Construction Contracts (Tables)

9 Months Ended

Sep. 30, 2022

Contractors [Abstract]

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 nine months ended September 30, 2022 and 2021 (in thousands):

	Nine Months Ended  September 30, 2022				Nine Months Ended  September 30, 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	—		16,312		—		3,791
Transferred to receivables	(478)		—		(665)		—
Construction contract costs and estimated earnings not billed during the period	232		—		370		—
Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion	235		(576)		527		(1,117)
Ending balance	$	232	$	15,736	$	370	$	2,674

The Company’s balances and changes in construction contract price allocated to unsatisfied performance obligations (backlog) as of September 30, 2022 and 2021 were as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Beginning backlog	$	541,214	$	70,219	$	215,518	$	71,258
New contracts/change orders	53,966		53,590		449,712		106,992
Work performed	(69,251)		(16,944)		(139,301)		(71,385)
Ending backlog	$	525,929	$	106,865	$	525,929	$	106,865

Net position of uncompleted construction contracts

The Company’s net position on uncompleted construction contracts comprised the following as of September 30, 2022 and December 31, 2021 (in thousands):

	September 30, 2022		December 31, 2021
Costs incurred on uncompleted construction contracts	$	477,799	$	379,993
Estimated earnings	19,423		15,115
Billings	(512,726)		(399,746)
Net position	$	(15,504)	$	(4,638)
Construction contract costs and estimated earnings in excess of billings	$	232	$	243
Billings in excess of construction contract costs and estimated earnings	(15,736)		(4,881)
Net position	$	(15,504)	$	(4,638)

The above table reflects the net effect of projects closed as of September 30, 2022 and December 31, 2021, respectively.