Contract Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2019

Contract Assets and Liabilities

Schedule of contract assets and liabilities from contracts with customers

Contract assets consisted of the following:

	September 30,		December 31,
(in thousands)	2019		2018		Change
Unbilled revenue	$	150,485	$	111,153	$	39,332
Contract retainages, net		88,007		49,128		38,879
Contract assets	$	238,492	$	160,281	$	78,211

Contract liabilities consisted of the following:

	September 30,		December 31,
(in thousands)	2019		2018		Change
Deferred revenue	$	75,641	$	57,051	$	18,590
Accrued loss provision		1,652		1,483		169
Contract liabilities	$	77,293	$	58,534	$	18,759

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

	September 30,		December 31,
(in thousands)	2019		2018		Change
Contract assets	$	238,492	$	160,281	$	78,211
Contract liabilities		(77,293)		(58,534)		(18,759)
Net contract assets (liabilities)	$	161,199	$	101,747	$	59,452

Schedule of net asset position for contracts in process

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

	September 30,		December 31,
(in thousands)	2019		2018
Costs and estimated earnings on uncompleted contracts	$	3,335,968	$	2,718,713
Less: billings to date		3,261,124		2,664,611
	$	74,844	$	54,102

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:

	September 30,		December 31,
(in thousands)	2019		2018
Unbilled revenue	$	150,485	$	111,153
Deferred revenue		(75,641)		(57,051)
	$	74,844	$	54,102