v3.26.1
Accounts Receivable, Contract Assets, and Contract Liabilities (Tables)
 6 Months Ended
Aug. 01, 2026
Receivables [Abstract]  
Accounts Receivable
Accounts receivable, net, classified as current, consisted of the following (dollars in thousands):
August 1, 2026January 31, 2026
Trade accounts receivable$787,491 $699,904 
Unbilled accounts receivable1,334,390 880,364 
Retainage159,162 119,321 
Total2,281,043 1,699,589 
Less: allowance for credit losses(3,239)(2,616)
Accounts receivable, net$2,277,804 $1,696,973 
The allowance for credit losses changed as follows (dollars in thousands):
For the Three Months EndedFor the Six Months Ended
August 1, 2026July 26, 2025August 1, 2026July 26, 2025
Allowance for credit losses at beginning of period$2,886 $825 $2,616 $1,094 
Provision for bad debt151 1,770 431 1,600 
Amounts charged against the allowance, net of recoveries202 — 192 (99)
Allowance for credit losses at end of period$3,239 $2,595 $3,239 $2,595 
Contract Assets and Contract Liabilities
Net contract (liabilities) assets consisted of the following (dollars in thousands):
August 1, 2026January 31, 2026
Contract assets$221,211 $162,327 
Contract liabilities 241,223 158,503 
Contract (liabilities) assets, net$(20,012)$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 August 1, 2026 or January 31, 2026 were as follows (dollars in millions):

August 1, 2026January 31, 2026
Amount% of TotalAmount% of Total
AT&T Inc. (1)
$247.4 11.0%$153.4 9.0%
Charter Communications, Inc.$204.3 9.1%$246.4 14.5%
Lumen Technologies, Inc. (1)
$301.4 13.4%$259.0 15.2%
Verizon Communications, Inc. (2)
$241.9 10.7%$173.6 10.2%
(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 amounts for the mass markets fiber business to the extent they have transferred from Lumen Technologies, Inc. Since this transaction occurred subsequent to fiscal 2026, amounts for the mass markets fiber business continue to be reported under Lumen Technologies Inc. in the prior fiscal year.
(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.
Our customer base is highly concentrated. Customers whose contract revenues exceeded 10% of total contract revenues during the three and six months ended August 1, 2026 or July 26, 2025, as well as total contract revenues from all other customers combined, were as follows (dollars in millions):

For the Three Months EndedFor the Six Months Ended
August 1, 2026July 26, 2025August 1, 2026July 26, 2025
Amount% of TotalAmount% of TotalAmount% of TotalAmount% of Total
AT&T Inc. (1)
$403.5 20.1 %$373.0 27.1 %$807.3 20.3 %$698.1 26.5 %
Verizon Communications Inc. (2)
209.4 10.4 %195.0 14.2 %457.6 11.5 %366.8 13.9 %
Lumen Technologies (1)
105.3 5.3 %155.411.3 %239.0 6.0 %280.6 10.6 %
Total other customers combined1,287.7 64.2 %654.547.5 %2,466.8 62.1 %1,291.1 49.0 %
Total contract revenues$2,005.9 100.0 %$1,377.9 100.0 %$3,970.7 100.0 %$2,636.6 100.0 %
(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 and six months ended August 1, 2026 and July 26, 2025 were as follows (dollars in millions):
For the Three Months EndedFor the Six Months Ended
August 1, 2026July 26, 2025August 1, 2026July 26, 2025
Amount% of TotalAmount% of TotalAmount% of TotalAmount% of Total
Communications$1,608.4 80.2 %$1,377.9 100.0 %$3,177.8 80.0 %$2,636.6 100.0 %
Building Systems397.5 19.8 %— — %792.9 20.0 %— — %
Total contract revenues$2,005.9 100.0 %$1,377.9 100.0 %$3,970.7 100.0 %$2,636.6 100.0 %