Parsons (PSN) 10-Q 31 Jul 24 2024 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2024	Jul. 22, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Trading Symbol(s)	PSN
Entity Registrant Name	Parsons Corporation
Entity Central Index Key	0000275880
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		106,185,132
Entity File Number	001-07782
Entity Tax Identification Number	95-3232481
Entity Address, Address Line One	14291 Park Meadow Drive
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	Chantilly
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	20151
City Area Code	703
Local Phone Number	988-8500
Title of 12(b) Security	Common Stock, $1 par value
Security Exchange Name	NYSE
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	DE
Entity Interactive Data Current	Yes

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents (including $128,259 and $128,761 Cash of consolidated joint ventures)	$ 528,462	$ 272,943
Accounts receivable, net (including $278,869 and $274,846 Accounts receivable of consolidated joint ventures, net)	1,042,936	915,638
Contract assets (including $41,963 and $11,096 Contract assets of consolidated joint ventures)	803,685	757,515
Prepaid expenses and other current assets (including $15,220 and $11,929 Prepaid expenses and other current assets of consolidated joint ventures)	198,619	191,430
Total current assets	2,573,702	2,137,526
Property and equipment, net (including $3,207 and $3,274 Property and equipment of consolidated joint ventures, net)	98,217	98,957
Right of use assets, operating leases (including $7,423 and $9,885 Right of use assets, operating leases of consolidated joint ventures)	136,169	159,211
Goodwill	1,790,903	1,792,665
Investments in and advances to unconsolidated joint ventures	157,243	128,204
Intangible assets, net	248,079	275,566
Deferred tax assets	162,669	140,162
Other noncurrent assets	71,748	71,770
Total assets	5,238,730	4,804,061
Current liabilities:
Accounts payable (including $55,621 and $49,234 Accounts payable of consolidated joint ventures)	252,838	242,821
Accrued expenses and other current liabilities (including $150,734 and $145,040 Accrued expenses and other current liabilities of consolidated joint ventures)	822,124	801,423
Contract liabilities (including $66,042 and $61,234 Contract liabilities of consolidated joint ventures)	298,104	301,107
Short-term lease liabilities, operating leases (including $4,123 and $4,753 Short-term lease liabilities, operating leases of consolidated joint ventures)	52,840	58,556
Income taxes payable	1,042	6,977
Total current liabilities	1,426,948	1,410,884
Long-term employee incentives	25,491	22,924
Long-term debt	1,247,306	745,963
Long-term lease liabilities, operating leases (including $3,299 and $5,132 Long-term lease liabilities, operating leases of consolidated joint ventures)	98,152	117,505
Deferred tax liabilities	9,789	9,775
Other long-term liabilities	111,400	120,295
Total liabilities	2,919,086	2,427,346
Contingencies (Note 12)
Shareholders' equity:
Common stock, $1 par value; authorized 1,000,000,000 shares; 146,698,035 and 146,341,363 shares issued; 50,022,445 and 45,960,122 public shares outstanding; 56,161,683 and 59,879,857 ESOP shares outstanding	146,697	146,341
Treasury stock, 40,501,385 shares at cost	(827,311)	(827,311)
Additional paid-in capital	2,762,728	2,779,365
Retained earnings	155,535	203,724
Accumulated other comprehensive loss	(19,139)	(14,908)
Total Parsons Corporation shareholders' equity	2,218,510	2,287,211
Noncontrolling interests	101,134	89,504
Total shareholders' equity	2,319,644	2,376,715
Total liabilities and shareholders' equity	$ 5,238,730	$ 4,804,061

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Cash and cash equivalents	$ 528,462	$ 272,943
Accounts receivable, net	1,042,936	915,638
Contract assets	803,685	757,515
Prepaid expenses and other current assets	198,619	191,430
Property and equipment, net	98,217	98,957
Right of use assets, operating leases	136,169	159,211
Accounts payable	252,838	242,821
Accrued expenses and other current liabilities	822,124	801,423
Short-term lease liabilities, operating leases	52,840	58,556
Long-term lease liabilities, operating leases	98,152	117,505
Contract liabilities	$ 298,104	$ 301,107
Common stock, par value	$ 1	$ 1
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares, issued	146,698,035	146,341,363
Common stock, shares, outstanding	50,022,445	45,960,122
Treasury stock, shares	40,501,385	40,501,385
ESOP
Common stock, shares, outstanding	56,161,683	59,879,857
Consolidated Joint Ventures
Cash and cash equivalents	$ 128,259	$ 128,761
Accounts receivable, net	278,869	274,846
Contract assets	41,963	11,096
Prepaid expenses and other current assets	15,220	11,929
Property and equipment, net	3,207	3,274
Right of use assets, operating leases	7,423	9,885
Accounts payable	55,621	49,234
Accrued expenses and other current liabilities	150,734	145,040
Short-term lease liabilities, operating leases	4,123	4,753
Long-term lease liabilities, operating leases	3,299	5,132
Contract liabilities	$ 66,042	$ 61,234

Consolidated Statements of Inco

Consolidated Statements of Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenue	$ 1,670,467	$ 1,356,486	$ 3,206,143	$ 2,529,952
Direct cost of contracts	1,318,931	1,068,220	2,529,758	1,985,408
Equity in (losses) earnings of unconsolidated joint ventures	(16,837)	75	(18,897)	(5,765)
Selling, general and administrative expenses	223,277	211,897	444,222	411,205
Operating income	111,422	76,444	213,266	127,574
Interest income	3,825	306	4,977	1,099
Interest expense	(13,008)	(7,299)	(26,006)	(13,757)
Loss on extinguishment of debt	0	0	(211,018)	0
Other income (expense), net	895	543	(2,431)	1,857
Total other income (expense)	(8,288)	(6,450)	(234,478)	(10,801)
Income (loss) before income tax expense	103,134	69,994	(21,212)	116,773
Income tax (expense) benefit	(22,415)	(15,223)	9,819	(26,726)
Net income (loss) including noncontrolling interests	80,719	54,771	(11,393)	90,047
Net income attributable to noncontrolling interests	(11,547)	(11,530)	(26,790)	(21,253)
Net income (loss) attributable to Parsons Corporation	$ 69,172	$ 43,241	$ (38,183)	$ 68,794
Earnings (loss) per share:
Basic	$ 0.65	$ 0.41	$ (0.36)	$ 0.66
Diluted	$ 0.63	$ 0.38	$ (0.36)	$ 0.61

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss) including noncontrolling interests	$ 80,719	$ 54,771	$ (11,393)	$ 90,047
Other comprehensive income, net of tax
Foreign currency translation adjustment, net of tax	(2,245)	3,152	(4,172)	2,975
Pension adjustments, net of tax	(16)	16	(47)	17
Comprehensive income (loss) including noncontrolling interests, net of tax	78,458	57,939	(15,612)	93,039
Comprehensive income attributable to noncontrolling interests, net of tax	(11,559)	(11,533)	(26,802)	(21,256)
Comprehensive income (loss) attributable to Parsons Corporation, net of tax	$ 66,899	$ 46,406	$ (42,414)	$ 71,783

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income (loss) including noncontrolling interests	$ (11,393)	$ 90,047
Adjustments to reconcile net (loss) income to net cash used in operating activities
Depreciation and amortization	48,971	57,048
Amortization of debt issue costs	5,326	1,414
Loss (gain) on disposal of property and equipment	408	43
Loss on extinguishment of debt	211,018	0
Provision for doubtful accounts	0	91
Deferred taxes	(222)	(5,220)
Foreign currency transaction gains and losses	2,039	230
Equity in losses of unconsolidated joint ventures	18,897	5,765
Return on investments in unconsolidated joint ventures	20,788	9,313
Stock-based compensation	20,675	15,978
Contributions of treasury stock	30,140	29,167
Changes in assets and liabilities, net of acquisitions and consolidated joint ventures:
Accounts receivable	(131,414)	(227,756)
Contract assets	(47,905)	(78,254)
Prepaid expenses and other assets	(9,396)	(40,899)
Accounts payable	10,585	35,043
Accrued expenses and other current liabilities	(10,533)	33,336
Contract liabilities	(1,360)	76,522
Income taxes	(52,509)	10,309
Other long-term liabilities	(6,308)	1,809
Net cash provided by operating activities	97,807	13,986
Cash flows from investing activities:
Capital expenditures	(18,698)	(17,956)
Proceeds from sale of property and equipment	53	65
Payments for acquisitions, net of cash acquired	(63)	(42,273)
Investments in unconsolidated joint ventures	(70,032)	(24,507)
Return of investments in unconsolidated joint ventures	25	72
Proceeds from sales of investments in unconsolidated joint ventures	0	381
Net cash used in investing activities	(88,715)	(84,218)
Cash flows from financing activities:
Proceeds from borrowings under credit agreement	153,200	187,400
Repayments of borrowings under credit agreement	(153,200)	(187,400)
Proceeds from issuance of convertible notes due 2029	800,000	0
Repurchases of convertible notes due 2025	(495,575)	0
Payments for debt issuance costs	(19,185)	0
Contributions by noncontrolling interests	77	200
Distributions to noncontrolling interests	(15,249)	(2,487)
Repurchases of common stock	(10,000)	(8,000)
Taxes paid on vested stock	(18,940)	(6,838)
Capped call transactions	(88,400)	0
Bond Hedge Termination	195,549	0
Redemption of warrants	(104,952)	0
Proceeds from issuance of common stock	3,740	2,940
Net cash (used in) provided by financing activities	247,065	(14,185)
Effect of exchange rate changes	(638)	467
Net increase (decrease) in cash, cash equivalents, and restricted cash	255,519	(83,950)
Cash, cash equivalents and restricted cash:
Beginning of year	272,943	262,539
End of period	$ 528,462	$ 178,589

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Total Parsons Equity	Noncontrolling Interest
Beginning balance at Dec. 31, 2022	$ 2,095,935	$ 146,132	$ (844,936)	$ 2,717,134	$ 43,089	$ (17,849)	$ 2,043,570	$ 52,365
Comprehensive income
Net income	90,047				68,794		68,794	21,253
Foreign currency translation gain (loss), net	2,975					2,972	2,972	3
Pension adjustments, net	17					17	17
Contributions	200							200
Distributions	(2,487)							(2,487)
Issuance of equity securities, net of retirements	(3,900)	365		(3,895)	(370)		(3,900)
Repurchases of common stock	(8,000)	(185)		(7,815)			(8,000)
Stock-based compensation	15,978			15,978			15,978
Ending Balance at Jun. 30, 2023	2,190,766	146,312	(844,936)	2,721,402	111,513	(14,860)	2,119,431	71,335
Beginning balance at Mar. 31, 2023	2,125,530	146,244	(844,936)	2,712,167	68,429	(18,025)	2,063,879	61,651
Comprehensive income
Net income	54,771				43,241		43,241	11,530
Foreign currency translation gain (loss), net	3,152					3,149	3,149	3
Pension adjustments, net	16					16	16
Distributions	(1,849)							(1,849)
Issuance of equity securities, net of retirements	2,160	114		2,203	(157)		2,160
Repurchases of common stock	(2,000)	(46)		(1,954)			(2,000)
Stock-based compensation	8,986			8,986			8,986
Ending Balance at Jun. 30, 2023	2,190,766	146,312	(844,936)	2,721,402	111,513	(14,860)	2,119,431	71,335
Beginning balance at Dec. 31, 2023	2,376,715	146,341	(827,311)	2,779,365	203,724	(14,908)	2,287,211	89,504
Comprehensive income
Net income	(11,393)				(38,183)		(38,183)	26,790
Foreign currency translation gain (loss), net	(4,172)					(4,184)	(4,184)	12
Pension adjustments, net	(47)					(47)	(47)
Contributions	77							77
Distributions	(15,249)							(15,249)
Capped call transactions	(66,121)			(66,121)			(66,121)
Adjustments to warrant repurchased	(104,952)			(104,952)			(104,952)
Bond hedge termination	149,308			149,308			149,308
Issuance of equity securities, net of retirements	(15,197)	487		(5,678)	(10,006)		(15,197)
Repurchases of common stock	(10,000)	(131)		(9,869)			(10,000)
Stock-based compensation	20,675			20,675			20,675
Ending Balance at Jun. 30, 2024	2,319,644	146,697	(827,311)	2,762,728	155,535	(19,139)	2,218,510	101,134
Beginning balance at Mar. 31, 2024	2,243,157	146,717	(827,311)	2,759,867	87,261	(16,866)	2,149,668	93,489
Comprehensive income
Net income	80,719				69,172		69,172	11,547
Foreign currency translation gain (loss), net	(2,245)					(2,257)	(2,257)	12
Pension adjustments, net	(16)					(16)	(16)
Contributions	77							77
Distributions	(3,991)							(3,991)
Issuance of equity securities, net of retirements	1,791	111		2,578	(898)		1,791
Repurchases of common stock	(10,000)	(131)		(9,869)			(10,000)
Stock-based compensation	10,152			10,152			10,152
Ending Balance at Jun. 30, 2024	$ 2,319,644	$ 146,697	$ (827,311)	$ 2,762,728	$ 155,535	$ (19,139)	$ 2,218,510	$ 101,134

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 69,172	$ 43,241	$ (38,183)	$ 68,794

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	6 Months Ended
	Jun. 30, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Description of Operations

Description of Operations	6 Months Ended
	Jun. 30, 2024
Description Of Operations Disclosure [Abstract]
Description of Operations	1. Description of Operations Organization Parsons Corporation, a Delaware corporation, and its subsidiaries (collectively, the “Company”) provide sophisticated design, engineering and technical services, and smart and agile software to the United States federal government and Critical Infrastructure customers worldwide. The Company performs work in various foreign countries through local subsidiaries, joint ventures and foreign offices maintained to carry out specific projects.

Basis of Presentation and Princ

Basis of Presentation and Principles of Consolidation	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Principles of Consolidation	2. Basis of Presentation and Principles of Consolidation The accompanying unaudited consolidated financial statements and related notes of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") and pursuant to the interim period reporting requirements of Form 10-Q. They do not include all of the information and footnotes required by GAAP for complete financial statements and, therefore, should be read in conjunction with our consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. In the opinion of management, the consolidated financial statements reflect all normal recurring adjustments necessary for a fair statement of the financial position, results of operations and cash flows for the interim periods presented. The results of operations and cash flows for any interim period are not necessarily indicative of results for the full year or for future years. This Quarterly Report on Form 10-Q includes the accounts of Parsons Corporation and its subsidiaries and affiliates which it controls. Interests in joint ventures that are controlled by the Company, or for which the Company is otherwise deemed to be the primary beneficiary, are consolidated. For joint ventures in which the Company does not have a controlling interest, but exerts a significant influence, the Company applies the equity method of accounting (see “Note 14 – Investments in and Advances to Joint Ventures" for further discussion). Intercompany accounts and transactions are eliminated in consolidation. Certain amounts may not foot due to rounding. Use of Estimates The preparation of the consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from those estimates. The Company’s most significant estimates and judgments involve revenue recognition with respect to the determination of the costs to complete contracts and transaction price; determination of self-insurance reserves; useful lives of property and equipment and intangible assets; valuation of deferred income tax assets and uncertain tax positions, among others. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies and Estimates” and “Note 2—Summary of Significant Accounting Policies” in the notes to our consolidated financial statements included in the Company’s Form 10-K for the year ended December 31, 2023 , for a discussion of the significant estimates and assumptions affecting our consolidated financial statements. Estimates of costs to complete contracts are continually evaluated as work progresses and are revised when necessary. When a change in estimate is determined to have an impact on contract profit, the Company records a positive or negative adjustment to the consolidated statement of income.

