Construction Contracts (Tables)

6 Months Ended

Jun. 30, 2025

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 six months ended June 30, 2025 and 2024 (in thousands):

	Six Months Ended  June 30, 2025				Six Months Ended  June 30, 2024
	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	$	6	$	5,871	$	104	$	21,414
Revenue recognized that was included in the balance at the beginning of the period	—		(5,871)		—		(21,414)
Increases due to new billings, excluding amounts recognized as revenue during the period	—		6,990		—		21,454
Transferred to receivables	(6)		—		(106)		—
Construction contract costs and estimated earnings not billed during the period	2,990		—		542		—
Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion	—		(326)		2		(2,036)
Ending balance	$	2,990	$	6,664	$	542	$	19,418

The Company’s balances and changes in construction contract price allocated to unsatisfied performance obligations (backlog) as of June 30, 2025 and 2024 were as follows (in thousands):

	Three Months Ended June 30,
	2025		2024
Beginning backlog	$	80,423	$	343,406
New contracts/change orders	57,909		76,585
Work performed	(31,769)		(117,141)
Ending backlog	$	106,563	$	302,850

Schedule of Net Position of Uncompleted Construction Contracts

The Company’s net position on uncompleted construction contracts comprised the following as of June 30, 2025 and December 31, 2024 (in thousands):

	June 30, 2025		December 31, 2024
Costs incurred on uncompleted construction contracts	$	921,461	$	1,006,508
Estimated earnings	28,554		37,250
Billings	(953,689)		(1,049,623)
Net position	$	(3,674)	$	(5,865)
Construction contract costs and estimated earnings in excess of billings	$	2,990	$	6
Billings in excess of construction contract costs and estimated earnings	(6,664)		(5,871)
Net position	$	(3,674)	$	(5,865)