Annual report pursuant to Section 13 and 15(d)

Construction Contract and Other Service Revenues

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Construction Contract and Other Service Revenues
 12 Months Ended
Dec. 31, 2023
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 Years Ended December 31,
2023 2022 2021
Construction contract revenue:
FFP $ 30,846  $ 15,119  $ 13,897 
GMP 18,178  129,149  68,113 
Cost-plus fee 9,843  8,320  24,260 
Other 1,312  2,044  1,606 
$ 60,179  $ 154,632  $ 107,876 

We derived 88% of our construction contract revenue from the USG in 2023, 90% in 2022 and 79% in 2021.

We recognized an insignificant amount of revenue in 2023, 2022 and 2021 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 Years Ended December 31,
2023 2022
Beginning balance $ 7,618  $ 7,193 
Ending balance $ 10,500  $ 7,618 

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 Years Ended December 31,
2023 2022
Beginning balance $ 22,331  $ 22,384 
Ending balance $ 15,086  $ 22,331 

Contract liabilities are included in other liabilities on our consolidated balance sheets. Changes in contract liabilities were as follows (in thousands):
For the Years Ended December 31,
2023 2022
Beginning balance $ 2,867  $ 2,499 
Ending balance $ 4,176  $ 2,867 
Portion of beginning balance recognized in revenue during the year $ 326  $ 278 

Revenue allocated to the remaining performance obligations under existing contracts as of December 31, 2023 that will be recognized as revenue in future periods was $70.4 million, all of which we expect to recognize in 2024.
We have no deferred incremental costs incurred to obtain or fulfill our construction contracts or other service revenues as of December 31, 2023 and December 31, 2022. Credit loss recoveries on construction contracts receivable and unbilled construction revenue were insignificant in 2023 and $740,000 in 2022 and credit loss expense on construction contracts receivable and unbilled construction revenue was $211,000 in 2021.