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Contract Assets and Liabilities

3 Months Ended

Mar. 31, 2025

4. Contract Assets and Liabilities

Contract assets and liabilities as of March 31, 2025 and December 31, 2024 consisted of the following:


(in thousands)	March 31, 2025		December 31, 2024
Costs and estimated earnings in excess of billings on uncompleted contracts	$	83,335	$	69,889
Billings in excess of costs and estimated earnings on uncompleted contracts		87,870		81,501

As of the beginning of the prior year period, or January 1, 2024, costs and estimated earnings in excess of billings on uncompleted contracts and billings in excess of costs and estimated earnings on uncompleted contracts were $66.6 million and $56.9 million, respectively. The contract liabilities recorded in “Accrued expenses” on the Condensed Consolidated Balance Sheets were $11.5 million, $9.7 million and $7.9 million as of March 31, 2025, December 31, 2024 and January 1, 2024, respectively. Approximately 30% of the Company's contract liabilities as of December 31, 2024 were recognized as revenue in the three months ended March 31, 2025.