Quarterly report pursuant to Section 13 or 15(d)

ASSETS HELD FOR SALE

v3.24.3
ASSETS HELD FOR SALE
 9 Months Ended
Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]  
ASSETS HELD FOR SALE ASSETS HELD FOR SALE
During the three months ended September 30, 2024, we entered into thirteen membership interest purchase agreements which converted energy assets designated as held for sale during 2024 to projects, by which we are able to recognize revenue under their respective engineering, procurement, and construction contracts. These assets had a carrying value of $54,012 at the time of the sale and during the period we recognized revenue of $67,673 and gross profit of $12,702 in the condensed consolidated statements of income.
During the nine months ended September 30, 2024, we identified five assets that previously met the criteria to be classified as held for sale, but we no longer have the intent to sell the assets. As of December 31, 2023, the carrying value of these assets was
$33,851 with liabilities associated with assets classified as held for sale of $5,546. As a result of the change in circumstances, the balances for these assets were reclassified to held and used and the reclassification did not have a material impact to current period results.
As of September 30, 2024, we determined that there were five energy asset projects under construction that were considered to be assets held for sale, since these assets were being marketed for sale and all the criteria to be classified as held for sale under ASC 360, Property, Plant and Equipment—Impairment or Disposal of Long-Lived Assets, had been met. Assets held for sale are measured at the lower of their carrying value or the fair value less cost to sell.
The table below reflects the assets and liabilities associated with assets held for sale by segment:
September 30, 2024 December 31, 2023
Balance Sheet Location North America Regions U.S. Federal Total North America Regions U.S. Federal Total
Other assets $ 19,321  $ 401  $ 19,722  $ 18,895  $ 18,253  $ 37,148 
Operating lease assets 1,700  —  1,700  1,256  —  1,256 
Assets classified as held for sale $ 21,021  $ 401  $ 21,422  $ 20,151  $ 18,253  $ 38,404 
Accounts payable $ 2,975  $ —  $ 2,975  $ 5,418  $ 601  $ 6,019 
Accrued expenses and other current liabilities 493  —  493  14  —  14 
Billings in excess of cost and estimated earnings —  —  —  —  1,088  1,088 
Long-term operating lease liabilities, net of current portion 1,832  —  1,832  1,230  —  1,230 
Liabilities directly associated with assets classified as held for sale $ 5,300  $ —  $ 5,300  $ 6,662  $ 1,689  $ 8,351