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Contract Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2022

Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]

Schedule of contract assets and liabilities

Contract assets consisted of the following:


(in thousands)	June 30, 2022		December 31, 2021		Change
Unbilled revenue, net	$	165,839	$	134,187	$	31,652
Contract retainages, net	114,879		90,888		23,991
Contract assets, net	$	280,718	$	225,075	$	55,643

Contract liabilities consisted of the following:


(in thousands)	June 30, 2022		December 31, 2021		Change
Deferred revenue	$	200,929	$	165,699	$	35,230
Accrued loss provision	2,234		2,232		2
Contract liabilities	$	203,163	$	167,931	$	35,232

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


(in thousands)	June 30, 2022		December 31, 2021		Change
Contract assets, net	$	280,718	$	225,075	$	55,643
Contract liabilities	(203,163)		(167,931)		(35,232)
Net contract assets (liabilities)	$	77,555	$	57,144	$	20,411

Schedule of net asset position for contracts in process

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


(in thousands)	June 30, 2022		December 31, 2021
Costs and estimated earnings on uncompleted contracts	$	4,492,937	$	4,130,621
Less: billings to date	4,528,027		4,162,133
	$	(35,090)	$	(31,512)

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:


(in thousands)	June 30, 2022		December 31, 2021
Unbilled revenue	$	165,839	$	134,187
Deferred revenue	(200,929)		(165,699)
	$	(35,090)	$	(31,512)