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Contracts with Customers (Tables)

9 Months Ended

Sep. 30, 2022

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 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
Fixed-Price	$	334,853	$	246,894	$	854,835	$	710,067
Time-and-Materials		302,236		261,566		836,881		754,596
Cost-Plus		497,281		447,590		1,400,444		1,245,440
Total	$	1,134,370	$	956,050	$	3,092,160	$	2,710,103

Summary of Contract Assets and Contract Liabilities

Contract assets and contract liabilities balances at September 30, 2022 and December 31, 2021 were as follows (in thousands):

	September 30, 2022		December 31, 2021		$ change		% change
Contract assets	$	642,264	$	579,216	$	63,048		10.9	%
Contract liabilities		197,749		171,671		26,078		15.2	%
Net contract assets (liabilities) (1)	$	444,515	$	407,545	$	36,970		9.1	%

(1)

Total contract retentions included in net contract assets (liabilities) were $74.2 million as of September 30, 2022, of which $40.5 million are not expected to be paid in the next 12 months. Total contract retentions included in net contract assets (liabilities) were $91.7 million as of December 31, 2021. Contract assets at September 30, 2022 and December 31, 2021 include $102.2 million and $98.6 million, respectively, related to unapproved change orders, claims, and requests for equitable adjustment. For the three and nine months ended September 30, 2022 and September 30, 2021, 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, 2022		December 31, 2021
Acquired contract assets	$	4,591	$	5,979
Acquired contract liabilities		2,080		320

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, 2022		September 30, 2021			September 30, 2022		September 30, 2021
Revenue impact, net	$	-	$	(6,300	)	$	-	$	(27,553	)

Summary of Accounts Receivable, Net

Accounts receivable, net consisted of the following as of September 30, 2022 and December 31, 2021 (in thousands):

	2022			2021
Billed	$	487,221		$	434,776
Unbilled		227,453			167,490
Total accounts receivable, gross		714,674			602,266
Allowance for doubtful accounts		(3,953	)		(3,955	)
Total accounts receivable, net	$	710,721		$	598,311

Summary of Remaining Unsatisfied Performance Obligations Expect to Satisfy

The Company expects to satisfy its RUPO as of September 30, 2022 over the following periods (in thousands):

Period RUPO Will Be Satisfied	Within One Year		Within One to Two Years		Thereafter
Federal Solutions	$	1,598,275	$	638,502	$	252,481
Critical Infrastructure		1,532,842		895,714		894,720
Total	$	3,131,117	$	1,534,216	$	1,147,201