Contracts in Progress

3 Months Ended

Mar. 31, 2024

Contractors [Abstract]

Contracts in Progress

5.Contracts in Progress

Contracts in progress are as follows at March 31, 2024 and December 31, 2023:

	March 31,		December 31,
	2024		2023
Costs incurred on uncompleted contracts	$	1,402,010	$	1,394,243
Estimated earnings		161,886		176,904
		1,563,896		1,571,147
Less: Billings to date		(1,551,541)		(1,553,704)
	$	12,355	$	17,443
Included in the accompanying Consolidated Balance Sheets under the following captions:
Contract assets	$	70,974	$	81,522
Contract liabilities		(58,619)		(64,079)
	$	12,355	$	17,443

Included in contract assets is approximately $13.7 million and $13.0 million at March 31, 2024 and December 31, 2023, 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 March 31, 2024, the aggregate amount of the remaining performance obligations was approximately $756.6 million. Of this amount, the current expectation of the Company is that it will recognize $691.9 million, or 91%, in the next 12 months and the remaining balance thereafter.