Contract Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2023

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

Schedule of contract assets and liabilities

Contract assets consisted of the following:

(in thousands)	June 30, 2023		December 31, 2022		Change
Unbilled revenue, net	$	210,466	$	156,266	$	54,200
Contract retainages, net	171,940		144,349		27,591
Contract assets, net	$	382,406	$	300,615	$	81,791

Contract liabilities consisted of the following:

(in thousands)	June 30, 2023		December 31, 2022		Change
Deferred revenue	$	225,842	$	223,654	$	2,188
Accrued loss provision	2,976		3,401		(425)
Contract liabilities	$	228,818	$	227,055	$	1,763

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

(in thousands)	June 30, 2023		December 31, 2022		Change
Contract assets, net	$	382,406	$	300,615	$	81,791
Contract liabilities	(228,818)		(227,055)		(1,763)
Net contract assets	$	153,588	$	73,560	$	80,028

Schedule of net asset position for contracts in process

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

(in thousands)	June 30, 2023		December 31, 2022
Costs and estimated earnings on uncompleted contracts	$	5,713,213	$	5,390,535
Less: billings to date	5,728,589		5,457,923
	$	(15,376)	$	(67,388)

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)	June 30, 2023		December 31, 2022
Unbilled revenue	$	210,466	$	156,266
Deferred revenue	(225,842)		(223,654)
	$	(15,376)	$	(67,388)