Contracts in Progress

12 Months Ended

Dec. 31, 2021

Contractors [Abstract]

Contracts in Progress

5.Contracts in Progress

Contracts in progress are as follows at December 31, 2021 and December 31, 2020:

	December 31,		December 31,
	2021		2020
Costs incurred on uncompleted contracts	$	1,138,298	$	1,151,987
Estimated earnings		168,861		202,369
		1,307,159		1,354,356
Less: Billings to date		(1,305,628)		(1,355,220)
	$	1,531	$	(864)
Included in the accompanying Consolidated Balance Sheets under the following captions:
Contract assets	$	28,529	$	32,271
Contract liabilities		(26,998)		(33,135)
	$	1,531	$	(864)

Included in contract assets is approximately $3.8 million and $3.1 million at December 31, 2021 and December 31, 2020, respectively, related to claims and unapproved change orders. See Note 2 to the Company’s consolidated financial statements for discussion of the accounting for these claims.

Remaining performance obligations represent the transaction price of firm orders or other written contractual commitments from customers for which work has not been performed or is partially completed and excludes unexercised contract options and potential orders. As of December 31, 2021, the aggregate amount of the remaining performance obligations was approximately $590.0 million. Of this amount, the current expectation of the Company is that it will recognize $454.5 million, or 77%, in the next 12 months and the remaining balance thereafter.