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Contracts with Customers (Tables)

12 Months Ended

Dec. 31, 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):

	December 31, 2022		December 31, 2021		December 31, 2020
Cost plus	$	1,890,242	$	1,674,276	$	1,631,140
Time-and-Materials		1,166,548		1,021,568		1,034,596
Fixed price		1,138,482		964,927		1,253,210
Total	$	4,195,272	$	3,660,771	$	3,918,946

Summary of Contract Assets and Contract Liabilities

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

	December 31, 2022		December 31, 2021		$ change		% change
Contract assets	$	634,033	$	579,216	$	54,817		9.5	%
Contract liabilities		213,064		171,671		41,393		24.1	%
Net contract assets (liabilities) (1)	$	420,969	$	407,545	$	13,424		3.3	%

(1)

Total contract retentions included in net contract assets (liabilities) were $73.5 million as of December 31, 2022, of which $37.5 million are not expected to be paid in 2023. Total contract retentions included in net contract assets (liabilities) were $91.7 million as of December 31, 2021. Contract assets at December 31, 2022 and December 31, 2021 include approximately $127.9 million and $98.6 million, respectively, related to unapproved change orders, claims, and requests for equitable adjustment. For the years ended December 31, 2022 and December 31, 2021, no material losses were 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:

	December 31, 2022		December 31, 2021
Acquired contract assets	$	25,397	$	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:

		2022				2021				2020
Revenue impact, net		$	-			$	(30,828	)		$	8,875

Summary of Accounts Receivable, Net

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

	2022			2021
Billed	$	502,411		$	434,776
Unbilled		218,945			167,490
Total accounts receivable, gross		721,356			602,266
Allowance for doubtful accounts		(4,011	)		(3,955	)
Total accounts receivable, net	$	717,345		$	598,311

Summary of Remaining Unsatisfied Performance Obligations Expect to Satisfy

The Company expects to satisfy its RUPO as of December 31, 2022 over the following periods (in thousands):

Period RUPO Will Be Satisfied	Within One Year		Within One to Two Years		Thereafter
Federal Solutions	$	1,410,279	$	504,882	$	305,095
Critical Infrastructure		1,731,154		902,203		864,294
Total	$	3,141,434	$	1,407,085	$	1,169,389