Reportable Segment Information

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Reportable Segment Information

21. Reportable Segment Information

Our reportable segments are the same as our operating segments and correspond with how our CODM regularly reviews financial information to allocate resources and assess performance. Our reportable segments are: Construction and Materials.

The Construction segment focuses on construction and rehabilitation of roads, pavement preservation, bridges, rail lines, airports, marine ports, dams, reservoirs, aqueducts, infrastructure and site development for use by the general public and water-related construction for municipal agencies, commercial water suppliers, industrial facilities and energy companies. It also provides construction of various complex projects including infrastructure / site development, mining, public safety, tunnel, solar, battery storage and other power-related projects. The Materials segment focuses on production of aggregates, asphalt concrete, liquid asphalt and recycled materials production for internal use in our construction projects and for sale to third parties.

The accounting policies of the segments are the same as those described in the Summary of Significant Accounting Policies (see Note 1). We evaluate segment performance based on gross profit, and do not include selling, general and administrative expenses or non-operating income or expense. Segment assets include property and equipment, intangibles, goodwill, inventory and equity in construction joint ventures.

Summarized segment information is as follows (in thousands):

Years Ended December 31,	Construction		Materials		Total
2023
Total revenue from reportable segments	$	2,992,254	$	717,369	$	3,709,623
Elimination of intersegment revenue	—		(200,485)		$	(200,485)
Revenue from external customers	$	2,992,254	$	516,884	$	3,509,138
Gross profit	$	325,055	$	71,344	$	396,399
Depreciation, depletion and amortization	$	43,828	$	29,718	$	73,546
Segment assets as of period end	$	598,078	$	539,071	$	1,137,149
2022
Total revenue from reportable segments	$	2,803,935	$	671,428	$	3,475,363
Elimination of intersegment revenue	—		(174,107)		$	(174,107)
Revenue from external customers	$	2,803,935	$	497,321	$	3,301,256
Gross profit	$	303,881	$	65,613	$	369,494
Depreciation, depletion and amortization	$	41,836	$	26,500	$	68,336
Segment assets as of period end	$	432,868	$	364,336	$	797,204
2021
Total revenue from reportable segments	$	3,076,190	$	587,600	$	3,663,790
Elimination of intersegment revenue	—		(161,925)		$	(161,925)
Revenue from external customers	$	3,076,190	$	425,675	$	3,501,865
Gross profit	$	303,228	$	59,417	$	362,645
Depreciation, depletion and amortization	$	71,106	$	26,130	$	97,236

As of December 31, 2023, 2022 and 2021 segment assets included $25.1 million, $4.7 million and $10.3 million, respectively, of property and equipment located in foreign countries (primarily Canada and Mexico). During the years ended December 31, 2023, 2022 and 2021 less than 5% of our revenue was derived from foreign operations.

A reconciliation of segment gross profit to consolidated income before income taxes is as follows (in thousands):

Years Ended December 31,	2023		2022		2021
Total gross profit from reportable segments	$	396,399	$	369,494	$	362,645
Selling, general and administrative expenses	294,466		272,610		303,015
Other costs, net	50,217		24,120		101,351
Gain on sales of property and equipment, net	(28,346)		(12,617)		(66,439)
Total other (income) expense, net	20,208		(6,436)		2,591
Income before income taxes	$	59,854	$	91,817	$	22,127

A reconciliation of segment assets to consolidated total assets is as follows:

(in thousands)	December 31, 2023		December 31, 2022
Total assets for reportable segments	$	1,137,149	$	797,204
Assets not allocated to segments:
Cash and cash equivalents	417,663		293,991
Receivables, net	598,705		463,987
Other current assets, excluding segment assets	316,552		280,014
Property and equipment, net, excluding segment assets	72,709		64,851
Short-term and long-term marketable securities	35,863		65,943
Investments in affiliates	92,910		80,725
Right of use assets	78,176		49,079
Deferred income taxes, net	8,179		22,208
Other noncurrent assets	55,634		49,931
Consolidated total assets	$	2,813,540	$	2,167,933