XML 24 R13.htm IDEA: XBRL DOCUMENT v3.22.2
Revenue Accounting for Contracts
 9 Months Ended
Jul. 01, 2022
Revenue from Contract with Customer [Abstract]  
Revenue Accounting for Contracts Revenue Accounting for Contracts
Disaggregation of Revenues
Our revenues are principally derived from contracts to provide a diverse range of technical, professional, and construction services to a large number of industrial, commercial, and governmental clients. We provide a broad range of engineering, design, and architectural services; construction and construction management services; operations and maintenance services; and technical, digital, process, scientific and systems consulting services. We provide our services through offices and subsidiaries located primarily in North America, Europe, the Middle East, India, Australia, Africa, and Asia. We provide our services under cost-reimbursable and fixed-price contracts. Our contracts are with many different customers in numerous industries. Refer to Note 20- Segment Information for additional information on how we disaggregate our revenues by reportable segment.
The following table further disaggregates our revenue by geographic area for the three and nine months ended July 1, 2022 and July 2, 2021 (in thousands):
Three Months EndedNine Months Ended
July 1, 2022July 2, 2021July 1, 2022July 2, 2021
Revenues:
     United States$2,577,892 $2,364,034 $7,226,189 $7,295,818 
     Europe862,011 881,676 2,666,219 2,277,670 
     Canada74,509 57,866 206,701 167,181 
     Asia35,741 28,309 104,361 84,364 
     India30,761 18,915 81,753 49,926 
     Australia and New Zealand172,926 174,828 532,228 472,013 
     Middle East and Africa73,253 50,808 224,326 159,172 
Total$3,827,093 $3,576,436 $11,041,777 $10,506,144 
Contract Liabilities
Contract liabilities represent amounts billed to clients in excess of revenue recognized to date. Revenue recognized for the three and nine months ended July 1, 2022 that was previously included in the contract liability balance on October 1, 2021 was $36.3 million and $407.3 million, respectively. Revenue recognized for the three and nine months ended July 2, 2021 that was included in the contract liability balance on October 2, 2020 was $24.8 million and $380.4 million respectively.
Remaining Performance Obligation
The Company’s remaining performance obligations as of July 1, 2022 represent a measure of the total dollar value of work to be performed on contracts awarded and in progress. The Company had approximately $14.4 billion in remaining performance obligations as of July 1, 2022. The Company expects to recognize approximately 53% of our remaining performance obligations into revenue within the next twelve months and the remaining 47% thereafter.
Although remaining performance obligations reflect business that is considered to be firm, cancellations, scope adjustments, foreign currency exchange fluctuations or deferrals may occur that impact their volume or the expected timing of their recognition. Remaining performance obligations are adjusted to reflect any known project cancellations, revisions to project scope and cost, foreign currency exchange fluctuations and project deferrals, as appropriate.