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Contract Assets and Liabilities | 12 Months Ended
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Dec. 31, 2024
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract] |
Contract Assets and Liabilities | Contract Assets and Liabilities The Company classifies contract assets and liabilities that may be settled beyond one year from the balance sheet date as current, consistent with the length of time of the Company’s project operating cycle. Contract assets and liabilities on the Consolidated Balance Sheets consisted of the following amounts as of December 31, 2024 and 2023:
| As of December 31,
(in thousands) | 2024 |  | 2023
Contract Assets |  |  |
Costs and estimated earnings in excess of billings: |  |  |
Claims | $ | 451,770 |  |  | $ | 562,646 |
Unapproved change orders | 393,803 |  |  | 512,831 |
Other unbilled costs and profits | 96,949 |  |  | 68,369 |
Total costs and estimated earnings in excess of billings | $ | 942,522 |  |  | $ | 1,143,846 |
Contract Liabilities |  |  |
Billings in excess of costs and estimated earnings | $ | 1,216,623 |  |  | $ | 1,103,530 |
Costs and estimated earnings in excess of billings represe nt the excess of contract costs and profits (or contract revenue) over the amount of contract billings to date and are classified as a current asset. Costs and estimated earnings in excess of billings result when either: (1) the appropriate contract revenue amount has been recognized over time in accordance with ASC 606, Revenue from Contracts with Customers (“ASC 606”), but a portion of the revenue recorded cannot be billed currently due to the billing terms defined in the contract, or (2) costs are incurred related to certain claims and unapproved change orders. Claims occur when there is a dispute regarding both a change in the scope of work and the price associated with that change. Unapproved change orders occur when a change in the scope of work results in additional work being performed before the parties have agreed on the corresponding change in the contract price. The Company routinely estimates recovery related to claims and unapproved change orders as a form of variable consideration at the most likely amount it expects to receive and to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Claims and unapproved change orders are billable upon the agreement and resolution between the contractual parties and after the execution of contractual amendments. Increases in claims and unapproved change orders typically result from costs being incurred against existing or new positions; decreases normally result from resolutions and subsequent billings. As discussed in Note 8, the resolution of these claims and unapproved change orders may require litigation or other forms of dispute resolution proceedings. Other unbilled costs and profits are billable in accordance with the billing terms of each of the existing contractual arrangements and, as such, the timing of contract billing cycles can cause fluctuations in the balance of unbilled costs and profits. Ultimate resolution of other unbilled costs and profits typically involves incremental progress toward contractual requirements or milestones. The amount of costs and estimated earnings in excess of billings as of December 31, 2024 estimated by management to be collected beyond one year is approximately $486.7 million. Billings in excess of costs and estimated earnings represent the excess of contract billings to date over the amount of contract costs and profits (or contract revenue) recognized to date. The balance may fluctuate depending on the timing of contract billings and the recognition of contract revenue. Revenue recognized during the years ended December 31, 2024, 2023 and 2022 and included in the opening billings in excess of costs and estimated earnings balances for each period totaled $963.9 million, $740.3 million and $533.5 million, respectively.

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