v3.24.2.u1
Accounts Receivable, Contract Assets, and Contract Liabilities
 6 Months Ended
Jul. 27, 2024
Receivables [Abstract]  
Accounts Receivable, Contract Assets, and Contract Liabilities Accounts Receivable, Contract Assets, and Contract Liabilities
The following provides further details on the balance sheet accounts of accounts receivable, net; contract assets; and contract liabilities.

Accounts Receivable
 
Accounts receivable, net, classified as current, consisted of the following (dollars in thousands):
July 27, 2024January 27, 2024
Trade accounts receivable$558,797 $462,034 
Unbilled accounts receivable904,867 734,442 
Retainage45,481 49,556 
Total1,509,145 1,246,032 
Less: allowance for doubtful accounts(1,670)(2,776)
Accounts receivable, net$1,507,475 $1,243,256 
 
We maintain an allowance for doubtful accounts for estimated losses on uncollected balances. The allowance for doubtful accounts changed as follows (dollars in thousands):
For the Three Months EndedFor the Six Months Ended
July 27, 2024July 29, 2023July 27, 2024July 29, 2023
Allowance for doubtful accounts at beginning of period$1,539 $3,682 $2,776 $3,246 
Provision for (recovery of) bad debt147 796 (1,090)1,232 
Amounts charged against the allowance(16)(677)(16)(677)
Allowance for doubtful accounts at end of period$1,670 $3,801 $1,670 $3,801 

Contract Assets and Contract Liabilities

Net contract assets consisted of the following (dollars in thousands):
July 27, 2024January 27, 2024
Contract assets$74,229 $52,211 
Contract liabilities 34,754 39,122 
Contract assets, net$39,475 $13,089 

The increase in contract assets, net, primarily resulted from increased services performed under contracts consisting of multiple tasks. During the three and six months ended July 27, 2024, we performed services and recognized $2.9 million and $12.5 million, respectively, of contract revenues related to contract liabilities that existed at January 27, 2024. See Note 7, Other Current Assets and Other Assets, for information on our long-term contract assets.

Customer Credit Concentration
We have two customers whose combined amounts of accounts receivable and contract assets, net, exceeded 10% of total combined accounts receivable and contract assets, net. The combined amounts of accounts receivable and contract assets, net, for Lumen Technologies were $402.7, or 25.9%, and $345.0, or 27.4%, as of July 27, 2024 and January 27, 2024, respectively, and Charter Communications were $164.25, or 10.6%, and $108.2, or 8.6%, as of July 27, 2024 and January 27, 2024, respectively, of the total combined accounts receivable and contract assets, net. No other customer had combined amounts of accounts receivable and contract assets, net, which exceeded 10% of total combined accounts receivable and contract assets, net as of July 27, 2024 or January 27, 2024. We believe that none of our significant customers were experiencing financial difficulties that would materially impact the collectability of our total accounts receivable and contract assets, net, as of July 27, 2024 or January 27, 2024.