Contract Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2023

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, 2023		As of December 31, 2022
Retention receivable	$	561,856	$	585,556
Costs and estimated earnings in excess of billings:
Claims	533,227		677,367
Unapproved change orders	573,224		601,681
Other unbilled costs and profits	69,344		98,480
Total costs and estimated earnings in excess of billings	1,175,795		1,377,528
Capitalized contract costs	131,308		49,441
Total contract assets	$	1,868,959	$	2,012,525

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, 2023		As of December 31, 2022
Retention payable	$	221,488	$	246,562
Billings in excess of costs and estimated earnings	1,028,960		975,812
Total contract liabilities	$	1,250,448	$	1,222,374