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v3.25.2

Revenue Recognition (Tables) | 6 Months Ended
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Jun. 30, 2025
Revenue from Contract with Customer [Abstract] |
Schedule of Disaggregated Revenues | Revenues by geographic area and customer type were as follows:
|  | Three Months Ended June 30, 2025 |  | Three Months Ended June 30, 2024
|  | Government Operations |  | Commercial Operations |  |  |  | Total |  | Government Operations |  | Commercial Operations |  |  |  | Total
|  | (In thousands)
United States: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government |  | $ | 513,749 |  |  | $ | — |  |  |  |  | $ | 513,749 |  |  | $ | 511,498 |  |  | $ | — |  |  |  |  | $ | 511,498 |
Non-Government |  | 69,873 |  |  | 24,852 |  |  |  |  | 94,725 |  |  | 22,217 |  |  | 16,063 |  |  |  |  | 38,280 |
|  | $ | 583,622 |  |  | $ | 24,852 |  |  |  |  | $ | 608,474 |  |  | $ | 533,715 |  |  | $ | 16,063 |  |  |  |  | $ | 549,778 |
Canada: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government |  | $ | 10 |  |  | $ | — |  |  |  |  | $ | 10 |  |  | $ | 23 |  |  | $ | — |  |  |  |  | $ | 23 |
Non-Government |  | 65 |  |  | 141,161 |  |  |  |  | 141,226 |  |  | 151 |  |  | 120,516 |  |  |  |  | 120,667 |
|  | $ | 75 |  |  | $ | 141,161 |  |  |  |  | $ | 141,236 |  |  | $ | 174 |  |  | $ | 120,516 |  |  |  |  | $ | 120,690 |
Other: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government |  | $ | 3,725 |  |  | $ | — |  |  |  |  | $ | 3,725 |  |  | $ | 637 |  |  | $ | — |  |  |  |  | $ | 637 |
Non-Government |  | 1,537 |  |  | 10,126 |  |  |  |  | 11,663 |  |  | 6,320 |  |  | 4,912 |  |  |  |  | 11,232 |
|  | $ | 5,262 |  |  | $ | 10,126 |  |  |  |  | $ | 15,388 |  |  | $ | 6,957 |  |  | $ | 4,912 |  |  |  |  | $ | 11,869 |
Segment Revenues |  | $ | 588,959 |  |  | $ | 176,139 |  |  |  |  | 765,098 |  |  | $ | 540,846 |  |  | $ | 141,491 |  |  |  |  | 682,337 |
Eliminations |  |  |  |  |  |  |  | (1,059) |  |  |  |  |  |  |  |  | (872) |
Revenues |  |  |  |  |  |  |  | $ | 764,039 |  |  |  |  |  |  |  |  | $ | 681,465 |
|  | Six Months Ended June 30, 2025 |  | Six Months Ended June 30, 2024
|  | Government Operations |  | Commercial Operations |  |  |  | Total |  | Government Operations |  | Commercial Operations |  |  |  | Total
|  | (In thousands)
United States: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government |  | $ | 1,039,044 |  |  | $ | — |  |  |  |  | $ | 1,039,044 |  |  | $ | 973,730 |  |  | $ | — |  |  |  |  | $ | 973,730 |
Non-Government |  | 94,146 |  |  | 40,914 |  |  |  |  | 135,060 |  |  | 43,827 |  |  | 32,858 |  |  |  |  | 76,685 |
|  | $ | 1,133,190 |  |  | $ | 40,914 |  |  |  |  | $ | 1,174,104 |  |  | $ | 1,017,557 |  |  | $ | 32,858 |  |  |  |  | $ | 1,050,415 |
Canada: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government |  | $ | 112 |  |  | $ | — |  |  |  |  | $ | 112 |  |  | $ | 25 |  |  | $ | — |  |  |  |  | $ | 25 |
Non-Government |  | 122 |  |  | 242,778 |  |  |  |  | 242,900 |  |  | 168 |  |  | 215,528 |  |  |  |  | 215,696 |
|  | $ | 234 |  |  | $ | 242,778 |  |  |  |  | $ | 243,012 |  |  | $ | 193 |  |  | $ | 215,528 |  |  |  |  | $ | 215,721 |
Other: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government |  | $ | 7,596 |  |  | $ | — |  |  |  |  | $ | 7,596 |  |  | $ | 1,663 |  |  | $ | — |  |  |  |  | $ | 1,663 |
Non-Government |  | 3,226 |  |  | 20,757 |  |  |  |  | 23,983 |  |  | 8,554 |  |  | 10,143 |  |  |  |  | 18,697 |
|  | $ | 10,822 |  |  | $ | 20,757 |  |  |  |  | $ | 31,579 |  |  | $ | 10,217 |  |  | $ | 10,143 |  |  |  |  | $ | 20,360 |
Segment Revenues |  | $ | 1,144,246 |  |  | $ | 304,449 |  |  |  |  | 1,448,695 |  |  | $ | 1,027,967 |  |  | $ | 258,529 |  |  |  |  | 1,286,496 |
Eliminations |  |  |  |  |  |  |  | (2,398) |  |  |  |  |  |  |  |  | (1,065) |
Revenues |  |  |  |  |  |  |  | $ | 1,446,297 |  |  |  |  |  |  |  |  | $ | 1,285,431 |
Revenues by timing of transfer of goods or services were as follows:
|  | Three Months Ended June 30, 2025 |  | Three Months Ended June 30, 2024
|  | Government Operations |  | Commercial Operations |  |  |  | Total |  | Government Operations |  | Commercial Operations |  |  |  | Total
|  | (In thousands)
Over time |  | $ | 586,443 |  |  | $ | 153,085 |  |  |  |  | $ | 739,528 |  |  | $ | 537,906 |  |  | $ | 112,125 |  |  |  |  | $ | 650,031 |
Point-in-time |  | 2,516 |  |  | 23,054 |  |  |  |  | 25,570 |  |  | 2,940 |  |  | 29,366 |  |  |  |  | 32,306 |
Segment Revenues |  | $ | 588,959 |  |  | $ | 176,139 |  |  |  |  | 765,098 |  |  | $ | 540,846 |  |  | $ | 141,491 |  |  |  |  | 682,337 |
Eliminations |  |  |  |  |  |  |  | (1,059) |  |  |  |  |  |  |  |  | (872) |
Revenues |  |  |  |  |  |  |  | $ | 764,039 |  |  |  |  |  |  |  |  | $ | 681,465 |
|  | Six Months Ended June 30, 2025 |  | Six Months Ended June 30, 2024
|  | Government Operations |  | Commercial Operations |  |  |  | Total |  | Government Operations |  | Commercial Operations |  |  |  | Total
|  | (In thousands)
Over time |  | $ | 1,136,989 |  |  | $ | 256,306 |  |  |  |  | $ | 1,393,295 |  |  | $ | 1,022,194 |  |  | $ | 208,980 |  |  |  |  | $ | 1,231,174 |
Point-in-time |  | 7,257 |  |  | 48,143 |  |  |  |  | 55,400 |  |  | 5,773 |  |  | 49,549 |  |  |  |  | 55,322 |
Segment Revenues |  | $ | 1,144,246 |  |  | $ | 304,449 |  |  |  |  | 1,448,695 |  |  | $ | 1,027,967 |  |  | $ | 258,529 |  |  |  |  | 1,286,496 |
Eliminations |  |  |  |  |  |  |  | (2,398) |  |  |  |  |  |  |  |  | (1,065) |
Revenues |  |  |  |  |  |  |  | $ | 1,446,297 |  |  |  |  |  |  |  |  | $ | 1,285,431 |
Revenues by contract type were as follows:
|  | Three Months Ended June 30, 2025 |  | Three Months Ended June 30, 2024
|  | Government Operations |  | Commercial Operations |  |  |  | Total |  | Government Operations |  | Commercial Operations |  |  |  | Total
|  | (In thousands)
Fixed-Price Incentive Fee |  | $ | 220,653 |  |  | $ | 3,517 |  |  |  |  | $ | 224,170 |  |  | $ | 357,737 |  |  | $ | 5,420 |  |  |  |  | $ | 363,157 |
