Receivables, net

3 Months Ended

Mar. 31, 2026

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)	March 31, 2026		December 31, 2025
Contracts completed and in progress:
Billed	$	296,246	$	297,157
Unbilled	186,466		174,434
Total contracts completed and in progress	482,712		471,591
Materials sales	84,531		89,945
Other	70,846		70,484
Total gross receivables	638,089		632,020
Less: allowance for credit losses	1,576		1,628
Total net receivables	$	636,513	$	630,392

Included in other receivables at March 31, 2026 and December 31, 2025 were items such as estimated recovery from back charge claims, notes receivable and income and other tax refunds receivable. Other receivables at March 31, 2026 and December 31, 2025 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 March 31, 2026 or December 31, 2025.