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v3.23.1

Contract Assets and Liabilities (Tables) | 3 Months Ended
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Mar. 31, 2023
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract] |
Schedule of contract assets and liabilities | Contract assets consisted of the following:
(in thousands) |  | March 31, 2023 |  | December 31, 2022 |  | Change
Unbilled revenue, net |  | $ | 177,725 |  |  | $ | 156,266 |  |  | $ | 21,459 |
Contract retainages, net |  | 154,791 |  |  | 144,349 |  |  | 10,442 |
Contract assets, net |  | $ | 332,516 |  |  | $ | 300,615 |  |  | $ | 31,901 |
Contract liabilities consisted of the following:
(in thousands) |  | March 31, 2023 |  | December 31, 2022 |  | Change
Deferred revenue |  | $ | 218,106 |  |  | $ | 223,654 |  |  | $ | (5,548) |
Accrued loss provision |  | 2,648 |  |  | 3,401 |  |  | (753) |
Contract liabilities |  | $ | 220,754 |  |  | $ | 227,055 |  |  | $ | (6,301) |
The following table provides information about contract assets and contract liabilities from contracts with customers:
(in thousands) |  | March 31, 2023 |  | December 31, 2022 |  | Change
Contract assets, net |  | $ | 332,516 |  |  | $ | 300,615 |  |  | $ | 31,901 |
Contract liabilities |  | (220,754) |  |  | (227,055) |  |  | 6,301 |
Net contract assets |  | $ | 111,762 |  |  | $ | 73,560 |  |  | $ | 38,202 |
Schedule of net asset position for contracts in process | The net asset position for contracts in process consisted of the following:
(in thousands) |  | March 31, 2023 |  | December 31, 2022
Costs and estimated earnings on uncompleted contracts |  | $ | 5,350,169 |  |  | $ | 5,390,535 |
Less: billings to date |  | 5,390,550 |  |  | 5,457,923 |
|  | $ | (40,381) |  |  | $ | (67,388) |
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) |  | March 31, 2023 |  | December 31, 2022
Unbilled revenue |  | $ | 177,725 |  |  | $ | 156,266 |
Deferred revenue |  | (218,106) |  |  | (223,654) |
|  | $ | (40,381) |  |  | $ | (67,388) |

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- 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 https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045 + Details
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- Definition Tabular disclosure of long-term contract or program. + References No definition available. + Details
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