Arcosa (ACA) 10-Q3 May 242024 Q1 Quarterly reportFinancial data

Company Profile

Cover and DEI

Cover and DEI - shares	3 Months Ended
Cover and DEI - shares	Mar. 31, 2024	Apr. 15, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	1-38494
Entity Registrant Name	Arcosa, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-5339416
Entity Address, Address Line One	500 N. Akard Street, Suite 400
Entity Address, City or Town	Dallas,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75201
City Area Code	972
Local Phone Number	942-6500
Title of 12(b) Security	Common Stock ($0.01 par value)
Trading Symbol	ACA
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		48,582,544
Entity Central Index Key	0001739445
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31

Consolidated Statements of Oper

Consolidated Statements of Operations (unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenues	$ 598.6	$ 549.2
Operating costs:
Cost of revenues	487	440.6
Selling, general, and administrative expenses	69.1	62.5
Gains on disposition of property, plant, equipment, and other assets	(3.9)	(22.6)
Gain on sale of storage tanks business	(7)	(6.4)
Costs and Expenses, Total	545.2	474.1
Total operating profit	53.4	75.1
Interest expense	8.3	7.1
Other, net (income) expense	(2.2)	(1.9)
Income before income taxes	47.3	69.9
Provision for income taxes	8.1	14.2
Net income	$ 39.2	$ 55.7
Net income per common share:
Basic (in dollars per share)	$ 0.81	$ 1.15
Diluted (in dollars per share)	$ 0.80	$ 1.14
Weighted average number of shares outstanding:
Basic (in shares)	48.5	48.3
Diluted (in shares)	48.9	48.8
Dividends declared per common share	$ 0.05	$ 0.05

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 39.2	$ 55.7
Derivative financial instruments:
Unrealized gains (losses) arising during the period, net of tax expense (benefit)	0	0.1
Reclassification adjustments for (gains) losses included in net income, net of tax expense (benefit)	0	(0.4)
Currency translation adjustment:
Unrealized gains (losses) arising during the period, net of tax expense (benefit)	(0.4)	0.1
Other comprehensive income (loss)	(0.4)	(0.2)
Comprehensive income	$ 38.8	$ 55.5

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Unrealized gains (losses) arising during the period, tax expense (benefit)	$ 0	$ 0
Reclassification adjustments for (gains) losses included in net income, tax expense (benefit)	0	0.1
Unrealized gains (losses) arising during the period, tax expense (benefit)	$ 0	$ 0

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2024	[1]	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 176.5		$ 104.8
Receivables, net of allowance	366.2		357.1
Inventories:
Raw materials and supplies	199.8		210.8
Work in process	43.6		42.7
Finished goods	160.6		148.3
Total inventory	404		401.8
Other	47		48.3
Total current assets	993.7		912
Property, plant, and equipment, net	1,358.1		1,336.3
Goodwill	984.3		990.7
Intangibles, net	265.5		270.7
Deferred income taxes	6.8		6.8
Other assets	59.7		61.4
Total assets	3,668.1		3,577.9
Current liabilities:
Accounts payable	275.6		272.5
Accrued liabilities	113.2		117.4
Advance billings	39.5		34.5
Current portion of long-term debt	6.6		6.8
Total current liabilities	434.9		431.2
Debt	600.6		561.9
Deferred income taxes	187.2		179.6
Other liabilities	71.6		73.2
Total liabilities	1,294.3		1,245.9
Stockholders' equity:
Common stock	$ 0.5		$ 0.5
Common stock, shares authorized	200,000,000		200,000,000
Capital in excess of par value	$ 1,689.6		$ 1,682.8
Retained earnings	701.7		664.9
Accumulated other comprehensive loss	(16.6)		(16.2)
Treasury stock	(1.4)		0
Total stockholders' equity	2,373.8		2,332
Total liabilities and stockholders' equity	$ 3,668.1		$ 3,577.9

[1] (unaudited)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024		Mar. 31, 2023
Operating activities:
Net income	$ 39.2		$ 55.7
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion, and amortization	42.8		38.8
Stock-based compensation expense	6.7		5.5
Provision for deferred income taxes	7.1		7.4
Gains on disposition of property, plant, equipment, and other assets	(3.9)		(22.6)
Gain on sale of storage tanks business	(7)		(6.4)
(Increase) decrease in other assets	(2.2)		3.4
Increase (decrease) in other liabilities	(2.4)		(2.6)
Other	(4.4)		3.5
Changes in current assets and liabilities:
(Increase) decrease in receivables	(10.2)		(66.4)
(Increase) decrease in inventories	4.5		(10.9)
(Increase) decrease in other current assets	1.2		4.6
Increase (decrease) in accounts payable	3.7		10.5
Increase (decrease) in advance billings	5		8
Increase (decrease) in accrued liabilities	0.4		(1.2)
Net cash provided by operating activities	80.5		27.3
Investing activities:
Proceeds from disposition of property, plant, equipment, and other assets	4.2		23.9
Proceeds from sale of storage tanks business	6.7		2
Capital expenditures	(54.4)		(44.4)
Acquisitions, net of cash acquired	0		(15.6)
Net cash required by investing activities	(43.5)		(34.1)
Financing activities:
Payments to retire debt	(1.7)		(1.9)
Proceeds from issuance of debt	40		0
Dividends paid to common stockholders	(2.4)		(2.4)
Purchase of shares to satisfy employee tax on vested stock	(1.2)		(0.1)
Net cash provided (required) by financing activities	34.7		(4.4)
Net increase (decrease) in cash and cash equivalents	71.7		(11.2)
Cash and cash equivalents at beginning of period	104.8		160.4
Cash and cash equivalents at end of period	$ 176.5	[1]	$ 149.2

[1] (unaudited)

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (unaudited) - USD ($) shares in Millions, $ in Millions	Total		Common Stock	Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock, Common
Beginning balance at Dec. 31, 2022	$ 2,184.4		$ 0.5	$ 1,684.1	$ 515.5	$ (15.7)	$ 0
Beginning balance, shares at Dec. 31, 2022			48.4				0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	55.7				55.7
Other comprehensive income (loss)	(0.2)					(0.2)
Dividends paid to common stockholders	(2.4)				(2.4)
Restricted shares, net - shares
Restricted shares, net - value	5.7			6.2			$ (0.5)
Ending balance at Mar. 31, 2023	2,243.2		$ 0.5	1,690.3	568.8	(15.9)	$ (0.5)
Ending balance, shares at Mar. 31, 2023			48.4				0
Beginning balance at Dec. 31, 2023	2,332		$ 0.5	1,682.8	664.9	(16.2)	$ 0
Beginning balance, shares at Dec. 31, 2023			48.6				0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	39.2				39.2
Other comprehensive income (loss)	(0.4)					(0.4)
Dividends paid to common stockholders	(2.4)				(2.4)
Restricted shares, net - shares			0				0
Restricted shares, net - value	5.4			6.8			$ (1.4)
Ending balance at Mar. 31, 2024	$ 2,373.8	[1]	$ 0.5	$ 1,689.6	$ 701.7	$ (16.6)	$ (1.4)
Ending balance, shares at Mar. 31, 2024			48.6				0
Statement of Stockholders' Equity [Abstract]
Common Stock, Par or Stated Value Per Share	$ 0.01

[1] (unaudited)

Overview and Summary of Signifi

Overview and Summary of Significant Accounting Policies	3 Months Ended
Overview and Summary of Significant Accounting Policies	Mar. 31, 2024
Accounting Policies [Abstract]
Overview and Summary of Significant Accounting Policies	Overview and Summary of Significant Accounting Policies Basis of Presentation Arcosa, Inc. and its consolidated subsidiaries (“Arcosa,” the “Company,” “we,” or “our”), headquartered in Dallas, Texas, is a provider of infrastructure-related products and solutions with leading positions in construction, engineered structures, and transportation markets in North America. Arcosa is a Delaware corporation and was incorporated in 2018 as an independent, publicly-traded company, listed on the New York Stock Exchange. The accompanying Consolidated Financial Statements are unaudited and have been prepared from the books and records of Arcosa, Inc. and its consolidated subsidiaries. All normal and recurring adjustments necessary for a fair presentation of the financial position of the Company and the results of operations, comprehensive income/loss, and cash flows have been made in conformity with accounting principles generally accepted in the U.S. (“GAAP”). All significant intercompany accounts and transactions have been eliminated. Because of seasonal and other factors, the financial condition and results of operations for the three months ended March 31, 2024 may not be indicative of Arcosa's expected business, financial condition, and results of operations for the year ending December 31, 2024. These interim financial statements and notes are condensed as permitted by the instructions to Form 10-Q and should be read in conjunction with the audited Consolidated Financial Statements of the Company included in its Annual Report on Form 10-K for the year ended December 31, 2023. Stockholders' Equity In December 2022, the Company’s Board of Directors (the “Board") authorized a new $50.0 million share repurchase program effective January 1, 2023 through December 31, 2024 to replace a program of the same amount that expired on December 31, 2022. For the three months ended March 31, 2024, the Company did not repurchase any shares. As of March 31, 2024, the Company had a remaining authorization of $36.2 million under the program. Revenue Recognition Revenue is measured based on the allocation of the transaction price in a contract to satisfied performance obligations. The transaction price does not include any amounts collected on behalf of third parties. The Company recognizes revenue when it satisfies a performance obligation by transferring control over a product or service to a customer. The following is a description of principal activities from which the Company generates its revenue, separated by reportable segments. Payments for our products and services are generally due within normal commercial terms. For a further discussion regarding the Company’s reportable segments, see Note 4 Segment Information. Construction Products The Construction Products segment recognizes substantially all revenue when the customer has accepted the product and legal title of the product has passed to the customer. Engineered Structures Within the Engineered Structures segment, revenue is recognized for wind towers and certain utility structures over time as the products are manufactured using an input approach based on the costs incurred relative to the total estimated costs of production. We recognize revenue over time for these products as they are highly customized to the needs of an individual customer resulting in no alternative use to the Company if not purchased by the customer after the contract is executed. In addition, we have the right to bill the customer for our work performed to date plus at least a reasonable profit margin for work performed. As of March 31, 2024, we had a contract asset of $56.7 million related to these contracts, compared to $66.8 million as of December 31, 2023, which is included in receivables, net of allowance, within the Consolidated Balance Sheets. The decrease in the contract asset is attributed to timing of deliveries of finished structures to customers during the period. For all other products, revenue is recognized when the customer has accepted the product and legal title of the product has passed to the customer. Transportation Products The Transportation Products segment recognizes revenue when the customer has accepted the product and legal title of the product has passed to the customer. Unsatisfied Performance Obligations The following table includes estimated revenue expected to be recognized in future periods related to performance obligations that are unsatisfied or partially satisfied as of March 31, 2024 and the percentage of the outstanding performance obligations as of March 31, 2024 expected to be delivered during the remainder of 2024: Unsatisfied performance obligations as of March 31, 2024 Total Percent expected to be delivered in 2024 (in millions) Engineered Structures: Utility, wind, and related structures $ 1,366.7 40 % Transportation Products: Inland barges $ 294.4 73 % Of the remaining unsatisfied performance obligations for utility, wind, and related structures, 29% are expected to be delivered during 2025 with the remainder expected to be delivered through 2028. All of the remaining unsatisfied performance obligations for inland barges are expected to be delivered during 2025. Income Taxes The liability method is used to account for income taxes. Deferred income taxes represent the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Valuation allowances reduce deferred tax assets to an amount that will more likely than not be realized. The Company regularly evaluates the likelihood of realization of tax benefits derived from positions it has taken in various federal and state filings after consideration of all relevant facts, circumstances, and available information. For those tax positions that are deemed more likely than not to be sustained, the Company recognizes the benefit it believes is cumulatively greater than 50% likely to be realized. To the extent the Company were to prevail in matters for which accruals have been established or be required to pay amounts in excess of recorded reserves, the effective tax rate in a given financial statement period could be materially impacted. Financial Instruments The Company considers all highly liquid debt instruments to be cash and cash equivalents if purchased with a maturity of three months or less. Financial instruments that potentially subject the Company to a concentration of credit risk are primarily cash investments and receivables. The Company places its cash investments in bank deposits and highly-rated money market funds, and its investment policy limits the amount of credit exposure to any one commercial issuer. We seek to limit concentrations of credit risk with respect to receivables with control procedures that monitor the credit worthiness of customers, together with the large number of customers in the Company's customer base and their dispersion across different industries and geographic areas. As receivables are generally unsecured, the Company maintains an allowance for doubtful accounts based upon the expected credit losses. Receivable balances determined to be uncollectible are charged against the allowance. To accelerate the conversion to cash, the Company may sell a portion of its trade receivables to third parties. The Company has no recourse to these receivables once they are sold but may have continuing involvement related to servicing and collection activities. The impact of these transactions in the Company's Consolidated Statements of Operations for the three months ended March 31, 2024 was not significant. The carrying values of cash, receivables, and accounts payable are considered to be representative of their respective fair values. Derivative Instruments The Company may, from time to time, use derivative instruments to mitigate the impact of changes in interest rates, commodity prices, or changes in foreign currency exchange rates. For derivative instruments designated as hedges, the Company formally documents the relationship between the derivative instrument and the hedged item, as well as the risk management objective and strategy for the use of the derivative instrument. This documentation includes linking the derivative to specific assets or liabilities on the balance sheet, commitments, or forecasted transactions. At the time a derivative instrument is entered into, and at least quarterly thereafter, the Company assesses whether the derivative instrument is effective in offsetting the changes in fair value or cash flows of the hedged item. Any change in the fair value of the hedged instrument is recorded in accumulated other comprehensive loss (“AOCL”) as a separate component of stockholders' equity and reclassified into earnings in the period during which the hedged transaction affects earnings. When derivative instruments are in place, the Company monitors its positions and the credit ratings of its counterparties to mitigate the risk of loss due to counterparties' non-performance. Recent Accounting Pronouncements Recently adopted accounting pronouncements Effective January 1, 2024, the Company adopted Accounting Standards Update No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The Company will adopt additional disclosure requirements within its annual reporting for the year ending December 31, 2024 and its interim reporting for the quarter ending March 31, 2025. Recently issued accounting pronouncements not adopted as of March 31, 2024 In December 2023, the FASB issued Accounting Standards Update No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), which is intended to improve the transparency of income tax disclosures by requiring 1) consistent categories and greater disaggregation of information in the rate reconciliation and 2) income taxes paid disaggregated by jurisdiction. The standard also includes certain other amendments to improve the effectiveness of income tax disclosures. ASU 2023-09 will become effective for public companies during annual reporting periods beginning after December 15, 2024, with early adoption permitted. Although ASU 2023-09 only modifies the Company's required income tax disclosures, the Company is currently evaluating the impact of adopting this guidance on its Consolidated Financial Statements.

