XML 17 R40.htm IDEA: XBRL DOCUMENT v3.19.3

Segment Information (Tables)

9 Months Ended

Sep. 30, 2019

Segment Reporting [Abstract]

Summary of Business Segment Information

The following table summarizes business segment revenue for the periods presented (in thousands):

		Three Months Ended									Nine Months Ended
		September 28, 2018				September 30, 2019					September 28, 2018				September 30, 2019
Federal Solutions revenue		$	443,725			$	486,175				$	1,076,125			$	1,387,484
Critical Infrastructure revenue			532,432				537,102					1,555,443				1,529,940
Total revenue		$	976,157			$	1,023,277				$	2,631,568			$	2,917,424

Summary of Adjusted EBITDA Business Segment Information

The following table reconciles business segment Adjusted EBITDA attributable to Parsons Corporation to Net Income attributable to Parsons Corporation for the periods presented (in thousands):

		Three Months Ended									Nine Months Ended
Adjusted EBITDA attributable to Parsons Corporation		September 28, 2018				September 30, 2019					September 28, 2018				September 30, 2019
Federal Solutions		$	45,556			$	50,359				$	101,052			$	126,658
Critical Infrastructure			38,006				33,976					80,296				102,177
Adjusted EBITDA attributable to Parsons Corporation			83,562				84,335					181,348				228,835
Adjusted EBITDA attributable to noncontrolling interests			5,002				4,655					10,681				8,384
Depreciation and amortization			(23,599	)			(31,027	)				(46,656	)			(92,692	)
Interest expense, net			(5,589	)			(4,482	)				(12,117	)			(18,448	)
Income tax (expense) benefit			(4,154	)			15,453					(18,526	)			67,063
Litigation-related gains(a)			-				-					129,674				-
Amortization of deferred gain resulting from sale-leaseback transactions(b)			1,798				-					5,440				-
Equity-based compensation			(5,049	)			1,657					(13,198	)			(45,504	)
Transaction-related costs(c)			(2,456	)			(9,891	)				(7,511	)			(26,961	)
Restructuring(d)			-				(309	)				-				(2,880	)
Other(e)			(3,449	)			902					(3,929	)			(2,973	)
Net income including noncontrolling interests			46,066				61,293					225,206				114,824
Net income attributable to noncontrolling interests			4,844				4,481					10,316				8,012
Net income attributable to Parsons Corporation		$	41,222			$	56,812				$	214,890			$	106,812

(a) Reversal of an accrued liability, with $55.1 million recorded to revenue and $74.6 million recorded to other income (“gain associated with claim on long-term contract”) in results of operations, associated with a lawsuit against a joint venture in which the Company is the managing partner.  Please see “Note 14 – Commitments and Contingencies” in the Company’s Form S-1/A filed on April 29, 2019, for a description of this matter, which was resolved in favor of the Company on June 13, 2018.

(b) Reflects recognized deferred gains related to sales-leaseback transactions described in “Note 10 – Sale-Leasebacks.”

(c) Reflects costs incurred in connection with acquisitions, the IPO, and other non-recurring transaction costs, primarily fees paid for professional services and employee retention.

(d) Reflects costs associated with corporate restructuring initiatives.

(e) Includes a combination of gain/loss related to sale of fixed assets, software implementation costs, and other individually insignificant items that are non-recurring in nature.

Summary of Revenues and Property and Equipment, Net by Geographic Area

The following tables presents revenues and property and equipment, net by geographic area (in thousands):

		Three Months Ended									Nine Months Ended
		September 28, 2018				September 30, 2019					September 28, 2018				September 30, 2019
Revenue
North America		$	805,320			$	849,839				$	2,131,562			$	2,400,124
Middle East			164,677				169,028					485,377				504,604
Rest of World			6,160				4,410					14,629				12,696
Total Revenue		$	976,157			$	1,023,277				$	2,631,568			$	2,917,424

The geographic location of revenue is determined by the location of the customer.  The prior reporting of revenue by geographic location has been conformed to the current presentation.

		December 31, 2018				September 30, 2019
Property and Equipment, Net
North America		$	86,847			$	103,690
Middle East			5,002				5,548
Total Property and Equipment, Net		$	91,849			$	109,238

Summary of Revenues by Business Lines

The following table presents revenues by business lines (in thousands):

		Three Months Ended									Nine Months Ended
		September 28, 2018				September 30, 2019					September 28, 2018				September 30, 2019
Revenue
Cyber & Intelligence		$	68,895			$	90,429				$	177,838			$	247,710
Defense			133,259				144,160					297,318				425,603
Mission Solutions			122,780				87,936					280,902				237,914
Engineered Systems			118,791				129,989					320,067				367,542
Geospatial			-				33,661					-				108,715
Federal Solutions revenues			443,725				486,175					1,076,125				1,387,484
Connected Communities			165,529				151,779					491,444				459,277
Mobility Solutions			300,523				286,199					894,796				836,779
Industrial			66,380				99,124					169,203				233,884
Critical Infrastructure revenues			532,432				537,102					1,555,443				1,529,940
Total Revenue		$	976,157			$	1,023,277				$	2,631,568			$	2,917,424

X

- Definition

Summary of revenues and property and equipment, net by geographic area.

+ References

No definition available.

+ Details

Name:	psn_SummaryOfRevenuesAndPropertyAndEquipmentNetByGeographicAreaTableTextBlock
Namespace Prefix:	psn_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8924-108599

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8906-108599

+ Details

Name:	us-gaap_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of entity-wide revenues from external customers for each product or service or each group of similar products or services if the information is not provided as part of the reportable operating segment information.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e9031-108599

+ Details

Name:	us-gaap_ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8813-108599

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=108376223&loc=d3e13816-109267

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8721-108599

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8906-108599

+ Details

Name:	us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_SegmentReportingAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration