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Dispositions

3 Months Ended

Mar. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

Dispositions

3. DISPOSITIONS

Myers Disposition—On November 30, 2022, we entered into an agreement (the “Myers Agreement”) and sold the Company’s 50% ownership interest in its partnership with Myers & Sons Construction L.P. (“Myers”) for $18,000 in cash. The Company received two payments in the first quarter of 2023 totaling $14,000 and in accordance with the Myers Agreement’s payment terms, two payments of $2,000 each are due by the end of 2025 and 2027. The remaining $4,000 in deferred payments receivable is recorded within “Other non-current assets, net” on our March 31, 2023 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 and 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 from discontinued operations for the three months ended March 31, 2022.

			Three Months Ended March 31, 2022
Revenues			$	44,358
Cost of revenues			(43,368)
Gross profit			990
General and administrative expense			(2,775)
Other operating income, net			691
Operating loss			(1,094)
Net interest income			65
Gain on extinguishment of debt			2,428
Total pretax income from Discontinued Operations			1,399
Income tax expense			181
Net income from Discontinued Operations			$	1,580

The following table presents the cash flows from discontinued operations for the three months ended March 31, 2022.

Net cash used in:			Three Months Ended March 31, 2022
Operating activities of Discontinued Operations			$	(9,408)
Investing activities of Discontinued Operations			(174)
Financing activities of Discontinued Operations			(81)
Net change in cash, cash equivalents, and restricted cash of Discontinued Operations			$	(9,663)

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- References

No definition available.

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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

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