v3.26.1
Accounts Receivable, Contract Assets, and Contract Liabilities
 3 Months Ended
May 02, 2026
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):
May 2, 2026January 31, 2026
Trade accounts receivable$761,143 $699,904 
Unbilled accounts receivable1,105,804 880,364 
Retainage116,497 119,321 
Total1,983,444 1,699,589 
Less: allowance for credit losses(2,886)(2,616)
Accounts receivable, net$1,980,558 $1,696,973 
 
We maintain an allowance for estimated losses on uncollected balances. The allowance for credit losses changed as follows (dollars in thousands):
For the Three Months Ended
May 2, 2026April 26, 2025
Allowance for credit losses at beginning of period$2,616 $1,094 
Provision for (recovery of) bad debt280 (170)
Amounts charged against the allowance(10)(99)
Allowance for credit losses at end of period$2,886 $825 

Contract Assets and Contract Liabilities

Net contract assets consisted of the following (dollars in thousands):
May 2, 2026January 31, 2026
Contract assets$240,133 $162,327 
Contract liabilities 155,812 158,503 
Contract assets, net$84,321 $3,824 

The change in contract assets, net, primarily resulted from increased services performed under contracts consisting of multiple tasks. During the three months ended May 2, 2026, we performed services and recognized $122.7 million of contract revenues related to contract liabilities that existed at January 31, 2026.
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 May 2, 2026 or January 31, 2026 were as follows (dollars in millions):

May 2, 2026January 31, 2026
Amount% of TotalAmount% of Total
Verizon Communications Inc. (1)
$276.5 13.4%$173.6 10.2%
Charter Communications$272.1 13.2%$246.4 14.5%
Lumen Technologies$266.9 12.9%$259.0 15.2%
(1) On January 20, 2026, Verizon Communications, Inc. completed its acquisition of Frontier Communications Corporation. As a result, amounts reported for Verizon Communications, Inc. include the respective balances for Frontier Communications Corporation retrospectively for all periods presented.
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 May 2, 2026 or January 31, 2026.