Note 7. Cost and Estimated Earnings on Uncompleted Contracts

Contract assets as of December 31, 2025, and December 31, 2024, consisted of the following:

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Costs and estimated earnings on uncompleted contracts were as follows as of December 31, 2025, and December 31, 2024:

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Our net contract position is included on the consolidated balance sheets under the following captions:

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We periodically evaluate our project forecasts and the amounts recognized with respect to our claims and unapproved change orders, and other potential modifications under review (referred to collectively as “Unresolved Contract Modifications”). On certain projects we have assessed Unresolved Contract Modifications to recover additional costs and profits which we believe we are entitled under the terms of our contracts. This includes Unresolved Contract Modifications on completed projects and projects that are not yet complete. Until an Unresolved Contract Modification is finalized it is likely that additional costs will be incurred in future periods. Our customers, or other third parties, may disagree with some or all of our assessed Unresolved Contract Modifications. As of December 31, 2025 and December 31, 2024, we have recorded $382.3 million and $469.8 million, respectively, related to Unresolved Contract Modifications.

On January 1, 2024, we had contract assets of $554.2 million, with the changes in 2024 and 2025 primarily driven by the timing of billings and Unresolved Contract Modifications activity.

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On January 1, 2025, we had contract liabilities of $249.7 million, of which $225.5 million was recognized as revenue during the year ended December 31, 2025.

On January 1, 2024, we had contract liabilities of $193.4 million, of which $138.6 million was recognized as revenue during the year ended December 31, 2024.