Contract Assets and Liabilities

9 Months Ended

Sep. 30, 2024

Disclosure Text Block [Abstract]

Contract Assets and Liabilities

4. Contract Assets and Liabilities

Contract assets and liabilities as of September 30, 2024 and December 31, 2023 consisted of the following:

(in thousands)	September 30, 2024		December 31, 2023
Costs and estimated earnings in excess of billings on uncompleted contracts	$	68,500	$	66,574
Billings in excess of costs and estimated earnings on uncompleted contracts		64,801		56,899

As of the beginning of the prior year period, or January 1, 2023, costs and estimated earnings in excess of billings on uncompleted contracts and billings in excess of costs and estimated earnings on uncompleted contracts were $71.0 million and $32.7 million, respectively. The contract liabilities recorded in “Accrued expenses” on the Condensed Consolidated Balance Sheets were $8.3 million, $7.9 million and $4.5 million as of September 30, 2024, December 31, 2023 and January 1, 2023, respectively. Approximately 80% of the Company's contract liabilities as of December 31, 2023 were recognized as revenue in the nine months ended September 30, 2024.