0001564590-23-002040 | 10-K | XBRL Viewer

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Document and Entity Information - USD ($) $ in Billions	12 Months Ended
Document and Entity Information - USD ($) $ in Billions	Dec. 31, 2022	Feb. 06, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Registrant Name	PARSONS CORPORATION
Entity Central Index Key	0000275880
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		104,709,490
Entity Public Float			$ 4.2
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity File Number	001-07782
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	95-3232481
Entity Address, Address Line One	5875 Trinity Parkway, #300
Entity Address, City or Town	Centreville
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	21120
City Area Code	703
Local Phone Number	988-8500
Document Annual Report	true
Document Transition Report	false
ICFR Auditor Attestation Flag	true
Title of each class	Common Stock, $1 par value
Trading Symbol(s)	PSN
Name of each exchange on which registered	NYSE
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Los Angeles, California
Auditor Firm ID	238
Documents Incorporated by Reference	Portions of Parsons’ 2023 Proxy Statement are incorporated by reference into Part III of this Annual Report on Form 10-K.

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents (including $53,193 and $78,514 Cash of consolidated joint ventures)	$ 262,539	$ 342,608
Restricted cash and investments		1,275
Accounts receivable, net (including $217,419 and $140,266 Accounts receivable of consolidated joint ventures, net)	717,345	598,311
Contract assets (including $11,313 and $8,779 Contract assets of consolidated joint ventures)	634,033	579,216
Prepaid expenses and other current assets (including $7,913 and $18,783 Prepaid expenses and other current assets of consolidated joint ventures)	105,866	110,941
Total current assets	1,719,783	1,632,351
Property and equipment, net (including $2,543 and $1,721 Property and equipment of consolidated joint ventures, net)	96,050	104,196
Right of use assets, operating leases	155,090	182,672
Goodwill	1,661,850	1,412,690
Investments in and advances to unconsolidated joint ventures	107,425	110,688
Intangible assets, net	254,127	207,821
Deferred tax assets	137,709	134,393
Other noncurrent assets	66,108	46,129
Total assets	4,198,142	3,830,940
Current liabilities:
Accounts payable (including $49,078 and $78,558 Accounts payable of consolidated joint ventures)	201,428	196,286
Accrued expenses and other current liabilities (including $102,417 and $82,746 Accrued expenses and other current liabilities of consolidated joint ventures)	630,193	599,089
Contract liabilities (including $40,654 and $14,333 Contract liabilities of consolidated joint ventures)	213,064	171,671
Short-term lease liabilities, operating leases	59,144	55,902
Income taxes payable	4,290	7,836
Total current liabilities	1,108,119	1,030,784
Long-term employee incentives	17,375	15,997
Long-term debt	743,605	591,922
Long-term lease liabilities, operating leases	111,417	148,893
Deferred tax liabilities	12,471	11,400
Other long-term liabilities	109,220	94,832
Total liabilities	2,102,207	1,893,828
Contingencies (Note 14)
Shareholders' equity:
Common stock, $1 par value; authorized 1,000,000,000 shares; 146,132,016 and 146,276,880 shares issued; 40,960,845 and 33,331,494 public shares outstanding; 63,742,151 and 70,328,237 ESOP shares outstanding	146,132	146,277
Treasury stock, 41,429,020 shares at cost	(844,936)	(867,391)
Additional paid-in capital	2,717,134	2,684,979
Retained earnings (accumulated deficit)	43,089	(53,529)
Accumulated other comprehensive loss	(17,849)	(9,568)
Total Parsons Corporation shareholders' equity	2,043,570	1,900,768
Noncontrolling interests	52,365	36,344
Total shareholders' equity	2,095,935	1,937,112
Total liabilities and shareholders' equity	$ 4,198,142	$ 3,830,940

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Cash and cash equivalents	$ 262,539	$ 342,608
Accounts receivable, net	717,345	598,311
Contract assets	634,033	579,216
Prepaid expenses and other current assets	105,866	110,941
Property and equipment, net	96,050	104,196
Accounts payable	201,428	196,286
Accrued expenses and other current liabilities	630,193	599,089
Contract liabilities	$ 213,064	$ 171,671
Common stock, par value	$ 1	$ 1
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares, issued	146,132,016	146,276,880
Common stock, shares, outstanding	40,960,845	33,331,494
Treasury stock, shares	41,429,020	41,429,020
ESOP
Common stock, shares, outstanding	63,742,151	70,328,237
Consolidated Joint Ventures
Cash and cash equivalents	$ 53,193	$ 78,514
Accounts receivable, net	217,419	140,266
Contract assets	11,313	8,779
Prepaid expenses and other current assets	7,913	18,783
Property and equipment, net	2,543	1,721
Accounts payable	49,078	78,558
Accrued expenses and other current liabilities	102,417	82,746
Contract liabilities	$ 40,654	$ 14,333

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Revenue	$ 4,195,272	$ 3,660,771	$ 3,918,946
Direct cost of contracts	3,248,550	2,807,950	3,042,087
Equity in earnings of unconsolidated joint ventures	16,347	36,862	30,059
Selling, general and administrative expenses	777,403	757,237	729,103
Operating income	185,666	132,446	177,815
Interest income	966	396	787
Interest expense	(23,185)	(17,697)	(20,956)
Other income (expense), net	2,775	(2,557)	3,767
Total other (expense) income	(19,444)	(19,858)	(16,402)
Income before income tax expense	166,222	112,588	161,413
Income tax expense	(39,657)	(23,636)	(42,492)
Net income including noncontrolling interests	126,565	88,952	118,921
Net income attributable to noncontrolling interests	(29,901)	(24,880)	(20,380)
Net income attributable to Parsons Corporation	$ 96,664	$ 64,072	$ 98,541
Earnings per share:
Basic earnings per share	$ 0.93	$ 0.62	$ 0.98
Diluted earnings per share	$ 0.87	$ 0.59	$ 0.97

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net income including noncontrolling interests	$ 126,565	$ 88,952	$ 118,921
Other comprehensive income (loss), net of tax
Foreign currency translation adjustment, net of tax	(7,752)	3,834	484
Pension adjustments, net of tax	(547)	460	(88)
Comprehensive income including noncontrolling interests, net of tax	118,266	93,246	119,317
Comprehensive income attributable to noncontrolling interests, net of tax	(29,883)	(24,877)	(20,380)
Comprehensive income attributable to Parsons Corporation, net of tax	$ 88,383	$ 68,369	$ 98,937

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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Consolidated Statements of Changes in Shareholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Revision of Prior Period, Accounting Standards Update, Adjustment	Common Stock	Treasury Stock	Additional Paid-in Capital	Additional Paid-in Capital Revision of Prior Period, Accounting Standards Update, Adjustment	Retained Earnings (Accumulated Deficit)	Retained Earnings (Accumulated Deficit) Revision of Prior Period, Accounting Standards Update, Adjustment	Accumulated Other Comprehensive (Loss) Income	Total Parsons Equity (Deficit)	Total Parsons Equity (Deficit) Revision of Prior Period, Accounting Standards Update, Adjustment	Noncontrolling Interests
Beginning balance at Dec. 31, 2019	$ 1,660,756		$ 146,441	$ (934,240)	$ 2,649,975		$ (218,025)		$ (14,261)	$ 1,629,890		$ 30,866
Beginning balance (ASC 2016-13) at Dec. 31, 2019		$ (1,000)						$ (1,000)			$ (1,000)
Comprehensive income
Net income	118,921						98,541			98,541		20,380
Foreign currency translation gain (loss), net	484								484	484
Pension adjustments	(88)								(88)	(88)
Contributions of treasury stock to ESOP	54,922			34,912	20,010					54,922
Contributions	2,215											2,215
Distributions	(5,816)											(5,816)
Issuance of equity securities, net of retirements/ IPO proceeds, net	3,040		168		2,957		(85)			3,040
Equity component value of convertible note issuance	53,552				53,552					53,552
Purchase of convertible note hedge	(54,611)				(54,611)					(54,611)
Sale of common stock warrants	13,808				13,808					13,808
Stock-based compensation	15,234				15,234					15,234
Ending Balance at Dec. 31, 2020	1,861,417		146,609	(899,328)	2,700,925		(120,569)		(13,865)	1,813,772		47,645
Ending Balance (ASC 2020-06) at Dec. 31, 2020		$ (37,220)				$ (40,002)		$ 2,782			$ (37,220)
Comprehensive income
Net income	88,952						64,072			64,072		24,880
Foreign currency translation gain (loss), net	3,834								3,837	3,837		(3)
Pension adjustments	460								460	460
Contributions of treasury stock to ESOP	54,001			31,937	22,064					54,001
Contributions	1,754											1,754
Distributions	(37,932)											(37,932)
Issuance of equity securities, net of retirements/ IPO proceeds, net	3,360		287		2,887		186			3,360
Repurchases of common stock	(21,701)		(619)		(21,082)					(21,701)
Stock-based compensation	20,187				20,187					20,187
Ending Balance at Dec. 31, 2021	1,937,112		146,277	(867,391)	2,684,979		(53,529)		(9,568)	1,900,768		36,344
Comprehensive income
Net income	126,565						96,664			96,664		29,901
Foreign currency translation gain (loss), net	(7,752)								(7,734)	(7,734)		(18)
Pension adjustments	(547)								(547)	(547)
Contributions of treasury stock to ESOP	53,801			22,455	31,346					53,801
Contributions	10,266											10,266
Distributions	(24,128)											(24,128)
Issuance of equity securities, net of retirements/ IPO proceeds, net	(390)		429		(773)		(46)			(390)
Repurchases of common stock	(22,000)		(574)		(21,426)					(22,000)
Stock-based compensation	23,008				23,008					23,008
Ending Balance at Dec. 31, 2022	$ 2,095,935		$ 146,132	$ (844,936)	$ 2,717,134		$ 43,089		$ (17,849)	$ 2,043,570		$ 52,365

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities
Net income including noncontrolling interests	$ 126,565	$ 88,952	$ 118,921
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	120,501	144,209	127,980
Amortization of debt issue costs	3,029	2,817	1,356
Amortization of convertible notes discount	0	0	3,831
(Gain) loss on disposal of property and equipment	(164)	338	116
Provision for doubtful accounts	57	8	(1,503)
Deferred taxes	(844)	(3,468)	1,271
Foreign currency transaction gains and losses	1,973	4,916	(493)
Equity in earnings of unconsolidated joint ventures	(16,347)	(36,862)	(30,059)
Return on investments in unconsolidated joint ventures	28,417	24,494	41,457
Stock-based compensation	23,008	20,187	15,234
Contributions of treasury stock	54,659	54,905	55,327
Changes in assets and liabilities, net of acquisitions and newly consolidated joint ventures
Accounts receivable	(117,318)	99,894	(8,623)
Contract assets	(32,032)	1,494	9,243
Prepaid expenses and other assets	(1,405)	(18,798)	11,494
Accounts payable	(717)	(31,766)	1,494
Accrued expenses and other current liabilities	3,879	(74,683)	3,405
Contract liabilities	41,306	(30,407)	(29,674)
Income taxes	(3,649)	2,878	(3,080)
Other long-term liabilities	6,608	(43,534)	(28,536)
Net cash provided by operating activities	237,526	205,574	289,161
Cash flows from investing activities
Capital expenditures	(30,593)	(21,105)	(34,036)
Proceeds from sale of property and equipment	771	1,329	1,546
Payments for acquisitions, net of cash acquired	(379,467)	(198,256)	(302,894)
Investments in unconsolidated joint ventures	(17,622)	(38,459)	(11,038)
Return of investments in unconsolidated joint ventures	9,443	772	53
Proceeds from sales of investments in unconsolidated joint ventures	0	14,812	0
Net cash used in investing activities	(417,468)	(240,907)	(346,369)
Cash flows from financing activities
Proceeds from borrowings	916,000	0	212,900
Proceeds from delayed draw term loan	350,000	0	0
Repayments of borrowings	(916,000)	(50,000)	(212,900)
Repayment of private placement debt	(200,000)	0	0
Payments for debt costs and credit agreement	(862)	(1,937)	0
Proceeds from issuance of convertible notes	0	0	400,000
Payments for acquired warrants	(11,243)	0	0
Payments for purchase of bond hedges	0	0	(54,968)
Proceeds from issuance of warrants	0	0	13,808
Transaction costs paid in connection with convertible notes issuance	0	0	(10,250)
Contributions by noncontrolling interests	10,266	1,754	2,215
Distributions to noncontrolling interests	(24,128)	(37,932)	(5,816)
Repurchases of common stock	(22,000)	(21,701)	0
Taxes paid on vested stock	(7,042)	(2,242)	(1,149)
Proceeds from issuance of common stock	5,377	5,555	4,386
Net cash provided by (used in) financing activities	100,368	(106,503)	348,226
Effect of exchange rate changes	(1,770)	(1,496)	823
Net increase (decrease) in cash, cash equivalents and restricted cash	(81,344)	(143,332)	291,841
Cash, cash equivalents and restricted cash
Beginning of year	343,883	487,215	195,374
End of year	262,539	343,883	487,215
Cash paid during the year for
Interest	20,819	14,993	14,207
Income taxes (net of refunds)	$ 32,175	$ 22,461	$ 55,354

Description of Operations

12 Months Ended

Dec. 31, 2022

Description Of Operations Disclosure [Abstract]

Description of Operations

1.	Description of Operations

Organization

Parsons Corporation, a Delaware corporation, and its subsidiaries (collectively, the “Company”) provide sophisticated design, engineering and technical services, and smart and agile software to the United States federal government and Critical Infrastructure customers worldwide. The Company performs work in various foreign countries through local subsidiaries, joint ventures and foreign offices maintained to carry out specific projects.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Summary of Significant Accounting Policies

2.	Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of Parsons Corporation and its subsidiaries and affiliates which it controls. Interests in joint ventures that are controlled by the Company, or for which the Company is otherwise deemed to be the primary beneficiary, are consolidated. For joint ventures in which the Company does not have a controlling interest, but exerts significant influence, the Company applies the equity method of accounting. Intercompany accounts and transactions are eliminated in consolidation.

Use of Estimates

The preparation of the consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from those estimates. The Company’s most significant estimates and judgments involve revenue recognition with respect to the determination of the costs to complete contracts and transaction price; determination of self-insurance reserves; useful lives of property and equipment and intangible assets; valuation of deferred income tax assets and uncertain tax positions, among others.

ESOP

The Company maintains a non-leveraged ESOP for eligible employees, for which the Company contributes shares of its own stock to the ESOP trust each year. Throughout the year, as employee services are rendered, the Company records compensation expense based on salaries of eligible employees. At each reporting period, the shares held within the ESOP or committed to be contributed to the ESOP are adjusted to their redemption value through an offsetting charge or credit to retained earnings/accumulated deficit.

Treasury Stock

The Company records treasury stock purchases under the cost method whereby the entire cost of the acquired stock is recorded as treasury stock. The Company records the reissuance of treasury stock using the first-in, first-out method of accounting. Contributions of 1,188,129 shares, 1,631,477 shares, and 1,522,381 shares of common stock were made to the ESOP in 2022, 2021 and 2020, respectively.

Share Repurchases

During the third quarter of 2021, the Company’s Board of Directors authorized the Company to acquire a number of shares of Common Stock having an aggregate market value of not greater than $100,000,000 from time to time. Repurchased shares of common stock are retired and included in “Repurchases of common stock” in cash flows from financing activities in the Consolidated Statements of Cash Flows.

Earnings per Share

Basic earnings per common share (“EPS”) is calculated by dividing Net income by the weighted average number of common shares outstanding during the year. Diluted earnings per common share is calculated using the if-converted method by dividing adjusted net income by adjusted weighted average outstanding shares, assuming conversion of all potentially dilutive securities. Upon contribution to the ESOP, the shares become outstanding and are included within the earnings per share computations.

Revenue Recognition

In accordance with ASC 606, the Company follows the five-step process in ASC 606 to recognize revenue:

Identify the contract

Identify performance obligations

Determine the transaction price

Allocate the transaction price

Recognize revenue

Contracts—Revenue is derived from long-term contracts with customers whereby the Company provides planning, design, engineering, technical, and construction and program management services. The Company has contracts with the United States federal government that contain provisions requiring compliance with the United States Federal Acquisition Regulation (“FAR”) and the United States Cost Accounting Standards (“CAS”). These regulations are generally applicable to all of the Company’s federal government contracts and are partially or fully incorporated in some local and state agency contracts. Most of the Company’s federal government contracts are subject to termination at the convenience of the client. These contracts typically provide for reimbursement of costs incurred and payment of fees earned through the date of such termination.

The Company enters into the following types of contracts with its customers:

Cost-Plus—Under cost-plus contracts, the Company is reimbursed for allowable or otherwise defined costs incurred, plus a fee. The contracts may also include incentives for various performance criteria, including quality, timeliness, safety and cost-effectiveness. In addition, costs are generally subject to review by clients and regulatory audit agencies, and such reviews could result in costs being disputed as non-reimbursable under the terms of the contract.

Time-and-Materials—Under time-and-materials contracts, hourly billing rates are negotiated and charged to clients based on the actual time spent on a project. In certain cases, these contracts may be subject to maximum contract values. In addition, clients reimburse actual out-of-pocket costs for materials and other direct incidental expenditures that are incurred in connection with the performance under the contract.

Fixed-Price—The Company enters into two types of fixed-price contracts: firm fixed-price (“FFP”) and fixed-price per unit (“FPPU”). Under FFP contracts, clients pay an agreed fixed-amount negotiated in advance for a specified scope of work.

Contract Costs—Contract costs consist of direct costs on contracts, including labor and materials, amounts payable to subcontractors, direct overhead costs and equipment expense (primarily depreciation, fuel, maintenance and repairs). All contract costs are recorded as incurred. Changes to estimated contract costs, either due to unexpected events or revisions to management’s initial estimates, for a given project are recognized in the period in which they are determined. Pre-contract costs are expensed as incurred unless they are expected to be recovered from the client, generate or enhance resources that will be used in satisfying performance obligations in the future and directly relate to an existing or anticipated contract. Costs to mobilize equipment and labor to a job site, prior to substantive work beginning (“mobilization costs”) are capitalized as incurred and amortized over the expected duration of the contract. Additionally, the Company may incur incremental costs to obtain certain contracts, such as selling and market costs, bid and proposal costs, sales commissions, and legal fees, certain of which can be capitalized if they are recoverable under the contract. Capitalized contract costs are included in other current assets on the consolidated balance sheets and were not material as of December 31, 2022 and December 31, 2021.

Performance Obligations—A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account in ASC 606. The transaction price of a contract is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. To the extent a contract is deemed to have multiple performance obligations, the Company allocates the transaction price of the contract to each performance obligation using our best estimate of the standalone selling price of each distinct good or service in the contract. The Company determines the relative standalone selling price utilizing observable prices for the sale of the underlying goods or services. Contracts are considered to have a single performance obligation if the promise to transfer the individual goods or services is not separately identifiable from other promises in the contracts or is not distinct in the context of the contract, which is mainly because the Company provides a significant service of integrating a complex set of tasks and components into a single project or capability. Engineering and construction contracts are generally accounted for as a single performance obligation while our engineering and construction supervision contracts are accounted for as two separate performance obligations. When providing construction supervision services, the Company is not liable for the construction of the asset, but has an overall responsibility to oversee, coordinate, measure, and evaluate the quality of construction work and the performance of the construction contractor on behalf of the customer. Customers are generally billed as the Company satisfies its performance obligations and payment terms typically range from 30 to 120 days from the invoice date. Billings under certain fixed-price contracts may be based upon the achievement of specified milestones, while some arrangements may require advance customer payment. The Company’s contracts generally do not include a significant financing component.

Variable Consideration—The transaction price for the Company’s contracts may include variable consideration, which includes increases to transaction price for approved and unpriced change orders, claims and incentives, and reductions to transaction price for liquidated damages. Change orders, claims and incentives are generally not distinct from the existing contract due to the significant integration service provided in the context of the contract and are accounted for as a modification of the existing contract and performance obligation. The Company estimates variable consideration for a performance obligation utilizing one of the two prescribed methods, depending on which method better predicts the amount of consideration to which the Company will be entitled (or the amount the Company expects to incur in the case of liquidated damages). Such methods are: (a) the expected value method, whereby the amount of variable consideration to be recognized represents the sum of probability weighted amounts in a range of possible consideration amounts, and (b) the most likely amount method, whereby the amount of variable consideration to be recognized represents the single most likely amount in a range of possible consideration amounts. When applying these methods, the Company considers all information that is reasonably available, including historical, current and estimates of future performance. The expected value method is utilized in situations where a contract contains a large number of possible outcomes, while the most likely amount method is utilized in situations where a contract has only two possible outcomes.

The Company includes variable consideration in the estimated transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur or when the uncertainty associated with the variable consideration is resolved. The Company’s estimates of variable consideration and determination of whether to include estimated amounts in transaction price are based largely on an assessment of anticipated performance and all information (historical, current and forecasted) that is reasonably available. The effect of variable consideration on the transaction price of a performance obligation is recognized as an adjustment to revenue on a cumulative catch-up basis.

Change Orders—Change orders, which are a normal and recurring part of business, may include changes in specifications or design, manner of performance, facilities, equipment, materials, sites and period of completion of the work. The Company or customer may initiate change orders. Most change orders are not distinct from the existing contract and are accounted for as part of that existing contract. The effect of a change order on the transaction price and measure of progress for the performance obligation to which it relates is recognized as an adjustment to revenues (either as an increase in or a reduction of revenues) on a cumulative catch-up basis. Revenues from unpriced change orders are recognized to the extent of the amounts the Company expects to recover, consistent with the variable consideration policy discussed above. If it is probable that a reversal of revenues will occur, the costs attributable to change orders are treated as contract costs without incremental revenues. To the extent change orders included in the price are not resolved in the Company’s favor, there could be reductions in, or reversals of previously reported amounts of, revenues and profits, and charges against current earnings, which could be material.

Claims Revenue—Claims revenue are amounts in excess of agreed contract prices that the Company seeks to collect from clients or others for customer-caused delays, errors in specifications and designs, contract terminations, change orders that are in dispute, or other causes of unanticipated additional contract costs, including factors outside of our control, and therefore the Company believes it is entitled to additional compensation. Claims revenue, when recorded, is only recorded to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur. The Company includes certain claims in the transaction price when the claims are legally enforceable, the Company considers collection to be probable and believes it can reliably estimate the ultimate value. The Company continues to engage in negotiations with its customers on outstanding claims. However, these claims may be resolved at amounts that differ from current estimates, which could result in increases or decreases in future estimated contract profits or losses.

Warranties—In most cases, contracts include assurance-type warranties that the Company’s performance is free from material defect and consistent with the specifications of the Company’s contracts, which do not give rise to a separate performance obligation. To the extent the warranty terms provide the customer with an additional service, such as extended maintenance services, such warranty is accounted for as a separate performance obligation.

Revenue recognized over time—The Company’s performance obligations are generally satisfied over time as work progresses because of continuous transfer of control to the customer and the Company has the right to bill the customer as costs are incurred. Typically, revenue is recognized over time using an input measure (i.e. costs incurred to date relative to total estimated costs at completion) to measure progress. The Company generally uses the cost-to-cost measure of progress method because it best depicts the transfer of control to the customer which occurs as the Company incurs costs on its contracts. Under the cost-to-cost measure of progress method, the extent of progress towards completion is measured based on the ratio of total costs incurred to-date to the total estimated costs at completion of the performance obligation. Revenues, including estimated fees or profits, are recorded proportionally as costs are incurred. Any expected losses on construction-type contracts in progress are charged to earnings, in total, in the period the losses are identified. The Company recognizes adjustments in estimated profit on contracts under the cumulative catch-up method. Under this method, the impact of the adjustment on profit recorded to date is recognized in the period the adjustment is identified. Revenue and profit in future periods of contract performance is recognized using the adjusted estimate. If at any

time the estimate of contract profitability indicates an anticipated loss on the contract, the Company recognizes the total loss in the period it is identified.

Right to invoice practical expedient—For performance obligations satisfied over time where the Company has a right to consideration from a customer in an amount that corresponds directly with the value of the Company’s performance to-date, the Company recognizes revenue in the amount to which it has a right to invoice. For the Company’s reimbursable services contracts, revenue is recognized using the right to invoice practical expedient, or on a cost-to-cost measure of progress method. The Company will select the method that best represents progress on a project.

Revenue recognized at a point in time—For performance obligations satisfied at a point in time, revenue is recognized when the services are performed, control is transferred, and the performance obligation is complete. The Company recognizes revenue at a point in time for vehicle inspection services. Revenue related to the inspection service is recognized for each vehicle inspection at the point the Company has completed the inspection.