Acquisitions and Divestitures

Acquisitions and Divestitures	3 Months Ended
Acquisitions and Divestitures	Mar. 31, 2024
Business Combinations [Abstract]
Acquisitions and Divestitures	Acquisitions and Divestitures 2024 Acquisitions In April 2024, we completed the acquisition of Ameron Pole Products LLC ("Ameron"), a leading manufacturer of highly engineered, premium concrete and steel poles for a broad range of infrastructure applications, including lighting, traffic, electric distribution, and small-cell telecom, for a total purchase price of $180.0 million. With operations in Alabama, California, and Oklahoma, Ameron will be included in our Engineered Structures segment. The acquisition was funded with $160.0 million of borrowings under our revolving credit facility and cash on hand. 2023 Acquisitions On December 20, 2023, we completed the acquisition of certain assets and liabilities of Lake Point Holdings, LLC and Lake Point Restoration LLC, (collectively "Lake Point") a Florida based natural aggregates business in our Construction Products segment, for a total purchase price of $65.0 million. The acquisition was funded with $60.0 million of borrowings under our revolving credit facility and cash on hand. The acquisition was recorded as a business combination based on a valuation of the assets acquired and liabilities assumed at their acquisition date fair value using unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities ("Level 3" inputs). The preliminary valuation resulted in the recognition of, among others, $13.2 million of property, plant, and equipment, $19.1 million of mineral reserves, $11.5 million of permits, and $15.4 million of goodwill in our Construction Products segment. We expect to complete our purchase price allocation as soon as reasonably possible, not to exceed one year from the acquisition date. Adjustments to the preliminary purchase price allocation could be material, particularly with respect to our preliminary estimates of mineral reserves, permits, and property, plant, and equipment. In October 2023, we completed the acquisition of certain assets and liabilities of a Phoenix, Arizona based recycled aggregates business and the acquisition of certain assets and liabilities of a Florida based recycled aggregates business in our Construction Products segment. The purchase price of these acquisitions were not significant. In September 2023, we completed the acquisition of certain assets and liabilities of a Houston, Texas based stabilized sand producer in our Construction Products segment. The purchase price of the acquisition was not significant. In March 2023, we completed the stock acquisition of a Houston, Texas based shoring, trench, and excavation products business in our Construction Products segment. In February 2023, we completed the acquisition of certain assets and liabilities of a Phoenix, Arizona based recycled aggregates business in our Construction Products segment. The purchase prices of these acquisitions were not significant. Divestitures There were no divestitures completed during the three months ended March 31, 2024 and 2023.

Fair Value Accounting

Fair Value Accounting	3 Months Ended
Fair Value Accounting	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Accounting	Fair Value Accounting Assets and liabilities measured at fair value on a recurring basis are summarized below: Fair Value Measurement as of March 31, 2024 Level 1 Level 2 Level 3 Total (in millions) Assets: Cash equivalents (1) $ 80.0 $ — $ — $ 80.0 Total assets $ 80.0 $ — $ — $ 80.0 Liabilities: Contingent consideration (2) $ — $ — $ 2.7 $ 2.7 Total liabilities $ — $ — $ 2.7 $ 2.7 Fair Value Measurement as of December 31, 2023 Level 1 Level 2 Level 3 Total (in millions) Liabilities: Contingent consideration (2) $ — $ — $ 2.7 $ 2.7 Total liabilities $ — $ — $ 2.7 $ 2.7 (1) Included in other assets on the Consolidated Balance Sheets. (2) Current portion included in accrued liabilities and non-current portion included in other liabilities on the Consolidated Balance Sheets. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for that asset or liability in an orderly transaction between market participants on the measurement date. An entity is required to establish a fair value hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. The three levels of inputs that may be used to measure fair values are listed below: Level 1 – This level is defined as quoted prices in active markets for identical assets or liabilities. The Company’s cash equivalents are instruments of the U.S. Treasury or highly-rated money market mutual funds. Level 2 – This level is defined as observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Interest rate hedges are valued at exit prices obtained from each counterparty. See Note 7 Debt. Level 3 – This level is defined as unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Contingent consideration relates to estimated future payments owed to the sellers of businesses previously acquired. We estimate the fair value of the contingent consideration using a discounted cash flow model. The fair value is sensitive to changes in the forecast of sales and changes in discount rates and is reassessed quarterly based on assumptions used in our latest projections.

Segment Information

Segment Information	3 Months Ended
Segment Information	Mar. 31, 2024
Segment Reporting [Abstract]
Segment Information	Segment Information The Company reports operating results in three principal business segments: Construction Products. The Construction Products segment primarily produces and sells natural and recycled aggregates, specialty materials, and construction site support equipment, including trench shields and shoring products. Engineered Structures. The Engineered Structures segment primarily manufactures and sells steel structures for infrastructure businesses, including utility structures for electricity transmission and distribution, structural wind towers, traffic structures, and telecommunication structures. These products share similar manufacturing competencies and steel sourcing requirements and can be manufactured across our North American footprint. The segment also manufactures concrete utility structures. Transportation Products. The Transportation Products segment primarily manufactures and sells inland barges, fiberglass barge covers, winches, marine hardware, and steel components for railcars and other transportation and industrial equipment. The financial information for these segments is shown in the tables below. We operate principally in North America. Three Months Ended March 31, Revenues Operating Profit (Loss) 2024 2023 2024 2023 (in millions) Aggregates and specialty materials $ 221.7 $ 211.0 Construction site support 29.5 25.1 Construction Products 251.2 236.1 $ 28.8 $ 49.5 Utility, wind, and related structures 231.6 207.7 Engineered Structures 231.6 207.7 26.3 29.9 Inland barges 79.7 68.1 Steel components 36.1 37.3 Transportation Products 115.8 105.4 14.6 10.1 Segment Totals 598.6 549.2 69.7 89.5 Corporate — — (16.3) (14.4) Consolidated Total $ 598.6 $ 549.2 $ 53.4 $ 75.1

Property, Plant, and Equipment

Property, Plant, and Equipment	3 Months Ended
Property, Plant, and Equipment	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Property, Plant, and Equipment	Property, Plant, and Equipment The following table summarizes the components of property, plant, and equipment as of March 31, 2024 and December 31, 2023. March 31, December 31, (in millions) Land $ 144.6 $ 140.2 Mineral reserves 548.0 546.9 Buildings and improvements 375.4 345.6 Machinery and other 1,164.1 1,121.0 Construction in progress 87.6 115.5 2,319.7 2,269.2 Less accumulated depreciation and depletion (961.6) (932.9) $ 1,358.1 $ 1,336.3

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
Goodwill and Other Intangible Assets	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Goodwill Goodwill by segment is as follows: March 31, December 31, (in millions) Construction Products $ 509.7 $ 516.1 Engineered Structures 437.6 437.6 Transportation Products 37.0 37.0 $ 984.3 $ 990.7 The decrease in Construction Products goodwill during the three months ended March 31, 2024 was primarily due to measurement period adjustments from the 2023 acquisitions. See Note 2 Acquisitions and Divestitures. Intangible Assets Intangibles, net consisted of the following: March 31, December 31, (in millions) Intangibles with indefinite lives - Trademarks $ 34.9 $ 34.9 Intangibles with definite lives: Customer relationships 143.6 142.7 Permits 166.1 166.9 Other 2.3 2.3 312.0 311.9 Less accumulated amortization (81.4) (76.1) 230.6 235.8 Intangible assets, net $ 265.5 $ 270.7

