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Contract Assets and Liabilities (Tables)

9 Months Ended

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)