In the Company’s industry, recognition of profit on long-term contracts requires the use of assumptions and estimates related to total contract revenue and in particular estimated claims revenue, total estimated cost at completion, and the measurement of progress towards completion. Estimates are continually evaluated as work progresses and are revised when necessary. When a change in estimate is determined to have an impact on contract profit, the Company records a positive or negative adjustment to the consolidated statements of income.

Cash Equivalents

The Company considers all highly liquid investments with original maturities of less than three months to be cash equivalents. Cash equivalent investments are carried at cost, which approximates fair value, and consist primarily of United States Treasuries, time deposits, and other forms of short-term fixed income investments.

Restricted Cash and Investments

Restricted cash and investments held in trust accounts represent collateral for certain incentive programs.

Accounts Receivable, Net

Accounts receivable includes billed and unbilled amounts and are recognized in the period when the Company’s rights to receive consideration are unconditional.

The Company establishes an allowance for doubtful accounts based on consideration of trends in actual and forecasted credit quality of clients, including delinquency and payment history, type of client, such as a government agency or commercial sector client, and general economic conditions and particular industry conditions that may affect a client’s ability to pay. Past due receivable balances are written off when internal collection efforts have been unsuccessful in collecting the amounts due.

Contract Assets and Contract Liabilities

Projects with performance obligations recognized over time that have revenue recognized to-date in excess of cumulative billings and unbilled accounts receivable are reported on our consolidated balance sheets as “Contract assets”. Contract retentions, included in contract assets, represent amounts withheld by clients, in accordance with underlying contract terms, until certain conditions are met or the project is completed. The operating cycle for certain long-term contracts may extend beyond one year, and, accordingly, collection of retainage on those contracts may extend beyond one year. Contract assets are reclassified to accounts receivable when the right to consideration becomes unconditional.

Contract liabilities on uncompleted contracts represent the excess of cash collected from clients and billings to clients on contracts in advance of work performed over the amount of revenue recognized and provisions for losses. The majority of these amounts are expected to be earned within 12 months and are classified as current liabilities.

Concentration of Credit Risk

Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivables. The Company’s cash is primarily held with major banks and financial institutions throughout the world. At times, cash balances may be in excess of the amount insured.

The Company is involved in a significant volume of contracts with the United States federal government and state and local governments. Approximately 53%, 52%, and 49% of consolidated revenues for the years ended December 31, 2022, December 31, 2021 and December 31, 2020, respectively, and approximately 17% of accounts receivable as of both December 31, 2022 and December 31, 2021, were derived from contracts with the United States federal government. No other customers represented 10% or more of consolidated revenues or accounts receivable in any of the periods presented.

In order to mitigate the credit risk associated with customers, the Company performs periodic credit evaluations of its customers’ financial condition.

Property and Equipment

Property and equipment are stated at cost and are shown net of accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Depreciation of leasehold improvements is computed using the straight-line method over the shorter of their estimated useful lives or the remaining term of the lease.

The cost of assets retired or otherwise disposed of and the related accumulated depreciation are eliminated from the accounts, and any gain or loss thereon is included in net income. Expenditures for maintenance and repairs are expensed as incurred. Property and equipment are reviewed for impairment when events or circumstances change that indicate they may not be recoverable. Impairment losses are recognized when estimated future cash flows expected to result from the use of the assets and their eventual disposition are less than their carrying amount, in which case the asset is written down to its fair value.

Leases

The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease ROU assets and current and long-term operating lease liabilities in the consolidated balance sheets. Finance leases are included in other noncurrent assets, accrued expenses and other current liabilities and other long-term liabilities in the consolidated balance sheets.

ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, incremental borrowing rates are used based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term.

We have lease agreements with lease and non-lease components where the lease consideration is allocated between the components based on relative standalone prices. For real property leases, allocations of lease consideration between lease and non-lease components are immaterial. For certain equipment leases, such as vehicles, we account for the lease and non-lease components as a single lease component. Additionally, for certain equipment leases, we apply a portfolio approach to effectively account for the operating lease ROU assets and liabilities.

Equity-Based Compensation

The Company measures the value of services received from employees and directors in exchange for an equity-based award based on the grant date fair value. The Company issues equity-based awards that settle in shares of the Company’s common stock. Awards containing performance measures are adjusted at each reporting period for the number of shares expected to be earned. Compensation cost for performance awards are trued-up at each reporting period for the number of shares expected to be earned pro-rated for the portion of the requisite service period rendered. The Company recognizes compensation costs for these awards on either a straight-line or accelerated basis over the vesting period of the award in selling, general and administrative expense in the consolidated statements of income.

Business Combinations

The Company accounts for business combinations using the acquisition method, under which the purchase price of an acquired company is allocated to the tangible and intangible assets acquired and the liabilities assumed on the basis of their fair values at the date of acquisition. Any excess of purchase price over the fair value of tangible and intangible assets acquired and liabilities assumed is allocated to goodwill. The determination of fair values of assets acquired and liabilities assumed requires the Company to make estimates and use valuation techniques when a market value is not readily available.

The Company’s determination of the fair value of the intangible assets acquired involves the use of significant estimates and assumptions related to discount rates, revenue growth rates, projected margins, and customer revenue attrition rates.

The Company adjusts the preliminary purchase price allocation, as necessary, during the measurement period of up to one year after the acquisition closing date as the Company obtains more information as to facts and circumstances existing at the acquisition date. Acquisition-related costs are recognized separate from the acquisition and are expensed as incurred.

Consolidation of Joint Ventures and Variable Interest Entities

The Company participates in joint ventures, which include partnerships and partially owned limited liability corporations, to bid, negotiate and complete specific projects. The Company is required to consolidate these joint ventures if it holds the majority voting interest or if the joint venture is determined to be a variable interest entity (“VIE”) for which the Company is the primary beneficiary, as described below.

A VIE is an entity with one or more of the following characteristics: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional financial support; (b) as a group, the holders of the equity investment at risk lack the ability to make certain decisions, the obligation

to absorb expected losses or the right to receive expected residual returns; or (c) an equity investor has voting rights that are disproportionate to its economic interest and substantially all of the entity’s activities are on behalf of the investor with disproportionately low voting rights. The Company’s VIEs may be funded through contributions, loans and/or advances from the joint venture partners or by advances and/or letters of credit provided by clients. Certain VIEs are directly governed, managed, operated and administered by the joint venture partners. Others have no employees and, although these entities own and hold the contracts with the clients, the services required by the contracts are typically performed by the joint venture partners or by other subcontractors.

The Company is considered the primary beneficiary and required to consolidate a VIE if it has the power to direct the activities that most significantly impact that VIE’s economic performance, and the obligation to absorb losses or the right to receive benefits of that VIE that could potentially be significant to the VIE. In determining whether the Company is the primary beneficiary, significant assumptions and judgments include the following: (1) identifying the significant activities and the parties that have the power to direct them; (2) reviewing the governing board composition and participation ratio; (3) determining the equity, profit and loss ratio; (4) determining the management-sharing ratio; (5) reviewing employment terms; and (6) reviewing the funding and operating agreements. Examples of significant activities currently being performed by the Company’s significant consolidated and unconsolidated joint ventures include engineering and design services; management consulting services; procurement and construction services; program management; construction management; and operations and maintenance services. If the Company determines that the power to direct the significant activities is shared by two or more joint venture parties, then there is no primary beneficiary and no party consolidates the VIE. In making the shared-power determination, the Company analyzes the key contractual terms, governance, related party and de facto agency as they are defined in the accounting standard, and other arrangements.

Goodwill

The Company performs a goodwill impairment test annually, on October 1^st of each year and additionally, performs a quarterly qualitative assessment to address whether a triggering event has occurred that would require an impairment test in the interim period.

For purposes of impairment testing, goodwill is allocated to the applicable reporting units based on the current reporting structure. Reporting units are operating segments or components of operating segments where discrete financial information is available and segment management regularly reviews the operating results. When evaluating goodwill for impairment, the Company may decide to first perform a qualitative assessment, or “step zero” impairment test, to determine whether it is more likely than not that impairment has occurred. If the Company does not perform a qualitative assessment, or if the Company determines that it is not more likely than not that the fair value of its reporting units exceeds their carrying amounts, the Company performs a quantitative assessment and calculates the estimated fair value of the respective reporting unit. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss is recognized in the amount the carrying value exceeds its fair value, not to exceed the carrying amount of goodwill.

The Company’s decision to perform a qualitative impairment assessment in a given year is influenced by a number of factors, including the significance of the excess of the Company’s estimated fair value over carrying value at the last quantitative assessment date, the amount of time in between quantitative fair value assessments, and the date of its acquisitions, if any.

Intangible Assets

Intangible assets with finite lives arise from business acquisitions and are amortized based on the period over which the contractual or economic benefit of the intangible assets are expected to be realized or on a straight-line basis over the useful lives of the underlying assets, ranging from one to sixteen years. These primarily consist of customer relationships, developed technology, backlog, and covenants not to compete. When indicators of a potential impairment exist, the Company assesses the recoverability of the unamortized balance of its intangible assets by first comparing undiscounted expected cash flows associated with the asset, or the asset group they are part of, to its carrying value. Should the review indicate that the carrying value is not fully recoverable, the excess of the carrying value over the fair value of the intangible assets would be recognized as an impairment loss.

Income Taxes

Income taxes are accounted for under the asset and liability method. This approach requires the recognition of deferred tax liabilities and assets to reflect the tax effects of temporary differences between the financial statement carrying amounts and tax bases of the Company’s assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates expected to be in effect when the asset or liability is recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. Deferred tax assets are evaluated for future realization and valuation allowances are established when, in our opinion, it is more likely than not that all or some portion of the asset will not be realized.

The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized in the financial statements on a particular tax position are measured based on the largest benefit that is greater than 50 percent likely of being realized. The amount of unrecognized tax benefits (“UTB”) is adjusted as appropriate for changes in facts and circumstances, such as significant amendments to existing tax law, new regulations or interpretations by the taxing authorities, new information obtained during a tax examination, or resolution of an examination. The Company recognizes both accrued interest and penalties, where appropriate, related to UTBs in income tax expense.

Foreign Currency Translation

The Company’s reporting currency is the U.S. Dollar. The functional currency of the Company’s foreign entities is typically the currency of the primary environment in which they operate. For foreign entities whose functional currency is not the U.S. dollar, the assets and liabilities are translated based on exchange rates in effect at the balance sheet date, while the income and expense accounts are translated using the average exchange rates during the period. Translation gains or losses, net of income tax effects, are reflected in accumulated other comprehensive income on the consolidated balance sheets. Transaction gains and losses due to movements in exchange rates between the functional currency and the currency in which a foreign currency transaction is denominated are recognized as “Other income (expense), net” in the Company’s consolidated statements of income.

Self-Insurance

The Company typically utilizes third-party insurance subject to varying retention levels or self-insurance. The Company is self-insured for a portion of the losses and liabilities primarily associated with workers’ compensation, general, professional, automobile, employee matters, certain medical plans, and project-specific liability claims. Losses are accrued based upon the Company’s estimates of the aggregate liability for claims incurred using historical experience and certain actuarial assumptions, as provided by an independent actuary. The estimate of self-insurance liability includes an estimate of incurred but not reported claims, based on data compiled from historical experience.

Recently Adopted Accounting Pronouncements

In the first quarter of 2022, the Company early adopted ASU No. 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers”. The new guidance requires that the approach of ASC 606, Revenue from Contracts with Customers, should be used to measure an acquired revenue contract in a business combination. This guidance is to be applied (1) retrospectively to all business combinations for which the acquisition date occurs on or after

the beginning of the fiscal year that includes the interim period of early application and (2) prospectively to all business combinations that occur on or after the date of initial application. The early adoption of ASU 2021-08 did not have a material impact on the consolidated financial statements.

In the first quarter of 2021, the Company early adopted Accounting Standards Update (“ASU”) ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU2020-06)”. The update simplified the accounting for convertible debt instruments and convertible preferred stock by reducing the number of accounting models and limiting the number of embedded conversion features separately recognized from the primary contract. The guidance also included targeted improvements to the disclosures for convertible instruments and earnings per share. ASU 2020-06 was effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption was permitted, but no earlier than fiscal years beginning after December 15, 2020. The Company adopted ASU 2020-06 in the first quarter of 2021 using the modified retrospective method which resulted in a reduction in non-cash interest expense and reclassification of the equity portion of the Convertible Senior Notes to “Long-term debt” on the consolidated balance sheet.

In June 2016, the FASB issued ASU 2016-13, “Measurement of Credit Losses on Financial Instruments,” and issued subsequent amendments to the initial guidance within ASU 2019-04 and ASU 2019-05. The amendments in ASU 2016-13 replace the incurred loss impairment methodology in current practice with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to estimate credit losses. ASU 2016-13 and its amendments are effective for interim and annual reporting periods beginning after December 15, 2019. The Company adopted this ASU in the first quarter of 2020, and it did not have a material impact on its financial statements.

In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”)”. ASU 2019-12 was issued as a means to reduce the complexity of accounting for income taxes for those entities that fall within the scope of the accounting standard. The guidance is applied using a prospective method, excluding amendments related to franchise taxes, which should be applied on either a retrospective basis for all periods presented or a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020, with early adoption permitted. The Company adopted this ASU in the first quarter of 2021, and it did not have a material impact on its financial statements.

In August 2020, the FASB issued ASU 2020-06, “Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40)”. The update simplifies the accounting for convertible debt instruments and convertible preferred stock by reducing the number of accounting models and limiting the number of embedded conversion features separately recognized from the primary contract. The guidance also includes targeted improvements to the disclosures for convertible instruments and earnings per share. ASU 2020-06 is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020. The Company early adopted this ASU in the first quarter of 2021 using the modified retrospective method which resulted in a reduction in non-cash interest expense and reclassification of the equity portion of the Convertible Senior Notes to “Long-term debt” on the consolidated balance sheet.

Acquisitions

12 Months Ended

Dec. 31, 2022

Business Combinations [Abstract]

Acquisitions

3.Acquisitions

Xator Corporation

On May 31, 2022, the Company acquired a 100% ownership interest in Xator Corporation (“Xator”), a privately-owned company, for $388.3 million in cash. The Company borrowed $300 million under the Credit Agreement, as described in “Note 11 – Debt and Credit Facilities”, to partially fund the acquisition. Xator expands Parsons’ customer base and brings differentiated technical capabilities in critical infrastructure protection, counter-unmanned aircraft systems (cUAS), intelligence and cyber solutions, biometrics, and global threat assessment and operations. In connection with this acquisition, the Company recognized $7.7 million of acquisition-related expenses in “Selling, general and administrative expense” in the consolidated statements of income for the year ended December 31, 2022, including legal fees, consulting fees, and other miscellaneous direct expenses associated with the acquisition

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed based on the preliminary purchase price allocation as of the date of acquisition (in thousands):

	Amount
Cash and cash equivalents	$	8,935
Accounts receivable		7,393
Contract assets		25,397
Prepaid expenses and other current assets		3,615
Property and equipment		1,699
Right of use assets, operating leases		7,517
Goodwill		253,190
Investments in and advances to unconsolidated joint ventures		698
Intangible assets		123,500
Other noncurrent assets		9,156
Accounts payable		(6,626	)
Accrued expenses and other current liabilities		(31,119	)
Contract liabilities		(2,080	)
Short-term lease liabilities, operating leases		(2,371	)
Long-term lease liabilities, operating leases		(5,146	)
Other long-term liabilities		(9,156	)
Net assets acquired	$	384,602

Of the total purchase price, the following values were preliminarily assigned to intangible assets (in thousands, except for years):

	Gross Carrying Amount		Amortization Period
			(in years)
Customer relationships	$	37,000	15
Backlog		81,000	6
Trade Name		4,000	1
Developed technologies		1,000	3
Non-compete agreements		500	3

Amortization expense of $11.9 million related to these intangible assets was recorded for the year ended December 31, 2022. The entire value of goodwill was assigned to the Federal Solutions reporting unit and represents synergies expected to be realized from this business combination. Goodwill in its entirety is deductible for tax purposes.

The amount of revenue generated by Xator and included within consolidated revenues is $157.8 million for the year ended December 31, 2022. The Company has determined that the presentation of net income from the date of acquisition is impracticable due to the integration of general corporate functions upon acquisition.

The company is still in the process of finalizing its valuation of the net assets acquired.

Supplemental Pro Forma Information (Unaudited)

Supplemental information of unaudited pro forma operating results assuming the Xator acquisition had been consummated as of the beginning of fiscal year 2021 (in thousands) is as follows:

	2022		2021
	(unaudited)		(unaudited)
Pro forma Revenue	$	4,302,448	$	3,949,562
Pro forma Net Income including noncontrolling interests		139,901		91,770

BlackHorse Solutions, Inc.

On July 6, 2021, the Company acquired a 100% ownership interest in BlackHorse Solutions, Inc (“BlackHorse”), a privately-owned company, for $205.0 million paid in cash. BlackHorse expands Parsons’ capabilities and products in next-generation military, intelligence, and space operations, specifically in cyber electronic warfare and information dominance. The acquisition was entirely funded by cash on-hand. In connection with this acquisition, the Company recognized $3.1 million of acquisition-related expenses in “Selling, general and administrative expense” in the consolidated statements of income for the year ended December 31, 2021, including legal fees, consulting fees, and other miscellaneous direct expenses associated with the acquisition.

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed as of the date of acquisition (in thousands):

	Amount
Cash and cash equivalents	$	15,428
Accounts receivable		3,351
Contract assets		5,979
Prepaid expenses and other current assets		937
Property and equipment		2,239
Right of use assets, operating leases		6,157
Goodwill		143,086
Intangible assets		65,000
Accounts payable		(2,326	)
Accrued expenses and other current liabilities		(17,190	)
Contract liabilities		(320	)
Short-term lease liabilities, operating leases		(1,011	)
Long-term lease liabilities, operating leases		(5,146	)
Deferred tax liabilities		(10,916	)
Other long-term liabilities		(235	)
Net assets acquired	$	205,033

Of the total purchase price, the following values were assigned to intangible assets (in thousands, except for years):

	Gross Carrying Amount		Amortization Period
			(in years)
Customer relationships	$	39,000	16
Backlog		23,000	3
Trade name		1,000	2
Developed technologies		1,000	3
Non-compete agreements		1,000	3

Amortization expense of $14.0 million and $5.4 million related to these intangible assets was recorded for the year ended December 31, 2022 and December 31, 2021, respectively. The entire value of goodwill of $143.1 million was assigned to the Federal Solutions reporting unit and represents synergies expected to be realized from this business combination. Goodwill of $10.6 million is deductible for tax purposes.

The amount of revenue generated by BlackHorse and included within consolidated revenues was $35.3 million for the year ended December 31, 2021. The Company has determined that the presentation of net income from the date of acquisition is impracticable due to the integration of general corporate functions upon acquisition.

Supplemental Pro Forma Information (Unaudited)

Supplemental information on an unaudited pro forma basis, as if the acquisition closed as of the beginning of the fiscal year ended December 31, 2020 as follows (in thousands):

	2021		2020
	(unaudited)		(unaudited)
Pro forma Revenue	$	3,699,227	$	3,966,809
Pro forma Net Income including noncontrolling interests		93,592		108,008

The unaudited pro forma supplemental information is based on estimates and assumptions which the Company believes are reasonable and reflects the pro forma impact of additional amortization related to the fair value of acquired intangible assets, and the pro forma impact of reflecting acquisition costs, which consisted of legal, advisory and due diligence fees and expenses. This supplemental pro forma information has been prepared for comparative purposes and does not purport to be indicative of what would have occurred had the acquisition been consummated during the periods for which pro forma information is presented.

Echo Ridge LLC

On July 30, 2021, the Company acquired a 100% ownership interest in Echo Ridge LLC (“Echo Ridge”), a privately-owned company, for $9.0 million in cash. Echo Ridge adds position, navigation, and timing devices; modeling, simulation, test, and measurement tools; and deployable software defined radio products and signal processing services to Parsons’ space portfolio. The acquisition was entirely funded by cash on-hand. In connection with this acquisition, the Company recognized $0.3 million of acquisition related “Selling, general and administrative expense” in the consolidated statements of income for the year ended December 31, 2021, including legal fees, consulting fees, and other miscellaneous direct expenses associated with the acquisition. The Company allocated the purchase price to the appropriate classes of tangible assets and liabilities and assigned the excess of $7.2 million entirely to goodwill. The entire value of goodwill was assigned to the Federal Solutions reporting unit and represents synergies expected to be realized from this business combination. Goodwill in its entirety is deductible for tax purposes. The amount of revenue generated by Echo Ridge and included within consolidated revenues for 2021 is $2.9 million.

Braxton Science & Technology Group

On November 19, 2020 the Company acquired a 100% ownership interest in Braxton Science & Technology Group (“Braxton”), a privately-owned company, for $310.9 million in cash. Braxton operates at the forefront of satellite operations, ground system automation, flight dynamics, and spacecraft and antenna simulation for the U.S. Department of Defense and Intelligence Community. The acquisition was entirely funded by cash on hand in August 2020, as described in “Note 11—Debt and Credit Facilities”. In connection with this acquisition, the Company recognized $5.5 million of acquisition-related expense in “Selling, general and administrative expense” in the consolidated statements of income for the year ended December 31, 2020, including legal fees, consulting fees, and other miscellaneous direct expenses associated with the acquisition. Braxton allows Parsons to capitalize on the quickly evolving space missions of its national security space customers and address rapid market growth driven by proliferated low earth orbit constellations, small satellite expansion, and space cyber resiliency.

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed based on the purchase price allocation as of the date of acquisition (in thousands):

	Amount
Cash and cash equivalents	$	7,006
Accounts receivable		18,163
Contract assets		8,350
Prepaid expenses and other current assets		3,036
Property and equipment		5,114
Right of use assets, operating leases		10,788
Goodwill		212,185
Intangible assets		74,950
Accounts payable		(7,464	)
Accrued expenses and other current liabilities		(9,845	)
Contract liabilities		(300	)
Short-term lease liabilities, operating leases		(1,915	)
Long-term lease liabilities, operating leases		(8,873	)
Deferred tax liabilities		(1,694	)
Net assets acquired	$	309,501

Of the total purchase price, the following values were assigned to intangible assets (in thousands, except for years):

Amortization expense of $16.1 million and $16.2 million related to these intangible assets was recorded for the years ended December 31, 2022 and December 31, 2021, respectively. The entire value of goodwill was assigned to the Federal Solutions reporting unit and represents synergies expected to be realized from this business combination. Goodwill of $200.5 million is deductible for tax purposes.

The amount of revenue generated by Braxton and included within consolidated revenues for 2020 is $10.1 million. The Company has determined that the presentation of net income from the date of acquisition is impracticable due to the integration of general corporate functions upon acquisition.

Supplemental Pro Forma Information (Unaudited)

Supplemental information of unaudited pro forma operating results assuming the Braxton acquisition had been consummated as of the beginning of 2019 (in thousands) is as follows:

	2020
	(unaudited)
Pro forma Revenue	$	4,039,420
Pro forma Net Income including noncontrolling interests		125,298

The unaudited pro forma supplemental information is based on estimates and assumptions which the Company believes are reasonable and reflects the pro forma impact of additional amortization related to the fair value of acquired intangible assets, the pro forma impact of reflecting acquisition costs, which consisted of legal, advisory and due diligence fees and expenses. This supplemental pro forma information has been prepared for comparative purposes and does not purport to be indicative of what would have occurred had the acquisition been consummated during the periods for which pro forma information is presented.

Contracts with Customers

12 Months Ended

Dec. 31, 2022

Revenue From Contract With Customer [Abstract]

Contracts with Customers

4.	Contracts with Customers

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, 2022		December 31, 2021		December 31, 2020
Cost plus	$	1,890,242	$	1,674,276	$	1,631,140
Time-and-Materials		1,166,548		1,021,568		1,034,596
Fixed price		1,138,482		964,927		1,253,210
Total	$	4,195,272	$	3,660,771	$	3,918,946

Refer to “Note 20—Segments Information” for the Company’s revenues by business lines.

Contract Assets and Contract Liabilities

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

	December 31, 2022		December 31, 2021		$ change		% change
Contract assets	$	634,033	$	579,216	$	54,817		9.5	%
Contract liabilities		213,064		171,671		41,393		24.1	%
Net contract assets (liabilities) (1)	$	420,969	$	407,545	$	13,424		3.3	%

(1)

Total contract retentions included in net contract assets (liabilities) were $73.5 million as of December 31, 2022, of which $37.5 million are not expected to be paid in 2023. Total contract retentions included in net contract assets (liabilities) were $91.7 million as of December 31, 2021. Contract assets at December 31, 2022 and December 31, 2021 include approximately $127.9 million and $98.6 million, respectively, related to unapproved change orders, claims, and requests for equitable adjustment. For the years ended December 31, 2022 and December 31, 2021, no material losses were recognized related to the collectability of claims, unapproved change orders, and requests for equitable adjustment.

