v3.25.1
Accounts Receivable, Contract Assets, and Contract Liabilities
 3 Months Ended
Apr. 26, 2025
Receivables [Abstract]  
Accounts Receivable, Contract Assets, and Contract Liabilities Accounts Receivable, Contract Assets, and Contract Liabilities
The following provides further details on the balance sheet accounts of accounts receivable, net; contract assets; and contract liabilities.

Accounts Receivable
 
Accounts receivable, net, classified as current, consisted of the following (dollars in thousands):
April 26, 2025January 25, 2025
Trade accounts receivable$587,909 $538,475 
Unbilled accounts receivable907,522 801,423 
Retainage33,239 34,934 
Total1,528,670 1,374,832 
Less: allowance for credit losses(825)(1,094)
Accounts receivable, net$1,527,845 $1,373,738 
 
We maintain an allowance for credit losses for estimated losses on uncollected balances. The allowance for credit losses changed as follows (dollars in thousands):
For the Three Months Ended
April 26, 2025April 27, 2024
Allowance for credit losses accounts at beginning of period$1,094 $2,776 
Recovery of bad debt(170)(1,237)
Amounts charged against the allowance(99)— 
Allowance for credit losses accounts at end of period$825 $1,539 

Contract Assets and Contract Liabilities

Net contract assets (liabilities) consisted of the following (dollars in thousands):
April 26, 2025January 25, 2025
Contract assets$101,992 $63,375 
Contract liabilities 92,109 73,548 
Contract assets (liabilities), net$9,883 $(10,173)

The change in contract assets (liabilities), net, primarily resulted from increased services performed under contracts consisting of multiple tasks. During the three months ended April 26, 2025, we performed services and recognized $21.5 million of contract revenues related to contract liabilities that existed at January 25, 2025.

Customer Credit Concentration

Customers whose combined amounts of accounts receivable and contract assets, net, exceeded 10% of total combined accounts receivable and contract assets, net as of April 26, 2025 or January 25, 2025 were as follows (dollars in millions):

April 26, 2025January 25, 2025
Amount% of TotalAmount% of Total
AT&T Inc.$175.8 11.4%$127.7 9.4%
Charter Communications$202.3 13.2%$158.9 11.7%
Lumen Technologies$250.7 16.3%$287.1 21.1%
We believe that none of our significant customers were experiencing financial difficulties that would materially impact the collectability of our total accounts receivable and contract assets, net, as of April 26, 2025 or January 25, 2025.