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Contract Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2019

Contractors [Abstract]

Schedule of contract assets and liabilities from contracts with customers

Contract assets consisted of the following:

		March 31,				December 31,
(in thousands)		2019				2018				Change
Unbilled revenue		$	129,850			$	111,153			$	18,697
Contract retainages, net			58,219				49,128				9,091
Contract assets		$	188,069			$	160,281			$	27,788

The Company’s consolidated balance sheets present contract liabilities which contain deferred revenue and an accrual for contracts in a loss provision.

Contract liabilities consisted of the following:

		March 31,				December 31,
(in thousands)		2019				2018				Change
Deferred revenue		$	27,065			$	57,051			$	(29,986	)
Accrued loss provision			1,454				1,483				(29	)
Contract liabilities		$	28,519			$	58,534			$	(30,015	)

The following table provides information about contract assets and contract liabilities from contracts with customers:

		March 31,				December 31,
(in thousands)		2019				2018				Change
Contract assets		$	188,069			$	160,281			$	27,788
Contract liabilities			(28,519	)			(58,534	)			30,015
Net contract assets (liabilities)		$	159,550			$	101,747			$	57,803

Schedule of net asset position for contracts in process

The net asset position for contracts in process consisted of the following:

		March 31,				December 31,
(in thousands)		2019				2018
Costs and estimated earnings on uncompleted contracts		$	2,448,984			$	2,718,713
Less: Billings to date			2,346,199				2,664,611
		$	102,785			$	54,102

The net asset position for contracts in process is included within the contract asset and contract liability in the accompanying consolidated balance sheets as follows:

		March 31,				December 31,
(in thousands)		2019				2018
Unbilled revenue		$	129,850			$	111,153
Deferred revenue			(27,065	)			(57,051	)
		$	102,785			$	54,102

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- Definition

Tabular disclosure of contract balances and changes in contract balances.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=109196051&loc=SL49130551-203045

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- References

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+ Details

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- Definition

Tabular disclosure for billings on uncompleted contracts in excess of costs and costs of uncompleted contracts in excess of billings.

+ References

No definition available.

+ Details

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