Debt

Debt	3 Months Ended
Debt	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt	Debt The following table summarizes the components of debt as of March 31, 2024 and December 31, 2023: March 31, December 31, (in millions) Revolving credit facility $ 200.0 $ 160.0 Senior notes 400.0 400.0 Finance leases (see Note 8 Leases) 11.4 13.1 611.4 573.1 Less: unamortized debt issuance costs (4.2) (4.4) Total debt $ 607.2 $ 568.7 Revolving Credit Facility On August 23, 2023, we entered into a Second Amended and Restated Credit Agreement to increase our revolving credit facility from $500.0 million to $600.0 million, extend the maturity date of the revolving credit facility from January 2, 2025 to August 23, 2028, and refinance and repay in full the remaining balance of the term loan then outstanding under our prior credit facility. As of March 31, 2024, we had $200.0 million of outstanding loans borrowed under the revolving credit facility, and there were approximately $22.0 million of letters of credit issued, leaving $378.0 million available for borrowing. Of the outstanding letters of credit as of March 31, 2024, $21.4 million are expected to expire in 2024, with the remainder in 2025. The majority of our letters of credit obligations support the Company’s various insurance programs and generally renew by their terms each year. The interest rates under the revolving credit facility are variable based on the daily simple or term Secured Overnight Financing Rate ("SOFR"), plus a 10-basis point credit spread adjustment, or an alternate base rate, in each case plus a margin for borrowing. A commitment fee accrues on the average daily unused portion of the revolving facility. The margin for borrowing and commitment fee rate are determined based on the Company’s leverage as measured by a consolidated total indebtedness to consolidated EBITDA ratio. The margin for borrowing based on SOFR ranges from 1.25% to 2.00% and was set at 1.50% as of March 31, 2024. The commitment fee rate ranges from 0.20% to 0.35% and was set at 0.25% at March 31, 2024. The Company's revolving credit facility requires the maintenance of certain ratios related to leverage and interest coverage. As of March 31, 2024, we were in compliance with all such financial covenants. Borrowings under the revolving credit facility are guaranteed by certain wholly-owned subsidiaries of the Company. The carrying value of borrowings under our revolving credit approximates fair value because the interest rate adjusts to the market interest rate (Level 3 input). See Note 3 Fair Value Accounting. As of March 31, 2024, the Company had $2.3 million of unamortized debt issuance costs related to the revolving credit facility, which are included in other assets on the Consolidated Balance Sheet. In April 2024, we borrowed an additional $160.0 million under our revolving credit facility to fund, in part, the acquisition of Ameron. Senior Notes On April 6, 2021, the Company issued $400.0 million aggregate principal amount of 4.375% senior notes (the “Notes”) that mature in April 2029. Interest on the Notes is payable semiannually in April and October. The Notes are senior unsecured obligations of the Company and are guaranteed on a senior unsecured basis by each of the Company’s domestic subsidiaries that is a guarantor under our revolving credit facility. The terms of the indenture governing the Notes, among other things, limit the ability of the Company and each of its subsidiaries to create liens on assets, enter into sale and leaseback transactions, and consolidate, merge or transfer all or substantially all of its assets and the assets of its subsidiaries. The terms of the indenture also limit the ability of the Company’s non-guarantor subsidiaries to incur certain types of debt. The Company has the option to redeem all or a portion of the Notes at redemption prices set forth in the indenture, plus accrued and unpaid interest to the redemption date. If a Change of Control Triggering Event (as defined in the indenture) occurs, the Company must offer to repurchase the Notes at a price equal to 101% of the principal amount of the Notes, plus accrued and unpaid interest to the date of repurchase. The estimated fair value of the Notes as of March 31, 2024 was $369.2 million based on a quoted market price in a market with little activity (Level 2 input). In connection with the issuance of the Notes, the Company paid $6.6 million of debt issuance costs. The remaining principal payments under existing debt agreements as of March 31, 2024 are as follows: 2024 2025 2026 2027 2028 Thereafter (in millions) Revolving credit facility $ — $ — $ — $ — $ 200.0 $ — Senior notes — — — — — 400.0 Interest rate hedges

Leases

Leases	3 Months Ended
Leases	Mar. 31, 2024
Leases [Abstract]
Leases	Leases We have various leases primarily for office space and certain equipment. At inception, we determine if an arrangement contains a lease and whether that lease meets the classification criteria of a finance or operating lease. For leases that contain options to purchase, terminate, or extend, such options are included in the lease term when it is reasonably certain that the option will be exercised. Some of our lease arrangements contain lease components and non-lease components which are accounted for as a single lease component as we have elected the practical expedient to group lease and non-lease components for all leases. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on information available at commencement date in determining the present value of lease payments. Future minimum lease payments for operating and finance lease obligations as of March 31, 2024 consisted of the following: Operating Leases Finance Leases (in millions) 2024 (remaining) $ 7.4 $ 5.4 2025 9.5 5.1 2026 7.4 1.3 2027 4.2 0.2 2028 2.7 — Thereafter 9.1 — Total undiscounted future minimum lease obligations 40.3 12.0 Less imputed interest (3.0) (0.6) Present value of net minimum lease obligations $ 37.3 $ 11.4 The following table summarizes our operating and finance leases and their classification within the Consolidated Balance Sheet. March 31, December 31, (in millions) Assets Operating - Other assets $ 35.1 $ 36.7 Finance - Property, plant, and equipment, net 15.2 16.5 Total lease assets 50.3 53.2 Liabilities Current Operating - Accrued liabilities 8.9 8.4 Finance - Current portion of long-term debt 6.6 6.8 Non-current Operating - Other liabilities 28.4 29.7 Finance - Debt 4.8 6.3 Total lease liabilities $ 48.7 $ 51.2

Other, Net

Other, Net	3 Months Ended
Other, Net	Mar. 31, 2024
Other Income and Expenses [Abstract]
Other, Net	Other, Net Other, net (income) expense consists of the following items: Three Months Ended 2024 2023 (in millions) Interest income $ (1.7) $ (1.2) Foreign currency exchange transactions (0.5) (0.5) Other — (0.2) Other, net (income) expense $ (2.2) $ (1.9)

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For interim income tax reporting, we estimate our annual effective tax rate and apply it to our year-to-date ordinary income (loss). Tax jurisdictions with a projected or year to date loss for which a tax benefit cannot be realized are excluded. The tax effects of unusual or infrequently occurring items, including changes in judgment about valuation allowances and effects of changes in tax laws or rates, are reported in the interim period in which they occur. We have open tax years from 2014 to 2023 with various significant tax jurisdictions.

Employee Retirement Plans

Employee Retirement Plans	3 Months Ended
Employee Retirement Plans	Mar. 31, 2024
Retirement Benefits [Abstract]
Employee Retirement Plans	Employee Retirement Plans Total employee retirement plan expense, which includes related administrative expenses, is as follows: Three Months Ended 2024 2023 (in millions) Defined contribution plans $ 4.0 $ 3.6 Multiemployer plan 0.4 0.4 $ 4.4 $ 4.0

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
Accumulated Other Comprehensive Loss	Mar. 31, 2024
Equity [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss for the three months ended March 31, 2024 and 2023 are as follows: Currency Unrealized Accumulated (in millions) Balances at December 31, 2022 $ (17.0) $ 1.3 $ (15.7) Other comprehensive income (loss), net of tax, before reclassifications 0.1 0.1 0.2 Amounts reclassified from accumulated other comprehensive loss, net of tax expense (benefit) of $0.0, $0.1, and $0.1 — (0.4) (0.4) Other comprehensive income (loss) 0.1 (0.3) (0.2) Balances at March 31, 2023 $ (16.9) $ 1.0 $ (15.9) Balances at December 31, 2023 $ (16.2) $ — $ (16.2) Other comprehensive income (loss), net of tax, before reclassifications (0.4) — (0.4) Amounts reclassified from accumulated other comprehensive loss, net of tax expense (benefit) of $0.0, $0.0, and $0.0 — — — Other comprehensive income (loss) (0.4) — (0.4) Balances at March 31, 2024 $ (16.6) $ — $ (16.6)

