Accounts Receivable, Contract Assets, and Contract Liabilities

12 Months Ended

Jan. 28, 2023

Accounts Receivable, Contract Assets, and Contract Liabilities

The following provides further details on the balance sheet accounts of accounts receivable, net; contract assets; and contract liabilities. See Note 2, Significant Accounting Policies and Estimates, for further information on our policies related to these balance sheet accounts, as well as our revenue recognition policies.

Accounts Receivable

Accounts receivable, net classified as current, consisted of the following (dollars in thousands):


	January 28, 2023		January 29, 2022
Trade accounts receivable	$	367,842	$	330,811
Unbilled accounts receivable	670,066		545,493
Retainage	32,351		20,318
Total	1,070,259		896,622
Less: allowance for doubtful accounts	(3,246)		(724)
Accounts receivable, net	$	1,067,013	$	895,898

We maintain an allowance for doubtful accounts for estimated losses on uncollected balances. The allowance for doubtful accounts changed as follows (dollars in thousands):


	January 28, 2023		January 29, 2022

Allowance for doubtful accounts at beginning of period	$	724	$	1,676
Provision for bad debt	2,600		2,911
Amounts charged against the allowance	(78)		(3,863)
Allowance for doubtful accounts at end of period	$	3,246	$	724

Contract Assets and Contract Liabilities

Net contract assets consisted of the following (dollars in thousands):


	January 28, 2023		January 29, 2022
Contract assets	$	43,932	$	24,539
Contract liabilities	19,512		18,512
Contract assets, net	$	24,420	$	6,027

The increase in contract assets, net, in fiscal 2023 from fiscal 2022 primarily resulted from reduced services performed and increased billings under contracts consisting of multiple tasks. There were no other significant changes in contract assets during the period. During fiscal 2023, we performed services and recognized $15.9 million of contract revenues related to contract liabilities that existed at January 29, 2022. See Note 6, Other Current Assets and Other Assets, for information on our long-term contract assets.

Customer Credit Concentration

Customers whose combined amounts of accounts receivable and contract assets, net exceeded 10% of total combined accounts receivable and contract assets, net as of January 28, 2023 or January 29, 2022 were as follows (dollars in millions):


	January 28, 2023				January 29, 2022
	Amount		% of Total		Amount		% of Total
Lumen Technologies	$	189.3	17.4	%	$	166.0	18.4	%
AT&T Inc.	$	136.2	12.5	%	$	106.0	11.7	%
Comcast Corporation	$	125.2	11.5	%	$	113.5	12.6	%
Verizon Communications Inc.	$	102.7	9.4	%	$	144.3	16.0	%

We believe that none of the customers above were experiencing financial difficulties that would materially impact the collectability of our total accounts receivable and contract assets, net, as of January 28, 2023 or January 29, 2022.