Note 7 - Contract Assets and Liabilities

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

7. Contract Assets and Liabilities

During the years ended December 31, 2019 and 2018, we recognized revenue of $125.4 million and $105.9 million, respectively, that was included in the contract liability balances at December 31, 2018 and January 1, 2018.

As 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 $152.9 million and $151.0 million during the years ended December 31, 2019 and 2018, respectively. The changes in contract transaction price were from items such as executed or estimated change orders and unresolved contract modifications and claims.

As of December 31, 2019 and 2018, the aggregate claim recovery estimates included in contract asset and liability balances were approximately $71.1 million and $45.4 million, respectively.

The components of the contract asset balances as of the respective dates were as follows (in thousands):

			As Restated
December 31,	2019		2018
Costs in excess of billings and estimated earnings	$	100,761	$	84,714
Contract retention		110,680		99,533
Total contract assets	$	211,441	$	184,247

Certain construction contracts include retention provisions that were included in contract assets as of December 31, 2019 and 2018 in our consolidated balance sheets. The balances billed but not paid by customers pursuant to these provisions generally become due upon completion and acceptance of the project work or products by the owners. As of December 31, 2019 and 2018, no contract retention receivable individually exceeded 10% of total net receivables at any of the presented dates. The majority of the contract retention balance is expected to be collected within one year.

The following table summarizes changes in the contract asset balance for the periods presented (in thousands):

Balance at December 31, 2018 (As Restated)	$	184,247
Change in the measure of progress on projects, net		1,078,884
Revisions in estimates, net		(91,301	)
Billings		(923,602	)
Receipts related to contract retention		(36,787	)
Balance at December 31, 2019	$	211,441

Balance at January 1, 2018 (As Restated)	$	153,606
Change in the measure of progress on projects, net		925,300
Acquired contract assets		45,353
Revisions in estimates, net		(53,472	)
Billings		(823,408	)
Receipts related to contract retention		(63,132	)
Balance at December 31, 2018 (As Restated)	$	184,247

The components of the contract liability balances as of the respective dates were as follows (in thousands):

			As Restated
December 31,	2019		2018
Billings in excess of costs and estimated earnings, net of retention	$	86,736	$	101,478
Provisions for losses		9,001		7,533
Total contract liabilities	$	95,737	$	109,011

The following table summarizes changes in the contract liability balance for the periods presented (in thousands):

Balance at December 31, 2018 (As Restated)	$	109,011
Change in the measure of progress on projects, net		(1,629,377	)
Revisions in estimates, net		(13,910	)
Billings		1,628,464
Change in provision for loss, net		1,549
Balance at December 31, 2019	$	95,737

Balance at January 1, 2018 (As Restated)	$	86,252
Change in the measure of progress on projects, net		(1,310,637	)
Acquired contract liabilities		7,974
Revisions in estimates, net		(32,342	)
Billings		1,351,220
Change in provision for loss, net		6,544
Balance at December 31, 2018 (As Restated)	$	109,011