XML 45 R31.htm IDEA: XBRL DOCUMENT
v3.23.3

Contracts with Customers (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2023
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, 2023 |  |  | September 30, 2022 |  |  | September 30, 2023 |  |  | September 30, 2022 |
Fixed-Price |  | $ | 452,606 |  |  | $ | 334,853 |  |  | $ | 1,233,712 |  |  | $ | 854,835 |
Time-and-Materials |  |  | 355,689 |  |  |  | 302,236 |  |  |  | 998,037 |  |  |  | 836,881 |
Cost-Plus |  |  | 610,276 |  |  |  | 497,281 |  |  |  | 1,716,774 |  |  |  | 1,400,444 |
Total |  | $ | 1,418,571 |  |  | $ | 1,134,370 |  |  | $ | 3,948,523 |  |  | $ | 3,092,160 |
Summary of Contract Assets and Contract Liabilities | Contract assets and contract liabilities balances at September 30, 2023 and December 31, 2022 were as follows (in thousands):
|  | September 30, 2023 |  |  | December 31, 2022 |  |  | $ change |  |  | % change |
Contract assets |  | $ | 756,630 |  |  | $ | 634,033 |  |  | $ | 122,597 |  |  |  | 19.3 | %
Contract liabilities |  |  | 277,249 |  |  |  | 213,064 |  |  |  | 64,185 |  |  |  | 30.1 | %
Net contract assets (liabilities) (1) |  | $ | 479,381 |  |  | $ | 420,969 |  |  | $ | 58,412 |  |  |  | 13.9 | %
(1) Total contract retentions included in net contract assets (liabilities) were $73.7 million as of September 30, 2023, of which $34.7 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 September 30, 2023 and December 31, 2022 include $105.6 million and $95.7 million, respectively, related to net claim recovery estimates. For the three and nine months ended September 30, 2023 and September 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 Contract Assets and Contract Liabilities | Certain changes in contract assets and contract liabilities consisted of the following:
|  | September 30, 2023 |  |  | December 31, 2022 |
Acquired contract assets |  | $ | 2,729 |  |  | $ | 25,397 |
Acquired contract liabilities |  |  | 2,980 |  |  |  | 2,080 |
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, 2023 |  |  | September 30, 2022 |  |  | September 30, 2023 |  |  | September 30, 2022 |
Revenue impact, net |  | $ | - |  |  | $ | - |  |  | $ | 4,748 |  |  | $ | - |
Summary of Accounts Receivable, Net | Accounts receivable, net consisted of the following as of September 30, 2023 and December 31, 2022 (in thousands):
|  | 2023 |  |  | 2022 |
Billed |  | $ | 587,160 |  |  | $ | 502,411 |
Unbilled |  |  | 323,592 |  |  |  | 218,945 |
Total accounts receivable, gross |  |  | 910,752 |  |  |  | 721,356 |
Allowance for doubtful accounts |  |  | (4,011 | ) |  |  | (4,011 | )
Total accounts receivable, net |  | $ | 906,741 |  |  | $ | 717,345 |
Summary of Remaining Unsatisfied Performance Obligations Expect to Satisfy | The Company expects to satisfy its RUPO as of September 30, 2023 over the following periods (in thousands):
Period RUPO Will Be Satisfied |  | Within One Year |  |  | Within One to Two Years |  |  | Thereafter |
Federal Solutions |  | $ | 1,620,465 |  |  | $ | 335,848 |  |  | $ | 240,563 |
Critical Infrastructure |  |  | 1,893,315 |  |  |  | 1,076,331 |  |  |  | 1,011,917 |
Total |  | $ | 3,513,780 |  |  | $ | 1,412,179 |  |  | $ | 1,252,480 |

X
- Definition Summary of changes in contract assets and contract liabilities. + References No definition available. + Details
Name: | psn_SummaryOfChangesInContractAssetsAndContractLiabilitiesTableTextBlock
Namespace Prefix: | psn_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Summary of changes in revenues. + References No definition available. + Details
Name: | psn_SummaryOfChangesInRevenuesTableTextBlock
Namespace Prefix: | psn_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-10 + Details
Name: | us-gaap_ContractWithCustomerAssetAndLiabilityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-5 + Details
Name: | us-gaap_DisaggregationOfRevenueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_RevenueFromContractWithCustomerAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of expected timing for satisfying remaining performance obligation. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(1) -SubTopic 10 -Topic 606 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-13 + Details
Name: | us-gaap_RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 + Details
Name: | us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration