Contract Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2022		As of December 31, 2021
Retention receivable	$	583,789	$	568,881
Costs and estimated earnings in excess of billings:
Claims	741,678		833,352
Unapproved change orders	584,388		418,054
Other unbilled costs and profits	122,275		105,362
Total costs and estimated earnings in excess of billings	1,448,341		1,356,768
Capitalized contract costs	60,740		69,027
Total contract assets	$	2,092,870	$	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 September 30, 2022		As of December 31, 2021
Retention payable	$	241,518	$	268,945
Billings in excess of costs and estimated earnings	966,065		761,689
Total contract liabilities	$	1,207,583	$	1,030,634