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CONTRACT ASSETS AND LIABILITIES
 9 Months Ended
Sep. 30, 2024
Contractors [Abstract]  
CONTRACT ASSETS AND LIABILITIES CONTRACT ASSETS AND LIABILITIES
Under our customized pump production and water and wastewater project contracts, amounts are billed as work progresses in accordance with agreed-upon contractual terms, upon various measures of performance, including achievement of certain milestones, completion of specified units, or completion of a contract. Generally, billing occurs subsequent to revenue recognition, resulting in contract assets presented as "Costs and estimated profits in excess of billings". However, we sometimes receive advances or deposits from our customers before revenue is recognized, resulting in contract liabilities that are presented as "Billings in excess of costs and estimated profits" on our unaudited condensed consolidated balance sheets.

Costs and estimated profits on uncompleted contracts and related amounts billed were as follows (in thousands):

 September 30, 2024December 31, 2023
Costs incurred on uncompleted contracts$119,971 $92,363 
Estimated profits, thereon52,241 37,379 
Total costs and estimated profits on uncompleted contracts172,212 129,742 
Less: billings to date134,418 96,928 
Net$37,794 $32,814 

Such amounts were included in the accompanying unaudited condensed consolidated balance sheets for September 30, 2024 and December 31, 2023 under the following captions (in thousands):

 September 30, 2024December 31, 2023
Costs and estimated profits in excess of billings$49,707 $42,323 
Billings in excess of costs and estimated profits(11,911)(9,506)
Translation adjustment(2)(3)
Net$37,794 $32,814 

During the nine months ended September 30, 2024 and 2023, $5.3 million and $10.0 million of the balances that were previously classified as contract liabilities at the beginning of the period were recognized in revenues, respectively. Contract asset and liability changes were primarily due to normal activity and timing differences between our performance and customer payments.