During the years ended December 31, 2022 and December 31, 2021, the Company recognized revenue of approximately $94.1 million and $102.5 million, respectively, that was included in the corresponding contract liability balance at December 31, 2021 and December 31, 2020, respectively. Certain changes in contract assets and contract liabilities consisted of the following:

	December 31, 2022		December 31, 2021
Acquired contract assets	$	25,397	$	5,979
Acquired contract liabilities		2,080		320

There was no significant impairment of contract assets recognized during the years ended December 31, 2022 and December 31, 2021.

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:

		2022				2021				2020
Revenue impact, net		$	-			$	(30,828	)		$	8,875

Accounts Receivable, Net

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

	2022			2021
Billed	$	502,411		$	434,776
Unbilled		218,945			167,490
Total accounts receivable, gross		721,356			602,266
Allowance for doubtful accounts		(4,011	)		(3,955	)
Total accounts receivable, net	$	717,345		$	598,311

Billed accounts receivable represents amounts billed to clients that have not been collected. Unbilled accounts receivable represents amounts where the Company has a present contractual right to bill but an invoice has not been issued to the customer at the period-end date.

The allowance for doubtful accounts was determined based on consideration of trends in actual and forecasted credit quality of clients, including delinquency and payment history, type of client, such as a government agency or commercial sector client, and general economic conditions and particular industry conditions that may affect a client’s ability to pay.

Transaction Price Allocated to the Remaining Unsatisfied Performance Obligations

The Company’s remaining unsatisfied performance obligations (“RUPO”) as of December 31, 2022 represent a measure of the total dollar value of work to be performed on contracts awarded and in progress. The Company had $5.7 billion in RUPO as of December 31, 2022.

RUPO will increase with awards of new contracts and decrease as the Company performs work and recognizes revenue on existing contracts. Projects are included within RUPO at such time the project is awarded and agreement on contract terms has been reached. The difference between RUPO and backlog relates to unexercised option years that are included within backlog and the value of Indefinite Delivery/Indefinite Quantity (“IDIQ”) contracts included in backlog for which task orders have not been issued.

RUPO is comprised of: (a) original transaction price, (b) change orders for which written confirmations from our customers have been received, (c) pending change orders for which the Company expects to receive confirmations in the ordinary course of business, and (d) claim amounts that the Company has made against customers for which it has determined that it has a legal basis under existing contractual arrangements and a significant reversal of revenue is not probable, less revenue recognized to-date.

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

Period RUPO Will Be Satisfied	Within One Year		Within One to Two Years		Thereafter
Federal Solutions	$	1,410,279	$	504,882	$	305,095
Critical Infrastructure		1,731,154		902,203		864,294
Total	$	3,141,434	$	1,407,085	$	1,169,389

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

5.Leases

The Company has operating and finance leases for corporate and project office spaces, vehicles, heavy machinery and office equipment. Our leases have remaining lease terms of one year to seven years, some of which may include options to extend the leases for up to five years, and some of which may include options to terminate the leases after the third year.

The components of lease costs for the years ended December 31, 2022 and December 31, 2021 are as follows (in thousands):

	2022			2021
Operating lease cost	$	67,033		$	61,800
Short-term lease cost		14,008			11,261
Amortization of right-of-use assets		2,322			2,128
Interest on lease liabilities		98			106
Sublease income		(5,045	)		(3,049	)
Total lease cost	$	78,416		$	72,246

Supplemental cash flow information related to leases for the years ended December 31, 2022 and December 31, 2021 is as follows (in thousands):

	2022		2021
Operating cash flows for operating leases	$	73,169	$	68,563
Operating cash flows for financing activities		98		107
Financing cash flows for finance leases		2,175		2,082
Right-of-use assets obtained in exchange for new operating lease liabilities		26,607		18,931
Right-of-use assets obtained in exchange for new finance lease liabilities	$	1,813	$	2,003

Supplemental balance sheet and other information related to leases as of December 31, 2022 and December 31, 2021 is as follows (in thousands):

	2022			2021
Operating Leases:
Right-of-use assets	$	155,090		$	182,672
Lease liabilities:
Current	$	59,144		$	55,902
Long-term		111,417			148,893
Total operating lease liabilities	$	170,561		$	204,795
Finance Leases:
Other noncurrent assets	$	3,965		$	4,389
Accrued expenses and other current liabilities	$	1,746		$	1,822
Other long-term liabilities	$	2,246		$	2,422

Weighted Average Remaining Lease Term:
Operating leases	3.6 Year			4.3 years
Finance leases	2.6 Years			2.9 years
Weighted Average Discount Rate:
Operating leases		3.4	%		3.5	%
Finance leases		2.8	%		2.1	%

As of December 31, 2022, the Company has no additional operating leases that have not yet commenced.

A maturity analysis of the future undiscounted cash flows associated with the Company’s operating and finance lease liabilities as of December 31, 2022 is as follows (in thousands):

	Operating Leases			Finance Leases
2023	$	64,271		$	1,884
2024		45,312			1,333
2025		34,232			859
2026		19,967			213
2027		8,386			-
Thereafter		9,410			-
Total lease payments		181,578			4,289
Less: imputed interest		(11,017	)		(297	)
Total present value of lease liabilities	$	170,561		$	3,992

Rental expense for the years ended December 31, 2022, December 31, 2021 and December 31, 2020 was $81.0 million, $73.1 million and $ 81.8 million, respectively, and is recorded in “Selling, general and administrative expenses” in the consolidated statements of income.

Employee Stock Purchase and Equity-Based Compensation Plans

12 Months Ended

Dec. 31, 2022

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Equity-Based Compensation

6.	Employee Stock Purchase and Equity-Based Compensation Plans

Employee Stock Purchase Plan

The Parsons Corporation Employee Stock Purchase Plan (“ESPP”) was adopted effective March 1, 2020. Under the ESPP, eligible employees who elect to participate are granted the right to purchase shares of Parsons common stock at a discount of 5% of the market value on the last trading day of the offering period.

The following table presents stock issuance activity for the years ended December 31, 2022 and December 31, 2021 (in thousands):

	2022		2021
Purchase price paid for shares sold	$	5,377	$	5,556
Number of shares sold		131		161

The average purchase price for the year ended December 31, 2022 and December 31, 2021 was $40.95 and $34.46 per share, respectively.

Equity-Based Compensation Plans

The Company issues stock-based awards through the Incentive Award Plan. Prior to the adoption of the Incentive Award Plan on April 15, 2019, the Company issued awards under the Shareholder Value Plan, Long-Term Growth Plan and Restricted Award Plan. Through these plans the Company may issue stock options (including incentive and non-qualified stock options), stock appreciation rights, restricted stock, restricted stock units, an “other” stock or cash-based awards, or a dividend equivalent award. The compensation expense for these awards is recorded in “Selling, general and administrative expenses” in the Company’s consolidated financial statements.

Stock-based compensation expense was $20.0 million, $16.8 million, and $8.2 million for the years ended December 31, 2022, December 31, 2021 and December 31, 2020, respectively, net of recognized tax benefits of $4.4 million, $2.8 million, and $1.5 million for 2022, 2021 and 2020, respectively. The tax benefit realized related to awards vested during 2022, 2021, and 2020 was $2.7 million, $6.3 million, and $10.3 million, respectively. We recognize forfeitures as they occur.

With the adoption of the Incentive Award Plan on April 15, 2019, the Company has discontinued issuing awards under the Shareholder Value Plan, Long-Term Growth Plan and Restricted Award Plan. Outstanding awards granted out of the discontinued plans will continue to vest and will settle in cash.

At December 31, 2022, the amount of compensation cost relating to non-vested awards not yet recognized in the consolidated financial statements is $28.1 million. The majority of these unrecognized compensation costs will be recognized by the third quarter of fiscal 2024.

The fair value of a share of the Company’s common stock is based on quoted prices on the NYSE.

Stock Appreciation Rights

Stock Appreciation Rights (“SARs”) were issued under the Shareholder Value Plan (“SVP”). Outstanding awards provide a cash incentive based on the increase in the Company’s share price over a three-year period, multiplied by a number of phantom share units. If at the end of a performance cycle the Company’s share price has not increased, then no award payment will be made. The awards issued under the SVP are time-vested cash-settled SARs. The SARs vest at the end of three years and expense is recognized on an accelerated basis over the vesting period. The grant date fair value of the award is determined by using the Black-Scholes option-pricing model. SARs are remeasured, using the Black-Scholes option-pricing model, to an updated fair value at each reporting period until the award is settled. The fair value of the grant on the vesting date is determined based on the 60-trading day weighted average closing price of the Company’s common stock on the NYSE. Compensation cost is trued-up at each reporting period for changes in fair value pro-rated for the portion of the requisite service period rendered.

The final SVP grant vested on December 31, 2020 based on the 60-trading day weighted average closing price of the Company’s common stock on the NYSE.

The following table presents the number of SARs granted, vested, and forfeited for the year ended December 31, 2020:

	Number of Units			Weighted Average Grant-Date Fair Value
Unvested at December 31, 2019		1,477,628		$	3.00
Granted		-		$	-
Vested		(1,434,836	)	$	3.00
Forfeited		(42,792	)	$	3.00
Unvested at December 31, 2020		-		$	-

Long-Term Growth Units

Long-Term Growth Units awards were issued under the Long-Term Growth Plan. Outstanding awards provide a cash incentive based on performance conditions. The grant date fair value of the award is based on fair value of the Company’s common stock on the grant day. These awards vest at the end of three years and expense is recognized on an accelerated basis over the vesting period subject to the probability of meeting the performance requirements and adjusted for the number of shares expected to be earned. Awards are remeasured to an updated fair value at each reporting period until the award is settled. The updated fair value is based on the 60-trading day weighted average closing price of the Company’s common stock on the NYSE on the last day of the reporting period. Compensation cost is trued-up at each reporting period for changes in fair value and expected shares pro-rated for the portion of the requisite service period rendered.

The final long-term growth units grant vested during the year ended December 31, 2020.

The following table presents the number of Long-Term Growth Units granted, vested, and forfeited (at target shares) for the year ended December 31, 2020:

	Number of Units			Weighted Average Grant-Date Fair Value
Unvested at December 31, 2019		127,437		$	20.23
Granted		-		$	-
Vested		(125,948	)	$	22.67
Forfeited		(1,489	)	$	22.67
Unvested at December 31, 2020		-		$	-

Restricted Award Units

Restricted Award Units awards were issued under the Restricted Award Plan. Outstanding awards provide a cash incentive based on the fair value of the Company’s common stock on the vesting date. The grant date fair value of the award is based on the fair value of the Company’s common stock on the grant date. These awards vest and expense is recognized on an accelerated basis over the respective vesting periods. Awards are remeasured to an updated fair value at each reporting period until the award is settled. The updated fair value is based on the 60-trading day weighted average closing price of the Company’s common stock on the NYSE on the last day of the reporting period. Compensation cost is trued-up at each reporting period for changes in fair value pro-rated for the portion of the requisite service period rendered.

The final restricted award units grant vested during the year ended December 31, 2021.

The following table presents the number of Restricted Award Units granted, vested, and forfeited for the years ended December 31, 2021 and December 31, 2020:

	Number of Units			Weighted Average Grant-Date Fair Value
Unvested at December 31, 2019		249,444		$	22.40
Granted		-		$	-
Vested		(234,028	)	$	22.38
Forfeited		(9,017	)	$	22.67
Unvested at December 31, 2020		6,399		$	22.67
Granted		-		$	-
Vested		(6,399	)	$	22.38
Forfeited		-		$	-
Unvested at December 31, 2021		-		$	-

The following table presents the amount paid for cash settled awards, by award type, for the years ended December 31, 2021 and December 31, 2020 (in thousands) (there were no awards outstanding as of the year ended December 31, 2021):

	December 31, 2021		December 31, 2020
Stock Appreciation Rights	$	15,798	$	26,920
Long-Term Growth		3,778		3,617
Restricted Award Units		7,067		9,408
Total	$	26,643	$	39,945

Restricted Stock Units

Restricted Stock Units awards are issued under the Incentive Award Plan and are settled by the issuance of the Company’s common stock. Outstanding awards have been granted based on either service or service and performance conditions. The fair value of the award is based on the closing price of the Company’s common stock on the grant date. Awards vest over three-year periods, either annually or cliff. Expense is recognized on an accelerated basis for awards with service conditions only and on a straight-line basis for awards that include performance conditions. Expense recognition of awards with performance criteria are subject to the probability of meeting the performance conditions and adjusted for the number of shares expected to be earned. Compensation cost for awards with performance conditions are trued-up at each reporting period for changes in the expected shares pro-rated for the portion of the requisite service period rendered.

The following table presents the number of shares of restricted stock units granted (at target shares for awards with performance conditions) for the years ended December 31, 2022, December 31, 2021 and December 31, 2020:

December 31,

2022

December 31,

2021

December 31,

2020

Restricted Stock Units (service condition)

666,184

450,675

313,735

Restricted Stock Units (service and performance condition)

402,436

374,535

269,710

The number of units granted for awards with performance conditions in the above table is based on performance against the target amount. The number of shares ultimately issued, which could be greater or less than target, will be based on achieving specific performance conditions related to the awards.

The following table presents the number and weighted average grant-date fair value of restricted stock units (at target shares for awards with performance conditions) for the years ended December 31, 2022, December 31, 2021 and December 31, 2020:

	Number of Units			Weighted Average Grant-Date Fair Value
Outstanding at December 31, 2019		506,640		$	34.07
Granted		583,445			37.92
Vested		(104,016	)		34.34
Forfeited		(54,284	)		35.54
Outstanding at December 31, 2020		931,785		$	36.32
Granted		825,210			37.09
Vested		(222,228	)		36.49
Forfeited		(175,524	)		36.39
Outstanding at December 31, 2021		1,359,243		$	36.75
Granted		1,068,620			37.42
Vested		(497,200	)		35.86
Forfeited		(309,508	)		36.28
Outstanding at December 31, 2022		1,621,155		$	37.49

For the year ended December 31, 2022, 458,952 shares of restricted stock units were issued, and 160,212 shares of common stock related to employee statutory income tax withholding were retired. For the year ended December 31, 2021, 188,408 shares of restricted stock units were issued, and 63,482 shares of common stock related to employee statutory income tax withholding were retired. For the year ended December 31, 2020, 78,476 shares of restricted stock units were issued, and 36,921 shares of common stock related to employee statutory income tax withholding were retired.

The following table presents the number of shares of restricted stock outstanding (at target shares for awards with performance conditions) at December 31, 2022, December 31, 2021 and December 31, 2020:

December 31,

2022

December 31,

2021

December 31,

2020

Restricted Stock Units (service condition)

817,278

526,349

374,819

Restricted Stock Units (service and performance condition)

803,877

832,894

556,966

Goodwill

12 Months Ended

Dec. 31, 2022

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill

The following table summarizes the changes in the carrying value of goodwill by reporting segment for the years ended December 31, 2022 and December 31, 2021 (in thousands):

	December 31, 2021		Acquisitions		Foreign Exchange			December 31, 2022
Federal Solutions	$	1,339,117	$	252,446	$	-		$	1,591,563
Critical Infrastructure		73,573		-		(3,286	)		70,287
Total	$	1,412,690	$	252,446	$	(3,286	)	$	1,661,850

	December 31, 2020		Acquisitions		Foreign Exchange		December 31, 2021
Federal Solutions	$	1,188,882	$	150,235	$	-	$	1,339,117
Critical Infrastructure		73,096		-		477		73,573
Total	$	1,261,978	$	150,235	$	477	$	1,412,690

For the years ended December 31, 2022 and December 31, 2021, the Company performed a quantitative impairment analysis for all reporting units. It was determined that the fair value of all reporting units exceeded their carrying values. No goodwill impairments were identified for the three years ended December 31, 2022, December 31, 2021 and December 31, 2020.

Intangible Assets

12 Months Ended

Dec. 31, 2022

Goodwill And Intangible Assets Disclosure [Abstract]

Intangible Assets

8.	Intangible Assets

The gross amount and accumulated amortization of acquired identifiable intangible assets included in “Intangible assets, net” on the consolidated balance sheets were as follows (in thousands except for years):

	December 31, 2022							December 31, 2021							Weighted Average
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Amortization Period (in years)
Backlog	$	142,200	$	(45,903	)	$	96,297	$	60,407	$	(17,591	)	$	42,816		4
Customer relationships		293,730		(146,032	)		147,698		267,295		(123,869	)		143,426		9
Leases		120		(87	)		33		120		(68	)		52		6
Developed technology		16,600		(11,560	)		5,040		109,700		(92,526	)		17,174		5
Trade name		5,000		(3,083	)		1,917		1,000		(244	)		756		1
Non-compete agreements		3,350		(2,074	)		1,276		2,850		(1,123	)		1,727		3
In process research and development		1,800		-			1,800		1,800		-			1,800	n/a
Other intangibles		275		(209	)		66		275		(205	)		70		10
Total intangible assets	$	463,075	$	(208,948	)	$	254,127	$	443,447	$	(235,626	)	$	207,821

The prior year presentation has been corrected to reflect the removal of fully amortized intangible assets resulting in reductions to gross carrying amount and accumulated amortization of $159 million.

The aggregate amortization expense of intangible assets was $78.2 million, $103.2 million, and $87.8 million for the years ended December 31, 2022, December 31, 2021 and December 31, 2020, respectively.

Estimated amortization expense in each of the next five years and beyond is as follows (in thousands):

	December 31, 2022
2023	$	68,255
2024		35,359
2025		29,818
2026		26,238
2027		25,319
Thereafter		67,338
Total	$	252,327

Property and Equipment, Net

12 Months Ended

Dec. 31, 2022

Property Plant And Equipment [Abstract]

Property and Equipment, Net

9.	Property and Equipment, Net

Property and equipment consisted of the following at December 31, 2022 and December 31, 2021 (in thousands):

	December 31, 2022			December 31, 2021			Useful life (years)
Buildings and leasehold improvements	$	103,071		$	99,543		1-15
Furniture and equipment		85,088			86,862		3-10
Computer systems and equipment		152,511			157,633		3-10
Construction equipment		5,271			6,806		5-7
Construction in progress		21,952			12,970
		367,893			363,814
Accumulated depreciation		(271,843	)		(259,618	)
Property and equipment, net	$	96,050		$	104,196

Depreciation expense of $39.0 million, $38.6 million, and $39.0 million was recorded for the years ended December 31, 2022, December 31, 2021 and December 31, 2020, respectively.

Accrued Expenses and Other Current Liabilities

12 Months Ended

Dec. 31, 2022

Payables And Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

10.	Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following at December 31, 2022 and December 31, 2021 (in thousands):

	2022		2021
Salaries and wages	$	85,328	$	90,023
Employee benefits		298,914		264,912
Self-insurance liability		25,351		23,737
Project cost accruals		147,378		127,970
Other accrued expenses		73,222		92,447
Total accrued expenses and other current liabilities	$	630,193	$	599,089

Debt and Credit Facilities

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Debt and Credit Facilities

11.	Debt and Credit Facilities

Debt consisted of the following at December 31, 2022 and December 31, 2021 (in thousands):

	December 31, 2022			December 31, 2021
Long-Term:
Delayed draw term loan	$	350,000		$	-
Senior notes		-			200,000
Convertible senior notes		400,000			400,000
Revolving credit facility		-			-
Debt issuance costs		(6,395	)		(8,078	)
Total long-term		743,605			591,922
Total Debt	$	743,605		$	591,922

Revolving Credit Facility

In June 2021, the Company entered into a $650 million unsecured revolving credit facility (the “Credit Agreement”). The Company incurred $1.9 million of costs in connection with this Credit Agreement. The 2021 Credit Agreement replaced an existing Fifth Amended and Restated Credit Agreement dated as of November 15, 2017. Under the new agreement, the Company’s revolving credit facility was increased from $550 million to $650 million. The credit facility has a five-year maturity, which may be extended up to two times for periods determined by the Company and the applicable extending lenders, and permits the Company to borrow in U.S. dollars, certain specified foreign currencies, and each other currency that may be approved in accordance with the 2021 Facility. The borrowings under the Credit Agreement bear interest at either a eurocurrency rate plus a margin between 1.0% and 1.625% or a base rate (as defined in the Credit Agreement) plus a margin of between 0% and 0.625%. The rates on December 31, 2022 and December 31, 2021 were 5.7% and 1.36%, respectively. Borrowings under this Credit Agreement are guaranteed by certain Company operating subsidiaries. Letters of credit commitments outstanding under this agreement aggregated approximately $44.5 million and $44.3 million at December 31, 2022 and December 31, 2021, respectively, which reduced borrowing limits available to the Company. Interest expense related to the Credit Agreement was $4.3 million, $0.7 million and $1.0 million, for the years ended December 31, 2022, December 31, 2021 and December 31, 2020, respectively. There were no loan amounts outstanding under the Credit Agreement at December 31, 2022 and December 31, 2021.

The Credit Agreement includes various covenants, including restrictions on indebtedness, liens, acquisitions, investments or dispositions, payment of dividends and maintenance of certain financial ratios and conditions. The Company was in compliance with these covenants at December 31, 2022 and December 31, 2021.

Private Placement

On July 1, 2014, the Company finalized a private placement whereby the Company raised an aggregate amount of $250.0 million in debt as follows (in thousands):

Tranche	Debt Amount		Maturity Date	Interest Rate
Senior Note, Series A	$	50,000	July 15, 2021		4.44	%
Senior Note, Series B		100,000	July 15, 2024		4.98	%
Senior Note, Series C		60,000	July 15, 2026		5.13	%
Senior Note, Series D		40,000	July 15, 2029		5.38	%

The Company incurred approximately $1.1 million of debt issuance costs in connection with the private placement. On August 10, 2018, the Company finalized an amended and restated intercreditor agreement related to this private placement to more closely align certain covenants and definitions with the terms under the 2017 amended and restated Credit Agreement and incurred approximately $0.5 million of additional issuance costs. These costs were presented as a direct deduction from the debt on the face of the balance sheet. Interest expense related to the Senior Notes was $8.5 million $11.6 million and $12.4 million for the years ended December 31, 2022, December 31, 2021 and December 31, 2020, respectively. The amortization of debt issuance costs and interest expense is recorded in “Interest expense” on the consolidated statements of income. The Company paid the $50 million Series A tranche of the Senior Notes as scheduled in July 2021. The Company made interest payments related to the Senior Notes of approximately $13.1 million during the year ended December 31, 2022, and $12.4 million during the years ended December 31, 2021 and December 31, 2020. Interest payable of approximately $4.7 million was recorded in “Accrued expenses and other current liabilities” on the consolidated balance sheets at December 31, 2021 related to the Senior Notes. The Company repaid all outstanding Senior Notes in October 2022. In connection with the prepayment, the Company incurred $2.1 million of interest expense associated with a make-whole amount and remaining unamortized debt issuance costs.

Convertible Senior Notes

In August 2020, the Company issued an aggregate $400.0 million of 0.25% Convertible Senior Notes due 2025, including the exercise of a $50.0 million initial purchasers’ option. The Company received proceeds from the issuance and sale of the Convertible Senior Notes of $389.7 million, net of $10.3 million of transaction fees and other third-party offering expenses. The Convertible Senior Notes accrue interest at a rate of 0.25% per annum, payable semi-annually on February 15 and August 15 of each year beginning on February 15, 2021, and will mature on August 15, 2025, unless earlier repurchased, redeemed or converted.

The Convertible Senior Notes are the Company’s senior unsecured obligations and will rank senior in right of payment to any of the Company’s indebtedness that is expressly subordinated in right of payment to the Notes; equal in right of payment to any of the Company’s unsecured indebtedness that is not so subordinated; effectively junior in right of payment to any of the Company’s secured indebtedness, to the extent of the value of the assets securing such indebtedness; and structurally junior to all indebtedness and other liabilities (including trade payables) of the Company’s subsidiaries

Each $1,000 of principal of the Notes will initially be convertible into 22.2913 shares of our common stock, which is equivalent to an initial conversion price of $44.86 per share, subject to adjustment upon the occurrence of specified events. On or after March 15, 2025 until the close of business on the second scheduled trading day immediately preceding the maturity date of the Convertible Senior Notes, holders may convert all or a portion of their Convertible Senior Notes, regardless of the conditions below.

