Contract Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2022

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

Schedule of Contract Assets and Liabilities

Contract assets include amounts due under retention 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 March 31, 2022		As of December 31, 2021
Retention receivable	$	542,301	$	568,881
Costs and estimated earnings in excess of billings:
Claims	788,876		833,352
Unapproved change orders	482,945		418,054
Other unbilled costs and profits	84,786		105,362
Total costs and estimated earnings in excess of billings	1,356,607		1,356,768
Capitalized contract costs	75,278		69,027
Total contract assets	$	1,974,186	$	1,994,676

Contract liabilities include amounts owed under retention 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 March 31, 2022		As of December 31, 2021
Retention payable	$	228,690	$	268,945
Billings in excess of costs and estimated earnings	844,618		761,689
Total contract liabilities	$	1,073,308	$	1,030,634