0000950170-24-118574 | 10-Q | XBRL Viewer

Gross
Carrying
Amount

Amortization
Period

(in years)

Customer relationships (1)

Developed technologies

Contracts with Customers

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The Company’s contracts contain both fixed-price and cost reimbursable components. Contract types are based on the component that represents the majority of the contract. The following table presents revenue disaggregated by contract type (in thousands):


	Three Months Ended				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Fixed-price	$	790,820	$	452,606	$	2,129,274	$	1,233,712
Time-and-Materials		354,114		355,689		1,052,040		998,037
Cost-plus		665,182		610,276		1,834,945		1,716,774
Total	$	1,810,116	$	1,418,571	$	5,016,259	$	3,948,523

See “Note 18 – Segments Information” for the Company’s revenues by business lines.

Contract Assets and Contract Liabilities

Contract assets and contract liabilities balances at September 30, 2024 and December 31, 2023 were as follows (in thousands):


	September 30, 2024		December 31, 2023		$ change			% change
Contract assets	$	790,001	$	757,515	$	32,486			4.3	%
Contract liabilities		300,799		301,107		(308	)		-0.1	%
Net contract assets (liabilities) (1)	$	489,202	$	456,408	$	32,794			7.2	%

(1)

Total contract retentions included in net contract assets (liabilities) were $82.5 million as of September 30, 2024, of which $33.5 million are not expected to be paid in the next 12 months. Total contract retentions included in net contract assets (liabilities) were $73.8 million as of December 31, 2023. Contract assets at September 30, 2024 and December 31, 2023 include $69.2 million and $109.5 million, respectively, related to net claim recoveries. There was a $21.6 million loss recognized for the three and nine months ended September 30, 2024 and no material losses recognized for the three and nine months ended September 30, 2023, related to the collectability of claims.

During the three months ended September 30, 2024 and September 30, 2023, the Company recognized revenue of $10.7 million and $8.9 million, respectively, and $179.9 million and $116.6 million during the nine months ended September 30, 2024 and September 30, 2023, respectively that was included in the corresponding contract liability balances at December 31, 2023 and December 31, 2022, respectively. Certain changes in contract assets and contract liabilities consisted of the following (in thousands):


	September 30, 2024		December 31, 2023
Acquired contract assets	$	3,209	$	2,715
Acquired contract liabilities		-		3,155

There was no significant impairment of contract assets recognized during the three and nine months ended September 30, 2024 and September 30, 2023.

The following table presents 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. In certain instances, revisions in estimates on a contract do not exceed the threshold in any particular quarter but exceed the threshold on a year-to-date basis (in thousands):


	Three Months Ended					Nine Months Ended
	September 30, 2024			September 30, 2023		September 30, 2024			September 30, 2023
Revenue impact, net	$	(21,626	)	$	-	$	(35,129	)	$	4,748

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


	Three Months Ended					Nine Months Ended
	September 30, 2024			September 30, 2023		September 30, 2024			September 30, 2023
Operating income (loss)	$	(23,520	)	$	-	$	(37,023	)	$	(3,079	)
Net income (loss)		(17,569	)		-		(27,656	)		(2,291	)
Diluted income (loss) per share	$	(0.16	)	$	-	$	(0.26	)	$	(0.02	)

The amounts in the table above include changes in estimates related to direct costs of contracts of $1.9 million for both the three and nine months ended September 30, 2024 and $6.4 million for the nine months ended September 30, 2023, related to write-downs on a contract in the Critical Infrastructure segment.

Accounts Receivable, net

Accounts receivable, net consisted of the following as of September 30, 2024 and December 31, 2023 (in thousands):


	2024			2023
Billed	$	617,761		$	646,375
Unbilled		421,101			273,215
Total accounts receivable, gross		1,038,862			919,590
Allowance for doubtful accounts		(3,886	)		(3,952	)
Total accounts receivable, net	$	1,034,976		$	915,638

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. Receivables from contracts with the U.S. federal government and its agencies were 16% and 18% as of September 30, 2024 and December 31, 2023, respectively.

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 September 30, 2024 represent a measure of the total dollar value of work to be performed on contracts awarded and in-progress. The Company had $6.7 billion in RUPO as of September 30, 2024.

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 delivery 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 September 30, 2024 over the following periods (in thousands):


Period RUPO Will Be Satisfied	Within One Year		Within One to Two Years		Thereafter
Federal Solutions	$	1,870,032	$	543,038	$	207,797
Critical Infrastructure		1,983,920		1,085,300		969,038
Total	$	3,853,951	$	1,628,338	$	1,176,834

- 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

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+ Details

Segment Information - Additional Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) Segment	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| Segment			2
Revenues	$ 1,810,116	$ 1,418,571	$ 5,016,259	$ 3,948,523
Property and equipment, net	101,193		101,193		$ 98,957
United States
Segment Reporting Information [Line Items]
Revenues	1,400,000	$ 1,100,000	3,900,000	$ 3,000,000
Property and equipment, net	$ 83,400		$ 83,400		$ 83,900

- 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
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+ Details

Investments in and Advances to Joint Ventures

9 Months Ended

Sep. 30, 2024

Equity Method Investments and Joint Ventures [Abstract]

Investments in and Advances to Joint Ventures

14.

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 Variable Interest Entity (“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 10 – Debt and Credit Facilities” that relate to project ventures are $162.7 million and $147.7 million at September 30, 2024 and December 31, 2023.

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 (in thousands):


	September 30, 2024		December 31, 2023
Current assets	$	503,099	$	426,633
Noncurrent assets		10,894		14,295
Total assets		513,993		440,928
Current liabilities		307,612		260,286
Noncurrent liabilities		2,916		5,132
Total liabilities		310,528		265,418
Total joint venture equity	$	203,465	$	175,510


	Three Months Ended				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Revenue	$	193,461	$	185,602	$	582,209	$	514,339
Costs		165,873		160,423		500,308		445,829
Net income	$	27,588	$	25,179	$	81,901	$	68,510
Net income attributable to noncontrolling interests	$	13,638	$	12,364	$	40,428	$	33,617

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 (losses) earnings 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 joint ventures 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 (in thousands):


	September 30, 2024		December 31, 2023
Current assets	$	1,675,165	$	1,607,953
Noncurrent assets		465,806		483,693
Total assets		2,140,971		2,091,646
Current liabilities		996,238		1,057,113
Noncurrent liabilities		496,097		518,647
Total liabilities		1,492,335		1,575,760
Total joint venture equity	$	648,636	$	515,886
Investments in and advances to unconsolidated joint ventures	$	194,524	$	128,204


	Three Months Ended				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024			September 30, 2023
Revenue	$	581,232	$	634,937	$	1,598,764		$	1,514,561
Costs		560,492		581,041		1,593,213			1,474,991
Net income (loss)	$	20,740	$	53,896	$	5,551		$	39,570
Equity in losses of unconsolidated joint ventures	$	872	$	10,262	$	(18,025	)	$	4,497

The Company had net contributions to its unconsolidated joint ventures for the three months ended September 30, 2024 and September 30, 2023 of $34.4 million and of $36.1 million, respectively and $83.7 million and $50.8 million for the nine months ended September 30, 2024 and September 30, 2023, respectively.

The following table presents certain financial statement impacts from changes in estimates which resulted in a write-down in a design build joint venture in the Critical Infrastructure segment (in thousands):


	Three Months Ended					Nine Months Ended
	September 30, 2024			September 30, 2023		September 30, 2024			September 30, 2023
Operating income (loss)	$	(6,716	)	$	5,099	$	(37,509	)	$	(12,414	)
Net income (loss)		(4,936	)		3,799		(35,258	)		(9,248	)
Diluted income (loss) per share	$	(0.04	)	$	0.03	$	(0.33	)	$	(0.08	)

Contracts with Customers - Summary of Changes in Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue impact, net	$ (21,626)	$ 0	$ (35,129)	$ 4,748

Leases - Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Operating cash flows for operating leases	$ 51,013	$ 53,040
Operating cash flows for finance leases	313	171
Financing cash flows from finance leases	2,419	1,865
Right-of-use assets obtained in exchange for new operating lease liabilities	15,633	48,430
Right-of-use assets obtained in exchange for new finance lease liabilities	$ 4,003	$ 4,470

Related Party Transactions - Additional Information (Details) - Unconsolidated Joint Ventures - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Related Party Transaction [Line Items]
Revenues	$ 47.6	$ 57.3	$ 144.9	$ 164.8
Reimbursable cost incurred	$ 36.7	$ 38.8	$ 108.3	$ 118.5

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income including noncontrolling interests	$ 74,196	$ 149,858
Adjustments to reconcile net (loss) income to net cash used in operating activities
Depreciation and amortization	73,513	87,202
Amortization of debt issue costs	6,563	2,124
Loss (gain) on disposal of property and equipment	573	(27)
Loss on extinguishment of debt	211,018	0
Provision for doubtful accounts	0	91
Deferred taxes	(1,015)	(8,205)
Foreign currency transaction gains and losses	898	1,479
Equity in losses (earnings) of unconsolidated joint ventures	18,025	(4,497)
Return on investments in unconsolidated joint ventures	31,770	30,328
Stock-based compensation	39,960	23,872
Contributions of treasury stock	43,372	44,072
Changes in assets and liabilities, net of acquisitions and consolidated joint ventures:
Accounts receivable	(116,468)	(168,964)
Contract assets	(29,597)	(120,414)
Prepaid expenses and other assets	32,884	(40,470)
Accounts payable	56,665	48,294
Accrued expenses and other current liabilities	25,654	93,263
Contract liabilities	343	61,503
Income taxes	(48,912)	17,395
Other long-term liabilities	(22,602)	662
Net cash provided by operating activities	396,840	217,566
Cash flows from investing activities:
Capital expenditures	(30,446)	(30,877)
Proceeds from sale of property and equipment	128	274
Payments for acquisitions, net of cash acquired	(198,875)	(215,497)
Investments in unconsolidated joint ventures	(115,446)	(81,598)
Return of investments in unconsolidated joint ventures	25	72
Proceeds from sales of investments in unconsolidated joint ventures	0	381
Net cash used in investing activities	(344,614)	(327,245)
Cash flows from financing activities:
Proceeds from borrowings under credit agreement	153,200	511,500
Repayments of borrowings under credit agreement	(153,200)	(436,500)
Proceeds from issuance of convertible notes due 2029	800,000	0
Repurchases of convertible notes due 2025	(495,590)	0
Payments for debt issuance costs	(19,185)	0
Contributions by noncontrolling interests	1,038	1,537
Distributions to noncontrolling interests	(29,006)	(12,156)
Repurchases of common stock	(10,000)	(8,000)
Taxes paid on vested stock	(19,228)	(6,941)
Capped call transactions	(88,400)	0
Bond Hedge Termination	195,549	0
Redemption of warrants	(104,952)	0
Proceeds from issuance of common stock	3,740	2,940
Net cash provided by financing activities	233,966	52,380
Effect of exchange rate changes	(312)	166
Net increase (decrease) in cash, cash equivalents, and restricted cash	285,880	(57,133)
Cash, cash equivalents and restricted cash:
Beginning of year	272,943	262,539
End of period	$ 558,823	$ 205,406

Income Taxes

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

11.

Income Taxes

In 2021 the Organization for Economic Co-operation and Development (OECD) announced an inclusive Framework on Base Erosion and Profit Shifting (BEPS) including Pillar Two Model Rules defining the global minimum tax, also known as the Global Anti-Base Erosion (GloBE), which aims to ensure that multinational enterprises (MNEs) pay a 15% minimum level of tax regardless of where the MNE operates. The OECD has released its fourth round of administrative guidance in June 2024. Many non-US tax jurisdictions have either recently enacted legislation to adopt components of the Pillar Two Model Rules beginning in 2024 and/or have announced their plans to enact legislation in future years. The Company has evaluated the implementation of Pillar Two on its 2024 income tax position based on currently enacted legislation and has determined there is no material impact. We are continuing to evaluate the potential impact on future periods of the Pillar Two Framework, pending enactment of legislation by individual countries.

The Company’s effective tax rate was 20.8% and 20.3% for the three months ended September 30, 2024 and September 30, 2023, respectively. The increase in the effective tax rate was due primarily to unfavorable impact of a

remeasurement of its U.S. deferred tax assets and liabilities due to a change in state tax rate, a net increase of uncertain tax positions, and an increase in executive compensation subject to Section 162(m), offset by an increase in the foreign-derived intangible income (FDII) deduction and an increase in equity-based compensation. The Company’s effective tax rate was 14.6% and 21.9% for the nine months ended September 30, 2024 and September 30, 2023, respectively. The change in effective tax rate was due primarily to the tax benefit resulting from the $211 million loss in partially unwinding Convertible Senior Notes during the first quarter 2024. The difference between the effective tax rate and the statutory U.S. Federal income tax rate of 21% for the three and nine months ended September 30, 2024 primarily relates to a change in jurisdictional earnings partially resulting from a loss in partially unwinding Convertible Senior Notes, the FDII deduction, equity based compensation, and untaxed income attributable to noncontrolling interests, partially offset by rate impacts related to state income taxes, and foreign withholding taxes.

As of September 30, 2024, the Company’s deferred tax assets were subject to a valuation allowance of $42.3 million primarily related to foreign net operating loss carryforwards, foreign tax credit carryforwards, reserves and capital losses that the Company has determined are not more-likely-than-not to be realized. The factors used to assess the likelihood of realization include: the past performance of the entities, forecasts of future taxable income, future reversals of existing taxable temporary differences, and available tax planning strategies that could be implemented to realize the deferred tax assets. The ability or failure to achieve the forecasted taxable income in these entities could affect the ultimate realization of deferred tax assets.

As of September 30, 2024 and December 31, 2023, the liability for income taxes associated with uncertain tax positions was $24.8 million and $25.5 million, respectively. It is reasonably possible that the Company may realize a decrease in our uncertain tax positions of approximately $3.4 million during the next 12 months 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 materially different, both favorably and unfavorably. It is reasonably possible that certain 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.

- Definition

The entire disclosure for income tax.

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+ Details

Contracts with Customers - Summary of Finanial Statement Impact from Revisions in Estimates (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Operating income (loss)	$ 114,988	$ 83,340	$ 328,254	$ 210,914
Net Income (Loss)	$ 71,951	$ 47,447	$ 33,768	$ 116,241
Diluted income (loss) per share	$ 0.65	$ 0.42	$ 0.31	$ 1.03
Critical Infrastructure
Segment Reporting Information [Line Items]
Operating income (loss)	$ (23,520)	$ 0	$ (37,023)	$ (3,079)
Net Income (Loss)	$ (17,569)	$ 0	$ (27,656)	$ (2,291)
Diluted income (loss) per share	$ (0.16)	$ 0	$ (0.26)	$ (0.02)

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

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

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+ Details

Goodwill (Tables)

9 Months Ended

Sep. 30, 2024

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 from December 31, 2023 to September 30, 2024 (in thousands):


	December 31, 2023		Acquisitions		Foreign Exchange			September 30, 2024
Federal Solutions	$	1,686,901	$	139,394	$	-		$	1,826,295
Critical Infrastructure		105,764		-		(902	)		104,862
Total	$	1,792,665	$	139,394	$	(902	)	$	1,931,157

- Definition

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

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+ Details

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 389,195	$ 382,745
Accumulated depreciation	(288,002)	(283,788)
Property and equipment, net	101,193	98,957
Buildings and Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 103,124	102,372
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	$ 82,533	84,244
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	$ 172,069	168,926
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	$ 6,242	6,173
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	$ 25,227	$ 21,030

Goodwill - Additional Information (Details)	9 Months Ended
Goodwill - Additional Information (Details)	Sep. 30, 2024 USD ($)
Goodwill [Line Items]
Impairment of goodwill	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Intangible Assets

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

The gross amount and accumulated amortization of intangible assets with finite useful lives included in “Intangible assets, net” on the consolidated balance sheets are as follows (in thousands except for years):


	September 30, 2024							December 31, 2023							Weighted Average
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Amortization Period (in years)
Backlog	$	139,968	$	(44,857	)	$	95,111	$	130,000	$	(45,964	)	$	84,036		4.2
Customer relationships		322,962		(133,326	)		189,636		297,120		(124,194	)		172,926		11.7
Leases		-		-			-		120		(106	)		14		-
Developed technology		22,900		(6,243	)		16,657		31,600		(15,823	)		15,777		4.6
Trade name		1,000		(125	)		875		1,000		(417	)		583		1.0
Non-compete agreements		4,400		(552	)		3,848		1,500		(1,097	)		403		3.0
In process research and development		1,800		-			1,800		1,800		-			1,800	n/a
Other intangibles		25		-			25		375		(348	)		27	n/a
Total intangible assets	$	493,055	$	(185,103	)	$	307,952	$	463,515	$	(187,949	)	$	275,566

The aggregate amortization expense of intangible assets for the three months ended September 30, 2024 and September 30, 2023 was $13.3 million and $18.8 million, respectively and $40.8 million and $54.9 million for the nine months ended September 30, 2024 and September 30, 2023, respectively.

