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v3.24.2

Revenues | 6 Months Ended
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Jun. 28, 2024
Revenue from Contract with Customer [Abstract] |
Revenues | Note 2–Revenues Remaining Performance Obligations Remaining performance obligations ("RPO") represent the expected value of exercised contracts, both funded and unfunded, less revenue recognized to date. RPO does not include unexercised option periods and future potential task orders expected to be awarded under indefinite delivery/indefinite quantity ("IDIQ") contracts, General Services Administration Schedule or other master agreement contract vehicles, with the exception of certain IDIQ contracts where task orders are not competitively awarded and separately priced but instead are used as a funding mechanism, and where there is a basis for estimating future revenues and funding on future anticipated task orders. As of June 28, 2024, we had $13.8 billion of RPO and expect to recognize approximately 63% and 79% over the next 12 months and 24 months, respectively, with the remainder to be recognized thereafter. Disaggregation of Revenues We disaggregate revenues by customer-type, contract-type and geographic location for each of our reportable segments. Disaggregated revenues by customer-type were as follows:
|  | Three Months Ended June 28, 2024
|  | National Security and Digital |  | Health & Civil |  | Commercial & International |  | Defense Systems |  | Total
|  | (in millions)
DoD and U.S. Intelligence Community |  | $ | 1,247 |  |  | $ | 255 |  |  | $ | 4 |  |  | $ | 441 |  |  | $ | 1,947 |
Other U.S. government agencies(1) |  | 520 |  |  | 986 |  |  | 81 |  |  | 24 |  |  | 1,611 |
Commercial and non-U.S. customers |  | 28 |  |  | 16 |  |  | 475 |  |  | 30 |  |  | 549 |
Total |  | $ | 1,795 |  |  | $ | 1,257 |  |  | $ | 560 |  |  | $ | 495 |  |  | $ | 4,107 |
|  | Three Months Ended June 30, 2023 |  |
|  | National Security and Digital |  | Health & Civil |  | Commercial & International |  | Defense Systems |  | Total |  |  |  |  |  |  |  |
|  | (in millions)
DoD and U.S. Intelligence Community |  | $ | 1,193 |  |  | $ | 268 |  |  | $ | 7 |  |  | $ | 385 |  |  | $ | 1,853 |  |  |  |  |  |  |  |  |
Other U.S. government agencies(1) |  | 555 |  |  | 741 |  |  | 80 |  |  | 30 |  |  | 1,406 |  |  |  |  |  |  |  |  |
Commercial and non-U.S. customers |  | 31 |  |  | 15 |  |  | 457 |  |  | 51 |  |  | 554 |  |  |  |  |  |  |  |  |
Total |  | $ | 1,779 |  |  | $ | 1,024 |  |  | $ | 544 |  |  | $ | 466 |  |  | $ | 3,813 |  |  |  |  |  |  |  |  |
(1) Includes federal government agencies other than the DoD and U.S. Intelligence Community, as well as state and local government agencies.
|  | Six Months Ended June 28, 2024
|  | National Security and Digital |  | Health & Civil |  | Commercial & International |  | Defense Systems |  | Total
|  | (in millions)
DoD and U.S. Intelligence Community |  | $ | 2,468 |  |  | $ | 512 |  |  | $ | 14 |  |  | $ | 866 |  |  | $ | 3,860 |
Other U.S. government agencies(1) |  | 1,045 |  |  | 1,903 |  |  | 154 |  |  | 46 |  |  | 3,148 |
Commercial and non-U.S. customers |  | 61 |  |  | 32 |  |  | 900 |  |  | 57 |  |  | 1,050 |
Total |  | $ | 3,574 |  |  | $ | 2,447 |  |  | $ | 1,068 |  |  | $ | 969 |  |  | $ | 8,058 |
|  | Six Months Ended June 30, 2023
|  | National Security and Digital |  | Health & Civil |  | Commercial & International |  | Defense Systems |  | Total
|  | (in millions)
DoD and U.S. Intelligence Community |  | $ | 2,347 |  |  | $ | 540 |  |  | $ | 15 |  |  | $ | 775 |  |  | $ | 3,677 |
Other U.S. government agencies(1) |  | 1,112 |  |  | 1,454 |  |  | 145 |  |  | 60 |  |  | 2,771 |
Commercial and non-U.S. customers |  | 66 |  |  | 29 |  |  | 873 |  |  | 76 |  |  | 1,044 |
