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Note 7 - Contract Assets and Liabilities
 9 Months Ended
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