Contract Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2022

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

Schedule of contract assets and liabilities

Contract assets consisted of the following:

(in thousands)	March 31, 2022		December 31, 2021		Change
Unbilled revenue, net	$	140,242	$	134,187	$	6,055
Contract retainages, net	103,412		90,888		12,524
Contract assets, net	$	243,654	$	225,075	$	18,579

Contract liabilities consisted of the following:

(in thousands)	March 31, 2022		December 31, 2021		Change
Deferred revenue	$	162,584	$	165,699	$	(3,115)
Accrued loss provision	2,543		2,232		311
Contract liabilities	$	165,127	$	167,931	$	(2,804)

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

(in thousands)	March 31, 2022		December 31, 2021		Change
Contract assets, net	$	243,654	$	225,075	$	18,579
Contract liabilities	(165,127)		(167,931)		2,804
Net contract assets (liabilities)	$	78,527	$	57,144	$	21,383

Schedule of net asset position for contracts in process

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

(in thousands)	March 31, 2022		December 31, 2021
Costs and estimated earnings on uncompleted contracts	$	4,153,142	$	4,130,621
Less: billings to date	4,175,484		4,162,133
	$	(22,342)	$	(31,512)

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)	March 31, 2022		December 31, 2021
Unbilled revenue	$	140,242	$	134,187
Deferred revenue	(162,584)		(165,699)
	$	(22,342)	$	(31,512)