Remaining Unsatisfied Performance Obligations

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Remaining Unsatisfied Performance Obligations

Contract Assets and Liabilities

The following summarizes information about our contract assets and liabilities:

(in millions)	September 30, 2024		December 31, 2023
Information about contract assets:
Contract assets
Unbilled receivables - reimbursable contracts	$	978	$	854
Contract work in progress - lump-sum contracts	85		137
Contract assets	$	1,063	$	991
	9ME September 30,
(in millions)	2024		2023
Information about contract liabilities:
Revenue recognized that was included in contract liabilities as of January 1	$	478	$	566

We periodically evaluate our project forecasts and the amounts recognized with respect to our claims and unapproved change orders. We include estimated amounts for claims and unapproved change orders in project revenue to the extent it is probable we will realize those amounts. As of September 30, 2024 and December 31, 2023, we had recorded $609 million and $531 million, respectively, of revenue associated with claims and unapproved change orders for costs incurred to date. Additional costs, which will increase this balance over time, are expected to be incurred in future periods. As of September 30, 2024 and December 31, 2023, we had $23 million and $24 million of back charges that may be disputed.

Remaining Unsatisfied Performance Obligations

We estimate that our RUPO will be satisfied over the following periods:

(in millions)	September 30, 2024
Within 1 year	$	16,333
1 to 2 years	8,966
Thereafter	3,758
Total RUPO	$	29,057