Revenue

3 Months Ended

Mar. 31, 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 months ended March 31, 2024 and 2023.

	Three Months Ended March 31,
(in thousands)	2024		2023
Civil segment revenue by end market:
Mass transit (includes certain transportation and tunneling projects)	$	252,516	$	188,460
Military facilities	105,144		85,567
Commercial and industrial sites	39,490		22,726
Bridges	27,672		30,645
Power and energy	26,198		10,176
Other	21,145		12,296
Total Civil segment revenue	$	472,165	$	349,870

	Three Months Ended March 31,
(in thousands)	2024		2023
Building segment revenue by end market:
Government	$	130,611	$	89,620
Health care facilities	111,987		50,417
Education facilities	68,159		48,077
Mass transit (includes transportation projects)	61,175		33,320
Sports and entertainment	15,639		13,466
Commercial and industrial facilities	11,369		38,271
Hospitality and gaming	2,752		19,606
Other(a)	10,250		(63,124)
Total Building segment revenue	$	411,942	$	229,653

	Three Months Ended March 31,
(in thousands)	2024		2023
Specialty Contractors segment revenue by end market:
Mass transit (includes certain transportation and tunneling projects)	$	48,126	$	47,545
Commercial and industrial facilities	28,210		54,227
Multi-unit residential	24,726		32,796
Government	22,953		21,069
Health care facilities	16,710		9,531
Water	14,216		28,334
Other(a)	9,939		3,275
Total Specialty Contractors segment revenue	$	164,880	$	196,777

	Three Months Ended March 31, 2024								Three Months Ended March 31, 2023
(in thousands)	Civil		Building		Specialty Contractors		Total		Civil		Building		Specialty Contractors		Total
Revenue by customer type:
State and local agencies	$	283,995	$	246,519	$	76,953	$	607,467	$	213,427	$	136,601	$	85,682	$	435,710
Federal agencies	113,454		46,052		439		159,945		95,984		41,735		1,893		139,612
Private owners(a)	74,716		119,371		87,488		281,575		40,459		51,317		109,202		200,978
Total revenue	$	472,165	$	411,942	$	164,880	$	1,048,987	$	349,870	$	229,653	$	196,777	$	776,300

	Three Months Ended March 31, 2024								Three Months Ended March 31, 2023
(in thousands)	Civil		Building		Specialty Contractors		Total		Civil		Building		Specialty Contractors		Total
Revenue by contract type:
Fixed price	$	422,720	$	170,146	$	139,503	$	732,369	$	311,373	$	96,116	$	166,155	$	573,644
Guaranteed maximum price(a)	46		187,300		623		187,969		62		69,778		1,756		71,596
Unit price	33,854		—		20,545		54,399		33,012		—		24,064		57,076
Cost plus fee and other	15,545		54,496		4,209		74,250		5,423		63,759		4,802		73,984
Total revenue	$	472,165	$	411,942	$	164,880	$	1,048,987	$	349,870	$	229,653	$	196,777	$	776,300

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(a)The three-month period ended March 31, 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. Net revenue recognized during the three months ended March 31, 2024 related to performance obligations satisfied (or partially satisfied) in prior periods was immaterial. Revenue was negatively impacted during the three months ended March 31, 2023 related to performance obligations satisfied (or partially satisfied) in prior periods by $108.0 million. 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 March 31, 2024, the aggregate amounts of the transaction prices allocated to the remaining performance obligations of the Company’s construction contracts were $4.1 billion, $1.8 billion and $1.1 billion for the Civil, Building and Specialty Contractors segments, respectively. As of March 31, 2023, 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 $1.2 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.