Note 8 - Contract Assets and Liabilities

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

8.  Contract Assets and Liabilities

During the three months ended  March 31, 2022 and 2021, we recognized revenue of $159.9 million and $139.2 million, respectively, that was included in the contract liability balances at  December 31, 2021 and 2020, respectively.

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 $41.1 million and $61.5 million during the three months ended March 31, 2022 and 2021, 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, 2022, December 31, 2021 and March 31, 2021, the aggregate claim recovery estimates included in contract asset balances were $38.6 million, $39.0 million and $38.9 million, respectively.

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

(in thousands)		March 31, 2022		December 31, 2021		March 31, 2021
Costs in excess of billings and estimated earnings	$	45,393	$	14,158	$	39,410
Contract retention		134,630		131,279		105,370
Total contract assets	$	180,023	$	145,437	$	144,780

As of  March 31, 2022, December 31, 2021 and March 31, 2021, contract retention receivable from Brightline Trains Florida LLC represented 14.6%, 17.2% and 13.5%, 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. 

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

(in thousands)		March 31, 2022		December 31, 2021		March 31, 2021
Billings in excess of costs and estimated earnings, net of retention	$	142,065	$	169,542	$	126,850
Provisions for losses		23,293		30,499		26,783
Total contract liabilities	$	165,358	$	200,041	$	153,633