v3.26.1
Accounts Receivable, Contract Assets, and Contract Liabilities (Tables)
 3 Months Ended
May 02, 2026
Receivables [Abstract]  
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 
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 
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.
Our customer base is highly concentrated. Customers whose contract revenues exceeded 10% of total contract revenues during the three months ended May 2, 2026 or April 26, 2025, as well as total contract revenues from all other customers combined, were as follows (dollars in millions):
For the Three Months Ended
May 2, 2026April 26, 2025
Amount% of TotalAmount% of Total
AT&T Inc. (1)
$403.8 20.6%$325.1 25.8%
Verizon Communications Inc. (2)
248.2 12.6%171.8 13.7%
Total other customers combined1,312.8 66.8%761.760.5%
Total contract revenues$1,964.8 100.0%$1,258.6 100.0%
(1) On February 2, 2026, AT&T Inc. completed its acquisition of substantially all of the mass markets fiber business from Lumen Technologies Inc. As a result, amounts reported for AT&T Inc. in the current fiscal year include revenues from the mass markets fiber business to the extent they have transferred from Lumen Technologies Inc.
(2) 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.
Total contract revenues by customer type during the three months ended May 2, 2026 and April 26, 2025 were as follows (dollars in millions):
For the Three Months Ended
May 2, 2026April 26, 2025
Amount% of TotalAmount% of Total
Communications$1,569.4 79.9%$1,258.6 100.0%
Building Systems395.4 20.1— —
Total contract revenues$1,964.8 100.0%$1,258.6 100.0%