Contract Assets and Liabilities

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Contract Assets and Liabilities

Contract Assets and LiabilitiesAs a result of changes in contract transaction price related to performance obligations that were satisfied or partially satisfied prior to the end of the periods, we recognized revenue of $45.5 million and $89.7 million during the three and six months ended June 30, 2023 and $79.4 million and $114.6 million during the three and six months ended June 30, 2022, respectively. The changes in contract transaction price for the three and six months ended June 30, 2023 and 2022 were from items such as executed or estimated change orders and unresolved contract modifications and claims.

As of June 30, 2023 and December 31, 2022, the aggregate claim recovery estimates included in contract asset and liability balances were $70.3 million and $75.8 million, respectively.

The components of the contract asset balances as of the respective dates were as follows:

(in thousands)	June 30, 2023		December 31, 2022
Costs in excess of billings and estimated earnings	$	127,848	$	80,357
Contract retention	160,501		161,559
Total contract assets	$	288,349	$	241,916

As of June 30, 2023 and December 31, 2022, contract retention receivable from Brightline Trains Florida LLC represented 10.0% and 11.7%, respectively, of total contract assets. No other contract retention receivable individually exceeded 10% of total contract assets at any of the presented dates. The majority of the contract retention balance is expected to be collected within one year.

As work is performed, revenue is recognized and the corresponding contract liabilities are reduced. We recognized revenue of $48.1 million and $171.1 million during the three and six months ended June 30, 2023, respectively, and $44.1 million and $210.7 million during the three and six months ended June 30, 2022, respectively, that was included in the contract liability balances at December 31, 2022 and 2021, respectively.

The components of the contract liability balances as of the respective dates were as follows:

(in thousands)	June 30, 2023		December 31, 2022
Billings in excess of costs and estimated earnings, net of retention	$	153,181	$	152,294
Provisions for losses	20,107		20,992
Total contract liabilities	$	173,288	$	173,286