0000950170-23-058490 | 10-Q | XBRL Viewer

Contract Receivables, Net

9 Months Ended

Sep. 30, 2023

NOTE 3 – CONTRACT RECEIVABLES, NET

Contract receivables, net consisted of the following:


	September 30, 2023			December 31, 2022
Billed and billable	$	219,783		$	238,449
Allowance for expected credit losses		(4,965	)		(6,112	)
Contract receivables, net	$	214,818		$	232,337

On December 23, 2022, the Company entered into a Master Receivables Purchase Agreement (the “MRPA”) with MUFG Bank, Ltd. (“MUFG”) for the sale from time to time of certain eligible billed receivables. The purchase price of each receivable is equal to the net invoice amount minus a specified discount. The receivables are sold without recourse and the Company does not retain any ongoing financial interest in the transferred receivables other than providing servicing activities. The Company accounts for the transfers as sales under ASC 860, Transfers and Servicing, derecognizes the receivables from its consolidated balance sheets at the date of the sale, and includes the cash received from MUFG as part of cash flows from operating activities on its consolidated statement of cash flows.

During the three and nine months ended September 30, 2023, the Company sold $93.1 million and $159.5 million, respectively, in billed receivables to MUFG that is included in operating cash on the consolidated statements of cash flows. As of September 30, 2023 and December 31, 2022, the Company had $10.4 million and $6.2 million, respectively, in cash collections from previously sold invoices to be remitted to MUFG which is included as part of “accrued expenses and other current liabilities” on the consolidated balance sheets.

Income Taxes - Components and Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Transfer pricing	$ 145	$ 145
Section 41 tax credit	4,595
Section 174 expense capitalization	21,416
Total unrecognized tax benefits liabilities	$ 26,156	$ 145

Leases - Summary of Other Information Related to Operating and Finance Leases (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Operating cash outflows for operating leases	$ 15,488	$ 30,038
Operating cash outflows for operating leases	446
Financing cash outflows for finance leases	1,780
Right-of-use assets obtained in exchange for operating lease liabilities	$ 10,014	13,434
Property and equipment obtained in exchange for finance lease liabilities		$ 15,027
Weighted-average remaining lease term - Operating leases	11 years 7 months 6 days	11 years 7 months 6 days
Weighted-average remaining lease term - Finance leases	6 years 3 months 18 days	7 years 1 month 6 days
Weighted average discount rate - Operating leases	3.50%	3.30%
Weighted-average discount rate - Finance leases	3.40%	3.40%

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Schedule of Dilutive Effect of Stock Options RSUs and PSAs

The dilutive effect of stock options, RSUs, and PSAs for each period reported is summarized below:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Net Income	$	23,740	$	19,105	$	60,450	$	55,364

Weighted-average number of basic shares outstanding during the period		18,815		18,826		18,795		18,806
Dilutive effect of stock options, RSUs, and performance shares		159		183		163		195
Weighted-average number of diluted shares outstanding during the period		18,974		19,009		18,958		19,001

Basic earnings per share	$	1.26	$	1.01	$	3.22	$	2.94
Diluted earnings per share	$	1.25	$	1.01	$	3.19	$	2.91

Leases

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Leases

NOTE 5 – LEASES

The Company has operating and finance leases for facilities and equipment which have remaining terms ranging from 1 to 15 years. The leases may include options to extend the lease periods for up to 5 years at rates approximating market rates and/or options to terminate the leases within 1 year. The leases may include a residual value guarantee or a responsibility to return the property to its original state of use. A limited number of leases contain provisions that provide for rental increases based on consumer price indices. The change in lease cost resulting from changes in these indices is included within variable lease cost.

The Company’s lease cost is recognized on a straight-line basis over the lease term. Lease cost consists of the following:


	Three Months Ended					Nine Months Ended
	September 30, 2023		September 30, 2022			September 30, 2023			September 30, 2022
Operating lease cost	$	6,324	$	9,411		$	19,206		$	28,349
Finance lease cost - amortization of right-of-use assets		494		105			1,482			105
Finance lease cost - interest		146		21			446			21
Short-term lease cost		162		76			495			353
Variable lease cost		115		59			239			106
Sublease income		—		(26	)		(28	)		(64	)
Total lease cost	$	7,241	$	9,646		$	21,840		$	28,870

Future minimum lease payments under non-cancellable operating and finance leases as of September 30, 2023 were as follows:


	Operating			Finance
September 30, 2024	$	23,307		$	2,967
September 30, 2025		27,510			2,967
September 30, 2026		23,221			2,967
September 30, 2027		18,692			2,967
September 30, 2028		15,186			2,967
Thereafter		130,521			3,708
Total future minimum lease payments		238,437			18,543
Less: Interest		(44,489	)		(1,825	)
Total lease liabilities	$	193,948		$	16,718

Other information related to operating and finance leases for nine months ended September 30, 2023 and 2022 is as follows:


	2023			2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows for operating leases	$	15,488		$	30,038
Operating cash outflows for finance leases		446			—
Financing cash outflows for finance leases		1,780			—
Right-of-use assets obtained in exchange for operating lease liabilities	$	10,014		$	13,434
Property and equipment obtained in exchange for finance lease liabilities	$	—		$	15,027
Weighted-average remaining lease term
Operating leases		11.6			11.6
Finance leases		6.3			7.1
Weighted-average discount rate
Operating leases		3.5	%		3.3	%
Finance leases		3.4	%		3.4	%

During the quarter ended September 30, 2023, the Company ceased use of two office facilities and recorded an impairment of $2.9 million related to operating lease right-of-use asset and leasehold improvement, and accrued other future lease-related expenses of $2.2 million. The amounts are included as part of indirect and selling expenses on the Company’s consolidated statements of comprehensive income.

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Income Taxes [Line Items]
Effective income tax rate reconciliation, percent	1.40%	11.70%	9.40%	23.20%
Unrecognized tax benefits	$ 26,156		$ 26,156		$ 145	$ 450
Unrecognized tax benefits and related accrued interest	26,800		26,800		200
Unrecognized tax benefits that would impact effective tax rate	4,700		4,700		$ 100
Increase deferred tax asset	9,900		9,900
Increase in unrecognized tax benefits	$ 9,900		$ 9,900
Canadian Entities
Income Taxes [Line Items]
Decrease in effective income tax rate			6.70%
UK Subsidiaries
Income Taxes [Line Items]
Decrease in effective income tax rate	20.20%		7.30%
Domestic Tax Authority
Income Taxes [Line Items]
Research and development costs amortization period			5 years
Foreign Tax Authority
Income Taxes [Line Items]
Research and development costs amortization period			15 years
Internal Revenue Service (IRS) \| Latest Tax Year
Income Taxes [Line Items]
Open tax year			2021
Internal Revenue Service (IRS) \| Earliest Tax Year
Income Taxes [Line Items]
Open tax year			2019
State Local and Foreign Jurisdictions \| Latest Tax Year
Income Taxes [Line Items]
Open tax year			2021
State Local and Foreign Jurisdictions \| Earliest Tax Year
Income Taxes [Line Items]
Open tax year			2018

Restricted Cash

9 Months Ended

Sep. 30, 2023

Cash and Cash Equivalents [Abstract]

Restricted Cash

NOTE 2 – RESTRICTED CASH

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets for the periods presented to the total of cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows for the nine months ended September 30, 2023 and 2022:


	September 30, 2023				September 30, 2022
	Beginning		Ending		Beginning		Ending
Cash and cash equivalents	$	11,257	$	5,084	$	8,254	$	8,483
Restricted cash		1,711		2,770		12,179		1,993
Total of cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows	$	12,968	$	7,854	$	20,433	$	10,476

Basis of Presentation and Nature of Operations - Additional Information (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023 Office Segment	Sep. 30, 2022 USD ($) Segment	Sep. 30, 2023 Office Segment	Sep. 30, 2022 USD ($) Segment
Basis of Presentation and Nature of Operations [Line Items]
Number of operating segments \| Segment	1	1	1	1
Number of reporting segments \| Segment	1	1	1	1
Reclassification of interest income \| $		$ 0.1		$ 0.2
Domestic \| Minimum
Basis of Presentation and Nature of Operations [Line Items]
Number of offices \| Office	50		50
International \| Minimum
Basis of Presentation and Nature of Operations [Line Items]
Number of offices \| Office	20		20

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 23,740	$ 19,105	$ 60,450	$ 55,364

- 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

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-Based Compensation Expense	$ 5,155	$ 5,310	$ 15,942	$ 14,265
Stock-Based Compensation Unrecognized	32,117		32,117
Employee Stock Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-Based Compensation Expense	3,166	3,241	9,394	9,215
Stock-Based Compensation Unrecognized	19,213		$ 19,213
Stock-Based Compensation Unrecognized Weighted- Average Period to Recognize (Years)			1 year 7 months 24 days
Cash-Settled Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-Based Compensation Expense	1,709	1,793	$ 5,808	4,242
Stock-Based Compensation Unrecognized	12,134		$ 12,134
Stock-Based Compensation Unrecognized Weighted- Average Period to Recognize (Years)			1 year 11 months 8 days
Non-Employee Director Stock Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-Based Compensation Expense	280	$ 276	$ 740	$ 808
Stock-Based Compensation Unrecognized	$ 770		$ 770
Stock-Based Compensation Unrecognized Weighted- Average Period to Recognize (Years)			8 months 1 day

- 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

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+ Details

Derivative Instruments and Hedging Activities - Additional Information (Details) - Interest Rate Swap - Cash Flow Hedging - Designated as Hedging Instrument - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Jun. 30, 2023	Sep. 30, 2023
Derivative [Line Items]
Notional amount		$ 275.0
June 27, 2028
Derivative [Line Items]
Notional amount	$ 100.0	$ 100.0
Maturity date	Jun. 27, 2028	Jun. 27, 2028
February 28, 2025
Derivative [Line Items]
Notional amount		$ 100.0
Maturity date		Feb. 28, 2025
February 28, 2028
Derivative [Line Items]
Notional amount		$ 75.0
Maturity date		Feb. 28, 2028

- Definition

Date derivative contract ends, in YYYY-MM-DD format.

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+ Details

Goodwill

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

NOTE 4 – GOODWILL

The changes in carrying amount of goodwill during the nine months ended September 30, 2023 were as follows:


Balance as of December 31, 2022	$	1,212,898
Add: Goodwill resulting from business combination		21,133
Less: Goodwill resulting from business divestiture		(15,107	)
Effect of foreign currency translation		402
Balance as of September 30, 2023	$	1,219,326

See “Note 13 – Acquisition and Divestiture” for the details of the business combination and divestiture resulting in the changes in goodwill.

Long-Term Debt

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Long-Term Debt

NOTE 6 – LONG-TERM DEBT

At September 30, 2023 and December 31, 2022, long-term debt consisted of:


	September 30, 2023				December 31, 2022
	Average Interest Rate	Outstanding Balance			Average Interest Rate	Outstanding Balance
Term Loan		$	277,500			$	288,750
Delayed-Draw Term Loan			220,000				220,000
Revolving Credit			40,888				52,616
Total before debt issuance costs	6.6%		538,388		3.3%		561,366
Unamortized debt issuance costs			(4,451	)			(5,032	)
Total		$	533,937			$	556,334

As of September 30, 2023, the Company had an unused balance of $180.0 million under its delayed-draw term loan facility (available through November 6, 2023) and unused borrowing capacity under the $600.0 million revolving line of credit of $557.5 million under a credit agreement with a group of lenders (the “Credit Facility”). The unused borrowing capacity is inclusive of outstanding letters of credit totaling $1.6 million. Considering financial, performance-based limitations under the Credit Facility, available borrowing capacity was $465.8 million as of September 30, 2023. The average interest rate on borrowings under the Credit Facility was 6.9% and 6.6% for the three- and nine-month periods ended September 30, 2023, respectively, and 3.3% for the twelve-months period ended December 31, 2022. Inclusive of the impact of floating-to-fixed interest rate swaps (see “Note 8 – Derivative Instruments and Hedging Activities”), the average interest rate was 5.5% for both the three- and nine-month periods ended September 30, 2023, respectively, and 3.7% for the twelve-month period ended December 31, 2022.

