Contracts with Customers (Tables)

12 Months Ended

Dec. 31, 2023

Disaggregation of Revenue [Line Items]

Summary of Disaggregation of Revenue

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):

	December 31, 2023		December 31, 2022		December 31, 2021
Fixed-price	$	1,810,499	$	1,138,482	$	964,927
Time-and-Materials		1,352,871		1,166,548		1,021,568
Cost-plus		2,279,379		1,890,242		1,674,276
Total	$	5,442,749	$	4,195,272	$	3,660,771

Summary of Contract Assets and Contract Liabilities

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

	December 31, 2023		December 31, 2022		$ change		% change
Contract assets	$	757,515	$	634,033	$	123,482		19.5	%
Contract liabilities		301,107		213,064		88,043		41.3	%
Net contract assets (liabilities) (1)	$	456,408	$	420,969	$	35,439		8.4	%

(1) Total contract retentions included in net contract assets (liabilities) were $73.8 million as of December 31, 2023, of which $32.1 million are not expected to be paid in 2024. Total contract retentions included in net contract assets (liabilities) were $73.5 million as of December 31, 2022. Contract assets at December 31, 2023 and December 31, 2022 include approximately $109.5 million and $127.9 million, respectively, related to net claim recovery estimates. For the years ended December 31, 2023 and December 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:

	December 31, 2023		December 31, 2022
Acquired contract assets	$	2,715	$	25,397
Acquired contract liabilities		3,155		2,080

Summary of Changes in Revenue

Revisions in estimates, such as changes in estimated claims or incentives, related to performance obligations partially satisfied in previous periods that individually had an impact of $5 million or more on revenue resulted in the following changes in revenue.

	2023		2022		2021
Revenue impact, net	$	5,428	$	-	$	(30,828	)

Summary Of Finanial Statement Impact From Revisions In Estimates

Certain financial statement impacts from revisions in estimates were as follows (in thousands):

	December 31, 2023		December 31, 2022		December 31, 2021
Operating income (loss)	$	35,297	$	—	$	(30,828	)
Net income (loss)		26,261		—		(22,936	)
Diluted earnings (loss) per share	$	0.23	$	—	$	(0.20	)

Summary of Accounts Receivable, Net

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

	2023			2022
Billed	$	646,375		$	502,411
Unbilled		273,215			218,945
Total accounts receivable, gross		919,590			721,356
Allowance for doubtful accounts		(3,952	)		(4,011	)
Total accounts receivable, net	$	915,638		$	717,345

Summary of Remaining Unsatisfied Performance Obligations Expect to Satisfy

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

Period RUPO Will Be Satisfied	Within One Year		Within One to Two Years		Thereafter
Federal Solutions	$	1,762,399	$	377,117	$	215,435
Critical Infrastructure		2,053,887		1,131,669		837,677
Total	$	3,816,286	$	1,508,786	$	1,053,112