New Accounting Pronouncements

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

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2024
Business Combinations [Abstract]
Acquisitions	4. Acquisitions I.S. Engineers, LLC On October 31, 2023, the Company entered into a Membership Interest Purchase Agreement to acquire a 100 % ownership interest in I.S. Engineers, LLC (“I.S. Engineers”), a privately-owned company, for $ 12.2 million in cash. Headquartered in Texas, I.S. Engineers provides full service consulting specializing in transportation engineering, including roads and highways, and program management. The acquisition was entirely funded by cash on-hand. In connection with this acquisition, the Company recognized $ 0.3 million of acquisition related “Selling, general and administrative expense” in the consolidated statements of income for the year ended December 31, 2023, including legal fees, consulting fees, and other miscellaneous direct expenses associated with the acquisition. The Company allocated the purchase price to the appropriate classes of tangible assets and liabilities and assigned the excess of $ 11.9 million entirely to goodwill. The entire value of goodwill was assigned to the Critical Infrastructure reporting unit and represents synergies expected to be realized from this business combination. No goodwill is deductible for income tax purposes. Sealing Technologies, Inc. On August 23, 2023, the Company acquired a 100 % ownership interest in Sealing Technologies, Inc (“SealingTech”), a privately-owned company, for $ 179.3 million in cash and up to an additional $ 25 million in the event an earn out revenue target is exceeded. The Company borrowed $ 175 million under the Credit Agreement to fund the acquisition. Headquartered in Maryland, SealingTech expands Parsons’ customer base across the Department of Defense and Intelligence Community, and further enhances the company’s capabilities in defensive cyber operations; integrated mission-solutions powered by artificial intelligence (AI) and machine learning (ML); edge computing and edge access modernization; critical infrastructure protection; and secure data management. In connection with this acquisition, the Company recognized $ 3.3 million of acquisition-related expenses in “Selling, general and administrative expense” in the consolidated statements of income for the year ended December 31, 2023, including legal fees, consulting fees, and other miscellaneous direct expenses associated with the acquisition. The Company has agreed to pay the selling shareholders up to an additional $ 25 million in the event an earn out revenue target of $ 110 million is exceeded during the fiscal year ended December 31, 2024. The earn out payment due and payable by the Company to the selling shareholders shall be equal to (i) five-tenths ( 0.5 ), multiplied by (ii) the difference of (A) the actual earn out revenue minus (B) the earn out revenue target; provided, however, that in no event shall the earn out payment exceed $ 25 million. In the event that the earn out revenue is less than or equal to the earn out revenue target, the earn out payment shall be zero . The earn out payment, if any, shall be paid by the Company to the selling shareholders within 15 days following the date the earn out statement becomes final and binding on both parties. The fair value of the earn out (contingent consideration in the table below) was calculated using a Black-Scholes model. See “Note 2—Summary of Significant Accounting Policies” in the notes to our consolidated financial statements included in the Company’s Form 10-K for the year ended December 31, 2023 for further information on how the fair value of contingent consideration is determined. The following table summarizes the acquisition date fair value of the purchase consideration transferred (in thousands): Amount Cash paid at closing $ 179,259 Fair value of contingent consideration to be achieved 3,231 Total purchase price $ 182,490 The estimated fair value of the SealingTech contingent consideration as of June 30, 2024 was $ 4.1 million, a $ 1.8 million increase from the estimated fair value as of December 31, 2023. Changes in the estimated fair value are recorded to "other income (expense), net" in the consolidated financial statements. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed based on the purchase price allocation as of the date of acquisition (in thousands): Amount Cash and cash equivalents $ 8,133 Accounts receivable 17,889 Contract assets 2,946 Prepaid expenses and other current assets 1,379 Property and equipment 2,025 Right of use assets, operating leases 1,836 Deferred tax assets 357 Goodwill 90,593 Intangible assets 75,000 Accounts payable ( 15,987 ) Accrued expenses and other current liabilities ( 2,408 ) Contract liabilities ( 668 ) Short-term lease liabilities, operating leases ( 418 ) Long-term lease liabilities, operating leases ( 1,418 ) Net assets acquired $ 179,259 Of the total purchase price, the following values were assigned to intangible assets (in thousands, except for years): Gross Amortization (in years) Customer relationships $ 40,000 14 Backlog 26,000 3 Developed technologies 8,000 3 Other $ 1,000 1 Amortization expense of $ 3.3 million and $ 6.6 million related to these intangible assets was recorded for the three and six months ended June 30, 2024, respectively. The entire value of goodwill was assigned to the Federal Solutions reporting unit and represents synergies expected to be realized from this business combination. The entire value of goodwill is deductible for tax purposes. The amount of revenue generated by SealingTech and included within consolidated revenue is $ 16.9 million and $ 33.8 million for the three and six months ended June 30, 2024, respectively. The Company has determined that the presentation of net income from the date of acquisition is impracticable due to the integration of general corporate functions upon acquisition. Supplemental Pro Forma Information (Unaudited) Supplemental information of unaudited pro forma operating results assuming the SealingTech acquisition had been consummated as of the beginning of fiscal year 2022 (in thousands) is as follows: Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Pro forma Revenue $ 1,670,467 $ 1,390,016 $ 3,206,143 $ 2,580,497 Pro forma Net Income including noncontrolling interests 81,910 59,230 $ ( 8,869 ) $ 93,425 IPKeys Power Partners On April 13, 2023, the Company entered into a merger agreement to acquire a 100 % ownership interest in IPKeys Power Partners (“IPKeys”), a privately-owned company, for $ 43.0 million in cash. The merger brings IPKeys' established customer base, expanding Parsons' presence in two rapidly growing end markets: grid modernization and cyber resiliency for critical infrastructure. Headquartered in Tinton Falls, New Jersey, IPKeys is a trusted provider of enterprise software platform solutions that is actively delivering cyber and operational security to hundreds of electric, water, and gas utilities across North America. The acquisition was entirely funded by cash on-hand. In connection with this acquisition, the Company recognized $ 0.6 million of acquisition-related expenses in “Selling, general and administrative expense” in the consolidated statements of income for the year ended December 31, 2023, respectively, including legal fees, consulting fees, and other miscellaneous direct expenses associated with the acquisition. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed based on the purchase price allocation as of the date of acquisition (in thousands): Amount Cash and cash equivalents $ 126 Accounts receivable 3,937 Contract assets 834 Prepaid expenses and other current assets 455 Property and equipment 86 Right of use assets, operating leases 1,105 Other noncurrent assets 152 Goodwill 22,407 Intangible assets 23,000 Accounts payable ( 541 ) Accrued expenses and other current liabilities ( 1,768 ) Contract liabilities ( 1,936 ) Short-term lease liabilities, operating leases ( 343 ) Deferred tax liabilities ( 3,713 ) Long-term lease liabilities, operating leases ( 762 ) Net assets acquired $ 43,039 Of the total purchase price, the following values were assigned to intangible assets (in thousands, except for years): Gross Amortization (in years) Customer relationships (1) $ 15,900 16 Developed technologies 7,000 11 Other $ 100 1 (1) The acquired business is a SaaS commercial business. Backlog for this type of business is included as customer relationships. Amortization expense of $ 0.4 million and $ 0.8 million related to these intangible assets was recorded for the three and six months ended June 30, 2024, respectively and $ 0.4 million for both the three and six months ended June 30, 2023. The entire value of goodwill was assigned to the Critical Infrastructure reporting unit and represents synergies expected to be realized from this business combination. $ 0.9 million of goodwill is deductible for tax purposes. The amount of revenue generated by IPKeys and included within consolidated revenue is $ 2.6 million for both the three and six months ended June 30, 2023. The Company has determined that the presentation of net income from the date of acquisition is impracticable due to the integration of general corporate functions upon acquisition. Supplemental Pro Forma Information (Unaudited) Supplemental information of unaudited pro forma operating results assuming the IPKeys acquisition had been consummated as of the beginning of fiscal year 2022 (in thousands) is as follows: Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Pro forma Revenue $ 1,670,467 $ 1,356,486 $ 3,206,143 $ 2,532,807 Pro forma Net Income including noncontrolling interests 80,812 56,441 $ ( 11,141 ) $ 91,803

Contracts with Customers

Contracts with Customers	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Contracts with Customers	5. Contracts with Customers Disaggregation of Revenue The Company’s contracts contain both fixed-price and cost reimbursable components. Contract types are based on the component that represents the majority of the contract. The following table presents revenue disaggregated by contract type (in thousands): Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Fixed-price $ 707,235 $ 440,094 $ 1,338,454 $ 781,106 Time-and-Materials 347,275 324,033 697,926 642,348 Cost-plus 615,957 592,359 1,169,763 1,106,498 Total $ 1,670,467 $ 1,356,486 $ 3,206,143 $ 2,529,952 See “Note 18 – Segments Information” for the Company’s revenues by business lines. Contract Assets and Contract Liabilities Contract assets and contract liabilities balances at June 30, 2024 and December 31, 2023 were as follows (in thousands): June 30, 2024 December 31, 2023 $ change % change Contract assets $ 803,685 $ 757,515 $ 46,170 6.1 % Contract liabilities 298,104 301,107 ( 3,003 ) - 1.0 % Net contract assets (liabilities) (1) $ 505,581 $ 456,408 $ 49,173 10.8 % (1) Total contract retentions included in net contract assets (liabilities) were $ 77.0 million as of June 30, 2024, of which $ 33.3 million are not expected to be paid in the next 12 months. Total contract retentions included in net contract assets (liabilities) were $ 73.8 million as of December 31, 2023. Contract assets at June 30, 2024 and December 31, 2023 include $ 102.0 million and $ 109.5 million , respectively, related to n et claim recoveries. For the three and six months ended June 30, 2024 and June 30, 2023 , there were no material losses recognized related to the collectability of claims, unapproved change orders, and requests for equitable adjustment. During the three months ended June 30, 2024 and June 30, 2023 , the Company recognized revenue of $ 30.9 million and $ 29.6 million, respectively, and $ 169.2 million and $ 107.7 million during the six months ended June 30, 2024 and June 30, 2023, respectively that was included in the corresponding contract liability balances at December 31, 2023 and December 31, 2022, respectively. There was no significant impairment of contract assets recognized during the three and six months ended June 30, 2024 and June 30, 2023. The following table presents revisions in estimates, such as changes in estimated claims or incentives, related to performance obligations partially satisfied in previous periods that individually had an impact of $ 5 million or more on revenue. In certain instances, revisions in estimates on a contract do not exceed the threshold in any particular quarter but exceed the threshold on a year-to-date basis (in thousands): Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Revenue impact, net $ - $ 20,168 $ ( 8,939 ) $ 20,339 Certain financial statement impacts from revisions in estimates were as follows (in thousands): Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Operating income (loss) $ - $ ( 551 ) $ ( 8,939 ) $ ( 1,080 ) Net income (loss) - ( 410 ) ( 6,677 ) ( 803 ) Diluted income (loss) per share $ - $ 0.00 $ ( 0.06 ) $ ( 0.01 ) The amounts for the three and six months ended June 30, 2023, in the table above, include changes in estimates related to direct costs of contracts of $ 24.7 million for both periods, related to a write-down on a contract in the Critical Infrastructure segment. Accounts Receivable, net Accounts receivable, net consisted of the following as of June 30, 2024 and December 31, 2023 (in thousands): 2024 2023 Billed $ 692,946 $ 646,375 Unbilled 353,876 273,215 Total accounts receivable, gross 1,046,822 919,590 Allowance for doubtful accounts ( 3,886 ) ( 3,952 ) Total accounts receivable, net $ 1,042,936 $ 915,638 Billed accounts receivable represents amounts billed to clients that have not been collected. Unbilled accounts receivable represents amounts where the Company has a present contractual right to bill but an invoice has not been issued to the customer at the period-end date. Receivables from contracts with the U.S. federal government and its agencies were 25 % and 18 % as of June 30, 2024 and December 31, 2023, respectively. The allowance for doubtful accounts was determined based on consideration of trends in actual and forecasted credit quality of clients, including delinquency and payment history, type of client, such as a government agency or commercial sector client, and general economic conditions and particular industry conditions that may affect a client’s ability to pay. Transaction Price Allocated to the Remaining Unsatisfied Performance Obligations The Company’s remaining unsatisfied performance obligations (“RUPO”) as of June 30, 2024 represent a measure of the total dollar value of work to be performed on contracts awarded and in-progress. The Company had $ 6.2 billion in RUPO as of June 30, 2024. RUPO will increase with awards of new contracts and decrease as the Company performs work and recognizes revenue on existing contracts. Projects are included within RUPO at such time the project is awarded and agreement on contract terms has been reached. The difference between RUPO and backlog relates to unexercised option years that are included within backlog and the value of Indefinite Delivery/Indefinite Quantity (“IDIQ”) contracts included in backlog for which delivery orders have not been issued. RUPO is comprised of: (a) original transaction price, (b) change orders for which written confirmations from our customers have been received, (c) pending change orders for which the Company expects to receive confirmations in the ordinary course of business, and (d) claim amounts that the Company has made against customers for which it has determined that it has a legal basis under existing contractual arrangements and a significant reversal of revenue is not probable, less revenue recognized to-date. The Company expects to satisfy its RUPO as of June 30, 2024 over the following periods (in thousands): Period RUPO Will Be Satisfied Within One Year Within One to Thereafter Federal Solutions $ 1,724,068 $ 261,075 $ 175,603 Critical Infrastructure 2,031,090 980,936 993,590 Total $ 3,755,158 $ 1,242,011 $ 1,169,193

Leases

Leases	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Leases	6. Leases The Company has operating and finance leases for corporate and project office spaces, vehicles, heavy machinery and office equipment. Our leases have remaining lease terms of one year to eight years , some of which may include options to extend the leases for up to five years , and some of which may include options to terminate the leases after the third year . The components of lease costs for the three and six months ended June 30, 2024 and June 30, 2023 are as follows (in thousands): Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Operating lease cost $ 16,885 $ 17,129 $ 33,562 $ 33,754 Short-term lease cost 3,780 3,396 7,432 7,059 Amortization of right-of-use assets 835 670 1,612 1,186 Interest on lease liabilities 104 65 198 98 Sublease income ( 1,119 ) ( 1,239 ) ( 2,238 ) ( 2,363 ) Total lease cost $ 20,485 $ 20,021 $ 40,566 $ 39,734 Supplemental cash flow information related to leases for the three months ended June 30, 2024 and June 30, 2023 is as follows (in thousands): Six Months Ended June 30, 2024 June 30, 2023 Operating cash flows for operating leases $ 34,189 $ 35,076 Operating cash flows for finance leases 198 98 Financing cash flows from finance leases 1,536 1,166 Right-of-use assets obtained in exchange for new operating lease liabilities 6,400 43,398 Right-of-use assets obtained in exchange for new finance lease liabilities $ 2,506 $ 3,412 Supplemental balance sheet and other information related to leases as of June 30, 2024 and December 31, 2023 are as follows (in thousands): June 30, 2024 December 31, 2023 Operating Leases: Right-of-use assets $ 136,169 $ 159,211 Lease liabilities: Current 52,840 58,556 Long-term 98,152 117,505 Total operating lease liabilities $ 150,992 $ 176,061 Finance Leases: Other noncurrent assets $ 8,704 $ 7,779 Accrued expenses and other current liabilities $ 3,206 $ 2,682 Other long-term liabilities $ 5,649 $ 5,129 Weighted Average Remaining Lease Term: Operating leases 3.7 Years 3.9 years Finance leases 3 Years 3.1 years Weighted Average Discount Rate: Operating leases 4.3 % 4.2 % Finance leases 4.8 % 4.6 % As of June 30, 2024 , the Company has no operating leases that have not yet commenced. A maturity analysis of the future undiscounted cash flows associated with the Company’s operating and finance lease liabilities as of June 30, 2024 is as follows (in thousands): Operating Leases Finance Leases 2024 (remaining) $ 31,387 $ 1,817 2025 49,993 3,235 2026 33,356 2,580 2027 20,033 1,400 2028 15,319 466 Thereafter 13,394 8 Total lease payments 163,482 9,506 Less: imputed interest ( 12,490 ) ( 651 ) Total present value of lease liabilities $ 150,992 $ 8,855

Goodwill

Goodwill	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	7. Goodwill The following table summarizes the changes in the carrying value of goodwill by reporting segment from December 31, 2023 to June 30, 2024 (in thousands): December 31, 2023 Acquisitions Foreign Exchange June 30, 2024 Federal Solutions $ 1,686,901 $ - $ - $ 1,686,901 Critical Infrastructure 105,764 - ( 1,762 ) 104,002 Total $ 1,792,665 $ - $ ( 1,762 ) $ 1,790,903 The Company performed a qualitative triggering analysis and determined there was no triggering event indicating a potential impairment to the carrying value of its goodwill at June 30, 2024 and concluded there has no t been an impairment.

Intangible Assets

Intangible Assets	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	8. Intangible Assets The gross amount and accumulated amortization of intangible assets with finite useful lives included in “Intangible assets, net” on the consolidated balance sheets are as follows (in thousands except for years): June 30, 2024 December 31, 2023 Weighted Gross Accumulated Net Gross Accumulated Net Amortization (in years) Backlog $ 107,000 $ ( 37,922 ) $ 69,078 $ 130,000 $ ( 45,964 ) $ 84,036 4.8 Customer relationships 292,530 ( 128,572 ) 163,958 297,120 ( 124,194 ) 172,926 11.5 Leases 120 ( 118 ) 2 120 ( 106 ) 14 1.0 Developed technology 30,600 ( 17,620 ) 12,980 31,600 ( 15,823 ) 15,777 4.7 Trade name 1,000 ( 917 ) 83 1,000 ( 417 ) 583 1.0 Non-compete agreements 500 ( 347 ) 153 1,500 ( 1,097 ) 403 3.0 In process research and development 1,800 - 1,800 1,800 - 1,800 n/a Other intangibles 25 - 25 375 ( 348 ) 27 - Total intangible assets $ 433,575 $ ( 185,496 ) $ 248,079 $ 463,515 $ ( 187,949 ) $ 275,566 The aggregate amortization expense of intangible assets for the three months ended June 30, 2024 and June 30, 2023 was $ 13.8 million and $ 18.1 million , respectively and $ 27.5 million and $ 36.1 million for the six months ended June 30, 2024 and June 30, 2023, respectively. Estimated amortization expense for the remainder of the current fiscal year and in each of the next four years and beyond is as follows (in thousands): June 30, 2024 2024 $ 22,352 2025 43,443 2026 37,019 2027 32,538 2028 24,323 Thereafter 86,604 Total $ 246,279

Property and Equipment, Net

Property and Equipment, Net	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	9. Property and Equipment, Net Property and equipment consisted of the following at June 30, 2024 and December 31, 2023 (in thousands): June 30, 2024 December 31, 2023 Useful life Buildings and leasehold improvements $ 102,309 $ 102,372 1 - 15 Furniture and equipment 84,574 84,244 3 - 10 Computer systems and equipment 172,846 168,926 3 - 10 Construction equipment 6,181 6,173 5 - 7 Construction in progress 25,019 21,030 390,929 382,745 Accumulated depreciation ( 292,712 ) ( 283,788 ) Property and equipment, net $ 98,217 $ 98,957 Depreciation expense for the three months ended June 30, 2024 and June 30, 2023 was $ 9.2 million and $ 9.5 million , respectively and $ 18.7 million and $ 18.9 million for the six months ended June 30, 2024 and June 30, 2023 , respectively.

