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Revenue from Contracts with Customers | 9 Months Ended
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Sep. 30, 2021
Revenue from Contract with Customer [Abstract] |
Revenue from Contracts with Customers | REVENUE FROM CONTRACTS WITH CUSTOMERS Disaggregation of Revenue Our reportable segments for the three and nine months ended September 30, 2021 were U.S. Regions, U.S. Federal, Canada and Non-Solar Distributed Generation (“Non-Solar DG”). On January 1, 2021, we changed the structure of our internal organization and our U.S. Regions segment now includes our U.S.-based enterprise energy management services previously included in our “All Other” segment. As a result, previously reported amounts have been reclassified for comparative purposes. The following table presents our revenue disaggregated by line of business and reportable segment for the three months ended September 30, 2021:
| U.S. Regions |  | U.S. Federal |  | Canada |  | Non-Solar DG |  | All Other |  | Total
Project revenue | $ | 86,094 |  |  | $ | 82,966 |  |  | $ | 8,317 |  |  | $ | 5,316 |  |  | $ | 11,323 |  |  | $ | 194,016 |
O&M revenue | 5,830 |  |  | 11,787 |  |  | — |  |  | 2,298 |  |  | 90 |  |  | 20,005 |
Energy assets | 9,870 |  |  | 1,804 |  |  | 1,406 |  |  | 26,070 |  |  | 85 |  |  | 39,235 |
Integrated-PV | — |  |  | — |  |  | — |  |  | — |  |  | 10,438 |  |  | 10,438 |
Other | 1,242 |  |  | 97 |  |  | 1,908 |  |  | 127 |  |  | 6,614 |  |  | 9,988 |
Total revenues | $ | 103,036 |  |  | $ | 96,654 |  |  | $ | 11,631 |  |  | $ | 33,811 |  |  | $ | 28,550 |  |  | $ | 273,682 |
The following table presents our revenue disaggregated by line of business and reportable segment for the three months ended September 30, 2020:
| U.S. Regions |  | U.S. Federal |  | Canada |  | Non-Solar DG |  | All Other |  | Total
Project revenue | $ | 79,201 |  |  | $ | 105,444 |  |  | $ | 9,311 |  |  | $ | 7,506 |  |  | $ | 13,941 |  |  | $ | 215,403 |
O&M revenue | 4,492 |  |  | 11,384 |  |  | — |  |  | 2,009 |  |  | 36 |  |  | 17,921 |
Energy assets | 9,134 |  |  | 1,325 |  |  | 1,227 |  |  | 18,535 |  |  | 87 |  |  | 30,308 |
Integrated-PV | — |  |  | — |  |  | — |  |  | — |  |  | 9,421 |  |  | 9,421 |
Other | 897 |  |  | 150 |  |  | 1,725 |  |  | 201 |  |  | 6,481 |  |  | 9,454 |
Total revenues | $ | 93,724 |  |  | $ | 118,303 |  |  | $ | 12,263 |  |  | $ | 28,251 |  |  | $ | 29,966 |  |  | $ | 282,507 |
The following table presents our revenue disaggregated by line of business and reportable segment for the nine months ended September 30, 2021:
| U.S. Regions |  | U.S. Federal |  | Canada |  | Non-Solar DG |  | All Other |  | Total
Project revenue | $ | 249,853 |  |  | $ | 250,130 |  |  | $ | 24,625 |  |  | $ | 19,211 |  |  | $ | 27,145 |  |  | $ | 570,964 |
O&M revenue | 15,443 |  |  | 34,969 |  |  | 26 |  |  | 7,397 |  |  | 250 |  |  | 58,085 |
Energy assets | 28,726 |  |  | 3,839 |  |  | 3,724 |  |  | 72,853 |  |  | 321 |  |  | 109,463 |
Integrated-PV | — |  |  | — |  |  | — |  |  | — |  |  | 30,313 |  |  | 30,313 |
Other | 3,757 |  |  | 130 |  |  | 5,773 |  |  | 289 |  |  | 21,030 |  |  | 30,979 |
Total revenues | $ | 297,779 |  |  | $ | 289,068 |  |  | $ | 34,148 |  |  | $ | 99,750 |  |  | $ | 79,059 |  |  | $ | 799,804 |
The following table presents our revenue disaggregated by line of business and reportable segment for the nine months ended September 30, 2020:
| U.S. Regions |  | U.S. Federal |  | Canada |  | Non-Solar DG |  | All Other |  | Total
Project revenue | $ | 226,734 |  |  | $ | 233,778 |  |  | $ | 24,342 |  |  | $ | 12,881 |  |  | $ | 22,027 |  |  | $ | 519,762 |
O&M revenue | 13,127 |  |  | 33,765 |  |  | 26 |  |  | 6,144 |  |  | 229 |  |  | 53,291 |
Energy assets | 26,068 |  |  | 3,549 |  |  | 3,234 |  |  | 54,341 |  |  | 87 |  |  | 87,279 |
Integrated-PV | — |  |  | — |  |  | — |  |  | — |  |  | 29,420 |  |  | 29,420 |
Other | 3,209 |  |  | 447 |  |  | 5,088 |  |  | 738 |  |  | 18,722 |  |  | 28,204 |
Total revenues | $ | 269,138 |  |  | $ | 271,539 |  |  | $ | 32,690 |  |  | $ | 74,104 |  |  | $ | 70,485 |  |  | $ | 717,956 |
The following table presents information related to our revenue recognized over time:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Percentage of revenue recognized over time | 93% |  | 95% |  | 94% |  | 94%
The remainder of our revenue is for products and services transferred at a point in time, at which point revenue is recognized. We attribute revenues to customers based on the location of the customer. The following table presents information related to our revenues by geographic area:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
United States | $ | 250,441 |  |  | $ | 256,326 |  |  | $ | 736,986 |  |  | $ | 663,483 |
