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v3.25.1

Contract Assets and Liabilities (Tables) | 3 Months Ended
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Mar. 31, 2025
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract] |
Schedule of contract assets and liabilities | Contract assets consisted of the following:
(in thousands) |  | March 31, 2025 |  | December 31, 2024 |  | Change
Unbilled revenue, net |  | $ | 172,618 |  |  | $ | 149,449 |  |  | $ | 23,169 |
Contract retainages, net |  | 169,012 |  |  | 152,493 |  |  | 16,519 |
Contract assets, net |  | $ | 341,630 |  |  | $ | 301,942 |  |  | $ | 39,688 |
Contract liabilities consisted of the following:
(in thousands) |  | March 31, 2025 |  | December 31, 2024 |  | Change
Deferred revenue |  | $ | 284,951 |  |  | $ | 312,632 |  |  | $ | (27,681) |
Accrued loss provision |  | 7,690 |  |  | 9,326 |  |  | (1,636) |
Contract liabilities |  | $ | 292,641 |  |  | $ | 321,958 |  |  | $ | (29,317) |
The following table provides information about contract assets and contract liabilities from contracts with customers:
(in thousands) |  | March 31, 2025 |  | December 31, 2024 |  | Change
Contract assets, net |  | $ | 341,630 |  |  | $ | 301,942 |  |  | $ | 39,688 |
Contract liabilities |  | (292,641) |  |  | (321,958) |  |  | 29,317 |
Net contract assets |  | $ | 48,989 |  |  | $ | (20,016) |  |  | $ | 69,005 |
Schedule of net asset position for contracts in process | The net asset position for contracts in process consisted of the following:
(in thousands) |  | March 31, 2025 |  | December 31, 2024
Costs and estimated earnings on uncompleted contracts |  | $ | 7,644,144 |  |  | $ | 7,627,894 |
Less: billings to date |  | 7,756,477 |  |  | 7,791,077 |
|  | $ | (112,333) |  |  | $ | (163,183) |
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:
(in thousands) |  | March 31, 2025 |  | December 31, 2024
Unbilled revenue |  | $ | 172,618 |  |  | $ | 149,449 |
Deferred revenue |  | (284,951) |  |  | (312,632) |
|  | $ | (112,333) |  |  | $ | (163,183) |

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- Definition Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 + Details
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- Definition Tabular disclosure of long-term contract or program. + References No definition available. + Details
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