Estimated amortization expense for the remainder of the current fiscal year and in each of the next four years and beyond is as follows (in thousands):


	September 30, 2024
2024	$	15,189
2025		59,512
2026		52,462
2027		43,372
2028		27,478
Thereafter		108,114
Total	$	306,127

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Denominator and Numerator used to Compute Basic and Diluted EPS

The following tables reconcile the denominator and numerator used to compute basic EPS to the denominator and numerator used to compute diluted EPS for the three and nine months ended September 30, 2024 and September 30, 2023 (in thousands):


	Three Months Ended				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Numerator for Basic and Diluted EPS:
Net income attributable to Parsons Corporation - basic	$	71,951	$	47,447	$	33,768	$	116,241
Convertible senior notes if-converted method interest adjustment		54		559		-		1,665
Net income attributable to Parsons Corporation - diluted	$	72,005	$	48,006	$	33,768	$	117,906

Denominator for Basic and Diluted EPS:
Basic weighted average number of shares outstanding		106,291		104,971		106,211		104,894
Dilutive effect of stock-based awards		1,661		1,178		1,628		1,020
Dilutive effect of warrants		561		—		358		—
Dilutive effect of convertible senior notes due 2025		2,573		8,917		—		8,917
Diluted weighted average number of shares outstanding		111,086		115,066		108,197		114,831

Earnings per share:
Basic	$	0.68	$	0.45	$	0.32	$	1.11
Diluted	$	0.65	$	0.42	$	0.31	$	1.03

Schedule of Repurchase Program

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


	Three Months Ended				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Total shares repurchased		-		-		131,053		185,475
Total shares retired		-		-		131,053		185,475
Average price paid per share	$	-	$	-	$	76.30	$	43.13

Intangible Assets - Schedule of Gross Amount and Accumulated Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Acquired Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 493,055	$ 463,515
Accumulated Amortization	(185,103)	(187,949)
Net Carrying Amount	307,952	275,566
Backlog
Acquired Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	139,968	130,000
Accumulated Amortization	(44,857)	(45,964)
Net Carrying Amount	$ 95,111	84,036
Weighted Average Amortization Period (in years)	4 years 2 months 12 days
Customer Relationships
Acquired Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 322,962	297,120
Accumulated Amortization	(133,326)	(124,194)
Net Carrying Amount	$ 189,636	172,926
Weighted Average Amortization Period (in years)	11 years 8 months 12 days
Leases
Acquired Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 0	120
Accumulated Amortization	0	(106)
Net Carrying Amount	$ 0	14
Weighted Average Amortization Period (in years)	0 years
Developed Technology
Acquired Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 22,900	31,600
Accumulated Amortization	(6,243)	(15,823)
Net Carrying Amount	$ 16,657	15,777
Weighted Average Amortization Period (in years)	4 years 7 months 6 days
Trade Name
Acquired Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 1,000	1,000
Accumulated Amortization	(125)	(417)
Net Carrying Amount	$ 875	583
Weighted Average Amortization Period (in years)	1 year
Noncompete Agreements
Acquired Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 4,400	1,500
Accumulated Amortization	(552)	(1,097)
Net Carrying Amount	$ 3,848	403
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	25	375
Accumulated Amortization	0	(348)
Net Carrying Amount	$ 25	$ 27

Acquisitions

9 Months Ended

Sep. 30, 2024

Business Combinations [Abstract]

Acquisitions

BlackSignal Technologies, LLC.

On August 16, 2024, the Company acquired a 100% ownership interest in BlackSignal Technologies, LLC, ("BlackSignal") a privately-owned company, for $203.8 million from cash on hand. Headquartered in Chantilly, Virginia, BlackSignal is a next-generation digital signal processing, electronic warfare, and cyber security provider built to counter near peer threats. Parsons believes that the acquisition will expand Parsons' customer base across the Department of Defense and Intelligence Community and significantly strengthen Parsons' positioning within cyber warfare, while adding new capabilities in the counterspace radio frequency domain. In connection with this acquisition, the Company recognized $2.5 million and $2.8 million of acquisition-related expenses in “Selling, general and administrative expense” in the consolidated statements of income for the three and nine months ended September 30, 2024, respectively, 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 purchase price allocation as of the date of acquisition (in thousands):


	Amount
Cash and cash equivalents	$	4,917
Accounts receivable		5,171
Contract assets		3,209
Income taxes receivable		234
Prepaid expenses and other current assets		433
Right of use assets, operating leases		3,032
Property and Equipment		997
Goodwill		139,394
Intangible assets		73,200
Other assets		145
Accounts payable		(951	)
Accrued expenses and other current liabilities		(4,793	)
Short-term lease liabilities, operating leases		(593	)
Deferred income taxes		(17,978	)
Long-term lease liabilities, operating leases		(2,651	)
Net assets acquired	$	203,766

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	$	33,000	14
Backlog		30,400	3
Developed technologies		4,900	5
Non-compete agreements		3,900	3
Other	$	1,000	1

Amortization expense of $2.1 million, related to these intangible assets, was recorded for the three and nine months ended September 30, 2024. The entire value of goodwill was assigned to the Federal Solutions segment and represents synergies expected to be realized from this business combination. $14.3 million of goodwill is deductible for tax purposes.

The amount of revenue generated by BlackSignal and included within consolidated revenue is $6.7 million for the three and nine months ended September 30, 2024. 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

Supplemental information of unaudited pro forma operating results assuming the BlackSignal acquisition had been consummated as of the beginning of fiscal year 2023 (in thousands) is as follows:


	Three Months Ended				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Pro forma Revenue	$	1,816,364	$	1,427,661	$	5,048,235	$	3,975,624
Pro forma Net Income including noncontrolling interests		85,937		53,798		65,618		130,233

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, employee retention, and the pro forma impact of reflecting acquisition costs, which consisted of legal, advisory and due diligence fees and expenses as of the assumed acquisition date. This supplemental pro forma information has been prepared for informational 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.

I.S. Engineers, LLC

On October 31, 2023, the Company entered into a Membership Interest Purchase Agreement to acquire a 100% ownership interest in I.S. Engineers, LLC (“I.S. Engineers”), a privately-owned company, for $12.2 million in cash. Headquartered in Texas, I.S. Engineers provides full service consulting specializing in transportation engineering, including roads and highways, and program management. 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, 2023, 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 $11.9 million entirely to goodwill. The entire value of goodwill was assigned to the Critical Infrastructure segment and represents synergies expected to be realized from this business combination. No goodwill is deductible for income tax purposes.

Sealing Technologies, Inc.

On August 23, 2023, the Company acquired a 100% ownership interest in Sealing Technologies, Inc (“SealingTech”), a privately-owned company, for $176.0 million in cash and up to an additional $25 million in the event an earn out revenue target is exceeded. The Company borrowed $175 million under the Credit Agreement to fund the acquisition. Headquartered in Maryland, SealingTech expands Parsons’ customer base across the Department of Defense and Intelligence Community, and further enhances the Company’s capabilities in defensive cyber operations; integrated mission-solutions powered by artificial intelligence (AI) and machine learning (ML); edge computing and edge access modernization; critical infrastructure protection; and secure data management. In connection with this acquisition,

the Company recognized $3.3 million of acquisition-related expenses in “Selling, general and administrative expense” in the consolidated statements of income for the three and nine months ended September 30, 2023, including legal fees, consulting fees, and other miscellaneous direct expenses associated with the acquisition.

The Company has agreed to pay the selling shareholders up to an additional $25 million in the event an earn out revenue target of $110 million is exceeded during the fiscal year ended December 31, 2024. The earn out payment due and payable by the Company to the selling shareholders shall be equal to (i) five-tenths (0.5), multiplied by (ii) the difference of (A) the actual earn out revenue minus (B) the earn out revenue target; provided, however, that in no event shall the earn out payment exceed $25 million. In the event that the earn out revenue is less than or equal to the earn out revenue target, the earn out payment shall be zero. The earn out payment, if any, shall be paid by the Company to the selling shareholders within 15 days following the date the earn out statement becomes final and binding on both parties. The fair value of the earn out (contingent consideration in the table below) was calculated using a Black-Scholes model. See “Note 16—Fair Value of Financial Instruments” for further information on how the fair value of contingent consideration is determined.

The following table summarizes the acquisition date fair value of the purchase consideration transferred (in thousands):


	Amount
Cash paid at closing	$	176,028
Fair value of contingent consideration to be achieved		3,231
Total purchase price	$	179,259

The estimated fair value of the SealingTech contingent consideration as of September 30, 2024 was $4.1 million, a $1.8 million increase from the estimated fair value as of December 31, 2023. Changes in the estimated fair value are recorded to "other income (expense), net" in the consolidated financial statements.

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	$	8,133
Accounts receivable		17,889
Contract assets		2,946
Prepaid expenses and other current assets		1,379
Property and equipment		2,025
Right of use assets, operating leases		1,836
Deferred tax assets		357
Goodwill		90,593
Intangible assets		75,000
Accounts payable		(15,987	)
Accrued expenses and other current liabilities		(2,408	)
Contract liabilities		(668	)
Short-term lease liabilities, operating leases		(418	)
Long-term lease liabilities, operating leases		(1,418	)
Net assets acquired	$	179,259

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	$	40,000	14
Backlog		26,000	3
Developed technologies		8,000	3
Other	$	1,000	1

Amortization expense of $3.2 million and $9.8 million related to these intangible assets was recorded for the three and nine months ended September 30, 2024, respectively and $1.5 million for the three and nine months ended September 30, 2023. The entire value of goodwill was assigned to the Federal Solutions segment and represents synergies expected to be realized from this business combination. The entire value of goodwill is deductible for tax purposes.

The amount of revenue generated by SealingTech and included within consolidated revenue is $40.1 million and $74.0 million for the three and nine months ended September 30, 2024, respectively and $18.4 million for the three and nine months ended September 30, 2023. 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

Supplemental information of unaudited pro forma operating results assuming the SealingTech acquisition had been consummated as of the beginning of fiscal year 2022 (in thousands) is as follows:


	Three Months Ended		Nine Months Ended
	September 30, 2023		September 30, 2023
Pro forma Revenue	$	1,450,376	$	4,030,873
Pro forma Net Income including noncontrolling interests		65,350		158,775

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, employee retention, the pro forma impact of reflecting acquisition costs, which consisted of legal, advisory and due diligence fees and expenses, employee retention, and the additional pro forma interest expense related to the borrowings under the credit agreement as of the assumed acquisition date. This supplemental pro forma information has been prepared for informational 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.

IPKeys Power Partners

On April 13, 2023, the Company entered into a merger agreement to acquire a 100% ownership interest in IPKeys Power Partners (“IPKeys”), a privately-owned company, for $43.0 million in cash. The merger brings IPKeys' established customer base, expanding Parsons' presence in two rapidly growing end markets: grid modernization and cyber resiliency for critical infrastructure. Headquartered in Tinton Falls, New Jersey, IPKeys is a trusted provider of enterprise software platform solutions that is actively delivering cyber and operational security to hundreds of electric, water, and gas utilities across North America. The acquisition was entirely funded by cash on-hand. In connection with this acquisition, the Company recognized $0.1 million and $0.6 million of acquisition-related expenses in “Selling, general and administrative expense” in the consolidated statements of income for the three and nine months ended September 30, 2023,

respectively, 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 purchase price allocation as of the date of acquisition (in thousands):


	Amount
Cash and cash equivalents	$	126
Accounts receivable		3,937
Contract assets		834
Prepaid expenses and other current assets		455
Property and equipment		86
Right of use assets, operating leases		1,105
Other noncurrent assets		152
Goodwill		22,407
Intangible assets		23,000
Accounts payable		(541	)
Accrued expenses and other current liabilities		(1,768	)
Contract liabilities		(1,936	)
Short-term lease liabilities, operating leases		(343	)
Deferred tax liabilities		(3,713	)
Long-term lease liabilities, operating leases		(762	)
Net assets acquired	$	43,039

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

(1) The acquired business is a SaaS commercial business. Backlog for this type of business is included as customer relationships.

Amortization expense of $0.4 million and $1.2 million related to these intangible assets was recorded for the three and nine months ended September 30, 2024, respectively and $0.5 million and $0.9 million for the three and nine months ended September 30, 2023, respectively. The entire value of goodwill was assigned to the Critical Infrastructure segment and represents synergies expected to be realized from this business combination. $0.9 million of goodwill is deductible for tax purposes.

The amount of revenue generated by IPKeys and included within consolidated revenue is $3.5 million and $6.1 million for the three and nine months ended September 30, 2023, respectively. 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

Supplemental information of unaudited pro forma operating results assuming the IPKeys acquisition had been consummated as of the beginning of fiscal year 2022 (in thousands) is as follows:


	Three Months Ended		Nine Months Ended
	September 30, 2023		September 30, 2023
Pro forma Revenue	$	1,418,571	$	3,951,378
Pro forma Net Income including noncontrolling interests		60,455		152,258

intangible assets, the pro forma impact of reflecting acquisition costs, which consisted of legal, advisory and due diligence fees and expenses, and the additional pro forma interest expense related to the borrowings under the credit agreement as of the assumed acquisition date. This supplemental pro forma information has been prepared for informational 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 - Summary of Changes in Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Acquired contract assets	$ 3,209	$ 2,715
Acquired contract liabilities	$ 0	$ 3,155

Basis of Presentation and Principles of Consolidation (Policies)	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Principles of Consolidation	The accompanying unaudited consolidated financial statements and related notes of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") and pursuant to the interim period reporting requirements of Form 10-Q. They do not include all of the information and footnotes required by GAAP for complete financial statements and, therefore, should be read in conjunction with our consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. In the opinion of management, the consolidated financial statements reflect all normal recurring adjustments necessary for a fair statement of the financial position, results of operations and cash flows for the interim periods presented. The results of operations and cash flows for any interim period are not necessarily indicative of results for the full year or for future years. This Quarterly Report on Form 10-Q includes 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 a significant influence, the Company applies the equity method of accounting (see “Note 14 – Investments in and Advances to Joint Ventures" for further discussion). Intercompany accounts and transactions are eliminated in consolidation. Certain amounts may not foot due to rounding.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in accordance with 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. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies and Estimates” and “Note 2—Summary of Significant Accounting Policies” in the notes to our consolidated financial statements included in the Company’s Form 10-K for the year ended December 31, 2023, for a discussion of the significant estimates and assumptions affecting our consolidated financial statements. Estimates of costs to complete contracts 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 statement of income.
New Accounting Pronouncements	In the fourth quarter of 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) 2023-09, "Income Taxes (Topic 740)" ("ASU 2023-09"). ASU 2023-09 enhances the transparency and decision usefulness of income tax disclosures. The amendments in ASU 2023-09 address investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. ASU 2023-09 also includes certain other amendments to improve the effectiveness of income tax disclosures. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The adoption of this ASU will not have a material impact on the Company's consolidated financial statements. In the fourth quarter of 2023, the FASB Issued ASU 2023-07, "Segment Reporting (Topic 280)". ASU 2023-07 introduces enhanced disclosures about significant segment expenses along with other enhanced segment disclosures. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The adoption of this ASU will not have a material impact on the Company's consolidated financial statements. During July 2023, the FASB Issued ASU 2023-03. ASU 2023-03 incorporates, into certain accounting standards, amendments to SEC paragraphs pursuant to SEC Staff Accounting Bulletin No. 120, SEC Staff Announcement at the March 24, 2022 EITF meeting, and Staff Accounting Bulletin Topic 6.B, Accounting Series Release 280—General Revisions of Regulation S-X: Income or Loss Applicable to Common Stock. These rules are effective immediately. The adoption of this ASU did not have a material impact on the Company's consolidated financial statements.
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 eight 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.

