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Contract Assets and Liabilities (Tables)

3 Months Ended

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)