Note 8 - Contract Assets and Liabilities

3 Months Ended

Mar. 31, 2020

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

8.  Contract Assets and Liabilities

During the three months ended March 31, 2020 and 2019, we recognized revenue of $95.8 million and $97.1 million, respectively, that was included in the contract liability balances at  December 31, 2019 and 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 $43.9 million and $38.9 million during the three months ended March 31, 2020 and 2019, 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  March 31, 2020, December 31, 2019 and  March 31, 2019, the aggregate claim recovery estimates included in contract asset and liability balances were $ 76.5 million, $ 71.1 million and $ 42.8 million, respectively.

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

					As Restated
	March 31, 2020		December 31, 2019		March 31, 2019
Costs in excess of billings and estimated earnings	$	114,378	$	100,761	$	137,689
Contract retention		112,140		110,680		75,334
Total contract assets	$	226,518	$	211,441	$	213,023

As of  March 31, 2020,  December 31, 2019 and  March 31, 2019, no contract retention 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 components of the contract liability balances as of the respective dates were as follows (in thousands):

					As Restated
	March 31, 2020		December 31, 2019		March 31, 2019
Billings in excess of costs and estimated earnings, net of retention	$	127,560	$	86,736	$	91,885
Provisions for losses		6,251		9,001		12,375
Total contract liabilities	$	133,811	$	95,737	$	104,260