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Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities | 9 Months Ended
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Sep. 30, 2021
Receivables [Abstract] |
Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities | Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities The following table provides details of accounts receivable, net of allowance, and contract assets (together, “accounts receivable, net”) as of the dates indicated (in millions):
| September 30, 2021 |  | December 31, 2020
Contract billings | $ | 965.5 |  |  | $ | 805.0 |
Less allowance | (8.5) |  |  | (20.5) |
Accounts receivable, net of allowance | $ | 957.0 |  |  | $ | 784.5 |
Retainage | 302.3 |  |  | 287.7 |
Unbilled receivables | 863.9 |  |  | 682.0 |
Contract assets | $ | 1,166.2 |  |  | $ | 969.7 |
Contract billings represent the amount of performance obligations that have been billed but have not yet been collected. Contract assets consist of unbilled receivables and retainage. Unbilled receivables represent the estimated value of unbilled work for projects with performance obligations recognized over time. Retainage represents a portion of the contract amount that has been billed, but for which the contract allows the customer to retain a portion of the billed amount until final contract settlement (generally, from 5% to 10% of contract billings). The increase in the unbilled receivables balance as of September 30, 2021 was driven by ordinary course project activity associated with the Company’s 2021 acquisitions, as well as increased project activity across multiple segments. For the nine month period ended September 30, 2021, provisions for credit losses resulting from successful collection efforts for previously reserved amounts totaled a recovery of $11.0 million. For the nine month period ended September 30, 2020, provisions for credit losses totaled $14.2 million. Impairment losses on contract assets were not material in either period. Contract liabilities consist primarily of deferred revenue. Under certain contracts, the Company may be entitled to invoice the customer and receive payments in advance of performing the related contract work. In those instances, the Company recognizes a liability for advance billings in excess of revenue recognized, which is referred to as deferred revenue. Contract liabilities also include the amount of any accrued project losses. Contract liabilities, including accrued project losses, totaled approximately $247.3 million and $228.4 million as of September 30, 2021 and December 31, 2020, respectively, of which deferred revenue comprised approximately $225.3 million and $203.0 million, respectively. For the three and nine month periods ended September 30, 2021, the Company recognized revenue of approximately $15.6 million and $181.7 million, respectively, related to amounts that were included in deferred revenue as of December 31, 2020, resulting primarily from the advancement of physical progress on the related projects during the related periods. The Company is party to non-recourse financing arrangements in the ordinary course of business, under which certain receivables are settled with the customer’s bank in return for a nominal fee. Discount charges related to these arrangements, which are included within interest expense, net, totaled approximately $0.8 million and $0.9 million for the three month periods ended September 30, 2021 and 2020, respectively, and totaled $2.3 million and $4.1 million for the nine month periods ended September 30, 2021 and 2020, respectively.

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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2196772 + Details
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