Canada | 10,832 |  |  | 11,630 |  |  | 31,658 |  |  | 30,641 |
Other | 12,409 |  |  | 14,551 |  |  | 31,160 |  |  | 23,832 |
Total revenues | $ | 273,682 |  |  | $ | 282,507 |  |  | $ | 799,804 |  |  | $ | 717,956 |
Contract Balances The following tables provide information about receivables, contract assets and contract liabilities from contracts with customers:
|  | September 30, 2021 |  | December 31, 2020
Accounts receivable, net |  | $ | 112,893 |  |  | $ | 125,010 |
Accounts receivable retainage, net |  | $ | 39,404 |  |  | $ | 30,189 |
Contract Assets: |  |  |  |
Costs and estimated earnings in excess of billings |  | $ | 213,468 |  |  | $ | 185,960 |
Contract Liabilities: |  |  |  |
Billings in excess of cost and estimated earnings |  | $ | 28,018 |  |  | $ | 33,984 |
Billings in excess of cost and estimated earnings, non-current (1) |  | 6,795 |  |  | 6,631 |
Total contract liabilities |  | $ | 34,813 |  |  | $ | 40,615 |
| September 30, 2020 |  | December 31, 2019
Accounts receivable, net | $ | 121,672 |  |  | $ | 95,863 |
Accounts receivable retainage, net | $ | 24,359 |  |  | $ | 16,976 |
Contract Assets: |  |  |
Costs and estimated earnings in excess of billings | $ | 179,909 |  |  | $ | 202,243 |
Contract Liabilities: |  |  |
Billings in excess of cost and estimated earnings | $ | 35,320 |  |  | $ | 26,618 |
Billings in excess of cost and estimated earnings, non-current (1) | 4,982 |  |  | 5,560 |
Total contract liabilities | $ | 40,302 |  |  | $ | 32,178 |
(1) Performance obligations that are expected to be completed beyond the next twelve months and are included in other liabilities in the condensed consolidated balance sheets.
The increase in contract assets for the nine months ended September 30, 2021 was primarily due to revenue recognized of $414,049 offset by billings of $422,565. Contract assets also increased due to reclassifications, primarily from contract liabilities as a result of timing of customer payments. The decrease in contract liabilities was primarily driven by recognition of revenue as performance obligations were satisfied exceeding increases from the receipt of advance payment from customers, and related billings. For the nine months ended September 30, 2021, we recognized revenue of $161,037 that was previously included in the beginning balance of contract liabilities and billed customers $123,891. Changes in contract liabilities are also driven by reclassifications to or from contract assets as a result of timing of customer payments. The decrease in contract assets for the nine months ended September 30, 2020 was primarily due to billings of approximately $464,712, partially offset by revenue recognized of $434,709. The increase in contract liabilities was primarily driven by the receipt of advance payment from customers, and related billings, exceeding reductions from the recognition of revenue as performance obligations were satisfied. For the nine months ended September 30, 2020, we recognized revenue of $85,356 that was previously included in the beginning balance of contract liabilities and billed customers $86,203. Changes in contract liabilities are also driven by reclassifications to or from contract assets as a result of timing of customer payments. Performance Obligations Our remaining performance obligations (“backlog”) represent the unrecognized revenue value of our contract commitments. At September 30, 2021, we had backlog of $1,893,740 of which approximately 33% is anticipated to be recognized as revenue in the next twelve months. The remaining performance obligations primarily relate to the energy efficiency and renewable energy construction projects, including long-term operations and maintenance (“O&M”) services related to these projects. The long-term services have varying initial contract terms, up to 25 years. Project Development Costs Project development costs of $1,191 and $1,543 were included in other long-term assets in the accompanying condensed consolidated balance sheets as of September 30, 2021 and December 31, 2020, respectively. Project development costs of $2,632 and $3,611 were recognized in the condensed consolidated statements of income on projects that converted to customer contracts during the three months ended September 30, 2021 and 2020, respectively. Project development costs of $7,725 and $9,546 were recognized in the condensed consolidated statements of income on projects that converted to customer contracts during the nine months ended September 30, 2021 and 2020, respectively. No impairment charges in connection with our project development costs were recorded during the nine months ended September 30, 2021 and 2020.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 + Details
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