Earnings Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share

17.

Earnings Per Share

Basic earnings per share (“EPS”) is computed using the weighted average number of shares outstanding during the period and income available to shareholders. Diluted EPS includes additional common shares that would have been outstanding if potential common shares with a dilutive effect had been issued using the if-converted method for Convertible Debt and the treasury stock method for all other instruments.

Under the treasury stock method, the weighted average number of shares outstanding is adjusted to reflect the dilutive effects of stock-based awards and shares underlying the warrants related to the convertible senior notes due 2025.

Under the if-converted method:

Convertible Senior Notes due 2025:

Income available to shareholders is adjusted to add back interest expense, after tax (unless antidilutive).

Weighted average number of shares outstanding is adjusted to include the shares underlying the convertible debt (unless antidilutive).

Shares underlying the bond hedge (unless antidilutive).

Convertible Senior Notes due 2029:

Interest has been excluded from the numerator and no shares have been included in the denominator of diluted EPS, as the principal amount of convertible debt will be settled in cash with any excess conversion value settled in cash or shares of common stock.

Excludes shares underlying the capped call as the shares are antidilutive.


	Three Months Ended				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Numerator for Basic and Diluted EPS:
Net income attributable to Parsons Corporation - basic	$	71,951	$	47,447	$	33,768	$	116,241
Convertible senior notes if-converted method interest adjustment		54		559		-		1,665
Net income attributable to Parsons Corporation - diluted	$	72,005	$	48,006	$	33,768	$	117,906

Denominator for Basic and Diluted EPS:
Basic weighted average number of shares outstanding		106,291		104,971		106,211		104,894
Dilutive effect of stock-based awards		1,661		1,178		1,628		1,020
Dilutive effect of warrants		561		—		358		—
Dilutive effect of convertible senior notes due 2025		2,573		8,917		—		8,917
Diluted weighted average number of shares outstanding		111,086		115,066		108,197		114,831

Earnings per share:
Basic	$	0.68	$	0.45	$	0.32	$	1.11
Diluted	$	0.65	$	0.42	$	0.31	$	1.03

Anti-dilutive stock-based awards excluded from the calculation of earnings per share for the three months ended September 30, 2024 and September 30, 2023 were 949 and 2,911, respectively and for the nine months ended September 30, 2024 and September 30, 2023 were 4,497 and 3,284, respectively.

If-converted interest adjustment of $2.9 million and potential share issuances of 3,982,928 shares under the Company's convertible senior notes due 2025 were excluded from the computation of diluted earnings per share for the nine months ended September 30, 2024 as their inclusion would be anti-dilutive.

Share Repurchases

On August 9, 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 million from time to time, commencing on August 12, 2021. The Board further amended this authorization in August 2022 to remove the prior expiration date and grant executive leadership the discretion to determine the price for such share repurchases. The Board further amended this authorization in February 2024 to restore the repurchase capacity to $100 million and removed the $25 million quarterly cap on such repurchases.

At the time of the February 2024 authorization, the Company had repurchased shares with an aggregated market value (including fees) of $54.7 million. The aggregate market value of shares of Common Stock the Company is authorized to acquire, from both the August 2021 and February 2024 authorizations, is not greater than $154.7 million.

As of September 30, 2024, the Company has $90 million remaining under the stock repurchase program.

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. The primary purpose of the Company’s share repurchase program is to reduce the dilutive effect of shares issued under the Company’s ESOP and other stock benefit plans. The timing, amount and manner of share repurchases may depend upon market conditions and economic

circumstances, availability of investment opportunities, the availability and costs of financing, the market price of the Company's common stock, other uses of capital and other factors.

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


	Three Months Ended				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Total shares repurchased		-		-		131,053		185,475
Total shares retired		-		-		131,053		185,475
Average price paid per share	$	-	$	-	$	76.30	$	43.13

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Fair Value of Financial Instruments - Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Contingent Consideration
Liabilities, fair value disclosure	$ 4,142	$ 2,300
Earnout Liability
Contingent Consideration
Liabilities, fair value disclosure	4,142	2,300
Level 1
Contingent Consideration
Liabilities, fair value disclosure	0	0
Level 1 \| Earnout Liability
Contingent Consideration
Liabilities, fair value disclosure	0	0
Level 2
Contingent Consideration
Liabilities, fair value disclosure	0	0
Level 2 \| Earnout Liability
Contingent Consideration
Liabilities, fair value disclosure	0	0
Level 3
Contingent Consideration
Liabilities, fair value disclosure	4,142	2,300
Level 3 \| Earnout Liability
Contingent Consideration
Liabilities, fair value disclosure	$ 4,142	$ 2,300

Acquisitions - Additional Information (Details)					3 Months Ended		9 Months Ended		12 Months Ended
Acquisitions - Additional Information (Details)	Aug. 16, 2024 USD ($)	Oct. 31, 2023 USD ($)	Aug. 23, 2023 USD ($)	Apr. 13, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Business Acquisition [Line Items]
Amortization of intangible assets					$ 13,300,000	$ 18,800,000	$ 40,800,000	$ 54,900,000
Revenues					1,810,116,000	1,418,571,000	5,016,259,000	3,948,523,000
Goodwill					1,931,157,000		1,931,157,000		$ 1,792,665,000
BlackSignal Technologies, LLC.
Business Acquisition [Line Items]
Percentage of ownership interest acquired	100.00%
Cash paid to acquire	$ 203,800,000
Amortization of intangible assets					2,100,000		2,100,000
Revenues					6,700,000		6,700,000
Goodwill	139,394,000
Goodwill deductible for tax purposes	$ 14,300,000
BlackSignal Technologies, LLC. \| Selling, General and Administrative Expense
Business Acquisition [Line Items]
Acquisition related expenses					2,500,000		2,800,000
I.S. Engineers, LLC
Business Acquisition [Line Items]
Percentage of ownership interest acquired		100.00%
Cash paid to acquire		$ 12,200,000
Goodwill		$ 11,900,000
I.S. Engineers, LLC \| Selling, General and Administrative Expense
Business Acquisition [Line Items]
Acquisition related expenses									300,000
Sealing Technologies, Inc.
Business Acquisition [Line Items]
Percentage of ownership interest acquired			100.00%
Cash paid to acquire			$ 176,028,000
Earn out payment due and payable to the selling shareholders, Multiplier			0.5
Fair value of contingent consideration to be achieved			$ 3,231,000				4,100,000		1,800,000
Borrowed under credit agreement to partially fund the acquisition			175,000,000
Acquisition related expenses			3,300,000
Amortization of intangible assets					3,200,000	1,500,000	9,800,000	1,500,000
Revenues					40,100,000	18,400,000	74,000,000	18,400,000
Goodwill			90,593,000
Sealing Technologies, Inc. \| Maximum
Business Acquisition [Line Items]
Additional amount agreed to pay the selling shareholders in the event an earn out revenue target is exceeded			25,000,000
Earn out revenue target, amount			110,000,000
Target amount of earnout revenue			25,000,000
Sealing Technologies, Inc. \| Minimum
Business Acquisition [Line Items]
Target amount of earnout revenue			$ 0
IPKeys Power Partners
Business Acquisition [Line Items]
Percentage of ownership interest acquired				100.00%
Cash paid to acquire				$ 43,000,000
Amortization of intangible assets					$ 400,000	500,000	$ 1,200,000	900,000
Revenues						3,500,000		6,100,000
Goodwill				$ 22,407,000
Goodwill deductible for tax purposes									$ 900,000
IPKeys Power Partners \| Selling, General and Administrative Expense
Business Acquisition [Line Items]
Acquisition related expenses						$ 100,000		$ 600,000

Leases - Schedule of Supplemental Balance Sheet and Other Information Related to Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Operating Leases:
Right-of-use assets	$ 135,367	$ 159,211
Lease liabilities:
Current	51,971	58,556
Long-term	97,838	117,505
Total operating lease liabilities	149,809	176,061
Finance Leases:
Other noncurrent assets	9,292	7,779
Accrued expenses and other current liabilities	$ 3,442	$ 2,682
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Current liabilities	Current liabilities
Other long-term liabilities	$ 6,042	$ 5,129
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 8 months 12 days	3 years 10 months 24 days
Finance leases	3 years	3 years 1 month 6 days
Weighted Average Discount Rate:
Operating leases	4.40%	4.20%
Finance leases	4.90%	4.60%

Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Gross Amount and Accumulated Amortization of Intangible Assets


	September 30, 2024							December 31, 2023							Weighted Average
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Amortization Period (in years)
Backlog	$	139,968	$	(44,857	)	$	95,111	$	130,000	$	(45,964	)	$	84,036		4.2
Customer relationships		322,962		(133,326	)		189,636		297,120		(124,194	)		172,926		11.7
Leases		-		-			-		120		(106	)		14		-
Developed technology		22,900		(6,243	)		16,657		31,600		(15,823	)		15,777		4.6
Trade name		1,000		(125	)		875		1,000		(417	)		583		1.0
Non-compete agreements		4,400		(552	)		3,848		1,500		(1,097	)		403		3.0
In process research and development		1,800		-			1,800		1,800		-			1,800	n/a
Other intangibles		25		-			25		375		(348	)		27	n/a
Total intangible assets	$	493,055	$	(185,103	)	$	307,952	$	463,515	$	(187,949	)	$	275,566

Schedule of Estimated Amortization Expense

Estimated amortization expense for the remainder of the current fiscal year and in each of the next four years and beyond is as follows (in thousands):


	September 30, 2024
2024	$	15,189
2025		59,512
2026		52,462
2027		43,372
2028		27,478
Thereafter		108,114
Total	$	306,127

Segment Information (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Summary of Business Segment Information

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


	Three Months Ended				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Federal Solutions revenue	$	1,105,580	$	780,114	$	3,003,791	$	2,177,457
Critical Infrastructure revenue		704,536		638,457		2,012,468		1,771,066
Total revenue	$	1,810,116	$	1,418,571	$	5,016,259	$	3,948,523


	Three Months Ended					Nine Months Ended
	September 30, 2024			September 30, 2023		September 30, 2024			September 30, 2023
Equity in (losses) earnings of unconsolidated joint ventures:
Federal Solutions	$	1,002		$	1,435	$	1,999		$	3,502
Critical Infrastructure		(130	)		8,827		(20,024	)	$	995
Total equity in (losses) earnings of unconsolidated joint ventures	$	872		$	10,262	$	(18,025	)	$	4,497

Summary of Adjusted EBITDA Business Segment Information

The following table reconciles business segment

Adjusted EBITDA attributable to Parsons Corporation to Net Income attributable to Parsons Corporation for the periods presented (in thousands):


	Three Months Ended						Nine Months Ended
Adjusted EBITDA attributable to Parsons Corporation	September 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
Federal Solutions	$	120,091		$	65,039		$	315,413		$	206,827
Critical Infrastructure		33,007			50,188			101,582			95,481
Adjusted EBITDA attributable to Parsons Corporation		153,098			115,227			416,995			302,308
Adjusted EBITDA attributable to noncontrolling interests		13,913			12,606			41,339			34,222
Depreciation and amortization		(24,542	)		(30,154	)		(73,513	)		(87,202	)
Interest expense, net		(8,802	)		(8,120	)		(29,831	)		(20,778	)
Income tax benefit (expense)		(22,518	)		(15,218	)		(12,699	)		(41,944	)
Equity-based compensation expense		(21,251	)		(9,075	)		(44,554	)		(25,092	)
Loss on extinguishment of debt		-			-			(211,018	)		-
Transaction-related costs (a)		(3,770	)		(5,493	)		(8,958	)		(9,028	)
Restructuring expense (b)		-			-			-			(546	)
Other (c)		(539	)		38			(3,565	)		(2,082	)
Net (loss) income including noncontrolling interests		85,589			59,811			74,196			149,858
Net income attributable to noncontrolling interests		13,638			12,364			40,428			33,617
Net (loss) income attributable to Parsons Corporation	$	71,951		$	47,447		$	33,768		$	116,241

(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 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 tables present revenues and property and equipment, net by geographic area (in thousands):


	Three Months Ended				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Revenue
North America	$	1,541,209	$	1,166,547	$	4,232,786	$	3,251,552
Middle East		264,437		247,689		769,421		684,340
Rest of World		4,470		4,335		14,052		12,631
Total Revenue	$	1,810,116	$	1,418,571	$	5,016,259	$	3,948,523

The geographic location of revenue is determined by the location of the customer.


	September 30, 2024		December 31, 2023
Property and Equipment, Net
North America	$	91,327	$	91,766
Middle East		9,866		7,191
Total Property and Equipment, Net	$	101,193	$	98,957

Summary of Revenues by Business Lines

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


	Three Months Ended				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Revenue
Defense and Intelligence	$	459,318	$	398,632	$	1,288,102	$	1,144,320
Engineered Systems		646,262		381,482		1,715,689		1,033,137
Federal Solutions revenues		1,105,580		780,114		3,003,791		2,177,457
Infrastructure – North America		438,307		389,452		1,237,752		1,082,164
Infrastructure – Europe, Middle East and Africa		266,229		249,005		774,716		688,902
Critical Infrastructure revenues		704,536		638,457		2,012,468		1,771,066
Total Revenue	$	1,810,116	$	1,418,571	$	5,016,259	$	3,948,523

Effective October 1, 2023, the Company reorganized its Critical Infrastructure business units from Mobility Solutions and Connected Communities to Infrastructure – North America and Infrastructure – Europe, Middle East and Africa. The prior year information in the table above has been reclassified to conform to the business unit changes.

Segment Information

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Segment Information

18.

Segment 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”), 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 revenue for the periods presented (in thousands):


	Three Months Ended				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Federal Solutions revenue	$	1,105,580	$	780,114	$	3,003,791	$	2,177,457
Critical Infrastructure revenue		704,536		638,457		2,012,468		1,771,066
Total revenue	$	1,810,116	$	1,418,571	$	5,016,259	$	3,948,523


	Three Months Ended					Nine Months Ended
	September 30, 2024			September 30, 2023		September 30, 2024			September 30, 2023
Equity in (losses) earnings of unconsolidated joint ventures:
Federal Solutions	$	1,002		$	1,435	$	1,999		$	3,502
Critical Infrastructure		(130	)		8,827		(20,024	)	$	995
Total equity in (losses) earnings of unconsolidated joint ventures	$	872		$	10,262	$	(18,025	)	$	4,497

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, equity-based compensation, 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 reconciles business segment

Adjusted EBITDA attributable to Parsons Corporation to Net Income attributable to Parsons Corporation for the periods presented (in thousands):


	Three Months Ended						Nine Months Ended
Adjusted EBITDA attributable to Parsons Corporation	September 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
Federal Solutions	$	120,091		$	65,039		$	315,413		$	206,827
Critical Infrastructure		33,007			50,188			101,582			95,481
Adjusted EBITDA attributable to Parsons Corporation		153,098			115,227			416,995			302,308
Adjusted EBITDA attributable to noncontrolling interests		13,913			12,606			41,339			34,222
Depreciation and amortization		(24,542	)		(30,154	)		(73,513	)		(87,202	)
Interest expense, net		(8,802	)		(8,120	)		(29,831	)		(20,778	)
Income tax benefit (expense)		(22,518	)		(15,218	)		(12,699	)		(41,944	)
Equity-based compensation expense		(21,251	)		(9,075	)		(44,554	)		(25,092	)
Loss on extinguishment of debt		-			-			(211,018	)		-
Transaction-related costs (a)		(3,770	)		(5,493	)		(8,958	)		(9,028	)
Restructuring expense (b)		-			-			-			(546	)
Other (c)		(539	)		38			(3,565	)		(2,082	)
Net (loss) income including noncontrolling interests		85,589			59,811			74,196			149,858
Net income attributable to noncontrolling interests		13,638			12,364			40,428			33,617
Net (loss) income attributable to Parsons Corporation	$	71,951		$	47,447		$	33,768		$	116,241

(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 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 tables present revenues and property and equipment, net by geographic area (in thousands):


	Three Months Ended				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Revenue
North America	$	1,541,209	$	1,166,547	$	4,232,786	$	3,251,552
Middle East		264,437		247,689		769,421		684,340
Rest of World		4,470		4,335		14,052		12,631
Total Revenue	$	1,810,116	$	1,418,571	$	5,016,259	$	3,948,523

The geographic location of revenue is determined by the location of the customer.


