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Contract Assets and Liabilities (Tables) | 9 Months Ended
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Sep. 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) |  | September 30, 2024 |  | December 31, 2023 |  | Change
Unbilled revenue, net |  | $ | 216,515 |  |  | $ | 217,083 |  |  | $ | (568) |
Contract retainages, net |  | 195,328 |  |  | 203,533 |  |  | (8,205) |
Contract assets, net |  | $ | 411,843 |  |  | $ | 420,616 |  |  | $ | (8,773) |
Contract liabilities consisted of the following:
(in thousands) |  | September 30, 2024 |  | December 31, 2023 |  | Change
Deferred revenue |  | $ | 250,615 |  |  | $ | 231,604 |  |  | $ | 19,011 |
Accrued loss provision |  | 11,942 |  |  | 8,807 |  |  | 3,135 |
Contract liabilities |  | $ | 262,557 |  |  | $ | 240,411 |  |  | $ | 22,146 |
The following table provides information about contract assets and contract liabilities from contracts with customers:
(in thousands) |  | September 30, 2024 |  | December 31, 2023 |  | Change
Contract assets, net |  | $ | 411,843 |  |  | $ | 420,616 |  |  | $ | (8,773) |
Contract liabilities |  | (262,557) |  |  | (240,411) |  |  | (22,146) |
Net contract assets |  | $ | 149,286 |  |  | $ | 180,205 |  |  | $ | (30,919) |
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, 2024 |  | December 31, 2023
Costs and estimated earnings on uncompleted contracts |  | $ | 7,301,084 |  |  | $ | 6,716,990 |
Less: billings to date |  | 7,335,184 |  |  | 6,731,511 |
|  | $ | (34,100) |  |  | $ | (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) |  | September 30, 2024 |  | December 31, 2023
Unbilled revenue |  | $ | 216,515 |  |  | $ | 217,083 |
Deferred revenue |  | (250,615) |  |  | (231,604) |
|  | $ | (34,100) |  |  | $ | (14,521) |

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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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