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v3.25.2

Contract Assets and Liabilities (Tables) | 6 Months Ended
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Jun. 30, 2025
Revenue from Contract with Customer [Abstract] |
Contract with Customer, Contract Asset, Contract Liability, and Receivable | Opening and closing balances of contract assets and contract liabilities are as follows:
| June 30, 2025 |  | December 31, 2024 |  | June 30, 2024 |  | December 31, 2023 |  |
| (in thousands) |  | (in thousands) |
Contract assets | $ | 233,783 |  |  | $ | 135,820 |  |  | $ | 68,171 |  |  | $ | 45,194 |  |  |
Less: Allowance for credit losses | 599 |  |  | 399 |  |  | — |  |  | — |  |  |
Contract assets, net | 233,184 |  |  | 135,421 |  |  | 68,171 |  |  | 45,194 |  |  |
Contract liabilities | (33,752) |  |  | (14,913) |  |  | (26,862) |  |  | (13,757) |  |  |
Total, net | $ | 199,432 |  |  | $ | 120,508 |  |  | $ | 41,309 |  |  | $ | 31,437 |  |  |
Costs and estimated earnings on uncompleted contracts and related billings are as follows:
| June 30, 2025 |  | June 30, 2024
| (in thousands)
Costs incurred on uncompleted contracts | $ | 162,227 |  |  | $ | 118,691 |
Estimated earnings | 136,447 |  |  | 90,774 |
Total | 298,674 |  |  | 209,465 |
Less: Contract billings to date | 106,838 |  |  | 168,920 |
Less: Allowance for credit losses | 599 |  |  | — |
Plus: Completed contracts, unbilled | 8,195 |  |  | 764 |
Total, net | $ | 199,432 |  |  | $ | 41,309 |

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- Definition Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 + Details
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