Costs and Estimated Earnings on Uncompleted Contracts

9 Months Ended

Sep. 30, 2022

Costs and Estimated Earnings on Uncompleted Contracts [Abstract]

Costs and Estimated Earnings on Uncompleted Contracts

4.COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS

The Company’s costs and estimated earnings on uncompleted contracts are comprised of the following:

	As of		As of
	September 30, 2022		December 31, 2021
	(in thousands)
Costs incurred on uncompleted contracts	$	119,320	$	75,967
Estimated earnings		44,147		28,851
Billings to date		(98,398)		(61,628)
	$	65,069	$	43,190

These amounts are included in the Consolidated Balance Sheets under the following captions:

	As of		As of
	September 30, 2022		December 31, 2021
	(in thousands)
Costs and estimated earnings in excess of billings on uncompleted contracts	$	81,665	$	48,844
Billings in excess of costs and estimated earnings on
uncompleted contracts (included in Other current liabilities)		(16,596)		(5,654)
	$	65,069	$	43,190

At September 30, 2022 and December 31, 2021, the eight largest customers comprised 99.8% and 98.8%, respectively, of the costs and estimated earnings in excess of billings on uncompleted contracts, net of billings in excess of costs and estimated earnings.