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Contracts with Customers (Tables)

9 Months Ended

Sep. 30, 2019

Revenue From Contract With Customer [Abstract]

The Company’s contracts contain both fixed-price and cost reimbursable components. Contract types are based on the component that represents the majority of the contract. The following table presents revenue disaggregated by contract type (in thousands):

	Three Months Ended				Nine Months Ended
	September 28, 2018		September 30, 2019		September 28, 2018		September 30, 2019
Fixed-Price	$	300,225	$	288,316	$	833,224	$	850,658
Time-and-Materials		254,435		285,586		732,555		810,656
Cost-Plus		421,497		449,375		1,065,789		1,256,110
Total	$	976,157	$	1,023,277	$	2,631,568	$	2,917,424

Summary of Contract Assets and Contract Liabilities

Contract assets and contract liabilities balances at December 31, 2018 and September 30, 2019 were as follows (in thousands):

	December 31, 2018		September 30, 2019		$ change		% change
Contract assets	$	515,319	$	583,670	$	68,351		13.3	%
Contract liabilities		208,576		231,032		22,456		10.8	%
Net contract assets (liabilities) (1)	$	306,743	$	352,638	$	45,895		15.0	%

(1)

Total contract retentions included in net contract assets (liabilities) were $89.6 million as of December 31, 2018. Total contract retentions included in net contract assets (liabilities) were $87.1 million as of September 30, 2019, of which $39.7 million are not expected to be paid in the next 12 months. Contract assets at December 31, 2018 and September 30, 2019 include $47.1 million and $58.9 million, respectively, related to unapproved change orders, claims, and requests for equitable adjustment. For the three and nine months ended September 28, 2018 and September 30, 2019, there were no material losses recognized related to the collectability of claims, unapproved change orders, and requests for equitable adjustment.

Summary of Changes in Contract Assets and Contract Liabilities

The changes in contract assets and contract liabilities were the result of normal business activity and not significantly impacted by other factors, except as follows:

	December 31, 2018		September 30, 2019
Acquired contract assets	$	35,229	$	9,747
Acquired contract liabilities		3,529		1,300
Change in the estimate of variable consideration		-		14,506
Reversal of provision for contract losses (1)	$	133,180	$	-

(1)	Reversal of provision for contract losses of $133.2 million, of which $55.1 million was recorded as an increase in revenue with the remainder recorded as other income.

Summary of Accounts Receivable, Net

Accounts receivable, net consisted of the following as of December 31, 2018 and September 30, 2019 (in thousands):

	December 31, 2018			September 30, 2019
Billed	$	538,808		$	516,099
Unbilled		135,180			200,477
Total accounts receivable, gross		673,988			716,576
Allowance for doubtful accounts		(50,702	)		(42,902	)
Total accounts receivable, net	$	623,286		$	673,674

Summary of Remaining Unsatisfied Performance Obligations Expect to Satisfy

The Company expects to satisfy its RUPO as of September 30, 2019 over the following periods (in thousands):

Period RUPO Will Be Satisfied	Within One Year		Within One to Two Years		Thereafter
Federal Solutions	$	1,198,634	$	436,620	$	208,734
Critical Infrastructure		1,636,525		960,469		643,170
Total	$	2,835,159	$	1,397,089	$	851,904