XML 22 R12.htm IDEA: XBRL DOCUMENT v3.23.2
Revenue Accounting for Contracts
 9 Months Ended
Jun. 30, 2023
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 18- 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 June 30, 2023 and July 1, 2022 (in thousands):
Three Months EndedNine Months Ended
June 30, 2023July 1, 2022June 30, 2023July 1, 2022
Revenues:
     United States$2,816,773 $2,577,892 $8,047,887 $7,226,189 
     Europe905,917 862,011 2,691,479 2,666,219 
     Canada70,164 74,509 193,880 206,701 
     Asia35,054 35,741 105,520 104,361 
     India39,749 30,761 126,922 81,753 
     Australia and New Zealand181,308 172,926 512,416 532,228 
     Middle East and Africa137,737 73,253 385,598 224,326 
Total$4,186,702 $3,827,093 $12,063,702 $11,041,777 
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 June 30, 2023 that was previously included in the contract liability balance on September 30, 2022 was $65.1 million and $483.9 million, respectively. Revenue recognized for the three and nine months ended July 1, 2022 that was included in the contract liability balance on October 1, 2021 was $36.3 million and $407.3 million, respectively.
Remaining Performance Obligation
The Company’s remaining performance obligations as of June 30, 2023 represent a measure of the total dollar value of work to be performed on contracts awarded and in progress. The Company had approximately $17.2 billion in remaining performance obligations as of June 30, 2023. The Company expects to recognize approximately 51% of its remaining performance obligations into revenue within the next twelve months and the remaining 49% thereafter. The majority of the remaining performance obligations after the first twelve months are expected to be recognized over a four year period.
Although our remaining performance obligations reflect business volumes that are considered to be firm, normal business activities including scope adjustments, deferrals or cancellations may occur that impact volume or 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.