4. Contract Assets and Liabilities

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 $16.0 million, $9.7 million and $7.9 million as of June 30, 2025, December 31, 2024 and January 1, 2024, respectively. Approximately 50% of the Company's contract liabilities as of December 31, 2024 were recognized as revenue in the six months ended June 30, 2025.