XML 68 R40.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Business Segments (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Segment Reporting [Abstract] |
Schedule of Reportable Segments | The following tables set forth certain reportable segment information relating to the Company’s operations for the years ended December 31, 2024, 2023 and 2022:
| Reportable Segments |  |  |  |
(in thousands) | Civil |  | Building |  | Specialty Contractors |  | Total |  | Corporate |  | Consolidated Total
Year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |  |
Total revenue | $ | 2,248,659 |  |  | $ | 1,666,862 |  |  | $ | 590,822 |  |  | $ | 4,506,343 |  |  | $ | — |  |  | $ | 4,506,343 |
Elimination of intersegment revenue | (129,706) |  |  | (49,325) |  |  | (390) |  |  | (179,421) |  |  | — |  |  | (179,421) |
Revenue from external customers | $ | 2,118,953 |  |  | $ | 1,617,537 |  |  | $ | 590,432 |  |  | $ | 4,326,922 |  |  | $ | — |  |  | $ | 4,326,922 |
Reconciliation of revenue to income (loss) from construction operations |  |  |  |  |  |  |  |  |  |  |
Less: Segment expenses(a) | $ | 1,980,692 |  |  | $ | 1,641,674 |  |  | $ | 693,777 |  |  | $ | 4,316,143 |  |  | $ | 114,532 |  |  | $ | 4,430,675 |
Income (loss) from construction operations(b) | $ | 138,261 |  |  | $ | (24,137) |  |  | $ | (103,345) |  |  | $ | 10,779 |  |  | $ | (114,532) |  | (c) | $ | (103,753) |
Capital expenditures | $ | 27,040 |  |  | $ | 613 |  |  | $ | 530 |  |  | $ | 28,183 |  |  | $ | 9,226 |  |  | $ | 37,409 |
Depreciation and amortization(d) | $ | 42,521 |  |  | $ | 2,270 |  |  | $ | 2,333 |  |  | $ | 47,124 |  |  | $ | 6,663 |  |  | $ | 53,787 |
Year ended December 31, 2023 |  |  |  |  |  |  |  |  |  |  |
Total revenue | $ | 1,971,194 |  |  | $ | 1,302,636 |  |  | $ | 694,038 |  |  | $ | 3,967,868 |  |  | $ | — |  |  | $ | 3,967,868 |
Elimination of intersegment revenue | (87,329) |  |  | (97) |  |  | (215) |  |  | (87,641) |  |  | — |  |  | (87,641) |
Revenue from external customers | $ | 1,883,865 |  |  | $ | 1,302,539 |  |  | $ | 693,823 |  |  | $ | 3,880,227 |  |  | $ | — |  |  | $ | 3,880,227 |
Reconciliation of revenue to income (loss) from construction operations |  |  |  |  |  |  |  |  |  |  |
Less: Segment expenses(a) | $ | 1,685,256 |  |  | $ | 1,393,745 |  |  | $ | 838,645 |  |  | $ | 3,917,646 |  |  | $ | 77,178 |  |  | $ | 3,994,824 |
Income (loss) from construction operations(e) | $ | 198,609 |  |  | $ | (91,206) |  |  | $ | (144,822) |  |  | $ | (37,419) |  |  | $ | (77,178) |  | (c) | $ | (114,597) |
Capital expenditures | $ | 41,318 |  |  | $ | 3,932 |  |  | $ | 1,250 |  |  | $ | 46,500 |  |  | $ | 6,453 |  |  | $ | 52,953 |
Depreciation and amortization(d) | $ | 31,685 |  |  | $ | 2,227 |  |  | $ | 2,445 |  |  | $ | 36,357 |  |  | $ | 8,872 |  |  | $ | 45,229 |
Year ended December 31, 2022 |  |  |  |  |  |  |  |  |  |  |
Total revenue | $ | 1,956,968 |  |  | $ | 1,305,468 |  |  | $ | 813,531 |  |  | $ | 4,075,967 |  |  | $ | — |  |  | $ | 4,075,967 |
Elimination of intersegment revenue | (222,086) |  |  | (62,897) |  |  | (229) |  |  | (285,212) |  |  | — |  |  | (285,212) |
Revenue from external customers | $ | 1,734,882 |  |  | $ | 1,242,571 |  |  | $ | 813,302 |  |  | $ | 3,790,755 |  |  | $ | — |  |  | $ | 3,790,755 |
Reconciliation of revenue to income (loss) from construction operations |  |  |  |  |  |  |  |  |  |  |
Less: Segment expenses(a) | $ | 1,713,759 |  |  | $ | 1,235,405 |  |  | $ | 981,321 |  |  | $ | 3,930,485 |  |  | $ | 65,034 |  |  | $ | 3,995,519 |
Income (loss) from construction operations(f) | $ | 21,123 |  |  | $ | 7,166 |  |  | $ | (168,019) |  |  | $ | (139,730) |  |  | $ | (65,034) |  | (c) | $ | (204,764) |
Capital expenditures | $ | 49,819 |  |  | $ | 2,333 |  |  | $ | 2,545 |  |  | $ | 54,697 |  |  | $ | 5,083 |  |  | $ | 59,780 |
Depreciation and amortization(d) | $ | 51,123 |  |  | $ | 1,713 |  |  | $ | 2,098 |  |  | $ | 54,934 |  |  | $ | 9,430 |  |  | $ | 64,364 |
