Contract Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2026

Contract assets and liabilities on the Condensed Consolidated Balance Sheets consisted of the following:


(in thousands)	As of March 31, 2026		As of December 31, 2025
Contract Assets:
Costs and estimated earnings in excess of billings:
Claims	$	322,842	$	324,727
Unapproved change orders	405,646		402,060
Other unbilled costs and profits	78,980		92,412
Total costs and estimated earnings in excess of billings	$	807,468	$	819,199

Contract Liabilities:
Billings in excess of costs and estimated earnings	$	1,893,509	$	1,838,610