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Construction Contracts (Tables) | 9 Months Ended
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Sep. 30, 2024
Contractors [Abstract] |
Schedule of Balances and Changes of Construction Contracts | The following table summarizes the changes to the balances in the Company’s construction contract costs and estimated earnings in excess of billings account and the billings in excess of construction contract costs and estimated earnings account for the nine months ended September 30, 2024 and 2023 (in thousands):
|  | Nine Months Ended September 30, 2024 |  | Nine Months Ended September 30, 2023
|  | Construction contract costs and estimated earnings in excess of billings |  | Billings in excess of construction contract costs and estimated earnings |  | Construction contract costs and estimated earnings in excess of billings |  | Billings in excess of construction contract costs and estimated earnings
Beginning balance |  | $ | 104 |  |  | $ | 21,414 |  |  | $ | 342 |  |  | $ | 17,515 |
Revenue recognized that was included in the balance at the beginning of the period |  | — |  |  | (21,414) |  |  | — |  |  | (17,515) |
Increases due to new billings, excluding amounts recognized as revenue during the period |  | — |  |  | 14,318 |  |  | — |  |  | 24,570 |
Transferred to receivables |  | (106) |  |  | — |  |  | (342) |  |  | — |
Construction contract costs and estimated earnings not billed during the period |  | 315 |  |  | — |  |  | 440 |  |  | — |
Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion |  | 2 |  |  | (2,437) |  |  | — |  |  | (1,443) |
Ending balance |  | $ | 315 |  |  | $ | 11,881 |  |  | $ | 440 |  |  | $ | 23,127 |
The Company’s balances and changes in construction contract price allocated to unsatisfied performance obligations (backlog) as of September 30, 2024 and 2023 were as follows (in thousands):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Beginning backlog |  | $ | 302,850 |  |  | $ | 592,787 |  |  | $ | 472,169 |  |  | $ | 665,564 |
New contracts/change orders |  | 4,886 |  |  | 20,646 |  |  | 80,067 |  |  | 135,414 |
Work performed |  | (114,614) |  |  | (99,855) |  |  | (359,114) |  |  | (287,400) |
Ending backlog |  | $ | 193,122 |  |  | $ | 513,578 |  |  | $ | 193,122 |  |  | $ | 513,578 |
Schedule of Net Position of Uncompleted Construction Contracts | The Company’s net position on uncompleted construction contracts comprised the following as of September 30, 2024 and December 31, 2023 (in thousands):
| September 30, 2024 |  | December 31, 2023
Costs incurred on uncompleted construction contracts | $ | 931,153 |  |  | $ | 718,571 |
Estimated earnings | 33,585 |  |  | 26,089 |
Billings | (976,304) |  |  | (765,970) |
Net position | $ | (11,566) |  |  | $ | (21,310) |
Construction contract costs and estimated earnings in excess of billings | $ | 315 |  |  | $ | 104 |
Billings in excess of construction contract costs and estimated earnings | (11,881) |  |  | (21,414) |
Net position | $ | (11,566) |  |  | $ | (21,310) |

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- Definition Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -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 + Details
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