Contract Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2020

Contract Assets and Liabilities

Schedule of contract assets and liabilities from contracts with customers

Contract assets consisted of the following:

	March 31,		December 31,
(in thousands)	2020		2019		Change
Unbilled revenue, net	$	128,015	$	126,087	$	1,928
Contract retainages, net		95,703		91,022		4,681
Contract assets, net	$	223,718	$	217,109	$	6,609

Contract liabilities consisted of the following:

	March 31,		December 31,
(in thousands)	2020		2019		Change
Deferred revenue	$	98,597	$	102,673	$	(4,076)
Accrued loss provision		2,038		2,813		(775)
Contract liabilities	$	100,635	$	105,486	$	(4,851)

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

	March 31,		December 31,
(in thousands)	2020		2019		Change
Contract assets, net	$	223,718	$	217,109	$	6,609
Contract liabilities		(100,635)		(105,486)		4,851
Net contract assets (liabilities)	$	123,083	$	111,623	$	11,460

Schedule of net asset position for contracts in process

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

	March 31,		December 31,
(in thousands)	2020		2019
Costs and estimated earnings on uncompleted contracts	$	3,455,512	$	3,532,886
Less: billings to date		3,426,094		3,509,472
	$	29,418	$	23,414

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:

	March 31,		December 31,
(in thousands)	2020		2019
Unbilled revenue	$	128,015	$	126,087
Deferred revenue		(98,597)		(102,673)
	$	29,418	$	23,414