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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents ($56,934 and $24,325 related to variable interest entities (“VIEs”)) $ 539,985 $ 471,563
Accounts receivable ($27,823 and $1,771 related to VIEs) 374,771 252,435
Contract assets 77,034 88,600
Receivables from and equity in construction joint ventures 5,467 17,506
Other current assets 19,511 17,875
Total current assets 1,016,768 847,979
Property and equipment, net 268,185 243,648
Operating lease right-of-use assets, net 58,970 57,235
Goodwill 281,363 281,117
Other intangibles, net 319,820 328,397
Other non-current assets, net 19,444 18,808
Total assets 1,964,550 1,777,184
Current liabilities:    
Accounts payable ($16,887 and $2,973 related to VIEs) 163,841 145,968
Contract liabilities ($50,295 and $15,741 related to VIEs) 556,134 444,160
Current maturities of long-term debt 26,428 26,520
Current portion of long-term lease obligations 19,831 19,641
Accrued compensation 29,768 27,758
Other current liabilities 24,854 14,121
Total current liabilities 820,856 678,168
Long-term debt 302,459 314,996
Long-term lease obligations 39,180 37,722
Members’ interest subject to mandatory redemption and undistributed earnings 23,811 29,108
Deferred tax liability, net 80,304 76,764
Other long-term liabilities 16,926 16,573
Total liabilities 1,283,536 1,153,331
Commitments and contingencies (Note 10)
Stockholders’ equity:    
Common stock, par value $0.01 per share; 58,000 shares authorized, 31,164 and 30,926 shares issued and 30,876 and 30,926 shares outstanding 312 309
Additional paid in capital 291,401 293,570
Treasury stock, at cost: 288 and 0 shares (29,006) 0
Retained earnings 407,961 325,034
Total Sterling stockholders’ equity 670,668 618,913
Noncontrolling interests 10,346 4,940
Total stockholders’ equity 681,014 623,853
Total liabilities and stockholders’ equity $ 1,964,550 $ 1,777,184