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Contract Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2024

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

Schedule of contract assets and liabilities

Contract assets consisted of the following:


(in thousands)	June 30, 2024		December 31, 2023		Change
Unbilled revenue, net	$	189,354	$	217,083	$	(27,729)
Contract retainages, net	212,947		203,533		9,414
Contract assets, net	$	402,301	$	420,616	$	(18,315)

Contract liabilities consisted of the following:


(in thousands)	June 30, 2024		December 31, 2023		Change
Deferred revenue	$	243,710	$	231,604	$	12,106
Accrued loss provision	12,912		8,807		4,105
Contract liabilities	$	256,622	$	240,411	$	16,211

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


(in thousands)	June 30, 2024		December 31, 2023		Change
Contract assets, net	$	402,301	$	420,616	$	(18,315)
Contract liabilities	(256,622)		(240,411)		(16,211)
Net contract assets	$	145,679	$	180,205	$	(34,526)

Schedule of net asset position for contracts in process

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


(in thousands)	June 30, 2024		December 31, 2023
Costs and estimated earnings on uncompleted contracts	$	6,793,525	$	6,716,990
Less: billings to date	6,847,881		6,731,511
	$	(54,356)	$	(14,521)

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)	June 30, 2024		December 31, 2023
Unbilled revenue	$	189,354	$	217,083
Deferred revenue	(243,710)		(231,604)
	$	(54,356)	$	(14,521)