Prior to the close of business on the business day immediately preceding March 15, 2025, the Notes will be convertible at the option of the holders thereof only under the following circumstances:

•

during any calendar quarter commencing after the calendar quarter ending on December 31, 2020, if the last reported sale price of the Company’s common stock for at least 20 trading days, whether or not consecutive, during a period of 30 consecutive trading days ending on, and including the last trading day of the immediately preceding calendar quarter, is greater than or equal to 130% of the conversion price on each applicable trading day;

•

during the five business day period after any five consecutive trading day period in which, for each trading day of that period, the trading price per $1,000 principal amount of Convertible Senior Notes for such trading day was less than 98% of the product of the last reported sale price of the Company’s common stock and the conversion rate on each such trading day;

•

if the Company calls such Convertible Senior Notes for redemption; or

•

upon the occurrence of specified corporate events described in the Indenture.

The Company may redeem all or any portion of the Convertible Senior Notes for cash, at its option, on or after August 21, 2023 and before the 51^st scheduled trading day immediately before the maturity date at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, but only if the last reported sale price per share of the Company’s common stock exceeds 130% of the conversion price for a specified period of time. In addition, calling any Convertible Senior Note for redemption will constitute a Make-Whole Fundamental Change with respect to that Convertible Senior Note, in which case the conversion rate applicable to the conversion of that Convertible Senior Note will be increased in certain circumstances if it is converted after it is called for redemption.

Upon the occurrence of a fundamental change prior to the maturity date of the Convertible Senior Notes, holders of the Convertible Senior Notes may require the Company to repurchase all or a portion of the Convertible Senior Notes for cash at a price equal to 100% of the principal amount of the Convertible Senior Notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date.

Upon conversion, the Company may settle the Convertible Senior Notes for cash, shares of the Company’s common stock, or a combination thereof, at the Company’s option. If the Company satisfies its conversion obligation solely in cash or through payment and delivery of a combination of cash and shares of the Company’s common stock, the amount of cash and shares of common stock due upon conversion will be based on a daily conversion value calculated on a proportionate basis for each trading day in a 50-trading day observation period.

Under existing GAAP at the time of issuance during 2020, convertible debt instruments that may be settled in cash on conversion were required to be separated into liability and equity components in a manner that reflects the issuer’s non-convertible debt borrowing rate. The carrying amount of the liability component was based on the fair value of a similar instrument that does not contain an equity conversion option. The carrying amount allocated to the equity component, which was recognized as a debt discount, represents the difference between the proceeds from the issuance of the notes and the fair value of the liability component of the notes. Based on this debt-to-equity ratio, debt issuance costs are then allocated to the liability and equity components in a similar manner. Accordingly, at issuance the Company allocated $336.1 million to the debt liability and $53.6 million to additional paid-in capital. The difference between the principal amount of the Convertible Senior Notes and the liability component, inclusive of issuance costs, represents the debt discount, which the Company amortized to interest expense over the term of the Convertible Senior Notes using an effective interest rate of 3.25%. The Company recognized interest expense of $3.0 million for the years ended December 31, 2022 and December 31, 2021, respectively. As of December 31, 2022 and December 31, 2021 the carrying value of the Notes was $400.0 million, respectively.

In the first quarter of 2021, the Company early adopted ASU 2020-06. The Company used the modified retrospective method which resulted in a reduction in non-cash interest expense and reclassification of the equity component of the convertible senior notes of $55.0 million and equity component of the debt issuance costs of $1.4 million to liabilities on the consolidated balance sheet. The Company also adjusted the carrying amount of the convertible senior notes to what it would have been if the Company had applied ASU 2020-06 from the inception of the Notes and recorded the offset of the carrying amount adjustment of $3.7 million in retained earnings on January 1, 2021.

Delayed Draw Term Loan

In September 2022, the Company entered into a $350 million unsecured Delayed Draw Term Loan with an increase option of up to $150 million (the “2022 Delayed Draw Term Loan”). The 2022 Delayed Draw Term Loan may be borrowed in a single draw during the period from and including the Closing Date to the earlier to occur of (a) the date of termination of the 2022 Delayed Draw Term Loan by the Company pursuant to the terms of the 2022 Delayed Draw Term Loan Agreement and (b) six (6) months following the Closing Date. Proceeds of the 2022 Delayed Draw Term Loan Agreement may be used (a) to pay off in full, or partially payoff, the Company’s existing Senior Notes, (b) to prepay revolving loans outstanding under the Revolving Credit Agreement (as defined below), or (c) for working capital, capital expenditures and other lawful corporate purposes. The Company drew $350.0 million from the 2022 Delayed Draw Term Loan in November 2022. The Company incurred $0.9 million of debt issuance costs in connection with the delayed draw term loan as of December 31, 2022. These costs are presented as a direct deduction from the debt on the face of the balance sheet. Interest expense related to the Delayed Draw Term Loan was $3.3 million for the year ended December 31, 2022. The amortization of debt issuance costs and interest expense is recorded in “Interest expense” on the consolidated statements of income. As of December 31, 2022, there was $350.0 million outstanding under the Delayed Draw Term Loan.

The 2022 Delayed Draw Term Loan has a three-year maturity and permits the Company to borrow in U.S. dollars. The 2022 Delayed Draw Term Loan does not require any amortization payments by the Company. Depending on the Company’s consolidated leverage ratio (or debt rating after such time as the Company has such rating), borrowings under the 2022 Delayed Draw Term Loan Agreement will bear interest at either an adjusted Term SOFR benchmark rate plus a margin between 0.875% and 1.500% or a base rate plus a margin of between 0% and 0.500% and will initially bear interest at the middle of this range. The Company will pay a ticking fee on unused term loan commitments at a rate of 0.175% commencing with the date that is ninety (90) days after the Closing Date. Amounts outstanding under the 2022 Delayed Draw Term Loan Agreement may be prepaid at the option of the Company without premium or penalty, subject to customary breakage fees in connection with the prepayment of benchmark rate loans.

Letters of Credit

The Company also has in place several secondary bank credit lines for issuing letters of credit, principally for foreign contracts, to support performance and completion guarantees. Letters of credit commitments outstanding under these bank lines aggregated approximately $222.5 million and $223.0 million at December 31, 2022 and December 31, 2021, respectively.

Convertible Note Hedge and Warrant

Transactions

In connection with the sale of the Convertible Senior Notes, the Company purchased a bond hedge designed to mitigate the potential dilution from the conversion of the Convertible Senior Notes. Under the five-year term of the bond hedge, upon a conversion of the bonds, the Company will receive the number of shares of common stock equal to the remaining common stock deliverable upon conversion of the Convertible Senior Notes if the conversion value exceeds the principal amount of the Notes. The aggregate number of shares that the Company could be obligated to issue upon conversion of the Convertible Senior Notes is approximately 8.9 million shares. The cost of the convertible note hedge transactions was $55.0 million.

The cost of the convertible note hedge was partially offset by the Company’s sale of warrants to acquire approximately 8.9 million shares of the Company’s common stock. The warrants were initially exercisable at a price of at least $66.46 per share and are subject to customary adjustments upon the occurrence of certain events, such as the payment of dividends. The Company received $13.8 million in cash proceeds from the sales of these warrants.

The bond hedge and warrant transactions effectively increased the conversion price associated with the Convertible Senior Notes during the term of these transactions from 35%, or $44.86, to 100%, or $66.46, at their issuance, thereby reducing the dilutive economic effect to shareholders upon actual conversion.

The bond hedges and warrants are indexed to, and potentially settled in, shares of the Company’s common stock. The net cost of $41.2 million for the purchase of the bond hedges and sale of the warrants was recorded as a reduction to additional paid-in capital in the consolidated balance sheets.

At issuance, the Company recorded a deferred tax liability of $16.2 million related to the Convertible Senior Notes debt discount and the capitalized debt issuance costs. The Company also recorded a deferred tax asset of $16.5 million related to the convertible note hedge transactions and the tax basis of the capitalized debt issuance costs through additional paid-in capital. The deferred tax liability and deferred tax asset were included net in “Deferred tax assets” on the consolidated balance sheets. Upon adoption of ASU2020-06, the Company reversed the deferred tax liability of $13.9 million that the Company had recorded at issuance related to the Convertible Senior Note debt discount and recorded an additional deferred tax liability of $0.4 million related to the capitalized debt issuance costs. In addition, the Company recorded a $0.9 million adjustment to the deferred tax asset through retained earnings related to the tax effect of book accretion recorded in 2020 and reversed upon adoption.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
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-Paragraph 1B
-Subparagraph (h)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1I
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1I
-Subparagraph (d)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Section 50
-Paragraph 1B
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Other Long-term Liabilities

12 Months Ended

Dec. 31, 2022

Other Liabilities Disclosure [Abstract]

Other Long-term Liabilities

12.	Other Long-term Liabilities

Other long-term liabilities consisted of the following at December 31, 2022 and December 31, 2021 (in thousands):

	2022		2021
Self-insurance liability	$	77,307	$	72,424
Reserve for uncertain tax positions		21,508		19,318
Finance lease obligations		2,246		2,422
Other long-term liabilities		8,159		668
Total other long-term liabilities	$	109,220	$	94,832

Refer to “Note 13—Income Taxes” for further discussion of the Company’s reconciliation of the beginning and ending balances of uncertain tax positions.

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

13.	Income Taxes

On August 9, 2022 President Biden signed the Creating Helpful Incentives to Produce Semiconductors (CHIPS) Act into law, which includes an advanced manufacturing investment tax credit, among other provisions. On August 16, 2022 President Biden signed the Inflation Reduction Act (the IRA) into law, which includes implementation of a new alternative minimum tax, an excise tax on stock buybacks, and tax incentives for energy and climate initiatives, among other provisions. Based on the Company’s review, these new laws do not result in a material change to the Company’s income tax provision for 2022.

On November 18, 2022, the U.S. Treasury Department and IRS (collectively, “Treasury”) released proposed regulations that provide additional guidance relating to the foreign tax credit (“FTC”). The 2022 Proposed Regulations include guidance with respect to the reattribution asset rule for purposes of allocating and apportioning foreign taxes, the cost recovery requirement, and the attribution rule for withholding taxes on royalty payments. These Proposed Regulations would, if finalized, supplement and revise Final Regulations that were published on January 4, 2022. The Company has assessed the impact of the January 4, 2022, Final Regulations and has included the impact in its provision for income taxes. The Company does not expect any material impact to its consolidated financial statements from the issuance of the Proposed Regulations.

The following table presents the components of our income from continuing operations before income taxes (in thousands):

	2022		2021		2020
United States earnings	$	77,110	$	24,687	$	64,810
Foreign earnings		89,112		87,901		96,603
	$	166,222	$	112,588	$	161,413

The income tax expense (benefit) attributable to income from continuing operations for the years ended December 31, 2022, December 31, 2021, and December 31, 2020 consists of the following (in thousands):

	2022			2021			2020
Current
Federal	$	21,323		$	653		$	15,663
State		9,946			6,830			9,024
Foreign		9,232			19,621			16,534
Total current income tax expense		40,501			27,104			41,221
Deferred
Federal		(2,902	)		1,624			(186	)
State		(623	)		(1,263	)		(1,785	)
Foreign		2,681			(3,829	)		3,242
Total deferred tax expense (benefit)		(844	)		(3,468	)		1,271
Total income tax expense	$	39,657		$	23,636		$	42,492

Income tax expense (benefit) was different from the amount computed by applying the United States federal statutory rate to pre-tax income from continuing operations as a result of the following (in thousands):

	2022					2021					2020
Income before income tax expense	$	166,222				$	112,588				$	161,413
Tax at federal statutory tax rate		34,907		21.0	%		23,644		21.0	%		33,897		21.0	%
State taxes, net of federal tax benefit		7,530		4.5	%		4,192		3.7	%		4,838		3.0	%
Change in tax status		—		0.0	%		—		0.0	%		3,897		2.4	%
Change in valuation allowance		1,363		0.8	%		3,865		3.4	%		6,850		4.2	%
Change in uncertain tax positions		1,688		1.0	%		(80	)	-0.1	%		883		0.6	%
Foreign tax rate differential		(1,787	)	-1.1	%		(388	)	-0.3	%		(128	)	-0.1	%
Tax cost of foreign operations, net of credits		777		0.5	%		(5,151	)	-4.6	%		(47	)	0.0	%
Transaction costs		—		0.0	%		540		0.5	%		61		0.0	%
Noncontrolling interests		(6,279	)	-3.8	%		(5,225	)	-4.6	%		(4,280	)	-2.6	%
Federal business credits		(1,926	)	-1.2	%		(2,538	)	-2.2	%		(2,206	)	-1.4	%
Executive compensation		1,921		1.2	%		2,352		2.1	%		80		0.0	%
Other, net		1,463		0.9	%		2,425		2.1	%		(1,353	)	-0.9	%
Total income tax expense	$	39,657		23.9	%	$	23,636		21.0	%	$	42,492		26.3	%

The effective tax rate in 2022 increased to 23.9% from 21.0% in 2021. The change in the effective tax rate was due primarily to a net increase of uncertain tax positions during 2022, an income tax benefit recognized in 2021 for foreign tax credits which did not reoccur in 2022, partially offset by a decrease in withholding taxes, a benefit from a change in jurisdictional mix of earnings, and a tax expense recognized in 2021 related to a nonrecurring write down of a foreign tax receivable.

The effective tax rate in 2021 decreased to 21.0% from 26.3% in 2020. The change in the effective tax rate was due primarily to an increase in untaxed income attributable to noncontrolling interests, foreign tax credits utilized on the 2020 federal return, a change in jurisdictional earnings, and a release of uncertain tax positions, partially offset by a write down of a foreign tax receivable and an increase in executive compensation subject to IRC Section 162(m) limitations.

The effective tax rate for the year ended December 31, 2022 differs from the federal statutory tax rate primarily due to state income taxes and a recorded valuation allowance on foreign tax credit

carryovers, partially offset by benefits related to income attributable to noncontrolling interests, earnings in lower tax jurisdictions and federal business tax credits.

The effective tax rate for the year ended December 31, 2021 differs from the federal statutory tax rate primarily due to state income taxes, a recorded valuation allowance on foreign tax credit carryovers, a write down of a foreign tax receivable, and an increase in executive compensation subject to IRC Section 162(m) limitations, partially offset by benefits related to untaxed income attributable to noncontrolling interests, release of uncertain tax positions, and federal business tax credits.

The components of deferred tax assets and liabilities consists of the following at December 31, 2022 and December 31, 2021 (in thousands):

	2022			2021
Deferred tax assets
Project and non-project reserves	$	20,862		$	24,668
Employee compensation and benefits		55,103			60,397
Revenue and cost recognition		43,629			28,930
Insurance accruals		14,067			16,661
Net operating losses		8,928			11,589
Lease liabilities		44,285			54,926
Tax credit carryforwards		22,333			21,818
Other		3,847			3,323
Total deferred tax assets		213,054			222,312
Valuation allowance		(28,705	)		(27,348	)
Total deferred tax assets		184,349			194,964
Deferred tax liabilities
Intangible assets		(12,131	)		(16,542	)
Right-of-use assets		(40,111	)		(48,993	)
Other		(6,868	)		(6,436	)
Total deferred tax liabilities		(59,110	)		(71,971	)
Net deferred tax asset	$	125,239		$	122,993

The Company assesses the realizability of its deferred tax assets each reporting period through an analysis of potential sources of taxable income, including prior year taxable income available to absorb carryback of tax losses, reversals of existing taxable temporary differences, tax planning strategies, and forecasts of taxable income. The Company considers all negative and positive evidence, including the weight of the evidence, to determine if a valuation allowance against deferred tax assets is required. A valuation allowance is recorded against deferred tax assets to reflect the amount of deferred tax assets that is determined to be more-likely-than-not to be realized.

The Company is not asserting that any of the earnings of the foreign subsidiaries will be permanently reinvested. Therefore, the Company has recorded a deferred tax liability for the undistributed earnings net of applicable foreign tax credits.

Beginning in 2022, the Tax Cuts and Jobs Act of 2017 eliminated the option to currently deduct research and development expenditures in the year incurred and requires taxpayers to amortize such expenditures over five years for tax purposes. This provision resulted in additional cash tax liability for the 2022 tax year of approximately $16 million. Correspondingly, our deferred tax asset for revenue and cost recognition increased by approximately $16 million to reflect future amortization deductions of the capitalized expenses.

As of December 31, 2022, and December 31, 2021, the Company’s valuation allowance against deferred tax assets was $28.7 million and $27.3 million, respectively. The Company has recorded a valuation allowance against certain tax attributes that the Company has determined are not more-likely-than-not to be realized, including certain foreign net operating loss carryforwards, foreign tax credit carryforwards, and capital loss carryforwards. From December 31, 2021 to December 31, 2022, the Company’s valuation allowance increased by $1.4 million. This increase relates to deferred tax assets recorded for foreign tax credit carryforwards, offset in part by a decrease related to net operating loss carryforwards. The valuation allowance is recorded because the Company does not expect to have sufficient taxable income and foreign source income to support the net operating loss carryforwards and the foreign tax credit carryforwards before they expire.

As of December 31, 2022, the Company has NOLs of $0.4 million, $30.6 million, and $30.2 million for U.S. Federal, U.S. states and foreign jurisdictions, respectively. The utilization of the U.S. federal and U.S. state NOLs are subject to certain annual limitations. Of these NOL amounts, $0 million, $20.1 million and $19.3 million in U.S. Federal, U.S. states and foreign jurisdictions, respectively, do not expire. The remaining amounts of NOLs in U.S. states and in foreign jurisdictions will expire if not used between 2023 and 2043.

As of December 31, 2022, the Company has foreign tax credit carryforwards of $22.3 million. The Company has provided a valuation allowance of $22.3 million as the Company considers it is not more likely than not that these credits will be realized. These foreign tax credits start expiring in the year 2029.

A reconciliation of the beginning and ending balances of unrecognized tax benefits is as follows (in thousands):

	2022			2021			2020
Beginning of year	$	21,181		$	16,395		$	15,526
Increases—current year tax positions		4,666			6,203			950
Increases—prior year tax positions		2,254			1,512			1,951
Decreases—prior year tax positions		(3,537	)		(2,929	)		(1,366	)
Settlements		(1,447	)		—			(666	)
Lapse of statute of limitations		(319	)		—			—
End of year	$	22,798		$	21,181		$	16,395

At December 31, 2022, and December 31, 2021, there are $21.8 million and $19.5 million of unrecognized tax benefits that if recognized would affect the Company’s effective tax rate.

The Company recognizes interest and penalties related to unrecognized tax benefits as part of its income tax expense. During the years ended December 31, 2022, December 31, 2021, and December 31, 2020, the Company recognized approximately $0.7 million, $(0.9) million, and $1.1 million in interest and penalties, respectively, in the consolidated statements of income. The total amount of interest and penalties accrued in the consolidated balance sheets was $4.1 million, $3.5 million, and $4.4 million at December 31, 2022, December 31, 2021, and December 31, 2020, respectively.

The Company conducts business globally and, as a result, the Company or one or more of its subsidiaries file income tax returns in the U.S. federal jurisdiction, various U.S. states, and foreign jurisdictions. The Company is subject to examination by tax authorities in several jurisdictions, including major jurisdictions such as Canada, Qatar, Saudi Arabia and the United States. As of December 31, 2022, the Company’s U.S. federal income tax returns for tax years 2019 and forward remain subject to examination. U.S. states and foreign income tax returns remain subject to examination based on varying local statutes of limitations.

The Company estimates that, within 12 months, it may decrease its uncertain tax positions by approximately $2.5 million as a result of concluding various tax audits and closing tax years.

Although the Company believes its reserves for its tax positions are reasonable, the final outcome of tax audits could be significantly different, both favorably and unfavorably. It is reasonably possible that these audits may conclude in the next 12 months and that the unrecognized tax benefits the Company has recorded in relation to these tax years may change compared to the liabilities recorded for these periods. However, it is not currently possible to estimate the amount, if any, of such change.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Contingencies

12 Months Ended

Dec. 31, 2022

Commitments And Contingencies Disclosure [Abstract]

Contingencies

14.	Contingencies

The Company is subject to certain lawsuits, claims and assessments that arise in the ordinary course of business. Additionally, the Company has been named as a defendant in lawsuits alleging personal injuries as a result of contact with asbestos products at various project sites. Management believes that any significant costs relating to these claims will be reimbursed by applicable insurance and, although there can be no assurance that these matters will be resolved favorably, management believes that the ultimate resolution of any of these claims will not have a material adverse effect on our consolidated financial position, results of operations, or cash flows. A liability is recorded when it is both probable that a loss has been incurred and the amount of loss or range of loss can be reasonably estimated. When using a range of loss estimate, the Company records the liability using the low end of the range unless some amount within the range of loss appears at that time to be a better estimate than any other amount in the range. The Company records a corresponding receivable for costs covered under its insurance policies. Management judgment is required to determine the outcome and the estimated amount of a loss related to such matters. Management believes that there are no claims or assessments outstanding which would materially affect the consolidated results of operations or the Company’s financial position.

In September 2015, a former Parsons employee filed an action in the United States District Court for the Northern District of Alabama against us as a qui tam relator on behalf of the United States (the “Relator”) alleging violation of the False Claims Act. The plaintiff alleges that, as a result of these actions, the United States paid in excess of $1 million per month between February and September 2006 that it should have paid to another contractor, plus $2.9 million to acquire vehicles for the contractor defendant to perform its security services. The lawsuit sought (i) that we cease and desist from violating the False Claims Act, (ii) monetary damages equal to three times the amount of damages that the United States has sustained because of our alleged violations, plus a civil penalty of not less than $5,500 and not more than $11,000 for each alleged violation of the False Claims Act, (iii) monetary damages equal to the maximum amount allowed pursuant to §3730(d) of the False Claims Act, and (iv) Relator’s costs for this action, including recovery of attorneys’ fees and costs incurred in the lawsuit. The United States government did not intervene in this matter as it is allowed to do so under the statute. The parties are concluding discovery and we anticipate that the court will hear dispositive and/or pre-trial motions in early or mid-2023. Depending upon the court’s rulings upon such motions, a trial may be scheduled in 2023.

At this time, the Company is unable to determine the probability of the outcome of the litigation or determine a potential range of loss, if any.

Federal government contracts are subject to audits, which are performed for the most part by the Defense Contract Audit Agency (“DCAA”). Audits by the DCAA and other agencies consist of reviews of our overhead rates, operating systems and cost proposals to ensure that we account for such costs in accordance with the Cost Accounting Standards (“CAS”). If the DCAA determines we have not accounted for such costs in accordance with the CAS, the DCAA may disallow these costs. The disallowance of such costs may result in a reduction of revenue and additional liability for the Company. Historically, the Company has not experienced any material disallowed costs as a result of government audits. However, the Company can provide no assurance that the DCAA or other government audits will not result in material disallowances for incurred costs in the future. All audits of costs incurred on work performed through 2013 have been closed, and years thereafter remain open.

Although there can be no assurance that these matters will be resolved favorably, management believes that their ultimate resolution will not have a material adverse impact on the Company’s consolidated financial position, results of operations, or cash flows.

Retirement and Other Benefit Plans

12 Months Ended

Dec. 31, 2022

Compensation And Retirement Disclosure [Abstract]

Retirement and Other Benefit Plans

15.	Retirement and Other Benefit Plans

The Company’s principal retirement benefit plan is the ESOP, a stock bonus plan, established in 1975 to cover eligible employees of the Company and certain affiliated companies. Contributions of treasury stock to ESOP are made annually in amounts determined by the Company’s board of directors and are held in trust for the sole benefit of the participants. Shares allocated to a participant’s account are fully vested after three years of credited service, or in the event(s) of reaching age 65, death or disability while an active employee of the Company. As of December 31, 2022, the total shares of the Company’s common stock outstanding were 104,702,996, of which 63,742,151 were held by the ESOP. As of December 31, 2021, the total shares of the Company’s common stock outstanding were 103,659,731, of which 70,328,237 were held by the ESOP.

A participant’s interest in their ESOP account is redeemable upon certain events, including retirement, death, termination due to permanent disability, a severe financial hardship following termination of employment, certain conflicts of interest following termination of employment, or the exercise of diversification rights. Distributions from the ESOP of participants’ interests are made in the Company’s common stock based on quoted prices of a share of the Company’s common stock on the NYSE. A participant will be able to sell such shares of common stock in the market, subject to any requirements of the federal securities laws.

Total ESOP contribution expense was approximately $54.7 million, $54.9 million and $55.3 million for the years ended December 31, 2022, December 31, 2021 and December 31, 2020, respectively, and is recorded in “Direct costs of contracts” and “Selling, general and administrative expense” in the consolidated statements of income.

The Company also maintains a defined contribution plan (the “401(k) Plan”). Substantially all domestic employees are entitled to participate in the 401(k) Plan, subject to certain minimum requirements. The Company’s contributions to the 401(k) Plan for the years ended December 31, 2022, December 31, 2021 and December 31, 2020 amounted to $30.2 million, $25.5 million, and $24.4 million, respectively.

