XML 72 R13.htm IDEA: XBRL DOCUMENT v3.24.0.1
REVENUE FROM CUSTOMERS
 12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
REVENUE FROM CUSTOMERS
5.REVENUE FROM CUSTOMERS
Remaining Performance Obligations (“RPOs”)—RPOs represent the aggregate amount of our contract transaction price related to performance obligations that are unsatisfied or partially satisfied at the end of the period. RPOs include the entire expected revenue values for joint ventures we consolidate and our proportionate value for those we proportionately consolidate. RPOs may not be indicative of future operating results. Projects included in RPOs may be canceled or modified by customers; however, the customer would be subject to compensate the Company for additional contractual costs for cancellation or modifications. The following table presents the Company’s RPOs, by segment:
 December 31,
 20232022
E-Infrastructure Solutions RPOs$813,729 $603,227 
Transportation Solutions RPOs
1,184,496 713,173 
Building Solutions RPOs - Commercial
68,791 97,942 
Total RPOs$2,067,016 $1,414,342 
The Company expects to recognize approximately 65% of its RPOs as revenue during the next twelve months, and the balance thereafter.
Revenue Disaggregation—The following tables present the Company’s revenue disaggregated by major end market and contract type:
Years Ended December 31,
Revenues by major end market202320222021
E-Infrastructure Solutions Revenues
$937,408 $905,277 $468,784 
Heavy Highway453,042 391,894 467,678 
Aviation70,784 82,950 115,258 
Other107,082 67,706 45,254 
Transportation Solutions Revenues
630,908 542,550 628,190 
Residential273,699 207,674 209,201 
Commercial130,214 113,935 108,199 
Building Solutions Revenues
403,913 321,609 317,400 
Total Revenues$1,972,229 $1,769,436 $1,414,374 
Revenues by contract type
Lump Sum$1,076,432 $1,001,290 $479,049 
Fixed-Unit Price613,842 556,234 723,344 
Residential and Other281,955 211,912 211,981 
Total Revenues$1,972,229 $1,769,436 $1,414,374 
Variable Consideration
The Company has projects that it is in the process of negotiating, or awaiting final approval of, unapproved change orders and claims with its customers. The Company is proceeding with its contractual rights to recoup additional costs incurred from its customers based on completing work associated with change orders, including change orders with pending change order pricing, or claims related to significant changes in scope which resulted in substantial delays and additional costs in completing the work. Unapproved change order and claim information has been provided to the Company’s customers and negotiations with the customers are ongoing. If additional progress with an acceptable resolution is not reached, legal action will be taken. Based upon the Company’s review of the provisions of its contracts, specific costs incurred and other related evidence supporting the unapproved change orders and claims, together in some cases as necessary with the views of the Company’s outside claim consultants, the Company concluded it was appropriate to include in project price amounts of $5,225 and $8,649, at December 31, 2023 and 2022, respectively, relating to unapproved change orders and claims. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined.
Contract Estimates
Accounting for long-term contracts and programs involves the use of various techniques to estimate total contract revenue and costs. For long-term contracts, the Company estimates the profit on a contract as the difference between the total estimated revenue and expected costs to complete a contract and recognizes such profit over the life of the contract. Contract estimates are based on various assumptions to project the outcome of future events that often span several years. These assumptions include labor productivity and availability, the complexity of the work to be performed, the cost and availability of materials and the performance of subcontractors. Changes in job performance, job conditions and estimated profitability, including those changes arising from contract penalty provisions and final contract settlements may result in revisions to costs and income and are recognized in the period in which the revisions are determined. Changes in contract estimates resulted in net increases in income of $58,827, $52,268 and $14,632 for the years ended December 31, 2023, 2022, and 2021, respectively, and are included in “Operating income” on the Consolidated Statements of Operations.