XML 109 R9.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

Contract Assets and Liabilities | 12 Months Ended
--- | ---
Dec. 31, 2019
Contract Assets and Liabilities |
Contract Assets and Liabilities | 3. Contract Assets and Liabilities Contracts with customers usually stipulate the timing of payment, which is defined by the terms found within the various contracts under which work was performed during the period. Therefore, contract assets and liabilities are created when the timing of costs incurred on work performed does not coincide with the billing terms, which frequently include retention provisions contained in each contract. The Company’s consolidated balance sheets present contract assets which contains unbilled revenue (previously identified as costs and estimated earnings in excess of billings) and contract retainages associated with contract work that has been completed and billed but not paid by customers, pursuant to retainage provisions, that are generally due once the job is completed and approved. The allowance for collection of contract retainage was not significant as of December 31, 2019 and 2018. Contract assets consisted of the following at December 31:
(in thousands) |  | 2019 |  | 2018 |  | Change
Unbilled revenue |  | $ | 126,087 |  | $ | 111,153 |  | $ | 14,934
Contract retainages, net |  |  | 91,022 |  |  | 49,128 |  |  | 41,894
Contract assets |  | $ | 217,109 |  | $ | 160,281 |  | $ | 56,828
The Company’s consolidated balance sheets present contract liabilities which contains deferred revenue (previously identified as billings in excess of costs and estimated earnings on uncompleted contracts) and an accrual for contracts in a loss provision. Contract liabilities consisted of the following at December 31:
(in thousands) |  | 2019 |  | 2018 |  | Change
Deferred revenue |  | $ | 102,673 |  | $ | 57,051 |  | $ | 45,622
Accrued loss provision |  |  | 2,813 |  |  | 1,483 |  |  | 1,330
Contract liabilities |  | $ | 105,486 |  | $ | 58,534 |  | $ | 46,952
The following table provides information about contract assets and contract liabilities from contracts with customers:
(in thousands) |  | 2019 |  | 2018 |  | Change
Contract assets |  | $ | 217,109 |  | $ | 160,281 |  | $ | 56,828
Contract liabilities |  |  | (105,486) |  |  | (58,534) |  |  | (46,952)
Net contract assets (liabilities) |  | $ | 111,623 |  | $ | 101,747 |  | $ | 9,876
The difference between the opening and closing balances of the Company’s contract assets and contract liabilities primarily results from the timing of the Company’s billings in relation to its performance of work along with contract assets and contract liabilities acquired in the CSI acquisition. The amounts of revenues recognized in the period that were included in the opening contract liability balances were $39.2 million and $21.3 million for the year ended December 31, 2019 and 2018, respectively. This revenue consists primarily of work performed on previous billings to customers. The net asset position for contracts in process consisted of the following at December 31:
(in thousands) |  | 2019 |  | 2018
Costs and estimated earnings on uncompleted contracts |  | $ | 3,532,886 |  | $ | 2,718,713
Less: billings to date |  |  | 3,509,472 |  |  | 2,664,611
|  | $ | 23,414 |  | $ | 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 at December 31:
(in thousands) |  | 2019 |  | 2018
Unbilled revenue |  | $ | 126,087 |  | $ | 111,153
Deferred revenue |  |  | (102,673) |  |  | (57,051)
|  | $ | 23,414 |  | $ | 54,102

X
- References No definition available. + Details
Name: | us-gaap_ContractorsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for long-term contracts or programs. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 912 -URI http://asc.fasb.org/topic&trid=2145070 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -URI http://asc.fasb.org/topic&trid=2122208 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 605 -SubTopic 35 -URI http://asc.fasb.org/subtopic&trid=2197326 + Details
Name: | us-gaap_LongTermContractsOrProgramsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration