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Reportable Segment Information | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Reportable Segment Information | 21. Reportable Segment Information We manage our operations under two reportable segments, Construction and Materials, which are distinguished by differences in business activities. Our reportable segments are the same as our operating segments and correspond with how our chief operating decision maker, or decision-making group (our “CODM”) regularly reviews financial information to allocate resources and assess performance. We identified our CODM as our Chief Executive Officer and our Chief Operating Officer. The Construction segment focuses on construction and rehabilitation of roads, pavement preservation, bridges, rail lines, airports, marine ports, dams, reservoirs, aqueducts, infrastructure and site development for use by the general public and water-related construction for municipal agencies, commercial water suppliers, industrial facilities and energy companies. It also provides construction of various complex projects including infrastructure / site development, mining, public safety, tunnel, solar, battery storage and other power-related projects. The Materials segment focuses on production of aggregates, asphalt concrete, liquid asphalt and recycled materials production for internal use in our construction projects and for sale to third parties. The accounting policies of the segments are the same as those described in the Summary of Significant Accounting Policies (see Note 1). In connection with our adoption of ASU 2023-07, Segment Reporting—Improvements to Reportable Segment Disclosures (see Note 1), we have enhanced our segment disclosures about significant segment expenses. Our CODM evaluates segment performance and makes business decisions based on operating income, which excludes non-operating income or expense. Segment assets include property and equipment, intangibles, goodwill, inventory and equity in construction joint ventures. Summarized segment information is as follows (in thousands):
Years Ended December 31, | Construction |  | Materials |  | Total
2024 |  |  |  |  |
Total revenue from reportable segments | $ | 3,415,225 |  |  | $ | 839,176 |  |  | $ | 4,254,401 |
Elimination of intersegment revenue | — |  |  | (246,827) |  |  | (246,827) |
Revenue | 3,415,225 |  |  | 592,349 |  |  | 4,007,574 |
Cost of revenue | 2,924,223 |  |  | 510,654 |  |  | 3,434,877 |
Gross profit | 491,002 |  |  | 81,695 |  |  | 572,697 |
Selling, general and administrative expenses | 189,078 |  |  | 29,205 |  |  | 218,283 |
Gain on sales of property and equipment, net | (9,206) |  |  | (835) |  |  | (10,041) |
Operating income from reportable segments | $ | 311,130 |  |  | $ | 53,325 |  |  | $ | 364,455 |
Depreciation, depletion and amortization | $ | 71,634 |  |  | $ | 45,036 |  |  | $ | 116,670 |
Segment assets as of period end | $ | 603,913 |  |  | $ | 673,444 |  |  | $ | 1,277,357 |
2023 |  |  |  |  |
Total revenue from reportable segments | $ | 2,992,254 |  |  | $ | 717,369 |  |  | $ | 3,709,623 |
Elimination of intersegment revenue | — |  |  | (200,485) |  |  | (200,485) |
Revenue | 2,992,254 |  |  | 516,884 |  |  | 3,509,138 |
Cost of revenue | 2,667,199 |  |  | 445,540 |  |  | 3,112,739 |
Gross profit | 325,055 |  |  | 71,344 |  |  | 396,399 |
Selling, general and administrative expenses | 177,040 |  |  | 12,730 |  |  | 189,770 |
Gain on sales of property and equipment, net | (24,913) |  |  | (3,274) |  |  | (28,187) |
Operating income from reportable segments | $ | 172,928 |  |  | $ | 61,888 |  |  | $ | 234,816 |
Depreciation, depletion and amortization | $ | 43,828 |  |  | $ | 29,718 |  |  | $ | 73,546 |
Segment assets as of period end | $ | 598,078 |  |  | $ | 539,071 |  |  | $ | 1,137,149 |
2022 |  |  |  |  |
Total revenue from reportable segments | $ | 2,803,935 |  |  | $ | 671,428 |  |  | $ | 3,475,363 |
Elimination of intersegment revenue | — |  |  | (174,107) |  |  | (174,107) |
Revenue | 2,803,935 |  |  | 497,321 |  |  | 3,301,256 |
Cost of revenue | 2,500,054 |  |  | 431,708 |  |  | 2,931,762 |
Gross profit | 303,881 |  |  | 65,613 |  |  | 369,494 |
Selling, general and administrative expenses | 179,147 |  |  | 10,133 |  |  | 189,280 |
Gain on sales of property and equipment, net | (12,820) |  |  | (926) |  |  | (13,746) |
Operating income from reportable segments | $ | 137,554 |  |  | $ | 56,406 |  |  | $ | 193,960 |
Depreciation, depletion and amortization | $ | 41,836 |  |  | $ | 26,500 |  |  | $ | 68,336 |
As of December 31, 2024, 2023 and 2022 segment assets included $18.8 million, $25.1 million and $4.7 million, respectively, of property and equipment located in foreign countries (primarily Canada). During the years ended December 31, 2024, 2023 and 2022 less than 5% of our revenue was derived from foreign operations. A reconciliation of operating income from reportable segments to consolidated income before income taxes is as follows (in thousands):
Years Ended December 31, | 2024 |  | 2023 |  | 2022
Total operating income from reportable segments | $ | 364,455 |  |  | $ | 234,816 |  |  | $ | 193,960 |
Corporate selling, general and administrative expenses | 115,879 |  |  | 104,696 |  |  | 83,330 |
Corporate (gain) loss on sales of property and equipment, net | 1,277 |  |  | (159) |  |  | 1,129 |
Other costs, net | 39,936 |  |  | 50,217 |  |  | 24,120 |
Total operating income | 207,363 |  |  | 80,062 |  |  | 85,381 |
Total other (income) expense, net | 11,171 |  |  | 20,208 |  |  | (6,436) |
Income before income taxes | $ | 196,192 |  |  | $ | 59,854 |  |  | $ | 91,817 |
A reconciliation of segment assets to consolidated total assets is as follows:
(in thousands) | December 31, 2024 |  | December 31, 2023
Total assets for reportable segments | $ | 1,277,357 |  |  | $ | 1,137,149 |
Assets not allocated to segments: |  |  |
Cash and cash equivalents | 578,330 |  |  | 417,663 |
Receivables, net | 511,742 |  |  | 598,705 |
Other current assets, excluding segment assets | 369,804 |  |  | 316,552 |
Property and equipment, net, excluding segment assets | 30,654 |  |  | 72,709 |
Short-term marketable securities | 7,311 |  |  | 35,863 |
Investments in affiliates | 94,031 |  |  | 92,910 |
Right of use assets | 89,791 |  |  | 78,176 |
Deferred income taxes, net | — |  |  | 8,179 |
Other noncurrent assets | 66,635 |  |  | 55,634 |
Consolidated total assets | $ | 3,025,655 |  |  | $ | 2,813,540 |

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- Definition The entire disclosure for reporting segments including data and tables. 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