10. Revenue Recognition

The table below sets forth the Company’s revenue disaggregated by category (in thousands):

The table below sets forth information about the Company's contract assets and contract liabilities associated with contracts with customers:

Contract Assets

Contingent purchase price receivables represent estimated variable consideration related to the contingent purchase price due from homebuilders in connection with the sale of real estate inventory to homebuilders at BBXRE’s Beacon Lake Community Development. Cost and estimated earnings in excess of billings on uncompleted construction or development contracts represents revenues recognized in excess of amounts billed to customers. Retainage receivable is an amount, generally ten percent of the customer billings, withheld by the customer and paid to the Company when certain milestones are reached or when the contract is completed. Uninstalled materials and deposits to purchase materials represent funds received from the customer to purchase materials for the project or to provide deposits for items that range from lumber and other construction materials to appliances and fixtures.

Contract Liabilities

Billings in excess of costs and estimated earnings on uncompleted contracts represents the Company's obligation to perform on uncompleted contracts with customers for which the Company has received payment or for which the contract receivable is outstanding. Retainage payable is the amount withheld by the Company payable to subcontractors when certain milestones are reached or when the contract is completed. The contingent purchase price to homebuilders is variable consideration recognition in connection with the sale of real estate inventory at the Beacon Lake Community Development to a homebuilder.

Concentration of Revenues with Major Customers

During the three months ended March 31, 2023, Renin’s total revenues included $22.0 million of trade sales to three major customers and their affiliates and $15.6 million of revenues generated outside the United States. Revenues from each of the three major customers were $4.1 million, $9.2 million, and $8.7 million for the three months ended March 31, 2023, which represented 4.3%, 9.7%, and 9.1% of the Company’s total revenues for the three months ended March 31, 2023. 

During the three months ended March 31, 2022, Renin’s total revenues included $26.7 million of trade sales to three major customers and their affiliates and $13.1 million of revenues generated outside the United States. Revenues from each of the three major customers were $5.4 million, $11.5 million, and $9.8 million for the three months ended March 31, 2022, which represented 7.2%, 15.3%, and 12.9% of the Company’s total revenues for the three months ended March 31, 2022. 

During the three months ended March 31, 2023, six real estate development projects accounted for approximately 27% of the Company's total revenues.