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Contract Assets and Liabilities
 12 Months Ended
Dec. 31, 2024
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]  
Contract Assets and Liabilities
6. Contract Assets and Liabilities
As a result of changes in contract transaction price related to performance obligations that were satisfied or partially satisfied prior to the end of the periods we recognized revenue of $220.7 million, $147.4 million and $182.8 million during the years ended December 31, 2024, 2023 and 2022, respectively. The changes in contract transaction price were from items such as executed or estimated change orders and unresolved contract modifications and claims.
As of December 31, 2024 and 2023, the aggregate claim recovery estimates included in contract asset and liability balances were approximately $46.6 million and $77.9 million, respectively.
The components of the contract asset balances as of the respective dates were as follows:
(in thousands)December 31, 2024December 31, 2023
Costs in excess of billings and estimated earnings$139,436 $100,106 
Contract retention188,917 162,881 
Total contract assets$328,353 $262,987 
The increase in contract assets is primarily due to increasing costs in excess of billings and estimated earnings balances from unresolved disputed work related to certain ongoing projects and increased retention balances from ongoing projects. As of December 31, 2024, no contract retention receivable individually exceeded 10% of total contract assets. As of December 31, 2023, contract retention receivable from Brightline Trains Florida LLC represented 11.1% of total contract assets and no other contract retention receivable individually exceeded 10% of total contract assets. The majority of the contract retention balance is expected to be collected within one year.
As work is performed, revenue is recognized and the corresponding contract liabilities are reduced. During the years ended December 31, 2024 and 2023 and 2022, we recognized revenue of $276.6 million, $191.8 million and $223.7 million, respectively, that was included in the contract liability balances at December 31, 2023, 2022 and 2021, respectively.
The components of the contract liability balances as of the respective dates were as follows:
(in thousands)December 31, 2024December 31, 2023
Billings in excess of costs and estimated earnings$288,495 $227,913 
Provisions for losses11,176 15,935 
Total contract liabilities$299,671 $243,848 
The increase in contract liabilities is primarily due to increases in billings in excess of costs on new projects partially offset by reductions in provisions for losses as certain loss projects progress towards completion.