As part of an acquisition in 2014, the Company acquired a defined contribution pension plan, a defined benefit pension plan, and supplemental retirement plan. For the defined contribution pension plan, the Company contributes a base amount plus an additional amount based upon a predetermined formula. At December 31, 2022 and December 31, 2021, the defined benefit pension plan was in a net asset position of $1.8 million and $2.6 million, respectively, which is recorded in “Other noncurrent assets” on the consolidated balance sheets.

Investments in and Advances to Joint Ventures

12 Months Ended

Dec. 31, 2022

Equity Method Investments And Joint Ventures [Abstract]

Investments in and Advances to Joint Ventures

16.	Investments in and Advances to Joint Ventures

The Company participates in joint ventures to bid, negotiate and complete specific projects. The Company is required to consolidate these joint ventures if it holds the majority voting interest or if the Company meets the criteria under the consolidation model, as described below.

The Company performs an analysis to determine whether its variable interests give the Company a controlling financial interest in a VIE for which the Company is the primary beneficiary and should, therefore, be consolidated. Such analysis requires the Company to assess whether it has the power to direct the activities of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE.

The Company analyzed all of its joint ventures and classified them into two groups: (1) joint ventures that must be consolidated because they are either not VIEs and the Company holds the majority voting interest, or because they are VIEs and the Company is the primary beneficiary; and (2) joint ventures that do not need to be consolidated because they are either not VIEs and the Company holds a minority voting interest, or because they are VIEs and the Company is not the primary beneficiary.

Many of the Company’s joint venture agreements provide for capital calls to fund operations, as necessary; however, such funding is infrequent and is not anticipated to be material.

Letters of credit outstanding described in ‘Note 11—Debt and Credit Facilities” that relate to project ventures are approximately $106.8 million and $73.2 million at December 31, 2022 and December 31, 2021, respectively.

In the table below, aggregated financial information relating to the Company’s joint ventures is provided because their nature, risk and reward characteristics are similar. None of the Company’s current joint ventures that meet the characteristics of a VIE are individually significant to the consolidated financial statements.

Consolidated Joint Ventures

The following represents financial information for consolidated joint ventures included in the consolidated financial statements as of and for the years ended December 31, 2022, December 31, 2021 and December 31, 2020 (in thousands):

	2022		2021
Current assets	$	289,837	$	246,342
Noncurrent assets		9,961		2,180
Total assets		299,798		248,522
Current liabilities		198,464		175,637
Total liabilities		198,464		175,637
Total joint venture equity	$	101,334	$	72,885

	2022		2021		2020
Revenue	$	483,888	$	402,078	$	450,530
Costs		422,559		351,670		408,319
Net income	$	61,329	$	50,408	$	42,211
Net income attributable to noncontrolling interests	$	29,901	$	24,880	$	20,380

The assets of the consolidated joint ventures are restricted for use only by the particular joint venture and are not available for the Company’s general operations.

Unconsolidated Joint Ventures

The Company accounts for its unconsolidated joint ventures using the equity method of accounting. Under this method, the Company recognizes its proportionate share of the net earnings of these joint ventures as “Equity in earnings (loss) of unconsolidated joint ventures” in the consolidated statements of income. The Company’s maximum exposure to loss as a result of its investments in unconsolidated VIEs is typically limited to the aggregate of the carrying value of the investment and future funding commitments.

The following represents the financial information of the Company’s unconsolidated joint ventures as presented in their unaudited financial statements as of and for the years ended December 31, 2022 and December 31, 2021 (in thousands):

	2022		2021
Current assets	$	1,610,246	$	1,620,735
Noncurrent assets		491,658		531,261
Total assets		2,101,904		2,151,996
Current liabilities		1,255,297		1,088,985
Noncurrent liabilities		468,056		669,911
Total liabilities		1,723,353		1,758,896
Total joint venture equity	$	378,551	$	393,100
Investments in and advances to unconsolidated joint ventures	$	107,425	$	110,688

	2022		2021		2020
Revenue	$	2,406,407	$	2,709,305	$	1,830,802
Costs		2,325,472		2,536,403		1,709,933
Net income	$	80,935	$	172,902	$	120,869
Equity in earnings of unconsolidated joint ventures	$	16,347	$	36,862	$	30,059

The Company received net distribution from its unconsolidated joint ventures of $20.2 million and $30.5 million for the years ended December 31, 2022 and December 31, 2020, respectively, and had net contributions to its unconsolidated joint ventures of $13.2 million for the year ended December 31, 2021.

For the years ended December 31, 2022, December 31, 2021 and December 31, 2020, the Company recorded a $13.8 million, $15.6 million and $15.5 million write-down, respectively, on an unconsolidated joint venture in the Critical Infrastructure segment as a result of changes in estimates made by the managing partner. For the year ended December 31, 2022, this write-down decreased operating and net income by $13.8 million and $10.3 million, respectively, and decreased diluted earnings per share by $0.09. For the year ended December 31, 2021, this write-down decreased operating and net income by $15.6 million and $11.6 million, respectively, and decreased diluted earnings per share by $0.10. For the year ended December 31, 2020, this write-down decreased operating and net income by $15.5 million and $11.5 million, respectively, and decreased diluted earnings per share by $0.11.

Related Party Transactions

12 Months Ended

Dec. 31, 2022

Related Party Transactions

17.	Related Party Transactions

The Company often provides services to unconsolidated joint ventures and revenues include amounts related to recovering overhead costs for these services. For the years ended December 31, 2022, December 31, 2021 and December 31, 2020, revenues included $215.2 million, $204.7 million, and $172.2 million, respectively, related to services the Company provided to unconsolidated joint ventures. For the years ended December 31, 2022, December 31, 2021 and December 31, 2020, the Company incurred approximately $156.0 million, $155.5 million and $133.8 million, respectively, of reimbursable costs. Amounts included in the consolidated balance sheets related to services the Company provided to unconsolidated joint ventures are as follows (in thousands):

	2022		2021
Accounts receivable	$	40,320	$	30,246
Contract assets		30,578		16,069
Contract liabilities		14,906		10,605

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

18.	Fair Value of Financial Instruments

The authoritative guidance on fair value measurement defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (referred to as an “exit price”). At December 31, 2022 and December 31, 2021, the Company’s financial instruments include cash, cash equivalents, accounts receivable, accounts payable, and other liabilities. The fair values of these financial instruments approximate their carrying values due to their short-term maturities.

Investments measured at fair value are based on one or more of the following three valuation techniques:

•

Market approach—Prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities;

•

Cost approach—Amount that would be required to replace the service capacity of an asset (i.e., replacement cost); and

•

Income approach—Techniques to convert future amounts to a single present amount based on market expectations (including present value techniques, option-pricing models and lattice models).

In addition, the guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted market prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are:


Level 1	Unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets and liabilities;

Level 2	Pricing inputs that include quoted prices for similar assets and liabilities in active markets and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the derivative instrument; and

Level 3	Prices or valuations that require inputs that are both significant to the fair value measurements and unobservable.

The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

The following table sets forth assets associated with the pension plan in “Note 15—Retirement and Other Benefits Plans” that are accounted for at fair value by Level within the fair value hierarchy.

Fair value as of December 31, 2022 (in thousands):

	Level 1		Level 2		Level 3		Total
Mutual funds	$	1,924	$	—	$	—	$	1,924
Fixed income		—		7,662		—		7,662
Cash and cash equivalents		449		—		—		449
	$	2,373	$	7,662	$	—	$	10,035

Fair value as of December 31, 2021 (in thousands):

	Level 1		Level 2		Level 3		Total
Mutual funds	$	2,951	$	—	$	—		2,951
Fixed income		—		9,813		—		9,813
Cash and cash equivalents		489		—		—		489
		3,440		9,813		—		13,253

As described in “Note 15—Retirement and Other Benefits Plans”, the Company acquired a defined contribution pension plan, a defined benefit pension plan, and supplemental retirement plans. At December 31, 2022 and December 31, 2021, the Company measured the mutual funds held within the defined benefit pension plan at fair value using unadjusted quoted prices in active markets that are accessible for identical assets. The Company measured the fixed income securities using market bid and ask prices. The inputs that are significant to the valuation of fixed income securities are generally observable, and therefore have been classified as Level 2.

With respect to equity-based compensation, we estimate the fair value of cash settled awards based on the 60-trading day weighted average closing price of the Company’s common stock on the NYSE at the end of each reporting period and on the vesting date. For restricted stock units containing service conditions or service and performance conditions, fair value is based on the closing stock price of a share of the Company’s common stock on the NYSE on the grant date.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Earnings Per Share

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Earnings Per Share

19.	Earnings Per Share

The tables below reconcile the denominator and numerator used to compute basic earnings per share (“EPS”) to the denominator and numerator used to compute diluted EPS for the years ended December 31, 2022, December 31, 2021 and December 31, 2020. Basic EPS is computed using the weighted average number of shares outstanding during the period and income available to shareholders. Diluted EPS is computed similar to basic EPS, except the income available to shareholders is adjusted to add back interest expense, after tax, related to the Convertible Senior Note, and the weighted average number of shares outstanding is adjusted to reflect the dilutive effects of stock-based awards and shares underlying the Convertible Senior Note.

Convertible Senior Note dilution impact is calculated using the if-converted method which was required upon adoption of ASU 2020-06. As a result, the Company elected to adopt the if-converted method during the third quarter of 2020. In connection with the offerings of our note, the Company entered into a convertible note hedge and warrants (see Note 11 Debt and Credit Facilities); however, the convertible note hedge is not considered when calculating dilutive shares given its impact is anti-dilutive. The impact of the bond hedge would offset the dilutive impact of the shares underlying the Convertible Senior Note. The warrants have a strike price above our average share price during the period and are out of the money and not included in the tables below.

Dilutive potential common shares include, when circumstances require, shares the Company could be obligated to issue from its Convertible Senior Notes and warrants (see Note 11 Debt and Credit Facilities for further discussion) and stock-based awards. Shares to be provided to the Company from its bond hedge purchased concurrently with the issuance of Convertible Senior Notes are anti-dilutive and are not included in its diluted shares. Anti-dilutive stock-based awards excluded from the calculation of earnings per share for the years ended December 31, 2022, December 31, 2021, and December 31, 2020 were 15,113, 11,986, and 5,327, respectively. In addition, the convertible senior notes were anti-dilutive and excluded for 2020.

The weighted average number of shares used to compute basic and diluted EPS were (in thousands):

	2022		2021		2020
Basic weighted average number of shares outstanding		103,758		102,544		100,848
Stock-based awards		808		666		357
Convertible senior notes		8,917		8,917		-
Diluted weighted average number of shares outstanding		113,483		112,127		101,205

The net income available to shareholders to compute basic and diluted EPS were (in thousands):

	2022		2021		2020
Net income attributable to Parsons Corporation		96,664		64,072		98,541
Convertible senior notes if-converted method interest adjustment		2,176		2,130		-
Diluted net income attributable to Parsons Corporation		98,840		66,202		98,541

Share Repurchases

In August 2021, the Company’s Board of Directors authorized a stock repurchase program to repurchase up to $100.0 million of shares of Common Stock. Repurchases under this stock repurchase program commenced on August 12, 2021. Any and all shares of Common Stock purchased by the Company pursuant to the program shall be retired upon their acquisition and shall not become treasury shares but instead shall resume the status of authorized but unissued shares of Common Stock.

The following table summarizes the repurchase activity under the stock repurchase program.

	2022		2021
Total shares repurchased		574,933		618,533
Total shares retired		574,933		618,533
Average price paid per share	$	38.27	$	35.08

As of December 31, 2022, the Company has $56.3 million remaining under the stock repurchase program.

Segments Information

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Segments Information

20.	Segments Information

The Company operates in two reportable segments: Federal Solutions and Critical Infrastructure.

The Federal Solutions segment provides advanced technical solutions to the U.S. government, delivering timely, cost-effective hardware, software and services for mission-critical projects. The segment provides advanced technologies, supporting national security missions in cybersecurity, missile defense, and military facility modernization, logistics support, hazardous material remediation and engineering services.

The Critical Infrastructure segment provides integrated engineering and management services for complex physical and digital infrastructure around the globe. The Critical Infrastructure segment is a technology innovator focused on next generation digital systems and complex structures. Industry leading

capabilities in engineering and project management allow the Company to deliver significant value to customers by employing cutting-edge technologies, improving timelines and reducing costs.

The Company defines its reportable segments based on the way the chief operating decision maker (“CODM”), currently its Chief Executive Officer, evaluates the performance of each segment and manages the operations of the Company for purposes of allocating resources among the segments. The CODM evaluates segment operating performance using segment Revenue and segment Adjusted EBITDA attributable to Parsons Corporation.

The following table summarizes business segment information for the periods presented (in thousands):

	2022		2021		2020
Revenues:
Federal Solutions	$	2,212,987	$	1,888,050	$	1,911,910
Critical Infrastructure		1,982,285		1,772,721		2,007,036
Total revenues	$	4,195,272	$	3,660,771	$	3,918,946

The Company defines Adjusted EBITDA attributable to Parsons Corporation as Adjusted EBITDA excluding Adjusted EBITDA attributable to noncontrolling interests. The Company defines Adjusted EBITDA as net income (loss) attributable to Parsons Corporation, adjusted to include net income (loss) attributable to noncontrolling interests and to exclude interest expense (net of interest income), provision for income taxes, depreciation and amortization and certain other items that are not considered in the evaluation of ongoing operating performance. These other items include net income (loss) attributable to noncontrolling interests, asset impairment charges, income and expense recognized on litigation matters, expenses incurred in connection with acquisitions and other non-recurring transaction costs and expenses related to our prior restructuring. The following table summarizes business segment Adjusted EBITDA and a reconciliation to net income attributable to Parsons Corporation for the periods presented (in thousands):

	2022			2021			2020
Adjusted EBITDA attributable to Parsons Corporation
Federal Solutions	$	199,004		$	162,733		$	167,340
Critical Infrastructure		123,385			121,700			154,528
Adjusted EBITDA attributable to Parsons Corporation		322,389			284,433			321,868
Adjusted EBITDA attributable to noncontrolling interests		30,393			25,287			20,753
Depreciation and amortization		(120,501	)		(144,209	)		(127,980	)
Interest expense, net		(22,219	)		(17,301	)		(20,169	)
Income tax (expense) benefit		(39,657	)		(23,636	)		(42,492	)
Equity-based compensation		(24,354	)		(19,601	)		(9,785	)
Transaction-related costs (a)		(16,270	)		(11,965	)		(19,922	)
Restructuring (b)		(213	)		(736	)		(2,193	)
Other (c)		(3,003	)		(3,320	)		(1,159	)
Net income including noncontrolling interests	$	126,565		$	88,952		$	118,921
Net income attributable to noncontrolling interests		(29,901	)		(24,880	)		(20,380	)
Net income attributable to Parsons Corporation	$	96,664		$	64,072		$	98,541

(a)	Reflects costs incurred in connection with acquisitions, and other non-recurring transaction costs, primarily fees paid for professional services and employee retention.

(b)	Reflects costs associated with and related to our corporate restructuring initiatives.

(c)	Includes a combination of gain/loss related to sale of fixed assets, software implementation costs, and other individually insignificant items that are non-recurring in nature.

Asset information by segment is not a key measure of performance used by the CODM.

The following table presents revenues and property and equipment, net by geographic area (in thousands):

	2022		2021		2020
Revenues:
North America	$	3,463,128	$	3,028,760	$	3,215,874
Middle East		710,830		610,655		684,353
Rest of World		21,314		21,356		18,719
Total revenues	$	4,195,272	$	3,660,771	$	3,918,946
Property and equipment, net
North America	$	91,217	$	100,674	$	116,460
Middle East		4,833		3,522		4,567
Total property and equipment, net	$	96,050	$	104,196	$	121,027

North America revenue includes $3.2 billion, $2.7 billion and $3.0 billion of United States revenue for the years ended December 31, 2022, December 31, 2021 and December 31, 2020, respectively. North America property and equipment, net includes $84.4 million, $95.0 million and $109.6 million of property and equipment, net in the United States at December 31, 2022, December 31, 2021 and December 31, 2020, respectively.

The geographic location of revenue is determined by the location of the customer. The prior reporting of revenue by geographic location has been conformed to the current presentation.

The following table presents revenues by business lines (in thousands):

	2022		2021		2020
Revenue:
Defense & Intelligence	$	1,368,779	$	1,269,030	$	1,205,152
Engineered Systems		844,208		619,020		706,758
Federal Solutions revenues		2,212,987		1,888,050		1,911,910
Mobility Solutions		1,291,088		1,164,718		1,280,535
Connected Communities		691,197		608,003		726,501
Critical Infrastructure revenues		1,982,285		1,772,721		2,007,036
Total revenues	$	4,195,272	$	3,660,771	$	3,918,946

Effective July 1, 2021, the Company made changes to its Federal Solutions business units by consolidating Space & Geospatial Solutions, Cyber & Intelligence, and Missile Defense & C5ISR into a new Defense and Intelligence business unit. Effective January 1, 2022, the Company made changes to its Critical Infrastructure business units by transferring a portion of legacy Mobility Solutions to the Connected Communities business unit. Effective June 1, 2022, the Company made changes to its Federal Solutions business units by transferring a portion of legacy Defense and Intelligence business unit to the Engineered Systems business unit. The prior year information in the table above has been reclassified to conform to the business line changes.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Subsequent Events

12 Months Ended

Dec. 31, 2022

Subsequent Events [Abstract]

Subsequent Events

21.	Subsequent Events

None.

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2022

Valuation And Qualifying Accounts [Abstract]

Schedule II - Valuation and Qualifying Accounts

PARSONS CORPORATION AND SUBSIDIARIES

Schedule II—Valuation and Qualifying Accounts

Description	Balance at beginning of period		Additions		Deductions			Other and foreign exchange impact			Balance at end of period
2022
Allowance for doubtful accounts		3,955		59		(3	)		-			4,011
Valuation allowance on deferred tax assets		27,348		3,656		(2,180	)		(119	)		28,705
2021
Allowance for doubtful accounts		4,001		8		(54	)		-			3,955
Valuation allowance on deferred tax assets		23,878		4,873		(878	)		(525	)		27,348
2020
Allowance for doubtful accounts		5,497		1,201		(2,697	)		-			4,001
Valuation allowance on deferred tax assets		17,359		7,655		(596	)		(540	)		23,878

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2022

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Basis of Presentation and Principles of Consolidation

Share Repurchases

In accordance with ASC 606, the Company follows the five-step process in ASC 606 to recognize revenue:

Identify the contract

Identify performance obligations

Determine the transaction price

Allocate the transaction price

Recognize revenue

The Company enters into the following types of contracts with its customers:

time the estimate of contract profitability indicates an anticipated loss on the contract, the Company recognizes the total loss in the period it is identified.

Cash Equivalents

Restricted Cash and Investments

Restricted cash and investments held in trust accounts represent collateral for certain incentive programs.

Accounts Receivable, Net

Accounts receivable includes billed and unbilled amounts and are recognized in the period when the Company’s rights to receive consideration are unconditional.

Contract Assets and Contract Liabilities

Concentration of Credit Risk

In order to mitigate the credit risk associated with customers, the Company performs periodic credit evaluations of its customers’ financial condition.

Property and Equipment

Leases

LeasesThe Company has operating and finance leases for corporate and project office spaces, vehicles, heavy machinery and office equipment. Our leases have remaining lease terms of one year to seven years, some of which may include options to extend the leases for up to five years, and some of which may include options to terminate the leases after the third year.

Equity-Based Compensation

Business Combinations

Consolidation of Joint Ventures and Variable Interest Entities

Goodwill

Intangible Assets

Income Taxes

Foreign Currency Translation

Self-Insurance

Recently Adopted Accounting Pronouncements

Basis of Presentation and Principles of Consolidation (Policies)

12 Months Ended

Dec. 31, 2022

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Leases

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2022

Xator Corporation

Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed on Preliminary Purchase Price Allocation

	Amount
Cash and cash equivalents	$	8,935
Accounts receivable		7,393
Contract assets		25,397
Prepaid expenses and other current assets		3,615
Property and equipment		1,699
Right of use assets, operating leases		7,517
Goodwill		253,190
Investments in and advances to unconsolidated joint ventures		698
Intangible assets		123,500
Other noncurrent assets		9,156
Accounts payable		(6,626	)
Accrued expenses and other current liabilities		(31,119	)
Contract liabilities		(2,080	)
Short-term lease liabilities, operating leases		(2,371	)
Long-term lease liabilities, operating leases		(5,146	)
Other long-term liabilities		(9,156	)
Net assets acquired	$	384,602

Schedule of Preliminary Intangible Assets Value on Purchase Price

Of the total purchase price, the following values were preliminarily assigned to intangible assets (in thousands, except for years):

	Gross Carrying Amount		Amortization Period
			(in years)
Customer relationships	$	37,000	15
Backlog		81,000	6
Trade Name		4,000	1
Developed technologies		1,000	3
Non-compete agreements		500	3

Schedule of Supplemental Pro Forma Information

Supplemental information of unaudited pro forma operating results assuming the Xator acquisition had been consummated as of the beginning of fiscal year 2021 (in thousands) is as follows:

	2022		2021
	(unaudited)		(unaudited)
Pro forma Revenue	$	4,302,448	$	3,949,562
Pro forma Net Income including noncontrolling interests		139,901		91,770

BlackHorse Solutions, Inc.

Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed on Preliminary Purchase Price Allocation

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed as of the date of acquisition (in thousands):

	Amount
Cash and cash equivalents	$	15,428
Accounts receivable		3,351
Contract assets		5,979
Prepaid expenses and other current assets		937
Property and equipment		2,239
Right of use assets, operating leases		6,157
Goodwill		143,086
Intangible assets		65,000
Accounts payable		(2,326	)
Accrued expenses and other current liabilities		(17,190	)
Contract liabilities		(320	)
Short-term lease liabilities, operating leases		(1,011	)
Long-term lease liabilities, operating leases		(5,146	)
Deferred tax liabilities		(10,916	)
Other long-term liabilities		(235	)
Net assets acquired	$	205,033

Schedule of Preliminary Intangible Assets Value on Purchase Price

Of the total purchase price, the following values were assigned to intangible assets (in thousands, except for years):

	Gross Carrying Amount		Amortization Period
			(in years)
Customer relationships	$	39,000	16
Backlog		23,000	3
Trade name		1,000	2
Developed technologies		1,000	3
Non-compete agreements		1,000	3

Schedule of Supplemental Pro Forma Information

Supplemental information on an unaudited pro forma basis, as if the acquisition closed as of the beginning of the fiscal year ended December 31, 2020 as follows (in thousands):

	2021		2020
	(unaudited)		(unaudited)
Pro forma Revenue	$	3,699,227	$	3,966,809
Pro forma Net Income including noncontrolling interests		93,592		108,008

Braxton Science & Technology Group

Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed on Preliminary Purchase Price Allocation

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed based on the purchase price allocation as of the date of acquisition (in thousands):

	Amount
Cash and cash equivalents	$	7,006
Accounts receivable		18,163
Contract assets		8,350
Prepaid expenses and other current assets		3,036
Property and equipment		5,114
Right of use assets, operating leases		10,788
Goodwill		212,185
Intangible assets		74,950
Accounts payable		(7,464	)
Accrued expenses and other current liabilities		(9,845	)
Contract liabilities		(300	)
Short-term lease liabilities, operating leases		(1,915	)
Long-term lease liabilities, operating leases		(8,873	)
Deferred tax liabilities		(1,694	)
Net assets acquired	$	309,501

Schedule of Preliminary Intangible Assets Value on Purchase Price

Of the total purchase price, the following values were assigned to intangible assets (in thousands, except for years):

Schedule of Supplemental Pro Forma Information

Supplemental information of unaudited pro forma operating results assuming the Braxton acquisition had been consummated as of the beginning of 2019 (in thousands) is as follows:

	2020
	(unaudited)
Pro forma Revenue	$	4,039,420
Pro forma Net Income including noncontrolling interests		125,298

Contracts with Customers (Tables)

12 Months Ended

Dec. 31, 2022

Revenue From Contract With Customer [Abstract]

Summary of Disaggregation of Revenue

	December 31, 2022		December 31, 2021		December 31, 2020
Cost plus	$	1,890,242	$	1,674,276	$	1,631,140
Time-and-Materials		1,166,548		1,021,568		1,034,596
Fixed price		1,138,482		964,927		1,253,210
Total	$	4,195,272	$	3,660,771	$	3,918,946

Summary of Contract Assets and Contract Liabilities

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

	December 31, 2022		December 31, 2021		$ change		% change
Contract assets	$	634,033	$	579,216	$	54,817		9.5	%
Contract liabilities		213,064		171,671		41,393		24.1	%
Net contract assets (liabilities) (1)	$	420,969	$	407,545	$	13,424		3.3	%

(1)

Summary of Changes in Contract Assets and Contract Liabilities

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

	December 31, 2022		December 31, 2021
Acquired contract assets	$	25,397	$	5,979
Acquired contract liabilities		2,080		320

Summary of Changes in Revenue

		2022				2021				2020
Revenue impact, net		$	-			$	(30,828	)		$	8,875

Summary of Accounts Receivable, Net

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

	2022			2021
Billed	$	502,411		$	434,776
Unbilled		218,945			167,490
Total accounts receivable, gross		721,356			602,266
Allowance for doubtful accounts		(4,011	)		(3,955	)
Total accounts receivable, net	$	717,345		$	598,311

Summary of Remaining Unsatisfied Performance Obligations Expect to Satisfy

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

Period RUPO Will Be Satisfied	Within One Year		Within One to Two Years		Thereafter
Federal Solutions	$	1,410,279	$	504,882	$	305,095
Critical Infrastructure		1,731,154		902,203		864,294
Total	$	3,141,434	$	1,407,085	$	1,169,389

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Summary of Lease Costs

The components of lease costs for the years ended December 31, 2022 and December 31, 2021 are as follows (in thousands):

	2022			2021
Operating lease cost	$	67,033		$	61,800
Short-term lease cost		14,008			11,261
Amortization of right-of-use assets		2,322			2,128
Interest on lease liabilities		98			106
Sublease income		(5,045	)		(3,049	)
Total lease cost	$	78,416		$	72,246

Schedule of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases for the years ended December 31, 2022 and December 31, 2021 is as follows (in thousands):

	2022		2021
Operating cash flows for operating leases	$	73,169	$	68,563
Operating cash flows for financing activities		98		107
Financing cash flows for finance leases		2,175		2,082
Right-of-use assets obtained in exchange for new operating lease liabilities		26,607		18,931
Right-of-use assets obtained in exchange for new finance lease liabilities	$	1,813	$	2,003

Schedule of Supplemental Balance Sheet and Other Information Related to Leases

Supplemental balance sheet and other information related to leases as of December 31, 2022 and December 31, 2021 is as follows (in thousands):

	2022			2021
Operating Leases:
Right-of-use assets	$	155,090		$	182,672
Lease liabilities:
Current	$	59,144		$	55,902
Long-term		111,417			148,893
Total operating lease liabilities	$	170,561		$	204,795
Finance Leases:
Other noncurrent assets	$	3,965		$	4,389
Accrued expenses and other current liabilities	$	1,746		$	1,822
Other long-term liabilities	$	2,246		$	2,422

Weighted Average Remaining Lease Term:
Operating leases	3.6 Year			4.3 years
Finance leases	2.6 Years			2.9 years
Weighted Average Discount Rate:
Operating leases		3.4	%		3.5	%
Finance leases		2.8	%		2.1	%

Schedule of Maturity Analysis of Future Undiscounted Cash Flows

A maturity analysis of the future undiscounted cash flows associated with the Company’s operating and finance lease liabilities as of December 31, 2022 is as follows (in thousands):

	Operating Leases			Finance Leases
2023	$	64,271		$	1,884
2024		45,312			1,333
2025		34,232			859
2026		19,967			213
2027		8,386			-
Thereafter		9,410			-
Total lease payments		181,578			4,289
Less: imputed interest		(11,017	)		(297	)
Total present value of lease liabilities	$	170,561		$	3,992

Employee Stock Purchase and Equity-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2022

Summary of Stock Issuance Activity

The following table presents stock issuance activity for the years ended December 31, 2022 and December 31, 2021 (in thousands):

	2022		2021
Purchase price paid for shares sold	$	5,377	$	5,556
Number of shares sold		131		161

Schedule of Amount Paid for Cash Settled Awards by Award Type

	December 31, 2021		December 31, 2020
Stock Appreciation Rights	$	15,798	$	26,920
Long-Term Growth		3,778		3,617
Restricted Award Units		7,067		9,408
Total	$	26,643	$	39,945

Summary of Restricted Stock Outstanding

December 31,

2022

December 31,

2021

December 31,

2020

Restricted Stock Units (service condition)

817,278

526,349

374,819

Restricted Stock Units (service and performance condition)

803,877

832,894

556,966

Stock Appreciation Rights

Summary of Stock Appreciation Right Activity

The following table presents the number of SARs granted, vested, and forfeited for the year ended December 31, 2020:

	Number of Units			Weighted Average Grant-Date Fair Value
Unvested at December 31, 2019		1,477,628		$	3.00
Granted		-		$	-
Vested		(1,434,836	)	$	3.00
Forfeited		(42,792	)	$	3.00
Unvested at December 31, 2020		-		$	-

Long-Term Growth Units

Schedule of Unvested Share Activity

The following table presents the number of Long-Term Growth Units granted, vested, and forfeited (at target shares) for the year ended December 31, 2020:

	Number of Units			Weighted Average Grant-Date Fair Value
Unvested at December 31, 2019		127,437		$	20.23
Granted		-		$	-
Vested		(125,948	)	$	22.67
Forfeited		(1,489	)	$	22.67
Unvested at December 31, 2020		-		$	-

Restricted Award Units

Summary of Restricted Stock Unit Activity

The following table presents the number of Restricted Award Units granted, vested, and forfeited for the years ended December 31, 2021 and December 31, 2020:

	Number of Units			Weighted Average Grant-Date Fair Value
Unvested at December 31, 2019		249,444		$	22.40
Granted		-		$	-
Vested		(234,028	)	$	22.38
Forfeited		(9,017	)	$	22.67
Unvested at December 31, 2020		6,399		$	22.67
Granted		-		$	-
Vested		(6,399	)	$	22.38
Forfeited		-		$	-
Unvested at December 31, 2021		-		$	-

Restricted Stock Units

Summary of Restricted Stock Unit Activity

	Number of Units			Weighted Average Grant-Date Fair Value
Outstanding at December 31, 2019		506,640		$	34.07
Granted		583,445			37.92
Vested		(104,016	)		34.34
Forfeited		(54,284	)		35.54
Outstanding at December 31, 2020		931,785		$	36.32
Granted		825,210			37.09
Vested		(222,228	)		36.49
Forfeited		(175,524	)		36.39
Outstanding at December 31, 2021		1,359,243		$	36.75
Granted		1,068,620			37.42
Vested		(497,200	)		35.86
Forfeited		(309,508	)		36.28
Outstanding at December 31, 2022		1,621,155		$	37.49

Summary of Restricted Stock Outstanding

December 31,

2022

December 31,

2021

December 31,

2020

Restricted Stock Units (service condition)

666,184

450,675

313,735

Restricted Stock Units (service and performance condition)

402,436

374,535

269,710

Goodwill (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill And Intangible Assets Disclosure [Abstract]

Summary of Changes in Carrying Value of Goodwill by Reporting Segment

The following table summarizes the changes in the carrying value of goodwill by reporting segment for the years ended December 31, 2022 and December 31, 2021 (in thousands):

	December 31, 2021		Acquisitions		Foreign Exchange			December 31, 2022
Federal Solutions	$	1,339,117	$	252,446	$	-		$	1,591,563
Critical Infrastructure		73,573		-		(3,286	)		70,287
Total	$	1,412,690	$	252,446	$	(3,286	)	$	1,661,850

	December 31, 2020		Acquisitions		Foreign Exchange		December 31, 2021
Federal Solutions	$	1,188,882	$	150,235	$	-	$	1,339,117
Critical Infrastructure		73,096		-		477		73,573
Total	$	1,261,978	$	150,235	$	477	$	1,412,690

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
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-Paragraph 1
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-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13854-109267

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
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-Paragraph 24
-URI https://asc.fasb.org/extlink&oid=122137925&loc=d3e14258-109268

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

+ Details

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill And Intangible Assets Disclosure [Abstract]

Schedule of Gross Amount and Accumulated Amortization of Intangible Assets

	December 31, 2022							December 31, 2021							Weighted Average
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Amortization Period (in years)
Backlog	$	142,200	$	(45,903	)	$	96,297	$	60,407	$	(17,591	)	$	42,816		4
Customer relationships		293,730		(146,032	)		147,698		267,295		(123,869	)		143,426		9
Leases		120		(87	)		33		120		(68	)		52		6
Developed technology		16,600		(11,560	)		5,040		109,700		(92,526	)		17,174		5
Trade name		5,000		(3,083	)		1,917		1,000		(244	)		756		1
Non-compete agreements		3,350		(2,074	)		1,276		2,850		(1,123	)		1,727		3
In process research and development		1,800		-			1,800		1,800		-			1,800	n/a
Other intangibles		275		(209	)		66		275		(205	)		70		10
Total intangible assets	$	463,075	$	(208,948	)	$	254,127	$	443,447	$	(235,626	)	$	207,821

Schedule of Estimated Amortization Expense

Estimated amortization expense in each of the next five years and beyond is as follows (in thousands):

	December 31, 2022
2023	$	68,255
2024		35,359
2025		29,818
2026		26,238
2027		25,319
Thereafter		67,338
Total	$	252,327

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2022

Property Plant And Equipment [Abstract]

Schedule of Property and Equipment, Net

Property and equipment consisted of the following at December 31, 2022 and December 31, 2021 (in thousands):

	December 31, 2022			December 31, 2021			Useful life (years)
Buildings and leasehold improvements	$	103,071		$	99,543		1-15
Furniture and equipment		85,088			86,862		3-10
Computer systems and equipment		152,511			157,633		3-10
Construction equipment		5,271			6,806		5-7
Construction in progress		21,952			12,970
		367,893			363,814
Accumulated depreciation		(271,843	)		(259,618	)
Property and equipment, net	$	96,050		$	104,196

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2022

Payables And Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following at December 31, 2022 and December 31, 2021 (in thousands):

	2022		2021
Salaries and wages	$	85,328	$	90,023
Employee benefits		298,914		264,912
Self-insurance liability		25,351		23,737
Project cost accruals		147,378		127,970
Other accrued expenses		73,222		92,447
Total accrued expenses and other current liabilities	$	630,193	$	599,089

Debt and Credit Facilities (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Debt

Debt consisted of the following at December 31, 2022 and December 31, 2021 (in thousands):

	December 31, 2022			December 31, 2021
Long-Term:
Delayed draw term loan	$	350,000		$	-
Senior notes		-			200,000
Convertible senior notes		400,000			400,000
Revolving credit facility		-			-
Debt issuance costs		(6,395	)		(8,078	)
Total long-term		743,605			591,922
Total Debt	$	743,605		$	591,922

Schedule of Aggregate Amount of Debt

On July 1, 2014, the Company finalized a private placement whereby the Company raised an aggregate amount of $250.0 million in debt as follows (in thousands):

Tranche	Debt Amount		Maturity Date	Interest Rate
Senior Note, Series A	$	50,000	July 15, 2021		4.44	%
Senior Note, Series B		100,000	July 15, 2024		4.98	%
Senior Note, Series C		60,000	July 15, 2026		5.13	%
Senior Note, Series D		40,000	July 15, 2029		5.38	%

Other Long-term Liabilities (Tables)

12 Months Ended

Dec. 31, 2022

Other Liabilities Disclosure [Abstract]

Schedule of Other Long-term Liabilities

Other long-term liabilities consisted of the following at December 31, 2022 and December 31, 2021 (in thousands):

	2022		2021
Self-insurance liability	$	77,307	$	72,424
Reserve for uncertain tax positions		21,508		19,318
Finance lease obligations		2,246		2,422
Other long-term liabilities		8,159		668
Total other long-term liabilities	$	109,220	$	94,832

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Components of Income from Continuing Operations Before Income Taxes

The following table presents the components of our income from continuing operations before income taxes (in thousands):

	2022		2021		2020
United States earnings	$	77,110	$	24,687	$	64,810
Foreign earnings		89,112		87,901		96,603
	$	166,222	$	112,588	$	161,413

Schedule of Income Tax Expense (Benefit) Attributable to Income from Continuing Operations

	2022			2021			2020
Current
Federal	$	21,323		$	653		$	15,663
State		9,946			6,830			9,024
Foreign		9,232			19,621			16,534
Total current income tax expense		40,501			27,104			41,221
Deferred
Federal		(2,902	)		1,624			(186	)
State		(623	)		(1,263	)		(1,785	)
Foreign		2,681			(3,829	)		3,242
Total deferred tax expense (benefit)		(844	)		(3,468	)		1,271
Total income tax expense	$	39,657		$	23,636		$	42,492

Computation of Income Tax Expense (Benefit)

	2022					2021					2020
Income before income tax expense	$	166,222				$	112,588				$	161,413
Tax at federal statutory tax rate		34,907		21.0	%		23,644		21.0	%		33,897		21.0	%
State taxes, net of federal tax benefit		7,530		4.5	%		4,192		3.7	%		4,838		3.0	%
Change in tax status		—		0.0	%		—		0.0	%		3,897		2.4	%
Change in valuation allowance		1,363		0.8	%		3,865		3.4	%		6,850		4.2	%
Change in uncertain tax positions		1,688		1.0	%		(80	)	-0.1	%		883		0.6	%
Foreign tax rate differential		(1,787	)	-1.1	%		(388	)	-0.3	%		(128	)	-0.1	%
Tax cost of foreign operations, net of credits		777		0.5	%		(5,151	)	-4.6	%		(47	)	0.0	%
Transaction costs		—		0.0	%		540		0.5	%		61		0.0	%
Noncontrolling interests		(6,279	)	-3.8	%		(5,225	)	-4.6	%		(4,280	)	-2.6	%
Federal business credits		(1,926	)	-1.2	%		(2,538	)	-2.2	%		(2,206	)	-1.4	%
Executive compensation		1,921		1.2	%		2,352		2.1	%		80		0.0	%
Other, net		1,463		0.9	%		2,425		2.1	%		(1,353	)	-0.9	%
Total income tax expense	$	39,657		23.9	%	$	23,636		21.0	%	$	42,492		26.3	%

Components of Deferred Tax Assets and Liabilities

The components of deferred tax assets and liabilities consists of the following at December 31, 2022 and December 31, 2021 (in thousands):

	2022			2021
Deferred tax assets
Project and non-project reserves	$	20,862		$	24,668
Employee compensation and benefits		55,103			60,397
Revenue and cost recognition		43,629			28,930
Insurance accruals		14,067			16,661
Net operating losses		8,928			11,589
Lease liabilities		44,285			54,926
Tax credit carryforwards		22,333			21,818
Other		3,847			3,323
Total deferred tax assets		213,054			222,312
Valuation allowance		(28,705	)		(27,348	)
Total deferred tax assets		184,349			194,964
Deferred tax liabilities
Intangible assets		(12,131	)		(16,542	)
Right-of-use assets		(40,111	)		(48,993	)
Other		(6,868	)		(6,436	)
Total deferred tax liabilities		(59,110	)		(71,971	)
Net deferred tax asset	$	125,239		$	122,993

Reconciliation of Beginning and Ending Balances of Unrecognized Tax Benefits

A reconciliation of the beginning and ending balances of unrecognized tax benefits is as follows (in thousands):

	2022			2021			2020
Beginning of year	$	21,181		$	16,395		$	15,526
Increases—current year tax positions		4,666			6,203			950
Increases—prior year tax positions		2,254			1,512			1,951
Decreases—prior year tax positions		(3,537	)		(2,929	)		(1,366	)
Settlements		(1,447	)		—			(666	)
Lapse of statute of limitations		(319	)		—			—
End of year	$	22,798		$	21,181		$	16,395

Investments in and Advances to Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2022

Equity Method Investments And Joint Ventures [Abstract]

Schedule of Financial Information of Consolidated Joint Ventures

	2022		2021
Current assets	$	289,837	$	246,342
Noncurrent assets		9,961		2,180
Total assets		299,798		248,522
Current liabilities		198,464		175,637
Total liabilities		198,464		175,637
Total joint venture equity	$	101,334	$	72,885

	2022		2021		2020
Revenue	$	483,888	$	402,078	$	450,530
Costs		422,559		351,670		408,319
Net income	$	61,329	$	50,408	$	42,211
Net income attributable to noncontrolling interests	$	29,901	$	24,880	$	20,380

Summary of Financial Information for Unconsolidated Joint Ventures

	2022		2021
Current assets	$	1,610,246	$	1,620,735
Noncurrent assets		491,658		531,261
Total assets		2,101,904		2,151,996
Current liabilities		1,255,297		1,088,985
Noncurrent liabilities		468,056		669,911
Total liabilities		1,723,353		1,758,896
Total joint venture equity	$	378,551	$	393,100
Investments in and advances to unconsolidated joint ventures	$	107,425	$	110,688

	2022		2021		2020
Revenue	$	2,406,407	$	2,709,305	$	1,830,802
Costs		2,325,472		2,536,403		1,709,933
Net income	$	80,935	$	172,902	$	120,869
Equity in earnings of unconsolidated joint ventures	$	16,347	$	36,862	$	30,059

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Consolidated Balance Sheet Related to Services Provided to Unconsolidated Joint Ventures

Amounts included in the consolidated balance sheets related to services the Company provided to unconsolidated joint ventures are as follows (in thousands):

	2022		2021
Accounts receivable	$	40,320	$	30,246
Contract assets		30,578		16,069
Contract liabilities		14,906		10,605

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Summary of Fair Value Assets Associated with Pension Plan

Fair value as of December 31, 2022 (in thousands):

	Level 1		Level 2		Level 3		Total
Mutual funds	$	1,924	$	—	$	—	$	1,924
Fixed income		—		7,662		—		7,662
Cash and cash equivalents		449		—		—		449
	$	2,373	$	7,662	$	—	$	10,035

Fair value as of December 31, 2021 (in thousands):

	Level 1		Level 2		Level 3		Total
Mutual funds	$	2,951	$	—	$	—		2,951
Fixed income		—		9,813		—		9,813
Cash and cash equivalents		489		—		—		489
		3,440		9,813		—		13,253

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Schedule of Weighted Average Number of Shares Used To Compute Basic and Diluted EPS

The weighted average number of shares used to compute basic and diluted EPS were (in thousands):

	2022		2021		2020
Basic weighted average number of shares outstanding		103,758		102,544		100,848
Stock-based awards		808		666		357
Convertible senior notes		8,917		8,917		-
Diluted weighted average number of shares outstanding		113,483		112,127		101,205

Net Income Available to Shareholders to Compute Basic and Diluted EPS

The net income available to shareholders to compute basic and diluted EPS were (in thousands):

	2022		2021		2020
Net income attributable to Parsons Corporation		96,664		64,072		98,541
Convertible senior notes if-converted method interest adjustment		2,176		2,130		-
Diluted net income attributable to Parsons Corporation		98,840		66,202		98,541

Schedule of Repurchase Program

The following table summarizes the repurchase activity under the stock repurchase program.

	2022		2021
Total shares repurchased		574,933		618,533
Total shares retired		574,933		618,533
Average price paid per share	$	38.27	$	35.08

Segments Information (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Summary of Business Segment Information

The following table summarizes business segment information for the periods presented (in thousands):

	2022		2021		2020
Revenues:
Federal Solutions	$	2,212,987	$	1,888,050	$	1,911,910
Critical Infrastructure		1,982,285		1,772,721		2,007,036
Total revenues	$	4,195,272	$	3,660,771	$	3,918,946

Summary of Adjusted EBITDA Business Segment Information

The following table summarizes business segment Adjusted EBITDA and a reconciliation to net income attributable to Parsons Corporation for the periods presented (in thousands):

	2022			2021			2020
Adjusted EBITDA attributable to Parsons Corporation
Federal Solutions	$	199,004		$	162,733		$	167,340
Critical Infrastructure		123,385			121,700			154,528
Adjusted EBITDA attributable to Parsons Corporation		322,389			284,433			321,868
Adjusted EBITDA attributable to noncontrolling interests		30,393			25,287			20,753
Depreciation and amortization		(120,501	)		(144,209	)		(127,980	)
Interest expense, net		(22,219	)		(17,301	)		(20,169	)
Income tax (expense) benefit		(39,657	)		(23,636	)		(42,492	)
Equity-based compensation		(24,354	)		(19,601	)		(9,785	)
Transaction-related costs (a)		(16,270	)		(11,965	)		(19,922	)
Restructuring (b)		(213	)		(736	)		(2,193	)
Other (c)		(3,003	)		(3,320	)		(1,159	)
Net income including noncontrolling interests	$	126,565		$	88,952		$	118,921
Net income attributable to noncontrolling interests		(29,901	)		(24,880	)		(20,380	)
Net income attributable to Parsons Corporation	$	96,664		$	64,072		$	98,541

(a)	Reflects costs incurred in connection with acquisitions, and other non-recurring transaction costs, primarily fees paid for professional services and employee retention.

(b)	Reflects costs associated with and related to our corporate restructuring initiatives.

(c)	Includes a combination of gain/loss related to sale of fixed assets, software implementation costs, and other individually insignificant items that are non-recurring in nature.

Summary of Revenues and Property and Equipment, Net by Geographic Area

The following table presents revenues and property and equipment, net by geographic area (in thousands):

	2022		2021		2020
Revenues:
North America	$	3,463,128	$	3,028,760	$	3,215,874
Middle East		710,830		610,655		684,353
Rest of World		21,314		21,356		18,719
Total revenues	$	4,195,272	$	3,660,771	$	3,918,946
Property and equipment, net
North America	$	91,217	$	100,674	$	116,460
Middle East		4,833		3,522		4,567
Total property and equipment, net	$	96,050	$	104,196	$	121,027

Summary of Revenues by Business Lines

The following table presents revenues by business lines (in thousands):

	2022		2021		2020
Revenue:
Defense & Intelligence	$	1,368,779	$	1,269,030	$	1,205,152
Engineered Systems		844,208		619,020		706,758
Federal Solutions revenues		2,212,987		1,888,050		1,911,910
Mobility Solutions		1,291,088		1,164,718		1,280,535
Connected Communities		691,197		608,003		726,501
Critical Infrastructure revenues		1,982,285		1,772,721		2,007,036
Total revenues	$	4,195,272	$	3,660,771	$	3,918,946

Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2022 Customer shares	Dec. 31, 2021 shares	Dec. 31, 2020 shares	Sep. 30, 2021 USD ($)
Significant Accounting Policies [Line Items]
Contributions to ESOP \| shares	1,188,129	1,631,477	1,522,381
ASU 2021-08
Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, adoption date	Jan. 01, 2022
Change in accounting principle, accounting standards update, immaterial effect	true
ASC 2020-06
Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, adoption date	Jan. 01, 2021
Change in accounting principle, accounting standards update, immaterial effect	false
ASC 2016-13
Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, adoption date	Dec. 15, 2019
Change in accounting principle, accounting standards update, immaterial effect	true
ASU 2019-12
Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, adoption date	Jan. 01, 2021
Change in accounting principle, accounting standards update, immaterial effect	true
Concentration of Customer Risk \| United States
Significant Accounting Policies [Line Items]
Number of customers representing more than 10% of revenue	0
Concentration of Credit Risk \| United States
Significant Accounting Policies [Line Items]
Number of customers representing more than 10% of accounts receivable	0
Revenue Benchmark \| Concentration of Customer Risk \| United States
Significant Accounting Policies [Line Items]
Concentration risk percentage	53.00%	52.00%	49.00%
Accounts Receivable \| Concentration of Credit Risk \| United States
Significant Accounting Policies [Line Items]
Concentration risk percentage	17.00%	17.00%
Maximum
Significant Accounting Policies [Line Items]
Number of authorized shares of common stock value \| $				$ 100,000,000
Performance obligations payment terms from date of invoice	120 days
Amortization Period (in years)	16 years
Minimum
Significant Accounting Policies [Line Items]
Performance obligations payment terms from date of invoice	30 days
Amortization Period (in years)	1 year

Acquisitions - Additional Information (Details) - USD ($) $ in Thousands					12 Months Ended
	May 31, 2022	Jul. 30, 2021	Jul. 06, 2021	Nov. 19, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Amortization of intangible assets					$ 78,200	$ 103,200	$ 87,800
Revenues					4,195,272	3,660,771	3,918,946
Goodwill					1,661,850	1,412,690	1,261,978
Xator Corporation
Business Acquisition [Line Items]
Percentage of ownership interest acquired	100.00%
Cash paid to acquire	$ 388,300
Borrowed under credit agreement to partially fund the acquisition	300,000
Amortization of intangible assets					11,900
Revenues					157,800
Goodwill	$ 253,190
Xator Corporation \| Selling, General and Administrative Expense
Business Acquisition [Line Items]
Acquisition related expenses						7,700
BlackHorse Solutions, Inc.
Business Acquisition [Line Items]
Percentage of ownership interest acquired			100.00%
Cash paid to acquire			$ 205,000
Amortization of intangible assets					14,000	5,400
Revenues						35,300
Goodwill			143,086
Goodwill deductible for tax purposes			$ 10,600
BlackHorse Solutions, Inc. \| Selling, General and Administrative Expense
Business Acquisition [Line Items]
Acquisition related expenses						3,100
Echo Ridge LLC
Business Acquisition [Line Items]
Percentage of ownership interest acquired		100.00%
Cash paid to acquire		$ 9,000
Revenues						2,900
Goodwill		$ 7,200
Echo Ridge LLC \| Selling, General and Administrative Expense
Business Acquisition [Line Items]
Acquisition related expenses						300
Braxton Science & Technology Group
Business Acquisition [Line Items]
Percentage of ownership interest acquired				100.00%
Cash paid to acquire				$ 310,900
Amortization of intangible assets					$ 16,100	$ 16,200
Revenues							10,100
Goodwill				212,185
Goodwill deductible for tax purposes				$ 200,500
Braxton Science & Technology Group \| Selling, General and Administrative Expense
Business Acquisition [Line Items]
Acquisition related expenses							$ 5,500