Debt and Credit Facilities

Debt and Credit Facilities	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Debt and Credit Facilities	10. Debt and Credit Facilities Debt consisted of the following (in thousands): June 30, 2024 December 31, 2023 Long-Term Debt: Delayed draw term loan $ 350,000 $ 350,000 Convertible senior notes due 2025 115,443 400,000 Convertible senior notes due 2029 800,000 - Revolving credit facility - - Debt issuance costs ( 18,137 ) ( 4,037 ) Total $ 1,247,306 $ 745,963 Delayed Draw Term Loan In September 2022 , the Company entered into a $ 350 million unsecured Delayed Draw Term Loan with an increase option of up to $ 150 million (the “2022 Delayed Draw Term Loan”). Proceeds of the 2022 Delayed Draw Term Loan Agreement may be used (a) to pay off in full, or partially payoff, the Company’s existing Senior Notes, (b) to prepay revolving loans outstanding under the Revolving Credit Agreement (as defined below), or (c) for working capital, capital expenditures and other lawful corporate purposes. The Company drew $ 350.0 million from the 2022 Delayed Draw Term Loan in November 2022. The Company incurred $ 0.9 million of debt issuance costs in connection with the delayed draw term loan. These costs are presented as a direct deduction from long-term debt on the face of the balance sheet. Interest expense related to the Delayed Draw Term Loan for the three months ended June 30, 2024 and June 30, 2023 were $ 5.8 million and $ 5.6 million, respectively and $ 11.8 million and $ 10.7 million for the six months ended June 30, 2024 and June 30, 2023, respectively. The amortization of debt issuance costs and interest expense is recorded in “Interest expense” on the consolidated statements of income. As of June 30, 2024 and December 31, 2023 , there was $ 350.0 million outstanding under the Delayed Draw Term Loan. The 2022 Delayed Draw Term Loan has a three-year maturity and permits the Company to borrow in U.S. dollars. The 2022 Delayed Draw Term Loan does not require any amortization payments by the Company. Depending on the Company’s consolidated leverage ratio (or debt rating after such time as the Company has such rating), borrowings under the 2022 Delayed Draw Term Loan Agreement will bear interest at either an adjusted Term SOFR benchmark rate plus a margin between 0.875 % and 1.500 % or a base rate plus a margin of between 0 % and 0.500 % and will initially bear interest at the middle of this range. The Company will pay a ticking fee on unused term loan commitments at a rate of 0.175 % commencing with the date that is ninety (90) days after the Closing Date. Amounts outstanding under the 2022 Delayed Draw Term Loan Agreement may be prepaid at the option of the Company without premium or penalty, subject to customary breakage fees in connection with the prepayment of benchmark rate loans. The interest rates on June 30, 2024 and December 31, 2023 were both 6.6 % . Convertible Senior Notes due 2025 In August 2020, the Company issued an aggregate $ 400.0 million of 0.25 % Convertible Senior Notes due 2025, including the exercise of a $ 50.0 million initial purchasers’ option. The Company received proceeds from the issuance and sale of the Convertible Senior Notes of $ 389.7 million, net of $ 10.3 million of transaction fees and other third-party offering expenses. The Convertible Senior Notes accrue interest at a rate of 0.25 % per annum, payable semi-annually on February 15 and August 15 of each year beginning on February 15, 2021 , and will mature on August 15, 2025 , unless earlier repurchased, redeemed or converted. The Convertible Senior Notes are the Company’s senior unsecured obligations and will rank senior in right of payment to any of the Company’s indebtedness that is expressly subordinated in right of payment to the Notes; equal in right of payment to any of the Company’s unsecured indebtedness that is not so subordinated; effectively junior in right of payment to any of the Company’s secured indebtedness, to the extent of the value of the assets securing such indebtedness; and structurally junior to all indebtedness and other liabilities (including trade payables) of the Company’s subsidiaries Each $ 1,000 of principal of the Notes will initially be convertible into 22.2913 shares of our common stock, which is equivalent to an initial conversion price of $ 44.86 per share, subject to adjustment upon the occurrence of specified events. On or after March 15, 2025 until the close of business on the second scheduled trading day immediately preceding the maturity date of the Convertible Senior Notes, holders may convert all or a portion of their Convertible Senior Notes, regardless of the conditions below. Prior to the close of business on the business day immediately preceding March 15, 2025, the Notes will be convertible at the option of the holders thereof only under the following circumstances: • during any calendar quarter commencing after the calendar quarter ending on December 31, 2021, if the last reported sale price of the Company’s common stock for at least 20 trading days, whether or not consecutive, during a period of 30 consecutive trading days ending on, and including the last trading day of the immediately preceding calendar quarter, is greater than or equal to 130 % of the conversion price on each applicable trading day; • during the five business day period after any five consecutive trading day period in which, for each trading day of that period, the trading price per $ 1,000 principal amount of Convertible Senior Notes for such trading day was less than 98 % of the product of the last reported sale price of the Company’s common stock and the conversion rate on each such trading day; • if the Company calls such Convertible Senior Notes for redemption; or • upon the occurrence of specified corporate events described in the Indenture. The Company may redeem all or any portion of the Convertible Senior Notes for cash, at its option, on or after August 21, 2023 and before the 51 st scheduled trading day immediately before the maturity date at a redemption price equal to 100 % of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, but only if the last reported sale price per share of the Company’s common stock exceeds 130 % of the conversion price for a specified period of time. In addition, calling any Convertible Senior Note for redemption will constitute a Make-Whole Fundamental Change with respect to that Convertible Senior Note, in which case the conversion rate applicable to the conversion of that Convertible Senior Note will be increased in certain circumstances if it is converted after it is called for redemption. Upon the occurrence of a fundamental change prior to the maturity date of the Convertible Senior Notes, holders of the Convertible Senior Notes may require the Company to repurchase all or a portion of the Convertible Senior Notes for cash at a price equal to 100 % of the principal amount of the Convertible Senior Notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date. Upon conversion, the Company may settle the Convertible Senior Notes for cash, shares of the Company’s common stock, or a combination thereof, at the Company’s option. If the Company satisfies its conversion obligation solely in cash or through payment and delivery of a combination of cash and shares of the Company’s common stock, the amount of cash and shares of common stock due upon conversion will be based on a daily conversion value calculated on a proportionate basis for each trading day in a 50-trading day observation period. The Company recognized interest expense of $ 0.1 million and $ 0.7 million for the three months ended June 30, 2024 and June 30, 2023, respe ctively and $ 3.7 million and $ 1.5 million for the six months ended June 30, 2024 and June 30, 2023 , respectively. The net, carrying value of the Convertible Senior Notes were $ 115.4 million and $ 396.5 million as of June 30, 2024 and December 31, 2023, respectively. See the discussion of the partial repurchase of Convertible Senior Notes due 2025 and the unwind of the related note hedge and warrants below. Note Hedge and Warrant - Convertible Senior Notes due 2025 In connection with the sale of the Convertible Senior Notes, the Company purchased a bond hedge designed to mitigate the potential dilution from the conversion of the Convertible Senior Notes. Under the five-year term of the bond hedge, upon a conversion of the bonds, the Company will receive the number of shares of common stock equal to the remaining common stock deliverable upon conversion of the Convertible Senior Notes if the conversion value exceeds the principal amount of the Notes. The aggregate number of shares that the Company could be obligated to issue upon conversion of the Convertible Senior Notes is approximately 8.9 million shares. The cost of the convertible note hedge transactions was $ 55.0 million. The cost of the convertible note hedge was partially offset by the Company’s sale of warrants to acquire approximately 8.9 million shares of the Company’s common stock. The warrants were initially exercisable at a price of at least $ 66.46 per share and are subject to customary adjustments upon the occurrence of certain events, such as the payment of dividends. The Company received $ 13.8 million in cash proceeds from the sales of these warrants. The bond hedge and warrant transactions effectively increased the conversion price associated with the Convertible Senior Notes during the term of these transactions from 35 %, or $ 44.86 , to 100 %, or $ 66.46 , at their issuance, thereby reducing the dilutive economic effect to shareholders upon actual conversion. The bond hedges and warrants are indexed to, and potentially settled in, shares of the Company’s common stock. The net cost of $ 41.2 million for the purchase of the bond hedges and sale of the warrants was recorded as a reduction to additional paid-in capital in the consolidated balance sheets. At issuance, the Company recorded a deferred tax liability of $ 16.2 million related to the Convertible Senior Notes debt discount and the capitalized debt issuance costs. The Company also recorded a deferred tax asset of $ 16.5 million related to the convertible note hedge transactions and the tax basis of the capitalized debt issuance costs through additional paid-in capital. The deferred tax liability and deferred tax asset were included net in “Deferred tax assets” on the consolidated balance sheets. Upon adoption of ASU 2020-06, the Company reversed the deferred tax liability of $ 13.9 million that the Company had recorded at issuance related to the Convertible Senior Note debt discount and recorded an additional deferred tax liability of $ 0.4 million related to the capitalized debt issuance costs. In addition, the Company recorded a $ 0.9 million adjustment to the deferred tax asset through retained earnings related to the tax effect of book accretion recorded in 2020 and reversed upon adoption. Convertible Senior Notes due 2029 In February 2024, the Company issued an aggregate $ 800.0 million of 2.625 % Convertible Senior Notes due 2029 (the “2029 Convertible Notes”), including the exercise of a $ 100.0 million initial purchasers’ option in full. The Company received proceeds from the issuance and sale of the 2029 Convertible Notes of $ 781.1 million, net of $ 18.9 million of transaction fees and other third-party offering expenses. The 2029 Convertible Notes accrue interest at a rate of 2.625 % per annum, payable semi-annually on March 1 and September 1 of each year beginning on September 1, 2024 , and will mature on March 1, 2029 , unless earlier repurchased, redeemed or converted. The 2029 Convertible Notes are the Company’s senior unsecured obligations and will rank senior in right of payment to any of the Company’s indebtedness that is expressly subordinated in right of payment to the 2029 Convertible Notes; equal in right of payment to any of the Company’s unsecured indebtedness that is not so subordinated; effectively junior in right of payment to any of the Company’s secured indebtedness, including borrowings under the Company’s revolving credit facility and delayed draw term loan credit facility, to the extent of the value of the assets securing such indebtedness; and structurally junior to all indebtedness and other liabilities (including trade payables) of the Company’s subsidiaries. Each $ 1,000 of principal of the 2029 Convertible Notes will initially be convertible into 10.6256 shares of our common stock, which is equivalent to an initial conversion price of approximately $ 94.11 per share, subject to adjustment upon the occurrence of specified events. On or after October 1, 2028 until the close of business on the second scheduled trading day immediately preceding the maturity date of the 2029 Convertible Notes, holders may convert all or a portion of their 2029 Convertible Notes, regardless of the conditions below. Prior to the close of business on the business day immediately preceding October 1, 2028, the 2029 Convertible Notes will be convertible at the option of the holders thereof only under the following circumstances: • during any calendar quarter commencing after the calendar quarter ending on June 30, 2024, if the last reported sale price of the Company’s common stock for at least 20 trading days, whether or not consecutive, during a period of 30 consecutive trading days ending on, and including the last trading day of the immediately preceding calendar quarter, is greater than or equal to 130 % of the conversion price on each applicable trading day; • during the five business day period after any ten consecutive trading day period in which, for each trading day of that period, the trading price per $ 1,000 principal amount of 2029 Convertible Notes for such trading day was less than 98 % of the product of the last reported sale price of the Company’s common stock and the conversion rate on each such trading day; • if the Company calls such 2029 Convertible Notes for redemption; or • upon the occurrence of specified corporate events described in the Indenture. The Company may redeem all or any portion of the 2029 Convertible Notes for cash, at its option, on or after March 8, 2027 and before the 51 st scheduled trading day immediately before the maturity date at a redemption price equal to 100 % of the principal amount of the 2029 Convertible Notes to be redeemed, plus accrued and unpaid interest, but only if the last reported sale price per share of the Company’s common stock exceeds 130 % of the conversion price for a specified period of time. In addition, calling any 2029 Convertible Notes for redemption will constitute a Make-Whole Fundamental Change with respect to that 2029 Convertible Note, in which case the conversion rate applicable to the conversion of that 2029 Convertible Notes will be increased in certain circumstances if it is converted after it is called for redemption. Upon the occurrence of a fundamental change prior to the maturity date of the 2029 Convertible Notes, holders of the 2029 Convertible Notes may require the Company to repurchase all or a portion of the 2029 Convertible Notes for cash at a price equal to 100 % of the principal amount of the 2029 Convertible Notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date. Upon conversion, the Company will settle the principal amount of the 2029 Convertible Notes converted in cash and will settle the remainder of the consideration owed upon conversion in cash, shares of the Company’s common stock, or a combination thereof, at the Company’s option, with such amount of cash and, if applicable, shares of common stock due upon conversion based on a daily conversion value calculated on a proportionate basis for each trading day in a 50-trading day observation period. The Company recognized interest expense with respect to the 2029 Convertible Notes of $ 6.3 million and $ 8.7 million for the three and six months ended June 30, 2024, respectively. As of June 30, 2024 , the net, carrying value of the 2029 Convertible Notes was $ 782.2 million. Capped Call Transactions - Convertible Senior Notes due 2029 In February 2024, in connection with the offering of the 2029 Convertible Notes, the Company entered into capped call transactions (the “Capped Call Transactions”) with certain financial institutions. The Capped Call Transactions are expected generally to reduce the potential dilution to the Company’s common stock upon any conversion of the Convertible Senior Notes due 2029 and/or offset any cash payments the Company is required to make in excess of the principal amount of any converted Convertible Senior Notes due 2029, as the case may be. If, however, the market price per share of the Company’s common stock, as measured under the terms of the Capped Call Transactions, exceeds the cap price of the Capped Call Transactions, there would nevertheless be dilution and/or there would not be an offset of such cash payments, in each case, to the extent that such market price exceeds the cap price of the Capped Call Transactions. The cap price of the Capped Call Transactions is initially $ 131.7575 per share, which represents a premium of 75 % over the last reported sale price of the Company’s common stock of $ 75.29 per share on the New York Stock Exchange on February 21, 2024, and is subject to certain adjustments under the terms of the Capped Call Transactions. The cost of $ 88.4 million for the Capped Call Transactions was recorded as a reduction to additional paid-in capital in the consolidated balance sheets. At issuance, the Company recorded a deferred tax asset of $ 22.3 million related to the Capped Call Transactions costs through additional paid-in capital. The deferred tax asset was included in Deferred tax assets in the consolidated balance sheets. Convertible Senior Notes due 2025 Partial Repurchase and Note Hedge and Warrants Partial Unwind In connection with the issuance of the Convertible Senior Notes due 2029, during the first quarter of 2024, we used $ 391.8 million of the net proceeds to purchase approximately $ 228.1 million aggregate principal amount of our Convertible Senior Notes due 2025 concurrently with the offering in separate and individually negotiated transactions. In addition, we used $ 103.8 million to settle the repurchase of approximately $ 56.5 million aggregate principal amount of our Convertible Senior Notes due 2025 in a separately negotiated transaction that settled in March 2024. We also received approximately $ 90.6 million in cash from the note hedge counterparties for the partial termination of the existing bond hedge relating to the Convertible Senior Notes due 2025 repurchased, net of our obligations to the counterparties in connection with the partial termination of the related warrant transactions. The tax effect of $ 46.2 million from the partial unwind of the existing bond hedge was recognized as a reduction in additional paid-in capital in the consolidated balance sheets. The income tax payable was included in Income taxes payable in the consolidated balance sheets. The partial repurchase, during the six months ended June 30, 2024, resulted in a $ 214.2 million loss on debt extinguishment which includes a $ 3.2 million charge to interest expense for the acceleration of the amortization of debt issuance costs associated with the 0.25 % Convertible Senior Notes due 2025. The tax effect of the debt extinguishment, excluding the interest expense, was recognized as a discrete event to the quarter giving rise to an increase in the effective tax rate and tax benefit of $ 49.9 million recognized in the income statement. Revolving Credit Facility In June 2021 , the Company entered into a $ 650 million unsecured revolving credit facility (the “Credit Agreement”). The Company incurred $ 1.9 million of costs in connection with this Credit Agreement. The 2021 Credit Agreement replaced an existing Fifth Amended and Restated Credit Agreement dated as of November 15, 2017. Under the new agreement, the Company’s revolving credit facility was increased from $ 550 million to $ 650 million. The credit facility has a five-year maturity, which may be extended up to two times for periods determined by the Company and the applicable extending lenders, and permits the Company to borrow in U.S. dollars, certain specified foreign currencies, and each other currency that may be approved in accordance with the 2021 Facility. The borrowings under the Credit Agreement bear interest at either the Term SOFR rate plus a margin between 1.0 % and 1.625 % or a base rate (as defined in the Credit Agreement) plus a margin of between 0 % and 0.625 %. The rates on June 30, 2024 and December 31, 2023 were both 6.7 %. Borrowings under this Credit Agreement are guaranteed by certain Company operating subsidiaries. Letters of credit commitments outstanding under this agreement aggregated to $ 43.0 million and $ 43.8 million at June 30, 2024 and December 31, 2023, respectively, which reduced borrowing limits available to the Company. Interest expense related to the Credit Agreement was $ 0.2 million and $ 0.3 million for the three months ended June 30, 2024 and June 30, 2023, respectively and $ 0.5 million and $ 0.5 million for the six months ended June 30, 2024 and June 30, 2023 . There were no loan amounts outstanding under the Credit Agreement at June 30, 2024. The Credit Agreement includes various covenants, including restrictions on indebtedness, liens, acquisitions, investments or dispositions, payment of dividends and maintenance of certain financial ratios and conditions. The Company was in compliance with these covenants at June 30, 2024 and December 31, 2023. Letters of Credit The Company also has in place several secondary bank credit lines for issuing letters of credit, principally for foreign contracts, to support performance and completion guarantees. Letters of credit commitments outstanding under these bank lines aggregated approximately $ 303.6 million and $ 320.7 million at June 30, 2024 and December 31, 2023 , respectively.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	11. Income Taxes In 2021 the Organization for Economic Co-operation and Development (OECD) announced an inclusive Framework on Base Erosion and Profit Shifting (BEPS) including Pillar Two Model Rules defining the global minimum tax, also known as the Global Anti-Base Erosion (GloBE), which aims to ensure that multinational enterprises (MNEs) pay a 15 % minimum level of tax regardless of where the MNE operates. The OECD has released its fourth round of administrative guidance In June 2024. Many non-US tax jurisdictions have either recently enacted legislation to adopt components of the Pillar Two Model Rules beginning in 2024 and/or have announced their plans to enact legislation in future years. The Company continues to evaluate the impact of the implementation of Pillar Two on its income tax position. The Company does not expect Pillar Two to result in any material impact to the Company’s income tax provision. We are continuing to evaluate the potential impact on future periods of the Pillar Two Framework, pending enactment of legislation by individual countries. The Company’s effective tax rate was 21.7 % and 21.8 % for the three months ended June 30, 2024 and June 30, 2023, respectively. The decrease in the effective tax rate was due primarily to an increase in the foreign-derived intangible income (FDII) deduction, offset by an increased valuation allowance against deferred tax assets, and an increase in executive compensation subject to Section 162(m). The Company’s effective tax rate benefit was 46.3 % and the effective tax rate was 22.9 % for the six months ended June 30, 2024 and June 30, 2023, respectively. The change in effective tax rate was due primarily to the tax benefit resulting from the $ 211 million loss in partially unwinding Convertible Senior Notes during the first quarter 2024. The difference between the effective tax rate and the statutory U.S. Federal income tax rate of 21 % for the three and six months ended June 30, 2024 primarily relates to a change in jurisdictional earnings partially resulting from a loss in partially unwinding Convertible Senior Notes, the FDII deduction, equity based compensation, and untaxed income attributable to noncontrolling interests, partially offset by rate impacts related to state income taxes, and foreign withholding taxes. As of June 30, 2024, the Company’s deferred tax assets were subject to a valuation allowance of $ 44.0 million primarily related to foreign net operating loss carryforwards, foreign tax credit carryforwards, reserves and capital losses that the Company has determined are not more-likely-than-not to be realized. The factors used to assess the likelihood of realization include: the past performance of the entities, forecasts of future taxable income, future reversals of existing taxable temporary differences, and available tax planning strategies that could be implemented to realize the deferred tax assets. The ability or failure to achieve the forecasted taxable income in these entities could affect the ultimate realization of deferred tax assets. As of June 30, 2024 and December 31, 2023, the liability for income taxes associated with uncertain tax positions was $ 22.1 million and $ 25.5 million, respectively. It is reasonably possible that the Company may realize a decrease in our uncertain tax positions of approximately $ 2.8 million during the next 12 months as a result of concluding various tax audits and closing tax years. Although the Company believes its reserves for its tax positions are reasonable, the final outcome of tax audits could be materially different, both favorably and unfavorably. It is reasonably possible that certain audits may conclude in the next 12 months and that the unrecognized tax benefits the Company has recorded in relation to these tax years may change compared to the liabilities recorded for these periods.

