| Component of and Changes in Contract Asset and Liability Balances |
The components of the contract asset balances as of the respective dates were as follows (in thousands):
|
|
June 30,
2018 |
|
January 1,
2018 |
|
|
Costs in excess of billings and estimated earnings |
$ |
161,670 |
|
$ |
69,755 |
|
|
Contract retention |
|
103,520 |
|
|
91,135 |
|
|
Total contract assets |
$ |
265,190 |
|
$ |
160,890 |
|
The following table summarizes changes in the contract asset balance for the period presented (in thousands):
|
Balance at January 1, 2018 |
$ |
160,890 |
|
|
Change in the measure of progress on projects, net |
|
643,605 |
|
|
Acquired contract assets |
|
45,353 |
|
|
Revisions in estimates, net |
|
(44,550 |
) |
|
Billings |
|
(516,854 |
) |
|
Receipts related to contract retention |
|
(23,254 |
) |
|
Balance at June 30, 2018 |
$ |
265,190 |
|
The components of the contract liability balances as of the respective dates were as follows (in thousands):
|
|
June 30,
2018 |
|
January 1,
2018 |
|
|
Billings in excess of costs and estimated earnings |
$ |
91,147 |
|
$ |
82,750 |
|
|
Provisions for losses |
|
717 |
|
|
924 |
|
|
Total contract liabilities |
$ |
91,864 |
|
$ |
83,674 |
|
The following table summarizes changes in the contract liability balance for the period presented (in thousands):
|
Balance at January 1, 2018 |
$ |
83,674 |
|
|
Change in the measure of progress on projects, net |
|
(620,602 |
) |
|
Acquired contract liabilities |
|
7,974 |
|
|
Revisions in estimates, net |
|
(4,353 |
) |
|
Billings |
|
625,434 |
|
|
Change in provision for loss, net |
|
(263 |
) |
|
Balance at June 30, 2018 |
$ |
91,864 |
|
|