Acquisitions - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed on Purchase Price Allocation (Details) - USD ($) $ in Thousands	Dec. 31, 2022	May 31, 2022	Dec. 31, 2021	Jul. 06, 2021	Dec. 31, 2020	Nov. 19, 2020
Business Acquisition [Line Items]
Contract assets	$ 634,033		$ 579,216
Goodwill	1,661,850		1,412,690		$ 1,261,978
Investments in and advances to unconsolidated joint ventures	107,425		110,688
Contract liabilities	$ (213,064)		$ (171,671)
Xator Corporation
Business Acquisition [Line Items]
Cash and cash equivalents		$ 8,935
Accounts receivable		7,393
Contract assets		25,397
Prepaid expenses and other current assets		3,615
Property and equipment		1,699
Right of use assets, operating leases		7,517
Goodwill		253,190
Investments in and advances to unconsolidated joint ventures		698
Intangible assets		123,500
Other noncurrent assets		9,156
Accounts payable		(6,626)
Accrued expenses and other current liabilities		(31,119)
Contract liabilities		(2,080)
Short-term lease liabilities, operating leases		(2,371)
Long-term lease liabilities, operating leases		(5,146)
Other long-term liabilities		(9,156)
Net assets acquired		$ 384,602
BlackHorse Solutions, Inc.
Business Acquisition [Line Items]
Cash and cash equivalents				$ 15,428
Accounts receivable				3,351
Contract assets				5,979
Prepaid expenses and other current assets				937
Property and equipment				2,239
Right of use assets, operating leases				6,157
Goodwill				143,086
Intangible assets				65,000
Accounts payable				(2,326)
Accrued expenses and other current liabilities				(17,190)
Contract liabilities				(320)
Short-term lease liabilities, operating leases				(1,011)
Long-term lease liabilities, operating leases				(5,146)
Deferred tax liabilities				(10,916)
Other long-term liabilities				(235)
Net assets acquired				$ 205,033
Braxton Science & Technology Group
Business Acquisition [Line Items]
Cash and cash equivalents						$ 7,006
Accounts receivable						18,163
Contract assets						8,350
Prepaid expenses and other current assets						3,036
Property and equipment						5,114
Right of use assets, operating leases						10,788
Goodwill						212,185
Intangible assets						74,950
Accounts payable						(7,464)
Accrued expenses and other current liabilities						(9,845)
Contract liabilities						(300)
Short-term lease liabilities, operating leases						(1,915)
Long-term lease liabilities, operating leases						(8,873)
Deferred tax liabilities						(1,694)
Net assets acquired						$ 309,501

Acquisitions - Schedule of Intangible Assets Value on Purchase Price (Details) - USD ($) $ in Thousands				12 Months Ended
	May 31, 2022	Jul. 06, 2021	Nov. 19, 2020	Dec. 31, 2022
Customer Relationships
Acquired Finite Lived Intangible Assets [Line Items]
Amortization Period (in years)				9 years
Customer Relationships \| Xator Corporation
Acquired Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 37,000
Amortization Period (in years)	15 years
Customer Relationships \| BlackHorse Solutions, Inc.
Acquired Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount		$ 39,000
Amortization Period (in years)		16 years
Customer Relationships \| Braxton Science & Technology Group
Acquired Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount			$ 34,100
Amortization Period (in years)			12 years
Backlog
Acquired Finite Lived Intangible Assets [Line Items]
Amortization Period (in years)				4 years
Backlog \| Xator Corporation
Acquired Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 81,000
Amortization Period (in years)	6 years
Backlog \| BlackHorse Solutions, Inc.
Acquired Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount		$ 23,000
Amortization Period (in years)		3 years
Backlog \| Braxton Science & Technology Group
Acquired Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount			$ 38,200
Amortization Period (in years)			3 years
Developed Technologies
Acquired Finite Lived Intangible Assets [Line Items]
Amortization Period (in years)				5 years
Developed Technologies \| Xator Corporation
Acquired Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 1,000
Amortization Period (in years)	3 years
Developed Technologies \| BlackHorse Solutions, Inc.
Acquired Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount		$ 1,000
Amortization Period (in years)		3 years
Developed Technologies \| Braxton Science & Technology Group
Acquired Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount			$ 2,000
Amortization Period (in years)			6 years
Trade Names
Acquired Finite Lived Intangible Assets [Line Items]
Amortization Period (in years)				1 year
Trade Names \| Xator Corporation
Acquired Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 4,000
Amortization Period (in years)	1 year
Trade Names \| BlackHorse Solutions, Inc.
Acquired Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount		$ 1,000
Amortization Period (in years)		2 years
Noncompete Agreements
Acquired Finite Lived Intangible Assets [Line Items]
Amortization Period (in years)				3 years
Noncompete Agreements \| Xator Corporation
Acquired Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 500
Amortization Period (in years)	3 years
Noncompete Agreements \| BlackHorse Solutions, Inc.
Acquired Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount		$ 1,000
Amortization Period (in years)		3 years
Noncompete Agreements \| Braxton Science & Technology Group
Acquired Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount			$ 650
Amortization Period (in years)			3 years

Acquisitions - Schedule of Supplemental Pro Forma Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Xator Corporation
Business Acquisition [Line Items]
Pro forma Revenue	$ 4,302,448	$ 3,949,562
Pro forma Net Income including noncontrolling interests	$ 139,901	91,770
BlackHorse Solutions, Inc.
Business Acquisition [Line Items]
Pro forma Revenue		3,699,227	$ 3,966,809
Pro forma Net Income including noncontrolling interests		$ 93,592	108,008
Braxton Science & Technology Group
Business Acquisition [Line Items]
Pro forma Revenue			4,039,420
Pro forma Net Income including noncontrolling interests			$ 125,298

Contracts with Customers - Summary of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation Of Revenue [Line Items]
Revenues	$ 4,195,272	$ 3,660,771	$ 3,918,946
Cost-Plus
Disaggregation Of Revenue [Line Items]
Revenues	1,890,242	1,674,276	1,631,140
Time-and-Materials
Disaggregation Of Revenue [Line Items]
Revenues	1,166,548	1,021,568	1,034,596
Fixed-Price
Disaggregation Of Revenue [Line Items]
Revenues	$ 1,138,482	$ 964,927	$ 1,253,210

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Contracts with Customers - Summary of Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Revenue From Contract With Customer [Abstract]
Contract assets	$ 634,033	$ 579,216
Contract liabilities	213,064	171,671
Net contract assets (liabilities)	420,969	$ 407,545
Change in contract assets	54,817
Change in contract liabilities	41,393
Change in contract assets and liabilities	$ 13,424
Percentage change in contract assets	9.50%
Percentage change in contract liabilities	24.10%
Percentage change in contract assets and liabilities	3.30%

Contracts with Customers - Summary of Contract Assets and Contract Liabilities (Parenthetical) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Revenue From Contract With Customer [Abstract]
Contract retentions	$ 73.5	$ 91.7
Contract retentions, not expected to be paid in next 12 months	37.5
Contract assets, unapproved change orders, claims, and requests	$ 127.9	$ 98.6

Contracts with Customers - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Revenue From Contract With Customer [Abstract]
Revenue recognized included contract liability	$ 94,100,000	$ 102,500,000
Impairment of contract assets	0	$ 0
Impact of changes in estimated claims or incentives on revenue	5,000,000
Remaining unsatisfied performance obligations	$ 5,700,000,000

Contracts with Customers - Summary of Changes in Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Revenue From Contract With Customer [Abstract]
Acquired contract assets	$ 25,397	$ 5,979
Acquired contract liabilities	$ 2,080	$ 320

Contracts with Customers - Summary of Changes in Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Revenue From Contract With Customer [Abstract]
Revenue impact, net	$ (30,828)	$ 8,875

Contracts with Customers - Summary of Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Revenue From Contract With Customer [Abstract]
Billed	$ 502,411	$ 434,776
Unbilled	218,945	167,490
Total accounts receivable, gross	721,356	602,266
Allowance for doubtful accounts	(4,011)	(3,955)
Total accounts receivable, net	$ 717,345	$ 598,311

Leases - Additional Information (Details) - USD ($)	12 Months Ended
Leases - Additional Information (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Lessee Lease Description [Line Items]
Lease option to extend	five years
Lease existence of option to extend	true
Lease option to terminate	third year
Lease existence of option to terminate	true
Operating lease not yet commenced expense	$ 0
Selling, General and Administrative Expense
Lessee Lease Description [Line Items]
Rental expense	$ 81,000,000.0	$ 73,100,000	$ 81,800,000
Minimum
Lessee Lease Description [Line Items]
Lease term of contract	1 year
Maximum
Lessee Lease Description [Line Items]
Lease term of contract	7 years

Leases - Summary of Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease cost	$ 67,033	$ 61,800
Short-term lease cost	14,008	11,261
Amortization of right-of-use assets	2,322	2,128
Interest on lease liabilities	98	106
Sublease income	(5,045)	(3,049)
Total lease cost	$ 78,416	$ 72,246

Leases - Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating cash flows for operating leases	$ 73,169	$ 68,563
Operating cash flows for financing activities	98	107
Financing cash flows for finance leases	2,175	2,082
Right-of-use assets obtained in exchange for new operating lease liabilities	26,607	18,931
Right-of-use assets obtained in exchange for new finance lease liabilities	$ 1,813	$ 2,003

Leases - Schedule of Supplemental Balance Sheet and Other Information Related to Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Operating Leases:
Right-of-use assets	$ 155,090	$ 182,672
Lease liabilities:
Current	59,144	55,902
Long-term	111,417	148,893
Total operating lease liabilities	170,561	204,795
Finance Leases:
Other noncurrent assets	3,965	4,389
Accrued expenses and other current liabilities	$ 1,746	$ 1,822
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Current liabilities	Current liabilities
Other long-term liabilities	$ 2,246	$ 2,422
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term liabilities	Other long-term liabilities
Weighted Average Remaining Lease Term:
Operating leases	3 years 7 months 6 days	4 years 3 months 18 days
Finance leases	2 years 7 months 6 days	2 years 10 months 24 days
Weighted Average Discount Rate:
Operating leases	3.40%	3.50%
Finance leases	2.80%	2.10%

Leases - Schedule of Maturity Analysis of Future Undiscounted Cash Flows (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Operating Leases
2023	$ 64,271
2024	45,312
2025	34,232
2026	19,967
2027	8,386
Thereafter	9,410
Total lease payments	181,578
Less: imputed interest	(11,017)
Total present value of lease liabilities	170,561	$ 204,795
Finance Leases
2023	1,884
2024	1,333
2025	859
2026	213
Total lease payments	4,289
Less: imputed interest	(297)
Total present value of lease liabilities	$ 3,992

Employee Stock Purchase and Equity-Based Compensation Plans - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense, net of tax benefits	$ 20.0	$ 16.8	$ 8.2
Stock-based compensation expense, tax benefits	4.4	2.8	1.5
Stock-based compensation expense, tax benefit realized related to awards vested	2.7	$ 6.3	$ 10.3
Compensation cost related to non-vested awards not yet recognized	$ 28.1
Vesting period	3 years
Common stock related to employee statutory income tax withholding, shares retired	160,212	63,482	36,921
Stock Appreciation Rights
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of years over which share price increase	3 years
Vesting period	3 years
Number of awards outstanding				1,477,628,000
Long-Term Growth Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	3 years
Number of awards outstanding				127,437,000
Restricted Award Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of awards outstanding		0	6,399,000	249,444,000
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	3 years
Number of awards outstanding	1,621,155,000	1,359,243,000	931,785,000	506,640,000
Share issued	458,952	188,408	78,476
Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of per-share market value limit for share purchases	5.00%
Average purchase price	$ 40.95	$ 34.46

Employee Stock Purchase and Equity-Based Compensation Plans - Summary of Stock Issuance Activity (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Purchase price paid for shares sold	$ 5,377	$ 5,555	$ 4,386
Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Purchase price paid for shares sold	$ 5,377	$ 5,556
Number of shares sold	131	161

Employee Stock Purchase and Equity-Based Compensation Plans - Summary of Stock Appreciation Right Activity (Details) - Stock Appreciation Rights shares in Thousands	12 Months Ended
	Dec. 31, 2020 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Units, Unvested, Beginning balance \| shares	1,477,628
Number of Units, Vested \| shares	(1,434,836)
Number of Units, Forfeited \| shares	(42,792)
Weighted Average Grant-Date Fair Value, Unvested, Beginning balance \| $ / shares	$ 3.00
Weighted Average Grant-Date Fair Value, Vested \| $ / shares	3.00
Weighted Average Grant-Date Fair Value, Forfeited \| $ / shares	$ 3.00

Employee Stock Purchase and Equity-Based Compensation Plans - Schedule of Unvested Share Activity (Details) - Long-Term Growth Units shares in Thousands	12 Months Ended
	Dec. 31, 2020 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Units, Unvested, Beginning balance \| shares	127,437
Number of Units, Vested \| shares	(125,948)
Number of Units, Forfeited \| shares	(1,489)
Weighted Average Grant-Date Fair Value, Unvested, Beginning balance \| $ / shares	$ 20.23
Weighted Average Grant-Date Fair Value, Vested \| $ / shares	22.67
Weighted Average Grant-Date Fair Value, Forfeited \| $ / shares	$ 22.67

Employee Stock Purchase and Equity-Based Compensation Plans - Summary of Restricted Award Unit Activity (Details) - Restricted Award Units - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Units, Unvested, Beginning balance	6,399,000	249,444,000
Number of Units, Vested	(6,399,000)	(234,028,000)
Number of Units, Forfeited		(9,017,000)
Number of Units, Unvested, Ending balance	0	6,399,000
Weighted Average Grant-Date Fair Value, Unvested, Beginning balance	$ 22.67	$ 22.40
Weighted Average Grant-Date Fair Value, Vested	$ 22.38	22.38
Weighted Average Grant-Date Fair Value, Forfeited		22.67
Weighted Average Grant-Date Fair Value, Unvested, Ending balance		$ 22.67

Employee Stock Purchase and Equity-Based Compensation Plans - Schedule of Amount Paid for Cash Settled Awards (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total cash settled awards	$ 26,643	$ 39,945
Stock Appreciation Rights
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total cash settled awards	15,798	26,920
Long-Term Growth Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total cash settled awards	3,778	3,617
Restricted Award Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total cash settled awards	$ 7,067	$ 9,408

Employee Stock Purchase and Equity-Based Compensation Plans - Summary of Restricted Stock Unit Activity (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restricted Stock Units (Service Condition)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Units, Granted	666,184	450,675	313,735
Number of Units, Unvested, Beginning balance	526,349	374,819
Number of Units, Unvested, Ending balance	817,278	526,349	374,819
Restricted Stock Units (Service and Performance Condition)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Units, Granted	402,436	374,535	269,710
Number of Units, Unvested, Beginning balance	832,894	556,966
Number of Units, Unvested, Ending balance	803,877	832,894	556,966
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Units, Granted	1,068,620	825,210	583,445
Weighted Average Grant-Date Fair Value, Granted	$ 37.42	$ 37.09	$ 37.92
Number of Units, Unvested, Beginning balance	1,359,243	931,785	506,640
Number of Units, Vested	(497,200)	(222,228)	(104,016)
Number of Units, Forfeited	(309,508)	(175,524)	(54,284)
Number of Units, Unvested, Ending balance	1,621,155	1,359,243	931,785
Weighted Average Grant-Date Fair Value, Unvested, Beginning balance	$ 36.75	$ 36.32	$ 34.07
Weighted Average Grant-Date Fair Value, Vested	35.86	36.49	34.34
Weighted Average Grant-Date Fair Value, Forfeited	36.28	36.39	35.54
Weighted Average Grant-Date Fair Value, Unvested, Ending balance	$ 37.49	$ 36.75	$ 36.32

Employee Stock Purchase and Equity-Based Compensation Plans - Summary of Restricted Stock Outstanding (Details) - shares shares in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restricted Stock Units (Service Condition)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of awards outstanding	817,278	526,349	374,819
Restricted Stock Units (Service and Performance Condition)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of awards outstanding	803,877	832,894	556,966

Goodwill - Summary of Changes in Carrying Value of Goodwill by Reporting Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Line Items]
Beginning Balance	$ 1,412,690	$ 1,261,978
Acquisitions	252,446	150,235
Foreign Exchange	(3,286)	477
Ending Balance	1,661,850	1,412,690
Federal Solutions
Goodwill [Line Items]
Beginning Balance	1,339,117	1,188,882
Acquisitions	252,446	150,235
Ending Balance	1,591,563	1,339,117
Critical Infrastructure
Goodwill [Line Items]
Beginning Balance	73,573	73,096
Foreign Exchange	(3,286)	477
Ending Balance	$ 70,287	$ 73,573

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Goodwill - Additional Information (Details) - USD ($)	12 Months Ended
Goodwill - Additional Information (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill impairments	$ 0	$ 0	$ 0

Intangible Assets - Schedule of Gross Amount and Accumulated Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Acquired Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 463,075	$ 443,447
Accumulated Amortization	(208,948)	(235,626)
Net Carrying Amount	254,127	207,821
Backlog
Acquired Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	142,200	60,407
Accumulated Amortization	(45,903)	(17,591)
Net Carrying Amount	$ 96,297	42,816
Weighted Average Amortization Period (in years)	4 years
Customer Relationships
Acquired Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 293,730	267,295
Accumulated Amortization	(146,032)	(123,869)
Net Carrying Amount	$ 147,698	143,426
Weighted Average Amortization Period (in years)	9 years
Leases
Acquired Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 120	120
Accumulated Amortization	(87)	(68)
Net Carrying Amount	$ 33	52
Weighted Average Amortization Period (in years)	6 years
Developed Technologies
Acquired Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 16,600	109,700
Accumulated Amortization	(11,560)	(92,526)
Net Carrying Amount	$ 5,040	17,174
Weighted Average Amortization Period (in years)	5 years
Trade Names
Acquired Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 5,000	1,000
Accumulated Amortization	(3,083)	(244)
Net Carrying Amount	$ 1,917	756
Weighted Average Amortization Period (in years)	1 year
Noncompete Agreements
Acquired Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 3,350	2,850
Accumulated Amortization	(2,074)	(1,123)
Net Carrying Amount	$ 1,276	1,727
Weighted Average Amortization Period (in years)	3 years
In Process Research and Development
Acquired Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 1,800	1,800
Accumulated Amortization	0	0
Net Carrying Amount	1,800	1,800
Other Intangibles
Acquired Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	275	275
Accumulated Amortization	(209)	(205)
Net Carrying Amount	$ 66	$ 70
Weighted Average Amortization Period (in years)	10 years

Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Finite Lived Intangible Assets [Line Items]
Amortization expense of intangible assets	$ 78,200	$ 103,200	$ 87,800
Reductions to gross carrying amount	463,075	443,447
Reductions to accumulated amortization	208,948	$ 235,626
Prior Year Presentation
Finite Lived Intangible Assets [Line Items]
Reductions to gross carrying amount	159,000
Reductions to accumulated amortization	$ 159,000

Intangible Assets - Schedule of Estimated Amortization Expense (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
2023	$ 68,255
2024	35,359
2025	29,818
2026	26,238
2027	25,319
Thereafter	67,338
Total	$ 252,327

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 367,893	$ 363,814
Accumulated depreciation	(271,843)	(259,618)
Property and equipment, net	96,050	104,196	$ 121,027
Buildings and Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 103,071	99,543
Buildings and Leasehold Improvements \| Minimum
Property Plant And Equipment [Line Items]
Useful life (years)	1 year
Buildings and Leasehold Improvements \| Maximum
Property Plant And Equipment [Line Items]
Useful life (years)	15 years
Furniture and Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 85,088	86,862
Furniture and Equipment \| Minimum
Property Plant And Equipment [Line Items]
Useful life (years)	3 years
Furniture and Equipment \| Maximum
Property Plant And Equipment [Line Items]
Useful life (years)	10 years
Computer Systems and Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 152,511	157,633
Computer Systems and Equipment \| Minimum
Property Plant And Equipment [Line Items]
Useful life (years)	3 years
Computer Systems and Equipment \| Maximum
Property Plant And Equipment [Line Items]
Useful life (years)	10 years
Construction Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 5,271	6,806
Construction Equipment \| Minimum
Property Plant And Equipment [Line Items]
Useful life (years)	5 years
Construction Equipment \| Maximum
Property Plant And Equipment [Line Items]
Useful life (years)	7 years
Construction in Progress
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 21,952	$ 12,970

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property Plant And Equipment [Abstract]
Depreciation expense	$ 39.0	$ 38.6	$ 39.0

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Payables And Accruals [Abstract]
Salaries and wages	$ 85,328	$ 90,023
Employee benefits	298,914	264,912
Self-insurance liability	25,351	23,737
Project cost accruals	147,378	127,970
Other accrued expenses	73,222	92,447
Total accrued expenses and other current liabilities	$ 630,193	$ 599,089

Debt and Credit Facilities - Schedule of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Convertible senior notes	$ 400,000	$ 400,000
Long-term debt issuance costs	(6,395)	(8,078)
Total long-term	743,605	591,922
Total Debt	743,605	591,922
2022 Delayed Draw Term Loan
Debt Instrument [Line Items]
Long-term debt	350,000
Senior Notes
Debt Instrument [Line Items]
Long-term debt		200,000
Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt	$ 0	$ 0

