Quarterly report pursuant to Section 13 or 15(d)

Contract Assets and Liabilities (Tables)

v3.20.2
Contract Assets and Liabilities (Tables)
6 Months Ended
Jun. 30, 2020
Revenue from Contract with Customer [Abstract]  
Components of Contract Asset and Liability Balances
Contract assets include amounts due under retainage provisions and costs and estimated earnings in excess of billings. The components of the contract asset balances as of the respective dates were as follows:
(in thousands)
June 30, 2020

 
December 31, 2019

 
Change
Contract assets
 
 
 
 
 
   Costs in excess of billings and estimated earnings
$
39,898

 
$
44,315

 
$
(4,417
)
   Retainage receivable
32,389

 
32,873

 
(484
)
      Total contract assets
$
72,287

 
$
77,188

 
$
(4,901
)
Contract liabilities include billings in excess of contract costs and provisions for losses. The components of the contract liability balances as of the respective dates were as follows:
(in thousands)
June 30, 2020

 
December 31, 2019

 
Change
Contract liabilities
 
 
 
 
 
   Billings in excess of costs and estimated earnings
$
57,874

 
$
40,662

 
$
17,212

   Provisions for losses
750

 
1,708

 
(958
)
      Total contract liabilities
$
58,624

 
$
42,370

 
$
16,254

Schedule of Contracts In Progress
The net (overbilling) underbilling position for contracts in process consist of the following:
(in thousands)
June 30, 2020

 
December 31, 2019

Revenue earned on uncompleted contracts
$
755,456

 
$
726,215

Less: Billings to date
(773,432
)
 
(722,562
)
   Net (overbilling) underbilling
$
(17,976
)
 
$
3,653

 
 
 
 
 
 
 
 
(in thousands)
June 30, 2020

 
December 31, 2019

Costs in excess of billings and estimated earnings
$
39,898

 
$
44,315

Billings in excess of costs and estimated earnings
(57,874
)
 
(40,662
)
   Net (overbilling) underbilling
$
(17,976
)
 
$
3,653