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Revenue Recognition | 9 Months Ended
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Sep. 30, 2020
Revenue from Contract with Customer [Abstract] |
Revenue Recognition | REVENUE RECOGNITION Disaggregated Revenues Revenues by geographical area and customer type were as follows:
|  | Three Months Ended September 30, 2020 |  | Three Months Ended September 30, 2019
|  | Nuclear Operations Group |  | Nuclear Power Group |  | Nuclear Services Group |  | Total |  | Nuclear Operations Group |  | Nuclear Power Group |  | Nuclear Services Group |  | Total
|  | (In thousands)
United States: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government |  | $ | 362,149 |  |  | $ | — |  |  | $ | 30,678 |  |  | $ | 392,827 |  |  | $ | 376,243 |  |  | $ | — |  |  | $ | 28,767 |  |  | $ | 405,010 |
Non-Government |  | 22,577 |  |  | 9,479 |  |  | 2,095 |  |  | 34,151 |  |  | 16,407 |  |  | 10,130 |  |  | 3,781 |  |  | 30,318 |
|  | $ | 384,726 |  |  | $ | 9,479 |  |  | $ | 32,773 |  |  | $ | 426,978 |  |  | $ | 392,650 |  |  | $ | 10,130 |  |  | $ | 32,548 |  |  | $ | 435,328 |
Canada: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-Government |  | $ | — |  |  | $ | 89,358 |  |  | $ | 934 |  |  | $ | 90,292 |  |  | $ | — |  |  | $ | 69,138 |  |  | $ | 689 |  |  | $ | 69,827 |
Other: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-Government |  | $ | 1,776 |  |  | $ | 9,267 |  |  | $ | — |  |  | $ | 11,043 |  |  | $ | 1,834 |  |  | $ | 5,108 |  |  | $ | — |  |  | $ | 6,942 |
Segment Revenues |  | $ | 386,502 |  |  | $ | 108,104 |  |  | $ | 33,707 |  |  | 528,313 |  |  | $ | 394,484 |  |  | $ | 84,376 |  |  | $ | 33,237 |  |  | 512,097 |
Eliminations |  |  |  |  |  |  |  | (8,435) |  |  |  |  |  |  |  |  | (6,097) |
Revenues |  |  |  |  |  |  |  | $ | 519,878 |  |  |  |  |  |  |  |  | $ | 506,000 |
|  | Nine Months Ended September 30, 2020 |  | Nine Months Ended September 30, 2019
|  | Nuclear Operations Group |  | Nuclear Power Group |  | Nuclear Services Group |  | Total |  | Nuclear Operations Group |  | Nuclear Power Group |  | Nuclear Services Group |  | Total
|  | (In thousands)
United States: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government |  | $ | 1,133,275 |  |  | $ | — |  |  | $ | 83,760 |  |  | $ | 1,217,035 |  |  | $ | 1,016,594 |  |  | $ | — |  |  | $ | 82,041 |  |  | $ | 1,098,635 |
Non-Government |  | 81,502 |  |  | 26,076 |  |  | 17,035 |  |  | 124,613 |  |  | 36,357 |  |  | 28,265 |  |  | 8,922 |  |  | 73,544 |
|  | $ | 1,214,777 |  |  | $ | 26,076 |  |  | $ | 100,795 |  |  | $ | 1,341,648 |  |  | $ | 1,052,951 |  |  | $ | 28,265 |  |  | $ | 90,963 |  |  | $ | 1,172,179 |
Canada: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-Government |  | $ | — |  |  | $ | 221,265 |  |  | $ | 3,005 |  |  | $ | 224,270 |  |  | $ | — |  |  | $ | 203,909 |  |  | $ | 1,197 |  |  | $ | 205,106 |
Other: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-Government |  | $ | 5,752 |  |  | $ | 16,663 |  |  | $ | — |  |  | $ | 22,415 |  |  | $ | 4,686 |  |  | $ | 23,240 |  |  | $ | — |  |  | $ | 27,926 |
Segment Revenues |  | $ | 1,220,529 |  |  | $ | 264,004 |  |  | $ | 103,800 |  |  | 1,588,333 |  |  | $ | 1,057,637 |  |  | $ | 255,414 |  |  | $ | 92,160 |  |  | 1,405,211 |
Eliminations |  |  |  |  |  |  |  | (21,727) |  |  |  |  |  |  |  |  | (11,526) |
Revenues |  |  |  |  |  |  |  | $ | 1,566,606 |  |  |  |  |  |  |  |  | $ | 1,393,685 |
Revenues by timing of transfer of goods or services were as follows:
|  | Three Months Ended September 30, 2020 |  | Three Months Ended September 30, 2019
|  | Nuclear Operations Group |  | Nuclear Power Group |  | Nuclear Services Group |  | Total |  | Nuclear Operations Group |  | Nuclear Power Group |  | Nuclear Services Group |  | Total
|  | (In thousands)
Over time |  | $ | 386,443 |  |  | $ | 90,975 |  |  | $ | 33,707 |  |  | $ | 511,125 |  |  | $ | 394,407 |  |  | $ | 74,582 |  |  | $ | 33,237 |  |  | $ | 502,226 |
Point-in-time |  | 59 |  |  | 17,129 |  |  | — |  |  | 17,188 |  |  | 77 |  |  | 9,794 |  |  | — |  |  | 9,871 |
Segment Revenues |  | $ | 386,502 |  |  | $ | 108,104 |  |  | $ | 33,707 |  |  | 528,313 |  |  | $ | 394,484 |  |  | $ | 84,376 |  |  | $ | 33,237 |  |  | 512,097 |
Eliminations |  |  |  |  |  |  |  | (8,435) |  |  |  |  |  |  |  |  | (6,097) |
Revenues |  |  |  |  |  |  |  | $ | 519,878 |  |  |  |  |  |  |  |  | $ | 506,000 |
|  | Nine Months Ended September 30, 2020 |  | Nine Months Ended September 30, 2019
|  | Nuclear Operations Group |  | Nuclear Power Group |  | Nuclear Services Group |  | Total |  | Nuclear Operations Group |  | Nuclear Power Group |  | Nuclear Services Group |  | Total
|  | (In thousands)
Over time |  | $ | 1,220,386 |  |  | $ | 229,750 |  |  | $ | 103,800 |  |  | $ | 1,553,936 |  |  | $ | 1,057,434 |  |  | $ | 218,036 |  |  | $ | 92,160 |  |  | $ | 1,367,630 |
Point-in-time |  | 143 |  |  | 34,254 |  |  | — |  |  | 34,397 |  |  | 203 |  |  | 37,378 |  |  | — |  |  | 37,581 |
Segment Revenues |  | $ | 1,220,529 |  |  | $ | 264,004 |  |  | $ | 103,800 |  |  | 1,588,333 |  |  | $ | 1,057,637 |  |  | $ | 255,414 |  |  | $ | 92,160 |  |  | 1,405,211 |
Eliminations |  |  |  |  |  |  |  | (21,727) |  |  |  |  |  |  |  |  | (11,526) |
Revenues |  |  |  |  |  |  |  | $ | 1,566,606 |  |  |  |  |  |  |  |  | $ | 1,393,685 |
Revenues by contract type were as follows:
|  | Three Months Ended September 30, 2020 |  | Three Months Ended September 30, 2019
|  | Nuclear Operations Group |  | Nuclear Power Group |  | Nuclear Services Group |  | Total |  | Nuclear Operations Group |  | Nuclear Power Group |  | Nuclear Services Group |  | Total
|  | (In thousands)
Fixed-Price Incentive Fee |  | $ | 309,621 |  |  | $ | 302 |  |  | $ | — |  |  | $ | 309,923 |  |  | $ | 302,181 |  |  | $ | 497 |  |  | $ | — |  |  | $ | 302,678 |
Firm-Fixed-Price |  | 46,864 |  |  | 79,748 |  |  | 5,747 |  |  | 132,359 |  |  | 72,820 |  |  | 64,758 |  |  | 5,806 |  |  | 143,384 |
Cost-Plus Fee |  | 29,714 |  |  | — |  |  | 25,525 |  |  | 55,239 |  |  | 19,483 |  |  | 591 |  |  | 26,830 |  |  | 46,904 |
Time-and-Materials |  | 303 |  |  | 28,054 |  |  | 2,435 |  |  | 30,792 |  |  | — |  |  | 18,530 |  |  | 601 |  |  | 19,131 |
Segment Revenues |  | $ | 386,502 |  |  | $ | 108,104 |  |  | $ | 33,707 |  |  | 528,313 |  |  | $ | 394,484 |  |  | $ | 84,376 |  |  | $ | 33,237 |  |  | 512,097 |
Eliminations |  |  |  |  |  |  |  | (8,435) |  |  |  |  |  |  |  |  | (6,097) |
Revenues |  |  |  |  |  |  |  | $ | 519,878 |  |  |  |  |  |  |  |  | $ | 506,000 |
|  | Nine Months Ended September 30, 2020 |  | Nine Months Ended September 30, 2019
|  | Nuclear Operations Group |  | Nuclear Power Group |  | Nuclear Services Group |  | Total |  | Nuclear Operations Group |  | Nuclear Power Group |  | Nuclear Services Group |  | Total
|  | (In thousands)
Fixed-Price Incentive Fee |  | $ | 911,175 |  |  | $ | 1,188 |  |  | $ | — |  |  | $ | 912,363 |  |  | $ | 846,823 |  |  | $ | 2,078 |  |  | $ | — |  |  | $ | 848,901 |
Firm-Fixed-Price |  | 224,394 |  |  | 212,450 |  |  | 24,295 |  |  | 461,139 |  |  | 148,860 |  |  | 203,961 |  |  | 15,878 |  |  | 368,699 |
Cost-Plus Fee |  | 84,537 |  |  | — |  |  | 72,036 |  |  | 156,573 |  |  | 61,622 |  |  | 599 |  |  | 75,145 |  |  | 137,366 |
Time-and-Materials |  | 423 |  |  | 50,366 |  |  | 7,469 |  |  | 58,258 |  |  | 332 |  |  | 48,776 |  |  | 1,137 |  |  | 50,245 |
Segment Revenues |  | $ | 1,220,529 |  |  | $ | 264,004 |  |  | $ | 103,800 |  |  | 1,588,333 |  |  | $ | 1,057,637 |  |  | $ | 255,414 |  |  | $ | 92,160 |  |  | 1,405,211 |
Eliminations |  |  |  |  |  |  |  | (21,727) |  |  |  |  |  |  |  |  | (11,526) |
Revenues |  |  |  |  |  |  |  | $ | 1,566,606 |  |  |  |  |  |  |  |  | $ | 1,393,685 |