	September 30, 2024		December 31, 2023
Property and Equipment, Net
North America	$	91,327	$	91,766
Middle East		9,866		7,191
Total Property and Equipment, Net	$	101,193	$	98,957

North America includes revenue in the United States for the three months ended September 30, 2024 and September 30, 2023 of $1.4 billion and $1.1 billion, respectively and for the nine months ended September 30, 2024 and September 30, 2023 of $3.9 billion and $3.0 billion, respectively. North America property and equipment, net includes $83.4 million and $83.9 million of property and equipment, net in the United States at September 30, 2024 and December 31, 2023, respectively.

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


	Three Months Ended				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Revenue
Defense and Intelligence	$	459,318	$	398,632	$	1,288,102	$	1,144,320
Engineered Systems		646,262		381,482		1,715,689		1,033,137
Federal Solutions revenues		1,105,580		780,114		3,003,791		2,177,457
Infrastructure – North America		438,307		389,452		1,237,752		1,082,164
Infrastructure – Europe, Middle East and Africa		266,229		249,005		774,716		688,902
Critical Infrastructure revenues		704,536		638,457		2,012,468		1,771,066
Total Revenue	$	1,810,116	$	1,418,571	$	5,016,259	$	3,948,523

- 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

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (a)
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+ Details

Basis of Presentation and Principles of Consolidation	9 Months Ended
Basis of Presentation and Principles of Consolidation	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Principles of Consolidation	2. Basis of Presentation and Principles of Consolidation The accompanying unaudited consolidated financial statements and related notes of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") and pursuant to the interim period reporting requirements of Form 10-Q. They do not include all of the information and footnotes required by GAAP for complete financial statements and, therefore, should be read in conjunction with our consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. In the opinion of management, the consolidated financial statements reflect all normal recurring adjustments necessary for a fair statement of the financial position, results of operations and cash flows for the interim periods presented. The results of operations and cash flows for any interim period are not necessarily indicative of results for the full year or for future years. This Quarterly Report on Form 10-Q includes 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 a significant influence, the Company applies the equity method of accounting (see “Note 14 – Investments in and Advances to Joint Ventures" for further discussion). Intercompany accounts and transactions are eliminated in consolidation. Certain amounts may not foot due to rounding. Use of Estimates The preparation of the consolidated financial statements in accordance with 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. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies and Estimates” and “Note 2—Summary of Significant Accounting Policies” in the notes to our consolidated financial statements included in the Company’s Form 10-K for the year ended December 31, 2023, for a discussion of the significant estimates and assumptions affecting our consolidated financial statements. Estimates of costs to complete contracts 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 statement of income.

Acquisitions (Tables)

9 Months Ended

Sep. 30, 2024

BlackSignal Technologies, LLC.

Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed on 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	$	4,917
Accounts receivable		5,171
Contract assets		3,209
Income taxes receivable		234
Prepaid expenses and other current assets		433
Right of use assets, operating leases		3,032
Property and Equipment		997
Goodwill		139,394
Intangible assets		73,200
Other assets		145
Accounts payable		(951	)
Accrued expenses and other current liabilities		(4,793	)
Short-term lease liabilities, operating leases		(593	)
Deferred income taxes		(17,978	)
Long-term lease liabilities, operating leases		(2,651	)
Net assets acquired	$	203,766

Schedule of 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	$	33,000	14
Backlog		30,400	3
Developed technologies		4,900	5
Non-compete agreements		3,900	3
Other	$	1,000	1

Schedule of Supplemental Pro Forma Information

Supplemental information of unaudited pro forma operating results assuming the BlackSignal acquisition had been consummated as of the beginning of fiscal year 2023 (in thousands) is as follows:


	Three Months Ended				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Pro forma Revenue	$	1,816,364	$	1,427,661	$	5,048,235	$	3,975,624
Pro forma Net Income including noncontrolling interests		85,937		53,798		65,618		130,233

Sealing Technologies, Inc.

Schedule of Acquisition Date Fair Value of the Purchase Consideration Transferred

The following table summarizes the acquisition date fair value of the purchase consideration transferred (in thousands):


	Amount
Cash paid at closing	$	176,028
Fair value of contingent consideration to be achieved		3,231
Total purchase price	$	179,259

Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed on 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	$	8,133
Accounts receivable		17,889
Contract assets		2,946
Prepaid expenses and other current assets		1,379
Property and equipment		2,025
Right of use assets, operating leases		1,836
Deferred tax assets		357
Goodwill		90,593
Intangible assets		75,000
Accounts payable		(15,987	)
Accrued expenses and other current liabilities		(2,408	)
Contract liabilities		(668	)
Short-term lease liabilities, operating leases		(418	)
Long-term lease liabilities, operating leases		(1,418	)
Net assets acquired	$	179,259

Schedule of 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	$	40,000	14
Backlog		26,000	3
Developed technologies		8,000	3
Other	$	1,000	1

Schedule of Supplemental Pro Forma Information

Supplemental information of unaudited pro forma operating results assuming the SealingTech acquisition had been consummated as of the beginning of fiscal year 2022 (in thousands) is as follows:


	Three Months Ended		Nine Months Ended
	September 30, 2023		September 30, 2023
Pro forma Revenue	$	1,450,376	$	4,030,873
Pro forma Net Income including noncontrolling interests		65,350		158,775

IPKeys Power Partners

Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed on 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	$	126
Accounts receivable		3,937
Contract assets		834
Prepaid expenses and other current assets		455
Property and equipment		86
Right of use assets, operating leases		1,105
Other noncurrent assets		152
Goodwill		22,407
Intangible assets		23,000
Accounts payable		(541	)
Accrued expenses and other current liabilities		(1,768	)
Contract liabilities		(1,936	)
Short-term lease liabilities, operating leases		(343	)
Deferred tax liabilities		(3,713	)
Long-term lease liabilities, operating leases		(762	)
Net assets acquired	$	43,039

Schedule of Intangible Assets Value on Purchase Price

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

(1) The acquired business is a SaaS commercial business. Backlog for this type of business is included as customer relationships.

Schedule of Supplemental Pro Forma Information

Supplemental information of unaudited pro forma operating results assuming the IPKeys acquisition had been consummated as of the beginning of fiscal year 2022 (in thousands) is as follows:


	Three Months Ended		Nine Months Ended
	September 30, 2023		September 30, 2023
Pro forma Revenue	$	1,418,571	$	3,951,378
Pro forma Net Income including noncontrolling interests		60,455		152,258

Acquisitions - Schedule of Supplemental Pro Forma Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Business Acquisition [Line Items]
Pro forma Revenue		$ 1,450,376		$ 4,030,873
Pro forma Net Income including noncontrolling interests		65,350		158,775
BlackSignal Technologies, LLC.
Business Acquisition [Line Items]
Pro forma Revenue	$ 1,816,364	1,427,661	$ 5,048,235	3,975,624
Pro forma Net Income including noncontrolling interests	$ 85,937	53,798	$ 65,618	130,233
IPKeys Power Partners
Business Acquisition [Line Items]
Pro forma Revenue		1,418,571		3,951,378
Pro forma Net Income including noncontrolling interests		$ 60,455		$ 152,258

Leases - Summary of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Operating lease cost	$ 16,022	$ 16,885	$ 49,584	$ 50,639
Short-term lease cost	4,480	2,823	11,912	9,882
Amortization of right-of-use assets	923	718	2,535	1,904
Interest on lease liabilities	115	73	313	171
Sublease income	(1,008)	(1,186)	(3,246)	(3,549)
Total lease cost	$ 20,532	$ 19,313	$ 61,098	$ 59,047

Contingencies

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Contingencies

12.

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 court heard dispositive motions in 2023, including Parsons’ motion for summary judgment. We are awaiting the court’s rulings upon such motions, which will determine whether a trial will be necessary for this matter in 2024 or 2025.

On July 1, 2024, a final judgment was filed with the clerk of the Superior Court of the State of California In and For the County of San Mateo with an award of damages in the total amount of approximately $102.5 million in favor of Parsons Transportation Group, Inc. and against Alstom Signaling Operations LLC (Alstom"). This proposed award relates back to a lawsuit Parsons initially filed against the Peninsula Corridor Joint Powers Board for breach of contract and wrongful termination in February 2017 (which was settled between Parsons and the Joint Powers Board in 2021) and a cross-complaint filed against Alstom Signaling Operations LLC in November 2017, as subsequently amended, for breach of contract, negligence and intentional misrepresentation. On September 23, 2024, the Court awarded pre-judgment interest in the amount of $34.0 million and amended the judgment accordingly to include such interest amount. Alstom filed its notice of appeal of the amended judgment on September 23, 2024 and has posted a bond.

At this time, the Company is unable to determine the probability of the outcome of the litigation.

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 2018 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.

Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Cash and cash equivalents	$ 558,823	$ 272,943
Accounts receivable, net	1,034,976	915,638
Contract assets	790,001	757,515
Prepaid expenses and other current assets	170,858	191,430
Property and equipment, net	101,193	98,957
Right of use assets, operating leases	135,367	159,211
Accounts payable	300,217	242,821
Accrued expenses and other current liabilities	876,583	801,423
Short-term lease liabilities, operating leases	51,971	58,556
Long-term lease liabilities, operating leases	97,838	117,505
Contract liabilities	$ 300,799	$ 301,107
Common stock, par value	$ 1	$ 1
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares, issued	146,703,583	146,341,363
Common stock, shares, outstanding	51,357,743	45,960,122
Treasury stock, shares	40,501,385	40,501,385
ESOP
Common stock, shares, outstanding	54,831,932	59,879,857
Consolidated Joint Ventures
Cash and cash equivalents	$ 132,662	$ 128,761
Accounts receivable, net	348,892	274,846
Contract assets	6,260	11,096
Prepaid expenses and other current assets	15,284	11,929
Property and equipment, net	3,235	3,274
Right of use assets, operating leases	6,879	9,885
Accounts payable	65,426	49,234
Accrued expenses and other current liabilities	173,190	145,040
Short-term lease liabilities, operating leases	3,962	4,753
Long-term lease liabilities, operating leases	2,916	5,132
Contract liabilities	$ 64,899	$ 61,234

Contracts with Customers - Summary of Contract Assets and Contract Liabilities (Parenthetical) (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract retentions	$ 82.5	$ 82.5	$ 73.8
Contract retentions, not expected to be paid in next 12 months	33.5	33.5
Contract assets, net claims recovery estimates	69.2	69.2	$ 109.5
Loss recognized related to claims recoveries	$ 21.6	$ 21.6

Consolidated Statements of Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenue	$ 1,810,116	$ 1,418,571	$ 5,016,259	$ 3,948,523
Direct cost of contracts	1,449,831	1,124,305	3,979,589	3,109,713
Equity in (losses) earnings of unconsolidated joint ventures	872	10,262	(18,025)	4,497
Selling, general and administrative expenses	246,169	221,188	690,391	632,393
Operating income	114,988	83,340	328,254	210,914
Interest income	4,232	492	9,209	1,591
Interest expense	(13,034)	(8,612)	(39,040)	(22,369)
Loss on extinguishment of debt	0	0	(211,018)	0
Other income (expense), net	1,921	(191)	(510)	1,666
Total other income (expense)	(6,881)	(8,311)	(241,359)	(19,112)
Income before income tax expense	108,107	75,029	86,895	191,802
Income tax expense	(22,518)	(15,218)	(12,699)	(41,944)
Net (loss) income including noncontrolling interests	85,589	59,811	74,196	149,858
Net income attributable to noncontrolling interests	(13,638)	(12,364)	(40,428)	(33,617)
Net (loss) income attributable to Parsons Corporation	$ 71,951	$ 47,447	$ 33,768	$ 116,241
Earnings per share:
Basic	$ 0.68	$ 0.45	$ 0.32	$ 1.11
Diluted	$ 0.65	$ 0.42	$ 0.31	$ 1.03

Acquisitions - Schedule of Intangible Assets Value on Purchase Price (Details) - USD ($)
$ in Thousands

9 Months Ended

Aug. 16, 2024

Aug. 23, 2023

Apr. 13, 2023

Sep. 30, 2024

Customer Relationships

Acquired Finite Lived Intangible Assets [Line Items]

Amortization Period (in years)

11 years 8 months 12 days

Customer Relationships | BlackSignal Technologies, LLC.

Acquired Finite Lived Intangible Assets [Line Items]

Gross Carrying Amount

$ 33,000

Amortization Period (in years)

14 years

Customer Relationships | Sealing Technologies, Inc.

Acquired Finite Lived Intangible Assets [Line Items]

Gross Carrying Amount

$ 40,000

Amortization Period (in years)

14 years

Customer Relationships | IPKeys Power Partners

Acquired Finite Lived Intangible Assets [Line Items]

Gross Carrying Amount

^[1]

$ 15,900

Amortization Period (in years)

^[1]

16 years

Backlog

Acquired Finite Lived Intangible Assets [Line Items]

Amortization Period (in years)

4 years 2 months 12 days

Backlog | BlackSignal Technologies, LLC.

Acquired Finite Lived Intangible Assets [Line Items]

Gross Carrying Amount

$ 30,400

Amortization Period (in years)

3 years

Backlog | Sealing Technologies, Inc.

Acquired Finite Lived Intangible Assets [Line Items]

Gross Carrying Amount

$ 26,000

Amortization Period (in years)

3 years

Trade Names

Acquired Finite Lived Intangible Assets [Line Items]

Amortization Period (in years)

1 year

Developed Technologies

Acquired Finite Lived Intangible Assets [Line Items]

Amortization Period (in years)

4 years 7 months 6 days

Developed Technologies | BlackSignal Technologies, LLC.

Acquired Finite Lived Intangible Assets [Line Items]

Gross Carrying Amount

$ 4,900

Amortization Period (in years)

5 years

Developed Technologies | Sealing Technologies, Inc.

Acquired Finite Lived Intangible Assets [Line Items]

Gross Carrying Amount

$ 8,000

Amortization Period (in years)

3 years

Developed Technologies | IPKeys Power Partners

Acquired Finite Lived Intangible Assets [Line Items]

Gross Carrying Amount

$ 7,000

Amortization Period (in years)

11 years

Noncompete Agreements

Acquired Finite Lived Intangible Assets [Line Items]

Amortization Period (in years)

3 years

Noncompete Agreements | BlackSignal Technologies, LLC.

Acquired Finite Lived Intangible Assets [Line Items]

Gross Carrying Amount

$ 3,900

Amortization Period (in years)

3 years

Other | BlackSignal Technologies, LLC.

Acquired Finite Lived Intangible Assets [Line Items]

Gross Carrying Amount

$ 1,000

Amortization Period (in years)

1 year

Other | Sealing Technologies, Inc.

Acquired Finite Lived Intangible Assets [Line Items]

Gross Carrying Amount

$ 1,000

Amortization Period (in years)

1 year

Other | IPKeys Power Partners

Acquired Finite Lived Intangible Assets [Line Items]

Gross Carrying Amount

$ 100

Amortization Period (in years)

1 year

[1]	The acquired business is a SaaS commercial business. Backlog for this type of business is included as customer relationships.

