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Contract Assets and Liabilities | 12 Months Ended
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Dec. 31, 2020
Contractors [Abstract] |
Contract Assets and Liabilities | 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 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 doubtful accounts associated with contract assets was $0.4 million as of December 31, 2020 and $0.1 million as of 2019. Contract assets consisted of the following at December 31:
(in thousands) |  | 2020 |  | 2019 |  | Change
Unbilled revenue |  | $ | 97,543 |  |  | $ | 126,087 |  |  | $ | (28,544) |
Contract retainages, net |  | 88,260 |  |  | 91,022 |  |  | (2,762) |
Contract assets |  | $ | 185,803 |  |  | $ | 217,109 |  |  | $ | (31,306) |
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) |  | 2020 |  | 2019 |  | Change
Deferred revenue |  | $ | 155,570 |  |  | $ | 102,673 |  |  | $ | 52,897 |
Accrued loss provision |  | 2,826 |  |  | 2,813 |  |  | 13 |
Contract liabilities |  | $ | 158,396 |  |  | $ | 105,486 |  |  | $ | 52,910 |
The following table provides information about contract assets and contract liabilities from contracts with customers:
(in thousands) |  | 2020 |  | 2019 |  | Change
Contract assets |  | $ | 185,803 |  |  | $ | 217,109 |  |  | $ | (31,306) |
Contract liabilities |  | (158,396) |  |  | (105,486) |  |  | (52,910) |
Net contract assets (liabilities) |  | $ | 27,407 |  |  | $ | 111,623 |  |  | $ | (84,216) |
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 $72.2 million and $39.2 million for the year ended December 31, 2020 and 2019, 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) |  | 2020 |  | 2019
Costs and estimated earnings on uncompleted contracts |  | $ | 3,921,376 |  |  | $ | 3,532,886 |
Less: billings to date |  | 3,979,403 |  |  | 3,509,472 |
|  | $ | (58,027) |  |  | $ | 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 at December 31:
(in thousands) |  | 2020 |  | 2019
Unbilled revenue |  | $ | 97,543 |  |  | $ | 126,087 |
Deferred revenue |  | (155,570) |  |  | (102,673) |
|  | $ | (58,027) |  |  | $ | 23,414 |

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