Construction Contracts (Tables)

3 Months Ended

Mar. 31, 2021

Summary of balances and changes of construction contracts

The following table summarizes the changes to the balances in the Company’s construction contract costs and estimated earnings in excess of billings account and the billings in excess of construction contract costs and estimated earnings account for the three months ended March 31, 2021 and 2020 (in thousands):


	Three Months Ended March 31, 2021				Three Months Ended March 31, 2020
	Construction contract costs and estimated earnings in excess of billings		Billings in excess of construction contract costs and estimated earnings		Construction contract costs and estimated earnings in excess of billings		Billings in excess of construction contract costs and estimated earnings
Beginning balance	$	138	$	6,088	$	249	$	5,306
Revenue recognized that was included in the balance at the beginning of the period	—		(6,088)		—		(5,306)
Increases due to new billings, excluding amounts recognized as revenue during the period	—		3,143		—		6,311
Transferred to receivables	(138)		—		(285)		—
Construction contract costs and estimated earnings not billed during the period	54		—		458		—
Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion	—		(81)		36		—
Ending balance	$	54	$	3,062	$	458	$	6,311

The Company’s balances and changes in construction contract price allocated to unsatisfied performance obligations (backlog) as of March 31, 2021 and 2020 were as follows (in thousands):


	Three Months Ended March 31,
	2021		2020
Beginning backlog	$	71,258	$	242,622
New contracts/change orders	3,124		40,440
Work performed	(35,544)		(47,420)
Ending backlog	$	38,838	$	235,642

Net position of uncompleted construction contracts

The Company’s net position on uncompleted construction contracts comprised the following as of March 31, 2021 and December 31, 2020 (in thousands):


	March 31, 2021		December 31, 2020
Costs incurred on uncompleted construction contracts	$	939,312	$	905,037
Estimated earnings	33,399		32,130
Billings	(975,719)		(943,117)
Net position	$	(3,008)	$	(5,950)

Construction contract costs and estimated earnings in excess of billings	$	54	$	138
Billings in excess of construction contract costs and estimated earnings	(3,062)		(6,088)
Net position	$	(3,008)	$	(5,950)