Receivables, net

9 Months Ended

Sep. 30, 2025

Receivables include billed and unbilled amounts for services provided to clients for which we have an unconditional right to payment as of the end of the applicable period and generally do not bear interest. The following table presents major categories of receivables:


(in thousands)	September 30, 2025		December 31, 2024
Contracts completed and in progress:
Billed	$	380,665	$	250,656
Unbilled	233,327		127,776
Total contracts completed and in progress	613,992		378,432
Materials sales	147,549		55,770
Other	75,891		78,309
Total gross receivables	837,432		512,511
Less: allowance for credit losses	1,283		769
Total net receivables	$	836,149	$	511,742

Included in other receivables at September 30, 2025 and December 31, 2024 were items such as estimated recovery from back charge claims, notes receivable and income and other tax refunds receivable. Other receivables at September 30, 2025 and December 31, 2024 also included $25.0 million of working capital contributions in the form of a loan to a partner in one of our unconsolidated construction joint ventures, plus accrued interest. None of our customers had a receivable balance in excess of 10% of our total net receivables as of September 30, 2025 or December 31, 2024.