Contract Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2021

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

Schedule of Contract Assets and Liabilities

Contract assets include amounts due under retainage provisions, costs and estimated earnings in excess of billings and capitalized contract costs. The amounts as included on the Condensed Consolidated Balance Sheets consisted of the following:

(in thousands)	As of September 30, 2021		As of December 31, 2020
Retainage receivable	$	637,124	$	648,441
Costs and estimated earnings in excess of billings:
Claims	840,176		752,783
Unapproved change orders	448,600		415,489
Other unbilled costs and profits	99,234		68,462
Total costs and estimated earnings in excess of billings	1,388,010		1,236,734
Capitalized contract costs	72,543		74,452
Total contract assets	$	2,097,677	$	1,959,627

Contract liabilities include amounts owed under retainage provisions and billings in excess of costs and estimated earnings. The amount as reported on the Condensed Consolidated Balance Sheets consisted of the following:

(in thousands)	As of September 30, 2021		As of December 31, 2020
Retainage payable	$	286,036	$	315,135
Billings in excess of costs and estimated earnings	754,939		839,222
Total contract liabilities	$	1,040,975	$	1,154,357