Contract Assets

3 Months Ended

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