Future scheduled repayments of debt principal are as follows:


Payments due by	Term Loan		Delayed-Draw Term Loan		Revolving Credit		Total
September 30, 2024	$	15,000	$	8,250	$	—	$	23,250
September 30, 2025		18,750		13,750		—		32,500
September 30, 2026		22,500		16,500		—		39,000
May 6, 2027 (Maturity)		221,250		181,500		40,888		443,638
Total	$	277,500	$	220,000	$	40,888	$	538,388

Earnings Per Share - Schedule of Dilutive Effect of Stock Options RSUs and PSAs (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Net Income	$ 23,740	$ 19,105	$ 60,450	$ 55,364
Weighted-average number of basic shares outstanding during the period	18,815	18,826	18,795	18,806
Dilutive effect of stock options, RSUs, and performance shares	159	183	163	195
Weighted-average number of diluted shares outstanding during the period	18,974	19,009	18,958	19,001
Basic earnings per share	$ 1.26	$ 1.01	$ 3.22	$ 2.94
Diluted earnings per share	$ 1.25	$ 1.01	$ 3.19	$ 2.91

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

- Definition

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

+ References

+ Details

CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	70,000,000	70,000,000
Common stock, issued (in shares)	23,948,590	23,771,596
Common stock, outstanding (in shares)	18,816,914	18,883,050
Treasury stock, shares (in shares)	5,131,676	4,906,209

Leases (Tables)

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Summary of Lease Cost

The Company’s lease cost is recognized on a straight-line basis over the lease term. Lease cost consists of the following:


	Three Months Ended					Nine Months Ended
	September 30, 2023		September 30, 2022			September 30, 2023			September 30, 2022
Operating lease cost	$	6,324	$	9,411		$	19,206		$	28,349
Finance lease cost - amortization of right-of-use assets		494		105			1,482			105
Finance lease cost - interest		146		21			446			21
Short-term lease cost		162		76			495			353
Variable lease cost		115		59			239			106
Sublease income		—		(26	)		(28	)		(64	)
Total lease cost	$	7,241	$	9,646		$	21,840		$	28,870

Summary of Future Minimum Lease Payments Under Non-Cancellable Operating and Finance Leases

Future minimum lease payments under non-cancellable operating and finance leases as of September 30, 2023 were as follows:


	Operating			Finance
September 30, 2024	$	23,307		$	2,967
September 30, 2025		27,510			2,967
September 30, 2026		23,221			2,967
September 30, 2027		18,692			2,967
September 30, 2028		15,186			2,967
Thereafter		130,521			3,708
Total future minimum lease payments		238,437			18,543
Less: Interest		(44,489	)		(1,825	)
Total lease liabilities	$	193,948		$	16,718

Summary of Other Information Related to Operating and Finance Leases

Other information related to operating and finance leases for nine months ended September 30, 2023 and 2022 is as follows:


	2023			2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows for operating leases	$	15,488		$	30,038
Operating cash outflows for finance leases		446			—
Financing cash outflows for finance leases		1,780			—
Right-of-use assets obtained in exchange for operating lease liabilities	$	10,014		$	13,434
Property and equipment obtained in exchange for finance lease liabilities	$	—		$	15,027
Weighted-average remaining lease term
Operating leases		11.6			11.6
Finance leases		6.3			7.1
Weighted-average discount rate
Operating leases		3.5	%		3.3	%
Finance leases		3.4	%		3.4	%

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Effective Income Tax Rate Reconciliation

A reconciliation of the Company’s statutory rate to the effective tax rate for the three and nine months ended September 30, 2023 and 2022 is as follows:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Taxes at statutory rate		21.0	%		21.0	%		21.0	%		21.0	%
State taxes, net of federal benefit		5.8	%		5.6	%		5.8	%		5.6	%
Executive compensation		1.4	%		1.5	%		1.4	%		1.5	%
Corporate-owned life insurance		(0.2	%)		1.1	%		(0.2	%)		1.1	%
Other permanent differences		0.4	%		1.0	%		0.3	%		0.7	%
Prior year tax adjustments		(27.1	%)		0.3	%		(10.8	%)		(0.3	%)
Uncertain tax position		19.1	%		—			6.9	%		—
Worthless stock		(20.2	%)		(17.7	%)		(7.3	%)		(5.5	%)
Capital loss		—			—			(6.7	%)		—
Valuation allowance		3.1	%		0.7	%		1.9	%		1.0	%
Equity-based compensation		(0.6	%)		(1.3	%)		(1.6	%)		(1.4	%)
Tax credits		(1.3	%)		(0.5	%)		(1.3	%)		(0.5	%)
Taxes at effective rate		1.4	%		11.7	%		9.4	%		23.2	%

Components and Reconciliation of Unrecognized Tax Benefits

The components and a reconciliation of unrecognized tax benefits are as follows:


	September 30, 2023		December 31, 2022
Transfer pricing	$	145	$	145
Section 41 tax credit		4,595		—
Section 174 expense capitalization		21,416		—
Total unrecognized tax benefits liabilities	$	26,156	$	145


Unrecognized tax benefits at January 1, 2022	$	450
Decrease attributable to tax positions taken during the prior period		(305	)
Unrecognized tax benefits at December 31, 2022		145
Increase attributable to tax positions taken during the current period		26,011
Unrecognized tax benefits at September 30, 2023	$	26,156

Share Repurchase Program - Additional Information (Details)	9 Months Ended
	Sep. 30, 2023 USD ($) shares	Sep. 30, 2022 USD ($) shares	Nov. 30, 2021 USD ($)	Sep. 30, 2017 USD ($)
Equity Class Of Treasury Stock [Line Items]
Stock repurchase program, authorized amount			$ 200,000,000	$ 100,000,000
Line of credit facility, condition permitted for unlimited share repurchases, leverage ratio			0.5
Net liquidity amount			$ 100,000,000
Share repurchase amount			$ 25,000,000
Stock Repurchased During Period, Shares \| shares	180,000	176,375
Stock Repurchased During Period, Value	$ 18,100,000	$ 17,000,000.0
Credit Facility
Equity Class Of Treasury Stock [Line Items]
Share repurchase amount	$ 93,700,000

- 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

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate 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

Insider Trading Arrangements	9 Months Ended
Insider Trading Arrangements	Sep. 30, 2023 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On August 24, 2023, John Wasson, our Chair, President and Chief Executive Officer, adopted a trading plan intended to satisfy the affirmative defense conditions under Rule 10b5-1(c) of the Securities Exchange Act of 1934, as amended (the Exchange Act). The plan is for the sale of up to 7,500 shares and terminates on the earlier of the date all the shares under the plan are sold and August 28, 2025. On August 24, 2023, James Morgan, our Chief Operating Officer, adopted a trading plan intended to satisfy the affirmative defense conditions under Rule 10b5-1(c) of the Securities Exchange Act of 1934, as amended (the Exchange Act). The plan is for the sale of up to 5,000 shares and terminates on the earlier of the date all the shares under the plan are sold and August 28, 2025.
John Wasson [Member]
Trading Arrangements, by Individual
Name	John Wasson
Title	Chair, President and Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 24, 2023
Termination Date	August 28, 2025
Aggregate Available	7,500
James Morgan [Member]
Trading Arrangements, by Individual
Name	James Morgan
Title	Chief Operating Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 24, 2023
Termination Date	August 28, 2025
Aggregate Available	5,000

Income Taxes

9 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

NOTE 9 – INCOME TAXES

The Company is subject to federal income tax as well as taxes in various state, local, and foreign jurisdictions. Tax statutes and regulations within each jurisdiction are subject to interpretation and require the application of significant judgment. The Company’s 2019 through 2021 tax years remain subject to examination by the Internal Revenue Service for federal tax purposes. Certain significant state, local, and foreign tax returns also remain open under the applicable statutes of limitations and, as such, are subject to examination for the tax years from 2018 to 2021.

The Company’s effective tax rate for the three months ended September 30, 2023 and 2022 was 1.4% and 11.7%, respectively, and 9.4% and 23.2% for the nine months ended September 30, 2023 and 2022, respectively.

A reconciliation of the Company’s statutory rate to the effective tax rate for the three and nine months ended September 30, 2023 and 2022 is as follows:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Taxes at statutory rate		21.0	%		21.0	%		21.0	%		21.0	%
State taxes, net of federal benefit		5.8	%		5.6	%		5.8	%		5.6	%
Executive compensation		1.4	%		1.5	%		1.4	%		1.5	%
Corporate-owned life insurance		(0.2	%)		1.1	%		(0.2	%)		1.1	%
Other permanent differences		0.4	%		1.0	%		0.3	%		0.7	%
Prior year tax adjustments		(27.1	%)		0.3	%		(10.8	%)		(0.3	%)
Uncertain tax position		19.1	%		—			6.9	%		—
Worthless stock		(20.2	%)		(17.7	%)		(7.3	%)		(5.5	%)
Capital loss		—			—			(6.7	%)		—
Valuation allowance		3.1	%		0.7	%		1.9	%		1.0	%
Equity-based compensation		(0.6	%)		(1.3	%)		(1.6	%)		(1.4	%)
Tax credits		(1.3	%)		(0.5	%)		(1.3	%)		(0.5	%)
Taxes at effective rate		1.4	%		11.7	%		9.4	%		23.2	%

The Company restructured the ownership of its Canadian entities for tax purposes during the second quarter of 2023, resulting in a 6.7% decrease in the Company’s effective income tax rate for the nine months ended 2023 compared to 2022.

The Company liquidated one of its UK subsidiaries as part of the winddown of its commercial marketing business during the third quarter of 2023, resulting in a reduction in the Company’s effective income tax rate of 20.2% and 7.3% for the three and nine months ended September 30, 2023, respectively.

On December 20, 2017, the U.S. Congress passed the Tax Cuts and Job Act of 2017 (the “TCJA”) which was signed into law on December 22, 2017 and was generally effective beginning January 1, 2018. The TCJA changed the provision for deduction of allowable research and development costs under the IRC. Effective for tax years beginning after January 1, 2022, research and development costs are required to be capitalized and amortized over a period of five years for domestic and fifteen years for foreign research and development for income tax purposes. As a result of the capitalization, the Company recognized an increase of $9.9 million in deferred tax asset for both the three and nine months ended September 30, 2023, respectively.

During the third quarter ended September 30, 2023, the Company recorded return-to-provision adjustments in connection with the filing of its 2022 U.S. federal tax return. The adjustments were primarily driven by increase in tax credits associated with qualifying research activities.

As of September 30, 2023 and December 31, 2022, the Company’s unrecognized tax benefits and the related accrued interest totaled $26.8 million and $0.2 million, respectively, which include $4.7 million and $0.1 million, respectively, of tax positions that, if recognized, would impact the effective rate. The unrecognized tax benefits and the related accrued interest are included as part of other long-term liabilities on the Company’s consolidated balance sheets.

The components and a reconciliation of unrecognized tax benefits are as follows:


	September 30, 2023		December 31, 2022
Transfer pricing	$	145	$	145
Section 41 tax credit		4,595		—
Section 174 expense capitalization		21,416		—
Total unrecognized tax benefits liabilities	$	26,156	$	145


Unrecognized tax benefits at January 1, 2022	$	450
Decrease attributable to tax positions taken during the prior period		(305	)
Unrecognized tax benefits at December 31, 2022		145
Increase attributable to tax positions taken during the current period		26,011
Unrecognized tax benefits at September 30, 2023	$	26,156

- Definition

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

+ References

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+ Details

Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Long-term Debt

At September 30, 2023 and December 31, 2022, long-term debt consisted of:


	September 30, 2023				December 31, 2022
	Average Interest Rate	Outstanding Balance			Average Interest Rate	Outstanding Balance
Term Loan		$	277,500			$	288,750
Delayed-Draw Term Loan			220,000				220,000
Revolving Credit			40,888				52,616
Total before debt issuance costs	6.6%		538,388		3.3%		561,366
Unamortized debt issuance costs			(4,451	)			(5,032	)
Total		$	533,937			$	556,334

Schedule of Future Scheduled Repayments of Debt Principal

Future scheduled repayments of debt principal are as follows:


Payments due by	Term Loan		Delayed-Draw Term Loan		Revolving Credit		Total
September 30, 2024	$	15,000	$	8,250	$	—	$	23,250
September 30, 2025		18,750		13,750		—		32,500
September 30, 2026		22,500		16,500		—		39,000
May 6, 2027 (Maturity)		221,250		181,500		40,888		443,638
Total	$	277,500	$	220,000	$	40,888	$	538,388

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

Fair Value - Schedule of Financial Instruments Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Foreign Currency Forward and Swap Contracts \| Prepaid Expenses and Other Current Assets
Assets:
Assets, Total	$ 38
Interest Rate Swap \| Other Assets
Assets:
Assets, Total	2,340	$ 2,950
Interest Rate Swap \| Prepaid Expenses and Other Current Assets
Assets:
Assets, Total	6,450	5,051
Interest Rate Swap \| Other Long-Term Liabilities
Liabilities:
Liabilities, Total	370
Company Owned Life Insurance Policies \| Other Assets
Assets:
Assets, Total	18,705	17,869
Level 2 \| Foreign Currency Forward and Swap Contracts \| Prepaid Expenses and Other Current Assets
Assets:
Assets, Total	38
Level 2 \| Interest Rate Swap \| Other Assets
Assets:
Assets, Total	2,340	2,950
Level 2 \| Interest Rate Swap \| Prepaid Expenses and Other Current Assets
Assets:
Assets, Total	6,450	5,051
Level 2 \| Interest Rate Swap \| Other Long-Term Liabilities
Liabilities:
Liabilities, Total	370
Level 2 \| Company Owned Life Insurance Policies \| Other Assets
Assets:
Assets, Total	$ 18,705	$ 17,869

Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Sep. 30, 2023

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Components of Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss as of September 30, 2023 and 2022 included the following:


	Three Months Ended September 30, 2023
	Foreign Currency Translation Adjustments			Change in Fair Value of Interest Rate Hedge Agreements (2)			Total
Accumulated other comprehensive (loss) income at June 30, 2023	$	(10,833	)	$	4,517		$	(6,316	)
Current period other comprehensive (loss) income:
Other comprehensive (loss) income before reclassifications		(3,487	)		4,379			892
Amounts reclassified from accumulated other comprehensive (loss) income (3)		—			(2,101	)		(2,101	)
Effect of taxes		(2,227	)		(617	)		(2,844	)
Total current period other comprehensive (loss) income		(5,714	)		1,661			(4,053	)
Accumulated other comprehensive (loss) income at September 30, 2023	$	(16,547	)	$	6,178		$	(10,369	)


	Three Months Ended September 30, 2022
	Foreign Currency Translation Adjustments			Gain on Sale of Interest Rate Hedge Agreement (1)			Change in Fair Value of Interest Rate Hedge Agreement (2)			Total
Accumulated other comprehensive (loss) income at June 30, 2022	$	(16,562	)	$	305		$	3,670		$	(12,587	)
Current period other comprehensive (loss) income:
Other comprehensive (loss) income before reclassifications		(7,074	)		—			3,128			(3,946	)
Amounts reclassified from accumulated other comprehensive (loss) income (3)		—			(180	)		142			(38	)
Effect of taxes		3,309			48			(928	)		2,429
Total current period other comprehensive (loss) income		(3,765	)		(132	)		2,342			(1,555	)
Accumulated other comprehensive (loss) income at September 30, 2022	$	(20,327	)	$	173		$	6,012		$	(14,142	)


	Nine Months Ended September 30, 2023
	Foreign Currency Translation Adjustments			Gain on Sale of Interest Rate Hedge Agreement (1)			Change in Fair Value of Interest Rate Hedge Agreements (2)			Total
Accumulated other comprehensive (loss) income at December 31, 2022	$	(14,056	)	$	41		$	5,882		$	(8,133	)
Current period other comprehensive (loss) income:
Other comprehensive (loss) income before reclassifications		(82	)		—			5,658			5,576
Amounts reclassified from accumulated other comprehensive (loss) income (3)		—			(60	)		(5,239	)		(5,299	)
Effect of taxes		(2,409	)		19			(123	)		(2,513	)
Total current period other comprehensive (loss) income		(2,491	)		(41	)		296			(2,236	)
Accumulated other comprehensive (loss) income at September 30, 2023	$	(16,547	)	$	—		$	6,178		$	(10,369	)


	Nine Months Ended September 30, 2022
	Foreign Currency Translation Adjustments			Gain on Sale of Interest Rate Hedge Agreement (1)			Change in Fair Value of Interest Rate Hedge Agreement (2)			Total
Accumulated other comprehensive (loss) income at December 31, 2021	$	(8,759	)	$	569		$	(2,845	)	$	(11,035	)
Current period other comprehensive (loss) income:
Other comprehensive (loss) income before reclassifications		(16,099	)		—			10,430			(5,669	)
Amounts reclassified from accumulated other comprehensive (loss) income (3)		—			(540	)		1,640			1,100
Effect of taxes		4,531			144			(3,213	)		1,462
Total current period other comprehensive (loss) income		(11,568	)		(396	)		8,857			(3,107	)
Accumulated other comprehensive (loss) income at September 30, 2022	$	(20,327	)	$	173		$	6,012		$	(14,142	)

(1)

Represents the unamortized value of an interest rate hedge agreement, designated as a cash flow hedge, which was sold on December 1, 2016. The fair value of the interest rate hedge agreement, at the date of the sale, was recorded in other comprehensive income, net of tax, and is being reclassified to interest expense when earnings are impacted by the hedged items and as interest payments are made on the Credit Facility from January 31, 2018 to January 31, 2023.

(2)

Represents the change in fair value of interest rate hedge agreements designated as cash flow hedges. The fair value of the interest rate hedge agreements was recorded in other comprehensive income, net of tax, and will be reclassified to earnings when earnings are impacted by the hedged items, as interest payments are made on the Credit Facility from August 31, 2018 to June 27, 2028 (see “Note 8 – Derivative Instruments and Hedging Activities”).

(3)

The Company expects to reclassify $6.5 million of gains related to the Change in Fair Value of Interest Rate Hedge Agreement from accumulated other comprehensive loss into earnings during the next 12 months.

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2023	Oct. 27, 2023
Cover [Abstract]
Entity Registrant Name	ICF International, Inc.
Entity Central Index Key	0001362004
Trading Symbol	ICFI
Security Exchange Name	NASDAQ
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		18,816,914
Document Type	10-Q
Document Period End Date	Sep. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	001-33045
Entity Tax Identification Number	22-3661438
Entity Incorporation State Country Code	DE
Entity Address, Address Line One	1902 Reston Metro Plaza
Entity Address, City or Town	Reston,
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	20190
City Area Code	703
Local Phone Number	934-3000
Title of each class	Common Stock
Entity Interactive Data Current	Yes
Document Quarterly Report	true
Document Transition Report	false

Fair Value

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value

NOTE 16 – FAIR VALUE

Financial instruments measured at fair value on a recurring basis and their location within the accompanying consolidated balance sheets are as follows:


	September 30, 2023
(in thousands)	Level 1		Level 2		Level 3		Total		Location on Balance Sheet
Assets:
Interest rate swaps - current portion	$	—	$	6,450	$	—	$	6,450	Prepaid expenses and other assets
Foreign currency forward and swap contracts		—		38		—		38	Prepaid expenses and other assets
Interest rate swaps - long-term portion		—		2,340		—		2,340	Other assets
Company-owned life insurance policies		—		18,705		—		18,705	Other assets

Liabilities:
Interest rate swaps - long-term portion	$	—	$	370	$	—	$	370	Other long-term liabilities


	December 31, 2022
(in thousands)	Level 1		Level 2		Level 3		Total		Location on Balance Sheet
Assets:
Interest rate swaps - current portion	$	—	$	5,051	$	—	$	5,051	Prepaid expenses and other assets
Interest rate swaps - long-term portion		—		2,950		—		2,950	Other assets
Company-owned life insurance policies		—		17,869		—		17,869	Other assets

- Definition

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

+ References + Details

Fair Value (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments Measured at Fair Value on Recurring Basis

Financial instruments measured at fair value on a recurring basis and their location within the accompanying consolidated balance sheets are as follows:


	September 30, 2023
(in thousands)	Level 1		Level 2		Level 3		Total		Location on Balance Sheet
Assets:
Interest rate swaps - current portion	$	—	$	6,450	$	—	$	6,450	Prepaid expenses and other assets
Foreign currency forward and swap contracts		—		38		—		38	Prepaid expenses and other assets
Interest rate swaps - long-term portion		—		2,340		—		2,340	Other assets
Company-owned life insurance policies		—		18,705		—		18,705	Other assets

Liabilities:
Interest rate swaps - long-term portion	$	—	$	370	$	—	$	370	Other long-term liabilities


	December 31, 2022
(in thousands)	Level 1		Level 2		Level 3		Total		Location on Balance Sheet
Assets:
Interest rate swaps - current portion	$	—	$	5,051	$	—	$	5,051	Prepaid expenses and other assets
Interest rate swaps - long-term portion		—		2,950		—		2,950	Other assets
Company-owned life insurance policies		—		17,869		—		17,869	Other assets

Acquisition and Divestiture - Additional Information (Details) - USD ($) $ in Thousands			9 Months Ended
	Sep. 12, 2023	May 01, 2023	Sep. 30, 2023	Jul. 21, 2023	Dec. 31, 2022
Acquisition and Divestiture [Line Items]
Goodwill			$ 1,219,326		$ 1,212,898
Proceeds from divestiture of a business			47,151
Gain on divestiture			4,302
Accrued and other future expenses			$ 64,681		$ 78,036
Commercial Marketing
Acquisition and Divestiture [Line Items]
Asset purchase agreement date	Sep. 12, 2023
Initial cash consideration				$ 49,500
Proceeds from divestiture of a business	$ 47,100
Gain on divestiture	4,300
Divestiture transactions fees	1,900
Pre-tax gain on divestiture, net of transactions fees	$ 2,400
CMY Solutions, LLC.
Acquisition and Divestiture [Line Items]
Business acquisition date		May 01, 2023
Cash purchase price		$ 32,600
Working capital acquired		1,200
Purchase price allocated to intangibles		10,300
Goodwill		21,100
CMY Solutions, LLC. \| Customer Relationships
Acquisition and Divestiture [Line Items]
Purchase price allocated to intangibles		10,200
CMY Solutions, LLC. \| Trade Names and Trademarks
Acquisition and Divestiture [Line Items]
Purchase price allocated to intangibles		$ 100

Accumulated Other Comprehensive Loss

9 Months Ended

Sep. 30, 2023

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Loss

NOTE 10 – ACCUMULATED OTHER COMPREHENSIVE LOSS

Accumulated other comprehensive loss as of September 30, 2023 and 2022 included the following:


	Three Months Ended September 30, 2023
	Foreign Currency Translation Adjustments			Change in Fair Value of Interest Rate Hedge Agreements (2)			Total
Accumulated other comprehensive (loss) income at June 30, 2023	$	(10,833	)	$	4,517		$	(6,316	)
Current period other comprehensive (loss) income:
Other comprehensive (loss) income before reclassifications		(3,487	)		4,379			892
Amounts reclassified from accumulated other comprehensive (loss) income (3)		—			(2,101	)		(2,101	)
Effect of taxes		(2,227	)		(617	)		(2,844	)
Total current period other comprehensive (loss) income		(5,714	)		1,661			(4,053	)
Accumulated other comprehensive (loss) income at September 30, 2023	$	(16,547	)	$	6,178		$	(10,369	)


	Three Months Ended September 30, 2022
	Foreign Currency Translation Adjustments			Gain on Sale of Interest Rate Hedge Agreement (1)			Change in Fair Value of Interest Rate Hedge Agreement (2)			Total
Accumulated other comprehensive (loss) income at June 30, 2022	$	(16,562	)	$	305		$	3,670		$	(12,587	)
Current period other comprehensive (loss) income:
Other comprehensive (loss) income before reclassifications		(7,074	)		—			3,128			(3,946	)
Amounts reclassified from accumulated other comprehensive (loss) income (3)		—			(180	)		142			(38	)
Effect of taxes		3,309			48			(928	)		2,429
Total current period other comprehensive (loss) income		(3,765	)		(132	)		2,342			(1,555	)
Accumulated other comprehensive (loss) income at September 30, 2022	$	(20,327	)	$	173		$	6,012		$	(14,142	)


	Nine Months Ended September 30, 2023
	Foreign Currency Translation Adjustments			Gain on Sale of Interest Rate Hedge Agreement (1)			Change in Fair Value of Interest Rate Hedge Agreements (2)			Total
Accumulated other comprehensive (loss) income at December 31, 2022	$	(14,056	)	$	41		$	5,882		$	(8,133	)
Current period other comprehensive (loss) income:
Other comprehensive (loss) income before reclassifications		(82	)		—			5,658			5,576
Amounts reclassified from accumulated other comprehensive (loss) income (3)		—			(60	)		(5,239	)		(5,299	)
Effect of taxes		(2,409	)		19			(123	)		(2,513	)
Total current period other comprehensive (loss) income		(2,491	)		(41	)		296			(2,236	)
Accumulated other comprehensive (loss) income at September 30, 2023	$	(16,547	)	$	—		$	6,178		$	(10,369	)


	Nine Months Ended September 30, 2022
	Foreign Currency Translation Adjustments			Gain on Sale of Interest Rate Hedge Agreement (1)			Change in Fair Value of Interest Rate Hedge Agreement (2)			Total
Accumulated other comprehensive (loss) income at December 31, 2021	$	(8,759	)	$	569		$	(2,845	)	$	(11,035	)
Current period other comprehensive (loss) income:
Other comprehensive (loss) income before reclassifications		(16,099	)		—			10,430			(5,669	)
Amounts reclassified from accumulated other comprehensive (loss) income (3)		—			(540	)		1,640			1,100
Effect of taxes		4,531			144			(3,213	)		1,462
Total current period other comprehensive (loss) income		(11,568	)		(396	)		8,857			(3,107	)
Accumulated other comprehensive (loss) income at September 30, 2022	$	(20,327	)	$	173		$	6,012		$	(14,142	)

(1)

(2)

(3)

Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Loss (Parenthetical) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Expects to reclassify net losses related to change in fair value of interest rate hedge agreement from accumulated other comprehensive loss into earnings	$ 6.5		$ 6.5
Effective tax rate	1.40%	11.70%	9.40%	23.20%

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Loss Contingencies [Line Items]
Letters of credit	$ 1.6
Standby Letters of Credit
Loss Contingencies [Line Items]
Letters of credit	$ 1.6	$ 2.0

Stock-based Compensation

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation

NOTE 12 – STOCK-BASED COMPENSATION

On April 4, 2018, the Company’s board of directors (the “board”) approved the 2018 Omnibus Incentive Plan (the “2018 Omnibus Plan”), which was subsequently approved by the Company’s stockholders and became effective on May 31, 2018 (the “Effective Date”). The 2018 Omnibus Plan replaced the previous 2010 Omnibus Incentive Plan (the “Prior Plan”). The 2018 Omnibus Plan was amended on May 28, 2020 to increase the number of shares available for issuance.

On June 1, 2023, the Company’s stockholders approved an amendment and restatement of the 2018 Omnibus Plan (the “2018 A&R Omnibus Plan”) which further increased the number of shares available for issuance, incorporated compensation recovery provisions consistent with new SEC and NASDAQ requirements, and made certain other clarifying changes.

The A&R 2018 Omnibus Plan, as amended, allows the Company to grant 2,050,000 shares using stock options, stock appreciation rights, restricted stock, restricted stock units (“RSUs”), performance units and performance share awards (“PSAs”), cash-settled restricted stock units (“CSRSUs”), and other stock-based awards to all officers, key employees, and non-employee directors of the Company. Outstanding shares granted under the Prior Plan, totaling 2,631 as of September 30, 2023, remain subject to its terms and conditions, and no additional awards from the Prior Plan are to be made after the Effective Date. As of September 30, 2023, the Company had approximately 1,131,012 shares available for grant under the 2018 A&R Omnibus Plan. CSRSUs have no impact on the shares available for grant under the Omnibus Plan, nor on the calculated shares used in earnings per share calculations.

The RSUs, CSRSUs, and PSAs granted are generally subject to service-based vesting conditions, with the PSAs also having performance-based vesting conditions. The performance conditions for the PSAs granted in 2023 have a performance period from January 1, 2023 through December 31, 2025 and performance conditions that are consistent with the PSAs granted in prior years.

The following awards were granted during the three and nine months ended September 30, 2023 and 2022:


	Awards Granted								Average Grant Date Fair Value
	Three Months Ended				Nine Months Ended				Three Months Ended				Nine Months Ended
	September 30,				September 30,				September 30,				September 30,
	2023		2022		2023		2022		2023		2022		2023		2022
Employee Stock Awards		—		25,059		113,569		177,960	$	—	$	99.47	$	107.29	$	92.87
Cash-Settled Restricted Stock Units		2,281		15,694		68,745		78,534	$	130.47	$	99.47	$	110.04	$	93.81
Non-Employee Director Stock Awards		8,211		10,703		8,211		11,399	$	127.81	$	94.79	$	127.81	$	95.35
Total		10,492		51,456		190,525		267,893

The total stock-based compensation expense for the three and nine months ended September 30, 2023 and 2022, and the unrecognized compensation expense at September 30, 2023:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,				As of September 30, 2023
(in millions)	2023		2022		2023		2022		Unrecognized		Weighted Average Period to Recognize (in years)
Employee Stock Awards	$	3,166	$	3,241	$	9,394	$	9,215	$	19,213		1.65
Cash-Settled Restricted Stock Units		1,709		1,793		5,808		4,242		12,134		1.94
Non-Employee Director Stock Awards		280		276		740		808		770		0.67
Total	$	5,155	$	5,310	$	15,942	$	14,265	$	32,117

Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue


	Three Months Ended September 30,										Nine Months Ended September 30,
	2023					2022					2023					2022
	Dollars		Percent			Dollars		Percent			Dollars		Percent			Dollars		Percent
Client Markets:
Energy, environment, infrastructure, and disaster recovery	$	204,802		41	%	$	179,002		38	%	$	596,089		40	%	$	522,698		40	%
Health and social programs		210,501		42	%		197,225		42	%		620,198		42	%		511,312		39	%
Security and other civilian & commercial		86,216		17	%		91,550		20	%		268,599		18	%		270,345		21	%
Total	$	501,519		100	%	$	467,777		100	%	$	1,484,886		100	%	$	1,304,355		100	%


	Three Months Ended September 30,										Nine Months Ended September 30,
	2023					2022					2023					2022
	Dollars		Percent			Dollars		Percent			Dollars		Percent			Dollars		Percent
Client Type:
U.S. federal government	$	279,314		56	%	$	271,609		58	%	$	820,116		55	%	$	715,986		55	%
U.S. state and local government		76,393		15	%		64,910		14	%		232,274		16	%		194,778		15	%
International government		27,623		5	%		23,046		5	%		74,598		5	%		79,060		6	%
Total Government		383,330		76	%		359,565		77	%		1,126,988		76	%		989,824		76	%
Commercial		118,189		24	%		108,212		23	%		357,898		24	%		314,531		24	%
Total	$	501,519		100	%	$	467,777		100	%	$	1,484,886		100	%	$	1,304,355		100	%


	Three Months Ended September 30,										Nine Months Ended September 30,
	2023					2022					2023					2022
	Dollars		Percent			Dollars		Percent			Dollars		Percent			Dollars		Percent
Contract Mix:
Time-and-materials	$	206,646		41	%	$	188,772		40	%	$	615,859		41	%	$	523,661		40	%
Fixed-price		223,173		45	%		210,919		45	%		667,711		45	%		580,836		45	%
Cost-based		71,700		14	%		68,086		15	%		201,316		14	%		199,858		15	%
Total	$	501,519		100	%	$	467,777		100	%	$	1,484,886		100	%	$	1,304,355		100	%

Schedule of Contract Balances and Changes in Contract Balances

Contract Balances

Contract assets consist primarily of unbilled amounts resulting from long-term contracts when revenue recognized exceeds the amount billed often due to billing schedule timing. Contract liabilities result from advance payments received on a contract or from billings in excess of revenue recognized on long-term contracts due to billing schedule timing.

The following table summarizes the contract balances as of September 30, 2023 and December 31, 2022:


	September 30, 2023			December 31, 2022
Contract assets	$	209,267		$	169,088
Contract liabilities		(16,989	)		(25,773	)
Net contract assets (liabilities)	$	192,278		$	143,315

Subsequent Events

9 Months Ended

Sep. 30, 2023

Subsequent Events [Abstract]

Subsequent Events

NOTE 18 – SUBSEQUENT EVENTS

Dividend

On November 2, 2023, the board approved a $0.14 per share cash dividend. The dividend will be paid on January 12, 2024 to shareholders of record as of the close of business on December 8, 2023.

Basis of Presentation and Nature of Operations (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements include the accounts of ICF International, Inc. (“ICFI”) and its principal subsidiary, ICF Consulting Group, Inc. (“Consulting,” and together with ICFI, the “Company”), and have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“U.S. GAAP”). Consulting is a wholly owned subsidiary of ICFI. ICFI is a holding company with no operations or assets other than its investment in the common stock of Consulting. All other subsidiaries of the Company are wholly owned by Consulting. Material intercompany transactions and balances have been eliminated.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods. Areas of the consolidated financial statements where estimates may have the most significant effect include contractual and regulatory reserves, valuation and lives of tangible and intangible assets, impairment of goodwill and long-lived assets, accrued liabilities, revenue recognition (including estimates of variable considerations in determining the total contract price and allocation of performance obligations), the remaining costs to complete fixed-price contracts, bonus and other incentive compensation, stock-based compensation, reserves for tax benefits and valuation allowances on deferred tax assets, provisions for income taxes, collectability of receivables, and loss accruals for litigation. Actual results experienced by the Company may differ from management’s estimates.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recent Accounting Pronouncements Adopted Reference Rate Reform In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The standard is intended to provide temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to ease accounting and financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. The provisions of this ASU are elective and apply to all entities, subject to meeting certain criteria, that have debt or hedging contracts, among other contracts, that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. Entities can elect to not apply certain modification accounting requirements to contracts affected by reference rate reform if certain criteria are met. Also, entities can elect various optional expedients that would allow them to continue to apply hedge accounting for hedging relationships affected by reference rate reform if certain criteria are met. This guidance was effective beginning on March 12, 2020 and entities may elect to apply the amendments prospectively through December 31, 2022, the sunset date. In December 2022, the FASB issued ASU 2022-06 Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 which extended the sunset date from December 31, 2022 to December 31, 2024. The Company completed its adoption of the provisions of ASU 2020-04 during the second quarter of 2023 upon amendment of its last interest rate swap from LIBOR-based to SOFR-based pricing.
Reclassification	Reclassification Certain immaterial amounts in the consolidated statements of comprehensive income have been reclassified to conform to the current year’s presentation. To be consistent with the current presentation of interest, net, the Company reclassified $0.1 million and $0.2 million in interest income for the three- and nine-month periods ended September 30, 2022, respectively, from “Other expense” to “Interest, net”.

Derivative Instruments and Hedging Activities

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

NOTE 8 – DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

The Company uses interest rate swap agreements (the “Swaps”) to manage its interest rate risk associated with its borrowings under the Credit Facility. Notwithstanding the terms of the swaps, the Company is ultimately obligated for all amounts due and payable under the Credit Facility. The derivative instruments are recorded on the consolidated balance sheets at fair value. Unrealized gains and losses on derivatives designated as cash flow hedges are reported in other comprehensive income (loss) and reclassified to earnings in a manner that matches the timing of the earnings impact of the hedged transactions. Management intends that the Swaps remain effective and, on a quarterly basis, evaluates them to determine their effectiveness or ineffectiveness and records the change in fair value as an adjustment to other comprehensive income or loss. The Company does not use derivative instruments for speculative or trading purposes.

During the second quarter of 2023, the Company entered into new floating-to-fixed interest rate swaps for a total notional amount of $100.0 million that will mature on June 27, 2028.

At September 30, 2023, the Company had floating-to-fixed interest rate swaps for an aggregate notional amount of $275.0 million, of which $100.0 million will mature on February 28, 2025, $75.0 million will mature on February 28, 2028, and $100.0 million will mature on June 27, 2028. The Company has designated the Swaps as cash flow hedges.

Basis of Presentation and Nature of Operations

9 Months Ended

Sep. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation and Nature of Operations

NOTE 1 – BASIS OF PRESENTATION AND NATURE OF OPERATIONS

Basis of Presentation

The accompanying consolidated financial statements include the accounts of ICF International, Inc. (“ICFI”) and its principal subsidiary, ICF Consulting Group, Inc. (“Consulting,” and together with ICFI, the “Company”), and have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“U.S. GAAP”). Consulting is a wholly owned subsidiary of ICFI. ICFI is a holding company with no operations or assets other than its investment in the common stock of Consulting. All other subsidiaries of the Company are wholly owned by Consulting. Material intercompany transactions and balances have been eliminated.

Nature of Operations

The Company provides professional services and technology-based solutions, including management, marketing, technology, and policy consulting and implementation services, in the areas of energy, environment, infrastructure and disaster recovery; health and social programs; and security and other civilian & commercial. The Company offers a full range of services to clients throughout the entire life cycle of a policy, program, project, or initiative, from research and analysis, assessment, and advice to design and implementation of programs and technology-based solutions, and the provision of engagement services and programs.

The Company’s major customers are U.S. federal government departments and agencies. The Company also serves U.S. state (including territories) and local government departments and agencies, international governments, and commercial clients worldwide. Commercial clients include airlines, airports, electric and gas utilities, health care companies, banks and other financial services companies, transportation, travel and hospitality firms, non-profit associations, manufacturing firms, retail chains, and distribution companies. The terms “federal” or “federal government” refer to the U.S. federal government, and “state and local” or “state and local government” refer to U.S. state (including territories) and local governments, unless otherwise indicated.

The Company, incorporated in Delaware, is headquartered in Reston, Virginia. The Company maintains additional offices throughout the world, including more than 50 offices in the U.S. and U.S. territories and more than 20 offices in key markets outside the U.S., including offices in the United Kingdom, Belgium, India, and Canada.

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods. Areas of the consolidated financial statements where estimates may have the most significant effect include contractual and regulatory reserves, valuation and lives of tangible and intangible assets, impairment of goodwill and long-lived assets, accrued liabilities, revenue recognition (including estimates of variable considerations in determining the total contract price and allocation of performance obligations), the remaining costs to complete fixed-price contracts, bonus and other incentive compensation, stock-based compensation, reserves for tax benefits and valuation allowances on deferred tax assets, provisions for income taxes, collectability of receivables, and loss accruals for litigation. Actual results experienced by the Company may differ from management’s estimates.

Interim Results

The unaudited consolidated financial statements included in this Quarterly Report on Form 10-Q have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). These rules and regulations permit some of the information and footnote disclosures normally included in financial statements, prepared in accordance with U.S. GAAP, to be condensed or omitted. In management’s opinion, the unaudited consolidated financial statements contain all adjustments that are of a normal recurring nature, necessary for a fair presentation of the results of operations and financial position of the Company for the interim periods presented. The Company reports operating results and financial data in one operating segment and reporting unit. Operating results for the three- and nine-months periods ended September 30, 2023 and 2022 are not necessarily indicative of the results that may be expected for the full year. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the fiscal year ended December 31, 2022 and the notes thereto included in the Company’s Annual Report on Form 10-K, filed with the SEC on March 1, 2023.

Recent Accounting Pronouncements

Recent Accounting Pronouncements Adopted

Reference Rate Reform

In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The standard is intended to provide temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to ease accounting and financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. The provisions of this ASU are elective and apply to all entities, subject to meeting certain criteria, that have debt or hedging contracts, among other contracts, that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. Entities can elect to not apply certain modification accounting requirements to contracts affected by reference rate reform if certain criteria are met. Also, entities can elect various optional expedients that would allow them to continue to apply hedge accounting for hedging relationships affected by reference rate reform if certain criteria are met. This guidance was effective beginning on March 12, 2020 and entities may elect to apply the amendments prospectively through December 31, 2022, the sunset date. In December 2022, the FASB issued ASU 2022-06 Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 which extended the sunset date from December 31, 2022 to December 31, 2024.

The Company completed its adoption of the provisions of ASU 2020-04 during the second quarter of 2023 upon amendment of its last interest rate swap from LIBOR-based to SOFR-based pricing.

Reclassification

Certain immaterial amounts in the consolidated statements of comprehensive income have been reclassified to conform to the current year’s presentation. To be consistent with the current presentation of interest, net, the Company reclassified $0.1 million and $0.2 million in interest income for the three- and nine-month periods ended September 30, 2022, respectively, from “Other expense” to “Interest, net”.

Revenue Recognition - Disaggregation of Revenue (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation Of Revenue [Line Items]
Revenue from clients	$ 501,519	$ 467,777	$ 1,484,886	$ 1,304,355
Time-and-Materials
Disaggregation Of Revenue [Line Items]
Revenue from clients	206,646	188,772	615,859	523,661
Fixed-Price
Disaggregation Of Revenue [Line Items]
Revenue from clients	223,173	210,919	667,711	580,836
Cost-Based
Disaggregation Of Revenue [Line Items]
Revenue from clients	71,700	68,086	201,316	199,858
U.S. Federal Government
Disaggregation Of Revenue [Line Items]
Revenue from clients	279,314	271,609	820,116	715,986
U.S. State and Local Government
Disaggregation Of Revenue [Line Items]
Revenue from clients	76,393	64,910	232,274	194,778
International Government
Disaggregation Of Revenue [Line Items]
Revenue from clients	27,623	23,046	74,598	79,060
Total Government
Disaggregation Of Revenue [Line Items]
Revenue from clients	383,330	359,565	1,126,988	989,824
Commercial
Disaggregation Of Revenue [Line Items]
Revenue from clients	$ 118,189	$ 108,212	$ 357,898	$ 314,531
Customer Concentration Risk \| Revenue from Contract with Customer
Disaggregation Of Revenue [Line Items]
Revenue from clients, Percent	100.00%	100.00%	100.00%	100.00%
Customer Concentration Risk \| Revenue from Contract with Customer \| Time-and-Materials
Disaggregation Of Revenue [Line Items]
Revenue from clients, Percent	41.00%	40.00%	41.00%	40.00%
Customer Concentration Risk \| Revenue from Contract with Customer \| Fixed-Price
Disaggregation Of Revenue [Line Items]
Revenue from clients, Percent	45.00%	45.00%	45.00%	45.00%
Customer Concentration Risk \| Revenue from Contract with Customer \| Cost-Based
Disaggregation Of Revenue [Line Items]
Revenue from clients, Percent	14.00%	15.00%	14.00%	15.00%
Customer Concentration Risk \| Revenue from Contract with Customer \| U.S. Federal Government
Disaggregation Of Revenue [Line Items]
Revenue from clients, Percent	56.00%	58.00%	55.00%	55.00%
Customer Concentration Risk \| Revenue from Contract with Customer \| U.S. State and Local Government
Disaggregation Of Revenue [Line Items]
Revenue from clients, Percent	15.00%	14.00%	16.00%	15.00%
Customer Concentration Risk \| Revenue from Contract with Customer \| International Government
Disaggregation Of Revenue [Line Items]
Revenue from clients, Percent	5.00%	5.00%	5.00%	6.00%
Customer Concentration Risk \| Revenue from Contract with Customer \| Total Government
Disaggregation Of Revenue [Line Items]
Revenue from clients, Percent	76.00%	77.00%	76.00%	76.00%
Customer Concentration Risk \| Revenue from Contract with Customer \| Commercial
Disaggregation Of Revenue [Line Items]
Revenue from clients, Percent	24.00%	23.00%	24.00%	24.00%
Energy, Environment, Infrastructure, and Disaster Recovery
Disaggregation Of Revenue [Line Items]
Revenue from clients	$ 204,802	$ 179,002	$ 596,089	$ 522,698
Energy, Environment, Infrastructure, and Disaster Recovery \| Customer Concentration Risk \| Revenue from Contract with Customer
Disaggregation Of Revenue [Line Items]
Revenue from clients, Percent	41.00%	38.00%	40.00%	40.00%
Health and Social Programs
Disaggregation Of Revenue [Line Items]
Revenue from clients	$ 210,501	$ 197,225	$ 620,198	$ 511,312
Health and Social Programs \| Customer Concentration Risk \| Revenue from Contract with Customer
Disaggregation Of Revenue [Line Items]
Revenue from clients, Percent	42.00%	42.00%	42.00%	39.00%
Security and Other Civilian & Commercial
Disaggregation Of Revenue [Line Items]
Revenue from clients	$ 86,216	$ 91,550	$ 268,599	$ 270,345
Security and Other Civilian & Commercial \| Customer Concentration Risk \| Revenue from Contract with Customer
Disaggregation Of Revenue [Line Items]
Revenue from clients, Percent	17.00%	20.00%	18.00%	21.00%

Goodwill - Schedule of Changes in Carrying Amount of Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Goodwill [Line Items]
Balance as of December 31, 2022	$ 1,212,898
Add: Goodwill resulting from business combination	21,133
Less: Goodwill resulting from business divestiture	(15,107)
Effect of foreign currency translation	402
Balance as of June 30, 2023	$ 1,219,326

- Definition

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

+ References + Details

- 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

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+ Details

Restricted Cash - Reconciliation of Cash and Cash Equivalents, and Restricted Cash to the Total of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 5,084	$ 11,257	$ 8,483	$ 8,254
Restricted cash	2,770	1,711	1,993	12,179
Total of cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows	$ 7,854	$ 12,968	$ 10,476	$ 20,433

Long-Term Debt - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Average Interest Rate	6.60%	3.30%
Outstanding Balance before debt issuance costs	$ 538,388	$ 561,366
Unamortized debt issuance costs	(4,451)	(5,032)
Total	533,937	556,334
Term Loan
Debt Instrument [Line Items]
Outstanding Balance before debt issuance costs	277,500	288,750
Delayed-Draw Term Loan
Debt Instrument [Line Items]
Outstanding Balance before debt issuance costs	220,000	220,000
Revolving Credit
Debt Instrument [Line Items]
Outstanding Balance before debt issuance costs	$ 40,888	$ 52,616

- 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

- Definition

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

+ References + Details

Long-Term Debt - Additional Information (Details) - USD ($)	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Letters of credit outstanding, amount	$ 1,600,000	$ 1,600,000
Line of credit facility, current borrowing capacity	$ 465,800,000	$ 465,800,000
Interest Rate Swap \| Cash Flow Hedging \| Designated as Hedging Instrument
Debt Instrument [Line Items]
Derivative fixed interest rate	5.50%	5.50%	3.70%
Revolving Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 600,000,000.0	$ 600,000,000.0
Unused borrowing capacity amount	$ 557,500,000	$ 557,500,000
Interest rate on credit facility	6.90%	6.60%	3.30%
Delayed Draw Term Loan Facility
Debt Instrument [Line Items]
Unused borrowing capacity amount	$ 180,000,000	$ 180,000,000

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 5,084	$ 11,257
Restricted cash	2,770	1,711
Contract receivables, net	214,818	232,337
Contract assets	209,267	169,088
Prepaid expenses and other assets	34,294	40,709
Income tax receivable	11,175	11,616
Total Current Assets	477,408	466,718
Property and Equipment, net	78,706	85,402
Other Assets:
Goodwill	1,219,326	1,212,898
Other intangible assets, net	103,211	126,537
Operating lease - right-of-use assets	134,172	149,066
Other assets	42,297	51,637
Total Assets	2,055,120	2,092,258
Current Liabilities:
Current portion of long-term debt	23,250	23,250
Accounts payable	123,414	135,778
Contract liabilities	16,989	25,773
Operating lease liabilities	19,230	19,305
Finance lease liabilities	2,441	2,381
Accrued salaries and benefits	77,123	85,991
Accrued subcontractors and other direct costs	42,049	45,478
Accrued expenses and other current liabilities	64,681	78,036
Total Current Liabilities	369,177	415,992
Long-term Liabilities:
Long-term debt	510,687	533,084
Operating lease liabilities - non-current	174,718	182,251
Finance lease liabilities - non-current	14,277	16,116
Deferred income taxes	40,148	68,038
Other long-term liabilities	52,783	23,566
Total Liabilities	1,161,790	1,239,047
Commitments and Contingencies (Note 17)
Stockholders’ Equity:
Preferred stock, par value $.001; 5,000,000 shares authorized; none issued
Common stock, par value $.001; 70,000,000 shares authorized; 23,948,590 and 23,771,596 shares issued at September 30, 2023 and December 31, 2022, respectively; 18,816,914 and 18,883,050 shares outstanding at Septmber 30, 2023 and December 31, 2022, respectively	24	23
Additional paid-in capital	414,633	401,957
Retained earnings	755,572	703,030
Treasury stock, 5,131,676 and 4,906,209 shares at September 30, 2023 and December 31, 2022 respectively	(266,530)	(243,666)
Accumulated other comprehensive loss	(10,369)	(8,133)
Total Stockholders’ Equity	893,330	853,211
Total Liabilities and Stockholders’ Equity	$ 2,055,120	$ 2,092,258

Contract Receivables, Net - Additional Information (Details) - Master Receivables Purchase Agreement with MUFG Bank - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Dec. 31, 2022
Financing Receivable, Past Due [Line Items]
Contract Receivables, Net	$ 93.1	$ 159.5
Cash collected not yet remitted to purchaser of billed receivables	$ 10.4	$ 10.4	$ 6.2

Earnings Per Share

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Share

NOTE 14 – EARNINGS PER SHARE

The Company’s earnings per share (“EPS”) is computed by dividing reported net income by the weighted-average number of shares outstanding. Diluted EPS considers the potential dilution that could occur if common stock equivalents of stock options, RSUs, and PSAs were exercised or converted into stock. PSAs are included in the computation of diluted shares only to the extent that the underlying performance conditions: (i) are satisfied as of the end of the reporting period or (ii) would be considered satisfied if the end of the reporting period were the end of the related performance period and the result would be dilutive under the treasury stock method.

As of September 30, 2023, the PSAs granted during the year ended December 31, 2021 met the related performance conditions for the initial performance period and were included in the calculation of diluted EPS. However, the PSAs granted during the year ended December 31, 2022 and during the nine months ended September 30, 2023 have not yet completed their initial two-year performance period and therefore were excluded in the calculation of diluted EPS.

The dilutive effect of stock options, RSUs, and PSAs for each period reported is summarized below:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Net Income	$	23,740	$	19,105	$	60,450	$	55,364

Weighted-average number of basic shares outstanding during the period		18,815		18,826		18,795		18,806
Dilutive effect of stock options, RSUs, and performance shares		159		183		163		195
Weighted-average number of diluted shares outstanding during the period		18,974		19,009		18,958		19,001

Basic earnings per share	$	1.26	$	1.01	$	3.22	$	2.94
Diluted earnings per share	$	1.25	$	1.01	$	3.19	$	2.91

Stock-based Compensation - Additional Information (Details) - Omnibus Plan - shares		9 Months Ended
	Apr. 04, 2018	Sep. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, number of shares grants	2,050,000	2,631
Share-based compensation arrangement by share-based payment award, number of additional awards		0
Share-based compensation arrangement by share-based payment award, number of shares available for grant		1,131,012

- 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 CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash Flows from Operating Activities
Net income	$ 60,450	$ 55,364
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	691	91
Deferred income taxes and unrecognized income tax benefits	(3,533)	6,023
Non-cash equity compensation	10,134	10,023
Depreciation and amortization	46,207	34,139
Facilities consolidation reserve		(236)
Amortization of debt issuance costs	984	940
Impairment of long-lived assets	3,801
Gain on divestiture of a business	(4,302)
Other adjustments, net	(2,222)	474
Changes in operating assets and liabilities, net of the effects of acquisitions:
Net contract assets and liabilities	(52,010)	(72,619)
Contract receivables	12,087	(31,770)
Prepaid expenses and other assets	11,893	(11,991)
Operating lease assets and liabilities, net	3,897	(1,305)
Accounts payable	(13,333)	23,394
Accrued salaries and benefits	(8,521)	(13,971)
Accrued subcontractors and other direct costs	(3,353)	9,441
Accrued expenses and other current liabilities	(18,727)	(476)
Income tax receivable and payable	450	(1,667)
Other liabilities	959	742
Net Cash Provided by Operating Activities	45,552	6,596
Cash Flows from Investing Activities
Capital expenditures for property and equipment and capitalized software	(17,876)	(17,323)
Proceeds from working capital adjustments related to prior business acquisition		2,911
Payments for business acquisitions, net of cash acquired	(32,664)	(238,991)
Proceeds from divestiture of a business	47,151
Net Cash Used in Investing Activities	(3,389)	(253,403)
Cash Flows from Financing Activities
Advances from working capital facilities	972,266	1,358,335
Payments on working capital facilities	(995,244)	(1,074,888)
Proceeds from other short-term borrowings	25,394
Repayments of other short-term borrowings	(18,845)
Receipt of restricted contract funds	6,412	13,525
Payment of restricted contract funds	(7,042)	(23,358)
Debt issue costs		(4,852)
Payments of principal portion of finance leases	(1,780)
Proceeds from exercise of options	279	412
Dividends paid	(7,903)	(7,912)
Net payments for stock issuances and buybacks	(20,601)	(21,105)
Payments on business acquisition liabilities		(1,132)
Net Cash (Used in) Provided by Financing Activities	(47,064)	239,025
Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash	(213)	(2,175)
Decrease in Cash, Cash Equivalents, and Restricted Cash	(5,114)	(9,957)
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period	12,968	20,433
Cash, Cash Equivalents, and Restricted Cash, End of Period	7,854	10,476
Supplemental Disclosure of Cash Flow Information
Interest	29,173	13,595
Income taxes	$ 12,604	14,384
Non-cash investing and financing transactions:
Tenant improvements funded by lessor		20,253
Acquisition of property and equipment through finance lease		$ 15,027

Acquisition and Divestiture

9 Months Ended

Sep. 30, 2023

Business Combinations [Abstract]

Acquisition and Divestiture

NOTE 13 – ACQUISITION AND DIVESTITURE

Acquisition

CMY Solutions, LLC.

On May 1, 2023, the Company acquired CMY Solutions, LLC. (“CMY”), a privately-held company that provides engineering and automation solutions to utilities and organizations, for $32.6 million in cash. The acquisition enhances the Company’s offerings in the field of power and energy advisory services.

As part of the allocation of purchase consideration, the Company recorded $10.3 million of intangible assets, $1.2 million in net working capital, and $21.1 million of goodwill. Intangible assets consist of $10.2 million related to existing customer relationships and $0.1 million related to trade names and trademarks. The acquisition of CMY is not material to the Company’s results of operations.

Divestiture

Commercial Marketing

On July 21, 2023, the Company entered into an Asset Purchase Agreement (the “APA”) to sell its U.S. commercial marketing business, including certain assets of the business, for initial cash considerations of $49.5 million before final net working capital adjustments. On September 12, 2023, the Company completed the divesture and received $47.1 in cash, net of working capital adjustments and certain amounts held in escrow. The disposal of the commercial marketing business was not a major strategic shift that was, or will be, significant to the Company’s operations and financial results. In connection with the sale, the Company recorded a gross gain of $4.3 million and transactions fees of $1.9 million, for a total pre-tax gain of $2.4 million, that is included as part of other income on the Company’s consolidated statements of comprehensive income.

Stockholders' Equity - Schedule of Changes in Stockholders' Equity (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Balance	$ 872,845	$ 819,417	$ 853,211	$ 803,470
Net Income (Loss)	23,740	19,105	60,450	55,364
Other comprehensive (loss) income	(4,053)	(1,555)	(2,236)	(3,107)
Equity compensation	3,446	3,516	10,134	10,023
Exercise of stock options		218	278	412
Issuance of shares pursuant to employee stock purchase plan and vesting of restricted stock units		4	2,265	1,543
Payments for stock buybacks	(12)	(330)	(22,864)	(22,096)
Dividends declared	(2,636)	(2,636)	(7,908)	(7,870)
Balance	$ 893,330	$ 837,739	$ 893,330	$ 837,739
Common Stock
Balance (in shares)	18,815	18,818	18,883	18,876
Balance	$ 24	$ 23	$ 23	$ 23
Exercise of stock options (in shares)		5	8	13
Issuance of shares pursuant to employee stock purchase plan and vesting of restricted stock units (in shares)	2	14	151	176
Issuance of shares pursuant to employee stock purchase plan and vesting of restricted stock units			$ 1
Payments for stock buybacks (in shares)		(3)	(225)	(231)
Balance (in shares)	18,817	18,834	18,817	18,834
Balance	$ 24	$ 23	$ 24	$ 23
Additional Paid-in Capital
Balance	411,187	393,224	401,957	384,984
Equity compensation	3,446	3,516	10,134	10,023
Exercise of stock options		218	278	412
Issuance of shares pursuant to employee stock purchase plan and vesting of restricted stock units		4	2,264	1,543
Balance	414,633	396,962	414,633	396,962
Retained Earnings
Balance	734,468	680,323	703,030	649,298
Net Income (Loss)	23,740	19,105	60,450	55,364
Dividends declared	(2,636)	(2,636)	(7,908)	(7,870)
Balance	$ 755,572	$ 696,792	$ 755,572	$ 696,792
Treasury Stock
Balance (in shares)	5,131	4,887	4,906	4,659
Balance	$ (266,518)	$ (241,566)	$ (243,666)	$ (219,800)
Payments for stock buybacks (in shares)		3	225	231
Payments for stock buybacks	$ (12)	$ (330)	$ (22,864)	$ (22,096)
Balance (in shares)	5,131	4,890	5,131	4,890
Balance	$ (266,530)	$ (241,896)	$ (266,530)	$ (241,896)
Accumulated Other Comprehensive Loss
Balance	(6,316)	(12,587)	(8,133)	(11,035)
Other comprehensive (loss) income	(4,053)	(1,555)	(2,236)	(3,107)
Balance	$ (10,369)	$ (14,142)	$ (10,369)	$ (14,142)

Long Term Debt - Schedule of Future Scheduled Repayments of Term Loan Principal (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
September 30, 2024	$ 23,250
September 30, 2025	32,500
September 30, 2026	39,000
May 6, 2027 (Maturity)	443,638
Total	538,388	$ 561,366
Term Loan
Debt Instrument [Line Items]
September 30, 2024	15,000
September 30, 2025	18,750
September 30, 2026	22,500
May 6, 2027 (Maturity)	221,250
Total	277,500	288,750
Delayed-Draw Term Loan
Debt Instrument [Line Items]
September 30, 2024	8,250
September 30, 2025	13,750
September 30, 2026	16,500
May 6, 2027 (Maturity)	181,500
Total	220,000	220,000
Revolving Credit
Debt Instrument [Line Items]
May 6, 2027 (Maturity)	40,888
Total	$ 40,888	$ 52,616

- 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

Share Repurchase Program

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Share Repurchase Program

NOTE 15 – SHARE REPURCHASE PROGRAM

In September 2017, the board approved a share repurchase program that allows for share repurchases in the aggregate up to $100.0 million under approved share repurchase plans pursuant to Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). In November 2021, the board amended and increased the previously authorized aggregate repurchase limit from $100.0 million to $200.0 million. The Credit Facility permits share repurchases provided that the Company’s Consolidated Leverage Ratio, prior to and after giving effect to such repurchases, is 0.50 to 1.00 less than the then-applicable maximum Consolidated Leverage Ratio and subject to the Company having net liquidity of at least $100.0 million after giving effect to such repurchases. Notwithstanding the formula-based limit, the Company is permitted to make share repurchases up to $25.0 million per calendar year provided that it was not in default.

Purchases under this program may be made from time to time at prevailing market prices in the open market or in privately negotiated transactions pursuant to Rule 10b-18 under the Exchange Act and in accordance with applicable insider trading and other securities laws and regulations. The purchases are funded from existing cash balances and/or borrowings, and the repurchased shares are held in treasury. The timing and extent to which the Company repurchases its shares will depend on market conditions and other corporate considerations in the Company’s sole discretion.

For the nine months ended September 30, 2023 and 2022, the Company used $18.1 million to repurchase 180,000 shares and $17.0 million to repurchase 176,375 shares, respectively, under the share repurchase program. As of September 30, 2023, $93.7 million of authorization remained available for share repurchases under the repurchase program.

Goodwill (Tables)

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Carrying Amount of Goodwill

The changes in carrying amount of goodwill during the nine months ended September 30, 2023 were as follows:


Balance as of December 31, 2022	$	1,212,898
Add: Goodwill resulting from business combination		21,133
Less: Goodwill resulting from business divestiture		(15,107	)
Effect of foreign currency translation		402
Balance as of September 30, 2023	$	1,219,326

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

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-Subparagraph (b)
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Income Taxes - Unrecognized Tax Benefit Reconciliation (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Unrecognized tax benefits, beginning balance	$ 145	$ 450
Decrease attributable to tax positions taken during the prior period		(305)
Increase attributable to tax positions taken during the current period	26,011
Unrecognized tax benefits, ending balance	$ 26,156	$ 145

Income Taxes - Effective Income Tax Rate Reconciliation (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Taxes at statutory rate	21.00%	21.00%	21.00%	21.00%
State taxes, net of federal benefit	5.80%	5.60%	5.80%	5.60%
Executive compensation	1.40%	1.50%	1.40%	1.50%
Corporate-Owned Life Insurance	(0.20%)	1.10%	(0.20%)	1.10%
Other permanent differences	0.40%	1.00%	0.30%	0.70%
Prior year tax adjustments	(27.10%)	(0.30%)	(10.80%)	(0.30%)
Uncertain tax position	19.10%		6.90%
Worthless stock	(20.20%)	(17.70%)	(7.30%)	(5.50%)
Capital Loss			(6.70%)
Valuation allowance	3.10%	0.70%	1.90%	1.00%
Equity-based compensation	(0.60%)	(1.30%)	(1.60%)	(1.40%)
Tax credits	(1.30%)	(0.50%)	(1.30%)	(0.50%)
Taxes at effective rate	1.40%	11.70%	9.40%	23.20%

Stockholders' Equity

9 Months Ended

Sep. 30, 2023

Stockholders' Equity Note [Abstract]

Stockholders' Equity

NOTE 11 – STOCKHOLDERS’ EQUITY

Changes in stockholders’ equity for the three and nine months ended September 30, 2023 and 2022 are as follows:


	Three Months Ended September 30, 2023
	Common Stock				Additional Paid-in		Retained			Treasury Stock					Accumulated Other Comprehensive
	Shares		Amount		Capital		Earnings			Shares		Amount			Loss			Total
Balance at June 30, 2023		18,815		24		411,187		734,468			5,131		(266,518	)		(6,316	)	$	872,845
Net income		—		—		—		23,740			—		—			—			23,740
Other comprehensive income		—		—		—		—			—		—			(4,053	)		(4,053	)
Equity compensation		—		—		3,446		—			—		—			—			3,446
Issuance of shares pursuant to employee stock purchase plan and vesting of restricted stock units		2		—		—		—			—		—			—			—
Payments for stock buybacks		—		—		—		—			—		(12	)		—			(12	)
Dividends declared		—		—		—		(2,636	)		—		—			—			(2,636	)
Balance at September 30, 2023		18,817	$	24	$	414,633	$	755,572			5,131	$	(266,530	)	$	(10,369	)	$	893,330


	Three Months Ended September 30, 2022
	Common Stock					Additional Paid-in		Retained			Treasury Stock					Accumulated Other Comprehensive
	Shares			Amount		Capital		Earnings			Shares		Amount			Loss			Total
Balance at June 30, 2022		18,818		$	23	$	393,224	$	680,323			4,887	$	(241,566	)	$	(12,587	)	$	819,417
Net income		—			—		—		19,105			—		—			—			19,105
Other comprehensive loss		—			—		—		—			—		—			(1,555	)		(1,555	)
Equity compensation		—			—		3,516		—			—		—			—			3,516
Exercise of stock options		5			—		218		—			—		—			—			218
Issuance of shares pursuant to employee stock purchase plan and vesting of restricted stock units		14			—		4		—			—		—			—			4
Payments for stock buybacks		(3	)		—		—		—			3		(330	)		—			(330	)
Dividends declared		—			—		—		(2,636	)		—		—			—			(2,636	)
Balance at September 30, 2022		18,834		$	23	$	396,962	$	696,792			4,890	$	(241,896	)	$	(14,142	)	$	837,739


	Nine Months Ended September 30, 2023
	Common Stock					Additional Paid-in		Retained			Treasury Stock					Accumulated Other Comprehensive
	Shares			Amount		Capital		Earnings			Shares		Amount			Loss			Total
Balance at December 31, 2022		18,883		$	23	$	401,957	$	703,030			4,906	$	(243,666	)	$	(8,133	)	$	853,211
Net income		—			—		—		60,450			—		—			—			60,450
Other comprehensive income		—			—		—		—			—		—			(2,236	)		(2,236	)
Equity compensation		—			—		10,134		—			—		—			—			10,134
Exercise of stock options		8			—		278		—			—		—			—			278
Issuance of shares pursuant to employee stock purchase plan and vesting of restricted stock units		151			1		2,264		—			—		—			—			2,265
Payments for stock buybacks		(225	)		—		—		—			225		(22,864	)		—			(22,864	)
Dividends declared		—			—		—		(7,908	)		—		—			—			(7,908	)
Balance at September 30, 2023		18,817		$	24	$	414,633	$	755,572			5,131	$	(266,530	)	$	(10,369	)	$	893,330


	Nine Months Ended September 30, 2022
	Common Stock					Additional Paid-in		Retained			Treasury Stock					Accumulated Other Comprehensive
	Shares			Amount		Capital		Earnings			Shares		Amount			Loss			Total
Balance at December 31, 2021		18,876		$	23	$	384,984	$	649,298			4,659	$	(219,800	)	$	(11,035	)	$	803,470
Net income		—			—		—		55,364			—		—			—			55,364
Other comprehensive loss		—			—		—		—			—		—			(3,107	)		(3,107	)
Equity compensation		—			—		10,023		—			—		—			—			10,023
Exercise of stock options		13			—		412		—			—		—			—			412
Issuance of shares pursuant to employee stock purchase plan and vesting of restricted stock units		176			—		1,543		—			—		—			—			1,543
Payments for stock buybacks		(231	)		—		—		—			231		(22,096	)		—			(22,096	)
Dividends declared		—			—		—		(7,870	)		—		—			—			(7,870	)
Balance at September 30, 2022		18,834		$	23	$	396,962	$	696,792			4,890	$	(241,896	)	$	(14,142	)	$	837,739

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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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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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Subsequent Events - Additional Information (Details)	Nov. 02, 2023 $ / shares
Subsequent Event
Subsequent Event [Line Items]
Cash dividend per share	$ 0.14

Restricted Cash (Tables)

9 Months Ended

Sep. 30, 2023

Restricted Cash and Cash Equivalents, Current [Abstract]

Reconciliation of Cash and Cash Equivalents, and Restricted Cash


	September 30, 2023				September 30, 2022
	Beginning		Ending		Beginning		Ending
Cash and cash equivalents	$	11,257	$	5,084	$	8,254	$	8,483
Restricted cash		1,711		2,770		12,179		1,993
Total of cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows	$	12,968	$	7,854	$	20,433	$	10,476

Leases - Summary of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Operating lease cost	$ 6,324	$ 9,411	$ 19,206	$ 28,349
Finance lease cost - amortization of right-of-use assets	494	105	1,482	105
Finance lease cost - interest	146	21	446	21
Short-term lease cost	162	76	495	353
Variable lease cost	115	59	239	106
Sublease income	0	(26)	(28)	(64)
Total lease cost	$ 7,241	$ 9,646	$ 21,840	$ 28,870

Contract Receivables, Net (Tables)

9 Months Ended

Sep. 30, 2023

Receivables [Abstract]

Summary of Contract Receivables, Net

Contract receivables, net consisted of the following:


	September 30, 2023			December 31, 2022
Billed and billable	$	219,783		$	238,449
Allowance for expected credit losses		(4,965	)		(6,112	)
Contract receivables, net	$	214,818		$	232,337

Revenue Recognition - Additional Information (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Net contract assets (liabilities)	$ 49.0
Revenue related to contract liabilities	$ 17.3	$ 27.1

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2023

Stockholders' Equity Note [Abstract]

Schedule of Changes in Stockholders' Equity

Changes in stockholders’ equity for the three and nine months ended September 30, 2023 and 2022 are as follows:


	Three Months Ended September 30, 2023
	Common Stock				Additional Paid-in		Retained			Treasury Stock					Accumulated Other Comprehensive
	Shares		Amount		Capital		Earnings			Shares		Amount			Loss			Total
Balance at June 30, 2023		18,815		24		411,187		734,468			5,131		(266,518	)		(6,316	)	$	872,845
Net income		—		—		—		23,740			—		—			—			23,740
Other comprehensive income		—		—		—		—			—		—			(4,053	)		(4,053	)
Equity compensation		—		—		3,446		—			—		—			—			3,446
Issuance of shares pursuant to employee stock purchase plan and vesting of restricted stock units		2		—		—		—			—		—			—			—
Payments for stock buybacks		—		—		—		—			—		(12	)		—			(12	)
Dividends declared		—		—		—		(2,636	)		—		—			—			(2,636	)
Balance at September 30, 2023		18,817	$	24	$	414,633	$	755,572			5,131	$	(266,530	)	$	(10,369	)	$	893,330


	Three Months Ended September 30, 2022
	Common Stock					Additional Paid-in		Retained			Treasury Stock					Accumulated Other Comprehensive
	Shares			Amount		Capital		Earnings			Shares		Amount			Loss			Total
Balance at June 30, 2022		18,818		$	23	$	393,224	$	680,323			4,887	$	(241,566	)	$	(12,587	)	$	819,417
Net income		—			—		—		19,105			—		—			—			19,105
Other comprehensive loss		—			—		—		—			—		—			(1,555	)		(1,555	)
Equity compensation		—			—		3,516		—			—		—			—			3,516
Exercise of stock options		5			—		218		—			—		—			—			218
Issuance of shares pursuant to employee stock purchase plan and vesting of restricted stock units		14			—		4		—			—		—			—			4
Payments for stock buybacks		(3	)		—		—		—			3		(330	)		—			(330	)
Dividends declared		—			—		—		(2,636	)		—		—			—			(2,636	)
Balance at September 30, 2022		18,834		$	23	$	396,962	$	696,792			4,890	$	(241,896	)	$	(14,142	)	$	837,739


	Nine Months Ended September 30, 2023
	Common Stock					Additional Paid-in		Retained			Treasury Stock					Accumulated Other Comprehensive
	Shares			Amount		Capital		Earnings			Shares		Amount			Loss			Total
Balance at December 31, 2022		18,883		$	23	$	401,957	$	703,030			4,906	$	(243,666	)	$	(8,133	)	$	853,211
Net income		—			—		—		60,450			—		—			—			60,450
Other comprehensive income		—			—		—		—			—		—			(2,236	)		(2,236	)
Equity compensation		—			—		10,134		—			—		—			—			10,134
Exercise of stock options		8			—		278		—			—		—			—			278
Issuance of shares pursuant to employee stock purchase plan and vesting of restricted stock units		151			1		2,264		—			—		—			—			2,265
Payments for stock buybacks		(225	)		—		—		—			225		(22,864	)		—			(22,864	)
Dividends declared		—			—		—		(7,908	)		—		—			—			(7,908	)
Balance at September 30, 2023		18,817		$	24	$	414,633	$	755,572			5,131	$	(266,530	)	$	(10,369	)	$	893,330


	Nine Months Ended September 30, 2022
	Common Stock					Additional Paid-in		Retained			Treasury Stock					Accumulated Other Comprehensive
	Shares			Amount		Capital		Earnings			Shares		Amount			Loss			Total
Balance at December 31, 2021		18,876		$	23	$	384,984	$	649,298			4,659	$	(219,800	)	$	(11,035	)	$	803,470
Net income		—			—		—		55,364			—		—			—			55,364
Other comprehensive loss		—			—		—		—			—		—			(3,107	)		(3,107	)
Equity compensation		—			—		10,023		—			—		—			—			10,023
Exercise of stock options		13			—		412		—			—		—			—			412
Issuance of shares pursuant to employee stock purchase plan and vesting of restricted stock units		176			—		1,543		—			—		—			—			1,543
Payments for stock buybacks		(231	)		—		—		—			231		(22,096	)		—			(22,096	)
Dividends declared		—			—		—		(7,870	)		—		—			—			(7,870	)
Balance at September 30, 2022		18,834		$	23	$	396,962	$	696,792			4,890	$	(241,896	)	$	(14,142	)	$	837,739

Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2023

Sep. 30, 2022

Accumulated Other Comprehensive Income Loss [Line Items]

Balance

$ 872,845

$ 819,417

$ 853,211

$ 803,470

Current period other comprehensive (loss) income:

Total current period other comprehensive income (loss)

(4,053)

(1,555)

(2,236)

(3,107)

Balance

893,330

837,739

893,330

837,739

Foreign Currency Translation Adjustments

Accumulated Other Comprehensive Income Loss [Line Items]

Balance

(10,833)

(16,562)

(14,056)

(8,759)

Current period other comprehensive (loss) income:

Other comprehensive (loss) income before reclassifications

(3,487)

(7,074)

(82)

(16,099)

Effect of taxes

(2,227)

3,309

(2,409)

4,531

Total current period other comprehensive income (loss)

(5,714)

(3,765)

(2,491)

(11,568)

Balance

(16,547)

(20,327)

(16,547)

(20,327)

Gain on Sale of Interest Rate Hedge Agreement

Accumulated Other Comprehensive Income Loss [Line Items]

Balance

^[1]

305

569

Current period other comprehensive (loss) income:

Amounts reclassified from accumulated other comprehensive (loss) income

^[1],[2]

(180)

(60)

(540)

Effect of taxes

^[1]

144

Total current period other comprehensive income (loss)

^[1]

(132)

(41)

(396)

Balance

^[1]

173

Change in Fair Value of Interest Rate Hedge Agreements

Accumulated Other Comprehensive Income Loss [Line Items]

Balance

^[3]

4,517

3,670

5,882

(2,845)

Current period other comprehensive (loss) income:

Other comprehensive (loss) income before reclassifications

^[3]

4,379

3,128

5,658

10,430

Amounts reclassified from accumulated other comprehensive (loss) income

^[2],[3]

(2,101)

142

(5,239)

1,640

Effect of taxes

^[3]

(617)

(928)

(123)

(3,213)

Total current period other comprehensive income (loss)

^[3]

1,661

2,342

296

8,857

Balance

^[3]

6,178

6,012

6,178

6,012

Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Income Loss [Line Items]

Balance

(6,316)

(12,587)

(8,133)

(11,035)

Current period other comprehensive (loss) income:

Other comprehensive (loss) income before reclassifications

892

(3,946)

5,576

(5,669)

Amounts reclassified from accumulated other comprehensive (loss) income

^[2]

(2,101)

(38)

(5,299)

1,100

Effect of taxes

(2,844)

2,429

(2,513)

1,462

Total current period other comprehensive income (loss)

(4,053)

(1,555)

(2,236)

(3,107)

Balance

$ (10,369)

$ (14,142)

$ (10,369)

$ (14,142)

[1]	Represents the unamortized value of an interest rate hedge agreement, designated as a cash flow hedge, which was sold on December 1, 2016. The fair value of the interest rate hedge agreement, at the date of the sale, was recorded in other comprehensive income, net of tax, and is being reclassified to interest expense when earnings are impacted by the hedged items and as interest payments are made on the Credit Facility from January 31, 2018 to January 31, 2023.
[2]	The Company expects to reclassify $6.5 million of gains related to the Change in Fair Value of Interest Rate Hedge Agreement from accumulated other comprehensive loss into earnings during the next 12 months.
[3]	Represents the change in fair value of interest rate hedge agreements designated as cash flow hedges. The fair value of the interest rate hedge agreements was recorded in other comprehensive income, net of tax, and will be reclassified to earnings when earnings are impacted by the hedged items, as interest payments are made on the Credit Facility from August 31, 2018 to June 27, 2028 (see “Note 8 – Derivative Instruments and Hedging Activities”).

