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Contract Assets | 3 Months Ended
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Mar. 31, 2020
Contract Assets |
Contract assets | Note 3 – Contract Assets As of March 31, 2020 and December 31, 2019, the Company had $160.0 million and $161.1 million, respectively, in contract receivables from contracts with customers. The contract receivables primarily relate to the Company’s right to consideration for work completed but not billed at the reporting date. The contract receivables are transferred to accounts receivable when the rights become unconditional. Significant changes in the contract asset balance during the period are as follows:
| Three Months Ended
| March 31,
(in thousands) |  | 2020 |  |  | 2019
Beginning balance as of December 31, | $ | 161,061 |  | $ | 140,082
Revenue recognized |  | 464,727 |  |  | 564,889
Amounts collected or invoiced |  | (465,826) |  |  | (547,946)
Ending balance as of March 31, | $ | 159,962 |  | $ | 157,025

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