Contingencies

Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Contingencies	12. Contingencies The Company is subject to certain lawsuits, claims and assessments that arise in the ordinary course of business. Additionally, the Company has been named as a defendant in lawsuits alleging personal injuries as a result of contact with asbestos products at various project sites. Management believes that any significant costs relating to these claims will be reimbursed by applicable insurance and, although there can be no assurance that these matters will be resolved favorably, management believes that the ultimate resolution of any of these claims will not have a material adverse effect on our consolidated financial position, results of operations, or cash flows. A liability is recorded when it is both probable that a loss has been incurred and the amount of loss or range of loss can be reasonably estimated. When using a range of loss estimate, the Company records the liability using the low end of the range unless some amount within the range of loss appears at that time to be a better estimate than any other amount in the range. The Company records a corresponding receivable for costs covered under its insurance policies. Management judgment is required to determine the outcome and the estimated amount of a loss related to such matters. Management believes that there are no claims or assessments outstanding which would materially affect the consolidated results of operations or the Company’s financial position. In September 2015, a former Parsons employee filed an action in the United States District Court for the Northern District of Alabama against us as a qui tam relator on behalf of the United States (the “Relator”) alleging violation of the False Claims Act. The plaintiff alleges that, as a result of these actions, the United States paid in excess of $ 1 million per month between February and September 2006 that it should have paid to another contractor, plus $ 2.9 million to acquire vehicles for the contractor defendant to perform its security services. The lawsuit sought (i) that we cease and desist from violating the False Claims Act, (ii) monetary damages equal to three times the amount of damages that the United States has sustained because of our alleged violations, plus a civil penalty of not less than $ 5,500 and not more than $ 11,000 for each alleged violation of the False Claims Act, (iii) monetary damages equal to the maximum amount allowed pursuant to §3730(d) of the False Claims Act, and (iv) Relator’s costs for this action, including recovery of attorneys’ fees and costs incurred in the lawsuit. The United States government did not intervene in this matter as it is allowed to do so under the statute. The court heard dispositive motions in 2023, including Parsons’ motion for summary judgment. We are awaiting the court’s rulings upon such motions, which will determine whether a trial will be necessary for this matter in 2024. On July 1, 2024, a final judgment was filed with the clerk of the Superior Court of the State of California In and For the County of San Mateo with an award of damages in the total amount of approximately $ 102.5 million in favor of Parsons Transportation Group, Inc. and against Alstom Signaling Operations LLC (Alstom"). This proposed award relates back to a lawsuit Parsons initially filed against the Peninsula Corridor Joint Powers Board for breach of contract and wrongful termination in February 2017 (which was settled between Parsons and the Joint Powers Board in 2021) and a cross-complaint filed against Alstom Signaling Operations LLC in November 2017, as subsequently amended, for breach of contract, negligence and intentional misrepresentation. Alstom filed its notice of appeal on July 9, 2024 and has posted a bond. At this time, the Company is unable to determine the probability of the outcome of the litigation. Federal government contracts are subject to audits, which are performed for the most part by the Defense Contract Audit Agency (“DCAA”). Audits by the DCAA and other agencies consist of reviews of our overhead rates, operating systems and cost proposals to ensure that we account for such costs in accordance with the Cost Accounting Standards (“CAS”). If the DCAA determines we have not accounted for such costs in accordance with the CAS, the DCAA may disallow these costs. The disallowance of such costs may result in a reduction of revenue and additional liability for the Company. Historically, the Company has not experienced any material disallowed costs as a result of government audits. However, the Company can provide no assurance that the DCAA or other government audits will not result in material disallowances for incurred costs in the future. All audits of costs incurred on work performed through 2018 have been closed, and years thereafter remain open. Although there can be no assurance that these matters will be resolved favorably, management believes that their ultimate resolution will not have a material adverse impact on the Company’s consolidated financial position, results of operations, or cash flows.

Retirement Benefit Plan

Retirement Benefit Plan	6 Months Ended
	Jun. 30, 2024
Retirement Benefits [Abstract]
Retirement Benefit Plan	13. Retirement Benefit Plan The Company’s principal retirement benefit plan is the Parsons Employee Stock Ownership Plan (“ESOP”), a stock bonus plan, established in 1975 to cover eligible employees of the Company and certain affiliated companies. Contributions of treasury stock to the ESOP are made annually in amounts determined by the Company’s board of directors and are held in trust for the sole benefit of the participants. Shares allocated to a participant’s account are fully vested after three years of credited service, or in the event(s) of reaching age 65, death or disability while an active employee of the Company. As of June 30, 2024 and December 31, 2023, total shares of the Company’s common stock outstanding were 106,184,128 and 105,839,978 , respectively, of which 56,161,683 and 59,879,857 , respectively, were held by the ESOP. A participant’s interest in their ESOP account is redeemable upon certain events, including retirement, death, termination due to permanent disability, a severe financial hardship following termination of employment, certain conflicts of interest following termination of employment, or the exercise of diversification rights. Distributions from the ESOP of participants’ interests are made in the Company’s common stock based on quoted prices of a share of the Company’s common stock on the NYSE. A participant will be able to sell such shares of common stock in the market, subject to any requirements of the federal securities laws. Total ESOP contribution expense was $ 15.1 million and $ 14.7 million for the three months ended June 30, 2024 and June 30, 2023, respectively and $ 30.1 million and $ 29.2 million for the six months ended June 30, 2024 and June 30, 2023, respectively. The expense is recorded in “Direct costs of contracts” and “Selling, general and administrative expense” in the consolidated statements of income. The fiscal 2024 ESOP contribution has not yet been made. The amount is currently included in accrued liabilities.

Investments in and Advances to

Investments in and Advances to Joint Ventures	6 Months Ended
	Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Investments in and Advances to Joint Ventures	14. Investments in and Advances to Joint Ventures The Company participates in joint ventures to bid, negotiate and complete specific projects. The Company is required to consolidate these joint ventures if it holds the majority voting interest or if the Company meets the criteria under the consolidation model, as described below. The Company performs an analysis to determine whether its variable interests give the Company a controlling financial interest in a Variable Interest Entity (“VIE”) for which the Company is the primary beneficiary and should, therefore, be consolidated. Such analysis requires the Company to assess whether it has the power to direct the activities of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The Company analyzed all of its joint ventures and classified them into two groups: (1) joint ventures that must be consolidated because they are either not VIEs and the Company holds the majority voting interest, or because they are VIEs and the Company is the primary beneficiary; and (2) joint ventures that do not need to be consolidated because they are either not VIEs and the Company holds a minority voting interest, or because they are VIEs and the Company is not the primary beneficiary. Many of the Company’s joint venture agreements provide for capital calls to fund operations, as necessary; however, such funding is infrequent and is not anticipated to be material. Letters of credit outstanding described in “Note 10 – Debt and Credit Facilities” that relate to project ventures are $ 158.1 million and $ 147.7 million at June 30, 2024 and December 31, 2023. In the table below, aggregated financial information relating to the Company’s joint ventures is provided because their nature, risk and reward characteristics are similar. None of the Company’s current joint ventures that meet the characteristics of a VIE are individually significant to the consolidated financial statements. Consolidated Joint Ventures The following represents financial information for consolidated joint ventures included in the consolidated financial statements (in thousands): June 30, 2024 December 31, 2023 Current assets $ 464,312 $ 426,633 Noncurrent assets 11,670 14,295 Total assets 475,982 440,928 Current liabilities 276,649 260,286 Noncurrent liabilities 3,299 5,132 Total liabilities 279,948 265,418 Total joint venture equity $ 196,034 $ 175,510 Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Revenue $ 186,731 $ 167,253 $ 388,748 $ 328,737 Costs 163,287 143,808 334,435 285,406 Net income $ 23,444 $ 23,445 $ 54,313 $ 43,331 Net income attributable to noncontrolling interests $ 11,547 $ 11,530 $ 26,790 $ 21,253 The assets of the consolidated joint ventures are restricted for use only by the particular joint venture and are not available for the Company’s general operations. Unconsolidated Joint Ventures The Company accounts for its unconsolidated joint ventures using the equity method of accounting. Under this method, the Company recognizes its proportionate share of the net earnings of these joint ventures as “Equity in (losses) earnings of unconsolidated joint ventures” in the consolidated statements of income. The Company’s maximum exposure to loss as a result of its investments in unconsolidated joint ventures is typically limited to the aggregate of the carrying value of the investment and future funding commitments. The following represents the financial information of the Company’s unconsolidated joint ventures as presented in their unaudited financial statements (in thousands): June 30, 2024 December 31, 2023 Current assets $ 1,617,486 $ 1,607,953 Noncurrent assets 462,319 483,693 Total assets 2,079,805 2,091,646 Current liabilities 970,590 1,057,113 Noncurrent liabilities 498,239 518,647 Total liabilities 1,468,829 1,575,760 Total joint venture equity $ 610,976 $ 515,886 Investments in and advances to unconsolidated joint ventures $ 157,243 $ 128,204 Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Revenue $ 544,000 $ 530,467 $ 1,017,532 $ 879,624 Costs 555,971 534,555 1,032,721 893,950 Net income (loss) $ ( 11,971 ) $ ( 4,088 ) $ ( 15,189 ) $ ( 14,326 ) Equity in losses of unconsolidated joint ventures $ ( 16,837 ) $ 75 $ ( 18,897 ) $ ( 5,765 ) The Company had net contributions to its unconsolidated joint ventures for the three months ended June 30, 2024 and June 30, 2023 of $ 29.2 million and of $ 9.9 million , respectively and $ 49.2 million and $ 14.7 million for the six months ended June 30, 2024 and June 30, 2023, respectively. The following table presents certain financial statement impacts from changes in estimates on unconsolidated joint ventures in the Critical Infrastructure segment (in thousands): Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Operating income (loss) $ ( 22,433 ) $ ( 6,987 ) $ ( 30,793 ) $ ( 16,974 ) Net income (loss) ( 22,433 ) ( 5,198 ) ( 30,793 ) ( 12,629 ) Diluted income (loss) per share $ ( 0.20 ) $ ( 0.05 ) $ ( 0.29 ) $ ( 0.11 )

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	15. Related Party Transactions The Company often provides services to unconsolidated joint ventures and revenues include amounts related to recovering costs for these services. Revenues related to services the Company provided to unconsolidated joint ventures for the three months ended June 30, 2024 and June 30, 2023 were $ 50.5 million and $ 55.4 million , respectively, and $ 97.3 million and $ 106.3 million for the six months ended June 30, 2024 and June 30, 2023, respectively. For the three months ended June 30, 2024 and June 30, 2023, the Company incurred $ 36.1 million and $ 39.8 million , respectively, and $ 71.5 million and $ 78.9 million for the six months ended June 30, 2024 and June 30, 2023, respectively, of reimbursable costs. Amounts included in the consolidated balance sheets related to services the Company provided to unconsolidated joint ventures are as follows (in thousands): June 30, 2024 December 31, 2023 Accounts receivable $ 47,778 $ 38,898 Contract assets 15,909 38,009 Contract liabilities 14,215 15,287

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	16. Fair Value of Financial Instruments The authoritative guidance on fair value measurement defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (referred to as an “exit price”). At June 30, 2024 and December 31, 2023, the Company’s financial instruments include cash, cash equivalents, accounts receivable, accounts payable, and other liabilities. The fair values of these financial instruments approximate their carrying values due to their short-term maturities. Investments measured at fair value are based on one or more of the following three valuation techniques: • Market approach —Prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities; • Cost approach —Amount that would be required to replace the service capacity of an asset (i.e., replacement cost); and • Income approach —Techniques to convert future amounts to a single present amount based on market expectations (including present value techniques, option-pricing models and lattice models). In addition, the guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted market prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are: Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets and liabilities; Level 2 Pricing inputs that include quoted prices for similar assets and liabilities in active markets and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the instrument; and Level 3 Prices or valuations that require inputs that are both significant to the fair value measurements and unobservable. The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. Financial assets and liabilities measured at fair value on a quarterly basis are as follows: Fair value as of June 30, 2024 (in thousands): Level 1 Level 2 Level 3 Total Contingent consideration Earnout liability $ - $ - $ 4,142 $ 4,142 Total liabilities at fair value $ - $ - $ 4,142 $ 4,142 Fair value as of December 31, 2023 (in thousands): Level 1 Level 2 Level 3 Total Contingent consideration Earnout liability $ - $ - $ 2,300 $ 2,300 Total liabilities at fair value $ - $ - $ 2,300 $ 2,300 Refer to Notes to Consolidated Financial Statements included in the Company’s Form 10-K for the year ended December 31, 2023 for a more complete discussion of the various items within the consolidated financial statements measured at fair value and the methods used to determine fair value. The carrying values and estimated fair values of our financial instruments that are not required to be recorded at fair value in our consolidated balance sheets, on the basis of Level 1 inputs for the Company's convertible notes and Level 2 inputs for the delayed draw term loan, were as follows (in thousands): June 30, 2024 December 31, 2023 Carrying Value Fair Value Carrying Value Fair Value Liabilities: Convertible senior notes due 2025 $ 115,443 $ 207,797 $ 400,000 $ 568,000 Convertible senior notes due 2029 800,000 859,520 - - Delayed draw term loan 350,000 350,000 350,000 350,000 Total $ 1,265,443 $ 1,417,317 $ 750,000 $ 918,000

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share	17. Earnings Per Share Basic earnings per share (“EPS”) is computed using the weighted average number of shares outstanding during the period and income available to shareholders. Diluted EPS includes additional common shares that would have been outstanding if potential common shares with a dilutive effect had been issued using the if-converted method for Convertible Debt and the treasury stock method for all other instruments. Under the treasury stock method, the weighted average number of shares outstanding is adjusted to reflect the dilutive effects of stock-based awards. Under the if-converted method: 1. Convertible Senior Notes due 2025: a. Income available to shareholders is adjusted to add back interest expense, after tax (unless antidilutive). b. Weighted average number of shares outstanding is adjusted to include the shares underlying the convertible debt (unless antidilutive). c. Shares underlying the bond hedge (unless antidilutive). d. Shares underlying the warrants (unless antidilutive). 2. Convertible Senior Notes due 2029: a. Interest has been excluded from the numerator and no shares have been included in the denominator of diluted EPS, as the principal amount of convertible debt will be settled in cash with any excess conversion value settled in cash or shares of common stock. b. Excludes shares underlying the capped call as the shares are antidilutive. The following tables reconcile the denominator and numerator used to compute basic EPS to the denominator and numerator used to compute diluted EPS for the three and six months ended June 30, 2024 and June 30, 2023 (in thousands): Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Numerator for Basic and Diluted EPS: Net income (loss) attributable to Parsons Corporation - basic $ 69,172 $ 43,241 $ ( 38,183 ) $ 68,794 Convertible senior notes if-converted method interest adjustment 54 554 - 1,106 Net income (loss) attributable to Parsons Corporation - diluted $ 69,226 $ 43,795 $ ( 38,183 ) $ 69,900 Denominator for Basic and Diluted EPS: Basic weighted average number of shares outstanding 106,303 104,908 106,170 104,856 Dilutive effect of stock-based awards 1,233 883 — 941 Dilutive effect of warrants 415 — — — Dilutive effect of convertible senior notes due 2025 2,573 8,917 — 8,917 Diluted weighted average number of shares outstanding 110,524 114,708 106,170 114,714 Earnings (loss) per share: Basic $ 0.65 $ 0.41 $ ( 0.36 ) $ 0.66 Diluted $ 0.63 $ 0.38 $ ( 0.36 ) $ 0.61 Anti-dilutive stock-based awards excluded from the calculation of earnings per share for the three months ended June 30, 2024 and June 30, 2023 were 15,400 and 3,837 , respectively. Due to the loss for the six months ended June 30, 2024 , the potential dilution from stock based awards of 1.4 million shares, convertible senior notes due 2025 of 4.7 million shares and convertible senior notes due 2025 interest expense of $ 2.8 million have been excluded from the calculation of diluted earnings per share, as their inclusion would have been antidilutive. Anti-dilutive stock-based awards excluded from the calculation of earnings per share for the six months ended June 30, 2023 were 1,265 . Share Repurchases On August 9, 2021, the Company’s Board of Directors authorized the Company to acquire a number of shares of Common Stock having an aggregate market value of not greater than $ 100 million from time to time, commencing on August 12, 2021 . The Board further amended this authorization in August 2022 to remove the prior expiration date and grant executive leadership the discretion to determine the price for such share repurchases. The Board further amended this authorization in February 2024 to restore the repurchase capacity to $ 100 million and removed the $ 25 million quarterly cap on such repurchases. At the time of the February 2024 authorization, the Company had repurchased shares with an aggregated market value (including fees) of $ 54.7 million. The aggregate market value of shares of Common Stock the Company is authorized to acquire, from both the August 2021 and February 2024 authorizations, is not greater than $ 154.7 million. As of June 30, 2024 , the Company has $ 90 million remaining under the stock repurchase program. Repurchased shares of common stock are retired and included in “Repurchases of common stock” in cash flows from financing activities in the Consolidated Statements of Cash Flows. The primary purpose of the Company’s share repurchase program is to reduce the dilutive effect of shares issued under the Company’s ESOP and other stock benefit plans. The timing, amount and manner of share repurchases may depend upon market conditions and economic circumstances, availability of investment opportunities, the availability and costs of financing, the market price of the Company's common stock, other uses of capital and other factors. The following table summarizes the repurchase activity under the stock repurchase program: Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Total shares repurchased 131,053 46,077 131,053 185,475 Total shares retired 131,053 46,077 131,053 185,475 Average price paid per share $ 76.30 $ 43.40 $ 76.30 $ 43.13