_____________________________________________________________________________________________________________ (a)Segment expenses include the total expenses that are deducted from revenue to determine income (loss) from construction operations. The CODM regularly receives and reviews the total expenses for each segment. (b)During the year ended December 31, 2024, the Company’s income (loss) from construction operations in the Civil segment was impacted by unfavorable adjustments of $101.6 million ($74.3 million after tax, or $1.42 per diluted share) pertaining to an unexpected adverse arbitration decision on a legacy dispute related to a completed Civil segment bridge project in California, which the Company is appealing; $31.8 million ($25.4 million after tax, or $0.48 per share) in the fourth quarter for a project on the West Coast, which primarily resulted from significant changes that have been negotiated, or are being negotiated, that carry lower margin (and lower risk) that reduced the project’s percentage of completion and overall margin percentage; $17.4 million ($12.7 million after tax, or $0.24 per share) due to an unfavorable legal ruling on a completed highway project in Virginia; and $15.1 million ($11.1 million after tax, or $0.21 per diluted share) for changes in estimates on an otherwise profitable mass-transit project in California that is nearly complete. The period was also impacted by a favorable adjustment of $18.4 million ($13.5 million after tax, or $0.26 per diluted share) due to a settlement of a claim associated with a completed Civil segment highway tunneling project in the western United States. The Company’s income (loss) from operations in the Building segment was impacted by unfavorable adjustments of $25.9 million ($18.9 million after tax, or $0.36 per diluted share) on a government building project in Florida that is now nearing completion, primarily due to increased costs associated with external subcontractors and resolution of certain delay change orders, and $20.0 million ($14.6 million after tax, or $0.28 per diluted share) associated with the settlement of a legacy dispute related to a completed Building segment government facility project in Florida. The Company’s income (loss) from operations in the Specialty Contractors segment was adversely impacted by $17.7 million ($13.0 million after tax, or $0.25 per diluted share) due to an unfavorable judgment on a completed Specialty Contractors segment mass-transit project in California. (c)Consists primarily of corporate general and administrative expenses. Corporate general and administrative expenses for the year ended December 31, 2024, 2023 and 2022 included share-based compensation expense of $40.4 million ($29.5 million after tax, or $0.56 per diluted share), $12.3 million ($9.0 million after tax, or $0.17 per diluted share), and $9.1 million ($6.6 million after tax, or $0.13 per diluted share), respectively. The increase in share-based compensation expense in 2024 was primarily due to a substantial increase in the Company’s stock price during the year, which impacted the fair value of liability-classified awards. These awards are remeasured at fair value at the end of each reporting period with the change recognized in earnings. (d)Depreciation and amortization is included in income (loss) from construction operations. (e)During the year ended December 31, 2023, the Company’s income (loss) from construction operations in the Civil segment was impacted by net unfavorable adjustments related to a settlement that impacted multiple components of a mass-transit project in California. The settlement resolved certain ongoing disputes and increased the expected profit from work to be performed in the future. The settlement resulted in an unfavorable non-cash adjustment of $23.2 million ($17.0 million after tax, or $0.33 per diluted share) to one component of the project that is nearing completion, partially offset by a favorable adjustment of $8.8 million ($7.1 million after tax, or $0.14 per diluted share) on the other component of the project that has substantial scope of work remaining. As a result of the settlement, the net unfavorable impact to the period from these two adjustments is expected to be mitigated by the increased profit generated from future work on the project. The Civil segment was also impacted by net favorable adjustments of $19.0 million ($15.2 million after tax, or $0.29 per diluted share) for a project on the West Coast that primarily resulted from a favorable impact of $58.1 million on the settlement of change orders and changes in estimates due to improved performance, partially offset by a temporary unfavorable non-cash impact of $40.7 million resulting from the successful negotiation of significant lower margin (and lower risk) change orders which increased the project’s overall estimated profit but reduced the project’s percentage of completion and overall margin percentage. The Company’s