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Basis of Presentation and Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2025

After consolidation by the Company, the total carrying amounts of Cash, cash equivalents and restricted cash, Other accrued liabilities, and Other noncurrent liabilities on the unaudited condensed consolidated balance sheets attributable to the Captive Cell were as follows as of:


	September 30, 2025		December 31, 2024
	(In thousands)
Cash, cash equivalents and restricted cash	$	19,277	$	16,057
Other accrued liabilities	2,231		1,816
Other noncurrent liabilities	$	7,002	$	9,271

Summary of Receivables, Net

Receivables consist primarily of trade receivables from the sale of goods and services, net of expected credit losses. The Company’s trade receivables are all due in 12 months or less. Receivables, net was summarized as follows as of:


	September 30, 2025		December 31, 2024
	(In thousands)
Trade receivables:
Completed contracts	$	38,225	$	42,462
Contracts in progress	701,141		546,543

Other	7,561		8,120
Receivables, gross	746,927		597,125
Less: allowance for expected credit losses	(3,192)		(7,097)
Receivables, net	$	743,735	$	590,028

Summary of Receivables, Net Activity

The following table presents the opening and closing balances of Receivables, net as of:


	September 30, 2025		December 31, 2024
	(In thousands)
Balance at beginning of period	$	590,028	$	449,626
Net change during period	153,707		140,402
Balance at end of period	$	743,735	$	590,028

Schedule of Receivables Current Excepted Credit Losses

Details of the Company's activity related to the allowance for expected credit losses, disclosed within Receivables, net, for the respective periods presented below, were as follows:


	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
	(In thousands)
Balance at beginning of period	$	3,006	$	7,257	$	7,097	$	7,967
Current expected credit loss provision	218		83		(1,511)		(51)
Less: write-offs charged against the allowance	(32)		(84)		(2,394)		(672)
Credit loss recoveries collected	—		44		—		56
Balance at end of period	$	3,192	$	7,300	$	3,192	$	7,300

Schedule of Inventory

Inventories were summarized as follows as of:


	September 30, 2025		December 31, 2024
	(In thousands)
Materials and supplies	$	15,567	$	6,771

Work in process	4,524		—
Finished goods	28,453		36,979
Less: valuation allowance	(587)		—
Inventory	$	47,957	$	43,750

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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