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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

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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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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
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-Section 50
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