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Revenue Recognition | 6 Months Ended
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Jun. 30, 2025
Revenue from Contract with Customer [Abstract] |
Revenue Recognition | REVENUE RECOGNITION As described in Note 1, our operations are assessed based on two reportable segments. 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 |
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. 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. 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. Costs specific to certain contracts for which we recognize revenue at a point in time are also included in Contracts in progress. We include in Advance billings on contract 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 receivables. 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. Our fixed-price incentive fee contracts for our Government Operations 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.
|  | 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 |
During the three months ended June 30, 2025 and 2024, we recognized $54.1 million and $43.6 million, respectively, of revenues that were in Advance billings on contracts at the beginning of each year. During the six months ended June 30, 2025 and 2024, we recognized $123.6 million and $86.4 million, respectively, of revenues that were in Advance billings on contracts at the beginning of each year. 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. At June 30, 2025, our remaining performance obligations were $6,015.2 million. We expect to recognize approximately 53% of the revenue associated with our remaining performance obligations by the end of 2026, with the remainder to be recognized thereafter.

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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 -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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