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Contract Assets and Liabilities (Tables)

3 Months Ended

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)