XML 44 R31.htm IDEA: XBRL DOCUMENT

Contracts with Customers (Tables)

6 Months Ended

Jun. 30, 2023

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				Six Months Ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Fixed-Price	$	440,094	$	279,408	$	781,106	$	519,982
Time-and-Materials		324,033		271,330		642,348		534,645
Cost-Plus		592,359		457,983		1,106,498		903,163
Total	$	1,356,486	$	1,008,721	$	2,529,952	$	1,957,790

Summary of Contract Assets and Contract Liabilities

Contract assets and contract liabilities balances at June 30, 2023 and December 31, 2022 were as follows (in thousands):


	June 30, 2023		December 31, 2022		$ change			% change
Contract assets	$	712,413	$	634,033	$	78,380			12.4	%
Contract liabilities		292,404		213,064		79,340			37.2	%
Net contract assets (liabilities) (1)	$	420,009	$	420,969	$	(960	)		-0.2	%

(1)

Total contract retentions included in net contract assets (liabilities) were $71.6 million as of June 30, 2023, of which $36.5 million are not expected to be paid in the next 12 months. Total contract retentions included in net contract assets (liabilities) were $73.5 million as of December 31, 2022. Contract assets at June 30, 2023 and December 31, 2022 include $107.5 million and $95.7 million, respectively, related to net claim recovery estimates. For the three and six months ended June 30, 2023 and June 30, 2022, there were no material losses recognized related to the collectability of claims, unapproved change orders, and requests for equitable adjustment.

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				Six Months Ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Revenue impact, net	$	20,168	$	-	$	20,339	$	-

In addition to the revenue impacts in the table above, there was a change in estimate impact to direct costs of contracts of $24.7 million f

Summary of Changes in Contract Assets and Contract Liabilities

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


	June 30, 2023			December 31, 2022
Acquired contract assets	$	(242	)	$	25,397
Acquired contract liabilities		2,487			2,080

Summary of Accounts Receivable, Net

Accounts receivable, net consisted of the following as of June 30, 2023 and December 31, 2022 (in thousands):


	2023			2022
Billed	$	649,866		$	502,411
Unbilled		303,730			218,945
Total accounts receivable, gross		953,596			721,356
Allowance for doubtful accounts		(4,103	)		(4,011	)
Total accounts receivable, net	$	949,493		$	717,345

Summary of Remaining Unsatisfied Performance Obligations Expect to Satisfy

The Company expects to satisfy its RUPO as of June 30, 2023 over the following periods (in thousands):


Period RUPO Will Be Satisfied	Within One Year		Within One to Two Years		Thereafter
Federal Solutions	$	1,453,480	$	330,069	$	316,720
Critical Infrastructure		1,846,139		964,377		1,123,973
Total	$	3,299,619	$	1,294,446	$	1,440,693