XML 48 R32.htm IDEA: XBRL DOCUMENT v3.25.0.1
Contract Assets and Liabilities (Tables)
 12 Months Ended
Dec. 31, 2024
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]  
Schedule of contract assets and liabilities from contracts with customers
Contract assets consisted of the following at December 31:
(in thousands)20242023Change
Unbilled revenue, net$149,449 $217,083 $(67,634)
Contract retainages, net152,493 203,533 (51,040)
Contract assets, net$301,942 $420,616 $(118,674)
Contract liabilities consisted of the following at December 31:
(in thousands)20242023Change
Deferred revenue$312,632 $231,604 $81,028 
Accrued loss provision9,326 8,807 519 
Contract liabilities$321,958 $240,411 $81,547 
The following table provides information about contract assets and contract liabilities from contracts with customers at December 31:
(in thousands)20242023Change
Contract assets, net$301,942 $420,616 $(118,674)
Contract liabilities(321,958)(240,411)(81,547)
Net contract assets$(20,016)$180,205 $(200,221)
Schedule of net asset position for contracts in process
The net asset position for contracts in process consisted of the following at December 31:
(in thousands)20242023
Costs and estimated earnings on uncompleted contracts$7,627,894 $6,716,990 
Less: billings to date7,791,077 6,731,511 
$(163,183)$(14,521)
The net asset position for contracts in process is included within the contract asset and contract liability in the accompanying consolidated balance sheets as follows at December 31:
(in thousands)20242023
Unbilled revenue, net$149,449 $217,083 
Deferred revenue(312,632)(231,604)
$(163,183)$(14,521)