Construction Contracts (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022 and 2021 (in thousands):


	Three Months Ended March 31, 2022				Three Months Ended March 31, 2021
	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	$	243	$	4,881	$	138	$	6,088
Revenue recognized that was included in the balance at the beginning of the period	—		(4,881)		—		(6,088)
Increases due to new billings, excluding amounts recognized as revenue during the period	—		15,055		—		3,143
Transferred to receivables	(266)		—		(138)		—
Construction contract costs and estimated earnings not billed during the period	121		—		54		—
Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion	23		(1)		—		(81)
Ending balance	$	121	$	15,054	$	54	$	3,062

The Company’s balances and changes in construction contract price allocated to unsatisfied performance obligations (backlog) as of March 31, 2022 and 2021 were as follows (in thousands):


	Three Months Ended March 31,
	2022		2021
Beginning backlog	$	215,518	$	71,258
New contracts/change orders	228,603		3,124
Work performed	(24,682)		(35,544)
Ending backlog	$	419,439	$	38,838

Net position of uncompleted construction contracts

The Company’s net position on uncompleted construction contracts comprised the following as of March 31, 2022 and December 31, 2021 (in thousands):


	March 31, 2022		December 31, 2021
Costs incurred on uncompleted construction contracts	$	368,128	$	379,993
Estimated earnings	14,473		15,115
Billings	(397,534)		(399,746)
Net position	$	(14,933)	$	(4,638)

Construction contract costs and estimated earnings in excess of billings	$	121	$	243
Billings in excess of construction contract costs and estimated earnings	(15,054)		(4,881)
Net position	$	(14,933)	$	(4,638)

The above table reflects the net effect of projects closed as of March 31, 2022 and December 31, 2021, respectively.