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Reportable Segment Information
 12 Months Ended
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,ConstructionMaterialsTotal
2024
Total revenue from reportable segments$3,415,225 $839,176 $4,254,401 
Elimination of intersegment revenue— (246,827)(246,827)
Revenue3,415,225 592,349 4,007,574 
Cost of revenue2,924,223 510,654 3,434,877 
Gross profit491,002 81,695 572,697 
Selling, general and administrative expenses189,078 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)
Revenue2,992,254 516,884 3,509,138 
Cost of revenue2,667,199 445,540 3,112,739 
Gross profit325,055 71,344 396,399 
Selling, general and administrative expenses177,040 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)
Revenue2,803,935 497,321 3,301,256 
Cost of revenue2,500,054 431,708 2,931,762 
Gross profit303,881 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 31,202420232022
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, net1,277 (159)1,129 
Other costs, net39,936 50,217 24,120 
Total operating income
207,363 80,062 85,381 
Total other (income) expense, net11,171 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, 2024December 31, 2023
Total assets for reportable segments$1,277,357 $1,137,149 
Assets not allocated to segments:
Cash and cash equivalents578,330 417,663 
Receivables, net511,742 598,705 
Other current assets, excluding segment assets369,804 316,552 
Property and equipment, net, excluding segment assets30,654 72,709 
Short-term marketable securities7,311 35,863 
Investments in affiliates94,031 92,910 
Right of use assets89,791 78,176 
Deferred income taxes, net— 8,179 
Other noncurrent assets66,635 55,634 
Consolidated total assets$3,025,655 $2,813,540