Revenue Accounting for Contracts |
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| Revenue Accounting for Contracts | Revenue Accounting for Contracts Disaggregation of Revenues Our revenues are principally derived from contracts to provide a diverse range of technical, professional, and construction services to a large number of industrial, commercial, and governmental clients. We provide a broad range of engineering, design, and architectural services; construction and construction management services; operations and maintenance services; and technical, digital, process, scientific and systems consulting services. We provide our services through offices and subsidiaries located primarily in North America, Europe, the Middle East, India, Australia, Africa, and Asia. We provide our services under cost-reimbursable (including limited amounts of guaranteed maximum price) and fixed-price contracts. Our contracts are with many different customers in numerous industries. Refer to Note 18- Segment Information for additional information on how we disaggregate our revenues by reportable segment. The following table further disaggregates our revenue by geographic area for the three and six months ended March 27, 2026 and March 28, 2025 (in thousands):
Contract Liabilities Contract liabilities represent amounts billed to clients in excess of revenue recognized to date. Revenue recognized for the three and six months ended March 27, 2026 that was previously included in the contract liability balance on September 26, 2025 was $169.6 million and $618.4 million, respectively. Revenue recognized for the three and six months ended March 28, 2025 that was included in the contract liability balance on September 27, 2024 was $172.2 million and $583.0 million, respectively. Remaining Performance Obligations The Company’s remaining performance obligations as of March 27, 2026 represent a measure of the total dollar value of work to be performed on contracts awarded and in progress. The Company had approximately $19.0 billion in remaining performance obligations as of March 27, 2026. The Company expects to recognize approximately 47% of its remaining performance obligations into revenue within the next twelve months and the remaining 53% thereafter. The majority of the remaining performance obligations after the first twelve months are expected to be recognized over a four-year period. Although our remaining performance obligations reflect business volumes that are considered to be firm, normal business activities including scope adjustments, deferrals or cancellations may occur that impact volume or expected timing of their recognition. Remaining performance obligations are adjusted to reflect any known project cancellations, revisions to project scope and cost, foreign currency exchange fluctuations and project deferrals, as appropriate.
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