Contract Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2026

Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]

Schedule of contract assets and liabilities

Contract assets consisted of the following:


(in thousands)	June 30, 2026		December 31, 2025
Unbilled revenue, net	$	159,882	$	160,543
Contract retainages, net	65,171		81,223
Contract assets, net	$	225,053	$	241,766

Contract liabilities consisted of the following:


(in thousands)	June 30, 2026		December 31, 2025
Deferred revenue	$	345,692	$	386,071
Accrued loss provision	12,572		13,084
Less, retainage receivables	(112,442)		(98,595)
Contract liabilities, net	$	245,822	$	300,560

The following table provides information about contract assets and contract liabilities from contracts with customers:


(in thousands)	June 30, 2026		December 31, 2025		Change
Contract assets, net	$	225,053	$	241,766	$	(16,713)
Contract liabilities, net	(245,822)		(300,560)		54,738
Net contract assets (liabilities)	$	(20,769)	$	(58,794)	$	38,025

Schedule of net asset position for contracts in process

The net liability position for contracts in process consisted of the following:


(in thousands)	June 30, 2026		December 31, 2025
Costs and estimated earnings on uncompleted contracts	$	8,536,344	$	8,368,365
Less: billings to date	8,722,154		8,593,893
	$	(185,810)	$	(225,528)

The net liability position for contracts in process is included within the contract asset and contract liability in the accompanying consolidated balance sheets as follows:


(in thousands)	June 30, 2026		December 31, 2025
Unbilled revenue, net	$	159,882	$	160,543
Deferred revenue, net	(345,692)		(386,071)
	$	(185,810)	$	(225,528)