Contract Assets

9 Months Ended

Sep. 30, 2020

Contract Assets

Contract assets

Note 3 – Contract Assets

As of September 30, 2020 and December 31, 2019, the Company had $161.4 million and $161.1 million, respectively, in contract assets from contracts with customers. The contract assets primarily relate to the Company’s right to consideration for work completed but not billed at the reporting date for those performance obligations for which revenue is recognized over time. The contract assets 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)		2020		2019
Beginning balance as of December 31,	$	161,061	$	140,082
Revenue recognized		1,382,582		1,613,047
Amounts collected or invoiced		(1,382,247)		(1,592,061)
Ending balance as of September 30,	$	161,396	$	161,068