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Segment Information	18. Segment Information The Company operates in two reportable segments: Federal Solutions and Critical Infrastructure. The Federal Solutions segment provides advanced technical solutions to the U.S. government, delivering timely, cost-effective hardware, software and services for mission-critical projects. The segment provides advanced technologies, supporting national security missions in cybersecurity, missile defense, and military facility modernization, logistics support, hazardous material remediation and engineering services. The Critical Infrastructure segment provides integrated engineering and management services for complex physical and digital infrastructure around the globe. The Critical Infrastructure segment is a technology innovator focused on next generation digital systems and complex structures. Industry leading capabilities in engineering and project management allow the Company to deliver significant value to customers by employing cutting-edge technologies, improving timelines and reducing costs. The Company defines its reportable segments based on the way the chief operating decision maker (“CODM”), its Chief Executive Officer, evaluates the performance of each segment and manages the operations of the Company for purposes of allocating resources among the segments. The CODM evaluates segment operating performance using segment Revenue and segment Adjusted EBITDA attributable to Parsons Corporation. The following table summarizes business segment revenue for the periods presented (in thousands): Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Federal Solutions revenue $ 988,603 $ 762,797 $ 1,898,211 $ 1,397,343 Critical Infrastructure revenue 681,864 593,689 1,307,932 1,132,609 Total revenue $ 1,670,467 $ 1,356,486 $ 3,206,143 $ 2,529,952 Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Equity in (losses) earnings of unconsolidated joint ventures: Federal Solutions $ 1,466 $ 955 $ 997 $ 2,067 Critical Infrastructure ( 18,303 ) ( 880 ) ( 19,894 ) $ ( 7,832 ) Total equity in (losses) earnings of unconsolidated joint ventures $ ( 16,837 ) $ 75 $ ( 18,897 ) $ ( 5,765 ) The Company defines Adjusted EBITDA attributable to Parsons Corporation as Adjusted EBITDA excluding Adjusted EBITDA attributable to noncontrolling interests. The Company defines Adjusted EBITDA as net income (loss) attributable to Parsons Corporation, adjusted to include net income (loss) attributable to noncontrolling interests and to exclude interest expense (net of interest income), provision for income taxes, depreciation and amortization and certain other items that are not considered in the evaluation of ongoing operating performance. These other items include net income (loss) attributable to noncontrolling interests, asset impairment charges, equity-based compensation, income and expense recognized on litigation matters, expenses incurred in connection with acquisitions and other non-recurring transaction costs and expenses related to our prior restructuring. The following table reconciles business segment Adjusted EBITDA attributable to Parsons Corporation to Net Income attributable to Parsons Corporation for the periods presented (in thousands): Three Months Ended Six Months Ended Adjusted EBITDA attributable to Parsons Corporation June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Federal Solutions $ 102,781 $ 85,640 $ 195,322 $ 141,788 Critical Infrastructure 35,612 20,936 68,575 45,293 Adjusted EBITDA attributable to Parsons Corporation 138,393 106,576 263,897 187,081 Adjusted EBITDA attributable to noncontrolling interests 11,837 11,730 27,426 21,616 Depreciation and amortization ( 24,440 ) ( 28,689 ) ( 48,971 ) ( 57,048 ) Interest expense, net ( 9,183 ) ( 6,993 ) ( 21,029 ) ( 12,658 ) Income tax benefit (expense) ( 22,415 ) ( 15,223 ) 9,819 ( 26,726 ) Equity-based compensation expense ( 10,647 ) ( 9,314 ) ( 23,303 ) ( 16,017 ) Loss on extinguishment of debt - - ( 211,018 ) - Transaction-related costs (a) ( 2,302 ) ( 1,917 ) ( 5,188 ) ( 3,535 ) Restructuring expense (b) - - - ( 546 ) Other (c) ( 524 ) ( 1,399 ) ( 3,026 ) ( 2,120 ) Net (loss) income including noncontrolling interests 80,719 54,771 ( 11,393 ) 90,047 Net income attributable to noncontrolling interests 11,547 11,530 26,790 21,253 Net (loss) income attributable to Parsons Corporation $ 69,172 $ 43,241 $ ( 38,183 ) $ 68,794 (a) Reflects costs incurred in connection with acquisitions and other non-recurring transaction costs, primarily fees paid for professional services and employee retention. (b) Reflects costs associated with corporate restructuring initiatives. (c) Includes a combination of gain/loss related to sale of fixed assets, software implementation costs, and other individually insignificant items that are non-recurring in nature. Asset information by segment is not a key measure of performance used by the CODM. The following tables present revenues and property and equipment, net by geographic area (in thousands): Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Revenue North America $ 1,419,327 $ 1,136,290 $ 2,691,577 $ 2,085,005 Middle East 246,063 219,253 504,984 436,651 Rest of World 5,077 943 9,582 8,296 Total Revenue $ 1,670,467 $ 1,356,486 $ 3,206,143 $ 2,529,952 The geographic location of revenue is determined by the location of the customer. June 30, 2024 December 31, 2023 Property and Equipment, Net North America $ 89,506 $ 91,766 Middle East 8,711 7,191 Total Property and Equipment, Net $ 98,217 $ 98,957 North America includes revenue in the United States for the three months ended June 30, 2024 and June 30, 2023 of $ 1.3 billion and $ 1.0 billion, respectively and for the six months ended June 30, 2024 and June 30, 2023 of $ 2.5 billion and $ 1.9 billion, respectively. North America property and equipment, net includes $ 81.7 million and $ 83.9 million of property and equipment, net in the United States at June 30, 2024 and December 31, 2023, respectively. The following table presents revenues by business units (in thousands): Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Revenue Defense and Intelligence $ 420,396 $ 381,328 $ 828,784 $ 745,688 Engineered Systems 568,207 381,469 1,069,427 651,655 Federal Solutions revenues 988,603 762,797 1,898,211 1,397,343 Infrastructure – North America 434,163 373,153 799,445 692,712 Infrastructure – Europe, Middle East and Africa 247,701 220,536 508,487 439,897 Critical Infrastructure revenues 681,864 593,689 1,307,932 1,132,609 Total Revenue $ 1,670,467 $ 1,356,486 $ 3,206,143 $ 2,529,952 Effective October 1, 2023, the Company reorganized its Critical Infrastructure business units from Mobility Solutions and Connected Communities to Infrastructure – North America and Infrastructure – Europe, Middle East and Africa. The prior year information in the table above has been reclassified to conform to the business unit changes.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	19. Subsequent Events After the end of the quarter ended June 30, 2024, the Company entered into a merger agreement to acquire a 100 % ownership interest in BlackSignal Technologies, LLC, ("BlackSignal") a privately-owned company, for approximately $ 200 million from cash on hand. Headquartered in Chantilly, Virginia, BlackSignal is a next-generation digital signal processing, electronic warfare, and cyber security provider built to counter near peer threats. Upon closing, Parsons believes that the acquisition will expand Parsons' customer base across the Department of Defense and Intelligence Community and significantly strengthen Parsons' positioning within offensive cyber warfare, while adding new capabilities in the counterspace radio frequency domain. We anticipate that the closing will occur in Q3 2024.

Basis of Presentation and Pri_2

Basis of Presentation and Principles of Consolidation (Policies)	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Principles of Consolidation	The accompanying unaudited consolidated financial statements and related notes of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") and pursuant to the interim period reporting requirements of Form 10-Q. They do not include all of the information and footnotes required by GAAP for complete financial statements and, therefore, should be read in conjunction with our consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. In the opinion of management, the consolidated financial statements reflect all normal recurring adjustments necessary for a fair statement of the financial position, results of operations and cash flows for the interim periods presented. The results of operations and cash flows for any interim period are not necessarily indicative of results for the full year or for future years. This Quarterly Report on Form 10-Q includes the accounts of Parsons Corporation and its subsidiaries and affiliates which it controls. Interests in joint ventures that are controlled by the Company, or for which the Company is otherwise deemed to be the primary beneficiary, are consolidated. For joint ventures in which the Company does not have a controlling interest, but exerts a significant influence, the Company applies the equity method of accounting (see “Note 14 – Investments in and Advances to Joint Ventures" for further discussion). Intercompany accounts and transactions are eliminated in consolidation. Certain amounts may not foot due to rounding.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from those estimates. The Company’s most significant estimates and judgments involve revenue recognition with respect to the determination of the costs to complete contracts and transaction price; determination of self-insurance reserves; useful lives of property and equipment and intangible assets; valuation of deferred income tax assets and uncertain tax positions, among others. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies and Estimates” and “Note 2—Summary of Significant Accounting Policies” in the notes to our consolidated financial statements included in the Company’s Form 10-K for the year ended December 31, 2023 , for a discussion of the significant estimates and assumptions affecting our consolidated financial statements. Estimates of costs to complete contracts are continually evaluated as work progresses and are revised when necessary. When a change in estimate is determined to have an impact on contract profit, the Company records a positive or negative adjustment to the consolidated statement of income.
New Accounting Pronouncements	In the fourth quarter of 2023, The Financial Accounting Standards Board ("FASB") Issued Accounting Standards Update (“ASU”) 2023-09, "Income Taxes (Topic 740)" ("ASU 2023-09"). ASU 2023-09 enhances the transparency and decision usefulness of income tax disclosures. The amendments in ASU 2023-09 addresses investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. ASU 2023-09 also includes certain other amendments to improve the effectiveness of income tax disclosures. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024 . Early adoption is permitted. The adoption of this ASU will no t have a material impact on the Company's consolidated financial statements. In the fourth quarter of 2023, the FASB Issued ASU 2023-07, "Segment Reporting (Topic 280)". ASU 2023-07 introduces enhanced disclosures about significant segment expenses along with other enhanced segment disclosures. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 . Early adoption is permitted. The adoption of this ASU will no t have a material impact on the Company's consolidated financial statements. During July 2023, the FASB Issued ASU 2023-03. ASU 2023-03 incorporates, into certain accounting standards, amendments to SEC paragraphs pursuant to SEC Staff Accounting Bulletin No. 120, SEC Staff Announcement at the March 24, 2022 EITF meeting, and Staff Accounting Bulletin Topic 6.B, Accounting Series Release 280—General Revisions of Regulation S-X: Income or Loss Applicable to Common Stock. These rules are effective immediately. The adoption of this ASU did not have a material impact on the Company's consolidated financial statements.
Leases	The Company has operating and finance leases for corporate and project office spaces, vehicles, heavy machinery and office equipment. Our leases have remaining lease terms of one year to eight years , some of which may include options to extend the leases for up to five years , and some of which may include options to terminate the leases after the third year .

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2024
Sealing Technologies, Inc.
Schedule of Acquisition Date Fair Value of the Purchase Consideration Transferred	The following table summarizes the acquisition date fair value of the purchase consideration transferred (in thousands): Amount Cash paid at closing $ 179,259 Fair value of contingent consideration to be achieved 3,231 Total purchase price $ 182,490
Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed on Purchase Price Allocation	The following table summarizes the estimated fair values of the assets acquired and liabilities assumed based on the purchase price allocation as of the date of acquisition (in thousands): Amount Cash and cash equivalents $ 8,133 Accounts receivable 17,889 Contract assets 2,946 Prepaid expenses and other current assets 1,379 Property and equipment 2,025 Right of use assets, operating leases 1,836 Deferred tax assets 357 Goodwill 90,593 Intangible assets 75,000 Accounts payable ( 15,987 ) Accrued expenses and other current liabilities ( 2,408 ) Contract liabilities ( 668 ) Short-term lease liabilities, operating leases ( 418 ) Long-term lease liabilities, operating leases ( 1,418 ) Net assets acquired $ 179,259
Schedule of Intangible Assets Value on Purchase Price	Of the total purchase price, the following values were assigned to intangible assets (in thousands, except for years): Gross Amortization (in years) Customer relationships $ 40,000 14 Backlog 26,000 3 Developed technologies 8,000 3 Other $ 1,000 1
Schedule of Supplemental Pro Forma Information	Supplemental information of unaudited pro forma operating results assuming the SealingTech acquisition had been consummated as of the beginning of fiscal year 2022 (in thousands) is as follows: Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Pro forma Revenue $ 1,670,467 $ 1,390,016 $ 3,206,143 $ 2,580,497 Pro forma Net Income including noncontrolling interests 81,910 59,230 $ ( 8,869 ) $ 93,425
IPKeys Power Partners
Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed on Purchase Price Allocation	The following table summarizes the estimated fair values of the assets acquired and liabilities assumed based on the purchase price allocation as of the date of acquisition (in thousands): Amount Cash and cash equivalents $ 126 Accounts receivable 3,937 Contract assets 834 Prepaid expenses and other current assets 455 Property and equipment 86 Right of use assets, operating leases 1,105 Other noncurrent assets 152 Goodwill 22,407 Intangible assets 23,000 Accounts payable ( 541 ) Accrued expenses and other current liabilities ( 1,768 ) Contract liabilities ( 1,936 ) Short-term lease liabilities, operating leases ( 343 ) Deferred tax liabilities ( 3,713 ) Long-term lease liabilities, operating leases ( 762 ) Net assets acquired $ 43,039
Schedule of Intangible Assets Value on Purchase Price	Of the total purchase price, the following values were assigned to intangible assets (in thousands, except for years): Gross Amortization (in years) Customer relationships (1) $ 15,900 16 Developed technologies 7,000 11 Other $ 100 1 (1) The acquired business is a SaaS commercial business. Backlog for this type of business is included as customer relationships.
Schedule of Supplemental Pro Forma Information	Supplemental information of unaudited pro forma operating results assuming the IPKeys acquisition had been consummated as of the beginning of fiscal year 2022 (in thousands) is as follows: Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Pro forma Revenue $ 1,670,467 $ 1,356,486 $ 3,206,143 $ 2,532,807 Pro forma Net Income including noncontrolling interests 80,812 56,441 $ ( 11,141 ) $ 91,803

Contracts with Customers (Table

Contracts with Customers (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Summary of Disaggregation of Revenue	The Company’s contracts contain both fixed-price and cost reimbursable components. Contract types are based on the component that represents the majority of the contract. The following table presents revenue disaggregated by contract type (in thousands): Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Fixed-price $ 707,235 $ 440,094 $ 1,338,454 $ 781,106 Time-and-Materials 347,275 324,033 697,926 642,348 Cost-plus 615,957 592,359 1,169,763 1,106,498 Total $ 1,670,467 $ 1,356,486 $ 3,206,143 $ 2,529,952
Summary of Contract Assets and Contract Liabilities	Contract assets and contract liabilities balances at June 30, 2024 and December 31, 2023 were as follows (in thousands): June 30, 2024 December 31, 2023 $ change % change Contract assets $ 803,685 $ 757,515 $ 46,170 6.1 % Contract liabilities 298,104 301,107 ( 3,003 ) - 1.0 % Net contract assets (liabilities) (1) $ 505,581 $ 456,408 $ 49,173 10.8 % (1) Total contract retentions included in net contract assets (liabilities) were $ 77.0 million as of June 30, 2024, of which $ 33.3 million are not expected to be paid in the next 12 months. Total contract retentions included in net contract assets (liabilities) were $ 73.8 million as of December 31, 2023. Contract assets at June 30, 2024 and December 31, 2023 include $ 102.0 million and $ 109.5 million , respectively, related to n et claim recoveries. For the three and six months ended June 30, 2024 and June 30, 2023 , there were no material losses recognized related to the collectability of claims, unapproved change orders, and requests for equitable adjustment.
Summary of Changes in Revenue	The following table presents revisions in estimates, such as changes in estimated claims or incentives, related to performance obligations partially satisfied in previous periods that individually had an impact of $ 5 million or more on revenue. In certain instances, revisions in estimates on a contract do not exceed the threshold in any particular quarter but exceed the threshold on a year-to-date basis (in thousands): Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Revenue impact, net $ - $ 20,168 $ ( 8,939 ) $ 20,339
Summary of Finanial Statement Impact from Revisions in Estimates	Certain financial statement impacts from revisions in estimates were as follows (in thousands): Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Operating income (loss) $ - $ ( 551 ) $ ( 8,939 ) $ ( 1,080 ) Net income (loss) - ( 410 ) ( 6,677 ) ( 803 ) Diluted income (loss) per share $ - $ 0.00 $ ( 0.06 ) $ ( 0.01 )
Summary of Accounts Receivable, Net	Accounts receivable, net consisted of the following as of June 30, 2024 and December 31, 2023 (in thousands): 2024 2023 Billed $ 692,946 $ 646,375 Unbilled 353,876 273,215 Total accounts receivable, gross 1,046,822 919,590 Allowance for doubtful accounts ( 3,886 ) ( 3,952 ) Total accounts receivable, net $ 1,042,936 $ 915,638
Summary of Remaining Unsatisfied Performance Obligations Expect to Satisfy	The Company expects to satisfy its RUPO as of June 30, 2024 over the following periods (in thousands): Period RUPO Will Be Satisfied Within One Year Within One to Thereafter Federal Solutions $ 1,724,068 $ 261,075 $ 175,603 Critical Infrastructure 2,031,090 980,936 993,590 Total $ 3,755,158 $ 1,242,011 $ 1,169,193

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Summary of Lease Costs	The components of lease costs for the three and six months ended June 30, 2024 and June 30, 2023 are as follows (in thousands): Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Operating lease cost $ 16,885 $ 17,129 $ 33,562 $ 33,754 Short-term lease cost 3,780 3,396 7,432 7,059 Amortization of right-of-use assets 835 670 1,612 1,186 Interest on lease liabilities 104 65 198 98 Sublease income ( 1,119 ) ( 1,239 ) ( 2,238 ) ( 2,363 ) Total lease cost $ 20,485 $ 20,021 $ 40,566 $ 39,734
Schedule of Supplemental Cash Flow Information Related to Leases	Supplemental cash flow information related to leases for the three months ended June 30, 2024 and June 30, 2023 is as follows (in thousands): Six Months Ended June 30, 2024 June 30, 2023 Operating cash flows for operating leases $ 34,189 $ 35,076 Operating cash flows for finance leases 198 98 Financing cash flows from finance leases 1,536 1,166 Right-of-use assets obtained in exchange for new operating lease liabilities 6,400 43,398 Right-of-use assets obtained in exchange for new finance lease liabilities $ 2,506 $ 3,412
Schedule of Supplemental Balance Sheet and Other Information Related to Leases	Supplemental balance sheet and other information related to leases as of June 30, 2024 and December 31, 2023 are as follows (in thousands): June 30, 2024 December 31, 2023 Operating Leases: Right-of-use assets $ 136,169 $ 159,211 Lease liabilities: Current 52,840 58,556 Long-term 98,152 117,505 Total operating lease liabilities $ 150,992 $ 176,061 Finance Leases: Other noncurrent assets $ 8,704 $ 7,779 Accrued expenses and other current liabilities $ 3,206 $ 2,682 Other long-term liabilities $ 5,649 $ 5,129 Weighted Average Remaining Lease Term: Operating leases 3.7 Years 3.9 years Finance leases 3 Years 3.1 years Weighted Average Discount Rate: Operating leases 4.3 % 4.2 % Finance leases 4.8 % 4.6 %
Schedule of Maturity Analysis of Future Undiscounted Cash Flows	A maturity analysis of the future undiscounted cash flows associated with the Company’s operating and finance lease liabilities as of June 30, 2024 is as follows (in thousands): Operating Leases Finance Leases 2024 (remaining) $ 31,387 $ 1,817 2025 49,993 3,235 2026 33,356 2,580 2027 20,033 1,400 2028 15,319 466 Thereafter 13,394 8 Total lease payments 163,482 9,506 Less: imputed interest ( 12,490 ) ( 651 ) Total present value of lease liabilities $ 150,992 $ 8,855

Goodwill (Tables)

Goodwill (Tables)	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Changes in Carrying Value of Goodwill by Reporting Segment	The following table summarizes the changes in the carrying value of goodwill by reporting segment from December 31, 2023 to June 30, 2024 (in thousands): December 31, 2023 Acquisitions Foreign Exchange June 30, 2024 Federal Solutions $ 1,686,901 $ - $ - $ 1,686,901 Critical Infrastructure 105,764 - ( 1,762 ) 104,002 Total $ 1,792,665 $ - $ ( 1,762 ) $ 1,790,903

Intangible Assets (Tables)

Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Gross Amount and Accumulated Amortization of Intangible Assets	The gross amount and accumulated amortization of intangible assets with finite useful lives included in “Intangible assets, net” on the consolidated balance sheets are as follows (in thousands except for years): June 30, 2024 December 31, 2023 Weighted Gross Accumulated Net Gross Accumulated Net Amortization (in years) Backlog $ 107,000 $ ( 37,922 ) $ 69,078 $ 130,000 $ ( 45,964 ) $ 84,036 4.8 Customer relationships 292,530 ( 128,572 ) 163,958 297,120 ( 124,194 ) 172,926 11.5 Leases 120 ( 118 ) 2 120 ( 106 ) 14 1.0 Developed technology 30,600 ( 17,620 ) 12,980 31,600 ( 15,823 ) 15,777 4.7 Trade name 1,000 ( 917 ) 83 1,000 ( 417 ) 583 1.0 Non-compete agreements 500 ( 347 ) 153 1,500 ( 1,097 ) 403 3.0 In process research and development 1,800 - 1,800 1,800 - 1,800 n/a Other intangibles 25 - 25 375 ( 348 ) 27 - Total intangible assets $ 433,575 $ ( 185,496 ) $ 248,079 $ 463,515 $ ( 187,949 ) $ 275,566
Schedule of Estimated Amortization Expense	Estimated amortization expense for the remainder of the current fiscal year and in each of the next four years and beyond is as follows (in thousands): June 30, 2024 2024 $ 22,352 2025 43,443 2026 37,019 2027 32,538 2028 24,323 Thereafter 86,604 Total $ 246,279

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, Net	Property and equipment consisted of the following at June 30, 2024 and December 31, 2023 (in thousands): June 30, 2024 December 31, 2023 Useful life Buildings and leasehold improvements $ 102,309 $ 102,372 1 - 15 Furniture and equipment 84,574 84,244 3 - 10 Computer systems and equipment 172,846 168,926 3 - 10 Construction equipment 6,181 6,173 5 - 7 Construction in progress 25,019 21,030 390,929 382,745 Accumulated depreciation ( 292,712 ) ( 283,788 ) Property and equipment, net $ 98,217 $ 98,957

Debt and Credit Facilities (Tab

Debt and Credit Facilities (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Debt	Debt consisted of the following (in thousands): June 30, 2024 December 31, 2023 Long-Term Debt: Delayed draw term loan $ 350,000 $ 350,000 Convertible senior notes due 2025 115,443 400,000 Convertible senior notes due 2029 800,000 - Revolving credit facility - - Debt issuance costs ( 18,137 ) ( 4,037 ) Total $ 1,247,306 $ 745,963

Investments in and Advances t_2

Investments in and Advances to Joint Ventures (Tables)	6 Months Ended
	Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Financial Information of Consolidated Joint Ventures	The following represents financial information for consolidated joint ventures included in the consolidated financial statements (in thousands): June 30, 2024 December 31, 2023 Current assets $ 464,312 $ 426,633 Noncurrent assets 11,670 14,295 Total assets 475,982 440,928 Current liabilities 276,649 260,286 Noncurrent liabilities 3,299 5,132 Total liabilities 279,948 265,418 Total joint venture equity $ 196,034 $ 175,510 Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Revenue $ 186,731 $ 167,253 $ 388,748 $ 328,737 Costs 163,287 143,808 334,435 285,406 Net income $ 23,444 $ 23,445 $ 54,313 $ 43,331 Net income attributable to noncontrolling interests $ 11,547 $ 11,530 $ 26,790 $ 21,253
Summary of Financial Information for Unconsolidated Joint Ventures	The following represents the financial information of the Company’s unconsolidated joint ventures as presented in their unaudited financial statements (in thousands): June 30, 2024 December 31, 2023 Current assets $ 1,617,486 $ 1,607,953 Noncurrent assets 462,319 483,693 Total assets 2,079,805 2,091,646 Current liabilities 970,590 1,057,113 Noncurrent liabilities 498,239 518,647 Total liabilities 1,468,829 1,575,760 Total joint venture equity $ 610,976 $ 515,886 Investments in and advances to unconsolidated joint ventures $ 157,243 $ 128,204 Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Revenue $ 544,000 $ 530,467 $ 1,017,532 $ 879,624 Costs 555,971 534,555 1,032,721 893,950 Net income (loss) $ ( 11,971 ) $ ( 4,088 ) $ ( 15,189 ) $ ( 14,326 ) Equity in losses of unconsolidated joint ventures $ ( 16,837 ) $ 75 $ ( 18,897 ) $ ( 5,765 )
Summary of Financial Statement Impact From Changes In Estimates on an Unconsolidated Joint Ventures	The following table presents certain financial statement impacts from changes in estimates on unconsolidated joint ventures in the Critical Infrastructure segment (in thousands): Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Operating income (loss) $ ( 22,433 ) $ ( 6,987 ) $ ( 30,793 ) $ ( 16,974 ) Net income (loss) ( 22,433 ) ( 5,198 ) ( 30,793 ) ( 12,629 ) Diluted income (loss) per share $ ( 0.20 ) $ ( 0.05 ) $ ( 0.29 ) $ ( 0.11 )

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
Schedule of Consolidated Balance Sheet Related to Services Provided to Unconsolidated Joint Ventures	Amounts included in the consolidated balance sheets related to services the Company provided to unconsolidated joint ventures are as follows (in thousands): June 30, 2024 December 31, 2023 Accounts receivable $ 47,778 $ 38,898 Contract assets 15,909 38,009 Contract liabilities 14,215 15,287

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Summay of Financial Assets and Liabilities Measured at Fair Value on a Recurrig Basis	Financial assets and liabilities measured at fair value on a quarterly basis are as follows: Fair value as of June 30, 2024 (in thousands): Level 1 Level 2 Level 3 Total Contingent consideration Earnout liability $ - $ - $ 4,142 $ 4,142 Total liabilities at fair value $ - $ - $ 4,142 $ 4,142 Fair value as of December 31, 2023 (in thousands): Level 1 Level 2 Level 3 Total Contingent consideration Earnout liability $ - $ - $ 2,300 $ 2,300 Total liabilities at fair value $ - $ - $ 2,300 $ 2,300
Summary of Carrying Values and Estimated Fair Values Of Financial Instruments	The carrying values and estimated fair values of our financial instruments that are not required to be recorded at fair value in our consolidated balance sheets, on the basis of Level 1 inputs for the Company's convertible notes and Level 2 inputs for the delayed draw term loan, were as follows (in thousands): June 30, 2024 December 31, 2023 Carrying Value Fair Value Carrying Value Fair Value Liabilities: Convertible senior notes due 2025 $ 115,443 $ 207,797 $ 400,000 $ 568,000 Convertible senior notes due 2029 800,000 859,520 - - Delayed draw term loan 350,000 350,000 350,000 350,000 Total $ 1,265,443 $ 1,417,317 $ 750,000 $ 918,000

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Denominator and Numerator used to Compute Basic and Diluted EPS	The following tables reconcile the denominator and numerator used to compute basic EPS to the denominator and numerator used to compute diluted EPS for the three and six months ended June 30, 2024 and June 30, 2023 (in thousands): Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Numerator for Basic and Diluted EPS: Net income (loss) attributable to Parsons Corporation - basic $ 69,172 $ 43,241 $ ( 38,183 ) $ 68,794 Convertible senior notes if-converted method interest adjustment 54 554 - 1,106 Net income (loss) attributable to Parsons Corporation - diluted $ 69,226 $ 43,795 $ ( 38,183 ) $ 69,900 Denominator for Basic and Diluted EPS: Basic weighted average number of shares outstanding 106,303 104,908 106,170 104,856 Dilutive effect of stock-based awards 1,233 883 — 941 Dilutive effect of warrants 415 — — — Dilutive effect of convertible senior notes due 2025 2,573 8,917 — 8,917 Diluted weighted average number of shares outstanding 110,524 114,708 106,170 114,714 Earnings (loss) per share: Basic $ 0.65 $ 0.41 $ ( 0.36 ) $ 0.66 Diluted $ 0.63 $ 0.38 $ ( 0.36 ) $ 0.61
Schedule of Repurchase Program	The following table summarizes the repurchase activity under the stock repurchase program: Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Total shares repurchased 131,053 46,077 131,053 185,475 Total shares retired 131,053 46,077 131,053 185,475 Average price paid per share $ 76.30 $ 43.40 $ 76.30 $ 43.13

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Summary of Business Segment Information	The following table summarizes business segment revenue for the periods presented (in thousands): Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Federal Solutions revenue $ 988,603 $ 762,797 $ 1,898,211 $ 1,397,343 Critical Infrastructure revenue 681,864 593,689 1,307,932 1,132,609 Total revenue $ 1,670,467 $ 1,356,486 $ 3,206,143 $ 2,529,952 Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Equity in (losses) earnings of unconsolidated joint ventures: Federal Solutions $ 1,466 $ 955 $ 997 $ 2,067 Critical Infrastructure ( 18,303 ) ( 880 ) ( 19,894 ) $ ( 7,832 ) Total equity in (losses) earnings of unconsolidated joint ventures $ ( 16,837 ) $ 75 $ ( 18,897 ) $ ( 5,765 )
Summary of Adjusted EBITDA Business Segment Information	The following table reconciles business segment Adjusted EBITDA attributable to Parsons Corporation to Net Income attributable to Parsons Corporation for the periods presented (in thousands): Three Months Ended Six Months Ended Adjusted EBITDA attributable to Parsons Corporation June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Federal Solutions $ 102,781 $ 85,640 $ 195,322 $ 141,788 Critical Infrastructure 35,612 20,936 68,575 45,293 Adjusted EBITDA attributable to Parsons Corporation 138,393 106,576 263,897 187,081 Adjusted EBITDA attributable to noncontrolling interests 11,837 11,730 27,426 21,616 Depreciation and amortization ( 24,440 ) ( 28,689 ) ( 48,971 ) ( 57,048 ) Interest expense, net ( 9,183 ) ( 6,993 ) ( 21,029 ) ( 12,658 ) Income tax benefit (expense) ( 22,415 ) ( 15,223 ) 9,819 ( 26,726 ) Equity-based compensation expense ( 10,647 ) ( 9,314 ) ( 23,303 ) ( 16,017 ) Loss on extinguishment of debt - - ( 211,018 ) - Transaction-related costs (a) ( 2,302 ) ( 1,917 ) ( 5,188 ) ( 3,535 ) Restructuring expense (b) - - - ( 546 ) Other (c) ( 524 ) ( 1,399 ) ( 3,026 ) ( 2,120 ) Net (loss) income including noncontrolling interests 80,719 54,771 ( 11,393 ) 90,047 Net income attributable to noncontrolling interests 11,547 11,530 26,790 21,253 Net (loss) income attributable to Parsons Corporation $ 69,172 $ 43,241 $ ( 38,183 ) $ 68,794 (a) Reflects costs incurred in connection with acquisitions and other non-recurring transaction costs, primarily fees paid for professional services and employee retention. (b) Reflects costs associated with corporate restructuring initiatives. (c) Includes a combination of gain/loss related to sale of fixed assets, software implementation costs, and other individually insignificant items that are non-recurring in nature.
Summary of Revenues and Property and Equipment, Net by Geographic Area	The following tables present revenues and property and equipment, net by geographic area (in thousands): Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Revenue North America $ 1,419,327 $ 1,136,290 $ 2,691,577 $ 2,085,005 Middle East 246,063 219,253 504,984 436,651 Rest of World 5,077 943 9,582 8,296 Total Revenue $ 1,670,467 $ 1,356,486 $ 3,206,143 $ 2,529,952 The geographic location of revenue is determined by the location of the customer. June 30, 2024 December 31, 2023 Property and Equipment, Net North America $ 89,506 $ 91,766 Middle East 8,711 7,191 Total Property and Equipment, Net $ 98,217 $ 98,957
Summary of Revenues by Business Lines	The following table presents revenues by business units (in thousands): Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Revenue Defense and Intelligence $ 420,396 $ 381,328 $ 828,784 $ 745,688 Engineered Systems 568,207 381,469 1,069,427 651,655 Federal Solutions revenues 988,603 762,797 1,898,211 1,397,343 Infrastructure – North America 434,163 373,153 799,445 692,712 Infrastructure – Europe, Middle East and Africa 247,701 220,536 508,487 439,897 Critical Infrastructure revenues 681,864 593,689 1,307,932 1,132,609 Total Revenue $ 1,670,467 $ 1,356,486 $ 3,206,143 $ 2,529,952 Effective October 1, 2023, the Company reorganized its Critical Infrastructure business units from Mobility Solutions and Connected Communities to Infrastructure – North America and Infrastructure – Europe, Middle East and Africa. The prior year information in the table above has been reclassified to conform to the business unit changes.

New Accounting Pronouncements -

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

Acquisitions - Additional Infor

Acquisitions - Additional Information (Details)				3 Months Ended		6 Months Ended		9 Months Ended	12 Months Ended
	Oct. 31, 2023 USD ($)	Aug. 23, 2023 USD ($)	Apr. 13, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Business Acquisition [Line Items]
Amortization of intangible assets				$ 13,800,000	$ 18,100,000	$ 27,500,000	$ 36,100,000
Revenues				1,670,467,000	1,356,486,000	3,206,143,000	2,529,952,000
Goodwill				1,790,903,000		1,790,903,000			$ 1,792,665,000
I.S. Engineers, LLC
Business Acquisition [Line Items]
Percentage of ownership interest acquired	100%
Cash paid to acquire	$ 12,200,000
Goodwill	$ 11,900,000
I.S. Engineers, LLC | Selling, General and Administrative Expense
Business Acquisition [Line Items]
Acquisition related expenses									300,000
Sealing Technologies, Inc.
Business Acquisition [Line Items]
Percentage of ownership interest acquired		100%
Cash paid to acquire		$ 179,259,000
Earn out payment due and payable to the selling shareholders, Multiplier		0.5
Fair value of contingent consideration to be achieved		$ 3,231,000				4,100,000			1,800,000
Borrowed under credit agreement to partially fund the acquisition		175,000,000
Acquisition related expenses		3,300,000
Amortization of intangible assets				3,300,000		6,600,000
Revenues				16,900,000		33,800,000
Goodwill		90,593,000
Sealing Technologies, Inc. | Maximum
Business Acquisition [Line Items]
Additional amount agreed to pay the selling shareholders in the event an earn out revenue target is exceeded		25,000,000
Earn out revenue target, amount		110,000,000
Target amount of earnout revenue		25,000,000
Sealing Technologies, Inc. | Minimum
Business Acquisition [Line Items]
Target amount of earnout revenue		$ 0
IPKeys Power Partners
Business Acquisition [Line Items]
Percentage of ownership interest acquired			100%
Cash paid to acquire			$ 43,000,000
Amortization of intangible assets				$ 400,000	400,000	$ 800,000	400,000
Revenues					$ 2,600,000		$ 2,600,000
Goodwill			$ 22,407,000
Goodwill deductible for tax purposes									$ 900,000
IPKeys Power Partners | Selling, General and Administrative Expense
Business Acquisition [Line Items]
Acquisition related expenses								$ 600,000

Acquisitions - Schedule Of Acqu

Acquisitions - Schedule Of Acquisition Date Fair Value of the Purchase Consideration Transferred (Details) - Sealing Technologies, Inc. - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
	Aug. 23, 2023	Jun. 30, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Cash paid at closing	$ 179,259
Fair value of contingent consideration to be achieved	3,231	$ 4,100	$ 1,800
Total purchase price	$ 182,490

Acquisitions - Summary of Estim

Acquisitions - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed on Purchase Price Allocation (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Aug. 23, 2023	Apr. 13, 2023
Business Acquisition [Line Items]
Contract assets	$ 803,685	$ 757,515
Goodwill	1,790,903	1,792,665
Investments in and advances to unconsolidated joint ventures	157,243	128,204
Contract liabilities	$ (298,104)	$ (301,107)
Sealing Technologies, Inc.
Business Acquisition [Line Items]
Cash and cash equivalents			$ 8,133
Accounts receivable			17,889
Contract assets			2,946
Prepaid expenses and other current assets			1,379
Property and equipment			2,025
Right of use assets, operating leases			1,836
Deferred tax assets			357
Goodwill			90,593
Intangible assets			75,000
Accounts payable			(15,987)
Accrued expenses and other current liabilities			(2,408)
Contract liabilities			(668)
Short-term lease liabilities, operating leases			(418)
Long-term lease liabilities, operating leases			(1,418)
Net assets acquired			$ 179,259
IPKeys Power Partners
Business Acquisition [Line Items]
Cash and cash equivalents				$ 126
Accounts receivable				3,937
Contract assets				834
Prepaid expenses and other current assets				455
Property and equipment				86
Right of use assets, operating leases				1,105
Goodwill				22,407
Intangible assets				23,000
Other noncurrent assets				152
Accounts payable				(541)
Accrued expenses and other current liabilities				(1,768)
Contract liabilities				(1,936)
Short-term lease liabilities, operating leases				(343)
Deferred tax liabilities				(3,713)
Long-term lease liabilities, operating leases				(762)
Net assets acquired				$ 43,039

Acquisitions - Schedule of Inta

Acquisitions - Schedule of Intangible Assets Value on Purchase Price (Details) - USD ($) $ in Thousands				6 Months Ended
		Aug. 23, 2023	Apr. 13, 2023	Jun. 30, 2024
Customer Relationships
Acquired Finite Lived Intangible Assets [Line Items]
Amortization Period (in years)				11 years 6 months
Customer Relationships | Sealing Technologies, Inc.
Acquired Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount		$ 40,000
Amortization Period (in years)		14 years
Customer Relationships | IPKeys Power Partners
Acquired Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	[1]		$ 15,900
Amortization Period (in years)	[1]		16 years
Backlog
Acquired Finite Lived Intangible Assets [Line Items]
Amortization Period (in years)				4 years 9 months 18 days
Backlog | Sealing Technologies, Inc.
Acquired Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount		$ 26,000
Amortization Period (in years)		3 years
Trade Names
Acquired Finite Lived Intangible Assets [Line Items]
Amortization Period (in years)				1 year
Developed Technologies
Acquired Finite Lived Intangible Assets [Line Items]
Amortization Period (in years)				4 years 8 months 12 days
Developed Technologies | Sealing Technologies, Inc.
Acquired Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount		$ 8,000
Amortization Period (in years)		3 years
Developed Technologies | IPKeys Power Partners
Acquired Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount			$ 7,000
Amortization Period (in years)			11 years
Other | Sealing Technologies, Inc.
Acquired Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount		$ 1,000
Amortization Period (in years)		1 year
Other | IPKeys Power Partners
Acquired Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount			$ 100
Amortization Period (in years)			1 year
Noncompete Agreements
Acquired Finite Lived Intangible Assets [Line Items]
Amortization Period (in years)				3 years
[1] The acquired business is a SaaS commercial business. Backlog for this type of business is included as customer relationships.

