Construction Contracts (Tables)

6 Months Ended

Jun. 30, 2023

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, 2023 and 2022 (in thousands):


	Six Months Ended June 30, 2023				Six Months Ended June 30, 2022
	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	$	342	$	17,515	$	243	$	4,881
Revenue recognized that was included in the balance at the beginning of the period	—		(17,515)		—		(4,881)
Increases due to new billings, excluding amounts recognized as revenue during the period	—		19,282		—		15,442
Transferred to receivables	(343)		—		(361)		—
Construction contract costs and estimated earnings not billed during the period	406		—		493		—
Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion	1		(971)		118		(367)
Ending balance	$	406	$	18,311	$	493	$	15,075

The Company’s balances and changes in construction contract price allocated to unsatisfied performance obligations (backlog) as of June 30, 2023 and 2022 were as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Beginning backlog	$	651,840	$	419,439	$	665,564	$	215,518
New contracts/change orders	43,975		167,143		114,767		395,746
Work performed	(103,029)		(45,368)		(187,545)		(70,050)
Ending backlog	$	592,786	$	541,214	$	592,786	$	541,214

Schedule of Net Position of Uncompleted Construction Contracts

The Company’s net position on uncompleted construction contracts comprised the following as of June 30, 2023 and December 31, 2022 (in thousands):


	June 30, 2023		December 31, 2022
Costs incurred on uncompleted construction contracts	$	499,099	$	571,465
Estimated earnings	18,238		22,162
Billings	(535,242)		(610,800)
Net position	$	(17,905)	$	(17,173)

Construction contract costs and estimated earnings in excess of billings	$	406	$	342
Billings in excess of construction contract costs and estimated earnings	(18,311)		(17,515)
Net position	$	(17,905)	$	(17,173)

The above table reflects the net effect of projects closed as of June 30, 2023 and December 31, 2022, respectively.