Contracts with Customers (Tables)

6 Months Ended

Jun. 30, 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				Six Months Ended
	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Fixed-Price	$	279,408	$	233,231	$	519,982	$	463,173
Time-and-Materials		271,330		253,365		534,645		493,030
Cost-Plus		457,983		392,760		903,163		797,850
Total	$	1,008,721	$	879,356	$	1,957,790	$	1,754,053

Summary of Contract Assets and Contract Liabilities

Contract assets and contract liabilities balances at June 30, 2022 and December 31, 2021 were as follows (in thousands):

	June 30, 2022		December 31, 2021		$ change		% change
Contract assets	$	603,359	$	579,216	$	24,143		4.2	%
Contract liabilities		186,295		171,671		14,624		8.5	%
Net contract assets (liabilities) (1)	$	417,064	$	407,545	$	9,519		2.3	%

(1) Total contract retentions included in net contract assets (liabilities) were $77.6 million as of June 30, 2022, of which $43.8 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 June 30, 2022 and December 31, 2021 include $104.9 million and $98.6 million, respectively, related to unapproved change orders, claims, and requests for equitable adjustment. For the three and six months ended June 30, 2022 and June 30, 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:

	June 30, 2022		December 31, 2021
Acquired contract assets	$	8,217	$	5,979
Acquired contract liabilities		2,080		320

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:   

	Three Months Ended					Six Months Ended
	June 30, 2022		June 30, 2021			June 30, 2022		June 30, 2021
Revenue impact, net	$	-	$	(20,827	)	$	-	$	(20,827	)

Summary of Accounts Receivable, Net

Accounts receivable, net consisted of the following as of June 30, 2022 and December 31, 2021 (in thousands):

	2022			2021
Billed	$	502,704		$	434,776
Unbilled		234,735			167,490
Total accounts receivable, gross		737,439			602,266
Allowance for doubtful accounts		(3,952	)		(3,955	)
Total accounts receivable, net	$	733,487		$	598,311

Summary of Remaining Unsatisfied Performance Obligations Expect to Satisfy

The Company expects to satisfy its RUPO as of June 30, 2022 over the following periods (in thousands):

Period RUPO Will Be Satisfied	Within One Year		Within One to Two Years		Thereafter
Federal Solutions	$	1,565,188	$	673,129	$	232,163
Critical Infrastructure		1,586,015		834,960		894,141
Total	$	3,151,203	$	1,508,089	$	1,126,304