Construction Contract and Other Service Revenues
|3 Months Ended|
Mar. 31, 2022
|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):
The table below reports construction contract and other service revenues by service type (in thousands):
We recognized an insignificant amount of revenue in the three months ended March 31, 2022 and 2021 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):
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 on our consolidated balance sheets. The beginning and ending balances of our contract assets were as follows (in thousands):
Contract liabilities are included in other liabilities on our consolidated balance sheets. Changes in contract liabilities were as follows (in thousands):
Revenue allocated to the remaining performance obligations under existing contracts as of March 31, 2022 that will be recognized as revenue in future periods was $98.9 million, of which we expect to recognize approximately $84 million in the nine months ending December 31, 2022 and most of the remainder in 2023.We have no deferred incremental costs incurred to obtain or fulfill our construction contracts or other service revenues as of March 31, 2022 and December 31, 2021. We had credit loss recoveries on construction contracts receivable and unbilled construction revenue of $372,000 in the three months ended March 31, 2022 and $141,000 in the three months ended March 31, 2021.
The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef