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Contract Assets and Liabilities
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Contract Assets and Liabilities 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 $49.5 million and $84.3 million during the three months ended March 31, 2025 and 2024, respectively. The changes in contract transaction price for the three months ended March 31, 2025 and 2024 were from items such as executed or estimated change orders and unresolved contract modifications and claims.
As of March 31, 2025 and December 31, 2024, the aggregate claim recovery estimates included in contract asset and liability balances were $44.9 million and $46.6 million, respectively.
The components of the contract asset balances as of the respective dates were as follows:
(in thousands)March 31, 2025December 31, 2024
Costs in excess of billings and estimated earnings$125,545 $139,436 
Contract retention149,047 188,917 
Total contract assets$274,592 $328,353 
As of March 31, 2025 and December 31, 2024, no contract retention receivables individually exceeded 10% of total contract assets. The December 31, 2024 contract retention balance included $29.2 million from Brightline Trains Florida LLC, all of which was collected in the first quarter of 2025. 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. We recognized revenue of $207.8 million and $198.3 million during the three months ended March 31, 2025 and 2024, respectively, that was included in the contract liability balances at December 31, 2024 and 2023, respectively.
The components of the contract liability balances as of the respective dates were as follows:
(in thousands)March 31, 2025December 31, 2024
Billings in excess of costs and estimated earnings, net of retention$267,734 $288,495 
Provisions for losses12,759 11,176 
Total contract liabilities$280,493 $299,671