v3.25.4
Equity Method Investments
 12 Months Ended
Dec. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments EQUITY METHOD INVESTMENTS
We have investments in entities that we account for using the equity method. Our share of the undistributed earnings of our equity method investees was $29.1 million and $40.4 million at December 31, 2025 and 2024, respectively. These amounts are included in Investments in Unconsolidated Affiliates on our consolidated balance sheets.
The following tables summarize combined balance sheet and income statement information for investments accounted for under the equity method:
 December 31,
 20252024
 (In thousands)
Current assets$691,481 $567,185 
Noncurrent assets66 1,302 
Total Assets$691,547 $568,487 
Total Liabilities$389,212 $285,225 
Owners' equity302,335 283,262 
Total Liabilities and Owners' Equity$691,547 $568,487 

 Year Ended December 31,
 202520242023
 (In thousands)
Revenues$6,564,442 $5,864,628 $5,334,822 
Gross profit$231,036 $198,616 $185,345 
Net income$231,036 $195,256 $181,981 
Reimbursable costs recorded in revenues by the unconsolidated joint ventures in our Government Operations segment totaled $7,164.1 million, $5,495.9 million and $5,126.6 million for the years ended December 31, 2025, 2024 and 2023, respectively.
Income taxes for the investees are the responsibility of the respective owners. Accordingly, no provision for income taxes has been recorded by the investees.
Reconciliations of net income per combined income statement information of our investees to equity in income of investees per our consolidated statements of income are as follows:
 Year Ended December 31,
 202520242023
 (In thousands)
Equity income based on stated ownership percentages
$67,148 $55,967 $50,595 
GAAP and other adjustments7,763 (36)212 
Equity in income of investees
$74,911 $55,931 $50,807 
Our transactions with unconsolidated affiliates were as follows:
 Year Ended December 31,
 202520242023
 (In thousands)
Sales to$21,951 $23,068 $18,530 
Dividends received$94,265 $45,333 $61,937 
Capital contributions, net of returns$29,677 $197 $— 
At December 31, 2025 and 2024, Accounts receivable – other included amounts due from unconsolidated affiliates of $3.7 million and $0.0 million, respectively.