Contracts in Progress

3 Months Ended

Mar. 31, 2026

Contracts in Progress

Contracts in Progress

6.Contracts in Progress

Contracts in progress were as follows at March 31, 2026 and December 31, 2025:

	March 31,		December 31,
	2026		2025
Costs incurred on uncompleted contracts	$	1,827,047	$	1,980,625
Estimated earnings		260,124		292,235
Costs and estimated earnings on uncompleted contracts		2,087,171		2,272,860
Less: Billings to date		(2,096,917)		(2,290,881)
Net contracts in progress	$	(9,746)	$	(18,021)
Included in the accompanying Consolidated Balance Sheets under the following captions:
Contract assets	$	42,633	$	31,083
Contract liabilities		(52,379)		(49,104)
Net contracts in progress	$	(9,746)	$	(18,021)

Included in contract assets (liabilities) is approximately $9.2 million and $7.1 million at March 31, 2026 and December 31, 2025, respectively, related to claims and unapproved change orders.

Remaining performance obligations represent the transaction price of firm orders or other written contractual commitments from customers for which work has not been performed or is partially completed and excludes unexercised contract options and potential orders. As of March 31, 2026, the aggregate amount of the remaining performance obligations was approximately $668 million. Of this amount, the current expectation of the Company is that it will recognize $512 million, or 77%, in the next 12 months and the remaining balance thereafter.