Contract Assets

9 Months Ended

Sep. 30, 2019

Contract With Customer Asset And Liability [Abstract]

Contract assets

Note 8 – Contract Assets

As of September 30, 2019 and December 31, 2018, the Company had $161.1 million and $140.1 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:

	Nine Months Ended
	September 30,
(in thousands)		2019		2018
Beginning balance as of December 31,	$	140,082	$	146,496
Revenue recognized		1,613,047		1,774,620
Amounts collected or invoiced	(1,592,061)		(1,765,218)
Ending balance as of September 30,	$	161,068	$	155,898