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v3.25.2

Contract Assets and Liabilities (Tables) | 6 Months Ended
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Jun. 30, 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) |  | June 30, 2025 |  | December 31, 2024 |  | Change
Unbilled revenue, net |  | $ | 171,992 |  |  | $ | 149,449 |  |  | $ | 22,543 |
Contract retainages, net |  | 175,090 |  |  | 152,493 |  |  | 22,597 |
Contract assets, net |  | $ | 347,082 |  |  | $ | 301,942 |  |  | $ | 45,140 |
Contract liabilities consisted of the following:
(in thousands) |  | June 30, 2025 |  | December 31, 2024 |  | Change
Deferred revenue |  | $ | 279,860 |  |  | $ | 312,632 |  |  | $ | (32,772) |
Accrued loss provision |  | 6,428 |  |  | 9,326 |  |  | (2,898) |
Contract liabilities |  | $ | 286,288 |  |  | $ | 321,958 |  |  | $ | (35,670) |
The following table provides information about contract assets and contract liabilities from contracts with customers:
(in thousands) |  | June 30, 2025 |  | December 31, 2024 |  | Change
Contract assets, net |  | $ | 347,082 |  |  | $ | 301,942 |  |  | $ | 45,140 |
Contract liabilities |  | (286,288) |  |  | (321,958) |  |  | 35,670 |
Net contract assets |  | $ | 60,794 |  |  | $ | (20,016) |  |  | $ | 80,810 |
Schedule of net asset position for contracts in process | The net asset position for contracts in process consisted of the following:
(in thousands) |  | June 30, 2025 |  | December 31, 2024
Costs and estimated earnings on uncompleted contracts |  | $ | 7,918,888 |  |  | $ | 7,627,894 |
Less: billings to date |  | 8,026,756 |  |  | 7,791,077 |
|  | $ | (107,868) |  |  | $ | (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) |  | June 30, 2025 |  | December 31, 2024
Unbilled revenue |  | $ | 171,992 |  |  | $ | 149,449 |
Deferred revenue |  | (279,860) |  |  | (312,632) |
|  | $ | (107,868) |  |  | $ | (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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