Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024		March 31, 2023
Fixed-price	$	631,219	$	341,012
Time-and-Materials		350,651		318,315
Cost-plus		553,806		514,139
Total	$	1,535,676	$	1,173,466

Summary of Contract Assets and Contract Liabilities

Contract assets and contract liabilities balances at March 31, 2024 and December 31, 2023 were as follows (in thousands):


	March 31, 2024		December 31, 2023
Contract assets	$	768,007	$	757,515
Contract liabilities		282,962		301,107
Net contract assets (liabilities) (1)	$	485,045	$	456,408

(1)

Total contract retentions included in net contract assets (liabilities) were $71.7 million as of March 31, 2024, of which $31.8 million are not expected to be paid in the next 12 months. Total contract retentions included in net contract assets (liabilities) were $73.8 million as of December 31, 2023. Contract assets at March 31, 2024 and December 31, 2023 include $101.5 million and $109.5 million, respectively, related to net claim recoveries. For the three months ended March 31, 2024 and March 31, 2023, there were no material losses recognized related to the collectability of claims, unapproved change orders, and requests for equitable adjustment.

Summary of Changes in Revenue

evisions 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.

Summary of Accounts Receivable, Net

Accounts receivable, net consisted of the following as of March 31, 2024 and December 31, 2023 (in thousands):


	2024			2023
Billed	$	674,861		$	646,375
Unbilled		352,542			273,215
Total accounts receivable, gross		1,027,403			919,590
Allowance for doubtful accounts		(3,940	)		(3,952	)
Total accounts receivable, net	$	1,023,463		$	915,638

Summary of Remaining Unsatisfied Performance Obligations Expect to Satisfy

The Company expects to satisfy its RUPO as of March 31, 2024 over the following periods (in thousands):


Period RUPO Will Be Satisfied	Within One Year		Within One to Two Years		Thereafter
Federal Solutions	$	1,762,653	$	350,568	$	159,288
Critical Infrastructure		2,010,225		975,277		992,388
Total	$	3,772,878	$	1,325,845	$	1,151,676