Laserfiche WebLink
OHL USA, INC. AND SUBSIDIARIES <br />NOTES TO CONSOLIDATED FINANCIAL STATEMENTS <br />DECEMBER 31, 2020 <br />Note 23 - Backlog <br />The following schedule is a reconciliation of backlog representing signed contracts at <br />December 31, 2020: <br />Balance, December 31, 2019 $ 2,220,653,168 <br />Contract adjustments 173,390,611 <br />New contracts - year ended December 31, 2020 1,125,320,706 <br />3,519,364,485 <br />Less: Contract revenues 1,398,634,081 <br />Balance, December 31, 2020 $ 2,120,730,404 <br />In addition, subsequent to December 31, 2020, the Company entered into additional <br />construction contracts with estimated revenues of approximately $1,777,000 and was also <br />awarded additional construction contracts with estimated revenues of approximately <br />$261,426,000. <br />Remaining construction performance obligations represent the remaining transaction price, <br />including variable consideration not constrained, for which work has not been performed. As <br />of December 31, 2020, the aggregate amount of the transaction price allocated to remaining <br />performance obligations was $2,120,730,404. The Company expects to recognize revenue on <br />approximately 60% of the remaining performance obligations over the next 12 months, with <br />the remaining balance recognized thereafter. <br />Note 24 - Subsequent Events <br />The Company has evaluated all events or transactions that occurred after December 31, 2020 <br />through March 18, 2021, which is the date that the consolidated financial statements were <br />available to be issued. During this period, here were no material subsequent events requiring <br />disclosure. <br />37 <br />