Concentration of Risk and Enterprise-Wide Disclosures

12 Months Ended

Dec. 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 December 31, 2024 and December 31, 2023, respectively:

	December 31, 2024				December 31, 2023
Federal Government	$	19,874	14	%	$	8,885	6	%
State Governments		9,553	7	%		2,355	2	%
Local Governments		24,641	17	%		12,804	9	%
Private Companies		88,424	62	%		119,590	83	%
Gross receivables		142,492	100	%		143,634	100	%
Allowance for credit losses		(555)				(361)
Net receivables	$	141,937			$	143,273

At December 31, 2024, the United States Navy, which is included in the Federal Government category, accounted for 11.1% of total current receivables. At December 31, 2023, a customer in the Private Companies category accounted for 19.9% of total current receivables.

Additionally, the table below represents concentrations of contract revenue by type of customer for the years ended December 31, 2024, 2023 and 2022.

	2024		%		2023		%		2022		%
Federal Government	$	234,175	30	%	$	153,410	22	%	$	80,116	11	%
State Governments		74,286	9	%		59,354	8	%		62,516	8	%
Local Government		123,160	15	%		99,621	14	%		125,015	17	%
Private Companies		364,773	46	%		399,393	56	%		480,675	64	%
Total contract revenues	$	796,394	100	%	$	711,778	100	%	$	748,322	100	%

For the year ended December 31, 2024, the United States Navy, which is included in the Federal Government category, accounted for 25.0% of total contract revenues. For the year ended December 31, 2023, the United States Navy accounted for 12.7% of total contract revenue. For the year ended December 31, 2022, no single customer exceeded 10.0% 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 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 $450.2 million. For the fiscal years ended December 31, 2024 and 2023, the Company’s revenue related to the joint venture subcontract was approximately $199.4 million and $90.5 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 7.4%, 5.1% and 0.9% of total revenues for the years ended December 31, 2024, 2023 and 2022, respectively, and were primarily located in the Caribbean Basin.