Accounts Receivable, Net

12 Months Ended

Dec. 31, 2024

Receivables [Abstract]

Accounts Receivable, Net

4. Accounts Receivable, Net

Accounts receivable, net, consisted of the following (in millions):

	December 31,
	2024		2023
Contracts in progress	$	184.9	$	271.7
Unbilled retentions	0.1		—
Trade receivables	3.3		1.9
Other receivables	5.8		5.2
Allowance for expected credit losses	(0.1)		(0.4)
Total	$	194.0	$	278.4

As of January 1, 2023, accounts receivable, net totaled $254.9 million.

For the years ended December 31, 2024 and 2023, the Company recognized a reversal of expected credit losses of $0.1 million and expected credit losses of $2.3 million, respectively, which primarily related to a receivable at the Company's Infrastructure segment expensed as a result of a legacy customer bankruptcy in 2023. Direct write-downs of accounts receivable charged against the allowance totaled $0.2 million and $2.4 million for the years ended December 31, 2024 and 2023, respectively.