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Contract Assets and Liabilities (Tables)

6 Months Ended

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)