenues for the three months ended March 31, 2024 and 2023, respectively, and were primarily located in the Caribbean Basin.