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
Stock-Based Compensation	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Note 13. Stock-Based Compensation

Earnings Per Common Share

Earnings Per Common Share	3 Months Ended
Earnings Per Common Share	Mar. 31, 2024
Earnings Per Share [Abstract]
Earnings per Common Share	Earnings Per Common Share Basic earnings per common share is computed by dividing net income remaining after allocation to participating unvested restricted shares by the weighted average number of basic common shares outstanding for the period. Except when the effect would be antidilutive, the calculation of diluted earnings per common share includes the weighted average net impact of nonparticipating unvested restricted shares. Total weighted average restricted shares were 1.2 million and 1.3 million for the three months ended March 31, 2024 and 2023, respectively. The computation of basic and diluted earnings per share follows. Three Months Ended Three Months Ended Income Average EPS Income Average EPS (in millions, except per share amounts) Net income $ 39.2 $ 55.7 Unvested restricted share participation (0.1) (0.2) Net income per common share – basic 39.1 48.5 $ 0.81 55.5 48.3 $ 1.15 Effect of dilutive securities: Nonparticipating unvested restricted shares — 0.4 — 0.5 Net income per common share – diluted $ 39.1 48.9 $ 0.80 $ 55.5 48.8 $ 1.14

Contingencies

Contingencies	3 Months Ended
Contingencies	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Note 15. Contingencies The Company is involved in claims and lawsuits incidental to our business arising from various matters including commercial disputes, alleged product defect and/or warranty claims, intellectual property matters, personal injury claims, environmental issues, employment and/or workplace-related matters, and various governmental regulations. At March 31, 2024, the reasonably possible loss for such matters, taking into consideration our rights in indemnity and recourse to third parties is approximately $1.2 million. The Company evaluates its exposure to such claims and suits periodically and establishes accruals for these contingencies when probable losses can be reasonably estimated. At March 31, 2024, the Company accrued $1.5 million in liabilities for these contingencies, which are recorded in accrued liabilities in the accompanying Consolidated Balance Sheet. The Company believes any additional liability from such claims and suits would not be material to its financial position or results of operations. Arcosa is subject to certain remedial orders and federal, state, local, and foreign laws and regulations relating to the environment. Included in the balance above, the Company has reserved $0.3 million of liabilities, as of March 31, 2024, for environmental liabilities related to which it has also recorded a $0.3 million indemnification asset from third parties, to cover our probable and estimable liabilities with respect to the investigations, assessments, and remedial responses to such environmental matters. The Company has concluded that these liabilities are subject to and will be covered by indemnification obligations of third parties, however there can be no assurance of collection. Estimates of liability arising from future proceedings, assessments, or remediation are inherently imprecise. Accordingly, there can be no assurance that we will not become involved in future litigation or other proceedings, including those related to the environment or, if we are found to be responsible or liable in any such litigation or proceeding, that such costs would not be material to the Company.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income	$ 39.2	$ 55.7

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Overview and Summary of Signi_2

Overview and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Arcosa, Inc. and its consolidated subsidiaries (“Arcosa,” the “Company,” “we,” or “our”), headquartered in Dallas, Texas, is a provider of infrastructure-related products and solutions with leading positions in construction, engineered structures, and transportation markets in North America. Arcosa is a Delaware corporation and was incorporated in 2018 as an independent, publicly-traded company, listed on the New York Stock Exchange. The accompanying Consolidated Financial Statements are unaudited and have been prepared from the books and records of Arcosa, Inc. and its consolidated subsidiaries. All normal and recurring adjustments necessary for a fair presentation of the financial position of the Company and the results of operations, comprehensive income/loss, and cash flows have been made in conformity with accounting principles generally accepted in the U.S. (“GAAP”). All significant intercompany accounts and transactions have been eliminated. Because of seasonal and other factors, the financial condition and results of operations for the three months ended March 31, 2024 may not be indicative of Arcosa's expected business, financial condition, and results of operations for the year ending December 31, 2024. These interim financial statements and notes are condensed as permitted by the instructions to Form 10-Q and should be read in conjunction with the audited Consolidated Financial Statements of the Company included in its Annual Report on Form 10-K for the year ended December 31, 2023.
Stockholders' Equity	Stockholders' Equity
Revenue Recognition	Revenue Recognition Revenue is measured based on the allocation of the transaction price in a contract to satisfied performance obligations. The transaction price does not include any amounts collected on behalf of third parties. The Company recognizes revenue when it satisfies a performance obligation by transferring control over a product or service to a customer. The following is a description of principal activities from which the Company generates its revenue, separated by reportable segments. Payments for our products and services are generally due within normal commercial terms. For a further discussion regarding the Company’s reportable segments, see Note 4 Segment Information. Construction Products The Construction Products segment recognizes substantially all revenue when the customer has accepted the product and legal title of the product has passed to the customer. Engineered Structures Within the Engineered Structures segment, revenue is recognized for wind towers and certain utility structures over time as the products are manufactured using an input approach based on the costs incurred relative to the total estimated costs of production. We recognize revenue over time for these products as they are highly customized to the needs of an individual customer resulting in no alternative use to the Company if not purchased by the customer after the contract is executed. In addition, we have the right to bill the customer for our work performed to date plus at least a reasonable profit margin for work performed. As of March 31, 2024, we had a contract asset of $56.7 million related to these contracts, compared to $66.8 million as of December 31, 2023, which is included in receivables, net of allowance, within the Consolidated Balance Sheets. The decrease in the contract asset is attributed to timing of deliveries of finished structures to customers during the period. For all other products, revenue is recognized when the customer has accepted the product and legal title of the product has passed to the customer. Transportation Products The Transportation Products segment recognizes revenue when the customer has accepted the product and legal title of the product has passed to the customer. Unsatisfied Performance Obligations The following table includes estimated revenue expected to be recognized in future periods related to performance obligations that are unsatisfied or partially satisfied as of March 31, 2024 and the percentage of the outstanding performance obligations as of March 31, 2024 expected to be delivered during the remainder of 2024: Unsatisfied performance obligations as of March 31, 2024 Total Percent expected to be delivered in 2024 (in millions) Engineered Structures: Utility, wind, and related structures $ 1,366.7 40 % Transportation Products: Inland barges $ 294.4 73 % Of the remaining unsatisfied performance obligations for utility, wind, and related structures, 29%
Income Tax	Income Taxes The liability method is used to account for income taxes. Deferred income taxes represent the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Valuation allowances reduce deferred tax assets to an amount that will more likely than not be realized. The Company regularly evaluates the likelihood of realization of tax benefits derived from positions it has taken in various federal and state filings after consideration of all relevant facts, circumstances, and available information. For those tax positions that are deemed more likely than not to be sustained, the Company recognizes the benefit it believes is cumulatively greater than 50% likely to be realized. To the extent the Company were to prevail in matters for which accruals have been established or be required to pay amounts in excess of recorded reserves, the effective tax rate in a given financial statement period could be materially impacted.
Cash and Cash Equivalents	Financial Instruments
Concentration of Credit Risk	Financial instruments that potentially subject the Company to a concentration of credit risk are primarily cash investments and receivables. The Company places its cash investments in bank deposits and highly-rated money market funds, and its investment policy limits the amount of credit exposure to any one commercial issuer. We seek to limit concentrations of credit risk with respect to receivables with control procedures that monitor the credit worthiness of customers, together with the large number of customers in the Company's customer base and their dispersion across different industries and geographic areas. As receivables are generally unsecured, the Company maintains an allowance for doubtful accounts based upon the expected credit losses. Receivable balances determined to be uncollectible are charged against the allowance. To accelerate the conversion to cash, the Company may sell a portion of its trade receivables to third parties. The Company has no recourse to these receivables once they are sold but may have continuing involvement related to servicing and collection activities. The impact of these transactions in the Company's Consolidated Statements of Operations for the three months ended March 31, 2024 was not significant. The carrying values of cash, receivables, and accounts payable are considered to be representative of their respective fair values.
Derivative Instruments	Derivative Instruments
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently adopted accounting pronouncements Effective January 1, 2024, the Company adopted Accounting Standards Update No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The Company will adopt additional disclosure requirements within its annual reporting for the year ending December 31, 2024 and its interim reporting for the quarter ending March 31, 2025. Recently issued accounting pronouncements not adopted as of March 31, 2024 In December 2023, the FASB issued Accounting Standards Update No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), which is intended to improve the transparency of income tax disclosures by requiring 1) consistent categories and greater disaggregation of information in the rate reconciliation and 2) income taxes paid disaggregated by jurisdiction. The standard also includes certain other amendments to improve the effectiveness of income tax disclosures. ASU 2023-09 will become effective for public companies during annual reporting periods beginning after December 15, 2024, with early adoption permitted. Although ASU 2023-09 only modifies the Company's required income tax disclosures, the Company is currently evaluating the impact of adopting this guidance on its Consolidated Financial Statements.

Overview and Summary of Signi_3

Overview and Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Unsatisfied Performance Obligations	Unsatisfied Performance Obligations The following table includes estimated revenue expected to be recognized in future periods related to performance obligations that are unsatisfied or partially satisfied as of March 31, 2024 and the percentage of the outstanding performance obligations as of March 31, 2024 expected to be delivered during the remainder of 2024: Unsatisfied performance obligations as of March 31, 2024 Total Percent expected to be delivered in 2024 (in millions) Engineered Structures: Utility, wind, and related structures $ 1,366.7 40 % Transportation Products: Inland barges $ 294.4 73 % Of the remaining unsatisfied performance obligations for utility, wind, and related structures, 29%

Fair Value Accounting (Tables)

Fair Value Accounting (Tables)	3 Months Ended
Fair Value Accounting (Tables)	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Assets and liabilities measured at fair value on recurring basis	Assets and liabilities measured at fair value on a recurring basis are summarized below: Fair Value Measurement as of March 31, 2024 Level 1 Level 2 Level 3 Total (in millions) Assets: Cash equivalents (1) $ 80.0 $ — $ — $ 80.0 Total assets $ 80.0 $ — $ — $ 80.0 Liabilities: Contingent consideration (2) $ — $ — $ 2.7 $ 2.7 Total liabilities $ — $ — $ 2.7 $ 2.7 Fair Value Measurement as of December 31, 2023 Level 1 Level 2 Level 3 Total (in millions) Liabilities: Contingent consideration (2) $ — $ — $ 2.7 $ 2.7 Total liabilities $ — $ — $ 2.7 $ 2.7 (1) Included in other assets on the Consolidated Balance Sheets. (2) Current portion included in accrued liabilities and non-current portion included in other liabilities on the Consolidated Balance Sheets.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
Segment Information (Tables)	Mar. 31, 2024
Segment Reporting [Abstract]
Financial information for segments	The financial information for these segments is shown in the tables below. We operate principally in North America. Three Months Ended March 31, Revenues Operating Profit (Loss) 2024 2023 2024 2023 (in millions) Aggregates and specialty materials $ 221.7 $ 211.0 Construction site support 29.5 25.1 Construction Products 251.2 236.1 $ 28.8 $ 49.5 Utility, wind, and related structures 231.6 207.7 Engineered Structures 231.6 207.7 26.3 29.9 Inland barges 79.7 68.1 Steel components 36.1 37.3 Transportation Products 115.8 105.4 14.6 10.1 Segment Totals 598.6 549.2 69.7 89.5 Corporate — — (16.3) (14.4) Consolidated Total $ 598.6 $ 549.2 $ 53.4 $ 75.1

