Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

The Company’s contracts contain both fixed-price and cost reimbursable components. Contract types are based on the component that represents the majority of the contract. The following table presents revenue disaggregated by contract type (in thousands):


	Three Months Ended
	March 31, 2023		March 31, 2022
Fixed-Price	$	341,012	$	240,574
Time-and-Materials		318,315		263,315
Cost-Plus		514,139		445,180
Total	$	1,173,466	$	949,069

Summary of Contract Assets and Contract Liabilities

Contract assets and contract liabilities balances at March 31, 2023 and December 31, 2022 were as follows (in thousands):


	March 31, 2023		December 31, 2022
Contract assets	$	683,631	$	634,033
Contract liabilities		229,225		213,064
Net contract assets (liabilities) (1)	$	454,406	$	420,969

(1)

Total contract retentions included in net contract assets (liabilities) were $74.1 million as of March 31, 2023, of which $31.6 million are not expected to be paid in the next 12 months. Total contract retentions included in net contract assets (liabilities) were $73.5 million as of December 31, 2022. Contract assets at March 31, 2023 and December 31, 2022 include $130.2 million and $127.9 million, respectively, related to unapproved change orders, claims, and requests for equitable adjustment. For the three months ended March 31, 2023 and March 31, 2022, there were no material losses recognized related to the collectability of claims, unapproved change orders, and requests for equitable adjustment.

Summary of Changes in Contract Assets and Contract Liabilities

Certain changes in contract assets and contract liabilities consisted of the following:


	March 31, 2023		December 31, 2022
Acquired contract assets	$	-	$	25,397
Acquired contract liabilities		-		2,080

Summary of Accounts Receivable, Net

Accounts receivable, net consisted of the following as of March 31, 2023 and December 31, 2022 (in thousands):


	2023			2022
Billed	$	502,600		$	502,411
Unbilled		265,131			218,945
Total accounts receivable, gross		767,731			721,356
Allowance for doubtful accounts		(4,011	)		(4,011	)
Total accounts receivable, net	$	763,720		$	717,345

Summary of Remaining Unsatisfied Performance Obligations Expect to Satisfy

The Company expects to satisfy its RUPO as of March 31, 2023 over the following periods (in thousands):


Period RUPO Will Be Satisfied	Within One Year		Within One to Two Years		Thereafter
Federal Solutions	$	1,556,366	$	426,312	$	354,968
Critical Infrastructure		1,815,189		881,384		1,029,688
Total	$	3,371,555	$	1,307,696	$	1,384,656