Investments in and Advances to Joint Ventures (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| Equity Method Investments and Joint Ventures [Abstract] |
|
| Schedule of Financial Information of Consolidated Joint Ventures |
The following represents financial information for consolidated joint ventures included in the consolidated financial statements (in thousands):
|
|
|
|
|
|
|
|
|
|
|
June 30, 2026 |
|
|
December 31, 2025 |
|
Current assets |
|
$ |
501,733 |
|
|
$ |
542,877 |
|
Noncurrent assets |
|
|
6,771 |
|
|
|
7,961 |
|
Total assets |
|
|
508,504 |
|
|
|
550,838 |
|
Current liabilities |
|
|
280,225 |
|
|
|
301,891 |
|
Noncurrent liabilities |
|
|
3,033 |
|
|
|
3,417 |
|
Total liabilities |
|
|
283,258 |
|
|
|
305,308 |
|
Total joint venture equity |
|
$ |
225,246 |
|
|
$ |
245,530 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
June 30, 2026 |
|
|
June 30, 2025 |
|
|
June 30, 2026 |
|
|
June 30, 2025 |
|
Revenue |
|
$ |
201,958 |
|
|
$ |
192,795 |
|
|
$ |
378,947 |
|
|
$ |
389,153 |
|
Costs |
|
|
172,295 |
|
|
|
162,068 |
|
|
|
324,597 |
|
|
|
327,022 |
|
Net income |
|
$ |
29,663 |
|
|
$ |
30,727 |
|
|
$ |
54,350 |
|
|
$ |
62,131 |
|
Net income attributable to noncontrolling interests |
|
$ |
14,754 |
|
|
$ |
15,259 |
|
|
$ |
27,039 |
|
|
$ |
30,843 |
|
|
| Summary of Financial Information for Unconsolidated Joint Ventures |
The following represents the financial information of the Company’s unconsolidated joint ventures as presented in their unaudited financial statements (in thousands):
|
|
|
|
|
|
|
|
|
|
|
June 30, 2026 |
|
|
December 31, 2025 |
|
Current assets |
|
$ |
1,351,657 |
|
|
$ |
1,549,367 |
|
Noncurrent assets |
|
|
416,201 |
|
|
|
439,496 |
|
Total assets |
|
|
1,767,858 |
|
|
|
1,988,863 |
|
Current liabilities |
|
|
856,070 |
|
|
|
1,046,970 |
|
Noncurrent liabilities |
|
|
463,791 |
|
|
|
469,833 |
|
Total liabilities |
|
|
1,319,861 |
|
|
|
1,516,803 |
|
Total joint venture equity |
|
$ |
447,997 |
|
|
$ |
472,060 |
|
Investments in and advances to unconsolidated joint ventures |
|
$ |
153,328 |
|
|
$ |
148,640 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
June 30, 2026 |
|
|
June 30, 2025 |
|
|
June 30, 2026 |
|
|
June 30, 2025 |
|
Revenue |
|
$ |
436,941 |
|
|
$ |
425,795 |
|
|
$ |
731,944 |
|
|
$ |
950,351 |
|
Costs |
|
|
490,072 |
|
|
|
391,301 |
|
|
|
766,968 |
|
|
|
912,177 |
|
Net income |
|
$ |
(53,131 |
) |
|
$ |
34,494 |
|
|
$ |
(35,024 |
) |
|
$ |
38,174 |
|
Equity in losses of unconsolidated joint ventures |
|
$ |
(33,748 |
) |
|
$ |
(642 |
) |
|
$ |
(27,592 |
) |
|
$ |
(1,329 |
) |
|
| Summary of Financial Statement Impact From Changes In Estimates on an Unconsolidated Joint Venture |
The following table presents certain financial statement impacts from changes in estimates on an unconsolidated joint venture in the Critical Infrastructure segment, driven by increases in costs to complete. In certain instances, revisions in estimates on unconsolidated joint ventures do not exceed the threshold in any particular quarter but exceed the threshold on a year-to-date basis (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
June 30, 2026 |
|
|
June 30, 2025 |
|
|
June 30, 2026 |
|
|
June 30, 2025 |
|
Operating loss |
|
$ |
(40,893 |
) |
|
$ |
- |
|
|
$ |
(41,075 |
) |
|
$ |
(12,841 |
) |
Net loss |
|
|
(35,086 |
) |
|
|
- |
|
|
|
(35,242 |
) |
|
|
(9,608 |
) |
Diluted loss per share |
|
$ |
(0.33 |
) |
|
$ |
— |
|
|
$ |
(0.33 |
) |
|
$ |
(0.09 |
) |
|