Note 8 - Contract Assets and Liabilities

6 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

8.  Contract Assets and Liabilities

During the three and six months ended June 30, 2020, we recognized revenue of $18.2 million and $114.0 million, respectively, that was included in the contract liability balances at December 31, 2019. During the three and six months ended June 30, 2019, we recognized revenue of $17.5 million and $114.6 million, respectively, that was included in the contract liability balance at  December 31, 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 $70.8 million and $114.7 million during the three and six months ended June 30, 2020, respectively, and $58.6 million and $97.5 million during the three and six months ended June 30, 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  June 30, 2020, December 31, 2019 and June 30, 2019, the aggregate claim recovery estimates included in contract asset and liability balances were $60.0 million, $71.1 million and $61.0 million, respectively.

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

					As Restated
	June 30, 2020		December 31, 2019		June 30, 2019
Costs in excess of billings and estimated earnings	$	73,745	$	100,761	$	128,239
Contract retention		118,174		110,680		96,150
Total contract assets	$	191,919	$	211,441	$	224,389

As of  June 30, 2020, December 31, 2019 and June 30, 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
	June 30, 2020		December 31, 2019		June 30, 2019
Billings in excess of costs and estimated earnings, net of retention	$	148,050	$	86,736	$	119,881
Provisions for losses		11,768		9,001		8,562
Total contract liabilities	$	159,818	$	95,737	$	128,443