XML 24 R20.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

Fair Value Measurements | 12 Months Ended
--- | ---
Dec. 31, 2019
Fair Value Measurements [Abstract] |
Fair Value Measurements | 13. Fair Value Measurements The fair value hierarchy established by ASC 820 prioritizes the use of inputs used in valuation techniques into the following three levels:  Level 1 inputs are observable quoted prices in active markets for identical assets or liabilities  Level 2 inputs are observable, either directly or indirectly, but are not Level 1 inputs  Level 3 inputs are unobservable The following fair value hierarchy table presents the Company’s assets that are measured at fair value on a recurring basis as of December 31, 2019 and 2018:
| As of December 31, 2019 |  | As of December 31, 2018
| Fair Value Hierarchy |  |  |  |  | Fair Value Hierarchy |  |  |
(in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash and cash equivalents(a) |  | $ | 193,685 |  | $ | — |  | $ | — |  | $ | 193,685 |  | $ | 116,075 |  | $ | — |  | $ | — |  | $ | 116,075
Restricted cash(a) |  |  | 8,416 |  |  | — |  |  | — |  |  | 8,416 |  |  | 3,788 |  |  | — |  |  | — |  |  | 3,788
Restricted investments(b) |  |  | — |  |  | 70,974 |  |  | — |  |  | 70,974 |  |  | — |  |  | 58,142 |  |  | — |  |  | 58,142
Investments in lieu of retainage(c) |  |  | 89,572 |  |  | 1,219 |  |  | — |  |  | 90,791 |  |  | 62,858 |  |  | 1,190 |  |  | — |  |  | 64,048
Total |  | $ | 291,673 |  | $ | 72,193 |  | $ | — |  | $ | 363,866 |  | $ | 182,721 |  | $ | 59,332 |  | $ | — |  | $ | 242,053
_____________________________________________________________________________________________________________ (a)Includes money market funds and short-term investments with maturity dates of three months or less when acquired. (b)Restricted investments, as of December 31, 2019, consist of investments in corporate debt securities of $35.8 million, U.S. government agency securities of $33.8 million and corporate certificates of deposits of $1.4 million with maturities of up to five years, and are valued based on pricing models, which are determined from a compilation of primarily observable market information, broker quotes in non-active markets or similar assets and are therefore classified as Level 2 assets. As of December 31, 2018, restricted investments consisted of investments in corporate debt securities of $30.4 million and U.S. government agency securities of $27.7 million with maturities of up to five years. The amortized cost of these available-for-sale securities at December 31, 2019 and 2018 was not materially different from the fair value. (c)Investments in lieu of retainage are included in retainage receivable and as of December 31, 2019 are comprised of money market funds of $89.6 million and municipal bonds of $1.2 million. The fair values of the money market funds are measured using quoted market prices; therefore, they are classified as Level 1 assets. The fair values of municipal bonds are measured using readily available pricing sources for comparable instruments; therefore, they are classified as Level 2 assets. As of December 31, 2018, investments in lieu of retainage consisted of money market funds of $62.9 million and municipal bonds of $1.2 million. The amortized cost of these available-for-sale securities at December 31, 2019 and 2018 was not materially different from the fair value. The Company did not have material transfers between Levels 1 and 2 during the years ended December 31, 2019 and 2018. The carrying values of receivables, payables and other amounts arising out of normal contract activities, including retainage, which may be settled beyond one year, are estimated to approximate fair value. Of the Company’s long-term debt, the fair value of the 2017 Senior Notes was $485.0 million and $466.8 million as of December 31, 2019 and 2018, respectively. The fair value of the Convertible Notes was $193.4 million and $184.4 million as of December 31, 2019 and 2018, respectively. The fair values of the 2017 Senior Notes and Convertible Notes were determined using Level 1 inputs, specifically current observable market prices. The reported value of the Company’s remaining borrowings approximates fair value as of December 31, 2019 and 2018. During the year ended December 31, 2019, the Company acquired an additional 25% interest in a Civil segment joint venture. The Company’s 50% ownership interest prior to the acquisition was accounted for under the proportionate consolidation method and had a carrying value of $3.2 million. Through this acquisition, the Company’s interest increased from 50% to 75%, and it obtained a controlling financial interest in the joint venture, thereby requiring consolidation by the Company. The transaction was accounted for as a business combination achieved in stages, and under ASC 805, Business Combinations, the previously held equity interest in the joint venture was remeasured at the acquisition date fair value with the resulting gain of $37.8 million recognized in earnings, which was included in general and administrative expenses in the Company’s Consolidated Statement of Operations. The fair value of the joint venture and the Company’s existing investment therein was determined based on the fair value of the underlying assets and liabilities acquired by applying an income approach that used discounted future estimated cash flows based on projected revenues, expenses and weighted-average cost of capital. The fair value of the assets and liabilities of the joint venture was recognized in the Company’s consolidated financial statements as of the acquisition date with the 25% interest not owned by the Company recorded as a noncontrolling interest. The acquisition resulted in the recording of an intangible asset for construction contract backlog of $75.6 million. The fair values of the other assets acquired and liabilities assumed were not material. Pro forma results of operations for this acquisition of additional interest in the joint venture have not been presented because they are not material to the Company’s results of operations.

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration