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Contracts with Customers (Tables) | 12 Months Ended
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Dec. 31, 2024
Disaggregation of Revenue [Line Items] |
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):
|  | December 31, 2024 |  |  | December 31, 2023 |  |  | December 31, 2022 |
Fixed-price |  | $ | 2,844,719 |  |  | $ | 1,810,499 |  |  | $ | 1,138,482 |
Time-and-Materials |  |  | 1,419,168 |  |  |  | 1,352,871 |  |  |  | 1,166,548 |
Cost-plus |  |  | 2,486,689 |  |  |  | 2,279,379 |  |  |  | 1,890,242 |
Total |  | $ | 6,750,576 |  |  | $ | 5,442,749 |  |  | $ | 4,195,272 |
Summary of Contract Assets and Contract Liabilities | Contract assets and contract liabilities balances at December 31, 2024 and December 31, 2023 were as follows (in thousands):
|  | December 31, 2024 |  |  | December 31, 2023 |  |  | $ change |  |  | % change |
Contract assets |  | $ | 741,504 |  |  | $ | 757,515 |  |  | $ | (16,011 | ) |  |  | -2.1 | %
Contract liabilities |  |  | 289,799 |  |  |  | 301,107 |  |  |  | (11,308 | ) |  |  | -3.8 | %
Net contract assets (liabilities) (1) |  | $ | 451,705 |  |  | $ | 456,408 |  |  | $ | (4,703 | ) |  |  | -1.0 | %
(1) Total contract retentions included in net contract assets (liabilities) were $89.8 million as of December 31, 2024, of which $35.9 million are not expected to be paid in 2025. Total contract retentions included in net contract assets (liabilities) were $73.8 million as of December 31, 2023. Contract assets at December 31, 2024 and December 31, 2023 include approximately $70.7 million and $109.5 million, respectively, related to net claim recovery estimates. For the year ended December 31, 2024 there was a $21.6 million loss recognized related to the collectability of claims. For the year ended December 31, 2023, there were no material losses recognized related to the collectability of claims.
Summary of Changes in Contract Assets and Contract Liabilities | Certain changes in contract assets and contract liabilities consisted of the following:
|  | December 31, 2024 |  |  | December 31, 2023 |
Acquired contract assets |  | $ | 19,858 |  |  | $ | 2,715 |
Acquired contract liabilities |  |  | 4,446 |  |  |  | 3,155 |
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.
|  | 2024 |  |  | 2023 |  |  | 2022 |
Revenue impact, net |  | $ | (55,952 | ) |  | $ | 5,428 |  |  | $ | - |
Summary of Finanial Statement Impact from Revisions in Estimates | Certain financial statement impacts from revisions in estimates were as follows (in thousands):
|  | December 31, 2024 |  |  | December 31, 2023 |  |  | December 31, 2022 |
Operating income (loss) |  | $ | (62,298 | ) |  | $ | 35,297 |  |  | $ | — |
Net income (loss) |  |  | (47,651 | ) |  |  | 26,261 |  |  |  | — |
Diluted earnings (loss) per share |  | $ | (0.42 | ) |  | $ | 0.23 |  |  | $ | - |
The amounts for 2024, in the table above, include the impact from a contract in the Critical Infrastructure segment related to a change in estimate increasing direct costs of contracts by $6.3 million. The amounts for 2023, in the table above, include the impact from contracts in the Critical Infrastructure segment related to a change in estimate increasing direct costs of contracts by $8.0 million related to net write-downs and a decrease in direct costs of contracts of $37.9 million related to a legal matter. These impacts do not include the operating income impacts disclosed below in "Note 16— Investments in and Advances to Joint Ventures.
Summary of Accounts Receivable, Net | Accounts receivable, net consisted of the following as of December 31, 2024 and December 31, 2023 (in thousands):
|  | 2024 |  |  | 2023 |
Billed |  | $ | 712,046 |  |  | $ | 646,375 |
Unbilled |  |  | 392,236 |  |  |  | 273,215 |
Total accounts receivable, gross |  |  | 1,104,282 |  |  |  | 919,590 |
Allowance for doubtful accounts |  |  | (3,886 | ) |  |  | (3,952 | )
Total accounts receivable, net |  | $ | 1,100,396 |  |  | $ | 915,638 |
Summary of Remaining Unsatisfied Performance Obligations Expect to Satisfy | The Company expects to satisfy its RUPO as of December 31, 2024 over the following periods (in thousands):
Period RUPO Will Be Satisfied |  | Within One Year |  |  | Within One to Two Years |  |  | Thereafter |
Federal Solutions |  | $ | 1,815,751 |  |  | $ | 439,216 |  |  | $ | 142,994 |
Critical Infrastructure |  |  | 2,062,055 |  |  |  | 1,099,765 |  |  |  | 1,174,217 |
Total |  | $ | 3,877,806 |  |  | $ | 1,538,981 |  |  | $ | 1,317,211 |

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