Note 8 - Contract Assets and Liabilities |
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Notes to Financial Statements | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Text Block] |
8. Contract Assets and Liabilities 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 $71.0 million and $112.1 million during the three and six months ended June 30, 2022, respectively, and $39.4 million and $100.9 million during the three and six months ended 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 June 30, 2022, December 31, 2021 and June 30, 2021, the aggregate claim recovery estimates included in contract asset balances were $59.1 million, $39.0 million and $47.7 million, respectively. The components of the contract asset balances as of the respective dates were as follows:
As of June 30, 2022, December 31, 2021 and June 30, 2021, contract retention receivable from Brightline Trains Florida LLC represented 14.2%, 17.2% and 14.0%, 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 $47.7 million and $207.6 million during the three and six months ended June 30, 2022, respectively, and $28.4 and $167.6 during the three and six months ended June 30, 2021, respectively, that was included in the contract liability balances at December 31, 2021 and 2020, respectively. The components of the contract liability balances as of the respective dates were as follows:
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