Contract Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 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)	September 30, 2022		December 31, 2021		Change
Unbilled revenue, net	$	185,707	$	134,187	$	51,520
Contract retainages, net	124,722		90,888		33,834
Contract assets, net	$	310,429	$	225,075	$	85,354

Contract liabilities consisted of the following:

(in thousands)	September 30, 2022		December 31, 2021		Change
Deferred revenue	$	172,356	$	165,699	$	6,657
Accrued loss provision	2,270		2,232		38
Contract liabilities	$	174,626	$	167,931	$	6,695

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

(in thousands)	September 30, 2022		December 31, 2021		Change
Contract assets, net	$	310,429	$	225,075	$	85,354
Contract liabilities	(174,626)		(167,931)		(6,695)
Net contract assets (liabilities)	$	135,803	$	57,144	$	78,659

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, 2022		December 31, 2021
Costs and estimated earnings on uncompleted contracts	$	4,850,508	$	4,130,621
Less: billings to date	4,837,157		4,162,133
	$	13,351	$	(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)	September 30, 2022		December 31, 2021
Unbilled revenue	$	185,707	$	134,187
Deferred revenue	(172,356)		(165,699)
	$	13,351	$	(31,512)