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Contracts with Customers (Tables)

9 Months Ended

Sep. 30, 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								Nine Months Ended
		September 30, 2025				September 30, 2024				September 30, 2025				September 30, 2024
Fixed-Price		$	535,901			$	790,820			$	1,642,609			$	2,129,274
Time-and-Materials			394,076				354,114				1,114,111				1,052,040
Cost-Plus			691,771				665,182				2,003,711				1,834,945
Total		$	1,621,748			$	1,810,116			$	4,760,431			$	5,016,259

Summary of Contract Assets and Contract Liabilities

Contract assets and contract liabilities balances at September 30, 2025 and December 31, 2024 were as follows (in thousands):

		September 30, 2025				December 31, 2024				$ change				% change
Contract assets		$	822,487			$	741,504			$	80,983				10.9	%
Contract liabilities			343,509				289,799				53,710				18.5	%
Net contract assets (liabilities) (1)		$	478,978			$	451,705			$	27,273				6.0	%

(1)Total contract retentions included in net contract assets (liabilities) were $109.3 million as of September 30, 2025, of which $54.1 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 September 30, 2025 and December 31, 2024 include $58.6 million and $70.7 million, respectively, related to net claim recoveries. For the three and nine months ended September 30, 2025 and September 30, 2024, 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 (in thousands):

		September 30, 2025				December 31, 2024
Acquired contract assets		$	6,533			$	19,858
Acquired contract liabilities			12,301				4,446

Summary Of Finanial Statement Impact From Revisions In Estimates

The following table presents certain financial statement impacts from 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. In certain instances, revisions in estimates on a contract do not exceed the threshold in any particular quarter but exceed the threshold on a year-to-date basis (in thousands):

		Three Months Ended								Nine Months Ended
		September 30, 2025				September 30, 2024				September 30, 2025				September 30, 2024
Revenue impact, net		$	1,286			$	(21,626	)		$	(977	)		$	(35,129	)
Operating income (loss)			1,286				(23,520	)			(977	)			(37,023	)
Net income (loss)		$	974			$	(17,569	)		$	(740	)		$	(27,656	)

Summary of Accounts Receivable, Net

Accounts receivable, net consisted of the following as of September 30, 2025 and December 31, 2024 (in thousands):

		2025				2024
Billed		$	724,743			$	712,046
Unbilled			503,047				392,236
Total accounts receivable, gross			1,227,790				1,104,282
Allowance for doubtful accounts			(3,886	)			(3,886	)
Total accounts receivable, net		$	1,223,904			$	1,100,396

Summary of Remaining Unsatisfied Performance Obligations Expect to Satisfy

The Company expects to satisfy its RUPO as of September 30, 2025 over the following periods (in thousands):

Period RUPO Will Be Satisfied		Within One Year				Within One to Two Years				Thereafter
Federal Solutions		$	1,812,846			$	451,123			$	159,490
Critical Infrastructure			2,241,022				1,364,224				1,019,598
Total		$	4,053,868			$	1,815,347			$	1,179,088

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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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Tabular disclosure of expected timing for satisfying remaining performance obligation.

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