Revenue Recognition

9 Months Ended

Sep. 30, 2020

Revenue from Contract with Customer [Abstract]

Revenue Recognition

REVENUE RECOGNITION

Disaggregated Revenues

Revenues by geographical area and customer type were as follows:

	Three Months Ended September 30, 2020								Three Months Ended September 30, 2019
	Nuclear Operations Group		Nuclear Power Group		Nuclear Services Group		Total		Nuclear Operations Group		Nuclear Power Group		Nuclear Services Group		Total
	(In thousands)
United States:
Government	$	362,149	$	—	$	30,678	$	392,827	$	376,243	$	—	$	28,767	$	405,010
Non-Government	22,577		9,479		2,095		34,151		16,407		10,130		3,781		30,318
	$	384,726	$	9,479	$	32,773	$	426,978	$	392,650	$	10,130	$	32,548	$	435,328
Canada:
Non-Government	$	—	$	89,358	$	934	$	90,292	$	—	$	69,138	$	689	$	69,827
Other:
Non-Government	$	1,776	$	9,267	$	—	$	11,043	$	1,834	$	5,108	$	—	$	6,942
Segment Revenues	$	386,502	$	108,104	$	33,707	528,313		$	394,484	$	84,376	$	33,237	512,097
Eliminations							(8,435)								(6,097)
Revenues							$	519,878							$	506,000

	Nine Months Ended September 30, 2020								Nine Months Ended September 30, 2019
	Nuclear Operations Group		Nuclear Power Group		Nuclear Services Group		Total		Nuclear Operations Group		Nuclear Power Group		Nuclear Services Group		Total
	(In thousands)
United States:
Government	$	1,133,275	$	—	$	83,760	$	1,217,035	$	1,016,594	$	—	$	82,041	$	1,098,635
Non-Government	81,502		26,076		17,035		124,613		36,357		28,265		8,922		73,544
	$	1,214,777	$	26,076	$	100,795	$	1,341,648	$	1,052,951	$	28,265	$	90,963	$	1,172,179
Canada:
Non-Government	$	—	$	221,265	$	3,005	$	224,270	$	—	$	203,909	$	1,197	$	205,106
Other:
Non-Government	$	5,752	$	16,663	$	—	$	22,415	$	4,686	$	23,240	$	—	$	27,926
Segment Revenues	$	1,220,529	$	264,004	$	103,800	1,588,333		$	1,057,637	$	255,414	$	92,160	1,405,211
Eliminations							(21,727)								(11,526)
Revenues							$	1,566,606							$	1,393,685

Revenues by timing of transfer of goods or services were as follows:

	Three Months Ended September 30, 2020								Three Months Ended September 30, 2019
	Nuclear Operations Group		Nuclear Power Group		Nuclear Services Group		Total		Nuclear Operations Group		Nuclear Power Group		Nuclear Services Group		Total
	(In thousands)
Over time	$	386,443	$	90,975	$	33,707	$	511,125	$	394,407	$	74,582	$	33,237	$	502,226
Point-in-time	59		17,129		—		17,188		77		9,794		—		9,871
Segment Revenues	$	386,502	$	108,104	$	33,707	528,313		$	394,484	$	84,376	$	33,237	512,097
Eliminations							(8,435)								(6,097)
Revenues							$	519,878							$	506,000

	Nine Months Ended September 30, 2020								Nine Months Ended September 30, 2019
	Nuclear Operations Group		Nuclear Power Group		Nuclear Services Group		Total		Nuclear Operations Group		Nuclear Power Group		Nuclear Services Group		Total
	(In thousands)
Over time	$	1,220,386	$	229,750	$	103,800	$	1,553,936	$	1,057,434	$	218,036	$	92,160	$	1,367,630
Point-in-time	143		34,254		—		34,397		203		37,378		—		37,581
Segment Revenues	$	1,220,529	$	264,004	$	103,800	1,588,333		$	1,057,637	$	255,414	$	92,160	1,405,211
Eliminations							(21,727)								(11,526)
Revenues							$	1,566,606							$	1,393,685

Revenues by contract type were as follows:

	Three Months Ended September 30, 2020								Three Months Ended September 30, 2019
	Nuclear Operations Group		Nuclear Power Group		Nuclear Services Group		Total		Nuclear Operations Group		Nuclear Power Group		Nuclear Services Group		Total
	(In thousands)
Fixed-Price Incentive Fee	$	309,621	$	302	$	—	$	309,923	$	302,181	$	497	$	—	$	302,678
Firm-Fixed-Price	46,864		79,748		5,747		132,359		72,820		64,758		5,806		143,384
Cost-Plus Fee	29,714		—		25,525		55,239		19,483		591		26,830		46,904
Time-and-Materials	303		28,054		2,435		30,792		—		18,530		601		19,131
Segment Revenues	$	386,502	$	108,104	$	33,707	528,313		$	394,484	$	84,376	$	33,237	512,097
Eliminations							(8,435)								(6,097)
Revenues							$	519,878							$	506,000

