Company: DXPE
Filing Date: 2025-03-10
Form Type: 10-K
Source: 0001020710-25-000036
Chunk: 72

Company: DXP ENTERPRISES INC
Filing Date: 2025-03-10
Form: 10-K
Item: Item 8
Chunk 72
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 of costs and estimated profits” on our Consolidated Balance Sheets.Costs and estimated profits on uncompleted contracts and related amounts billed were as follows (in thousands): December 31, 202420232022Costs incurred on uncompleted contracts$122,951 $92,363 $70,329 Estimated profits, thereon58,373 37,379 23,274 Total costs and estimated profits on uncompleted contracts181,324 129,742 93,603 Less: billings to date143,251 96,925 80,426 Total$38,073 $32,817 $13,177 Such amounts were included in the accompanying Consolidated Balance Sheets for 2024 and 2023 under the following captions (in thousands): December 31, 202420232022Costs and estimated profits in excess of billings $50,735 $42,323 $23,588 Billings in excess of costs and estimated profits(12,662)(9,506)(10,411)Net contract assets$38,073 $32,817 $13,177 During the twelve months ended December 31, 2024, 2023, and 2022, $7.4 million, $10.4 million, and $3.6 million of the balances that were previously classified as contract liabilities at the beginning of the period were recognized into revenues, respectively.

NOTE 7 - PROPERTY AND EQUIPMENT, NET

The carrying values of property and equipment, net are as follows (in thousands):December 31, 20242023Land$1,704 $2,023 Buildings and leasehold improvements32,652 29,840 Furniture, fixtures and equipment137,058 113,945 Finance lease right of use assets23,612 15,171 Less – Accumulated depreciation and amortization(113,470)(99,361)Property and equipment, net$81,556 $61,618 Depreciation expense was $9.0 million, $8.4 million, and $9.6 million for the years ended December 31, 2024, 2023, and 2022, respectively. Capital expenditures by segment are included in Note 20 - Segment Reporting.

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NOTE 8 - GOODWILL AND OTHER INTANGIBLE ASSETS

The following table presents the changes in