Construction Contracts (Tables)

12 Months Ended

Dec. 31, 2023

Schedule 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 years ended December 31, 2023 and 2022 (in thousands):


	Year ended December 31, 2023				Year ended December 31, 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	—		23,309		—		18,238
Transferred to receivables	(394)		—		(965)		—
Construction contract costs and estimated earnings not billed during the period	104		—		342		—
Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion	52		(1,895)		722		(723)
Ending balance	$	104	$	21,414	$	342	$	17,515

The Company's balances and changes in construction contract price allocated to unsatisfied performance obligations (backlog) for each of the three years ended December 31, 2023, 2022 and 2021 were as follows (in thousands):


	Years Ended December 31,
	2023		2022		2021
Beginning backlog	$	665,565	$	215,519	$	71,258
New contracts/change orders	221,473		685,753		236,077
Work performed	(414,868)		(235,707)		(91,816)
Ending backlog	$	472,170	$	665,565	$	215,519

Schedule of Net Position of Uncompleted Construction Contracts

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


	December 31,
	2023		2022
Costs incurred on uncompleted construction contracts	$	718,571	$	571,465
Estimated earnings	26,089		22,162
Billings	(765,970)		(610,800)
Net position	$	(21,310)	$	(17,173)

Construction contract costs and estimated earnings in excess of billings	$	104	$	342
Billings in excess of construction contract costs and estimated earnings	(21,414)		(17,515)
Net position	$	(21,310)	$	(17,173)