	Nine Months Ended September 30, 2020								Nine Months Ended September 30, 2019
	Nuclear Operations Group		Nuclear Power Group		Nuclear Services Group		Total		Nuclear Operations Group		Nuclear Power Group		Nuclear Services Group		Total
	(In thousands)
Fixed-Price Incentive Fee	$	911,175	$	1,188	$	—	$	912,363	$	846,823	$	2,078	$	—	$	848,901
Firm-Fixed-Price	224,394		212,450		24,295		461,139		148,860		203,961		15,878		368,699
Cost-Plus Fee	84,537		—		72,036		156,573		61,622		599		75,145		137,366
Time-and-Materials	423		50,366		7,469		58,258		332		48,776		1,137		50,245
Segment Revenues	$	1,220,529	$	264,004	$	103,800	1,588,333		$	1,057,637	$	255,414	$	92,160	1,405,211
Eliminations							(21,727)								(11,526)
Revenues							$	1,566,606							$	1,393,685

Performance Obligations

As we progress on our contracts and the underlying performance obligations for which we recognize revenue over time, we refine our estimates of variable consideration and total estimated costs at completion, which impact the overall profitability on our contracts and performance obligations. Changes in these estimates result in the recognition of cumulative catch-up adjustments that impact our revenues and/or costs of contracts. During the three months ended September 30, 2020 and 2019, we recognized net favorable changes in estimates that resulted in increases in revenues of $7.8 million and $26.5 million, respectively. During the nine months ended September 30, 2020 and 2019, we recognized net favorable changes in estimates that resulted in increases in revenues of $28.8 million and $47.9 million, respectively.

Contract Assets and Liabilities

We include revenues and related costs incurred, plus accumulated contract costs that exceed amounts invoiced to customers under the terms of the contracts, in Contracts in progress. We include in Advance billings on contracts billings that exceed accumulated contract costs and revenues recognized over time. Amounts that are withheld on our fixed-price incentive fee contracts are classified within Retainages. Certain of these amounts require conditions other than the passage of time to be achieved, with the remaining amounts only requiring the passage of time. Most long-term contracts contain provisions for progress payments. Our unbilled receivables do not contain an allowance for credit losses as we expect to invoice customers and collect all amounts for unbilled revenues. Changes in Contracts in progress and Advance billings on contracts are primarily driven by differences in the timing of revenue recognition and billings to our customers. During the nine months ended September 30, 2020, our unbilled receivables increased $52.8 million primarily as a result of the timing of milestone billings on certain firm-fixed-price contracts within our Nuclear Power Group segment, partially offset by decreases in unbilled receivables within our Nuclear Operations Group segment. During the nine months ended September 30, 2020, our Advance billings on contracts decreased $8.4 million primarily as a result of revenue recognized in excess of billings. Our fixed-price incentive fee contracts for our Nuclear Operations Group segment include provisions that result in an increase in retainages on contracts during the first and third quarters of the year, with larger payments received during the second and fourth quarters. Retainages also vary as a result of timing differences between incurring costs and achieving milestones that allow us to recover these amounts.

	September 30,		December 31,
	2020		2019
	(In thousands)
Included in Contracts in progress:
Unbilled receivables	$	418,652	$	365,861
Retainages	$	72,130	$	46,670
Included in Other Assets:
Retainages	$	1,447	$	1,412
Advance billings on contracts	$	67,066	$	75,425

During the three months ended September 30, 2020 and 2019, we recognized $5.7 million and $7.0 million of revenues that were in Advance billings on contracts at December 31, 2019 and 2018, respectively. During the nine months ended September 30, 2020 and 2019, we recognized $48.1 million and $57.5 million of revenues that were in Advance billings on contracts at December 31, 2019 and 2018, respectively.

Remaining Performance Obligations

Remaining performance obligations represent the dollar amount of revenue we expect to recognize in the future from performance obligations on contracts previously awarded and in progress. Of the remaining performance obligations on our contracts with customers at September 30, 2020, we expect to recognize revenues as follows:

	2020		2021		Thereafter		Total
	(In approximate millions)
Nuclear Operations Group	$	410	$	1,095	$	2,105	$	3,610
Nuclear Power Group	91		277		358		726
Nuclear Services Group	16		7		6		29
Total Remaining Performance Obligations	$	517	$	1,379	$	2,469	$	4,365