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Investments in and Advances to Joint Ventures (Tables)

9 Months Ended

Sep. 30, 2024

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Financial Information of Consolidated Joint Ventures

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


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


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

Summary of Financial Information for Unconsolidated Joint Ventures

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


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


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

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

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


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