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Unearned Revenue

12 Months Ended

Dec. 31, 2024

Financial Guarantee Insurance Contracts, Unearned Premium Revenue, Fiscal Year Maturity [Abstract]

Unearned Revenue

5. Unearned Revenue

The following table presents our unearned revenue as of the respective periods:

(in thousands)			December 31, 2024						December 31, 2023
Public			$	2,801,273					$	2,892,255
Private			783,105						704,421
Total			$	3,584,378					$	3,596,676

All unearned revenue is in the Construction segment. Approximately $2.6 billion of the December 31, 2024 unearned revenue is expected to be recognized within the next twelve months and the remaining amount will be recognized thereafter.

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