Revenue Recognition - Additional Information (Detail 1) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-10-01 $ in Billions	Sep. 30, 2023 USD ($)
Revenue From Contract With Customer [Line Items]
Unfulfilled performance obligation	$ 1.5
Maximum
Revenue From Contract With Customer [Line Items]
Expected period to satisfy performance obligations	2 years

Leases - Additional Information (Details) $ in Millions	3 Months Ended	9 Months Ended
Leases - Additional Information (Details) $ in Millions	Sep. 30, 2023 USD ($) Office	Sep. 30, 2023 USD ($)
Lessee Lease Description [Line Items]
Operating leases, option to extend lease		The leases may include options to extend the lease periods for up to 5 years
Finance leases, option to extend lease		The leases may include options to extend the lease periods for up to 5 years
Operating leases, existence of option to extend		true
Operating leases, option to terminate lease		options to terminate the leases within 1 year
Finance leases, option to terminate lease		options to terminate the leases within 1 year
Operating leases, existence of option to terminate		true
Operating leases, residual value guarantee description		The leases may include a residual value guarantee or a responsibility to return the property to its original state of use.
Finance leases, residual value guarantee description		The leases may include a residual value guarantee or a responsibility to return the property to its original state of use.
Operating leases, existence of residual value guarantee		true
Number of office facilities, ceased use \| Office	2
Impairment related to operating lease right-of-use asset	$ 2.9
Impairment related to leasehold improvement	2.9
Accrued other future lease-related expenses	$ 2.2	$ 2.2
Minimum
Lessee Lease Description [Line Items]
Operating leases, remaining lease term	1 year	1 year
Finance leases, remaining lease term	1 year	1 year
Maximum
Lessee Lease Description [Line Items]
Operating leases, remaining lease term	15 years	15 years
Finance leases, remaining lease term	15 years	15 years
Operating leases, extendable lease term	5 years	5 years
Finance leases, extendable lease term	5 years	5 years
Operating leases, termination lease term		1 year
Finance leases, termination lease term		1 year

Commitments and Contingencies

9 Months Ended

Sep. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

NOTE 17 – COMMITMENTS AND CONTINGENCIES

Letters of Credit

At September 30, 2023 and December 31, 2022, the Company had open standby letters of credit totaling $1.6 million and $2.0 million, respectively. The open standby letters of credit reduce the Company’s unused borrowing capacity under the Credit Facility.

Litigation and Claims

The Company is involved in various legal matters and proceedings arising in the ordinary course of business. While these matters and proceedings cause it to incur costs, including, but not limited to, attorneys’ fees, the Company currently believes that any ultimate liability arising out of these matters and proceedings will not have a material adverse effect on its financial position, results of operations, or cash flows.

Leases - Summary of Future Minimum Lease Payments Under Non-Cancellable Operating and Finance Leases (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Leases [Abstract]
September 30, 2024	$ 23,307
September 30, 2025	27,510
September 30, 2026	23,221
September 30, 2027	18,692
September 30, 2028	15,186
Thereafter	130,521
Total future minimum lease payments	238,437
Less: Interest	(44,489)
Total lease liabilities	193,948
September 30, 2024	2,967
September 30, 2025	2,967
September 30, 2026	2,967
September 30, 2027	2,967
September 30, 2028	2,967
Thereafter	3,708
Total future minimum lease payments	18,543
Less: Interest	(1,825)
Total lease liabilities	$ 16,718

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Revenue	$ 501,519	$ 467,777	$ 1,484,886	$ 1,304,355
Direct costs:
Direct costs	323,504	307,295	961,473	834,358
Operating costs and expenses:
Indirect and selling expenses	131,553	118,290	381,808	350,145
Depreciation and amortization	5,917	5,297	19,052	15,198
Amortization of intangible assets	8,644	8,661	27,154	18,941
Total operating costs and expenses	146,114	132,248	428,014	384,284
Operating income	31,901	28,234	95,399	85,713
Interest, net	(10,557)	(7,420)	(30,146)	(14,096)
Other income	2,736	833	1,501	438
Income before income taxes	24,080	21,647	66,754	72,055
Provision for income taxes	340	2,542	6,304	16,691
Net income	$ 23,740	$ 19,105	$ 60,450	$ 55,364
Earnings per Share:
Basic	$ 1.26	$ 1.01	$ 3.22	$ 2.94
Diluted	$ 1.25	$ 1.01	$ 3.19	$ 2.91
Weighted-average Shares:
Basic	18,815	18,826	18,795	18,806
Diluted	18,974	19,009	18,958	19,001
Cash dividends declared per common share	$ 0.14	$ 0.14	$ 0.42	$ 0.42
Other comprehensive loss, net of tax	$ (4,053)	$ (1,555)	$ (2,236)	$ (3,107)
Comprehensive income, net of tax	$ 19,687	$ 17,550	$ 58,214	$ 52,257

Contract Receivables, Net - Summary of Contract Receivables, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Receivables [Abstract]
Billed and billable	$ 219,783	$ 238,449
Allowance for expected credit losses	(4,965)	(6,112)
Contract receivables, net	$ 214,818	$ 232,337

Revenue Recognition

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenue Recognition

NOTE 7 – REVENUE RECOGNITION

Disaggregation of Revenue

The Company disaggregates revenue from clients, most of which is earned over time, into categories that depict how the nature, amount, and uncertainty of revenue and cash flows are affected by economic and business factors. Those categories are client markets, client type, and contract mix. Client markets provide insight into the breadth of the Company’s expertise. In classifying revenue by client market, the Company attributes revenue from a client to the market that the Company believes is the client’s primary market. The Company also classifies revenue by the type of entity for which it does business, which is an indicator of the diversity of its client base. The Company attributes revenue generated as a subcontractor to a commercial company as government revenue when the ultimate client is a government agency or department. Disaggregation by contract mix provides insight in terms of the degree of performance risk that the Company has assumed. Fixed-price contracts are considered to provide the highest amount of performance risk as the Company is required to deliver a scope of work or level of effort for a negotiated fixed price. Time-and-materials contracts require the Company to provide skilled employees on contracts for negotiated fixed hourly rates. Since the Company is not required to deliver a scope of work, but merely skilled employees, it considers these contracts to be less risky than a fixed-price agreement. Cost-based contracts are considered to provide the lowest amount of performance risk since the Company is generally reimbursed for all contract costs incurred in performance of contract deliverables with only the amount of incentive or award fees (if applicable) dependent on the achievement of negotiated performance requirements.


	Three Months Ended September 30,										Nine Months Ended September 30,
	2023					2022					2023					2022
	Dollars		Percent			Dollars		Percent			Dollars		Percent			Dollars		Percent
Client Markets:
Energy, environment, infrastructure, and disaster recovery	$	204,802		41	%	$	179,002		38	%	$	596,089		40	%	$	522,698		40	%
Health and social programs		210,501		42	%		197,225		42	%		620,198		42	%		511,312		39	%
Security and other civilian & commercial		86,216		17	%		91,550		20	%		268,599		18	%		270,345		21	%
Total	$	501,519		100	%	$	467,777		100	%	$	1,484,886		100	%	$	1,304,355		100	%


	Three Months Ended September 30,										Nine Months Ended September 30,
	2023					2022					2023					2022
	Dollars		Percent			Dollars		Percent			Dollars		Percent			Dollars		Percent
Client Type:
U.S. federal government	$	279,314		56	%	$	271,609		58	%	$	820,116		55	%	$	715,986		55	%
U.S. state and local government		76,393		15	%		64,910		14	%		232,274		16	%		194,778		15	%
International government		27,623		5	%		23,046		5	%		74,598		5	%		79,060		6	%
Total Government		383,330		76	%		359,565		77	%		1,126,988		76	%		989,824		76	%
Commercial		118,189		24	%		108,212		23	%		357,898		24	%		314,531		24	%
Total	$	501,519		100	%	$	467,777		100	%	$	1,484,886		100	%	$	1,304,355		100	%


	Three Months Ended September 30,										Nine Months Ended September 30,
	2023					2022					2023					2022
	Dollars		Percent			Dollars		Percent			Dollars		Percent			Dollars		Percent
Contract Mix:
Time-and-materials	$	206,646		41	%	$	188,772		40	%	$	615,859		41	%	$	523,661		40	%
Fixed-price		223,173		45	%		210,919		45	%		667,711		45	%		580,836		45	%
Cost-based		71,700		14	%		68,086		15	%		201,316		14	%		199,858		15	%
Total	$	501,519		100	%	$	467,777		100	%	$	1,484,886		100	%	$	1,304,355		100	%

Contract Balances

The following table summarizes the contract balances as of September 30, 2023 and December 31, 2022:


	September 30, 2023			December 31, 2022
Contract assets	$	209,267		$	169,088
Contract liabilities		(16,989	)		(25,773	)
Net contract assets (liabilities)	$	192,278		$	143,315

The net contract assets (liabilities) as of September 30, 2023 increased by $49.0 million as compared to December 31, 2022. The increase in net contract assets (liabilities) is primarily due to the timing difference between the performance of services and billings to and payments from customers. There were no material changes to contract balances due to impairments or credit losses during the period. During the nine months ended September 30, 2023 and 2022, the Company recognized $17.3 million and $27.1 million in revenue related to the contract liabilities balance at December 31, 2022 and 2021, respectively.

Performance Obligations

The Company had $1.5 billion in unfulfilled performance obligations as of September 30, 2023 which primarily reflects the future delivery of services for which revenue will be recognized over time. The obligations relate to continued or additional services required on contracts, including those that are either non-cancellable or have substantive termination penalties, and were generally valued using an estimated cost-plus margin approach, with variable consideration being estimated at the most likely amount. The amounts exclude marketing offers, which are negotiated but unexercised contract options and indefinite delivery/indefinite quantity (IDIQ) and similar arrangements that provided a framework for customers to issue specific tasks, delivery, or purchase orders in the future. The Company expects to satisfy these performance obligations in approximately two years.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement, Recognized Amount [Abstract]

Schedule of Awards Granded

The following awards were granted during the three and nine months ended September 30, 2023 and 2022:


	Awards Granted								Average Grant Date Fair Value
	Three Months Ended				Nine Months Ended				Three Months Ended				Nine Months Ended
	September 30,				September 30,				September 30,				September 30,
	2023		2022		2023		2022		2023		2022		2023		2022
Employee Stock Awards		—		25,059		113,569		177,960	$	—	$	99.47	$	107.29	$	92.87
Cash-Settled Restricted Stock Units		2,281		15,694		68,745		78,534	$	130.47	$	99.47	$	110.04	$	93.81
Non-Employee Director Stock Awards		8,211		10,703		8,211		11,399	$	127.81	$	94.79	$	127.81	$	95.35
Total		10,492		51,456		190,525		267,893

Schedule of Stock-Based Compensation Expense

The total stock-based compensation expense for the three and nine months ended September 30, 2023 and 2022, and the unrecognized compensation expense at September 30, 2023:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,				As of September 30, 2023
(in millions)	2023		2022		2023		2022		Unrecognized		Weighted Average Period to Recognize (in years)
Employee Stock Awards	$	3,166	$	3,241	$	9,394	$	9,215	$	19,213		1.65
Cash-Settled Restricted Stock Units		1,709		1,793		5,808		4,242		12,134		1.94
Non-Employee Director Stock Awards		280		276		740		808		770		0.67
Total	$	5,155	$	5,310	$	15,942	$	14,265	$	32,117

Stock-Based Compensation - Schedule Of Awards Granded (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards Granted	10,492	51,456	190,525	267,893
Employee Stock Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards Granted		25,059	113,569	177,960
Average Grant Date Fair Value	$ 99.47		$ 107.29	$ 92.87
Cash-Settled Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards Granted	2,281	15,694	68,745	78,534
Average Grant Date Fair Value	$ 99.47	$ 130.47	$ 110.04	$ 93.81
Non-Employee Director Stock Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards Granted	8,211	10,703	8,211	11,399
Average Grant Date Fair Value	$ 94.79	$ 127.81	$ 127.81	$ 95.35

- 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

Earnings Per Share - Additional Information (Details)	9 Months Ended
Earnings Per Share - Additional Information (Details)	Sep. 30, 2023
Performance Shares \| Initial Performance Vesting Period
Share-based compensation arrangement by share-based payment award, award vesting period	2 years

Revenue Recognition - Schedule of Changes in Contract Balances Due to Adoption of New Accounting Standards (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract assets	$ 209,267	$ 169,088
Contract liabilities	(16,989)	(25,773)
Net contract assets (liabilities)	$ 192,278	$ 143,315