Contract Assets

12 Months Ended

Dec. 31, 2019

Contract With Customer Asset And Liability [Abstract]

Contract assets

Note 3 – Contract Assets

As of December 31, 2019 and 2018, the Company had $161.1 million and $140.1 million, respectively, in contract assets from contracts with customers. The contract assets primarily relate to the Company’s right to consideration for work completed but not billed at the reporting date. The contract assets are transferred to accounts receivable when the rights become unconditional.

Significant changes in the contract asset balance during the period are as follows:

		December 31,
(in thousands)		2019		2018
Beginning balance as of December 31	$	140,082	$	146,496
Revenue recognized		2,076,680		2,387,333
Amounts collected or invoiced		(2,055,701)		(2,393,747)
Ending balance as of December 31	$	161,061	$	140,082