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Discontinued operations | 6 Months Ended
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Jun. 30, 2025
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued operations | Discontinued operations On October 31, 2024, the Company completed the separation of Everus, its former construction services segment, into a new independent, publicly-traded company. The Company's board of directors approved the distribution of all the outstanding shares of Everus common stock to the Company's stockholders. Stockholders of the Company received one share of Everus common stock for every four shares of the Company's common stock held as of the close of business on October 21, 2024, the record date for the distribution. The separation of Everus was a tax-free spinoff transaction to the Company's stockholders for U.S. federal income tax purposes, except for cash received in lieu of fractional shares. As a result of the separation, the historical results of operations are shown in discontinued operations, net of tax, except for allocated general corporate overhead costs of the Company, which did not meet the criteria for discontinued operations. The Company’s consolidated financial statements and accompanying notes for prior periods have been restated. The Company provided and will provide to Everus and Everus provided and will provide to the Company transition services in accordance with the TSA entered into on October 31, 2024. For the three and six months ended June 30, 2025, the Company received $3.7 million and $5.5 million, respectively, and paid $12,000 and $25,000, respectively, for these related activities. The majority of the transition services are expected to be provided for a period of approximately eighteen months, however, no longer than two years after the separation. Separation related costs of $45,000 and $547,000, net of tax, were incurred during the three and six months ended June 30, 2025, respectively. Separation related costs of $3.9 million and $7.4 million, net of tax, were incurred during the three and six months ended June 30, 2024, respectively. Separation costs incurred are presented in Discontinued operations, net of tax in the Consolidated Statements of Income. These charges primarily relate to transaction and third-party support costs, one-time business separation fees and related tax charges. The Company had no assets or liabilities related to the discontinued operations of Everus on its balance sheet as of June 30, 2025 or December 31, 2024. The carrying amounts of the major classes of assets and liabilities of discontinued operations included in the Company's Consolidated Balance Sheet at June 30, 2024 were as follows:
| June 30, 2024
Assets | (In Thousands)
Current assets: |
Cash, cash equivalents and restricted cash | $ | 15,658 |
Receivables, net | 780,853 |
Inventories | 48,575 |
Prepayments and other current assets | 14,821 |
Total current assets of discontinued operations | 859,907 |
Noncurrent assets: |
Net property, plant and equipment | 118,287 |
Goodwill | 143,223 |
Other intangible assets, net | 960 |
Investments | 13,420 |
Operating lease right-of-use assets | 61,694 |
Other | 29,035 |
Total noncurrent assets of discontinued operations | 366,619 |
Total assets of discontinued operations | $ | 1,226,526 |
Liabilities |
Current liabilities: |
Long-term debt due within one year | $ | 132,000 |
Accounts payable | 336,025 |
Taxes payable | 10,828 |
Accrued compensation | 45,310 |
Operating lease liabilities due within one year | 22,693 |
Other accrued liabilities | 55,913 |
Total current liabilities of discontinued operations | 602,769 |
Noncurrent liabilities: |
Deferred income taxes | 4,612 |
Operating lease liabilities | 39,480 |
Other | 12,650 |
Total noncurrent liabilities of discontinued operations | 56,742 |
Total liabilities of discontinued operations | $ | 659,511 |
The reconciliation of the major classes of income and expense constituting pretax loss from discontinued operations to the after-tax loss from discontinued operations on the Consolidated Statements of Income were as follows:
| Three Months Ended | Six Months Ended
| June 30, | June 30,
| 2025 | 2024 | 2025 | 2024
| (In thousands)
Operating revenues | $ | — |  | $ | 703,074 |  | $ | — |  | $ | 1,328,624 |
Operating expenses | 429 |  | 653,063 |  | 1,028 |  | 1,239,322 |
Operating (loss) income | (429) |  | 50,011 |  | (1,028) |  | 89,302 |
Other income | — |  | 4,298 |  | — |  | 6,176 |
Interest expense | — |  | 2,108 |  | — |  | 4,303 |
(Loss) income from discontinued operations before income taxes | (429) |  | 52,201 |  | (1,028) |  | 91,175 |
Income tax (benefit) expense | (32) |  | 12,007 |  | (129) |  | 24,818 |
Discontinued operations, net of tax | $ | (397) |  | $ | 40,194 |  | $ | (899) |  | $ | 66,357 |

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
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