| Contract with Customer, Contract Asset, Contract Liability, and Receivable |
Opening and closing balances of contract assets and contract liabilities are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30,
2025 | | December 31,
2024 | | June 30,
2024 | | December 31,
2023 | | | | | (in thousands) | | (in thousands) | | | Contract assets | $ | 233,783 | | | $ | 135,820 | | | $ | 68,171 | | | $ | 45,194 | | | | | Less: Allowance for credit losses | 599 | | | 399 | | | — | | | — | | | | | Contract assets, net | 233,184 | | | 135,421 | | | 68,171 | | | 45,194 | | | | | | | | | | | | | | | Contract liabilities | (33,752) | | | (14,913) | | | (26,862) | | | (13,757) | | | | | Total, net | $ | 199,432 | | | $ | 120,508 | | | $ | 41,309 | | | $ | 31,437 | | | |
Costs and estimated earnings on uncompleted contracts and related billings are as follows: | | | | | | | | | | | | | | June 30,
2025 | | June 30,
2024 | | | (in thousands) | | Costs incurred on uncompleted contracts | $ | 162,227 | | | $ | 118,691 | | | Estimated earnings | 136,447 | | | 90,774 | | | Total | 298,674 | | | 209,465 | | | | | | | Less: Contract billings to date | 106,838 | | | 168,920 | | | Less: Allowance for credit losses | 599 | | | — | | | Plus: Completed contracts, unbilled | 8,195 | | | 764 | | | Total, net | $ | 199,432 | | | $ | 41,309 | |
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