Contracts with Customers (Tables)

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Summary of Disaggregation of Revenue


	Three Months Ended				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Fixed-price	$	790,820	$	452,606	$	2,129,274	$	1,233,712
Time-and-Materials		354,114		355,689		1,052,040		998,037
Cost-plus		665,182		610,276		1,834,945		1,716,774
Total	$	1,810,116	$	1,418,571	$	5,016,259	$	3,948,523

Summary of Contract Assets and Contract Liabilities

Contract assets and contract liabilities balances at September 30, 2024 and December 31, 2023 were as follows (in thousands):


	September 30, 2024		December 31, 2023		$ change			% change
Contract assets	$	790,001	$	757,515	$	32,486			4.3	%
Contract liabilities		300,799		301,107		(308	)		-0.1	%
Net contract assets (liabilities) (1)	$	489,202	$	456,408	$	32,794			7.2	%

(1)

Summary of Changes in Contract Assets and Contract Liabilities

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


	September 30, 2024		December 31, 2023
Acquired contract assets	$	3,209	$	2,715
Acquired contract liabilities		-		3,155

Summary of Changes in Revenue


	Three Months Ended					Nine Months Ended
	September 30, 2024			September 30, 2023		September 30, 2024			September 30, 2023
Revenue impact, net	$	(21,626	)	$	-	$	(35,129	)	$	4,748

Summary of Finanial Statement Impact from Revisions in Estimates

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


	Three Months Ended					Nine Months Ended
	September 30, 2024			September 30, 2023		September 30, 2024			September 30, 2023
Operating income (loss)	$	(23,520	)	$	-	$	(37,023	)	$	(3,079	)
Net income (loss)		(17,569	)		-		(27,656	)		(2,291	)
Diluted income (loss) per share	$	(0.16	)	$	-	$	(0.26	)	$	(0.02	)

Summary of Accounts Receivable, Net

Accounts receivable, net consisted of the following as of September 30, 2024 and December 31, 2023 (in thousands):


	2024			2023
Billed	$	617,761		$	646,375
Unbilled		421,101			273,215
Total accounts receivable, gross		1,038,862			919,590
Allowance for doubtful accounts		(3,886	)		(3,952	)
Total accounts receivable, net	$	1,034,976		$	915,638

Summary of Remaining Unsatisfied Performance Obligations Expect to Satisfy

The Company expects to satisfy its RUPO as of September 30, 2024 over the following periods (in thousands):


Period RUPO Will Be Satisfied	Within One Year		Within One to Two Years		Thereafter
Federal Solutions	$	1,870,032	$	543,038	$	207,797
Critical Infrastructure		1,983,920		1,085,300		969,038
Total	$	3,853,951	$	1,628,338	$	1,176,834

Goodwill - Summary of Changes in Carrying Value of Goodwill by Reporting Segment (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Goodwill [Line Items]
Beginning Balance	$ 1,792,665
Acquisitions	139,394
Foreign Exchange	(902)
Ending Balance	1,931,157
Federal Solutions
Goodwill [Line Items]
Beginning Balance	1,686,901
Acquisitions	139,394
Foreign Exchange	0
Ending Balance	1,826,295
Critical Infrastructure
Goodwill [Line Items]
Beginning Balance	105,764
Acquisitions	0
Foreign Exchange	(902)
Ending Balance	$ 104,862

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Debt and Credit Facilities (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Debt

Debt consisted of the following (in thousands):


	September 30, 2024			December 31, 2023
Short-Term Debt:
Convertible senior notes due 2025	$	115,428		$	-

Long-Term Debt:
Delayed draw term loan		350,000			350,000
Convertible senior notes due 2025		-			400,000
Convertible senior notes due 2029		800,000			-
Revolving credit facility		-			-
Debt issuance costs		(17,020	)		(4,037	)
Total Long-Term Debt		1,132,980			745,963
Total Debt	$	1,248,408		$	745,963

Debt and Credit Facilities - Schedule of Debt (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term debt	$ 0
Long-term debt issuance costs	(17,020,000)	$ (4,037,000)
Total Long-Term Debt	1,132,980,000	745,963,000
Total Debt	1,248,408,000	745,963,000
2022 Delayed Draw Term Loan
Debt Instrument [Line Items]
Long-term debt	350,000,000	350,000,000
Convertible Senior Notes Due 2025
Debt Instrument [Line Items]
Short-term debt	115,428,000	0
Convertible senior notes	0	400,000,000
Convertible Senior Notes due 2029
Debt Instrument [Line Items]
Convertible senior notes	800,000,000	0
Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt	$ 0	$ 0

Retirement Benefit Plan - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
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	106,293,215		106,293,215		105,839,978
Company's stock held by ESOP	54,831,932		54,831,932		59,879,857
Direct Costs of Contracts and Selling, General and Administrative Expense
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
ESOP contribution expense	$ 13.2	$ 14.9	$ 43.4	$ 44.1

Contracts with Customers - Summary of Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract assets	$ 790,001	$ 757,515
Contract liabilities	300,799	301,107
Net contract assets (liabilities)	489,202	$ 456,408
Change in contract assets	32,486
Change in contract liabilities	(308)
Change in contract assets and liabilities	$ 32,794
Percentage change in contract assets	4.30%
Percentage change in contract liabilities	(0.10%)
Percentage change in contract assets and liabilities	7.20%

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Oct. 21, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Trading Symbol(s)	PSN
Entity Registrant Name	Parsons Corporation
Entity Central Index Key	0000275880
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		106,189,949
Entity File Number	001-07782
Entity Tax Identification Number	95-3232481
Entity Address, Address Line One	14291 Park Meadow Drive
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	Chantilly
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	20151
City Area Code	703
Local Phone Number	988-8500
Title of 12(b) Security	Common Stock, $1 par value
Security Exchange Name	NYSE
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	DE
Entity Interactive Data Current	Yes

Debt and Credit Facilities

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Debt and Credit Facilities

10.

Debt and Credit Facilities

Debt consisted of the following (in thousands):


	September 30, 2024			December 31, 2023
Short-Term Debt:
Convertible senior notes due 2025	$	115,428		$	-

Long-Term Debt:
Delayed draw term loan		350,000			350,000
Convertible senior notes due 2025		-			400,000
Convertible senior notes due 2029		800,000			-
Revolving credit facility		-			-
Debt issuance costs		(17,020	)		(4,037	)
Total Long-Term Debt		1,132,980			745,963
Total Debt	$	1,248,408		$	745,963

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”). 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. These costs are presented as a direct deduction from long-term debt on the face of the balance sheet. Interest expense related to the Delayed Draw Term Loan for the three months ended September 30, 2024 and September 30, 2023 were $5.9 million and $5.9 million, respectively and $17.7 million and $16.6 million for the nine months ended September 30, 2024 and September 30, 2023, respectively. The amortization of debt issuance costs and interest expense is recorded in “Interest expense” on the consolidated statements of income. As of September 30, 2024 and December 31, 2023, 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. The interest rates on September 30, 2024 and December 31, 2023 were 6.1% and 6.6%, respectively.

Convertible Senior Notes due 2025

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, 2021, 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 51st 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.

The Company recognized interest expense of $0.1 million and $0.7 million for the three months ended September 30, 2024 and September 30, 2023, respectively and $3.8 million and $2.3 million for the nine months ended September 30, 2024 and September 30, 2023, respectively. The net, carrying value of the Convertible Senior Notes were $115.4 million and $396.5 million as of September 30, 2024 and December 31, 2023, respectively.

See the discussion of the partial repurchase of Convertible Senior Notes due 2025 and the unwind of the related note hedge and warrants below.

Note Hedge and Warrant - Convertible Senior Notes due 2025

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 ASU 2020-06, 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.

Convertible Senior Notes due 2029

In February 2024, the Company issued an aggregate $800.0 million of 2.625% Convertible Senior Notes due 2029 (the “2029 Convertible Notes”), including the exercise of a $100.0 million initial purchasers’ option in full. The Company received proceeds from the issuance and sale of the 2029 Convertible Notes of $781.1 million, net of $18.9 million of transaction fees and other third-party offering expenses. The 2029 Convertible Notes accrue interest at a rate of 2.625% per annum, payable semi-annually on March 1 and September 1 of each year beginning on September 1, 2024, and will mature on March 1, 2029, unless earlier repurchased, redeemed or converted.

The 2029 Convertible 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 2029 Convertible 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, including borrowings under the Company’s revolving credit facility and delayed draw term loan credit facility, 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 2029 Convertible Notes will initially be convertible into 10.6256 shares of our common stock, which is equivalent to an initial conversion price of approximately $94.11 per share, subject to adjustment upon the occurrence of specified events. On or after October 1, 2028 until the close of business on the second scheduled trading day immediately preceding the maturity date of the 2029 Convertible Notes, holders may convert all or a portion of their 2029 Convertible Notes, regardless of the conditions below.

Prior to the close of business on the business day immediately preceding October 1, 2028, the 2029 Convertible 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 June 30, 2024, 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 ten consecutive trading day period in which, for each trading day of that period, the trading price per $1,000 principal amount of 2029 Convertible 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 2029 Convertible 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 2029 Convertible Notes for cash, at its option, on or after March 8, 2027 and before the 51st scheduled trading day immediately before the maturity date at a redemption price equal to 100% of the principal amount of the 2029 Convertible 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 2029 Convertible Notes for redemption will constitute a Make-Whole Fundamental Change with respect to that 2029 Convertible Note, in which case the conversion rate applicable to the conversion of that 2029 Convertible Notes 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 2029 Convertible Notes, holders of the 2029 Convertible Notes may require the Company to repurchase all or a portion of the 2029 Convertible Notes for cash at a price equal to 100% of the principal amount of the 2029 Convertible Notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date.

Upon conversion, the Company will settle the principal amount of the 2029 Convertible Notes converted in cash and will settle the remainder of the consideration owed upon conversion in cash, shares of the Company’s common stock, or a combination thereof, at the Company’s option, with such amount of cash and, if applicable, shares of common stock due upon conversion based on a daily conversion value calculated on a proportionate basis for each trading day in a 50-trading day observation period.

The Company recognized interest expense with respect to the 2029 Convertible Notes of $6.3 million and $15.0 million for the three and nine months ended September 30, 2024, respectively. As of September 30, 2024, the net, carrying value of the 2029 Convertible Notes was $783.3 million.

Capped Call Transactions - Convertible Senior Notes due 2029

In February 2024, in connection with the offering of the 2029 Convertible Notes, the Company entered into capped call transactions (the “Capped Call Transactions”) with certain financial institutions. The Capped Call Transactions are expected generally to reduce the potential dilution to the Company’s common stock upon any conversion of the Convertible Senior Notes due 2029 and/or offset any cash payments the Company is required to make in excess of the principal amount of any converted Convertible Senior Notes due 2029, as the case may be. If, however, the market price per share of the Company’s common stock, as measured under the terms of the Capped Call Transactions, exceeds the cap price of the Capped Call Transactions, there would nevertheless be dilution and/or there would not be an offset of such cash payments, in each case, to the extent that such market price exceeds the cap price of the Capped Call Transactions.

The cap price of the Capped Call Transactions is initially $131.7575 per share, which represents a premium of 75% over the last reported sale price of the Company’s common stock of $75.29 per share on the New York Stock Exchange on February 21, 2024, and is subject to certain adjustments under the terms of the Capped Call Transactions. The cost of $88.4 million for the Capped Call Transactions was recorded as a reduction to additional paid-in capital in the consolidated balance sheets.

At issuance, the Company recorded a deferred tax asset of $22.3 million related to the Capped Call Transactions costs through additional paid-in capital. The deferred tax asset was included in Deferred tax assets in the consolidated balance sheets.

Convertible Senior Notes due 2025 Partial Repurchase and Note Hedge and Warrants Partial Unwind

In connection with the issuance of the Convertible Senior Notes due 2029, during the first quarter of 2024, we used $391.8 million of the net proceeds to purchase approximately $228.1 million aggregate principal amount of

our Convertible Senior Notes due 2025 concurrently with the offering in separate and individually negotiated transactions. In addition, we used $103.8 million to settle the repurchase of approximately $56.5 million aggregate principal amount of our Convertible Senior Notes due 2025 in a separately negotiated transaction that settled in March 2024. We also received approximately $90.6 million in cash from the note hedge counterparties for the partial termination of the existing bond hedge relating to the Convertible Senior Notes due 2025 repurchased, net of our obligations to the counterparties in connection with the partial termination of the related warrant transactions. The tax effect of $46.2 million from the partial unwind of the existing bond hedge was recognized as a reduction in additional paid-in capital in the consolidated balance sheets. The income tax payable was included in Income taxes payable in the consolidated balance sheets.

The partial repurchase, during the nine months ended September 30, 2024, resulted in a $214.2 million loss on debt extinguishment which includes a $3.2 million charge to interest expense for the acceleration of the amortization of debt issuance costs associated with the 0.25% Convertible Senior Notes due 2025. The tax effect of the debt extinguishment, excluding the interest expense, was recognized as a discrete event to the quarter giving rise to an increase in the effective tax rate and tax benefit of $49.9 million recognized in the income statement.

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 the Term SOFR 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 September 30, 2024 and December 31, 2023 were 6.2% and 6.7%, respectively. Borrowings under this Credit Agreement are guaranteed by certain Company operating subsidiaries. Letters of credit commitments outstanding under this agreement aggregated to $43.0 million and $43.8 million at September 30, 2024 and December 31, 2023, respectively, which reduced borrowing limits available to the Company. Interest expense related to the Credit Agreement was $0.1 million and $1.5 million for the three months ended September 30, 2024 and September 30, 2023, respectively and $0.6 million and $2.0 million for the nine months ended September 30, 2024 and September 30, 2023. There were no loan amounts outstanding under the Credit Agreement at September 30, 2024.

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 September 30, 2024 and December 31, 2023.

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 $309.1 million and $320.7 million at September 30, 2024 and December 31, 2023, respectively.

