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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents ($69,549 and $24,325 related to variable interest entities (“VIEs”)) $ 648,127 $ 471,563
Accounts receivable ($8,749 and $1,771 related to VIEs) 329,882 252,435
Contract assets ($5,317 and $0 related to VIEs) 79,736 88,600
Receivables from and equity in construction joint ventures 7,814 17,506
Other current assets 18,086 17,875
Total current assets 1,083,645 847,979
Property and equipment, net 270,532 243,648
Operating lease right-of-use assets, net 54,748 57,235
Goodwill 281,363 281,117
Other intangibles, net 315,540 328,397
Other non-current assets, net 17,757 18,808
Total assets 2,023,585 1,777,184
Current liabilities:    
Accounts payable ($22,229 and $2,973 related to VIEs) 160,199 145,968
Contract liabilities ($30,122 and $15,741 related to VIEs) 563,531 444,160
Current maturities of long-term debt 26,425 26,520
Current portion of long-term lease obligations 19,531 19,641
Accrued compensation 43,198 27,758
Other current liabilities 26,152 14,121
Total current liabilities 839,036 678,168
Long-term debt 296,185 314,996
Long-term lease obligations 35,445 37,722
Members’ interest subject to mandatory redemption and undistributed earnings 23,417 29,108
Deferred tax liability, net 82,894 76,764
Other long-term liabilities 15,666 16,573
Total liabilities 1,292,643 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 30,693 and 30,926 shares outstanding 312 309
Additional paid in capital 295,831 293,570
Treasury stock, at cost: 471 and 0 shares (48,901) 0
Retained earnings 469,282 325,034
Total Sterling stockholders’ equity 716,524 618,913
Noncontrolling interests 14,418 4,940
Total stockholders’ equity 730,942 623,853
Total liabilities and stockholders’ equity $ 2,023,585 $ 1,777,184