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Note 7 - Contract Assets and Liabilities | 9 Months Ended
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Sep. 30, 2021
Notes to Financial Statements |
Revenue from Contract with Customer [Text Block] | 7. Contract Assets and Liabilities As work is performed, revenue is recognized and the corresponding contract liabilities are reduced. We recognized revenue of $5.8 million and $181.4 million during the three and nine months ended September 30, 2021, respectively, and $3.5 million and $117.5 million during the three and nine months ended September 30, 2020, respectively, that was included in the contract liability balances at December 31, 2020 and 2019, respectively. As a result of changes in contract transaction price from items such as executed or estimated change orders and resolution of contract modifications and claims, we recognized revenue of $37.2 million and $153.6 million during the three and nine months ended September 30, 2021, respectively, and $55.5 million and $149.3 million during the three and nine months ended September 30, 2020, respectively, related to performance obligations that were satisfied or partially satisfied prior to the end of the periods. The prior period amounts have been adjusted to correct an immaterial disclosure error in the previously issued September 30, 2020 condensed consolidated financial statements. As of September 30, 2021, December 31, 2020 and September 30, 2020, the aggregate claim recovery estimates included in contract asset balances were $40.4 million, $37.7 million and $29.2 million, respectively. The components of the contract asset balances as of the respective dates were as follows:
(in thousands) |  | September 30, 2021 |  |  | December 31, 2020 |  |  | September 30, 2020 |
Costs in excess of billings and estimated earnings |  | $ | 61,815 |  |  | $ | 39,300 |  |  | $ | 39,623 |
Contract retention |  |  | 142,231 |  |  |  | 125,639 |  |  |  | 120,316 |
Total contract assets |  | $ | 204,046 |  |  | $ | 164,939 |  |  | $ | 159,939 |
As of September 30, 2021, December 31, 2020 and September 30, 2020, no contract retention receivable individually exceeded 15% of total contract assets at any of the presented dates. The majority of the contract retention balance is expected to be collected within one year. The components of the contract liability balances as of the respective dates were as follows:
(in thousands) |  | September 30, 2021 |  |  | December 31, 2020 |  |  | September 30, 2020 |
Billings in excess of costs and estimated earnings, net of retention |  | $ | 166,091 |  |  | $ | 143,623 |  |  | $ | 168,383 |
Provisions for losses |  |  | 29,176 |  |  |  | 27,698 |  |  |  | 21,047 |
Total contract liabilities |  | $ | 195,267 |  |  | $ | 171,321 |  |  | $ | 189,430 |

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 + Details
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