Contract Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2018

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