XML 33 R9.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Revenue
6 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Disaggregation of Revenue
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 six months ended June 30, 2024 and 2023.
Three Months Ended
June 30,
Six Months Ended
June 30,
(in thousands)2024202320242023
Civil segment revenue by end market:
Mass transit (includes certain transportation and tunneling projects)$289,587 $361,082 $542,103 $549,542 
Military facilities117,779 83,811 222,923 169,378 
Bridges62,308 51,326 89,980 81,971 
Commercial and industrial sites36,630 29,192 76,120 51,918 
Power and energy35,728 15,159 61,926 25,335 
Other4,456 13,553 25,601 25,849 
Total Civil segment revenue$546,488 $554,123 $1,018,653 $903,993 
Three Months Ended
June 30,
Six Months Ended
June 30,
(in thousands)2024202320242023
Building segment revenue by end market:
Healthcare facilities$135,954 $55,839 $247,941 $106,256 
Government114,118 97,814 244,729 187,434 
Education facilities84,190 54,420 152,349 102,497 
Mass transit (includes transportation projects)57,323 62,871 118,498 96,191 
Sports and entertainment10,621 13,364 26,260 26,830 
Commercial and industrial facilities4,073 16,026 15,442 54,297 
Hospitality and gaming3,636 16,979 6,388 36,585 
Other(a)
7,951 14,029 18,201 (49,095)
Total Building segment revenue$417,866 $331,342 $829,808 $560,995 
Three Months Ended
June 30,
Six Months Ended
June 30,
(in thousands)2024202320242023
Specialty Contractors segment revenue by end market:
Mass transit (includes certain transportation and tunneling projects)$48,826 $4,973 $96,952 $52,518 
Commercial and industrial facilities30,213 53,583 58,423 107,810 
Multi-unit residential20,298 29,207 45,024 62,003 
Government18,491 20,763 41,444 41,832 
Healthcare facilities14,718 14,048 31,428 23,579 
Water14,702 20,147 28,918 48,481 
Other(a)
15,868 (6,435)25,807 (3,160)
Total Specialty Contractors segment revenue$163,116 $136,286 $327,996 $333,063 
Three Months Ended
June 30, 2024
Three Months Ended
June 30, 2023
(in thousands)CivilBuildingSpecialty
Contractors
TotalCivilBuildingSpecialty
Contractors
Total
Revenue by customer type:
State and local agencies$345,619 $248,117 $83,127 $676,863 $403,013 $177,247 $54,879 $635,139 
Federal agencies119,312 46,085 339 165,736 98,711 47,090 (5,414)140,387 
Private owners
81,557 123,664 79,650 284,871 52,399 107,005 86,821 246,225 
Total revenue$546,488 $417,866 $163,116 $1,127,470 $554,123 $331,342 $136,286 $1,021,751 
Six Months Ended
June 30, 2024
Six Months Ended
June 30, 2023
(in thousands)CivilBuildingSpecialty
Contractors
TotalCivilBuildingSpecialty
Contractors
Total
Revenue by customer type:
State and local agencies$629,614 $494,636 $160,080 $1,284,330 $616,440 $313,848 $140,561 $1,070,849 
Federal agencies232,766 92,137 778 325,681 194,695 88,825 (3,521)279,999 
Private owners(a)
156,273 243,035 167,138 566,446 92,858 158,322 196,023 447,203 
Total revenue$1,018,653 $829,808 $327,996 $2,176,457 $903,993 $560,995 $333,063 $1,798,051 
Three Months Ended
June 30, 2024
Three Months Ended
June 30, 2023
(in thousands)CivilBuildingSpecialty
Contractors
TotalCivilBuildingSpecialty
Contractors
Total
Revenue by contract type:
Fixed price$452,823 $186,050 $136,345 $775,218 $488,343 $136,053 $110,552 $734,948 
Guaranteed maximum price
88 190,643 937 191,668 (107)125,070 (1,734)123,229 
Unit price75,313 — 20,280 95,593 58,662 — 21,068 79,730 
Cost plus fee and other18,264 41,173 5,554 64,991 7,225 70,219 6,400 83,844 
Total revenue$546,488 $417,866 $163,116 $1,127,470 $554,123 $331,342 $136,286 $1,021,751 

Six Months Ended
June 30, 2024
Six Months Ended
June 30, 2023
(in thousands)CivilBuildingSpecialty
Contractors
TotalCivilBuildingSpecialty
Contractors
Total
Revenue by contract type:
Fixed price$875,543 $356,196 $275,848 $1,507,587 $799,716 $232,169 $276,707 $1,308,592 
Guaranteed maximum price(a)
134 377,943 1,560 379,637 (45)194,848 22 194,825 
Unit price109,167 — 40,825 149,992 91,674 — 45,132 136,806 
Cost plus fee and other33,809 95,669 9,763 139,241 12,648 133,978 11,202 157,828 
Total revenue$1,018,653 $829,808 $327,996 $2,176,457 $903,993 $560,995 $333,063 $1,798,051 
____________________________________________________________________________________________________
(a)The six-month period ended June 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.

Changes in Contract Estimates that Impact Revenue
Changes to the total estimated contract revenue or cost for a given project, either due to unexpected events or revisions to management’s initial estimates, are recognized in the period in which they are determined. Revenue was negatively impacted during the three and six months ended June 30, 2024 related to performance obligations satisfied (or partially satisfied) in prior periods by $9.0 million and $15.6 million, respectively. Revenue was negatively impacted during the three and six months ended June 30, 2023 related to performance obligations satisfied (or partially satisfied) in prior periods by $3.1 million and $108.3 million, respectively. Refer to Note 18, Business Segments, for additional details on significant adjustments.
Remaining Performance Obligations
Remaining performance obligations represent the transaction price of firm orders for which work has not been performed and exclude unexercised contract options. As of June 30, 2024, the aggregate amounts of the transaction prices allocated to the remaining performance obligations of the Company’s construction contracts were $4.4 billion, $2.2 billion and $1.1 billion for the Civil, Building and Specialty Contractors segments, respectively. As of June 30, 2023, the aggregate amounts of the transaction prices allocated to the remaining performance obligations of the Company’s construction contracts were $4.6 billion, $2.4 billion and $1.2 billion for the Civil, Building and Specialty Contractors segments, respectively. The Company typically recognizes revenue on Civil segment projects over a period of three to five years, whereas for projects in the Building and Specialty Contractors segments, the Company typically recognizes revenue over a period of one to three years.