- 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://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1I
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1I
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Debt and Credit Facilities - Additional Information (Details)	1 Months Ended				3 Months Ended			6 Months Ended	9 Months Ended
	Feb. 29, 2024 USD ($) d $ / shares	Sep. 30, 2022 USD ($)	Jun. 30, 2021 USD ($) Extension	Aug. 31, 2020 USD ($) d $ / shares shares	Sep. 30, 2024 USD ($) $ / shares	Mar. 31, 2024 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2021 USD ($)	Sep. 30, 2024 USD ($) d $ / shares shares	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Nov. 30, 2022 USD ($)
Debt Instrument [Line Items]
Letters of credit outstanding amount					$ 309,100,000				$ 309,100,000		$ 320,700,000
Debt instrument, outstanding amount					0				0
Loss on extinguishment of debt					0	$ 211,000,000	$ 0		211,018,000	$ 0
Tax effect of unwind existing bond hedge					4,556,000				4,556,000		6,977,000
Deferred tax liabilities					27,931,000				27,931,000		9,775,000
Effective tax rate and tax benefit									49,900,000
Deferred tax assets					163,539,000				163,539,000		$ 140,162,000
2022 Delayed Draw Term Loan
Debt Instrument [Line Items]
Debt issuance costs incurred					$ 900,000				$ 900,000
Interest rate					6.10%				6.10%		6.60%
Interest expense					$ 5,900,000		5,900,000		$ 17,700,000	16,600,000
Debt instrument, outstanding amount					350,000,000				350,000,000		$ 350,000,000	$ 350,000,000
Debt amount		$ 350,000,000
Debt issuance date		Sep. 30, 2022
Debt instrument, maturity period		3 years
Unused term loan commitments rate		0.175%
Convertible Senior Notes Due 2025
Debt Instrument [Line Items]
Interest rate				0.25%
Interest expense					100,000		700,000		$ 3,800,000	2,300,000
Debt amount				$ 400,000,000
Exercise of option by initial purchasers aggregate principal amount				50,000,000
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				$ 1,000
Convertible notes converted each into shares of common stock \| shares									22.2913
Debt Instrument, conversion price \| $ / shares					$ 44.86				$ 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%
Net carrying value of notes					$ 115,400,000				$ 115,400,000		$ 396,500,000
Convertible Senior Notes due 2029
Debt Instrument [Line Items]
Interest rate	2.625%
Interest expense					6,300,000				15,000,000
Debt amount	$ 800,000,000
Exercise of option by initial purchasers aggregate principal amount	100,000,000
Proceeds from issuance and sale of debt	781,100,000
Transaction fees and other third-party offering expenses	$ 18,900,000
Debt instrument, payment terms	The 2029 Convertible Notes accrue interest at a rate of 2.625% per annum, payable semi-annually on March 1 and September 1 of each year beginning on September 1, 2024
Debt instrument, frequency of periodic payment	semi-annually
Maturity Date	Mar. 01, 2029
Convertible note converted each amount					$ 1,000				$ 1,000
Convertible notes converted each into shares of common stock \| shares									10.6256
Debt Instrument, conversion price \| $ / shares					$ 94.11				$ 94.11
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	10 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%
Net carrying value of notes					$ 783,300,000				$ 783,300,000
Maximum \| 2022 Delayed Draw Term Loan
Debt Instrument [Line Items]
Increase in term loan		$ 150,000,000
Convertible Note Hedge And Warrant Transaction
Debt Instrument [Line Items]
Tax effect of unwind existing bond hedge					$ 46,200,000				$ 46,200,000
Convertible Note Hedge And Warrant Transaction \| Convertible Senior Notes Due 2025
Debt Instrument [Line Items]
Purchase of convertible senior notes	$ 228,100,000
Proceeds from issuance and sale of debt						391,800,000
Bond hedge term									5 years
Number of shares issuable upon conversion \| shares				8,900,000
Cost of convertible note hedge transaction				$ 55,000,000
Number of common stock acquired by offsetting sale warrants. \| shares									8,900,000
Exercise price of warrants \| $ / shares					$ 66.46				$ 66.46
Proceeds from issuance of warrants									$ 13,800,000
Purchase of bond hedges and sale of warrants				$ 41,200,000
Deferred tax liabilities					$ 16,200,000				16,200,000
Deferred tax assets					16,500,000				16,500,000
Convertible Note Hedge And Warrant Transaction \| Convertible Senior Notes Due 2025 \| ASC 2020-06
Debt Instrument [Line Items]
Deferred tax liability reversed					13,900,000				13,900,000
Additional deferred tax liability related to capitalized debt issuance costs					400,000				400,000
Adjustment to deferred tax asset through retained earnings					$ 900,000				$ 900,000
Convertible Note Hedge And Warrant Transaction \| Convertible Senior Notes due 2025
Debt Instrument [Line Items]
Interest rate					0.25%				0.25%
Loss on extinguishment of debt									$ 214,200,000
Acceleration charge of amortization of debt issuance costs									$ 3,200,000
Convertible Note Hedge And Warrant Transaction \| Convertible Senior Notes Due 2025 Note Hedge And Warrants
Debt Instrument [Line Items]
Purchase of convertible senior notes	56,500,000
Proceeds from issuance and sale of debt						$ 103,800,000
Proceeds from partial termination of note hedge and warrants	90,600,000
Convertible Note Hedge And Warrant Transaction \| Minimum [Member] \| Convertible Senior Notes Due 2025
Debt Instrument [Line Items]
Debt Instrument, conversion price \| $ / shares				$ 44.86
Percentage of bond hedge and warrant transactions increased conversion price				35.00%
Convertible Note Hedge And Warrant Transaction \| Maximum \| Convertible Senior Notes Due 2025
Debt Instrument [Line Items]
Debt Instrument, conversion price \| $ / shares				$ 66.46
Percentage of bond hedge and warrant transactions increased conversion price				100.00%
Capped Call Transaction
Debt Instrument [Line Items]
Deferred tax assets	$ 22.3
Capped Call Transaction \| Convertible Senior Notes Due 2025
Debt Instrument [Line Items]
Debt Instrument, conversion price \| $ / shares	$ 131.7575
Premium of reported sale price percentage	75.00%
Convertible Notes Converted Sale Price Of Common Stock \| $ / shares	$ 75.29
Cost of convertible note hedge transaction	$ 88,400,000
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					6.20%				6.20%		6.70%
Letters of credit outstanding amount					$ 43,000,000				$ 43,000,000		$ 43,800,000
Interest expense					$ 100,000		$ 1,500,000		$ 600,000	$ 2,000,000
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 \| SOFR Benchmark Rate \| Minimum [Member]
Debt Instrument [Line Items]
Margin interest rate			1.00%
Revolving Credit Facility \| SOFR Benchmark Rate \| Maximum
Debt Instrument [Line Items]
Margin interest rate								1.625%

Leases

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

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 eight 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 three and nine months ended September 30, 2024 and September 30, 2023 are as follows (in thousands):


	Three Months Ended						Nine Months Ended
	September 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
Operating lease cost	$	16,022		$	16,885		$	49,584		$	50,639
Short-term lease cost		4,480			2,823			11,912			9,882
Amortization of right-of-use assets		923			718			2,535			1,904
Interest on lease liabilities		115			73			313			171
Sublease income		(1,008	)		(1,186	)		(3,246	)		(3,549	)
Total lease cost	$	20,532		$	19,313		$	61,098		$	59,047

Supplemental cash flow information related to leases for the nine months ended September 30, 2024 and September 30, 2023 is as follows (in thousands):


	Nine Months Ended
	September 30, 2024		September 30, 2023
Operating cash flows for operating leases	$	51,013	$	53,040
Operating cash flows for finance leases		313		171
Financing cash flows from finance leases		2,419		1,865
Right-of-use assets obtained in exchange for new operating lease liabilities		15,633		48,430
Right-of-use assets obtained in exchange for new finance lease liabilities	$	4,003	$	4,470

Supplemental balance sheet and other information related to leases as of September 30, 2024 and December 31, 2023 are as follows (in thousands):


	September 30, 2024			December 31, 2023
Operating Leases:
Right-of-use assets	$	135,367		$	159,211
Lease liabilities:
Current		51,971			58,556
Long-term		97,838			117,505
Total operating lease liabilities	$	149,809		$	176,061
Finance Leases:
Other noncurrent assets	$	9,292		$	7,779
Accrued expenses and other current liabilities	$	3,442		$	2,682
Other long-term liabilities	$	6,042		$	5,129

Weighted Average Remaining Lease Term:
Operating leases	3.7 Years			3.9 years
Finance leases	3 Years			3.1 years
Weighted Average Discount Rate:
Operating leases		4.4	%		4.2	%
Finance leases		4.9	%		4.6	%

As of September 30, 2024, the Company has no 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 September 30, 2024 is as follows (in thousands):


	Operating Leases			Finance Leases
2024 (remaining)	$	15,966		$	1,006
2025		53,485			3,642
2026		36,703			2,985
2027		23,116			1,803
2028		18,182			718
Thereafter		14,748			38
Total lease payments		162,200			10,192
Less: imputed interest		(12,391	)		(708	)
Total present value of lease liabilities	$	149,809		$	9,484

Retirement Benefit Plan

9 Months Ended

Sep. 30, 2024

Retirement Benefits [Abstract]

Retirement Benefit Plan

13.

Retirement Benefit Plan

The Company’s principal retirement benefit plan is the Parsons Employee Stock Ownership Plan (“ESOP”), a stock bonus plan, established in 1975 to cover eligible employees of the Company and certain affiliated companies. Contributions of treasury stock to the 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 September 30, 2024 and December 31, 2023, total shares of the Company’s common stock outstanding were 106,293,215 and 105,839,978, respectively, of which 54,831,932 and 59,879,857, respectively, 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 $13.2 million and $14.9 million for the three months ended September 30, 2024 and September 30, 2023, respectively and $43.4 million and $44.1 million for the nine months ended September 30, 2024 and September 30, 2023, respectively. The expense is recorded in “Direct costs of contracts” and “Selling, general and administrative expense” in the consolidated statements of income. The fiscal 2024 ESOP contribution has not yet been made. The amount is currently included in accrued liabilities.

Investments in and Advances to Joint Ventures - Summary of Financial Statement Impact From Changes in Estimates which Resulted in Write-down Design Build Joint Ventures (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Schedule of Equity Method Investments [Line Items]
Operating income (loss)	$ 114,988	$ 83,340	$ 328,254	$ 210,914
Net Income (Loss)	$ 71,951	$ 47,447	$ 33,768	$ 116,241
Diluted income (loss) per share	$ 0.65	$ 0.42	$ 0.31	$ 1.03
Critical Infrastructure
Schedule of Equity Method Investments [Line Items]
Operating income (loss)	$ (23,520)	$ 0	$ (37,023)	$ (3,079)
Net Income (Loss)	$ (17,569)	$ 0	$ (27,656)	$ (2,291)
Diluted income (loss) per share	$ (0.16)	$ 0	$ (0.26)	$ (0.02)
Unconsolidated Joint Ventures
Schedule of Equity Method Investments [Line Items]
Net Income (Loss)	$ 20,740	$ 53,896	$ 5,551	$ 39,570
Unconsolidated Joint Ventures \| Critical Infrastructure
Schedule of Equity Method Investments [Line Items]
Operating income (loss)	(6,716)	5,099	(37,509)	(12,414)
Net Income (Loss)	$ (4,936)	$ 3,799	$ (35,258)	$ (9,248)
Diluted income (loss) per share	$ (0.04)	$ 0.03	$ (0.33)	$ (0.08)

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

+ References

+ Details

Contracts with Customers - Summary of Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Billed	$ 617,761	$ 646,375
Unbilled	421,101	273,215
Total accounts receivable, gross	1,038,862	919,590
Allowance for doubtful accounts	(3,886)	(3,952)
Total accounts receivable, net	$ 1,034,976	$ 915,638

Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Amortization expense of intangible assets	$ 13.3	$ 18.8	$ 40.8	$ 54.9

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Total Parsons Equity	Noncontrolling Interest
Beginning balance at Dec. 31, 2022	$ 2,095,935	$ 146,132	$ (844,936)	$ 2,717,134	$ 43,089	$ (17,849)	$ 2,043,570	$ 52,365
Comprehensive income
Net income	149,858				116,241		116,241	33,617
Foreign currency translation gain (loss), net	1,046					1,046	1,046
Pension adjustments, net	6					6	6
Contributions	1,538							1,538
Distributions	(12,156)							(12,156)
Issuance of equity securities, net of retirements	(3,999)	371		(3,985)	(385)		(3,999)
Repurchases of common stock	(8,000)	(185)		(7,815)			(8,000)
Stock-based compensation	23,872			23,872			23,872
Ending Balance at Sep. 30, 2023	2,248,100	146,318	(844,936)	2,729,206	158,945	(16,797)	2,172,736	75,364
Beginning balance at Jun. 30, 2023	2,190,766	146,312	(844,936)	2,721,402	111,513	(14,860)	2,119,431	71,335
Comprehensive income
Net income	59,811				47,447		47,447	12,364
Foreign currency translation gain (loss), net	(1,929)					(1,926)	(1,926)	(3)
Pension adjustments, net	(11)					(11)	(11)
Distributions	(9,669)							(9,669)
Issuance of equity securities, net of retirements	(99)	6		(90)	(15)		(99)
Stock-based compensation	7,894			7,894			7,894
Ending Balance at Sep. 30, 2023	2,248,100	146,318	(844,936)	2,729,206	158,945	(16,797)	2,172,736	75,364
Beginning balance at Dec. 31, 2023	2,376,715	146,341	(827,311)	2,779,365	203,724	(14,908)	2,287,211	89,504
Comprehensive income
Net income	74,196				33,768		33,768	40,428
Foreign currency translation gain (loss), net	(1,195)					(1,210)	(1,210)	15
Pension adjustments, net	(24)					(24)	(24)
Contributions	1,038							1,038
Distributions	(29,006)							(29,006)
Capped call transactions	(66,121)			(66,121)			(66,121)
Adjustments to warrant repurchased	(104,952)			(104,952)			(104,952)
Bond hedge termination	149,308			149,308			149,308
Issuance of equity securities, net of retirements	(15,488)	493		(5,823)	(10,158)		(15,488)
Repurchases of common stock	(10,000)	(131)		(9,869)			(10,000)
Stock-based compensation	39,960			39,960			39,960
Ending Balance at Sep. 30, 2024	2,414,431	146,703	(827,311)	2,781,868	227,334	(16,142)	2,312,452	101,979
Beginning balance at Jun. 30, 2024	2,319,644	146,697	(827,311)	2,762,728	155,535	(19,139)	2,218,510	101,134
Comprehensive income
Net income	85,589				71,951		71,951	13,638
Foreign currency translation gain (loss), net	2,977					2,974	2,974	3
Pension adjustments, net	23					23	23
Contributions	961							961
Distributions	(13,757)							(13,757)
Issuance of equity securities, net of retirements	(291)	6		(145)	(152)		(291)
Stock-based compensation	19,285			19,285			19,285
Ending Balance at Sep. 30, 2024	$ 2,414,431	$ 146,703	$ (827,311)	$ 2,781,868	$ 227,334	$ (16,142)	$ 2,312,452	$ 101,979

Investments in and Advances to Joint Ventures - Summary of Financial Information for Consolidated Joint Ventures (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Schedule Of Equity Method Investments [Line Items]
Current assets	$ 2,554,658		$ 2,554,658		$ 2,137,526
Total assets	5,443,342		5,443,342		4,804,061
Current liabilities	1,649,554		1,649,554		1,410,884
Total liabilities	3,028,911		3,028,911		2,427,346
Total joint venture equity	2,312,452		2,312,452		2,287,211
Revenue	1,810,116	$ 1,418,571	5,016,259	$ 3,948,523
Costs	1,449,831	1,124,305	3,979,589	3,109,713
Net (loss) income attributable to Parsons Corporation	71,951	47,447	33,768	116,241
Net income attributable to noncontrolling interests	13,638	12,364	40,428	33,617
Consolidated Joint Ventures
Schedule Of Equity Method Investments [Line Items]
Current assets	503,099		503,099		426,633
Noncurrent assets	10,894		10,894		14,295
Total assets	513,993		513,993		440,928
Current liabilities	307,612		307,612		260,286
Noncurrent liabilities	2,916		2,916		5,132
Total liabilities	310,528		310,528		265,418
Total joint venture equity	203,465		203,465		$ 175,510
Revenue	193,461	185,602	582,209	514,339
Costs	165,873	160,423	500,308	445,829
Net (loss) income attributable to Parsons Corporation	27,588	25,179	81,901	68,510
Net income attributable to noncontrolling interests	$ 13,638	$ 12,364	$ 40,428	$ 33,617

Contracts with Customers - Summary of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation Of Revenue [Line Items]
Revenues	$ 1,810,116	$ 1,418,571	$ 5,016,259	$ 3,948,523
Fixed-Price
Disaggregation Of Revenue [Line Items]
Revenues	790,820	452,606	2,129,274	1,233,712
Time-and-Materials
Disaggregation Of Revenue [Line Items]
Revenues	354,114	355,689	1,052,040	998,037
Cost-Plus
Disaggregation Of Revenue [Line Items]
Revenues	$ 665,182	$ 610,276	$ 1,834,945	$ 1,716,774

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

Acquisitions - Schedule Of Acquisition Date Fair Value of the Purchase Consideration Transferred (Details) - Sealing Technologies, Inc. - USD ($) $ in Thousands		9 Months Ended	12 Months Ended
	Aug. 23, 2023	Sep. 30, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Cash paid at closing	$ 176,028
Fair value of contingent consideration to be achieved	3,231	$ 4,100	$ 1,800
Total purchase price	$ 179,259

Property and Equipment, Net (Tables)

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

Property and equipment consisted of the following at September 30, 2024 and December 31, 2023 (in thousands):


	September 30, 2024			December 31, 2023			Useful life (years)
Buildings and leasehold improvements	$	103,124		$	102,372		1-15
Furniture and equipment		82,533			84,244		3-10
Computer systems and equipment		172,069			168,926		3-10
Construction equipment		6,242			6,173		5-7
Construction in progress		25,227			21,030
		389,195			382,745
Accumulated depreciation		(288,002	)		(283,788	)
Property and equipment, net	$	101,193		$	98,957

Leases (Tables)

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Summary of Lease Costs

The components of lease costs for the three and nine months ended September 30, 2024 and September 30, 2023 are as follows (in thousands):


	Three Months Ended						Nine Months Ended
	September 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
Operating lease cost	$	16,022		$	16,885		$	49,584		$	50,639
Short-term lease cost		4,480			2,823			11,912			9,882
Amortization of right-of-use assets		923			718			2,535			1,904
Interest on lease liabilities		115			73			313			171
Sublease income		(1,008	)		(1,186	)		(3,246	)		(3,549	)
Total lease cost	$	20,532		$	19,313		$	61,098		$	59,047

Schedule of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases for the nine months ended September 30, 2024 and September 30, 2023 is as follows (in thousands):


	Nine Months Ended
	September 30, 2024		September 30, 2023
Operating cash flows for operating leases	$	51,013	$	53,040
Operating cash flows for finance leases		313		171
Financing cash flows from finance leases		2,419		1,865
Right-of-use assets obtained in exchange for new operating lease liabilities		15,633		48,430
Right-of-use assets obtained in exchange for new finance lease liabilities	$	4,003	$	4,470

Schedule of Supplemental Balance Sheet and Other Information Related to Leases

Supplemental balance sheet and other information related to leases as of September 30, 2024 and December 31, 2023 are as follows (in thousands):


	September 30, 2024			December 31, 2023
Operating Leases:
Right-of-use assets	$	135,367		$	159,211
Lease liabilities:
Current		51,971			58,556
Long-term		97,838			117,505
Total operating lease liabilities	$	149,809		$	176,061
Finance Leases:
Other noncurrent assets	$	9,292		$	7,779
Accrued expenses and other current liabilities	$	3,442		$	2,682
Other long-term liabilities	$	6,042		$	5,129

Weighted Average Remaining Lease Term:
Operating leases	3.7 Years			3.9 years
Finance leases	3 Years			3.1 years
Weighted Average Discount Rate:
Operating leases		4.4	%		4.2	%
Finance leases		4.9	%		4.6	%

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 September 30, 2024 is as follows (in thousands):


	Operating Leases			Finance Leases
2024 (remaining)	$	15,966		$	1,006
2025		53,485			3,642
2026		36,703			2,985
2027		23,116			1,803
2028		18,182			718
Thereafter		14,748			38
Total lease payments		162,200			10,192
Less: imputed interest		(12,391	)		(708	)
Total present value of lease liabilities	$	149,809		$	9,484

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents (including $132,662 and $128,761 Cash of consolidated joint ventures)	$ 558,823	$ 272,943
Accounts receivable, net (including $348,892 and $274,846 Accounts receivable of consolidated joint ventures, net)	1,034,976	915,638
Contract assets (including $6,260 and $11,096 Contract assets of consolidated joint ventures)	790,001	757,515
Prepaid expenses and other current assets (including $15,284 and $11,929 Prepaid expenses and other current assets of consolidated joint ventures)	170,858	191,430
Total current assets	2,554,658	2,137,526
Property and equipment, net (including $3,235 and $3,274 Property and equipment of consolidated joint ventures, net)	101,193	98,957
Right of use assets, operating leases (including $6,879 and $9,885 Right of use assets, operating leases of consolidated joint ventures)	135,367	159,211
Goodwill	1,931,157	1,792,665
Investments in and advances to unconsolidated joint ventures	194,524	128,204
Intangible assets, net	307,952	275,566
Deferred tax assets	163,539	140,162
Other noncurrent assets	54,952	71,770
Total assets	5,443,342	4,804,061
Current liabilities:
Accounts payable (including $65,426 and $49,234 Accounts payable of consolidated joint ventures)	300,217	242,821
Accrued expenses and other current liabilities (including $173,190 and $145,040 Accrued expenses and other current liabilities of consolidated joint ventures)	876,583	801,423
Contract liabilities (including $64,899 and $61,234 Contract liabilities of consolidated joint ventures)	300,799	301,107
Short-term lease liabilities, operating leases (including $3,962 and $4,753 Short-term lease liabilities, operating leases of consolidated joint ventures)	51,971	58,556
Income taxes payable	4,556	6,977
Short-term debt	115,428	0
Total current liabilities	1,649,554	1,410,884
Long-term employee incentives	27,553	22,924
Long-term debt	1,132,980	745,963
Long-term lease liabilities, operating leases (including $2,916 and $5,132 Long-term lease liabilities, operating leases of consolidated joint ventures)	97,838	117,505
Deferred tax liabilities	27,931	9,775
Other long-term liabilities	93,055	120,295
Total liabilities	3,028,911	2,427,346
Contingencies (Note 12)
Shareholders' equity:
Common stock, $1 par value; authorized 1,000,000,000 shares; 146,698,035 and 146,341,363 shares issued; 50,022,445 and 45,960,122 public shares outstanding; 56,161,683 and 59,879,857 ESOP shares outstanding	146,703	146,341
Treasury stock, 40,501,385 shares at cost	(827,311)	(827,311)
Additional paid-in capital	2,781,868	2,779,365
Retained earnings	227,334	203,724
Accumulated other comprehensive loss	(16,142)	(14,908)
Total Parsons Corporation shareholders' equity	2,312,452	2,287,211
Noncontrolling interests	101,979	89,504
Total shareholders' equity	2,414,431	2,376,715
Total liabilities and shareholders' equity	$ 5,443,342	$ 4,804,061

New Accounting Pronouncements - Additional Information (Details)	Sep. 30, 2024
ASU 2023-09
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Change in accounting principle, accounting standards update, adoption date	Dec. 15, 2024
Change in accounting principle, accounting standards update, immaterial effect	false
Change in accounting principle, accounting standards update, adopted	true
ASU 2023-07
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Change in accounting principle, accounting standards update, adoption date	Dec. 15, 2024
Change in accounting principle, accounting standards update, immaterial effect	false
Change in accounting principle, accounting standards update, adopted	true

- Definition

Indicates (true false) whether accounting standards update was adopted.

+ References

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+ Details

Segment Information - Summary of Revenues by Business Lines (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Revenues	$ 1,810,116	$ 1,418,571	$ 5,016,259	$ 3,948,523
Federal Solution Segment
Segment Reporting Information [Line Items]
Revenues	1,105,580	780,114	3,003,791	2,177,457
Federal Solution Segment \| Defense And Intelligence
Segment Reporting Information [Line Items]
Revenues	459,318	398,632	1,288,102	1,144,320
Federal Solution Segment \| Engineered Systems
Segment Reporting Information [Line Items]
Revenues	646,262	381,482	1,715,689	1,033,137
Critical Infrastructure
Segment Reporting Information [Line Items]
Revenues	704,536	638,457	2,012,468	1,771,066
Critical Infrastructure \| Infrastructure-North America
Segment Reporting Information [Line Items]
Revenues	438,307	389,452	1,237,752	1,082,164
Critical Infrastructure \| Infrastructure - Europe, Middle East and Africa
Segment Reporting Information [Line Items]
Revenues	$ 266,229	$ 249,005	$ 774,716	$ 688,902

- Definition

+ References

+ Details

Investments in and Advances to Joint Ventures (Tables)

9 Months Ended

Sep. 30, 2024

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Financial Information of Consolidated Joint Ventures

The following represents financial information for consolidated joint ventures included in the consolidated financial statements (in thousands):


	September 30, 2024		December 31, 2023
Current assets	$	503,099	$	426,633
Noncurrent assets		10,894		14,295
Total assets		513,993		440,928
Current liabilities		307,612		260,286
Noncurrent liabilities		2,916		5,132
Total liabilities		310,528		265,418
Total joint venture equity	$	203,465	$	175,510


	Three Months Ended				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Revenue	$	193,461	$	185,602	$	582,209	$	514,339
Costs		165,873		160,423		500,308		445,829
Net income	$	27,588	$	25,179	$	81,901	$	68,510
Net income attributable to noncontrolling interests	$	13,638	$	12,364	$	40,428	$	33,617

Summary of Financial Information for Unconsolidated Joint Ventures

The following represents the financial information of the Company’s unconsolidated joint ventures as presented in their unaudited financial statements (in thousands):


	September 30, 2024		December 31, 2023
Current assets	$	1,675,165	$	1,607,953
Noncurrent assets		465,806		483,693
Total assets		2,140,971		2,091,646
Current liabilities		996,238		1,057,113
Noncurrent liabilities		496,097		518,647
Total liabilities		1,492,335		1,575,760
Total joint venture equity	$	648,636	$	515,886
Investments in and advances to unconsolidated joint ventures	$	194,524	$	128,204


	Three Months Ended				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024			September 30, 2023
Revenue	$	581,232	$	634,937	$	1,598,764		$	1,514,561
Costs		560,492		581,041		1,593,213			1,474,991
Net income (loss)	$	20,740	$	53,896	$	5,551		$	39,570
Equity in losses of unconsolidated joint ventures	$	872	$	10,262	$	(18,025	)	$	4,497

Summary of Financial Statement Impact From Changes in Estimates which Resulted in Write-down Design Build Joint Ventures


	Three Months Ended					Nine Months Ended
	September 30, 2024			September 30, 2023		September 30, 2024			September 30, 2023
Operating income (loss)	$	(6,716	)	$	5,099	$	(37,509	)	$	(12,414	)
Net income (loss)		(4,936	)		3,799		(35,258	)		(9,248	)
Diluted income (loss) per share	$	(0.04	)	$	0.03	$	(0.33	)	$	(0.08	)

Related Party Transactions - Schedule of Consolidated Balance Sheet Related to Services Provided to Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Accounts receivable, net	$ 1,034,976	$ 915,638
Contract assets	790,001	757,515
Contract liabilities	300,799	301,107
Unconsolidated Joint Ventures
Related Party Transaction [Line Items]
Accounts receivable, net	52,679	38,898
Contract assets	10,177	38,009
Contract liabilities	$ 15,036	$ 15,287

Intangible Assets - Schedule of Estimated Amortization Expense (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 15,189
2025	59,512
2026	52,462
2027	43,372
2028	27,478
Thereafter	108,114
Total	$ 306,127

Segment Information - Summary of Adjusted EBITDA Business Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Adjusted EBITDA attributable to Parsons Corporation
Adjusted EBITDA attributable to Parsons Corporation	$ 153,098		$ 115,227	$ 416,995	$ 302,308
Adjusted EBITDA attributable to noncontrolling interests	13,913		12,606	41,339	34,222
Depreciation and amortization	(24,542)		(30,154)	(73,513)	(87,202)
Interest expense, net	(8,802)		(8,120)	(29,831)	(20,778)
Income tax benefit (expense)	(22,518)		(15,218)	(12,699)	(41,944)
Equity-based compensation expense	(21,251)		(9,075)	(44,554)	(25,092)
Loss on extinguishment of debt	0	$ (211,000)	0	(211,018)	0
Transaction-related costs	(3,770)		(5,493)	(8,958)	(9,028)
Restructuring expense	0		0	0	(546)
Other	(539)		38	(3,565)	(2,082)
Net (loss) income including noncontrolling interests	85,589		59,811	74,196	149,858
Net income attributable to noncontrolling interests	13,638		12,364	40,428	33,617
Net (loss) income attributable to Parsons Corporation	71,951		47,447	33,768	116,241
Federal Solution Segment
Adjusted EBITDA attributable to Parsons Corporation
Adjusted EBITDA attributable to Parsons Corporation	120,091		65,039	315,413	206,827
Critical Infrastructure
Adjusted EBITDA attributable to Parsons Corporation
Adjusted EBITDA attributable to Parsons Corporation	33,007		50,188	101,582	95,481
Net (loss) income attributable to Parsons Corporation	$ (17,569)		$ 0	$ (27,656)	$ (2,291)

Acquisitions - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed on Purchase Price Allocation (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Aug. 16, 2024	Dec. 31, 2023	Aug. 23, 2023	Apr. 13, 2023
Business Acquisition [Line Items]
Contract assets	$ 790,001		$ 757,515
Goodwill	1,931,157		1,792,665
Investments in and advances to unconsolidated joint ventures	194,524		128,204
Contract liabilities	$ (300,799)		$ (301,107)
BlackSignal Technologies, LLC.
Business Acquisition [Line Items]
Cash and cash equivalents		$ 4,917
Accounts receivable		5,171
Contract assets		3,209
Income taxes receivable		234
Prepaid expenses and other current assets		433
Property and equipment		997
Right of use assets, operating leases		3,032
Goodwill		139,394
Intangible assets		73,200
Other assets		145
Accounts payable		(951)
Accrued expenses and other current liabilities		(4,793)
Short-term lease liabilities, operating leases		(593)
Deferred income taxes		(17,978)
Long-term lease liabilities, operating leases		(2,651)
Net assets acquired		$ 203,766
Sealing Technologies, Inc.
Business Acquisition [Line Items]
Cash and cash equivalents				$ 8,133
Accounts receivable				17,889
Contract assets				2,946
Prepaid expenses and other current assets				1,379
Property and equipment				2,025
Right of use assets, operating leases				1,836
Deferred tax assets				357
Goodwill				90,593
Intangible assets				75,000
Accounts payable				(15,987)
Accrued expenses and other current liabilities				(2,408)
Contract liabilities				(668)
Short-term lease liabilities, operating leases				(418)
Long-term lease liabilities, operating leases				(1,418)
Net assets acquired				$ 179,259
IPKeys Power Partners
Business Acquisition [Line Items]
Cash and cash equivalents					$ 126
Accounts receivable					3,937
Contract assets					834
Prepaid expenses and other current assets					455
Property and equipment					86
Right of use assets, operating leases					1,105
Goodwill					22,407
Intangible assets					23,000
Other noncurrent assets					152
Accounts payable					(541)
Accrued expenses and other current liabilities					(1,768)
Contract liabilities					(1,936)
Short-term lease liabilities, operating leases					(343)
Deferred tax liabilities					(3,713)
Long-term lease liabilities, operating leases					(762)
Net assets acquired					$ 43,039

New Accounting Pronouncements	9 Months Ended
New Accounting Pronouncements	Sep. 30, 2024
Accounting Policies [Abstract]
New Accounting Pronouncements	3. New Accounting Pronouncements In the fourth quarter of 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) 2023-09, "Income Taxes (Topic 740)" ("ASU 2023-09"). ASU 2023-09 enhances the transparency and decision usefulness of income tax disclosures. The amendments in ASU 2023-09 address investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. ASU 2023-09 also includes certain other amendments to improve the effectiveness of income tax disclosures. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The adoption of this ASU will not have a material impact on the Company's consolidated financial statements. In the fourth quarter of 2023, the FASB Issued ASU 2023-07, "Segment Reporting (Topic 280)". ASU 2023-07 introduces enhanced disclosures about significant segment expenses along with other enhanced segment disclosures. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The adoption of this ASU will not have a material impact on the Company's consolidated financial statements. During July 2023, the FASB Issued ASU 2023-03. ASU 2023-03 incorporates, into certain accounting standards, amendments to SEC paragraphs pursuant to SEC Staff Accounting Bulletin No. 120, SEC Staff Announcement at the March 24, 2022 EITF meeting, and Staff Accounting Bulletin Topic 6.B, Accounting Series Release 280—General Revisions of Regulation S-X: Income or Loss Applicable to Common Stock. These rules are effective immediately. The adoption of this ASU did not have a material impact on the Company's consolidated financial statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

+ Details

Earnings Per Share - Schedule of Denominator and Numerator used to Compute Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator for Basic and Diluted EPS:
Net income (loss) attributable to Parsons Corporation	$ 71,951	$ 47,447	$ 33,768	$ 116,241
Convertible senior notes if-converted method interest adjustment	54	559	0	1,665
Diluted net income (loss) attributable to Parsons Corporation	$ 72,005	$ 48,006	$ 33,768	$ 117,906
Denominator for Basic and Diluted EPS:
Basic weighted average number of shares outstanding	106,291	104,971	106,211	104,894
Dilutive effect of stock-based awards	1,661	1,178	1,628	1,020
Dilutive effect of warrants	561		358
Dilutive effect of convertible senior notes due 2025	2,573	8,917	0	8,917
Diluted weighted average number of shares outstanding	111,086	115,066	108,197	114,831
Earnings (loss) per share:
Basic	$ 0.68	$ 0.45	$ 0.32	$ 1.11
Diluted	$ 0.65	$ 0.42	$ 0.31	$ 1.03

Earnings Per Share - Additional Information (Details) - USD ($)		1 Months Ended	3 Months Ended		9 Months Ended
	Aug. 09, 2021	Feb. 29, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Stock repurchase program commencement date	Aug. 12, 2021
share repurchases			0	0	131,053	185,475
Reduction in quarterly cap value on stock repurchased		$ 25,000,000
Stock repurchase value		54,700,000
Maximum
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Authorized shares of common stock value	$ 100,000,000	$ 100,000,000	$ 154,700,000		$ 154,700,000
Stock repurchase program, remaining authorized repurchase amount			$ 90,000,000		$ 90,000,000
Equity-based Awards
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share			949	2,911	4,497	3,284
Convertible Senior Notes due 2025
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share					3,982,928
Convertible Senior Notes
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Value antidilutive securities excluded from computation of earnings per share amount					$ 2,900,000

Contracts with Customers - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue recognized included contract liability	$ 10,700,000	$ 8,900,000	$ 179,900,000	$ 116,600,000
Impairment of contract assets	0	$ 0	0	0
Impact of changes in estimated claims or incentives on revenue			5,000,000	5,000,000
Remaining unsatisfied performance obligations	$ 6,700,000,000		$ 6,700,000,000
U.S. Federal Government and Agencies
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Receivables from contracts rate	16.00%		16.00%		18.00%
Critical Infrastructure \| Direct Costs Write-Downs
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Changes in estimates related to direct costs of contracts	$ 1,900,000		$ 1,900,000	$ 6,400,000

Leases - Additional Information (Details)	9 Months Ended
Leases - Additional Information (Details)	Sep. 30, 2024 USD ($)
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
Minimum
Lessee Lease Description [Line Items]
Lease term of contract	1 year
Maximum
Lessee Lease Description [Line Items]
Lease term of contract	8 years

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

16.

