Contract Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

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

Schedule of contract assets and liabilities from contracts with customers

Contract assets consisted of the following at December 31:


(in thousands)	2023		2022		Change
Unbilled revenue, net	$	217,083	$	156,266	$	60,817
Contract retainages, net	203,533		144,349		59,184
Contract assets, net	$	420,616	$	300,615	$	120,001

Contract liabilities consisted of the following at December 31:


(in thousands)	2023		2022		Change
Deferred revenue	$	231,604	$	223,654	$	7,950
Accrued loss provision	8,807		3,401		5,406
Contract liabilities	$	240,411	$	227,055	$	13,356

The following table provides information about contract assets and contract liabilities from contracts with customers at December 31:


(in thousands)	2023		2022		Change
Contract assets, net	$	420,616	$	300,615	$	120,001
Contract liabilities	(240,411)		(227,055)		(13,356)
Net contract assets	$	180,205	$	73,560	$	106,645

Schedule of net asset position for contracts in process

The net asset position for contracts in process consisted of the following at December 31:


(in thousands)	2023		2022
Costs and estimated earnings on uncompleted contracts	$	6,716,990	$	5,390,535
Less: billings to date	6,731,511		5,457,923
	$	(14,521)	$	(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 at December 31:


(in thousands)	2023		2022
Unbilled revenue, net	$	217,083	$	156,266
Deferred revenue	(231,604)		(223,654)
	$	(14,521)	$	(67,388)