Contract Assets and Liabilities

9 Months Ended

Sep. 30, 2023

Disclosure Text Block [Abstract]

Schedule of Regulatory Assets and Liabilities [Text Block]

4. Contract Assets and Liabilities

Contract assets and liabilities as of September 30, 2023 and December 31, 2022 consisted of the following:

(in thousands)	September 30, 2023		December 31, 2022
Costs and estimated earnings in excess of billings on uncompleted contracts	$	64,856	$	71,016
Billings in excess of costs and estimated earnings on uncompleted contracts		54,209		32,716

As of the beginning of the prior year period, or January 1, 2022, costs and estimated earnings in excess of billings on uncompleted contracts and billings in excess of costs and estimated earnings on uncompleted contracts were $51.4 million and $28.9 million, respectively. The contract liabilities recorded in “Accrued expenses” on the Condensed Consolidated Balance Sheets were $9.2 million, $4.5 million and $4.4 million as of September 30, 2023, December 31, 2022 and January 1, 2022, respectively. Approximately 75% of the Company's contract liabilities as of December 31, 2022 were recognized as revenue in the nine months ended September 30, 2023.