Quarterly report pursuant to Section 13 or 15(d)

Construction Contract and Other Service Revenues

v3.21.1
Construction Contract and Other Service Revenues
 3 Months Ended
Mar. 31, 2021
Revenue from Contract with Customer [Abstract]  
Construction Contract and Other Service Revenues Construction Contract and Other Service Revenues
We disaggregate our construction contract and other service revenues by compensation arrangement and by service type as we believe it best depicts the nature, timing and uncertainty of our revenue. The table below reports construction contract and other service revenues by compensation arrangement (in thousands):
For the Three Months Ended March 31,
2021 2020
Construction contract revenue:
Cost-plus fee $ 12,486  $ 3,309 
Guaranteed maximum price 2,101  5,044 
Firm fixed price 1,471  5,072 
Other 500  256 
$ 16,558  $ 13,681 
The table below reports construction contract and other service revenues by service type (in thousands):
For the Three Months Ended March 31,
2021 2020
Construction contract revenue:
Construction $ 15,756  $ 12,883 
Design 302  542 
Other 500  256 
$ 16,558  $ 13,681 

We recognized an insignificant amount of revenue in the three months ended March 31, 2021 and 2020 from performance obligations satisfied (or partially satisfied) in previous periods.

Accounts receivable related to our construction contract services is included in accounts receivable, net on our consolidated balance sheets. The beginning and ending balances of accounts receivable related to our construction contracts were as follows (in thousands):
For the Three Months Ended March 31,
2021 2020
Beginning balance $ 13,997  $ 12,378 
Ending balance $ 7,283  $ 10,852 

Contract assets, which we refer to herein as construction contract costs in excess of billings, net, are included in prepaid expenses and other assets, net reported on our consolidated balance sheets. The beginning and ending balances of our contract assets were as follows (in thousands):
For the Three Months Ended March 31,
2021 2020
Beginning balance $ 10,343  $ 17,223 
Ending balance $ 13,046  $ 7,463 

Contract liabilities are included in other liabilities reported on our consolidated balance sheets. Changes in contract liabilities were as follows (in thousands):
For the Three Months Ended March 31,
2021 2020
Beginning balance $ 4,610  $ 1,184 
Ending balance $ 6,193  $ 1,417 
Portion of beginning balance recognized in revenue during period $ 547  $ 646 

Revenue allocated to the remaining performance obligations under existing contracts as of March 31, 2021 that will be recognized as revenue in future periods was $176.6 million, approximately $74 million of which we expect to recognize during the remainder of 2021.
We have no deferred incremental costs incurred to obtain or fulfill our construction contracts or other service revenues and had no significant credit loss expense on construction contracts receivable or unbilled construction revenue in the three months ended March 31, 2021 and 2020.