Accounts Receivable, Contract Assets, and Contract Liabilities

12 Months Ended

Jan. 29, 2022

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. See Note 2, Significant Accounting Policies and Estimates, for further information on our policies related to these balance sheet accounts, as well as our revenue recognition policies.

Accounts Receivable

Accounts receivable, net classified as current, consisted of the following (dollars in thousands):


	January 29, 2022		January 30, 2021
Trade accounts receivable	$	330,811	$	352,501
Unbilled accounts receivable	545,493		492,324
Retainage	20,318		14,974
Total	896,622		859,799
Less: allowance for doubtful accounts	(724)		(1,676)
Accounts receivable, net	$	895,898	$	858,123

We maintain an allowance for doubtful accounts for estimated losses on uncollected balances. The allowance for doubtful accounts changed as follows (dollars in thousands):


	January 29, 2022		January 30, 2021
Cumulative effect from implementation of ASU 2016-13	$	—	$	471
Allowance for doubtful accounts at beginning of period	1,676		4,582
Provision for bad debt	2,911		406
Amounts charged against the allowance	(3,863)		(3,783)
Allowance for doubtful accounts at end of period	$	724	$	1,676

Contract Assets and Contract Liabilities

Net contract assets consisted of the following (dollars in thousands):


	January 29, 2022		January 30, 2021
Contract assets	$	24,539	$	197,110
Contract liabilities	18,512		14,101
Contract assets, net	$	6,027	$	183,009

The decrease in contract assets, net, in fiscal 2022 from fiscal 2021 primarily resulted from reduced services performed and increased billings under contracts consisting of multiple tasks. There were no other significant changes in contract assets during the period. During fiscal 2022, we performed services and recognized $10.7 million of contract revenues related to contract liabilities that existed at January 30, 2021. See Note 6, Other Current Assets and Other Assets, for information on our long-term contract assets.

Customer Credit Concentration

Customers whose combined amounts of accounts receivable and contract assets, net exceeded 10% of total combined accounts receivable and contract assets, net as of January 29, 2022 or January 30, 2021 were as follows (dollars in millions):


	January 29, 2022				January 30, 2021
	Amount		% of Total		Amount		% of Total
Lumen Technologies (1)	$	166.0	18.4	%	$	173.5	16.6	%
Verizon Communications Inc.	$	144.3	16.0	%	$	389.9	37.4	%
Comcast Corporation	$	113.5	12.6	%	$	131.7	12.6	%
AT&T Inc.	$	106.0	11.7	%	$	71.7	6.9	%

(1) Formerly known as CenturyLink, Inc.

We believe that none of the customers above were experiencing financial difficulties that would materially impact the collectability of our total accounts receivable and contract assets, net, as of January 29, 2022 or January 30, 2021.