income (loss) from operations in the Building segment was adversely impacted an unfavorable adjustment of $14.6 million ($10.7 million after tax, or $0.21 per diluted share) on a government building project in Florida primarily due to increased costs associated with an external subcontractor. The Company’s income (loss) from operations in the Specialty Contractors segment was adversely impacted by $62.2 million ($45.7 million after tax, or $0.88 per diluted share) of unfavorable non-cash adjustments due to changes in estimates on the electrical and mechanical scope of a completed transportation project in the Northeast associated with changes in the expected recovery on certain unapproved change orders resulting from ongoing negotiations; a non-cash charge of $24.7 million ($18.1 million after tax, or $0.35 per diluted share) that resulted from an adverse legal ruling on an educational facilities project in New York; and an unfavorable adjustment of $16.9 million ($12.4 million after tax, or $0.24 per diluted share) on a multi-unit residential project in New York due to changes in estimates resulting from incremental costs to complete the project and ongoing negotiations on unapproved change orders. The Company’s income (loss) from construction operations was also unfavorably impacted by an adverse legal ruling on a completed mixed-use project in New York, which resulted in a non-cash, pre-tax charge of $83.6 million ($60.8 million after tax, or $1.17 per diluted share), of which $72.2 million impacted the Building segment and $11.4 million impacted the Specialty Contractors segment, as well as an unfavorable adjustment of $28.3 million ($22.2 million after tax, or $0.43 per diluted share) on a completed transportation project in the Northeast, split evenly between the Civil and Building segments, primarily due to the settlement of certain change orders, changes in estimates due to recent negotiations and incremental cost incurred during project closeout. (f)During the year ended December 31, 2022, the Company’s income (loss) from construction operations in the Civil segment was adversely impacted by $38.8 million ($30.7 million after tax, or $0.60 per diluted share) for a project on the West Coast, which resulted from the successful negotiation of significant lower margin (and lower risk) change orders that increased the project’s overall estimated profit but reduced the project’s percentage of completion and overall margin percentage; $26.2 million ($18.9 million after tax, or $0.37 per diluted share) of unfavorable non-cash adjustments on a completed highway project in the Northeast due to the reversal on appeal of a previously favorable lower-court ruling; a non-cash charge of $25.5 million ($18.4 million after tax, or $0.36 per diluted share) due to an adverse legal ruling on a dispute related to a completed bridge project in New York; $24.7 million ($17.9 million after tax, or $0.35 per diluted share) of unfavorable adjustments on a mass-transit project in California; and a $16.2 million ($11.7 million after tax, or $0.23 per diluted share) unfavorable non-cash impact related to the settlement of a long-disputed, completed project in Maryland. The Company’s income (loss) from operations was also negatively impacted by an unfavorable adjustment of $31.4 million ($24.4 million after tax, or $0.48 per diluted share) split evenly between the Civil and Building segments due to changes in estimates on a transportation project in the Northeast. The Company’s income (loss) from operations in the Specialty Contractors segment was adversely impacted by $46.2 million ($33.5 million after tax, or $0.65 per diluted share) due to unfavorable adjustments related to the unforeseen cost of project close-out issues, remediation work, extended project supervision and associated labor inefficiencies, as well as growth in unapproved change orders on the electrical component of a transportation project in the Northeast; an unfavorable non-cash impact of $43.2 million ($31.4 million after tax, or $0.61 per diluted share) related to an adverse appellate court decision involving the electrical component of a completed mass-transit project in New York; and a non-cash charge of $17.8 million ($12.9 million after tax, or $0.25 per diluted share) that increased cost of operations associated with the partial reversal by an appellate court of previously awarded legal damages related to a completed electrical project in New York.
