Contract Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024		As of December 31, 2023
Retention receivable	$	550,224	$	580,926
Costs and estimated earnings in excess of billings:
Claims	519,399		562,646
Unapproved change orders	558,521		512,831
Other unbilled costs and profits	78,651		68,369
Total costs and estimated earnings in excess of billings	1,156,571		1,143,846
Capitalized contract costs	103,946		117,913
Total contract assets	$	1,810,741	$	1,842,685

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, 2024		As of December 31, 2023
Retention payable	$	227,731	$	223,138
Billings in excess of costs and estimated earnings	1,002,268		1,103,530
Total contract liabilities	$	1,229,999	$	1,326,668