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Revenue Recognition (Tables)
3 Months Ended
Mar. 31, 2021
Revenue From Contract With Customer [Abstract]  
Disaggregation of Revenue

Disaggregation of Revenue

Changes in the three months ended March 31, 2021 compared to the prior year period were primarily from an increase of revenue in the energy, environment, and infrastructure client market and the health, education, and social programs client market as a result of  U.S. government clients and international government clients, partially offset by decreases in revenue from the consumer and financial markets primarily as a result of commercial clients.

 

 

Three Months Ended March 31,

 

 

 

2021

 

 

2020

 

 

 

Dollars

 

 

Percent

 

 

Dollars

 

 

Percent

 

Client Markets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Energy, environment, and infrastructure

 

$

164,492

 

 

 

43

%

 

$

148,961

 

 

 

42

%

Health, education, and social programs

 

 

157,765

 

 

 

42

%

 

 

151,352

 

 

 

42

%

Safety and security

 

 

31,198

 

 

 

8

%

 

 

30,301

 

 

 

8

%

Consumer and financial services

 

 

25,023

 

 

 

7

%

 

 

27,624

 

 

 

8

%

Total

 

$

378,478

 

 

 

100

%

 

$

358,238

 

 

 

100

%

 

 

 

Three Months Ended March 31,

 

 

 

2021

 

 

2020

 

 

 

Dollars

 

 

Percent

 

 

Dollars

 

 

Percent

 

Client Type:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. federal government

 

$

175,913

 

 

 

46

%

 

$

155,604

 

 

 

43

%

U.S. state and local government

 

 

57,152

 

 

 

15

%

 

 

60,893

 

 

 

17

%

International government

 

 

37,061

 

 

 

10

%

 

 

22,801

 

 

 

7

%

Total Government

 

 

270,126

 

 

 

71

%

 

 

239,298

 

 

 

67

%

Commercial

 

 

108,352

 

 

 

29

%

 

 

118,940

 

 

 

33

%

Total

 

$

378,478

 

 

 

100

%

 

$

358,238

 

 

 

100

%

 

 

 

Three Months Ended March 31,

 

 

 

2021

 

 

2020

 

 

 

Dollars

 

 

Percent

 

 

Dollars

 

 

Percent

 

Contract Mix:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time-and-materials

 

$

160,009

 

 

 

42

%

 

$

168,070

 

 

 

47

%

Fixed price

 

 

147,296

 

 

 

39

%

 

 

133,204

 

 

 

37

%

Cost-based

 

 

71,173

 

 

 

19

%

 

 

56,964

 

 

 

16

%

Total

 

$

378,478

 

 

 

100

%

 

$

358,238

 

 

 

100

%

Schedule of Contract Balances and Changes in Contract Balances

Contract Balances:

Contract assets consist primarily of unbilled amounts resulting from long-term contracts when revenue recognized exceeds the amount billed often due to billing schedule timing. Contract liabilities result from advance payments received on a contract or from billings in excess of revenue recognized on long-term contracts due to billing schedule timing. The net contract assets (liabilities) as of March 31, 2021 increased by $19.2 million as compared to December 31, 2020. The increase in net contract assets (liabilities) is primarily due to an increase in work in the energy, environmental, and infrastructure client market and health, education, and social programs client market, offset by decreases in work in the consumer and financial market. There were no material changes to contract balances due to impairments during the period. During the three months ended March 31, 2021 and 2020, the Company recognized $15.1 million and $17.3 million in revenue related to the contract liabilities balance at December 31, 2020 and 2019, respectively.

 

 

March 31, 2021

 

 

December 31, 2020

 

 

$ Change

 

 

% Change

 

Contract assets

 

$

164,155

 

 

$

143,369

 

 

$

20,786

 

 

 

14.5

%

Contract liabilities

 

 

(43,589

)

 

 

(42,050

)

 

 

(1,539

)

 

 

3.7

%

Net contract assets (liabilities)

 

$

120,566

 

 

$

101,319

 

 

$

19,247

 

 

 

19.0

%