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Contracts with Customers (Tables)

9 Months Ended

Sep. 30, 2021

Revenue From Contract With Customer [Abstract]

Summary of Disaggregation of Revenue

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 30, 2021				September 30, 2020				September 30, 2021				September 30, 2020
Fixed-Price		$	246,894			$	324,901			$	710,067			$	944,577
Time-and-Materials			261,566				265,987				754,596				777,807
Cost-Plus			447,590				413,348				1,245,440				1,232,304
Total		$	956,050			$	1,004,236			$	2,710,103			$	2,954,688

Summary of Contract Assets and Contract Liabilities

Contract assets and contract liabilities balances at September 30, 2021 and December 31, 2020 were as follows (in thousands):

		September 30, 2021				December 31, 2020				$ change				% change
Contract assets		$	569,294			$	576,568			$	(7,274	)			-1.3	%
Contract liabilities			186,789				201,864				(15,075	)			-7.5	%
Net contract assets (liabilities) (1)		$	382,505			$	374,704			$	7,801				2.1	%

(1) Total contract retentions included in net contract assets (liabilities) were $94.3 million as of September 30, 2021, of which $52.3 million are not expected to be paid in the next 12 months. Total contract retentions included in net contract assets (liabilities) were $93.8 million as of December 31, 2020. Contract assets at September 30, 2021 and December 31, 2020 include $106.0 million and $116.6 million, respectively, related to unapproved change orders, claims, and requests for equitable adjustment. For the three and nine months ended September 30, 2021 and September 30, 2020, 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

Certain changes in contract assets and contract liabilities consisted of the following:

		September 30, 2021				December 31, 2020
Acquired contract assets		$	5,979			$	8,350
Acquired contract liabilities			320				300

Summary of Changes in Revenue

 Revisions in estimates, such as changes in estimated claims or incentives, related to performance obligations partially satisfied in previous periods that individually had an impact of $5 million or more on revenue resulted in the following changes in revenue:   

		Three Months Ended								Nine Months Ended
		September 30, 2021				September 30, 2020				September 30, 2021				September 30, 2020
Revenue impact, net		$	(6,300	)		$	(134	)		$	(27,553	)		$	8,848

Summary of Accounts Receivable, Net

Accounts receivable, net consisted of the following as of September 30, 2021 and December 31, 2020 (in thousands):

		2021				2020
Billed		$	443,024			$	512,357
Unbilled			188,428				190,222
Total accounts receivable, gross			631,452				702,579
Allowance for doubtful accounts			(4,007	)			(4,001	)
Total accounts receivable, net		$	627,445			$	698,578

Summary of Remaining Unsatisfied Performance Obligations Expect to Satisfy

The Company expects to satisfy its RUPO as of September 30, 2021 over the following periods (in thousands):

Period RUPO Will Be Satisfied		Within One Year				Within One to Two Years				Thereafter
Federal Solutions		$	1,418,783			$	787,273			$	491,797
Critical Infrastructure			1,452,760				781,669				1,021,928
Total		$	2,871,543			$	1,568,942			$	1,513,725

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Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
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-Publisher FASB
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