XML 29 R22.htm IDEA: XBRL DOCUMENT
v3.24.3

Revenue Receivables and Contract Assets and Liabilities (Tables) | 9 Months Ended
--- | ---
Sep. 27, 2024
Revenue from Contract with Customer [Abstract] |
Summary of Company's Revenue Disaggregated by Contract Types | The following table presents the Company’s revenue disaggregated by contract types:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 27, |  |  | September 29, |  |  | September 27, |  |  | September 29, |
(In thousands) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Fixed-price |  | $ | 153,802 |  |  | $ | 153,178 |  |  | $ | 349,182 |  |  | $ | 440,015 |
Cost reimbursable |  |  | 11,602 |  |  |  | 19,864 |  |  |  | 25,983 |  |  |  | 48,757 |
Equipment and labor revenue |  |  | 631 |  |  |  | 2,406 |  |  |  | 1,519 |  |  |  | 5,972 |
Total revenue |  | $ | 166,035 |  |  | $ | 175,448 |  |  | $ | 376,684 |  |  | $ | 494,744 |
Projects started after the AECOM Sale Transactions ("Shimmick Projects") have focused on water infrastructure and other critical infrastructure. Projects that focus on foundation drilling are referred to as "Foundations Projects". Projects that started prior to consummation of the AECOM Sale Transactions are referred to as "Legacy Projects". The following table presents the Company’s revenue disaggregated by Shimmick Projects, Foundations Projects and Legacy Projects:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 27, |  |  | September 29, |  |  | September 27, |  |  | September 29, |
(In thousands) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Shimmick Projects |  | $ | 101,475 |  |  | $ | 109,884 |  |  | $ | 275,457 |  |  | $ | 301,475 |
Foundations Projects |  |  | 10,837 |  |  |  | 11,523 |  |  |  | 25,931 |  |  |  | 40,615 |
Legacy Projects(1) |  |  | 53,723 |  |  |  | 54,041 |  |  |  | 75,296 |  |  |  | 152,654 |
Total revenue |  | $ | 166,035 |  |  | $ | 175,448 |  |  | $ | 376,684 |  |  | $ | 494,744 |
(1) Legacy Projects revenue for the three and nine months ended September 27, 2024 reflects a $31 million increase to revenue as a result of the GGB Project settlement in which the Company will receive $97 million in cash and a contract change order for reduced scope of work of $6 million. See Note 12 – Subsequent Events for additional details. Legacy Projects revenue for the nine months ended September 27, 2024 also reflects a reduction to revenue of $23 million recorded during the three months ended June 28, 2024 to write off previously recorded contract assets as a result of a settlement of a claim with the United States Army Corps of Engineers.
Summary of Information About Contract Assets and Contract Liabilities | The following table provides information about contract assets (also referred to as costs and estimated earnings in excess of billings on uncompleted contracts and retainage receivable) and contract liabilities (also referred to as billings on uncompleted contracts in excess of costs and estimated earnings and forward loss reserve), which include assets and liabilities that are dependent upon future activity:
|  | September 27, |  |  | December 29, |  |  |  |
|  | 2024 |  |  | 2023 |  |  | Change |
(In thousands) |  |  |  |  |  |  |  |  |
Contract assets, current and non-current: |  |  |  |  |  |  |  |  |
Costs and estimated earnings in excess of billings on uncompleted contracts |  | $ | 127,518 |  |  | $ | 125,943 |  |  | $ | 1,575 |
Retainage receivable |  |  | 49,159 |  |  |  | 48,316 |  |  |  | 843 |
Total contract assets |  |  | 176,677 |  |  |  | 174,259 |  |  |  | 2,418 |
Contract liabilities, current and non-current: |  |  |  |  |  |  |  |  |
Billings on uncompleted contracts in excess of costs and estimated earnings |  |  | (42,998 | ) |  |  | (48,841 | ) |  |  | 5,843 |
Forward loss reserve |  |  | (54,629 | ) |  |  | (70,159 | ) |  |  | 15,530 |
Total contract liabilities |  |  | (97,627 | ) |  |  | (119,000 | ) |  |  | 21,373 |
Net |  | $ | 79,050 |  |  | $ | 55,259 |  |  | $ | 23,791 |
Summary of Unconditional Right to Cash from Clients | The Company’s accounts receivable represents amounts billed to clients that have yet to be collected and represent an unconditional right to cash from its clients as presented below.
|  | September 27, |  |  | December 29, |
|  | 2024 |  |  | 2023 |
(In thousands) |  |  |  |  |  |
Total accounts receivable, gross |  | $ | 54,470 |  |  | $ | 55,202 |
Allowance for credit losses |  |  | (954 | ) |  |  | (1,024 | )
Accounts receivable, net |  | $ | 53,516 |  |  | $ | 54,178 |
Summary of Information About Significant Customers | Information about significant customers
Significant Customers as a Percentage of Accounts Receivable, Net |  |  |
As of September 27, 2024 |  |  |
Customer one |  | 32.8% |
Customer two |  | 18.6% |
As of December 29, 2023 |  |  |
Customer one |  | 32.5% |
Customer two |  | 21.7% |
Significant Customers as a Percentage of Revenue |  |  |
Three Months Ended September 27, 2024 |  |  |
Customer one |  | 22.8% |
Customer two |  | 11.9% |
Customer three |  | 11.8% |
Customer four |  | 10.8% |
Three Months Ended September 29, 2023 |  |  |
Customer one |  | 15.3% |
Customer two |  | 13.9% |
Customer three |  | 13.1% |
Significant Customers as a Percentage of Revenue |  |  |
Nine Months Ended September 27, 2024 |  |  |
Customer one |  | 17.3% |
Customer two |  | 14.6% |
Customer three |  | 12.1% |
Nine Months Ended September 29, 2023 |  |  |
Customer one |  | 15.5% |
Customer two |  | 14.2% |
Customer three |  | 12.5% |

X
- Definition Tabular disclosure of long-term contract or program. + References No definition available. + Details
Name: | us-gaap_CostsInExcessOfBillingsAndBillingsInExcessOfCostsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_DisaggregationOfRevenueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_RevenueFromContractWithCustomerAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the nature of a concentration, a benchmark to which it is compared, and the percentage that the risk is to the benchmark. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-21 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 20 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-20 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 18 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482861/275-10-50-18 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 20 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482861/275-10-50-20 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 16 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482861/275-10-50-16 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482861/275-10-50-21 + Details
Name: | us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration