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Construction Contract and Other Service Revenues | 9 Months Ended
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Sep. 30, 2024
Revenue from Contract with Customer [Abstract] |
Construction Contract and Other Service Revenues | Construction Contract and Other Service Revenues We disaggregate in the table below our construction contract and other service revenues by compensation arrangement as we believe it best depicts the nature, timing and uncertainty of our revenue (in thousands):
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Construction contract revenue: |  |  |  |  |  |  |
Firm fixed price | $ | 8,158 |  |  | $ | 6,616 |  |  | $ | 29,343 |  |  | $ | 21,898 |
Guaranteed maximum price | 6,318 |  |  | 2,817 |  |  | 28,410 |  |  | 11,561 |
Cost-plus fee | 1,868 |  |  | 2,205 |  |  | 4,574 |  |  | 7,472 |
Other | 318 |  |  | 311 |  |  | 1,196 |  |  | 1,081 |
| $ | 16,662 |  |  | $ | 11,949 |  |  | $ | 63,523 |  |  | $ | 42,012 |
We recognized an insignificant amount of revenue in the three and nine months ended September 30, 2024 and 2023 from performance obligations satisfied (or partially satisfied) in previous periods. Accounts receivable related to our construction contract services is included in accounts receivable, net on our consolidated balance sheets. The beginning and ending balances of accounts receivable related to our construction contracts were as follows (in thousands):
| For the Nine Months Ended September 30,
| 2024 |  | 2023
Beginning balance | $ | 10,500 |  |  | $ | 7,618 |
Ending balance | $ | 3,836 |  |  | $ | 5,367 |
Contract assets are included in prepaid expenses and other assets, net on our consolidated balance sheets. The beginning and ending balances of our contract assets were as follows (in thousands):
| For the Nine Months Ended September 30,
| 2024 |  | 2023
Beginning balance | $ | 15,086 |  |  | $ | 22,331 |
Ending balance | $ | 22,540 |  |  | $ | 8,356 |
Contract liabilities are included in other liabilities on our consolidated balance sheets. Changes in contract liabilities were as follows (in thousands):
| For the Nine Months Ended September 30,
| 2024 |  | 2023
Beginning balance | $ | 4,176 |  |  | $ | 2,867 |
Ending balance | $ | 2,536 |  |  | $ | 3,938 |
Portion of beginning balance recognized in revenue during: |  |  |
Three months ended September 30, | $ | 87 |  |  | $ | 64 |
Nine months ended September 30, | $ | 2,198 |  |  | $ | 164 |
Revenue allocated to the remaining performance obligations under existing contracts as of September 30, 2024 that will be recognized as revenue in future periods was $22.7 million, most of which we expect to recognize in the three months ending December 31, 2024. We have no deferred incremental costs incurred to obtain or fulfill our construction contracts or other service revenues as of September 30, 2024 and December 31, 2023. Credit loss expense or recoveries on construction contracts receivable and unbilled construction revenue were insignificant for the periods reported herein.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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