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 September 30, 2024 and December 31, 2023, 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 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.

Financial assets and liabilities measured at fair value on a quarterly basis are as follows:

Fair value as of September 30, 2024 (in thousands):


	Level 1		Level 2		Level 3		Total
Contingent consideration
Earnout liability	$	-	$	-	$	4,142	$	4,142
Total liabilities at fair value	$	-	$	-	$	4,142	$	4,142

Fair value as of December 31, 2023 (in thousands):


	Level 1		Level 2		Level 3		Total
Contingent consideration
Earnout liability	$	-	$	-	$	2,300	$	2,300
Total liabilities at fair value	$	-	$	-	$	2,300	$	2,300

Contingent consideration is recorded at its fair value, using a Black-Scholes model, within other liabilities or other long-term liabilities, as appropriate. The fair value of contingent consideration involves the use of significant estimates and
assumptions related to risks associated with earnout, i.e. risk in the underlying metric, risk in the earnout structure, counterparty credit risk, projected revenue, the revenue discount rate, the revenue volatility, and the Company's credit adjusted discount rate. Subsequent adjustments to these assumptions can cause changes to the measure of contingent consideration.

Refer to Notes to Consolidated Financial Statements included in the Company’s Form 10-K for the year ended December 31, 2023 for a more complete discussion of the various items within the consolidated financial statements measured at fair value and the methods used to determine fair value.

The carrying values and estimated fair values of our financial instruments that are not required to be recorded at fair value in our consolidated balance sheets, on the basis of Level 1 inputs for the Company's convertible notes and Level 2 inputs for the delayed draw term loan, were as follows (in thousands):


	September 30, 2024				December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
Liabilities:
Convertible senior notes due 2025	$	115,428	$	262,460	$	400,000	$	568,000
Convertible senior notes due 2029		800,000		1,006,000		-		-
Delayed draw term loan		350,000		350,000		350,000		350,000
Total	$	1,265,428	$	1,618,460	$	750,000	$	918,000

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 100
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 6A
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2024

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):


	September 30, 2024		December 31, 2023
Accounts receivable	$	52,679	$	38,898
Contract assets		10,177		38,009
Contract liabilities		15,036		15,287

Segment Information - Summary of Revenues and Property and Equipment, Net by Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Revenues	$ 1,810,116	$ 1,418,571	$ 5,016,259	$ 3,948,523
Property and equipment, net	101,193		101,193		$ 98,957
North America
Segment Reporting Information [Line Items]
Revenues	1,541,209	1,166,547	4,232,786	3,251,552
Property and equipment, net	91,327		91,327		91,766
Middle East
Segment Reporting Information [Line Items]
Revenues	264,437	247,689	769,421	684,340
Property and equipment, net	9,866		9,866		$ 7,191
Rest of World
Segment Reporting Information [Line Items]
Revenues	$ 4,470	$ 4,335	$ 14,052	$ 12,631

- Definition

+ References

+ Details

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Summay of Financial Assets and Liabilities Measured at Fair Value on a Recurrig Basis

Financial assets and liabilities measured at fair value on a quarterly basis are as follows:

Fair value as of September 30, 2024 (in thousands):


	Level 1		Level 2		Level 3		Total
Contingent consideration
Earnout liability	$	-	$	-	$	4,142	$	4,142
Total liabilities at fair value	$	-	$	-	$	4,142	$	4,142

Fair value as of December 31, 2023 (in thousands):


	Level 1		Level 2		Level 3		Total
Contingent consideration
Earnout liability	$	-	$	-	$	2,300	$	2,300
Total liabilities at fair value	$	-	$	-	$	2,300	$	2,300

Summary of Carrying Values and Estimated Fair Values Of Financial Instruments


	September 30, 2024				December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
Liabilities:
Convertible senior notes due 2025	$	115,428	$	262,460	$	400,000	$	568,000
Convertible senior notes due 2029		800,000		1,006,000		-		-
Delayed draw term loan		350,000		350,000		350,000		350,000
Total	$	1,265,428	$	1,618,460	$	750,000	$	918,000

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 71,951	$ 47,447	$ 33,768	$ 116,241

- Definition

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

+ References

+ Details

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2021	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Percentage of minimum level of tax						15.00%
Effective income tax rate	20.80%		20.30%	14.60%	21.90%
Loss in partially unwinding Convertible Senior Notes	$ 0	$ 211,000	$ 0	$ 211,018	$ 0
U.S. corporate tax rate	21.00%			21.00%
Deferred tax assets, valuation allowance	$ 42,300			$ 42,300
Liability for income taxes associated with uncertain tax positions	24,800			24,800			$ 25,500
Decrease in uncertain tax positions during the next twelve months	$ 3,400			$ 3,400

Leases - Schedule of Maturity Analysis of Future Undiscounted Cash Flows (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Operating Leases
2024 (remaining)	$ 15,966
2025	53,485
2026	36,703
2027	23,116
2028	18,182
Thereafter	14,748
Total lease payments	162,200
Less: imputed interest	(12,391)
Total present value of lease liabilities	149,809	$ 176,061
Finance Leases
2024 (remaining)	1,006
2025	3,642
2026	2,985
2027	1,803
2028	718
Thereafter	38
Total lease payments	10,192
Less: imputed interest	(708)
Total present value of lease liabilities	$ 9,484

Investments in and Advances to Joint Ventures - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Schedule Of Equity Method Investments [Line Items]
Letters of credit outstanding amount	$ 309.1		$ 309.1		$ 320.7
Unconsolidated Joint Ventures
Schedule Of Equity Method Investments [Line Items]
Net distributions from (contributions to) unconsolidated joint ventures	34.4	$ 36.1	83.7	$ 50.8
Joint Ventures
Schedule Of Equity Method Investments [Line Items]
Letters of credit outstanding amount	$ 162.7		$ 162.7		$ 147.7

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 9.5	$ 10.2	$ 28.0	$ 29.1

Segment Information - Summary of Business Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Total revenue	$ 1,810,116	$ 1,418,571	$ 5,016,259	$ 3,948,523
Total equity in (losses) earnings of unconsolidated joint ventures	872	10,262	(18,025)	4,497
Federal Solution Segment
Segment Reporting Information [Line Items]
Total revenue	1,105,580	780,114	3,003,791	2,177,457
Total equity in (losses) earnings of unconsolidated joint ventures	1,002	1,435	1,999	3,502
Critical Infrastructure
Segment Reporting Information [Line Items]
Total revenue	704,536	638,457	2,012,468	1,771,066
Total equity in (losses) earnings of unconsolidated joint ventures	$ (130)	$ 8,827	$ (20,024)	$ 995

- Definition

Amount of income (loss) for proportionate share of equity method investee's income (loss).

+ References + Details

- Definition

+ References

+ Details

Earnings Per Share - Schedule of Repurchase Program (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Total shares repurchased	0	0	131,053	185,475
Total shares retired	0	0	131,053	185,475
Average price paid per share	$ 0	$ 0	$ 76.3	$ 43.13

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Fair Value of Financial Instruments - Summary of Carrying Values And Estimated Fair Values Of Financial Instruments (Details) - Level 2 - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-Term Debt, Fair Value	$ 1,265,428	$ 750,000
Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-Term Debt, Fair Value	1,618,460	918,000
Convertible Senior Notes Due 2025 \| Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-Term Debt, Fair Value	115,428	400,000
Convertible Senior Notes Due 2025 \| Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-Term Debt, Fair Value	262,460	568,000
Convertible Senior Notes due 2029 \| Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-Term Debt, Fair Value	800,000	0
Convertible Senior Notes due 2029 \| Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-Term Debt, Fair Value	1,006,000	0
Delayed draw term loan \| Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-Term Debt, Fair Value	350,000	350,000
Delayed draw term loan \| Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-Term Debt, Fair Value	$ 350,000	$ 350,000

Related Party Transactions

9 Months Ended

Sep. 30, 2024

Related Party Transactions

15.

Related Party Transactions

The Company often provides services to unconsolidated joint ventures and revenues include amounts related to recovering costs for these services. Revenues related to services the Company provided to unconsolidated joint ventures for the three months ended September 30, 2024 and September 30, 2023 were $47.6 million and $57.3 million, respectively, and $144.9 million and $164.8 million for the nine months ended September 30, 2024 and September 30, 2023, respectively.

For the three months ended September 30, 2024 and September 30, 2023, the Company incurred $36.7 million and $38.8 million, respectively, and $108.3 million and $118.5 million for the nine months ended September 30, 2024 and September 30, 2023, 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):


	September 30, 2024		December 31, 2023
Accounts receivable	$	52,679	$	38,898
Contract assets		10,177		38,009
Contract liabilities		15,036		15,287

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Paragraph 2
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+ Details

Contingencies - Additional Information (Details)		9 Months Ended
Contingencies - Additional Information (Details)	Jul. 01, 2024 USD ($)	Sep. 30, 2024 USD ($) Claim	Sep. 23, 2024 USD ($)
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
Alleged Violation of False Claims, Act \| Parsons Transportation Group, Inc. and against Alstom Signaling Operations LLC
Legal Proceedings [Line Items]
Award of damages in the total amount	$ 102,500,000
pre-judgment interest			$ 34,000,000
Alleged Violation of False Claims, Act \| Minimum
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
Alleged Violation of False Claims, Act \| Maximum
Legal Proceedings [Line Items]
Loss contingency sought value, civil penalty for each alleged violation of Act		$ 11,000

Investments in and Advances to Joint Ventures - Summary of Financial Information for Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Schedule Of Equity Method Investments [Line Items]
Current assets	$ 2,554,658		$ 2,554,658		$ 2,137,526
Total assets	5,443,342		5,443,342		4,804,061
Current liabilities	1,649,554		1,649,554		1,410,884
Total liabilities	3,028,911		3,028,911		2,427,346
Total joint venture equity	2,312,452		2,312,452		2,287,211
Investments in and advances to unconsolidated joint ventures	194,524		194,524		128,204
Revenue	1,810,116	$ 1,418,571	5,016,259	$ 3,948,523
Costs	1,449,831	1,124,305	3,979,589	3,109,713
Net (loss) income attributable to Parsons Corporation	71,951	47,447	33,768	116,241
Equity in losses of unconsolidated joint ventures	872	10,262	(18,025)	4,497
Unconsolidated Joint Ventures
Schedule Of Equity Method Investments [Line Items]
Current assets	1,675,165		1,675,165		1,607,953
Noncurrent assets	465,806		465,806		483,693
Total assets	2,140,971		2,140,971		2,091,646
Current liabilities	996,238		996,238		1,057,113
Noncurrent liabilities	496,097		496,097		518,647
Total liabilities	1,492,335		1,492,335		1,575,760
Total joint venture equity	648,636		648,636		515,886
Investments in and advances to unconsolidated joint ventures	194,524		194,524		$ 128,204
Revenue	581,232	634,937	1,598,764	1,514,561
Costs	560,492	581,041	1,593,213	1,474,991
Net (loss) income attributable to Parsons Corporation	20,740	53,896	5,551	39,570
Unconsolidated Joint Ventures
Schedule Of Equity Method Investments [Line Items]
Equity in losses of unconsolidated joint ventures	$ 872	$ 10,262	$ (18,025)	$ 4,497

Property and Equipment, Net

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Property and equipment consisted of the following at September 30, 2024 and December 31, 2023 (in thousands):


	September 30, 2024			December 31, 2023			Useful life (years)
Buildings and leasehold improvements	$	103,124		$	102,372		1-15
Furniture and equipment		82,533			84,244		3-10
Computer systems and equipment		172,069			168,926		3-10
Construction equipment		6,242			6,173		5-7
Construction in progress		25,227			21,030
		389,195			382,745
Accumulated depreciation		(288,002	)		(283,788	)
Property and equipment, net	$	101,193		$	98,957

Depreciation expense for the three months ended September 30, 2024 and September 30, 2023 was $9.5 million and $10.2 million, respectively and $28.0 million and $29.1 million for the nine months ended September 30, 2024 and September 30, 2023, respectively.

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	19. Subsequent Events After the end of the quarter ended September 30, 2024, the Company entered into a merger agreement to acquire a 100% ownership interest in BCC Engineering, LLC (BCC") one of Florida's leading transportation engineering firms for approximately $230 million from cash on hand. BCC, a portfolio company of Trivest Partners, is a full-service engineering firm that provides planning, design, and management services for transportation, civil, and structural engineering projects in Florida, Georgia, Texas, South Carolina, and Puerto Rico. This acquisition strengthens Parsons’ position as an infrastructure leader while expanding the company’s reach in the Southeastern United States. We anticipate that the closing will occur in Q4 2024. At the timing of the filing of this Form 10-Q, the Company has just started the process of obtaining the relevant data to make the required acquisition related disclosures. This acquisition is not material to the Company's consolidated financial statements.

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income including noncontrolling interests	$ 85,589	$ 59,811	$ 74,196	$ 149,858
Other comprehensive income, net of tax
Foreign currency translation adjustment, net of tax	2,977	(1,929)	(1,195)	1,046
Pension adjustments, net of tax	23	(11)	(24)	6
Comprehensive income including noncontrolling interests, net of tax	88,589	57,871	72,977	150,910
Comprehensive income attributable to noncontrolling interests, net of tax	(13,641)	(12,361)	(40,443)	(33,617)
Comprehensive income attributable to Parsons Corporation, net of tax	$ 74,948	$ 45,510	$ 32,534	$ 117,293

- Definition

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

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- 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.

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- Definition

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

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+ Details

Insider Trading Policies and Procedures	9 Months Ended
Insider Trading Policies and Procedures	Sep. 30, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Goodwill

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The following table summarizes the changes in the carrying value of goodwill by reporting segment from December 31, 2023 to September 30, 2024 (in thousands):


	December 31, 2023		Acquisitions		Foreign Exchange			September 30, 2024
Federal Solutions	$	1,686,901	$	139,394	$	-		$	1,826,295
Critical Infrastructure		105,764		-		(902	)		104,862
Total	$	1,792,665	$	139,394	$	(902	)	$	1,931,157

The Company performed a triggering analysis and determined there was no triggering event indicating a potential impairment to the carrying value of its goodwill at September 30, 2024 and concluded there has not been an impairment.

Description of Operations	9 Months Ended
Description of Operations	Sep. 30, 2024
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.

Subsequent Events - Additional Information (Details) - Subsequent Event - BCC Engineering, LLC $ in Millions	Oct. 30, 2024 USD ($)
Subsequent Event [Line Items]
Percentage of ownership interest acquired	100.00%
Cash paid to acquire	$ 230

Contracts with Customers - Summary of Remaining Unsatisfied Performance Obligations Expect to Satisfy (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining unsatisfied performance obligations	$ 6,700,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-10-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining unsatisfied performance obligations	$ 3,853,951
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-10-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining unsatisfied performance obligations	$ 1,628,338
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-10-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining unsatisfied performance obligations	$ 1,176,834
Revenue, remaining performance obligation, expected timing of satisfaction, period
Federal Solution Segment \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-10-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining unsatisfied performance obligations	$ 1,870,032
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Federal Solution Segment \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-10-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining unsatisfied performance obligations	$ 543,038
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Federal Solution Segment \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-10-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining unsatisfied performance obligations	$ 207,797
Revenue, remaining performance obligation, expected timing of satisfaction, period
Critical Infrastructure \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-10-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining unsatisfied performance obligations	$ 1,983,920
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Critical Infrastructure \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-10-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining unsatisfied performance obligations	$ 1,085,300
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Critical Infrastructure \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-10-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining unsatisfied performance obligations	$ 969,038
Revenue, remaining performance obligation, expected timing of satisfaction, period