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Segments Information (Tables) | 12 Months Ended
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Dec. 31, 2020
Segment Reporting [Abstract] |
Summary of Business Segment Information | The following table summarizes business segment information for the periods presented (in thousands):
|  | 2020 |  |  | 2019 |  |  | 2018 |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Federal Solutions |  | $ | 1,911,910 |  |  | $ | 1,887,907 |  |  | $ | 1,479,007 |
Critical Infrastructure |  |  | 2,007,036 |  |  |  | 2,066,905 |  |  |  | 2,081,501 |
Total revenues |  | $ | 3,918,946 |  |  | $ | 3,954,812 |  |  | $ | 3,560,508 |
Summary of Adjusted EBITDA Business Segment Information | The following table summarizes business segment Adjusted EBITDA and a reconciliation to net income attributable to Parsons Corporation for the periods presented (in thousands):
|  | 2020 |  |  | 2019 |  |  | 2018 |
Adjusted EBITDA attributable to Parsons Corporation |  |  |  |  |  |  |  |  |  |  |  |
Federal Solutions |  | $ | 167,340 |  |  | $ | 169,100 |  |  | $ | 121,986 |
Critical Infrastructure |  |  | 154,528 |  |  |  | 138,851 |  |  |  | 106,851 |
Adjusted EBITDA attributable to Parsons Corporation |  |  | 321,868 |  |  |  | 307,951 |  |  |  | 228,837 |
Adjusted EBITDA attributable to noncontrolling interests |  |  | 20,753 |  |  |  | 17,096 |  |  |  | 17,407 |
Depreciation and amortization |  |  | (127,980 | ) |  |  | (125,700 | ) |  |  | (69,869 | )
Interest expense, net |  |  | (20,169 | ) |  |  | (22,429 | ) |  |  | (18,132 | )
Income tax (expense) benefit |  |  | (42,492 | ) |  |  | 69,886 |  |  |  | (20,367 | )
Litigation-related expenses (a) |  |  | — |  |  |  | — |  |  |  | 129,674 |
Amortization of deferred gain resulting from sale-leaseback transactions (b) |  |  | — |  |  |  | — |  |  |  | 7,253 |
Equity-based compensation (c) |  |  | (9,785 | ) |  |  | (65,744 | ) |  |  | (16,487 | )
Transaction-related costs (d) |  |  | (19,922 | ) |  |  | (34,353 | ) |  |  | (12,942 | )
Restructuring (e) |  |  | (2,193 | ) |  |  | (3,424 | ) |  |  | — |
Other (f) |  |  | (1,159 | ) |  |  | (6,155 | ) |  |  | (5,938 | )
Net income including noncontrolling interests |  | $ | 118,921 |  |  | $ | 137,128 |  |  | $ | 239,436 |
Net income attributable to noncontrolling interests |  |  | (20,380 | ) |  |  | (16,594 | ) |  |  | (17,099 | )
Net income attributable to Parsons Corporation |  | $ | 98,541 |  |  | $ | 120,534 |  |  | $ | 222,337 |
(a) | Fiscal 2018 reflects a reversal of an accrued liability, with $55.1 million recorded to revenue and $74.6 million recorded to other income in our results of operations related to a judgment entered against the Company in 2014 in connection with a lawsuit against a joint venture in which the Company is the managing partner. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Annual Report on Form 10-K 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 equity-based compensation costs primarily related to cash-settled awards. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Annual Report on Form 10-K for a further discussion of these awards.
(d) | Reflects costs incurred in connection with acquisitions, IPO, and other non-recurring transaction costs, primarily fees paid for professional services and employee retention.
(e) | Reflects costs associated with and related to our corporate restructuring initiatives.
(f) | 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 table presents revenues and property and equipment, net by geographic area (in thousands):
|  | 2020 |  |  | 2019 |  |  | 2018 |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 3,215,874 |  |  | $ | 3,249,054 |  |  | $ | 2,870,494 |
Middle East |  |  | 684,353 |  |  |  | 689,067 |  |  |  | 671,925 |
Rest of World |  |  | 18,719 |  |  |  | 16,691 |  |  |  | 18,089 |
Total revenues |  | $ | 3,918,946 |  |  | $ | 3,954,812 |  |  | $ | 3,560,508 |
Property and equipment, net |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 116,460 |  |  | $ | 117,606 |  |  | $ | 86,847 |
Middle East |  |  | 4,567 |  |  |  | 5,145 |  |  |  | 5,002 |
Total property and equipment, net |  | $ | 121,027 |  |  | $ | 122,751 |  |  | $ | 91,849 |
Summary of Revenues by Business Lines | The following table presents revenues by business lines (in thousands):
|  | 2020 |  |  | 2019 |  |  | 2018 |
Revenue: |  |  |  |  |  |  |  |  |  |  |  |
Cyber & Intelligence |  | $ | 402,470 |  |  | $ | 349,085 |  |  | $ | 248,343 |
Space & Geospatial Solutions |  |  | 238,809 |  |  |  | 215,330 |  |  |  | 48,894 |
Missile Defense & C5ISR |  |  | 610,025 |  |  |  | 655,224 |  |  |  | 564,425 |
Engineered Systems |  |  | 660,606 |  |  |  | 668,268 |  |  |  | 617,345 |
Federal Solutions revenues |  |  | 1,911,910 |  |  |  | 1,887,907 |  |  |  | 1,479,007 |
Connected Communities |  |  | 431,497 |  |  |  | 419,215 |  |  |  | 540,580 |
Mobility Solutions |  |  | 1,575,539 |  |  |  | 1,647,690 |  |  |  | 1,540,921 |
Critical Infrastructure revenues |  |  | 2,007,036 |  |  |  | 2,066,905 |  |  |  | 2,081,501 |
Total revenues |  | $ | 3,918,946 |  |  | $ | 3,954,812 |  |  | $ | 3,560,508 |

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