Construction Contracts (Tables)

6 Months Ended

Jun. 30, 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 six months ended June 30, 2021 and 2020 (in thousands):


	Six Months Ended June 30, 2021				Six Months Ended June 30, 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	—		4,191		—		9,320
Transferred to receivables	(464)		—		(285)		—
Construction contract costs and estimated earnings not billed during the period	85		—		333		—
Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion	326		(54)		36		—
Ending balance	$	85	$	4,137	$	333	$	9,320

The Company’s balances and changes in construction contract price allocated to unsatisfied performance obligations (backlog) as of June 30, 2021 and 2020 were as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Beginning backlog	$	38,838	$	235,642	$	71,258	$	242,622
New contracts/change orders	50,278		15,490		53,402		55,930
Work performed	(18,897)		(57,390)		(54,441)		(104,810)
Ending backlog	$	70,219	$	193,742	$	70,219	$	193,742

Net position of uncompleted construction contracts

The Company’s net position on uncompleted construction contracts comprised the following as of June 30, 2021 and December 31, 2020 (in thousands):


	June 30, 2021		December 31, 2020
Costs incurred on uncompleted construction contracts	$	957,444	$	905,037
Estimated earnings	33,645		32,130
Billings	(995,141)		(943,117)
Net position	$	(4,052)	$	(5,950)

Construction contract costs and estimated earnings in excess of billings	$	85	$	138
Billings in excess of construction contract costs and estimated earnings	(4,137)		(6,088)
Net position	$	(4,052)	$	(5,950)