XML 21 R9.htm IDEA: XBRL DOCUMENT v3.25.1
REVENUE FROM CUSTOMERS
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE FROM CUSTOMERS
3.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 obligated to compensate the Company for additional contractual costs for cancellation or modifications. The following table presents the Company’s RPOs, by segment:
March 31, 2025December 31, 2024
E-Infrastructure Solutions RPOs$1,216,775 $1,032,109 
Transportation Solutions RPOs860,535 622,085 
Building Solutions RPOs - Commercial51,095 39,029 
Total RPOs$2,128,405 $1,693,223 
The Company expects to recognize approximately 80% 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:
Three Months Ended March 31,
Revenues by major end market20252024
E-Infrastructure Solutions Revenues$218,263 $184,476 
Heavy Highway87,198 93,377 
Aviation11,511 18,140 
Other Services
21,952 37,452 
Transportation Solutions Revenues120,661 148,969 
Residential76,766 83,769 
Commercial15,259 23,146 
Building Solutions Revenues92,025 106,915 
Total Revenues$430,949 $440,360 
Revenues by contract type
Lump-Sum$224,188 $224,161 
Fixed-Unit Price126,562 130,861 
Residential and Other80,199 85,338 
Total Revenues$430,949 $440,360 
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 $4,000 at both March 31, 2025 and December 31, 2024, 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 changes in revenue and are recognized in the period in which the changes are determined. Changes in contract estimates on performance obligations satisfied or partially satisfied in previous periods resulted in net revenue increases of $30,471 and $21,528 for the three months ended March 31, 2025 and 2024, respectively.