Total |  | $ | 3,525 |  |  | $ | 2,023 |  |  | $ | 1,033 |  |  | $ | 911 |  |  | $ | 7,492 |
(1) Includes federal government agencies other than the DoD and U.S. Intelligence Community, as well as state and local government agencies. Disaggregated revenues by contract-type were as follows:
|  | Three Months Ended June 28, 2024 |  |
|  | National Security and Digital |  | Health & Civil |  | Commercial & International |  | Defense Systems |  | Total |  |  |  |  |  |  |  |
|  | (in millions)
Cost-reimbursement and fixed-price-incentive-fee |  | $ | 948 |  |  | $ | 451 |  |  | $ | 90 |  |  | $ | 313 |  |  | $ | 1,802 |  |  |  |  |  |  |  |  |
Firm-fixed-price |  | 494 |  |  | 749 |  |  | 352 |  |  | 143 |  |  | 1,738 |  |  |  |  |  |  |  |  |
Time-and-materials and fixed-price-level-of-effort |  | 353 |  |  | 57 |  |  | 118 |  |  | 39 |  |  | 567 |  |  |  |  |  |  |  |  |
Total |  | $ | 1,795 |  |  | $ | 1,257 |  |  | $ | 560 |  |  | $ | 495 |  |  | $ | 4,107 |  |  |  |  |  |  |  |  |
|  | Three Months Ended June 30, 2023 |  |
|  | National Security and Digital |  | Health & Civil |  | Commercial & International |  | Defense Systems |  | Total |  |  |  |  |  |  |  |
|  | (in millions)
Cost-reimbursement and fixed-price-incentive-fee |  | $ | 956 |  |  | $ | 522 |  |  | $ | 82 |  |  | $ | 267 |  |  | $ | 1,827 |  |  |  |  |  |  |  |  |
Firm-fixed-price |  | 497 |  |  | 454 |  |  | 349 |  |  | 157 |  |  | 1,457 |  |  |  |  |  |  |  |  |
Time-and-materials and fixed-price-level-of-effort |  | 326 |  |  | 48 |  |  | 113 |  |  | 42 |  |  | 529 |  |  |  |  |  |  |  |  |
Total |  | $ | 1,779 |  |  | $ | 1,024 |  |  | $ | 544 |  |  | $ | 466 |  |  | $ | 3,813 |  |  |  |  |  |  |  |  |
|  | Six Months Ended June 28, 2024
|  | National Security and Digital |  | Health & Civil |  | Commercial & International |  | Defense Systems |  | Total
|  | (in millions)
Cost-reimbursement and fixed-price-incentive-fee |  | $ | 1,894 |  |  | $ | 898 |  |  | $ | 175 |  |  | $ | 614 |  |  | $ | 3,581 |
Firm-fixed-price |  | 986 |  |  | 1,439 |  |  | 671 |  |  | 282 |  |  | 3,378 |
Time-and-materials and fixed-price-level-of-effort |  | 694 |  |  | 110 |  |  | 222 |  |  | 73 |  |  | 1,099 |
Total |  | $ | 3,574 |  |  | $ | 2,447 |  |  | $ | 1,068 |  |  | $ | 969 |  |  | $ | 8,058 |
|  | Six Months Ended June 30, 2023
|  | National Security and Digital |  | Health & Civil |  | Commercial & International |  | Defense Systems |  | Total
|  | (in millions)
Cost-reimbursement and fixed-price-incentive-fee |  | $ | 1,883 |  |  | $ | 1,075 |  |  | $ | 174 |  |  | $ | 539 |  |  | $ | 3,671 |
Firm-fixed-price |  | 1,004 |  |  | 857 |  |  | 638 |  |  | 291 |  |  | 2,790 |
Time-and-materials and fixed-price-level-of-effort |  | 638 |  |  | 91 |  |  | 221 |  |  | 81 |  |  | 1,031 |
Total |  | $ | 3,525 |  |  | $ | 2,023 |  |  | $ | 1,033 |  |  | $ | 911 |  |  | $ | 7,492 |
Disaggregated revenues by geographic location were as follows:
|  | Three Months Ended June 28, 2024 |  |
|  | National Security and Digital |  | Health & Civil |  | Commercial & International |  | Defense Systems |  | Total |  |  |  |  |  |  |  |
|  | (in millions)
United States |  | $ | 1,788 |  |  | $ | 1,255 |  |  | $ | 227 |  |  | $ | 479 |  |  | $ | 3,749 |  |  |  |  |  |  |  |  |
International |  | 7 |  |  | 2 |  |  | 333 |  |  | 16 |  |  | 358 |  |  |  |  |  |  |  |  |
Total |  | $ | 1,795 |  |  | $ | 1,257 |  |  | $ | 560 |  |  | $ | 495 |  |  | $ | 4,107 |  |  |  |  |  |  |  |  |
|  | Three Months Ended June 30, 2023 |  |
|  | National Security and Digital |  | Health & Civil |  | Commercial & International |  | Defense Systems |  | Total |  |  |  |  |  |  |  |
|  | (in millions)
United States |  | $ | 1,770 |  |  | $ | 1,024 |  |  | $ | 217 |  |  | $ | 463 |  |  | $ | 3,474 |  |  |  |  |  |  |  |  |
International |  | 9 |  |  | — |  |  | 327 |  |  | 3 |  |  | 339 |  |  |  |  |  |  |  |  |