Performance Obligations As we progress on our contracts and the underlying performance obligations for which we recognize revenue over time, we refine our estimates of variable consideration and total estimated costs at completion, which impact the overall profitability on our contracts and performance obligations. Changes in these estimates result in the recognition of cumulative catch-up adjustments that impact our revenues and/or costs of contracts. During the three months ended September 30, 2020 and 2019, we recognized net favorable changes in estimates that resulted in increases in revenues of $7.8 million and $26.5 million, respectively. During the nine months ended September 30, 2020 and 2019, we recognized net favorable changes in estimates that resulted in increases in revenues of $28.8 million and $47.9 million, respectively. Contract Assets and Liabilities We include revenues and related costs incurred, plus accumulated contract costs that exceed amounts invoiced to customers under the terms of the contracts, in Contracts in progress. We include in Advance billings on contracts billings that exceed accumulated contract costs and revenues recognized over time. Amounts that are withheld on our fixed-price incentive fee contracts are classified within Retainages. Certain of these amounts require conditions other than the passage of time to be achieved, with the remaining amounts only requiring the passage of time. Most long-term contracts contain provisions for progress payments. Our unbilled receivables do not contain an allowance for credit losses as we expect to invoice customers and collect all amounts for unbilled revenues. Changes in Contracts in progress and Advance billings on contracts are primarily driven by differences in the timing of revenue recognition and billings to our customers. During the nine months ended September 30, 2020, our unbilled receivables increased $52.8 million primarily as a result of the timing of milestone billings on certain firm-fixed-price contracts within our Nuclear Power Group segment, partially offset by decreases in unbilled receivables within our Nuclear Operations Group segment. During the nine months ended September 30, 2020, our Advance billings on contracts decreased $8.4 million primarily as a result of revenue recognized in excess of billings. Our fixed-price incentive fee contracts for our Nuclear Operations Group segment include provisions that result in an increase in retainages on contracts during the first and third quarters of the year, with larger payments received during the second and fourth quarters. Retainages also vary as a result of timing differences between incurring costs and achieving milestones that allow us to recover these amounts.
|  | September 30, |  | December 31,
|  | 2020 |  | 2019
|  | (In thousands)
Included in Contracts in progress: |  |  |  |
Unbilled receivables |  | $ | 418,652 |  |  | $ | 365,861 |
Retainages |  | $ | 72,130 |  |  | $ | 46,670 |
Included in Other Assets: |  |  |  |
Retainages |  | $ | 1,447 |  |  | $ | 1,412 |
Advance billings on contracts |  | $ | 67,066 |  |  | $ | 75,425 |
During the three months ended September 30, 2020 and 2019, we recognized $5.7 million and $7.0 million of revenues that were in Advance billings on contracts at December 31, 2019 and 2018, respectively. During the nine months ended September 30, 2020 and 2019, we recognized $48.1 million and $57.5 million of revenues that were in Advance billings on contracts at December 31, 2019 and 2018, respectively. Remaining Performance Obligations Remaining performance obligations represent the dollar amount of revenue we expect to recognize in the future from performance obligations on contracts previously awarded and in progress. Of the remaining performance obligations on our contracts with customers at September 30, 2020, we expect to recognize revenues as follows:
|  | 2020 |  | 2021 |  | Thereafter |  | Total
|  | (In approximate millions)
Nuclear Operations Group |  | $ | 410 |  |  | $ | 1,095 |  |  | $ | 2,105 |  |  | $ | 3,610 |
Nuclear Power Group |  | 91 |  |  | 277 |  |  | 358 |  |  | 726 |
Nuclear Services Group |  | 16 |  |  | 7 |  |  | 6 |  |  | 29 |
Total Remaining Performance Obligations |  | $ | 517 |  |  | $ | 1,379 |  |  | $ | 2,469 |  |  | $ | 4,365 |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 + Details
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