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Dispositions | 12 Months Ended
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Dec. 31, 2022
Discontinued Operations and Disposal Groups [Abstract] |
Dispositions |
4. | DISPOSITIONS
Myers Disposition—On November 30, 2022, we entered into an agreement (the “Agreement”) and sold the Company’s 50% ownership interest in its partnership with Myers & Sons Construction L.P. (“Myers”) for $18,000 in cash. In accordance with the Agreement’s payment terms, the Company is to receive $12,000 in January of 2023 and a series of three $2,000 payments due by various dates in 2023, 2025 and 2027. The deferred payments receivable are recorded within “Other current assets” and “Other non-current assets, net” on our December 31, 2022 Consolidated Balance Sheet at present value calculated using an implicit interest rate of 5.75%. The disposition is consistent with the Company’s strategic shift to reduce its portfolio of low-bid heavy highway and water containment & treatment projects in order to reduce risk and improve the Company’s margins, and to focus on its strategic geographies outside of California. The disposition represented a strategic shift that had a major effect on our operations and consolidated financial results, and accordingly, the historical results of Myers have been presented as discontinued operations in our Consolidated Statements of Operations and Consolidated Balance Sheets. Prior to being disclosed as a discontinued operation, the results of Myers were included within our Transportation Solutions segment. The following table presents the components of net income (loss) from discontinued operations. The year ended December 31, 2022 represents the period ending November 30, 2022, the date of disposition.
| Years Ended December 31,
| 2022 |  | 2021 |  | 2020
Revenues | $ | 196,134 |  |  | $ | 167,392 |  |  | $ | 200,674 |
Cost of revenues | (192,886) |  |  | (156,167) |  |  | (188,935) |
Gross profit | 3,248 |  |  | 11,225 |  |  | 11,739 |
General and administrative expense | (13,751) |  |  | (9,353) |  |  | (7,107) |
Other operating income (expense), net | 3,158 |  |  | (1,596) |  |  | (2,355) |
Operating (loss) income | (7,345) |  |  | 276 |  |  | 2,277 |
Net interest income (expense) | 69 |  |  | (30) |  |  | (33) |
Gain on extinguishment of debt | 2,428 |  |  | 968 |  |  | — |
Pretax (loss) income | (4,848) |  |  | 1,214 |  |  | 2,244 |
Pretax gain on disposition | 16,687 |  |  | — |  |  | — |
Total pretax income from Discontinued Operations | 11,839 |  |  | 1,214 |  |  | 2,244 |
Income tax expense | (2,095) |  |  | (26) |  |  | (3,061) |
Net income (loss) from Discontinued Operations | $ | 9,744 |  |  | $ | 1,188 |  |  | $ | (817) |
The following table presents the carrying amounts of major classes of assets and liabilities that were included in discontinued operations at November 30, 2022 and December 31, 2021. There were no assets or liabilities classified as discontinued operations at December 31, 2022.
| November 30, 2022 |  | December 31, 2021
Cash and cash equivalents | $ | 11,957 |  |  | $ | 20,895 |
Accounts receivable | 30,862 |  |  | 31,968 |
Contract assets | 12,780 |  |  | 7,514 |
Receivables from and equity in construction joint ventures | 7,808 |  |  | 7,057 |
Other current assets | 4,596 |  |  | 4,452 |
Current assets of Discontinued Operations | $ | 68,003 |  |  | $ | 71,886 |
Property and equipment, net | $ | 9,720 |  |  | $ | 10,420 |
Operating lease right-of-use assets | 5,551 |  |  | 5,047 |
Goodwill | 1,501 |  |  | 1,501 |
Deferred tax asset | 3,435 |  |  | 3,778 |
Non-current assets of Discontinued Operations | $ | 20,207 |  |  | $ | 20,746 |
Accounts payable | $ | 37,752 |  |  | $ | 32,236 |
Contract liabilities | 5,600 |  |  | 9,260 |
Current maturities of long-term debt | — |  |  | 4,857 |
Current portion of long-term lease obligations | 2,555 |  |  | 2,284 |
Accrued compensation | 3,261 |  |  | 2,388 |
Other current liabilities | 767 |  |  | 889 |
Current liabilities of Discontinued Operations | $ | 49,935 |  |  | $ | 51,914 |
Long-term debt | $ | — |  |  | $ | 81 |
Long-term lease obligations | 2,997 |  |  | 2,763 |
Members’ interest subject to mandatory redemption and undistributed earnings | 35,063 |  |  | 35,793 |
Long-term liabilities of Discontinued Operations | $ | 38,060 |  |  | $ | 38,637 |
The following table presents the cash flows from discontinued operations. The year ended December 31, 2022 represents the period ending November 30, 2022, the date of disposition.
| Years Ended December 31,
| 2022 |  | 2021 |  | 2020
Net cash provided by (used in): |  |  |  |  |
Operating activities of Discontinued Operations | $ | (7,334) |  |  | $ | 11,384 |  |  | $ | 10,313 |
Investing activities of Discontinued Operations | (723) |  |  | (5,964) |  |  | (1,908) |
Financing activities of Discontinued Operations | (81) |  |  | (1,908) |  |  | 6,805 |
Net change in cash, cash equivalents, and restricted cash of Discontinued Operations | $ | (8,138) |  |  | $ | 3,512 |  |  | $ | 15,210 |

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI https://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=2122178 + Details
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