Contract Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024		December 31, 2023		Change
Unbilled revenue, net	$	232,565	$	217,083	$	15,482
Contract retainages, net	218,176		203,533		14,643
Contract assets, net	$	450,741	$	420,616	$	30,125

Contract liabilities consisted of the following:

(in thousands)	March 31, 2024		December 31, 2023		Change
Deferred revenue	$	262,871	$	231,604	$	31,267
Accrued loss provision	8,093		8,807		(714)
Contract liabilities	$	270,964	$	240,411	$	30,553

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

(in thousands)	March 31, 2024		December 31, 2023		Change
Contract assets, net	$	450,741	$	420,616	$	30,125
Contract liabilities	(270,964)		(240,411)		(30,553)
Net contract assets	$	179,777	$	180,205	$	(428)

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, 2024		December 31, 2023
Costs and estimated earnings on uncompleted contracts	$	6,667,250	$	6,716,990
Less: billings to date	6,697,556		6,731,511
	$	(30,306)	$	(14,521)

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, 2024		December 31, 2023
Unbilled revenue	$	232,565	$	217,083
Deferred revenue	(262,871)		(231,604)
	$	(30,306)	$	(14,521)