Costs and Estimated Earnings on Uncompleted Contracts

9 Months Ended

Sep. 30, 2023

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, 2023		December 31, 2022
	(in thousands)
Costs incurred on uncompleted contracts	$	137,716	$	137,736
Estimated earnings		78,578		51,287
Billings to date		(197,947)		(134,665)
	$	18,347	$	54,358

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

	As of		As of
	September 30, 2023		December 31, 2022
	(in thousands)
Costs and estimated earnings in excess of billings on uncompleted contracts	$	28,334	$	79,549
Billings in excess of costs and estimated earnings on
uncompleted contracts (included in Other current liabilities)		(9,987)		(25,191)
	$	18,347	$	54,358

At September 30, 2023 and December 31, 2022, the two largest customers comprised 92.8% and 96.7%, respectively, of the costs and estimated earnings in excess of billings on uncompleted contracts, net of billings in excess of costs and estimated earnings.