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Revenue Recognition
 6 Months Ended
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, 2025Three Months Ended June 30, 2024
Government OperationsCommercial OperationsTotalGovernment OperationsCommercial OperationsTotal
 (In thousands)
United States:
Government$513,749 $— $513,749 $511,498 $— $511,498 
Non-Government69,873 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-Government65 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-Government1,537 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, 2025Six Months Ended June 30, 2024
Government OperationsCommercial OperationsTotalGovernment OperationsCommercial OperationsTotal
 (In thousands)
United States:
Government$1,039,044 $— $1,039,044 $973,730 $— $973,730 
Non-Government94,146 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-Government122 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-Government3,226 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, 2025Three Months Ended June 30, 2024
Government OperationsCommercial OperationsTotalGovernment OperationsCommercial OperationsTotal
 (In thousands)
Over time$586,443 $153,085 $739,528 $537,906 $112,125 $650,031 
Point-in-time2,516 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, 2025Six Months Ended June 30, 2024
Government OperationsCommercial OperationsTotalGovernment OperationsCommercial OperationsTotal
 (In thousands)
Over time$1,136,989 $256,306 $1,393,295 $1,022,194 $208,980 $1,231,174 
Point-in-time7,257 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, 2025Three Months Ended June 30, 2024
Government OperationsCommercial OperationsTotalGovernment OperationsCommercial OperationsTotal
 (In thousands)
Fixed-Price Incentive Fee$220,653 $3,517 $224,170 $357,737 $5,420 $363,157 
Firm-Fixed-Price259,153 118,365 377,518 81,026 68,507 149,533 
Cost-Plus Fee109,107 — 109,107 102,083 — 102,083 
Time-and-Materials46 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, 2025Six Months Ended June 30, 2024
Government OperationsCommercial OperationsTotalGovernment OperationsCommercial OperationsTotal
 (In thousands)
Fixed-Price Incentive Fee$429,205 $7,844 $437,049 $654,988 $10,942 $665,930 
Firm-Fixed-Price515,015 210,305 725,320 175,946 135,712 311,658 
Cost-Plus Fee199,896 — 199,896 195,798 — 195,798 
Time-and-Materials130 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,
 2025202420252024
 (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,
 20252024
 (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.