Contract Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2018

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