XML 58 R44.htm IDEA: XBRL DOCUMENT v3.25.0.1
Revenue Recognition (Tables)
12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue

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

 

Schedule of Contract Assets and Liabilities and Changes in Contract Balances

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