Acquisitions - Schedule of Supp

Acquisitions - Schedule of Supplemental Pro Forma Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Business Acquisition [Line Items]
Pro forma Revenue	$ 1,670,467	$ 1,390,016	$ 3,206,143	$ 2,580,497
Pro forma Net Income including noncontrolling interests	81,910	59,230	(8,869)	93,425
IPKeys Power Partners
Business Acquisition [Line Items]
Pro forma Revenue	1,670,467	1,356,486	3,206,143	2,532,807
Pro forma Net Income including noncontrolling interests	$ 80,812	$ 56,441	$ (11,141)	$ 91,803

Contracts with Customers - Summ

Contracts with Customers - Summary of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation Of Revenue [Line Items]
Revenues	$ 1,670,467	$ 1,356,486	$ 3,206,143	$ 2,529,952
Fixed-Price
Disaggregation Of Revenue [Line Items]
Revenues	707,235	440,094	1,338,454	781,106
Time-and-Materials
Disaggregation Of Revenue [Line Items]
Revenues	347,275	324,033	697,926	642,348
Cost-Plus
Disaggregation Of Revenue [Line Items]
Revenues	$ 615,957	$ 592,359	$ 1,169,763	$ 1,106,498

Contracts with Customers - Su_2

Contracts with Customers - Summary of Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract assets	$ 803,685	$ 757,515
Contract liabilities	298,104	301,107
Net contract assets (liabilities)	505,581	$ 456,408
Change in contract assets	46,170
Change in contract liabilities	(3,003)
Change in contract assets and liabilities	$ 49,173
Percentage change in contract assets	6.10%
Percentage change in contract liabilities	(1.00%)
Percentage change in contract assets and liabilities	10.80%

Contracts with Customers - Su_3

Contracts with Customers - Summary of Contract Assets and Contract Liabilities (Parenthetical) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract retentions	$ 77	$ 73.8
Contract retentions, not expected to be paid in next 12 months	33.3
Contract assets, net claims recovery estimates	$ 102	$ 109.5

Contracts with Customers - Addi

Contracts with Customers - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue recognized included contract liability	$ 30,900,000	$ 29,600,000	$ 169,200,000	$ 107,700,000
Impairment of contract assets	0	0	0	0
Impact of changes in estimated claims or incentives on revenue			5,000,000	5,000,000
Remaining unsatisfied performance obligations	$ 6,200,000,000		$ 6,200,000,000
U.S. Federal Government and Agencies
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Receivables from contracts rate	25%		25%		18%
Critical Infrastructure | Direct Costs Write-Down
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Changes in estimates related to direct costs of contracts		$ 24,700,000		$ 24,700,000

Contracts with Customers - Su_4

Contracts with Customers - Summary of Changes in Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue impact, net	$ 0	$ 20,168	$ 8,939	$ 20,339

Contracts with Customers - Su_5

Contracts with Customers - Summary of Finanial Statement Impact from Revisions in Estimates (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Operating income (loss)	$ 111,422	$ 76,444	$ 213,266	$ 127,574
Net Income (Loss)	$ 69,172	$ 43,241	$ (38,183)	$ 68,794
Diluted income (loss) per share	$ 0.63	$ 0.38	$ (0.36)	$ 0.61
Critical Infrastructure
Segment Reporting Information [Line Items]
Operating income (loss)	$ 0	$ (551)	$ (8,939)	$ (1,080)
Net Income (Loss)	$ 0	$ (410)	$ (6,677)	$ (803)
Diluted income (loss) per share	$ 0	$ 0	$ (0.06)	$ (0.01)

Contracts with Customers - Su_6

Contracts with Customers - Summary of Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Billed	$ 692,946	$ 646,375
Unbilled	353,876	273,215
Total accounts receivable, gross	1,046,822	919,590
Allowance for doubtful accounts	(3,886)	(3,952)
Total accounts receivable, net	$ 1,042,936	$ 915,638

Contracts with Customers - Su_7

Contracts with Customers - Summary of Remaining Unsatisfied Performance Obligations Expect to Satisfy (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining unsatisfied performance obligations	$ 6,200,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-07-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining unsatisfied performance obligations	$ 3,755,158
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-07-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining unsatisfied performance obligations	$ 1,242,011
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-07-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining unsatisfied performance obligations	$ 1,169,193
Revenue, remaining performance obligation, expected timing of satisfaction, period
Federal Solution Segment | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-07-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining unsatisfied performance obligations	$ 1,724,068
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Federal Solution Segment | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-07-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining unsatisfied performance obligations	$ 261,075
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Federal Solution Segment | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-07-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining unsatisfied performance obligations	$ 175,603
Revenue, remaining performance obligation, expected timing of satisfaction, period
Critical Infrastructure | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-07-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining unsatisfied performance obligations	$ 2,031,090
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Critical Infrastructure | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-07-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining unsatisfied performance obligations	$ 980,936
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Critical Infrastructure | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-07-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining unsatisfied performance obligations	$ 993,590
Revenue, remaining performance obligation, expected timing of satisfaction, period

Leases - Additional Information

Leases - Additional Information (Details)	6 Months Ended
	Jun. 30, 2024 USD ($)
Lessee Lease Description [Line Items]
Lease option to extend	five years
Lease existence of option to extend	true
Lease option to terminate	third year
Lease existence of option to terminate	true
Operating lease not yet commenced expense	$ 0
Minimum
Lessee Lease Description [Line Items]
Lease term of contract	1 year
Maximum
Lessee Lease Description [Line Items]
Lease term of contract	8 years

Leases - Summary of Lease Costs

Leases - Summary of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Operating lease cost	$ 16,885	$ 17,129	$ 33,562	$ 33,754
Short-term lease cost	3,780	3,396	7,432	7,059
Amortization of right-of-use assets	835	670	1,612	1,186
Interest on lease liabilities	104	65	198	98
Sublease income	(1,119)	(1,239)	(2,238)	(2,363)
Total lease cost	$ 20,485	$ 20,021	$ 40,566	$ 39,734

Leases - Schedule of Supplement

Leases - Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Operating cash flows for operating leases	$ 34,189	$ 35,076
Operating cash flows for finance leases	198	98
Financing cash flows from finance leases	1,536	1,166
Right-of-use assets obtained in exchange for new operating lease liabilities	6,400	43,398
Right-of-use assets obtained in exchange for new finance lease liabilities	$ 2,506	$ 3,412

Leases - Schedule of Suppleme_2

Leases - Schedule of Supplemental Balance Sheet and Other Information Related to Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Operating Leases:
Right-of-use assets	$ 136,169	$ 159,211
Lease liabilities:
Current	52,840	58,556
Long-term	98,152	117,505
Total operating lease liabilities	150,992	176,061
Finance Leases:
Other noncurrent assets	8,704	7,779
Accrued expenses and other current liabilities	$ 3,206	$ 2,682
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Current liabilities	Current liabilities
Other long-term liabilities	$ 5,649	$ 5,129
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term liabilities	Other long-term liabilities
Weighted Average Remaining Lease Term:
Operating leases	3 years 8 months 12 days	3 years 10 months 24 days
Finance leases	3 years	3 years 1 month 6 days
Weighted Average Discount Rate:
Operating leases	4.30%	4.20%
Finance leases	4.80%	4.60%

Leases - Schedule of Maturity A

Leases - Schedule of Maturity Analysis of Future Undiscounted Cash Flows (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Operating Leases
2024 (remaining)	$ 31,387
2025	49,993
2026	33,356
2027	20,033
2028	15,319
Thereafter	13,394
Total lease payments	163,482
Less: imputed interest	(12,490)
Total present value of lease liabilities	150,992	$ 176,061
Finance Leases
2024 (remaining)	1,817
2025	3,235
2026	2,580
2027	1,400
2028	466
Thereafter	8
Total lease payments	9,506
Less: imputed interest	(651)
Total present value of lease liabilities	$ 8,855

Goodwill - Summary of Changes i

Goodwill - Summary of Changes in Carrying Value of Goodwill by Reporting Segment (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Goodwill [Line Items]
Beginning Balance	$ 1,792,665
Acquisitions	0
Foreign Exchange	(1,762)
Ending Balance	1,790,903
Federal Solutions
Goodwill [Line Items]
Beginning Balance	1,686,901
Acquisitions	0
Foreign Exchange	0
Ending Balance	1,686,901
Critical Infrastructure
Goodwill [Line Items]
Beginning Balance	105,764
Acquisitions	0
Foreign Exchange	(1,762)
Ending Balance	$ 104,002

Goodwill - Additional Informati

Goodwill - Additional Information (Details)	6 Months Ended
	Jun. 30, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment of goodwill	$ 0

Intangible Assets - Schedule of

Intangible Assets - Schedule of Gross Amount and Accumulated Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Acquired Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 433,575	$ 463,515
Accumulated Amortization	(185,496)	(187,949)
Net Carrying Amount	248,079	275,566
Backlog
Acquired Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	107,000	130,000
Accumulated Amortization	(37,922)	(45,964)
Net Carrying Amount	$ 69,078	84,036
Weighted Average Amortization Period (in years)	4 years 9 months 18 days
Customer Relationships
Acquired Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 292,530	297,120
Accumulated Amortization	(128,572)	(124,194)
Net Carrying Amount	$ 163,958	172,926
Weighted Average Amortization Period (in years)	11 years 6 months
Leases
Acquired Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 120	120
Accumulated Amortization	(118)	(106)
Net Carrying Amount	$ 2	14
Weighted Average Amortization Period (in years)	1 year
Developed Technology
Acquired Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 30,600	31,600
Accumulated Amortization	(17,620)	(15,823)
Net Carrying Amount	$ 12,980	15,777
Weighted Average Amortization Period (in years)	4 years 8 months 12 days
Trade Name
Acquired Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 1,000	1,000
Accumulated Amortization	(917)	(417)
Net Carrying Amount	$ 83	583
Weighted Average Amortization Period (in years)	1 year
Noncompete Agreements
Acquired Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 500	1,500
Accumulated Amortization	(347)	(1,097)
Net Carrying Amount	$ 153	403
Weighted Average Amortization Period (in years)	3 years
In Process Research and Development
Acquired Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 1,800	1,800
Accumulated Amortization	0	0
Net Carrying Amount	1,800	1,800
Other Intangibles
Acquired Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	25	375
Accumulated Amortization	0	(348)
Net Carrying Amount	$ 25	$ 27

Intangible Assets - Additional

Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Amortization expense of intangible assets	$ 13.8	$ 18.1	$ 27.5	$ 36.1

Intangible Assets - Schedule _2

Intangible Assets - Schedule of Estimated Amortization Expense (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 22,352
2025	43,443
2026	37,019
2027	32,538
2028	24,323
Thereafter	86,604
Total	$ 246,279

Property and Equipment, Net - S

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 390,929	$ 382,745
Accumulated depreciation	(292,712)	(283,788)
Property and equipment, net	98,217	98,957
Buildings and Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 102,309	102,372
Buildings and Leasehold Improvements | Minimum
Property Plant And Equipment [Line Items]
Useful life (years)	1 year
Buildings and Leasehold Improvements | Maximum
Property Plant And Equipment [Line Items]
Useful life (years)	15 years
Furniture and Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 84,574	84,244
Furniture and Equipment | Minimum
Property Plant And Equipment [Line Items]
Useful life (years)	3 years
Furniture and Equipment | Maximum
Property Plant And Equipment [Line Items]
Useful life (years)	10 years
Computer Systems and Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 172,846	168,926
Computer Systems and Equipment | Minimum
Property Plant And Equipment [Line Items]
Useful life (years)	3 years
Computer Systems and Equipment | Maximum
Property Plant And Equipment [Line Items]
Useful life (years)	10 years
Construction Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 6,181	6,173
Construction Equipment | Minimum
Property Plant And Equipment [Line Items]
Useful life (years)	5 years
Construction Equipment | Maximum
Property Plant And Equipment [Line Items]
Useful life (years)	7 years
Construction in Progress
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 25,019	$ 21,030

Property and Equipment, Net - A

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 9.2	$ 9.5	$ 18.7	$ 18.9

Debt and Credit Facilities - Sc

Debt and Credit Facilities - Schedule of Debt (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term debt	$ 0
Long-term debt issuance costs	(18,137,000)	$ (4,037,000)
Total	1,247,306,000	745,963,000
2022 Delayed Draw Term Loan
Debt Instrument [Line Items]
Long-term debt	350,000,000	350,000,000
Convertible Senior Notes Due 2025
Debt Instrument [Line Items]
Convertible senior notes	115,443,000	400,000,000
Convertible Senior Notes due 2029
Debt Instrument [Line Items]
Convertible senior notes	800,000,000	0
Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt	$ 0	$ 0

Debt and Credit Facilities - Ad

Debt and Credit Facilities - Additional Information (Details)	1 Months Ended				3 Months Ended			6 Months Ended
	Feb. 29, 2024 USD ($) d $ / shares	Sep. 30, 2022 USD ($)	Jun. 30, 2021 USD ($) Extension	Aug. 31, 2020 USD ($) d $ / shares shares	Jun. 30, 2024 USD ($) $ / shares	Mar. 31, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) d $ / shares shares	Jun. 30, 2023 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2023 USD ($)	Nov. 30, 2022 USD ($)
Debt Instrument [Line Items]
Letters of credit outstanding amount					$ 303,600,000			$ 303,600,000			$ 320,700,000
Debt instrument, outstanding amount					0			0
Loss on extinguishment of debt					0	$ 211,000,000	$ 0	211,018,000	$ 0
Tax effect of unwind existing bond hedge					1,042,000			1,042,000			6,977,000
Deferred tax liabilities					9,789,000			9,789,000			9,775,000
Effective tax rate and tax benefit								49,900,000
Deferred tax assets					162,669,000			162,669,000			$ 140,162,000
2022 Delayed Draw Term Loan
Debt Instrument [Line Items]
Debt issuance costs incurred					$ 900,000			$ 900,000
Interest rate					6.60%			6.60%			6.60%
Interest expense					$ 5,800,000		5,600,000	$ 11,800,000	10,700,000
Debt instrument, outstanding amount					350,000,000			350,000,000			$ 350,000,000	$ 350,000,000
Debt amount		$ 350,000,000
Debt issuance date		Sep. 30, 2022
Debt instrument, maturity period		3 years
Unused term loan commitments rate		0.175%
Convertible Senior Notes Due 2025
Debt Instrument [Line Items]
Interest rate				0.25%
Interest expense					100,000		700,000	$ 3,700,000	1,500,000
Debt amount				$ 400,000,000
Exercise of option by initial purchasers aggregate principal amount				50,000,000
Proceeds from issuance and sale of debt				389,700,000
Transaction fees and other third-party offering expenses				$ 10,300,000
Debt instrument, payment terms								The Convertible Senior Notes accrue interest at a rate of 0.25% per annum, payable semi-annually on February 15 and August 15 of each year beginning on February 15, 2021
Debt instrument, frequency of periodic payment								semi-annually
Maturity Date				Aug. 15, 2025
Convertible note converted each amount					$ 1,000			$ 1,000
Convertible notes converted each into shares of common stock | shares								22.2913
Debt Instrument, conversion price | $ / shares					$ 44.86			$ 44.86
Threshold trading days | d				20				51
Threshold consecutive trading days | d				30
Conversion percentage of stock price trigger				130%
Number of business day period				5 days
Consecutive trading day period				5 days
Convertible principal amount				$ 1,000
Measurement period, percentage				98%
Percentage of principal amount to redeem convertible senior notes				100%
Percentage of convertible senior notes repurchased at cash				100%
Net carrying value of notes					$ 115,400,000			$ 115,400,000			$ 396,500,000
Convertible Senior Notes due 2029
Debt Instrument [Line Items]
Interest rate	2.625%
Interest expense					6,300,000			8,700,000
Debt amount	$ 800,000,000
Exercise of option by initial purchasers aggregate principal amount	100,000,000
Proceeds from issuance and sale of debt	781,100,000
Transaction fees and other third-party offering expenses	$ 18,900,000
Debt instrument, payment terms	The 2029 Convertible Notes accrue interest at a rate of 2.625% per annum, payable semi-annually on March 1 and September 1 of each year beginning on September 1, 2024
Debt instrument, frequency of periodic payment	semi-annually
Maturity Date	Mar. 01, 2029
Convertible note converted each amount					$ 1,000			$ 1,000
Convertible notes converted each into shares of common stock | shares								10.6256
Debt Instrument, conversion price | $ / shares					$ 94.11			$ 94.11
Threshold trading days | d	20							51
Threshold consecutive trading days | d	30
Conversion percentage of stock price trigger	130%
Number of business day period	5 days
Consecutive trading day period	10 days
Convertible principal amount	$ 1,000
Measurement period, percentage	98%
Percentage of principal amount to redeem convertible senior notes	100%
Percentage of convertible senior notes repurchased at cash	100%
Net carrying value of notes					$ 782,200,000			$ 782,200,000
Maximum | 2022 Delayed Draw Term Loan
Debt Instrument [Line Items]
Increase in term loan		$ 150,000,000
Convertible Note Hedge And Warrant Transaction
Debt Instrument [Line Items]
Tax effect of unwind existing bond hedge					$ 46,200,000			$ 46,200,000
Convertible Note Hedge And Warrant Transaction | Convertible Senior Notes Due 2025
Debt Instrument [Line Items]
Purchase of convertible senior notes	$ 228,100,000
Proceeds from issuance and sale of debt						391,800,000
Bond hedge term								5 years
Number of shares issuable upon conversion | shares				8,900,000
Cost of convertible note hedge transaction				$ 55,000,000
Number of common stock acquired by offsetting sale warrants. | shares								8,900,000
Exercise price of warrants | $ / shares					$ 66.46			$ 66.46
Proceeds from issuance of warrants								$ 13,800,000
Purchase of bond hedges and sale of warrants				$ 41,200,000
Deferred tax liabilities					$ 16,200,000			16,200,000
Deferred tax assets					16,500,000			16,500,000
Convertible Note Hedge And Warrant Transaction | Convertible Senior Notes Due 2025 | ASC 2020-06
Debt Instrument [Line Items]
Deferred tax liability reversed					13,900,000			13,900,000
Additional deferred tax liability related to capitalized debt issuance costs					400,000			400,000
Adjustment to deferred tax asset through retained earnings					$ 900,000			$ 900,000
Convertible Note Hedge And Warrant Transaction | Convertible Senior Notes due 2025
Debt Instrument [Line Items]
Interest rate					0.25%			0.25%
Loss on extinguishment of debt								$ 214,200,000
Acceleration charge of amortization of debt issuance costs								$ 3,200,000
Convertible Note Hedge And Warrant Transaction | Convertible Senior Notes Due 2025 Note Hedge And Warrants
Debt Instrument [Line Items]
Purchase of convertible senior notes	56,500,000
Proceeds from issuance and sale of debt						$ 103,800,000
Proceeds from partial termination of note hedge and warrants	90,600,000
Convertible Note Hedge And Warrant Transaction | Minimum [Member] | Convertible Senior Notes Due 2025
Debt Instrument [Line Items]
Debt Instrument, conversion price | $ / shares				$ 44.86
Percentage of bond hedge and warrant transactions increased conversion price				35%
Convertible Note Hedge And Warrant Transaction | Maximum | Convertible Senior Notes Due 2025
Debt Instrument [Line Items]
Debt Instrument, conversion price | $ / shares				$ 66.46
Percentage of bond hedge and warrant transactions increased conversion price				100%
Capped Call Transaction
Debt Instrument [Line Items]
Deferred tax assets	$ 22.3
Capped Call Transaction | Convertible Senior Notes Due 2025
Debt Instrument [Line Items]
Debt Instrument, conversion price | $ / shares	$ 131.7575
Premium of reported sale price percentage	75%
Convertible Notes Converted Sale Price Of Common Stock | $ / shares	$ 75.29
Cost of convertible note hedge transaction	$ 88,400,000
Base Rate | Minimum [Member] | 2022 Delayed Draw Term Loan
Debt Instrument [Line Items]
Margin interest rate		0%
Base Rate | Maximum | 2022 Delayed Draw Term Loan
Debt Instrument [Line Items]
Margin interest rate		0.50%
SOFR Benchmark Rate | Minimum [Member] | 2022 Delayed Draw Term Loan
Debt Instrument [Line Items]
Margin interest rate		0.875%
SOFR Benchmark Rate | Maximum | 2022 Delayed Draw Term Loan
Debt Instrument [Line Items]
Margin interest rate		1.50%
Revolving Credit Facility
Debt Instrument [Line Items]
Credit agreement date			Jun. 30, 2021
Revolving credit facility			$ 650,000,000							$ 650,000,000
Debt issuance costs incurred			1,900,000							1,900,000
Revolving credit facility			$ 550,000,000							$ 550,000,000
Credit agreement maturity period			5 years
Credit agreement number of extensions | Extension			2
Interest rate					6.70%			6.70%			6.70%
Letters of credit outstanding amount					$ 43,000,000			$ 43,000,000			$ 43,800,000
Interest expense					$ 200,000		$ 300,000	$ 500,000	$ 500,000
Revolving Credit Facility | Base Rate | Minimum [Member]
Debt Instrument [Line Items]
Margin interest rate										0%
Revolving Credit Facility | Base Rate | Maximum
Debt Instrument [Line Items]
Margin interest rate										0.625%
Revolving Credit Facility | SOFR Benchmark Rate | Minimum [Member]
Debt Instrument [Line Items]
Margin interest rate			1%
Revolving Credit Facility | SOFR Benchmark Rate | Maximum
Debt Instrument [Line Items]
Margin interest rate										1.625%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2021	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Percentage of minimum level of tax						15%
Effective income tax rate	21.70%		21.80%	(46.30%)	22.90%
Loss in partially unwinding Convertible Senior Notes	$ 0	$ 211,000	$ 0	$ 211,018	$ 0
U.S. corporate tax rate	21%			21%
Deferred tax assets, valuation allowance	$ 44,000			$ 44,000
Liability for income taxes associated with uncertain tax positions	22,100			22,100			$ 25,500
Decrease in uncertain tax positions during the next twelve months	$ 2,800			$ 2,800