Total |  | $ | 1,779 |  |  | $ | 1,024 |  |  | $ | 544 |  |  | $ | 466 |  |  | $ | 3,813 |  |  |  |  |  |  |  |  |
|  | Six Months Ended June 28, 2024
|  | National Security and Digital |  | Health & Civil |  | Commercial & International |  | Defense Systems |  | Total
|  | (in millions)
United States |  | $ | 3,558 |  |  | $ | 2,444 |  |  | $ | 435 |  |  | $ | 947 |  |  | $ | 7,384 |
International |  | 16 |  |  | 3 |  |  | 633 |  |  | 22 |  |  | 674 |
Total |  | $ | 3,574 |  |  | $ | 2,447 |  |  | $ | 1,068 |  |  | $ | 969 |  |  | $ | 8,058 |
|  | Six Months Ended June 30, 2023
|  | National Security and Digital |  | Health & Civil |  | Commercial & International |  | Defense Systems |  | Total
|  | (in millions)
United States |  | $ | 3,505 |  |  | $ | 2,022 |  |  | $ | 409 |  |  | $ | 904 |  |  | $ | 6,840 |
International |  | 20 |  |  | 1 |  |  | 624 |  |  | 7 |  |  | 652 |
Total |  | $ | 3,525 |  |  | $ | 2,023 |  |  | $ | 1,033 |  |  | $ | 911 |  |  | $ | 7,492 |
Revenues by customer-type, contract-type and geographic location exclude lease income of $25 million and $49 million for the three and six months ended June 28, 2024, respectively, and $25 million and $45 million for the three and six months ended June 30, 2023, respectively. Contract Assets and Liabilities Performance obligations are satisfied either over time as work progresses or at a point in time. Firm-fixed-price contracts are typically billed to the customer using milestone payments while cost-reimbursable and time and materials contracts are typically billed to the customer on a monthly or bi-weekly basis as indicated by the negotiated billing terms and conditions of the contract. As a result, the timing of revenue recognition, customer billings and cash collections for each contract results in a net contract asset or liability at the end of each reporting period. Contract assets consist of unbilled receivables, which is the amount of revenue recognized that exceeds the amount billed to the customer. Unbilled receivables exclude amounts billable where the right to consideration is solely subject to the passage of time. Contract liabilities consist of deferred revenue, which represents cash advances received prior to performance for programs and billings in excess of revenue recognized. The components of contract assets and contract liabilities consisted of the following:
|  | Balance sheet line item |  | June 28, 2024 |  | December 29, 2023
|  |  |  | (in millions)
Contract assets - current: |  |  |  |  |  |
Unbilled receivables |  | Receivables, net |  | $ | 1,136 |  |  | $ | 1,041 |
Contract liabilities - current: |  |  |  |  |  |
Deferred revenue(1) |  | Accounts payable and accrued liabilities |  | $ | 296 |  |  | $ | 442 |
Contract liabilities - non-current: |  |  |  |  |  |
Deferred revenue(1) |  | Other long-term liabilities |  | $ | 16 |  |  | $ | 21 |
(1) Certain contracts record revenue net of cost of revenues, and therefore, the respective deferred revenue balance will not fully convert to revenue. The increase in unbilled receivables was primarily due to revenue recognized on certain contracts, partially offset by the timing of billings. The decrease in deferred revenue was primarily due to revenue recognized during the period, offset by the timing of advanced payments from customers. For the three and six months ended June 28, 2024, $54 million and $211 million, respectively, of revenue recognized was included as a contract liability at December 29, 2023. For the three and six months ended June 30, 2023, $32 million and $187 million, respectively, of revenue recognized was included as a contract liability at December 30, 2022.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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