Revenue (Tables)

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

The following tables disaggregate revenue by end market, customer type and contract type, which the Company believes best depict how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors for the three and nine months ended September 30, 2024 and 2023.


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
Civil segment revenue by end market:
Mass transit (includes certain transportation and tunneling projects)	$	341,827	$	293,209	$	883,930	$	842,751
Military facilities	110,214		83,811		333,137		253,189
Commercial and industrial sites	31,463		36,038		107,583		87,955
Power and energy	34,456		18,291		96,382		43,625
Bridges(a)	1,539		72,112		91,519		154,083
Other	26,396		17,033		51,997		42,884
Total Civil segment revenue	$	545,895	$	520,494	$	1,564,548	$	1,424,487


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
Building segment revenue by end market:
Healthcare facilities	$	160,904	$	82,417	$	408,845	$	188,673
Government	111,040		120,493		355,769		307,927
Education facilities	74,624		57,429		226,973		159,926
Mass transit (includes transportation projects)	64,861		45,191		183,359		141,382



Other(b)	24,286		59,919		90,577		128,536
Total Building segment revenue	$	435,715	$	365,449	$	1,265,523	$	926,444


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
Specialty Contractors segment revenue by end market:
Mass transit (includes certain transportation and tunneling projects)	$	22,674	$	18,349	$	119,626	$	70,867
Commercial and industrial facilities	27,811		51,613		86,234		159,423
Multi-unit residential	16,623		31,751		61,647		93,754
Government	14,024		19,948		55,468		61,780
Healthcare facilities	15,566		20,486		46,994		44,065
Water	10,544		18,275		39,462		66,756
Education facilities	8,566		7,913		22,828		704
Other(b)	(14,602)		6,427		(3,057)		10,476
Total Specialty Contractors segment revenue	$	101,206	$	174,762	$	429,202	$	507,825


	Three Months Ended September 30, 2024								Three Months Ended September 30, 2023
(in thousands)	Civil		Building		Specialty Contractors		Total		Civil		Building		Specialty Contractors		Total
Revenue by customer type:
State and local agencies(a)	$	325,543	$	241,584	$	43,114	$	610,241	$	354,819	$	197,031	$	81,366	$	633,216
Federal agencies	137,110		40,616		(4,090)		173,636		97,593		49,853		(7,369)		140,077
Private owners	83,242		153,515		62,182		298,939		68,082		118,565		100,765		287,412
Total revenue	$	545,895	$	435,715	$	101,206	$	1,082,816	$	520,494	$	365,449	$	174,762	$	1,060,705


	Nine Months Ended September 30, 2024								Nine Months Ended September 30, 2023
(in thousands)	Civil		Building		Specialty Contractors		Total		Civil		Building		Specialty Contractors		Total
Revenue by customer type:
State and local agencies(a)	$	955,157	$	736,220	$	203,194	$	1,894,571	$	971,259	$	510,879	$	221,927	$	1,704,065
Federal agencies	369,876		132,753		(3,312)		499,317		292,288		138,678		(10,890)		420,076
Private owners(b)	239,515		396,550		229,320		865,385		160,940		276,887		296,788		734,615
Total revenue	$	1,564,548	$	1,265,523	$	429,202	$	3,259,273	$	1,424,487	$	926,444	$	507,825	$	2,858,756


	Three Months Ended September 30, 2024								Three Months Ended September 30, 2023
(in thousands)	Civil		Building		Specialty Contractors		Total		Civil		Building		Specialty Contractors		Total
Revenue by contract type:
Fixed price(a)	$	446,208	$	211,625	$	73,870	$	731,703	$	417,973	$	130,422	$	142,750	$	691,145
Guaranteed maximum price	420		205,184		1,640		207,244		91		165,397		907		166,395
Unit price	90,090		—		16,579		106,669		91,906		—		24,564		116,470
Cost plus fee and other	9,177		18,906		9,117		37,200		10,524		69,630		6,541		86,695
Total revenue	$	545,895	$	435,715	$	101,206	$	1,082,816	$	520,494	$	365,449	$	174,762	$	1,060,705


	Nine Months Ended September 30, 2024								Nine Months Ended September 30, 2023
(in thousands)	Civil		Building		Specialty Contractors		Total		Civil		Building		Specialty Contractors		Total
Revenue by contract type:
Fixed price(a)	$	1,330,549	$	567,821	$	349,718	$	2,248,088	$	1,217,689	$	362,591	$	419,457	$	1,999,737
Guaranteed maximum price(b)	554		583,127		3,200		586,881		46		360,245		929		361,220
Unit price	199,257		—		57,404		256,661		183,580		—		69,696		253,276
Cost plus fee and other	34,188		114,575		18,880		167,643		23,172		203,608		17,743		244,523
Total revenue	$	1,564,548	$	1,265,523	$	429,202	$	3,259,273	$	1,424,487	$	926,444	$	507,825	$	2,858,756

____________________________________________________________________________________________________

(a)The three and nine-month periods ended September 30, 2024 include the negative impact of a $101.6 million adjustment related to an adverse arbitration ruling on a completed Civil segment bridge project in California, of which $79.4 million was a reversal of previously recognized revenue. Refer to Note 18, Business Segments, for additional details.

(b)The nine-month period ended September 30, 2023 includes the negative impact of a non-cash charge of $83.6 million that resulted from an adverse legal ruling (of which $72.2 million impacted the Building segment and $11.4 million impacted the Specialty Contractors segment). Refer to Note 18, Business Segments, for additional details.