Contingencies - Additional Info

Contingencies - Additional Information (Details)		6 Months Ended
	Jul. 01, 2024 USD ($)	Jun. 30, 2024 USD ($) Claim
Legal Proceedings [Line Items]
Number of claims outstanding | Claim		0
Alleged Violation of False Claims, Act
Legal Proceedings [Line Items]
Amount paid by relator to acquire vehicles for contractor defendant to perform security services		$ 2,900,000
Alleged Violation of False Claims, Act | Parsons Transportation Group, Inc. and against Alstom Signaling Operations LLC
Legal Proceedings [Line Items]
Award of damages in the total amount	$ 102,500,000
Alleged Violation of False Claims, Act | Minimum
Legal Proceedings [Line Items]
Amount paid per month to contractor defendant by relator on false claims		1,000,000
Loss contingency sought value, civil penalty for each alleged violation of Act		5,500
Alleged Violation of False Claims, Act | Maximum
Legal Proceedings [Line Items]
Loss contingency sought value, civil penalty for each alleged violation of Act		$ 11,000

Retirement Benefit Plan - Addit

Retirement Benefit Plan - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Shares fully vested, Description			Shares allocated to a participant’s account are fully vested after three years of credited service, or in the event(s) of reaching age 65, death or disability while an active employee of the Company.
Shares fully vested after credited service			3 years
Common stock shares outstanding including ESOP	106,184,128		106,184,128		105,839,978
Company's stock held by ESOP	56,161,683		56,161,683		59,879,857
Direct Costs of Contracts and Selling, General and Administrative Expense
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
ESOP contribution expense	$ 15.1	$ 14.7	$ 30.1	$ 29.2

Investments in and Advances t_3

Investments in and Advances to Joint Ventures - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Schedule Of Equity Method Investments [Line Items]
Letters of credit outstanding amount	$ 303.6		$ 303.6		$ 320.7
Unconsolidated Joint Ventures
Schedule Of Equity Method Investments [Line Items]
Net distributions from (contributions to) unconsolidated joint ventures	29.2	$ 9.9	49.2	$ 14.7
Joint Ventures
Schedule Of Equity Method Investments [Line Items]
Letters of credit outstanding amount	$ 158.1		$ 158.1		$ 147.7

Investments in and Advances t_4

Investments in and Advances to Joint Ventures - Summary of Financial Information for Consolidated Joint Ventures (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Schedule Of Equity Method Investments [Line Items]
Current assets	$ 2,573,702		$ 2,573,702		$ 2,137,526
Total assets	5,238,730		5,238,730		4,804,061
Current liabilities	1,426,948		1,426,948		1,410,884
Total liabilities	2,919,086		2,919,086		2,427,346
Total joint venture equity	2,218,510		2,218,510		2,287,211
Revenue	1,670,467	$ 1,356,486	3,206,143	$ 2,529,952
Costs	1,318,931	1,068,220	2,529,758	1,985,408
Net income (loss) attributable to Parsons Corporation	69,172	43,241	(38,183)	68,794
Net income attributable to noncontrolling interests	11,547	11,530	26,790	21,253
Consolidated Joint Ventures
Schedule Of Equity Method Investments [Line Items]
Current assets	464,312		464,312		426,633
Noncurrent assets	11,670		11,670		14,295
Total assets	475,982		475,982		440,928
Current liabilities	276,649		276,649		260,286
Noncurrent liabilities	3,299		3,299		5,132
Total liabilities	279,948		279,948		265,418
Total joint venture equity	196,034		196,034		$ 175,510
Revenue	186,731	167,253	388,748	328,737
Costs	163,287	143,808	334,435	285,406
Net income (loss) attributable to Parsons Corporation	23,444	23,445	54,313	43,331
Net income attributable to noncontrolling interests	$ 11,547	$ 11,530	$ 26,790	$ 21,253

Investments in and Advances t_5

Investments in and Advances to Joint Ventures - Summary of Financial Information for Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Schedule Of Equity Method Investments [Line Items]
Current assets	$ 2,573,702		$ 2,573,702		$ 2,137,526
Total assets	5,238,730		5,238,730		4,804,061
Current liabilities	1,426,948		1,426,948		1,410,884
Total liabilities	2,919,086		2,919,086		2,427,346
Total joint venture equity	2,218,510		2,218,510		2,287,211
Investments in and advances to unconsolidated joint ventures	157,243		157,243		128,204
Revenue	1,670,467	$ 1,356,486	3,206,143	$ 2,529,952
Costs	1,318,931	1,068,220	2,529,758	1,985,408
Net income (loss) attributable to Parsons Corporation	69,172	43,241	(38,183)	68,794
Equity in losses of unconsolidated joint ventures	(16,837)	75	(18,897)	(5,765)
Unconsolidated Joint Ventures
Schedule Of Equity Method Investments [Line Items]
Current assets	1,617,486		1,617,486		1,607,953
Noncurrent assets	462,319		462,319		483,693
Total assets	2,079,805		2,079,805		2,091,646
Current liabilities	970,590		970,590		1,057,113
Noncurrent liabilities	498,239		498,239		518,647
Total liabilities	1,468,829		1,468,829		1,575,760
Total joint venture equity	610,976		610,976		515,886
Investments in and advances to unconsolidated joint ventures	157,243		157,243		$ 128,204
Revenue	544,000	530,467	1,017,532	879,624
Costs	555,971	534,555	1,032,721	893,950
Net income (loss) attributable to Parsons Corporation	(11,971)	(4,088)	(15,189)	(14,326)
Unconsolidated Joint Ventures
Schedule Of Equity Method Investments [Line Items]
Equity in losses of unconsolidated joint ventures	$ (16,837)	$ 75	$ (18,897)	$ (5,765)

Investments in and Advances t_6

Investments in and Advances to Joint Ventures - Summary of Financial Statement Impact From Changes In Estimates on an Unconsolidated Joint Ventures (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Schedule of Equity Method Investments [Line Items]
Operating income (loss)	$ 111,422	$ 76,444	$ 213,266	$ 127,574
Net Income (Loss)	$ 69,172	$ 43,241	$ (38,183)	$ 68,794
Diluted income (loss) per share	$ 0.63	$ 0.38	$ (0.36)	$ 0.61
Critical Infrastructure
Schedule of Equity Method Investments [Line Items]
Operating income (loss)	$ 0	$ (551)	$ (8,939)	$ (1,080)
Net Income (Loss)	$ 0	$ (410)	$ (6,677)	$ (803)
Diluted income (loss) per share	$ 0	$ 0	$ (0.06)	$ (0.01)
Unconsolidated Joint Ventures
Schedule of Equity Method Investments [Line Items]
Net Income (Loss)	$ (11,971)	$ (4,088)	$ (15,189)	$ (14,326)
Unconsolidated Joint Ventures | Critical Infrastructure
Schedule of Equity Method Investments [Line Items]
Operating income (loss)	(22,433)	(6,987)	(30,793)	(16,974)
Net Income (Loss)	$ (22,433)	$ (5,198)	$ (30,793)	$ (12,629)
Diluted income (loss) per share	$ (0.2)	$ (0.05)	$ (0.29)	$ (0.11)

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - Unconsolidated Joint Ventures - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Related Party Transaction [Line Items]
Revenues	$ 50.5	$ 55.4	$ 97.3	$ 106.3
Reimbursable cost incurred	$ 36.1	$ 39.8	$ 71.5	$ 78.9

Related Party Transactions - Sc

Related Party Transactions - Schedule of Consolidated Balance Sheet Related to Services Provided to Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Accounts receivable, net	$ 1,042,936	$ 915,638
Contract assets	803,685	757,515
Contract liabilities	298,104	301,107
Unconsolidated Joint Ventures
Related Party Transaction [Line Items]
Accounts receivable, net	47,778	38,898
Contract assets	15,909	38,009
Contract liabilities	$ 14,215	$ 15,287

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Summary of Carrying Values And Estimated Fair Values Of Financial Instruments (Details) - Level 2 - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-Term Debt, Fair Value	$ 1,265,443	$ 750,000
Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-Term Debt, Fair Value	1,417,317	918,000
Convertible Senior Notes Due 2025 | Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-Term Debt, Fair Value	115,443	400,000
Convertible Senior Notes Due 2025 | Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-Term Debt, Fair Value	207,797	568,000
Convertible Senior Notes due 2029 | Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-Term Debt, Fair Value	800,000	0
Convertible Senior Notes due 2029 | Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-Term Debt, Fair Value	859,520	0
Delayed draw term loan | Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-Term Debt, Fair Value	350,000	350,000
Delayed draw term loan | Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-Term Debt, Fair Value	$ 350,000	$ 350,000

Fair Value of Financial Instr_4

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

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Details) - USD ($)		1 Months Ended	3 Months Ended		6 Months Ended
	Aug. 09, 2021	Feb. 29, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Stock repurchase program commencement date	Aug. 12, 2021
share repurchases			131,053	46,077	131,053	185,475
Reduction in quarterly cap value on stock repurchased		$ 25,000,000
Stock repurchase value		54,700,000
Maximum
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Authorized shares of common stock value	$ 100,000,000	$ 100,000,000	$ 154,700,000		$ 154,700,000
Stock repurchase program, remaining authorized repurchase amount			$ 90,000,000		$ 90,000,000
Equity-based Awards
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share			15,400	3,837	1,400,000	1,265
Convertible Senior Notes due 2025
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share					4,700,000
Convertible Senior Notes due 2025 | Interest Expense
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share					2,800,000

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Denominator and Numerator used to Compute Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator for Basic and Diluted EPS:
Net income (loss) attributable to Parsons Corporation	$ 69,172	$ 43,241	$ (38,183)	$ 68,794
Convertible senior notes if-converted method interest adjustment	54	554	0	1,106
Diluted net income (loss) attributable to Parsons Corporation	$ 69,226	$ 43,795	$ (38,183)	$ 69,900
Denominator for Basic and Diluted EPS:
Basic weighted average number of shares outstanding	106,303	104,908	106,170	104,856
Dilutive effect of stock-based awards	1,233	883	0	941
Dilutive effect of warrants	415
Dilutive effect of convertible senior notes due 2025	2,573	8,917	0	8,917
Diluted weighted average number of shares outstanding	110,524	114,708	106,170	114,714
Earnings (loss) per share:
Basic	$ 0.65	$ 0.41	$ (0.36)	$ 0.66
Diluted	$ 0.63	$ 0.38	$ (0.36)	$ 0.61

Earnings Per Share - Schedule_2

Earnings Per Share - Schedule of Repurchase Program (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Total shares repurchased	131,053	46,077	131,053	185,475
Total shares retired	131,053	46,077	131,053	185,475
Average price paid per share	$ 76.3	$ 43.4	$ 76.3	$ 43.13

Segment Information - Additiona

Segment Information - Additional Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) Segment	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | Segment			2
Revenues	$ 1,670,467	$ 1,356,486	$ 3,206,143	$ 2,529,952
Property and equipment, net	98,217		98,217		$ 98,957
United States
Segment Reporting Information [Line Items]
Revenues	1,300,000	$ 1,000,000	2,500,000	$ 1,900,000
Property and equipment, net	$ 81,700		$ 81,700		$ 83,900

Segment Information - Summary o

Segment Information - Summary of Business Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Total revenue	$ 1,670,467	$ 1,356,486	$ 3,206,143	$ 2,529,952
Total equity in (losses) earnings of unconsolidated joint ventures	(16,837)	75	(18,897)	(5,765)
Federal Solution Segment
Segment Reporting Information [Line Items]
Total revenue	988,603	762,797	1,898,211	1,397,343
Total equity in (losses) earnings of unconsolidated joint ventures	1,466	955	997	2,067
Critical Infrastructure
Segment Reporting Information [Line Items]
Total revenue	681,864	593,689	1,307,932	1,132,609
Total equity in (losses) earnings of unconsolidated joint ventures	$ (18,303)	$ (880)	$ (19,894)	$ (7,832)

Segment Information - Summary_2

Segment Information - Summary of Adjusted EBITDA Business Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Adjusted EBITDA attributable to Parsons Corporation
Adjusted EBITDA attributable to Parsons Corporation	$ 138,393		$ 106,576	$ 263,897	$ 187,081
Adjusted EBITDA attributable to noncontrolling interests	11,837		11,730	27,426	21,616
Depreciation and amortization	(24,440)		(28,689)	(48,971)	(57,048)
Interest expense, net	(9,183)		(6,993)	(21,029)	(12,658)
Income tax (expense) benefit	(22,415)		(15,223)	9,819	(26,726)
Equity-based compensation expense	(10,647)		(9,314)	(23,303)	(16,017)
Loss on extinguishment of debt	0	$ (211,000)	0	(211,018)	0
Transaction-related costs	(2,302)		(1,917)	(5,188)	(3,535)
Restructuring expense	0		0	0	(546)
Other	(524)		(1,399)	(3,026)	(2,120)
Net income (loss) including noncontrolling interests	80,719		54,771	(11,393)	90,047
Net income attributable to noncontrolling interests	11,547		11,530	26,790	21,253
Net income (loss) attributable to Parsons Corporation	69,172		43,241	(38,183)	68,794
Federal Solution Segment
Adjusted EBITDA attributable to Parsons Corporation
Adjusted EBITDA attributable to Parsons Corporation	102,781		85,640	195,322	141,788
Critical Infrastructure
Adjusted EBITDA attributable to Parsons Corporation
Adjusted EBITDA attributable to Parsons Corporation	35,612		20,936	68,575	45,293
Net income (loss) attributable to Parsons Corporation	$ 0		$ (410)	$ (6,677)	$ (803)

Segment Information - Summary_3

Segment Information - Summary of Revenues and Property and Equipment, Net by Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Revenues	$ 1,670,467	$ 1,356,486	$ 3,206,143	$ 2,529,952
Property and equipment, net	98,217		98,217		$ 98,957
North America
Segment Reporting Information [Line Items]
Revenues	1,419,327	1,136,290	2,691,577	2,085,005
Property and equipment, net	89,506		89,506		91,766
Middle East
Segment Reporting Information [Line Items]
Revenues	246,063	219,253	504,984	436,651
Property and equipment, net	8,711		8,711		$ 7,191
Rest of World
Segment Reporting Information [Line Items]
Revenues	$ 5,077	$ 943	$ 9,582	$ 8,296

Segment Information - Summary_4

Segment Information - Summary of Revenues by Business Lines (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Revenues	$ 1,670,467	$ 1,356,486	$ 3,206,143	$ 2,529,952
Federal Solution Segment
Segment Reporting Information [Line Items]
Revenues	988,603	762,797	1,898,211	1,397,343
Federal Solution Segment | Defense And Intelligence
Segment Reporting Information [Line Items]
Revenues	420,396	381,328	828,784	745,688
Federal Solution Segment | Engineered Systems
Segment Reporting Information [Line Items]
Revenues	568,207	381,469	1,069,427	651,655
Critical Infrastructure
Segment Reporting Information [Line Items]
Revenues	681,864	593,689	1,307,932	1,132,609
Critical Infrastructure | Infrastructure-North America
Segment Reporting Information [Line Items]
Revenues	434,163	373,153	799,445	692,712
Critical Infrastructure | Infrastructure - Europe, Middle East and Africa
Segment Reporting Information [Line Items]
Revenues	$ 247,701	$ 220,536	$ 508,487	$ 439,897

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - Subsequent Event - BlackSignal technologies, LLC, $ in Millions	1 Months Ended
	Jul. 31, 2024 USD ($)
Subsequent Event [Line Items]
Percentage of ownership interest acquired	100%
Cash paid to acquire	$ 200