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v3.23.3

Contract Assets and Liabilities (Tables) | 9 Months Ended
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Sep. 30, 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) |  | September 30, 2023 |  | December 31, 2022 |  | Change
Unbilled revenue, net |  | $ | 217,617 |  |  | $ | 156,266 |  |  | $ | 61,351 |
Contract retainages, net |  | 192,660 |  |  | 144,349 |  |  | 48,311 |
Contract assets, net |  | $ | 410,277 |  |  | $ | 300,615 |  |  | $ | 109,662 |
Contract liabilities consisted of the following:
(in thousands) |  | September 30, 2023 |  | December 31, 2022 |  | Change
Deferred revenue |  | $ | 227,208 |  |  | $ | 223,654 |  |  | $ | 3,554 |
Accrued loss provision |  | 3,763 |  |  | 3,401 |  |  | 362 |
Contract liabilities |  | $ | 230,971 |  |  | $ | 227,055 |  |  | $ | 3,916 |
The following table provides information about contract assets and contract liabilities from contracts with customers:
(in thousands) |  | September 30, 2023 |  | December 31, 2022 |  | Change
Contract assets, net |  | $ | 410,277 |  |  | $ | 300,615 |  |  | $ | 109,662 |
Contract liabilities |  | (230,971) |  |  | (227,055) |  |  | (3,916) |
Net contract assets |  | $ | 179,306 |  |  | $ | 73,560 |  |  | $ | 105,746 |
Schedule of net asset position for contracts in process | The net asset position for contracts in process consisted of the following:
(in thousands) |  | September 30, 2023 |  | December 31, 2022
Costs and estimated earnings on uncompleted contracts |  | $ | 6,329,063 |  |  | $ | 5,390,535 |
Less: billings to date |  | 6,338,654 |  |  | 5,457,923 |
|  | $ | (9,591) |  |  | $ | (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) |  | September 30, 2023 |  | December 31, 2022
Unbilled revenue |  | $ | 217,617 |  |  | $ | 156,266 |
Deferred revenue |  | (227,208) |  |  | (223,654) |
|  | $ | (9,591) |  |  | $ | (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 -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-10 + Details
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- Definition Tabular disclosure of long-term contract or program. + References No definition available. + Details
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