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Contracts with Customers (Tables) | 3 Months Ended
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Mar. 31, 2025
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 |
|  | March 31, 2025 |  |  | March 31, 2024 |
Fixed-Price |  | $ | 574,573 |  |  | $ | 631,219 |
Time-and-Materials |  |  | 347,090 |  |  |  | 350,651 |
Cost-Plus |  |  | 632,697 |  |  |  | 553,806 |
Total |  | $ | 1,554,360 |  |  | $ | 1,535,676 |
Summary of Contract Assets and Contract Liabilities | Contract assets and contract liabilities balances at March 31, 2025 and December 31, 2024 were as follows (in thousands):
|  | March 31, 2025 |  |  | December 31, 2024 |
Contract assets |  | $ | 822,781 |  |  | $ | 741,504 |
Contract liabilities |  |  | 297,511 |  |  |  | 289,799 |
Net contract assets (liabilities) (1) |  | $ | 525,270 |  |  | $ | 451,705 |
(1) Total contract retentions included in net contract assets (liabilities) were $95.3 million as of March 31, 2025, of which $40.0 million are not expected to be paid in the next 12 months. Total contract retentions included in net contract assets (liabilities) were $89.8 million as of December 31, 2024. Contract assets at March 31, 2025 and December 31, 2024 include $70.0 million and $70.7 million, respectively, related to n et claim recoveries. For the three months ended March 31, 2025 and March 31, 2024, there were no material losses recognized related to the collectability of claims, unapproved change orders, and requests for equitable adjustment.
Summary of Accounts Receivable, Net | Accounts receivable, net consisted of the following as of March 31, 2025 and December 31, 2024 (in thousands):
|  | 2025 |  |  | 2024 |
Billed |  | $ | 714,688 |  |  | $ | 712,046 |
Unbilled |  |  | 414,149 |  |  |  | 392,236 |
Total accounts receivable, gross |  |  | 1,128,837 |  |  |  | 1,104,282 |
Allowance for doubtful accounts |  |  | (3,886 | ) |  |  | (3,886 | )
Total accounts receivable, net |  | $ | 1,124,951 |  |  | $ | 1,100,396 |
Summary of Remaining Unsatisfied Performance Obligations Expect to Satisfy | The Company expects to satisfy its RUPO as of March 31, 2025 over the following periods (in thousands):
Period RUPO Will Be Satisfied |  | Within One Year |  |  | Within One to Two Years |  |  | Thereafter |
Federal Solutions |  | $ | 1,842,826 |  |  | $ | 284,453 |  |  | $ | 45,480 |
Critical Infrastructure |  |  | 2,491,757 |  |  |  | 1,214,470 |  |  |  | 932,299 |
Total |  | $ | 4,334,583 |  |  | $ | 1,498,923 |  |  | $ | 977,779 |

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- 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
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- 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
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- 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
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- 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 -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(4)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(3)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 + Details
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