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Debt and Credit Facilities - Additional Information (Details)		1 Months Ended					6 Months Ended	12 Months Ended
	Jul. 01, 2014 USD ($)	Oct. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)	Jul. 31, 2021 USD ($)	Jun. 30, 2021 USD ($) Extension	Aug. 31, 2020 USD ($) d $ / shares shares	Jun. 30, 2021 USD ($)	Dec. 31, 2022 USD ($) d $ / shares shares	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Nov. 30, 2022 USD ($)	Mar. 31, 2021 USD ($)	Jan. 01, 2021 USD ($)	Aug. 10, 2018 USD ($)
Debt Instrument [Line Items]
Letters of credit outstanding amount								$ 222,500,000	$ 223,000,000.0
Proceeds from issuance of warrants								0	0	$ 13,808,000
Deferred tax liabilities								12,471,000	11,400,000
Deferred tax assets								137,709,000	134,393,000
2022 Delayed Draw Term Loan
Debt Instrument [Line Items]
Debt issuance costs incurred								900,000
Interest expense								3,300,000
Debt instrument, outstanding amount								350,000,000.0			$ 350,000,000.0
Debt amount			$ 350,000,000
Debt issuance date			Sep. 30, 2022
Debt instrument, maturity period			3 years
Unused term loan commitments rate			0.175%
Senior Notes
Debt Instrument [Line Items]
Debt instrument, outstanding amount									200,000,000
Senior Note, Series A
Debt Instrument [Line Items]
Senior note, amount paid				$ 50,000,000
Convertible Senior Notes
Debt Instrument [Line Items]
Interest rate						0.25%
Interest expense								$ 3,000,000.0	3,000,000.0
Debt amount						$ 400,000,000.0
Exercise of option by initial purchasers aggregate principal amount						50,000,000.0
Proceeds from issuance and sale of debt						389,700,000
Transaction fees and other third-party offering expenses						$ 10,300,000
Debt instrument, payment terms								The Convertible Senior Notes accrue interest at a rate of 0.25% per annum, payable semi-annually on February 15 and August 15 of each year beginning on February 15, 2021
Debt instrument, frequency of periodic payment								semi-annually
Maturity Date						Aug. 15, 2025
Convertible note converted each amount								$ 1,000
Convertible notes converted each into shares of common stock \| shares								22.2913
Debt Instrument, conversion price \| $ / shares								$ 44.86
Threshold trading days \| d						20		51
Threshold consecutive trading days \| d						30
Conversion percentage of stock price trigger						130.00%
Number of business day period						5 days
Consecutive trading day period						5 days
Convertible principal amount						$ 1,000
Measurement period, percentage						98.00%
Percentage of principal amount to redeem convertible senior notes						100.00%
Percentage of convertible senior notes repurchased at cash						100.00%
Debt liability						$ 336,100,000
Debt instrument convertible notes additional paid in capital						$ 53,600,000
Convertible senior notes effective interest rate						3.25%
Net carrying value of notes								$ 400,000,000.0	400,000,000.0
Bond hedge term								5 years
Number of shares issuable upon conversion \| shares						8,900,000
Cost of convertible note hedge transaction						$ 55,000,000.0
Number of common stock acquired by offsetting sale warrants. \| shares								8,900,000
Exercise price of warrants \| $ / shares								$ 66.46
Proceeds from issuance of warrants								$ 13,800,000
Convertible Senior Notes \| Accounting Standards Update 2020-06
Debt Instrument [Line Items]
Reclassification of equity component of convertible senior notes to liabilities												$ 55,000,000.0
Reclassification of equity component of debt issuance costs to liabilities												$ 1,400,000
Carrying amount of convertible senior notes adjusted in retained earnings													$ 3,700,000
Convertible Note Hedge And Warrant Transaction
Debt Instrument [Line Items]
Purchase of bond hedges and sale of warrants						$ 41,200,000
Deferred tax liabilities								16,200,000
Deferred tax assets								16,500,000
Convertible Note Hedge And Warrant Transaction \| Accounting Standards Update 2020-06
Debt Instrument [Line Items]
Deferred tax liability reversed								13,900,000
Additional deferred tax liability related to capitalized debt issuance costs								400,000
Adjustment to deferred tax asset through retained earnings								900,000
Private Placement
Debt Instrument [Line Items]
Debt issuance costs incurred	$ 1,100,000													$ 500,000
Debt amount	250,000,000.0
Private Placement \| Accrued Expenses and Other Current Liabilities
Debt Instrument [Line Items]
Interest payable									4,700,000
Private Placement \| Senior Notes
Debt Instrument [Line Items]
Interest expense								8,500,000	11,600,000	12,400,000
Interest payments								$ 13,100,000	$ 12,400,000	12,400,000
Private Placement \| Senior Note, Series A
Debt Instrument [Line Items]
Debt amount	$ 50,000,000
Maturity Date	Jul. 15, 2021
Minimum [Member] \| Convertible Senior Notes
Debt Instrument [Line Items]
Debt Instrument, conversion price \| $ / shares						$ 44.86
Percentage of bond hedge and warrant transactions increased conversion price						35.00%
Maximum \| 2022 Delayed Draw Term Loan
Debt Instrument [Line Items]
Increase in term loan			$ 150,000,000
Maximum \| Convertible Senior Notes
Debt Instrument [Line Items]
Debt Instrument, conversion price \| $ / shares						$ 66.46
Percentage of bond hedge and warrant transactions increased conversion price						100.00%
Base Rate \| Minimum [Member] \| 2022 Delayed Draw Term Loan
Debt Instrument [Line Items]
Margin interest rate			0.00%
Base Rate \| Maximum \| 2022 Delayed Draw Term Loan
Debt Instrument [Line Items]
Margin interest rate			0.50%
SOFR Benchmark Rate \| Minimum [Member] \| 2022 Delayed Draw Term Loan
Debt Instrument [Line Items]
Margin interest rate			0.875%
SOFR Benchmark Rate \| Maximum \| 2022 Delayed Draw Term Loan
Debt Instrument [Line Items]
Margin interest rate			1.50%
Revolving Credit Facility
Debt Instrument [Line Items]
Credit agreement date					Jun. 30, 2021
Revolving credit facility					$ 650,000,000		$ 650,000,000
Debt issuance costs incurred					1,900,000		1,900,000
Revolving credit facility					$ 550,000,000		$ 550,000,000
Credit agreement maturity period					5 years
Credit agreement number of extensions \| Extension					2
Interest rate								5.70%	1.36%
Letters of credit outstanding amount								$ 44,500,000	$ 44,300,000
Interest expense								4,300,000	700,000	$ 1,000,000.0
Debt instrument, outstanding amount								$ 0	$ 0
Revolving Credit Facility \| Private Placement
Debt Instrument [Line Items]
Interest expense		$ 2,100,000
Revolving Credit Facility \| Base Rate \| Minimum [Member]
Debt Instrument [Line Items]
Margin interest rate							0.00%
Revolving Credit Facility \| Base Rate \| Maximum
Debt Instrument [Line Items]
Margin interest rate							0.625%
Revolving Credit Facility \| Euro Currency Rate \| Minimum [Member]
Debt Instrument [Line Items]
Margin interest rate							1.00%
Revolving Credit Facility \| Euro Currency Rate \| Maximum
Debt Instrument [Line Items]
Margin interest rate							1.625%

Debt and Credit Facilities - Schedule of Aggregate Amount Debt (Details) - Private Placement $ in Thousands	Jul. 01, 2014 USD ($)
Debt Instrument [Line Items]
Debt Amount	$ 250,000
Senior Note, Series A
Debt Instrument [Line Items]
Debt Amount	$ 50,000
Maturity Date	Jul. 15, 2021
Interest Rate	4.44%
Senior Note, Series B
Debt Instrument [Line Items]
Debt Amount	$ 100,000
Maturity Date	Jul. 15, 2024
Interest Rate	4.98%
Senior Note, Series C
Debt Instrument [Line Items]
Debt Amount	$ 60,000
Maturity Date	Jul. 15, 2026
Interest Rate	5.13%
Senior Note, Series D
Debt Instrument [Line Items]
Debt Amount	$ 40,000
Maturity Date	Jul. 15, 2029
Interest Rate	5.38%

Other Long-term Liabilities - Schedule of Other Long-term Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
Self-insurance liability	$ 77,307	$ 72,424
Reserve for uncertain tax positions	21,508	19,318
Finance lease obligations	2,246	2,422
Other long-term liabilities	8,159	668
Total other long-term liabilities	$ 109,220	$ 94,832

Income Taxes - Components of Income from Continuing Operations Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Taxes [Line Items]
Income before income tax expense	$ 166,222	$ 112,588	$ 161,413
United States Earnings
Income Taxes [Line Items]
Income before income tax expense	77,110	24,687	64,810
Foreign Earnings
Income Taxes [Line Items]
Income before income tax expense	$ 89,112	$ 87,901	$ 96,603

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 220
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

Income Taxes - Schedule of Income Tax Expense (Benefit) Attributable to Income from Continuing Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current
Federal	$ 21,323	$ 653	$ 15,663
State	9,946	6,830	9,024
Foreign	9,232	19,621	16,534
Total current income tax expense	40,501	27,104	41,221
Deferred
Federal	(2,902)	1,624	(186)
State	(623)	(1,263)	(1,785)
Foreign	2,681	(3,829)	3,242
Total deferred tax expense (benefit)	(844)	(3,468)	1,271
Total income tax expense	$ 39,657	$ 23,636	$ 42,492

Income Taxes - Computation of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income before income tax expense	$ 166,222	$ 112,588	$ 161,413
Tax at federal statutory tax rate	34,907	23,644	33,897
State taxes, net of federal tax benefit	7,530	4,192	4,838
Change in tax status			3,897
Change in valuation allowance	1,363	3,865	6,850
Change in uncertain tax positions	1,688	(80)	883
Foreign tax rate differential	(1,787)	(388)	(128)
Tax cost of foreign operations, net of credits	777	(5,151)	(47)
Transaction costs		540	61
Noncontrolling interests	(6,279)	(5,225)	(4,280)
Federal business credits	(1,926)	(2,538)	(2,206)
Executive compensation	1,921	2,352	80
Other, net	1,463	2,425	(1,353)
Total income tax expense	$ 39,657	$ 23,636	$ 42,492
Tax at federal statutory tax rate	21.00%	21.00%	21.00%
State taxes, net of federal tax benefit	4.50%	3.70%	3.00%
Change in tax status	0.00%	0.00%	2.40%
Change in valuation allowance	0.80%	3.40%	4.20%
Change in uncertain tax positions	1.00%	(0.10%)	0.60%
Foreign tax rate differential	(1.10%)	(0.30%)	(0.10%)
Tax cost of foreign operations, net of credits	0.50%	(4.60%)	0.00%
Transaction costs	0.00%	0.50%	0.00%
Noncontrolling interests	(3.80%)	(4.60%)	(2.60%)
Federal business credits	(1.20%)	(2.20%)	(1.40%)
Executive compensation	1.20%	2.10%	0.00%
Other, net	0.90%	2.10%	(0.90%)
Total income tax expense	23.90%	21.00%	26.30%

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Taxes [Line Items]
Effective income tax rate	23.90%	21.00%	26.30%
Deferred tax assets, valuation allowance	$ 28,705	$ 27,348
Deferred tax assets, increase in valuation allowance	1,400
Net operating loss carryforwards	8,928	11,589
Unrecognized tax benefits that would impact effective tax rate	21,800	19,500
Unrecognized tax benefits, income tax penalties and interest expense	700	(900)	$ 1,100
Unrecognized tax benefits, income tax penalties and interest accrued	4,100	$ 3,500	$ 4,400
Decrease in uncertain tax positions within twelve months	2,500
U.S. States
Income Taxes [Line Items]
Net operating loss carryforwards	30,600
Net operating loss carryforwards, not subject to expiration	20,100
Foreign
Income Taxes [Line Items]
Net operating loss carryforwards	30,200
Net operating loss carryforwards, not subject to expiration	19,300
Foreign tax credit carryforwards	22,300
Foreign tax credits, valuation allowance	$ 22,300
Foreign tax credits, expiration year	2029
U.S. States and Foreign
Income Taxes [Line Items]
Net operating loss carryforwards, expiration description	expire if not used between 2023 and 2043
U.S. States and Foreign \| Minimum
Income Taxes [Line Items]
Net operating loss carryforwards, expiration year	2023
U.S. States and Foreign \| Maximum
Income Taxes [Line Items]
Net operating loss carryforwards, expiration year	2043
U.S. Federal
Income Taxes [Line Items]
Net operating loss carryforwards	$ 400
Net operating loss carryforwards, not subject to expiration	$ 0
U.S. Federal \| Earliest Tax Year
Income Taxes [Line Items]
Open tax year	2019
Tax Cuts and Jobs Act of 2017
Income Taxes [Line Items]
Tax credit use amortization term	5 years
Additional cash tax liability	$ 16,000
Increase in deferred tax assets revenue and cost	$ 16,000

Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Project and non-project reserves	$ 20,862	$ 24,668
Employee compensation and benefits	55,103	60,397
Revenue and cost recognition	43,629	28,930
Insurance accruals	14,067	16,661
Net operating losses	8,928	11,589
Lease liabilities	44,285	54,926
Tax credit carryforwards	22,333	21,818
Other	3,847	3,323
Total deferred tax assets	213,054	222,312
Valuation allowance	(28,705)	(27,348)
Total deferred tax assets	184,349	194,964
Deferred tax liabilities
Intangible assets	(12,131)	(16,542)
Right-of-use assets	(40,111)	(48,993)
Other	(6,868)	(6,436)
Total deferred tax liabilities	(59,110)	(71,971)
Net deferred tax asset	$ 125,239	$ 122,993

Income Taxes - Reconciliation of Beginning and Ending Balances of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Uncertainties [Abstract]
Beginning of year	$ 21,181	$ 16,395	$ 15,526
Increases—current year tax positions	4,666	6,203	950
Increases—prior year tax positions	2,254	1,512	1,951
Decreases—prior year tax positions	(3,537)	(2,929)	(1,366)
Settlements	(1,447)		(666)
Lapse of statute of limitations	(319)
End of year	$ 22,798	$ 21,181	$ 16,395

Contingencies - Additional Information (Details)	12 Months Ended
Contingencies - Additional Information (Details)	Dec. 31, 2022 USD ($) Claim
Legal Proceedings [Line Items]
Number of claims outstanding \| Claim	0
Alleged Violation of False Claims, Act
Legal Proceedings [Line Items]
Amount paid by relator to acquire vehicles for contractor defendant to perform security services	$ 2,900,000
Minimum \| Alleged Violation of False Claims, Act
Legal Proceedings [Line Items]
Amount paid per month to contractor defendant by relator on false claims	1,000,000
Loss contingency sought value, civil penalty for each alleged violation of Act	5,500
Maximum \| Alleged Violation of False Claims, Act
Legal Proceedings [Line Items]
Loss contingency sought value, civil penalty for each alleged violation of Act	$ 11,000

Retirement and Other Benefit Plans - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Shares fully vested, Description	Shares allocated to a participant’s account are fully vested after three years of credited service, or in the event(s) of reaching age 65, death or disability while an active employee of the Company.
Shares fully vested after credited service	3 years
Common stock shares outstanding including ESOP	104,702,996	103,659,731
Company's stock held by ESOP	63,742,151	70,328,237
Contribution to 401 (k) plan	$ 30.2	$ 25.5	$ 24.4
Other Noncurrent Assets
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Defined benefit pension plan, net assets position	1.8	2.6
Direct Costs of Contracts and Selling, General and Administrative Expense
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
ESOP contribution expense	$ 54.7	$ 54.9	$ 55.3

Investments in and Advances to Joint Ventures - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule Of Equity Method Investments [Line Items]
Letters of credit outstanding amount	$ 222.5	$ 223.0
Write-down on unconsolidated joint venture	13.8	15.6	$ 15.5
Decrease in operating income	13.8	15.6	15.5
Decrease in net income net of tax	$ 10.3	$ 11.6	$ 11.5
Decrease in earnings per share diluted	$ 0.09	$ 0.10	$ 0.11
Unconsolidated Joint Ventures
Schedule Of Equity Method Investments [Line Items]
Net distributions from (contributions to) unconsolidated joint ventures	$ 20.2	$ (13.2)	$ 30.5
Consolidated Joint Ventures
Schedule Of Equity Method Investments [Line Items]
Letters of credit outstanding amount	$ 106.8	$ 73.2

Investments in and Advances to Joint Ventures - Summary of Financial Information for Consolidated Joint Ventures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule Of Equity Method Investments [Line Items]
Current assets	$ 1,719,783	$ 1,632,351
Total assets	4,198,142	3,830,940
Current liabilities	1,108,119	1,030,784
Total liabilities	2,102,207	1,893,828
Total joint venture equity	2,043,570	1,900,768
Revenue	4,195,272	3,660,771	$ 3,918,946
Costs	3,248,550	2,807,950	3,042,087
Net income attributable to Parsons Corporation	96,664	64,072	98,541
Net income attributable to noncontrolling interests	29,901	24,880	20,380
Consolidated Joint Ventures
Schedule Of Equity Method Investments [Line Items]
Current assets	289,837	246,342
Noncurrent assets	9,961	2,180
Total assets	299,798	248,522
Current liabilities	198,464	175,637
Total liabilities	198,464	175,637
Total joint venture equity	101,334	72,885
Revenue	483,888	402,078	450,530
Costs	422,559	351,670	408,319
Net income attributable to Parsons Corporation	61,329	50,408	42,211
Net income attributable to noncontrolling interests	$ 29,901	$ 24,880	$ 20,380

Investments in and Advances to Joint Ventures - Summary of Financial Information for Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule Of Equity Method Investments [Line Items]
Current assets	$ 1,719,783	$ 1,632,351
Total assets	4,198,142	3,830,940
Current liabilities	1,108,119	1,030,784
Total liabilities	2,102,207	1,893,828
Total joint venture equity	2,043,570	1,900,768
Investments in and advances to unconsolidated joint ventures	107,425	110,688
Revenue	4,195,272	3,660,771	$ 3,918,946
Costs	3,248,550	2,807,950	3,042,087
Net income attributable to Parsons Corporation	96,664	64,072	98,541
Equity in earnings of unconsolidated joint ventures	16,347	36,862	30,059
Unconsolidated Joint Ventures
Schedule Of Equity Method Investments [Line Items]
Equity in earnings of unconsolidated joint ventures	16,347	36,862	30,059
Unconsolidated Joint Ventures
Schedule Of Equity Method Investments [Line Items]
Current assets	1,610,246	1,620,735
Noncurrent assets	491,658	531,261
Total assets	2,101,904	2,151,996
Current liabilities	1,255,297	1,088,985
Noncurrent liabilities	468,056	669,911
Total liabilities	1,723,353	1,758,896
Total joint venture equity	378,551	393,100
Investments in and advances to unconsolidated joint ventures	107,425	110,688
Revenue	2,406,407	2,709,305	1,830,802
Costs	2,325,472	2,536,403	1,709,933
Net income attributable to Parsons Corporation	$ 80,935	$ 172,902	$ 120,869

Related Party Transactions - Additional Information (Details) - Unconsolidated joint ventures - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Revenues	$ 215.2	$ 204.7	$ 172.2
Reimbursable cost incurred	$ 156.0	$ 155.5	$ 133.8

Related Party Transactions - Schedule of Consolidated Balance Sheet Related to Services Provided to Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Contract assets	$ 634,033	$ 579,216
Contract liabilities	213,064	171,671
Unconsolidated Joint Ventures
Related Party Transaction [Line Items]
Accounts receivable	40,320	30,246
Contract assets	30,578	16,069
Contract liabilities	$ 14,906	$ 10,605

Fair Value of Financial Instruments - Summary of Assets Associated with Pension Plan (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, fair value disclosure	$ 10,035	$ 13,253
Mutual Funds
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, fair value disclosure	1,924	2,951
Fixed Income
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, fair value disclosure	7,662	9,813
Cash and Cash Equivalents
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, fair value disclosure	449	489
Level 1
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, fair value disclosure	2,373	3,440
Level 1 \| Mutual Funds
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, fair value disclosure	1,924	2,951
Level 1 \| Fixed Income
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, fair value disclosure	0	0
Level 1 \| Cash and Cash Equivalents
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, fair value disclosure	449	489
Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, fair value disclosure	7,662	9,813
Level 2 \| Mutual Funds
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, fair value disclosure	0	0
Level 2 \| Fixed Income
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, fair value disclosure	7,662	9,813
Level 2 \| Cash and Cash Equivalents
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, fair value disclosure	0	0
Level 3
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, fair value disclosure	0	0
Level 3 \| Mutual Funds
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, fair value disclosure	0	0
Level 3 \| Fixed Income
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, fair value disclosure	0	0
Level 3 \| Cash and Cash Equivalents
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, fair value disclosure	$ 0	$ 0

Earnings Per Share - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Aug. 31, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Shares of common stock repurchased				100,000,000.0
Stock repurchase program commencement date	Aug. 12, 2021
Stock repurchase program, remaining authorized repurchase amount	$ 56,300,000
Equity-based Awards
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	15,113	11,986	5,327

Earnings Per Share - Schedule of Weighted Average Number of Shares Used To Compute Basic and Diluted EPS (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Basic weighted average number of shares outstanding	103,758	102,544	100,848
Stock-based awards	808	666	357
Convertible senior notes	8,917	8,917	0
Diluted weighted average number of shares outstanding	113,483	112,127	101,205

Earnings Per Share - Net Income Available to Shareholders to Compute Basic and Diluted EPS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Net income attributable to Parsons Corporation	$ 96,664	$ 64,072	$ 98,541
Convertible senior notes if-converted method interest adjustment	2,176	2,130
Diluted net income attributable to Parsons Corporation	$ 98,840	$ 66,202	$ 98,541

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

+ Details

Earnings Per Share - Schedule of Repurchase Program (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Total shares repurchased	574,933	618,533
Total shares retired	574,933	618,533
Average price paid per share	$ 38.27	$ 35.08

Segments Information - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment	2
Revenues	$ 4,195,272	$ 3,660,771	$ 3,918,946
Property and equipment, net	96,050	104,196	121,027
United States
Segment Reporting Information [Line Items]
Revenues	3,200,000	2,700,000	3,000,000
Property and equipment, net	$ 84,400	$ 95,000	$ 109,600

- Definition

+ References

+ Details

Segments Information - Summary of Business Segment Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Total revenues	$ 4,195,272	$ 3,660,771	$ 3,918,946
Federal Solution Segment
Segment Reporting Information [Line Items]
Total revenues	2,212,987	1,888,050	1,911,910
Critical Infrastructure
Segment Reporting Information [Line Items]
Total revenues	$ 1,982,285	$ 1,772,721	$ 2,007,036

- Definition

+ References

+ Details

Segments Information - Summary of Adjusted EBITDA Business Segment Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Adjusted EBITDA attributable to Parsons Corporation
Adjusted EBITDA attributable to Parsons Corporation	$ 322,389	$ 284,433	$ 321,868
Adjusted EBITDA attributable to noncontrolling interests	30,393	25,287	20,753
Depreciation and amortization	(120,501)	(144,209)	(127,980)
Interest expense, net	(22,219)	(17,301)	(20,169)
Income tax expense	(39,657)	(23,636)	(42,492)
Equity-based compensation	(24,354)	(19,601)	(9,785)
Transaction-related costs	(16,270)	(11,965)	(19,922)
Restructuring	(213)	(736)	(2,193)
Other	(3,003)	(3,320)	(1,159)
Net income including noncontrolling interests	126,565	88,952	118,921
Net income attributable to noncontrolling interests	(29,901)	(24,880)	(20,380)
Net income attributable to Parsons Corporation	96,664	64,072	98,541
Federal Solution Segment
Adjusted EBITDA attributable to Parsons Corporation
Adjusted EBITDA attributable to Parsons Corporation	199,004	162,733	167,340
Critical Infrastructure
Adjusted EBITDA attributable to Parsons Corporation
Adjusted EBITDA attributable to Parsons Corporation	$ 123,385	$ 121,700	$ 154,528

Segments Information - Summary of Revenues and Property and Equipment, Net by Geographic Area (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Revenues	$ 4,195,272	$ 3,660,771	$ 3,918,946
Property and equipment, net	96,050	104,196	121,027
North America
Segment Reporting Information [Line Items]
Revenues	3,463,128	3,028,760	3,215,874
Property and equipment, net	91,217	100,674	116,460
Middle East
Segment Reporting Information [Line Items]
Revenues	710,830	610,655	684,353
Property and equipment, net	4,833	3,522	4,567
Rest of World
Segment Reporting Information [Line Items]
Revenues	$ 21,314	$ 21,356	$ 18,719

- Definition

+ References

+ Details

Segments Information - Summary of Revenues by Business Lines (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Revenues	$ 4,195,272	$ 3,660,771	$ 3,918,946
Federal Solution Segment
Segment Reporting Information [Line Items]
Revenues	2,212,987	1,888,050	1,911,910
Federal Solution Segment \| Defense And Intelligence
Segment Reporting Information [Line Items]
Revenues	1,368,779	1,269,030	1,205,152
Federal Solution Segment \| Engineered Systems
Segment Reporting Information [Line Items]
Revenues	844,208	619,020	706,758
Critical Infrastructure
Segment Reporting Information [Line Items]
Revenues	1,982,285	1,772,721	2,007,036
Critical Infrastructure \| Mobility Solutions
Segment Reporting Information [Line Items]
Revenues	1,291,088	1,164,718	1,280,535
Critical Infrastructure \| Connected Communities
Segment Reporting Information [Line Items]
Revenues	$ 691,197	$ 608,003	$ 726,501

- Definition

+ References

+ Details

Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Allowance for Doubtful Accounts
Valuation And Qualifying Accounts Disclosure [Line Items]
Balance at beginning of period	$ 3,955	$ 4,001	$ 5,497
Additions	59	8	1,201
Deductions	(3)	(54)	(2,697)
Balance at end of period	4,011	3,955	4,001
Valuation Allowance on Deferred Tax Assets
Valuation And Qualifying Accounts Disclosure [Line Items]
Balance at beginning of period	27,348	23,878	17,359
Additions	3,656	4,873	7,655
Deductions	(2,180)	(878)	(596)
Other and foreign exchange impact	(119)	(525)	(540)
Balance at end of period	$ 28,705	$ 27,348	$ 23,878

Contracts with Customers - Summary of Remaining Unsatisfied Performance Obligations Expect to Satisfy (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining unsatisfied performance obligations	$ 5,700,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining unsatisfied performance obligations	$ 3,141,434
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining unsatisfied performance obligations	$ 1,407,085
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining unsatisfied performance obligations	$ 1,169,389
Revenue, remaining performance obligation, expected timing of satisfaction, period
Federal Solution Segment \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining unsatisfied performance obligations	$ 1,410,279
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Federal Solution Segment \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining unsatisfied performance obligations	$ 504,882
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Federal Solution Segment \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining unsatisfied performance obligations	$ 305,095
Revenue, remaining performance obligation, expected timing of satisfaction, period
Critical Infrastructure \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining unsatisfied performance obligations	$ 1,731,154
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Critical Infrastructure \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining unsatisfied performance obligations	$ 902,203
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Critical Infrastructure \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining unsatisfied performance obligations	$ 864,294
Revenue, remaining performance obligation, expected timing of satisfaction, period