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Unearned Revenue

9 Months Ended

Sep. 30, 2025

Revenue Recognition and Deferred Revenue [Abstract]

Unearned Revenue

Unearned Revenue

The following table presents our unearned revenue disaggregated by customer type as of the respective periods:

(in thousands)			September 30, 2025						December 31, 2024
Public			$	3,694,624					$	2,801,273
Private			630,705						783,105
Total			$	4,325,329					$	3,584,378

All unearned revenue is in the Construction segment. Approximately $3.2 billion of the September 30, 2025 unearned revenue is expected to be recognized within the next twelve months and the remaining amount will be recognized thereafter.

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No definition available.

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