Contract Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2022

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

Schedule of contract assets and liabilities from contracts with customers

Contract assets consisted of the following at December 31:

(in thousands)	2022		2021		Change
Unbilled revenue, net	$	156,266	$	134,187	$	22,079
Contract retainages, net	144,349		90,888		53,461
Contract assets, net	$	300,615	$	225,075	$	75,540

Contract liabilities consisted of the following at December 31:

(in thousands)	2022		2021		Change
Deferred revenue	$	223,654	$	165,699	$	57,955
Accrued loss provision	3,401		2,232		1,169
Contract liabilities	$	227,055	$	167,931	$	59,124

The following table provides information about contract assets and contract liabilities from contracts with customers at December 31:

(in thousands)	2022		2021		Change
Contract assets	$	300,615	$	225,075	$	75,540
Contract liabilities	(227,055)		(167,931)		(59,124)
Net contract assets	$	73,560	$	57,144	$	16,416

Schedule of net asset position for contracts in process

The net asset position for contracts in process consisted of the following at December 31:

(in thousands)	2022		2021
Costs and estimated earnings on uncompleted contracts	$	5,390,535	$	4,130,621
Less: billings to date	5,457,923		4,162,133
	$	(67,388)	$	(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 at December 31:

(in thousands)	2022		2021
Unbilled revenue, net	$	156,266	$	134,187
Deferred revenue	(223,654)		(165,699)
	$	(67,388)	$	(31,512)