Schedule of Total Assets for Reportable Segments | Total assets by segment were as follows:
| As of December 31,
(in thousands) | 2024 |  | 2023
Civil | $ | 3,636,825 |  |  | $ | 3,539,608 |
Building | 1,085,998 |  |  | 898,902 |
Specialty Contractors | 198,952 |  |  | 307,171 |
Corporate and other(a) | (679,065) |  |  | (315,825) |
Total assets | $ | 4,242,710 |  |  | $ | 4,429,856 |
_____________________________________________________________________________________________________________ (a) Consists principally of cash, equipment, tax-related assets and insurance-related assets, offset by the elimination of assets related to intersegment revenue.
Schedule of Principal Geographical Areas | Information concerning principal geographic areas is as follows:
| Year Ended December 31,
(in thousands) | 2024 |  | 2023 |  | 2022
Revenue: |  |  |  |  |
United States | $ | 3,743,518 |  |  | $ | 3,437,971 |  |  | $ | 3,424,574 |
Foreign and U.S. territories | 583,404 |  |  | 442,256 |  |  | 366,181 |
Total revenue | $ | 4,326,922 |  |  | $ | 3,880,227 |  |  | $ | 3,790,755 |
| As of December 31,
(in thousands) | 2024 |  | 2023
Assets: |  |  |
United States | $ | 3,759,874 |  |  | $ | 3,998,470 |
Foreign and U.S. territories | 482,836 |  |  | 431,386 |
Total assets | $ | 4,242,710 |  |  | $ | 4,429,856 |
Major Customer Revenue from a single customer with multiple projects impacting the Civil, Building and Specialty Contractors segments represented 17.6%, 16.3% and 16.3% of the Company’s consolidated revenue for the years ended December 31, 2024, 2023 and 2022, respectively.
Schedule of Reconciliation of Segment Results to Consolidated Loss Before Income Taxes | A reconciliation of segment results to the consolidated loss before income taxes is as follows:
| Year Ended December 31,
(in thousands) | 2024 |  | 2023 |  | 2022
Loss from construction operations | $ | (103,753) |  |  | $ | (114,597) |  |  | $ | (204,764) |
Other income, net | 19,878 |  |  | 17,200 |  |  | 6,732 |
Interest expense | (89,133) |  |  | (85,157) |  |  | (69,638) |
Loss before income taxes | $ | (173,008) |  |  | $ | (182,554) |  |  | $ | (267,670) |

X
- Definition Tabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of reconciliation of other items from reportable segments to their consolidated amount. Excludes reconciliation of revenue, profit (loss), and assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ReconciliationOfOtherSignificantReconcilingItemsFromSegmentsToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of revenue from external customers by geographic areas attributed to the entity's country of domicile and to foreign countries from which the entity derives revenue. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
Name: | us-gaap_RevenueFromExternalCustomersByGeographicAreasTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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