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Contract Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2020

Contract Assets and Liabilities

Schedule of contract assets and liabilities from contracts with customers

Contract assets consisted of the following:

​

​	​	​	​	​	​	​	​	​	​
​		June 30,			December 31,				​
(in thousands)	​	2020		​	2019		​	Change
​	​	​	​	​	​	​	​	​	​
Unbilled revenue, net	​	$	135,289	​	$	126,087	​	$	9,202
Contract retainages, net	​		88,986	​		91,022	​		(2,036)
Contract assets, net	​	$	224,275	​	$	217,109	​	$	7,166

Contract liabilities consisted of the following:

​

​	​	​	​	​	​	​	​	​	​
​		June 30,			December 31,				​
(in thousands)	​	2020		​	2019		​	Change
​	​	​	​	​	​	​	​	​	​
Deferred revenue	​	$	126,446	​	$	102,673	​	$	23,773
Accrued loss provision	​		2,256	​		2,813	​		(557)
Contract liabilities	​	$	128,702	​	$	105,486	​	$	23,216

​

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

​

​	​	​	​	​	​	​	​	​	​
​		June 30,			December 31,				​
(in thousands)	​	2020		​	2019		​	Change
​	​	​	​	​	​	​	​	​	​
Contract assets, net	​	$	224,275	​	$	217,109	​	$	7,166
Contract liabilities	​		(128,702)	​		(105,486)	​		(23,216)
Net contract assets (liabilities)	​	$	95,573	​	$	111,623	​	$	(16,050)

Schedule of net asset position for contracts in process

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

​

​	​	​	​	​	​	​
​		June 30,			December 31,
(in thousands)	​	2020		​	2019
​	​	​	​	​	​	​
Costs and estimated earnings on uncompleted contracts	​	$	3,547,242	​	$	3,532,886
Less: billings to date	​		3,538,399	​		3,509,472
​	​	$	8,843	​	$	23,414

​

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:

​

​	​	​	​	​	​	​
​		June 30,			December 31,
(in thousands)	​	2020		​	2019
​	​	​	​	​	​	​
Unbilled revenue	​	$	135,289	​	$	126,087
Deferred revenue	​		(126,446)	​		(102,673)
​	​	$	8,843	​	$	23,414

X

- Definition

Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

+ Details

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- References

No definition available.

+ Details

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X

- Definition

Tabular disclosure of long-term contract or program.

+ References

No definition available.

+ Details

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