Contracts with Customers (Tables)

12 Months Ended

Dec. 31, 2024

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, 2024		December 31, 2023		December 31, 2022
Fixed-price	$	2,844,719	$	1,810,499	$	1,138,482
Time-and-Materials		1,419,168		1,352,871		1,166,548
Cost-plus		2,486,689		2,279,379		1,890,242
Total	$	6,750,576	$	5,442,749	$	4,195,272

Summary of Contract Assets and Contract Liabilities

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

	December 31, 2024		December 31, 2023		$ change			% change
Contract assets	$	741,504	$	757,515	$	(16,011	)		-2.1	%
Contract liabilities		289,799		301,107		(11,308	)		-3.8	%
Net contract assets (liabilities) (1)	$	451,705	$	456,408	$	(4,703	)		-1.0	%

(1) Total contract retentions included in net contract assets (liabilities) were $89.8 million as of December 31, 2024, of which $35.9 million are not expected to be paid in 2025. Total contract retentions included in net contract assets (liabilities) were $73.8 million as of December 31, 2023. Contract assets at December 31, 2024 and December 31, 2023 include approximately $70.7 million and $109.5 million, respectively, related to net claim recovery estimates. For the year ended December 31, 2024 there was a $21.6 million loss recognized related to the collectability of claims. For the year ended December 31, 2023, there were no material losses recognized related to the collectability of claims.

Summary of Changes in Contract Assets and Contract Liabilities

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

	December 31, 2024		December 31, 2023
Acquired contract assets	$	19,858	$	2,715
Acquired contract liabilities		4,446		3,155

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.

	2024			2023		2022
Revenue impact, net	$	(55,952	)	$	5,428	$	-

Summary of Finanial Statement Impact from Revisions in Estimates

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

	December 31, 2024			December 31, 2023		December 31, 2022
Operating income (loss)	$	(62,298	)	$	35,297	$	—
Net income (loss)		(47,651	)		26,261		—
Diluted earnings (loss) per share	$	(0.42	)	$	0.23	$	-

The amounts for 2024, in the table above, include the impact from a contract in the Critical Infrastructure segment related to a change in estimate increasing direct costs of contracts by $6.3 million.

The amounts for 2023, in the table above, include the impact from contracts in the Critical Infrastructure segment related to a change in estimate increasing direct costs of contracts by $8.0 million related to net write-downs and a decrease in direct costs of contracts of $37.9 million related to a legal matter.

These impacts do not include the operating income impacts disclosed below in "Note 16— Investments in and Advances to Joint Ventures.

Summary of Accounts Receivable, Net

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

	2024			2023
Billed	$	712,046		$	646,375
Unbilled		392,236			273,215
Total accounts receivable, gross		1,104,282			919,590
Allowance for doubtful accounts		(3,886	)		(3,952	)
Total accounts receivable, net	$	1,100,396		$	915,638

Summary of Remaining Unsatisfied Performance Obligations Expect to Satisfy

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

Period RUPO Will Be Satisfied	Within One Year		Within One to Two Years		Thereafter
Federal Solutions	$	1,815,751	$	439,216	$	142,994
Critical Infrastructure		2,062,055		1,099,765		1,174,217
Total	$	3,877,806	$	1,538,981	$	1,317,211