Construction Contracts (Tables)

3 Months Ended

Mar. 31, 2024

Contractors [Abstract]

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 three months ended March 31, 2024 and 2023 (in thousands):

	Three Months Ended  March 31, 2024				Three Months Ended  March 31, 2023
	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	$	104	$	21,414	$	342	$	17,515
Revenue recognized that was included in the balance at the beginning of the period	—		(21,414)		—		(17,515)
Increases due to new billings, excluding amounts recognized as revenue during the period	—		22,493		—		17,150
Transferred to receivables	(107)		—		(347)		—
Construction contract costs and estimated earnings not billed during the period	26		—		1,206		—
Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion	3		(765)		5		(414)
Ending balance	$	26	$	21,728	$	1,206	$	16,736

The Company’s balances and changes in construction contract price allocated to unsatisfied performance obligations (backlog) as of March 31, 2024 and 2023 were as follows (in thousands):

	Three Months Ended March 31,
	2024		2023
Beginning backlog	$	472,169	$	665,564
New contracts/change orders	(1,404)		70,792
Work performed	(127,359)		(84,516)
Ending backlog	$	343,406	$	651,840

Schedule of Net Position of Uncompleted Construction Contracts

The Company’s net position on uncompleted construction contracts comprised the following as of March 31, 2024 and December 31, 2023 (in thousands):

	March 31, 2024		December 31, 2023
Costs incurred on uncompleted construction contracts	$	707,665	$	718,571
Estimated earnings	25,318		26,089
Billings	(754,685)		(765,970)
Net position	$	(21,702)	$	(21,310)
Construction contract costs and estimated earnings in excess of billings	$	26	$	104
Billings in excess of construction contract costs and estimated earnings	(21,728)		(21,414)
Net position	$	(21,702)	$	(21,310)

The above table reflects the net effect of projects closed as of March 31, 2024 and December 31, 2023, as applicable.