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Revenue Recognition | 12 Months Ended
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Dec. 31, 2024
Revenue from Contract with Customer [Abstract] |
Revenue Recognition | NOTE 11 – REVENUE RECOGNITION Disaggregation of Revenue The Company disaggregates revenue from clients into categories that depict how the nature, amount, and uncertainty of revenue and cash flows are affected by economic and business factors. Those categories are client market, client type, and contract mix. Client markets provide insight into the breadth of the Company’s expertise. In classifying revenue by client market, the Company attributes revenue from a client to the market that the Company believes is the client’s primary market. The Company also classifies revenue by the type of client for which it does business, which is an indicator of the diversity of its client base. The Company attributes revenue generated as a subcontractor to the market or type of the ultimate client. Disaggregation by contract mix provides insight in terms of the degree of performance risk that the Company has assumed. Fixed-price contracts are considered to provide the highest amount of performance risk as the Company is required to deliver a scope of work or level of effort for a negotiated fixed price. Time-and-materials contracts require the Company to provide skilled employees for negotiated fixed hourly rates. Since the Company is not required to deliver a scope of work, but merely skilled employees, it considers these contracts to be less risky than a fixed-price agreement. Cost-based contracts are considered to provide the lowest amount of performance risk since the Company is generally reimbursed for all contract costs incurred in performance of contract deliverables with only the amount of incentive or award fees (if applicable) dependent on the achievement of negotiated performance requirements. The Company’s revenue by client markets, type, and contract mix are in the following tables. Certain immaterial revenue amounts in the prior years have been reclassified due to minor adjustments and reclassification.
| Year ended December 31, |
| 2024 |  |  | 2023 |  |  | 2022 |
Client Markets: |  |  |  |  |  |  |  |
Energy, environment, infrastructure, and disaster recovery | $ | 929,711 |  |  | $ | 805,942 |  |  | $ | 714,628 |
Health and social programs |  | 764,477 |  |  |  | 814,789 |  |  |  | 704,465 |
Security and other civilian & commercial |  | 325,599 |  |  |  | 342,507 |  |  |  | 360,871 |
Total | $ | 2,019,787 |  |  | $ | 1,963,238 |  |  | $ | 1,779,964 |
| Year ended December 31, |
| 2024 |  |  | 2023 |  |  | 2022 |
Client Type: |  |  |  |  |  |  |  |
U.S. federal government | $ | 1,087,349 |  |  | $ | 1,084,047 |  |  | $ | 980,746 |
U.S. state and local government |  | 316,083 |  |  |  | 309,516 |  |  |  | 259,764 |
International government |  | 110,798 |  |  |  | 103,446 |  |  |  | 103,609 |
Total Government |  | 1,514,230 |  |  |  | 1,497,009 |  |  |  | 1,344,119 |
Commercial |  | 505,557 |  |  |  | 466,229 |  |  |  | 435,845 |
Total | $ | 2,019,787 |  |  | $ | 1,963,238 |  |  | $ | 1,779,964 |
| Year ended December 31, |
| 2024 |  |  | 2023 |  |  | 2022 |
Contract Mix: |  |  |  |  |  |  |  |
Time-and-materials | $ | 855,538 |  |  | $ | 811,911 |  |  | $ | 713,693 |
Fixed-price |  | 932,351 |  |  |  | 886,200 |  |  |  | 802,568 |
Cost-based |  | 231,898 |  |  |  | 265,127 |  |  |  | 263,703 |
Total | $ | 2,019,787 |  |  | $ | 1,963,238 |  |  | $ | 1,779,964 |
Contract Assets and Liabilities: Contract assets consist of unbilled receivables on contracts where revenue recognized exceeds the amount billed. Contract liabilities result from advance payments received on a contract or from billings in excess of revenue recognized on long-term contracts. The following table summarizes the contract balances as of December 31, 2024 and December 31, 2023:
| December 31, 2024 |  |  | December 31, 2023 |  |  | Change |
Contract assets | $ | 188,941 |  |  | $ | 201,832 |  |  | $ | (12,891 | )
Contract liabilities |  | (24,580 | ) |  |  | (21,997 | ) |  |  | (2,583 | )
Net contract assets (liabilities) | $ | 164,361 |  |  | $ | 179,835 |  |  | $ | (15,474 | )
The net contract assets (liabilities) as of December 31, 2024 decreased by $15.5 million as compared to December 31, 2023, primarily due to the timing difference between the performance of services and billings to and payments from customers. There were no material changes to contract balances due to impairments or credit losses during the period. During the years ended December 31, 2024 and 2023, the Company recognized $17.6 million and $17.8 million in revenue related to the contract liabilities balance at December 31, 2023 and 2022, respectively. Unfulfilled Performance Obligations: The Company had $1.3 billion in remaining unfulfilled performance obligations (“UPO”) as of December 31, 2024 which the Company expects to recognize as revenue approximately 61% by December 31, 2025, 73% by December 31, 2026, and the remaining thereafter. Subsequent to December 31, 2024, and through February 25, 2025, pursuant to the recent executive orders issued by the Administration or actions by DOGE, the Company received notices for termination-for-convenience and for stop-work orders. Had these termination-for-convenience occurred prior to December 31, 2024, the total UPO would be reduced by approximately $245 million. It is unknown if the stop-work orders notices will be lifted and the Company will resume work on these programs, or if the stop-work orders will result in a termination-for-convenience.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -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 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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