Firm-Fixed-Price |  | 259,153 |  |  | 118,365 |  |  |  |  | 377,518 |  |  | 81,026 |  |  | 68,507 |  |  |  |  | 149,533 |
Cost-Plus Fee |  | 109,107 |  |  | — |  |  |  |  | 109,107 |  |  | 102,083 |  |  | — |  |  |  |  | 102,083 |
Time-and-Materials |  | 46 |  |  | 54,257 |  |  |  |  | 54,303 |  |  | — |  |  | 67,564 |  |  |  |  | 67,564 |
Segment Revenues |  | $ | 588,959 |  |  | $ | 176,139 |  |  |  |  | 765,098 |  |  | $ | 540,846 |  |  | $ | 141,491 |  |  |  |  | 682,337 |
Eliminations |  |  |  |  |  |  |  | (1,059) |  |  |  |  |  |  |  |  | (872) |
Revenues |  |  |  |  |  |  |  | $ | 764,039 |  |  |  |  |  |  |  |  | $ | 681,465 |
|  | Six Months Ended June 30, 2025 |  | Six Months Ended June 30, 2024
|  | Government Operations |  | Commercial Operations |  |  |  | Total |  | Government Operations |  | Commercial Operations |  |  |  | Total
|  | (In thousands)
Fixed-Price Incentive Fee |  | $ | 429,205 |  |  | $ | 7,844 |  |  |  |  | $ | 437,049 |  |  | $ | 654,988 |  |  | $ | 10,942 |  |  |  |  | $ | 665,930 |
Firm-Fixed-Price |  | 515,015 |  |  | 210,305 |  |  |  |  | 725,320 |  |  | 175,946 |  |  | 135,712 |  |  |  |  | 311,658 |
Cost-Plus Fee |  | 199,896 |  |  | — |  |  |  |  | 199,896 |  |  | 195,798 |  |  | — |  |  |  |  | 195,798 |
Time-and-Materials |  | 130 |  |  | 86,300 |  |  |  |  | 86,430 |  |  | 1,235 |  |  | 111,875 |  |  |  |  | 113,110 |
Segment Revenues |  | $ | 1,144,246 |  |  | $ | 304,449 |  |  |  |  | 1,448,695 |  |  | $ | 1,027,967 |  |  | $ | 258,529 |  |  |  |  | 1,286,496 |
Eliminations |  |  |  |  |  |  |  | (2,398) |  |  |  |  |  |  |  |  | (1,065) |
Revenues |  |  |  |  |  |  |  | $ | 1,446,297 |  |  |  |  |  |  |  |  | $ | 1,285,431 |
Revenue, Performance Obligation, Impact of Changes in Estimates | The aggregate impact of changes in estimates decreased our revenues and operating income as follows:
|  | Three Months Ended June 30, | Six Months Ended June 30,
|  | 2025 |  | 2024 | 2025 |  | 2024
|  | (In thousands) | (In thousands)
Revenues (1) |  | $ | 17,520 |  |  | $ | (2,098) |  | $ | 5,930 |  |  | $ | (2,791) |
Operating Income (1) |  | $ | 17,605 |  |  | $ | (2,079) |  | $ | 6,046 |  |  | $ | (3,350) |
(1)During the three months ended June 30, 2025, our Government Operations segment results were favorably impacted by contract adjustments related to a nuclear operations contract. These adjustments resulted in an increase in revenue and operating income of $29.4 million for the three and six months ended June 30, 2025. During the three and six months ended June 30, 2024, no adjustments to any one contract had a material impact on our consolidated financial statements.
Schedule of Contract Assets and Liabilities |
|  | June 30, |  | December 31,
|  | 2025 |  | 2024
|  | (In thousands)
Included in Contracts in progress: |  |  |  |
Unbilled receivables |  | $ | 620,627 |  |  | $ | 559,415 |
Retainages |  | $ | 40,712 |  |  | $ | 33,667 |
Advance billings on contracts |  | $ | 198,336 |  |  | $ | 161,290 |

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