Contract Assets and Liabilities

3 Months Ended

Mar. 31, 2018

Revenue From Contract With Customer [Abstract]

6.	Contract Assets and Liabilities

During the three months ended March 31, 2018, we recognized revenue of $89.3 million that was included in the contract liability balance at January 1, 2018.

During the three months ended March 31, 2018, we recognized revenue of $27.7 million as a result of changes in contract transaction price related to performance obligations that were satisfied or partially satisfied prior to the period. 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, 2018 and January 1, 2018, the aggregate claim recovery estimates included in contract asset and liability balances were approximately $34.0 million and $26.7 million, respectively. As of March 31, 2017, costs in excess of billings and estimated earnings and billings in excess of estimated earnings included $12.5 million in aggregate claim recovery estimates.

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

	March 31, 2018		January 1, 2018
Costs in excess of billings and estimated earnings	$	98,115	$	69,755
Contract retention		80,548		91,135
Total contract assets	$	178,663	$	160,890

Changes in the contract asset balance during the three months ended March 31, 2018 were from the following (in thousands):

Balance at January 1, 2018	$	160,890
Change in the measure of progress on projects, net		169,686
Revisions in estimates, net		(4,998	)
Billings		(132,586	)
Receipts related to contract retention		(14,329	)
Balance at March 31, 2018	$	178,663

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

	March 31, 2018		January 1, 2018
Billings in excess of costs and estimated earnings	$	70,398	$	82,750
Provisions for losses	632		924
Total contract liabilities	$	71,030	$	83,674

Changes in the contract liability balance during the three months ended March 31, 2018 were from the following (in thousands):

Balance at January 1, 2018	$	83,674
Change in the measure of progress on projects, net		(218,024	)
Revisions in estimates, net		(2,413	)
Billings		208,085
Change in provision for loss, net		(292	)
Balance at March 31, 2018	$	71,030