v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
CURRENT ASSETS:    
Cash and cash equivalents ($377,544 and $361,898 related to variable interest entities (“VIEs”)) $ 802,979 $ 734,553
Restricted cash 23,811 35,641
Restricted investments 255,908 228,959
Accounts receivable ($187,977 and $126,245 related to VIEs) 1,137,800 1,218,609
Retention receivable ($216,422 and $216,099 related to VIEs) 699,946 668,894
Costs and estimated earnings in excess of billings ($71,526 and $82,426 related to VIEs) 807,468 819,199
Other current assets ($122,878 and $145,473 related to VIEs) 371,170 411,030
Total current assets 4,099,082 4,116,885
PROPERTY AND EQUIPMENT (“P&E”), net of accumulated depreciation of $579,268 and $570,186 (net P&E of $21,945 and $23,246 related to VIEs) 554,766 547,995
GOODWILL 205,143 205,143
INTANGIBLE ASSETS, NET 63,273 63,832
DEFERRED INCOME TAXES 82,175 96,573
OTHER ASSETS ($15,638 and $13,202 related to VIEs) 133,140 129,994
TOTAL ASSETS 5,137,579 5,160,422
CURRENT LIABILITIES:    
Current maturities of long-term debt 8,109 14,589
Accounts payable ($111,805 and $64,712 related to VIEs) 679,129 724,932
Retention payable ($27,765 and $27,743 related to VIEs) 275,882 265,246
Billings in excess of costs and estimated earnings ($474,941 and $520,455 related to VIEs) 1,893,509 1,838,610
Accrued expenses and other current liabilities ($47,401 and $56,044 related to VIEs) 352,998 396,121
Total current liabilities 3,209,627 3,239,498
LONG-TERM DEBT, less current maturities, net of unamortized discount and debt issuance costs totaling $16,897 and $17,983 390,787 392,785
OTHER LONG-TERM LIABILITIES ($12,992 and $10,602 related to VIEs) 272,154 265,477
TOTAL LIABILITIES 3,872,568 3,897,760
COMMITMENTS AND CONTINGENCIES (NOTE 12)
Stockholders' equity:    
Preferred stock - authorized 1,000,000 shares ($1 par value), none issued 0 0
Common stock - authorized 112,500,000 shares ($1 par value), issued and outstanding 52,614,703 and 52,791,451 shares 52,615 52,791
Additional paid-in capital 1,137,499 1,148,634
Retained earnings 55,008 46,443
Accumulated other comprehensive loss (31,023) (29,234)
Total stockholders' equity 1,214,099 1,218,634
Noncontrolling interests 50,912 44,028
TOTAL EQUITY 1,265,011 1,262,662
TOTAL LIABILITIES AND EQUITY $ 5,137,579 $ 5,160,422