XML 27 R13.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Revenue Accounting for Contracts
 9 Months Ended
Jun. 28, 2024
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 28, 2024 and June 30, 2023 (in thousands):
Three Months EndedNine Months Ended
June 28, 2024June 30, 2023June 28, 2024June 30, 2023
Revenues:
     United States$2,849,019 $2,816,773 $8,526,005 $8,047,887 
     Europe939,407 905,917 2,822,187 2,691,479 
     Canada67,205 70,164 192,235 193,880 
     Asia32,721 35,054 98,334 105,520 
     India37,946 39,749 110,963 126,922 
     Australia and New Zealand170,971 181,308 509,117 512,416 
     Middle East and Africa134,311 137,737 401,057 385,598 
Total$4,231,580 $4,186,702 $12,659,898 $12,063,702 
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 28, 2024 that was previously included in the contract liability balance on September 29, 2023 was $56.5 million and $531.3 million, respectively. Revenue recognized for the three and nine months ended June 30, 2023 that was included in the contract liability balance on September 30, 2022 was $65.1 million and $483.9 million, respectively.
Remaining Performance Obligation
The Company’s remaining performance obligations as of June 28, 2024 represent a measure of the total dollar value of work to be performed on contracts awarded and in progress. The Company had approximately $18.8 billion in remaining performance obligations as of June 28, 2024. The Company expects to recognize approximately 57% of its remaining performance obligations into revenue within the next twelve months and the remaining 43% 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.