Contract Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

Contract with Customer, Contract Asset, Contract Liability, and Receivable

Opening and closing balances of contract assets and contract liabilities are as follows:

	March 31, 2025		December 31, 2024		March 31, 2024		December 31, 2023
	(in thousands)				(in thousands)
Contract assets	$	189,055	$	135,820	$	50,581	$	45,194
Less:  Allowance for credit losses	399		399		—		—
Contract assets, net	188,656		135,421		50,581		45,194
Contract liabilities	(16,421)		(14,913)		(16,527)		(13,757)
Total, net	$	172,235	$	120,508	$	34,054	$	31,437

Costs and estimated earnings on uncompleted contracts and related billings are as follows:

	March 31, 2025		March 31, 2024
	(in thousands)
Costs incurred on uncompleted contracts	$	157,050	$	106,424
Estimated earnings	119,699		79,612
	276,749		186,036
Less: Contract billings to date	111,891		152,157
Less: Allowance for credit losses	399		—
Plus: Completed contracts, unbilled	7,776		175
Total, net	$	172,235	$	34,054