Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 2022

Revenue From Contract With Customer [Abstract]

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):

	Three Months Ended
	March 31, 2022		March 31, 2021
Fixed-Price	$	240,574	$	229,942
Time-and-Materials	$	263,315		239,665
Cost-Plus	$	445,180		405,090
Total	$	949,069	$	874,697

Summary of Contract Assets and Contract Liabilities

Contract assets and contract liabilities balances at March 31, 2022 and December 31, 2021 were as follows (in thousands):

	March 31, 2022		December 31, 2021
Contract assets	$	600,109	$	579,216
Contract liabilities		172,932		171,671
Net contract assets (liabilities) (1)	$	427,177	$	407,545

(1) Total contract retentions included in net contract assets (liabilities) were $80.5 million as of March 31, 2022, of which $38.2 million are not expected to be paid in the next 12 months. Total contract retentions included in net contract assets (liabilities) were $91.7 million as of December 31, 2021. Contract assets at March 31, 2022 and December 31, 2021 include $102.8 million and $98.6 million, respectively, related to unapproved change orders, claims, and requests for equitable adjustment. For the three months ended March 31, 2022 and March 31, 2021, 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, 2022		December 31, 2021
Acquired contract assets	$	-	$	5,979
Acquired contract liabilities		-		320

Summary of Accounts Receivable, Net

Accounts receivable, net consisted of the following as of March 31, 2022 and December 31, 2021 (in thousands):

	2022			2021
Billed	$	443,818		$	434,776
Unbilled		206,251			167,490
Total accounts receivable, gross		650,069			602,266
Allowance for doubtful accounts		(3,952	)		(3,955	)
Total accounts receivable, net	$	646,117		$	598,311

Summary of Remaining Unsatisfied Performance Obligations Expect to Satisfy

The Company expects to satisfy its RUPO as of March 31, 2022 over the following periods (in thousands):

Period RUPO Will Be Satisfied	Within One Year		Within One to Two Years		Thereafter
Federal Solutions	$	1,291,914	$	748,839	$	295,965
Critical Infrastructure		1,543,717		837,968		824,811
Total	$	2,835,631	$	1,586,807	$	1,120,776