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Commitments, Contingencies and Guarantees | 12 Months Ended
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Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract] |
Commitments, Contingencies and Guarantees | Commitments, Contingencies and Guarantees The Company is party to claims and lawsuits arising out of its business, including that of its consolidated subsidiaries, which may include, but are not limited to, matters involving property damage; personal injury; and environmental, contractual, statutory and regulatory obligations. The Company accrues a liability for loss contingencies when the incurrence of a loss is probable and the amount can be reasonably estimated. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. The Company does not accrue liabilities when the likelihood that the liability has been incurred is probable but the amount cannot be reasonably estimated, or when the liability is believed to be only reasonably possible or remote. For contingencies where an unfavorable outcome is probable or reasonably possible and which are material, the Company discloses the nature of the loss contingency and, in some circumstances, an estimate of the possible loss. Litigation As of December 31, 2025 and 2024, the Company had $2.0 million and $4.5 million of litigation-related contingent liabilities, respectively, which had not been discounted and were included in either Other accrued liabilities or Other noncurrent liabilities on the consolidated balance sheets. For such cases where the Company determined that the outcome of the outstanding litigation cases will be covered by the Company’s insurance carrier, any amounts due related to the litigation will be paid directly by the Company’s insurance carrier. As a result, the Company’s litigation-related contingent liabilities were fully covered after insurance claim receivables as of December 31, 2025 and as such, the Company was not in a net loss position. The Company was in a net loss position of $3.5 million after insurance claim receivables as of December 31, 2024, reflecting the amount that the Company would be responsible for resulting from litigation. The Company will continue to monitor each matter and adjust accruals as necessary based on new information and further developments. Management believes that the outcomes with respect to probable and reasonably possible losses in excess of the amounts accrued, net of insurance recoveries, while uncertain, either cannot be estimated or will not have a material effect upon the Company’s financial position, results of operations or cash flows. Unless otherwise required by GAAP, legal costs are expensed as they are incurred and are included in Selling, general and administrative expenses on the consolidated statements of income. Guarantees In the normal course of business, the Company has surety bonds related to construction contracts of its subsidiaries. These bonds relate to certain public and private sector contracts to secure contractual performance, including completion of agreed upon contract terms, timing and price, payments to subcontractors and suppliers, and protection for customers from fraudulent practices. In the event a subsidiary of the Company does not fulfill a bonded obligation, the Company would be responsible to the surety bond company for completion of the bonded contract or obligation. A large portion of the surety bonds are expected to expire within the next 12 months; however, the Company likely will continue to enter into surety bonds for its subsidiaries in the future. As of December 31, 2025 and 2024, the maximum potential amount of payments the Company would be required to make under the outstanding surety bonds was approximately $767.7 million and $717.0 million, respectively, which were not reflected on the consolidated balance sheets. As of December 31, 2025, the Company had $18.1 million of surety-backed standby letters of credit (“SBLOC”) that were issued during the fourth quarter of 2025 and included in the outstanding surety bonds balance. $15.4 million of the SBLOC balance was previously recognized as outstanding standby letters of credit under the Company’s Revolving Credit Facility, which is discussed below. The Company has outstanding guarantees to third parties for the guarantees of job performance and/or leasing activity of certain subsidiaries of the Company. These job performance guarantees are related to contracts for contracting services. As of December 31, 2025 and 2024, the fixed maximum amounts guaranteed under these agreements aggregated to $641.1 million and $542.7 million, respectively. The scheduled expiration of the maximum amounts guaranteed as of December 31, 2025, aggregated to $537.4 million in 2026, $61.2 million in 2027, $20.3 million in 2028, $3.4 million in 2029 and $3.0 million in 2030 and $15.8 million thereafter. There were no amounts outstanding under the previously mentioned guarantees and the maximum amounts guaranteed were not reflected on the consolidated balance sheets. However, in the event of default under these guaranteed obligations, the Company would be required to make payments to satisfy its guarantees. In addition to the above guarantees, there were $2.2 million and $15.6 million of outstanding standby letters of credit for certain guarantees to third parties under our Revolving Credit Facility as of December 31, 2025 and 2024, respectively. In the event of default under these letter-of-credit obligations, the Company would be obligated for reimbursement of payments made under the letters of credit. For more information on the letters of credit under our Revolving Credit Facility, refer to Note 7 – Debt.

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