Contract Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2021

Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]

Schedule of contract assets and liabilities

Contract assets consisted of the following:

(in thousands)	September 30, 2021		December 31, 2020		Change
Unbilled revenue, net	$	132,599	$	97,543	$	35,056
Contract retainages, net	86,846		88,260		(1,414)
Contract assets, net	$	219,445	$	185,803	$	33,642

Contract liabilities consisted of the following:

(in thousands)	September 30, 2021		December 31, 2020		Change
Deferred revenue	$	146,604	$	155,570	$	(8,966)
Accrued loss provision	3,243		2,826		417
Contract liabilities	$	149,847	$	158,396	$	(8,549)

The following table provides information about contract assets and contract liabilities from contracts with customers:

(in thousands)	September 30, 2021		December 31, 2020		Change
Contract assets, net	$	219,445	$	185,803	$	33,642
Contract liabilities	(149,847)		(158,396)		8,549
Net contract assets (liabilities)	$	69,598	$	27,407	$	42,191

Schedule of net asset position for contracts in process

The net asset position for contracts in process consisted of the following:

(in thousands)	September 30, 2021		December 31, 2020
Costs and estimated earnings on uncompleted contracts	$	3,969,565	$	3,921,376
Less: billings to date	3,983,570		3,979,403
	$	(14,005)	$	(58,027)

The net asset position for contracts in process is included within the contract asset and contract liability in the accompanying consolidated balance sheets as follows:

(in thousands)	September 30, 2021		December 31, 2020
Unbilled revenue	$	132,599	$	97,543
Deferred revenue	(146,604)		(155,570)
	$	(14,005)	$	(58,027)