Property, Plant, and Equipment

Property, Plant, and Equipment (Tables)	3 Months Ended
Property, Plant, and Equipment (Tables)	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Components of property, plant, and equipment	The following table summarizes the components of property, plant, and equipment as of March 31, 2024 and December 31, 2023. March 31, December 31, (in millions) Land $ 144.6 $ 140.2 Mineral reserves 548.0 546.9 Buildings and improvements 375.4 345.6 Machinery and other 1,164.1 1,121.0 Construction in progress 87.6 115.5 2,319.7 2,269.2 Less accumulated depreciation and depletion (961.6) (932.9) $ 1,358.1 $ 1,336.3

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
Goodwill and Intangible Assets (Tables)	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill by segment	Goodwill by segment is as follows: March 31, December 31, (in millions) Construction Products $ 509.7 $ 516.1 Engineered Structures 437.6 437.6 Transportation Products 37.0 37.0 $ 984.3 $ 990.7
Intangibles, net	Intangibles, net consisted of the following: March 31, December 31, (in millions) Intangibles with indefinite lives - Trademarks $ 34.9 $ 34.9 Intangibles with definite lives: Customer relationships 143.6 142.7 Permits 166.1 166.9 Other 2.3 2.3 312.0 311.9 Less accumulated amortization (81.4) (76.1) 230.6 235.8 Intangible assets, net $ 265.5 $ 270.7

Debt (Tables)

Debt (Tables)	3 Months Ended
Debt (Tables)	Mar. 31, 2024
Debt Disclosure [Abstract]
Components of debt	The following table summarizes the components of debt as of March 31, 2024 and December 31, 2023: March 31, December 31, (in millions) Revolving credit facility $ 200.0 $ 160.0 Senior notes 400.0 400.0 Finance leases (see Note 8 Leases) 11.4 13.1 611.4 573.1 Less: unamortized debt issuance costs (4.2) (4.4) Total debt $ 607.2 $ 568.7
Remaining principal payments under debt agreement	The remaining principal payments under existing debt agreements as of March 31, 2024 are as follows: 2024 2025 2026 2027 2028 Thereafter (in millions) Revolving credit facility $ — $ — $ — $ — $ 200.0 $ — Senior notes — — — — — 400.0

Leases (Tables)

Leases (Tables)	3 Months Ended
Leases (Tables)	Mar. 31, 2024
Leases [Abstract]
Future minimum lease payments	Future minimum lease payments for operating and finance lease obligations as of March 31, 2024 consisted of the following: Operating Leases Finance Leases (in millions) 2024 (remaining) $ 7.4 $ 5.4 2025 9.5 5.1 2026 7.4 1.3 2027 4.2 0.2 2028 2.7 — Thereafter 9.1 — Total undiscounted future minimum lease obligations 40.3 12.0 Less imputed interest (3.0) (0.6) Present value of net minimum lease obligations $ 37.3 $ 11.4
Balance sheet classification	The following table summarizes our operating and finance leases and their classification within the Consolidated Balance Sheet. March 31, December 31, (in millions) Assets Operating - Other assets $ 35.1 $ 36.7 Finance - Property, plant, and equipment, net 15.2 16.5 Total lease assets 50.3 53.2 Liabilities Current Operating - Accrued liabilities 8.9 8.4 Finance - Current portion of long-term debt 6.6 6.8 Non-current Operating - Other liabilities 28.4 29.7 Finance - Debt 4.8 6.3 Total lease liabilities $ 48.7 $ 51.2

Other, Net (Tables)

Other, Net (Tables)	3 Months Ended
Other, Net (Tables)	Mar. 31, 2024
Other Income and Expenses [Abstract]
Other, net (income) expense	Other, net (income) expense consists of the following items: Three Months Ended 2024 2023 (in millions) Interest income $ (1.7) $ (1.2) Foreign currency exchange transactions (0.5) (0.5) Other — (0.2) Other, net (income) expense $ (2.2) $ (1.9)

Employee Retirement Plans (Tabl

Employee Retirement Plans (Tables)	3 Months Ended
Employee Retirement Plans (Tables)	Mar. 31, 2024
Retirement Benefits [Abstract]
Retirement plan expense	Total employee retirement plan expense, which includes related administrative expenses, is as follows: Three Months Ended 2024 2023 (in millions) Defined contribution plans $ 4.0 $ 3.6 Multiemployer plan 0.4 0.4 $ 4.4 $ 4.0

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
Accumulated Other Comprehensive Loss (Tables)	Mar. 31, 2024
Equity [Abstract]
Changes in accumulated other comprehensive loss	Changes in accumulated other comprehensive loss for the three months ended March 31, 2024 and 2023 are as follows: Currency Unrealized Accumulated (in millions) Balances at December 31, 2022 $ (17.0) $ 1.3 $ (15.7) Other comprehensive income (loss), net of tax, before reclassifications 0.1 0.1 0.2 Amounts reclassified from accumulated other comprehensive loss, net of tax expense (benefit) of $0.0, $0.1, and $0.1 — (0.4) (0.4) Other comprehensive income (loss) 0.1 (0.3) (0.2) Balances at March 31, 2023 $ (16.9) $ 1.0 $ (15.9) Balances at December 31, 2023 $ (16.2) $ — $ (16.2) Other comprehensive income (loss), net of tax, before reclassifications (0.4) — (0.4) Amounts reclassified from accumulated other comprehensive loss, net of tax expense (benefit) of $0.0, $0.0, and $0.0 — — — Other comprehensive income (loss) (0.4) — (0.4) Balances at March 31, 2024 $ (16.6) $ — $ (16.6)

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	3 Months Ended
Earnings Per Common Share (Tables)	Mar. 31, 2024
Earnings Per Share [Abstract]
Computation of basic and diluted earnings per share	The computation of basic and diluted earnings per share follows. Three Months Ended Three Months Ended Income Average EPS Income Average EPS (in millions, except per share amounts) Net income $ 39.2 $ 55.7 Unvested restricted share participation (0.1) (0.2) Net income per common share – basic 39.1 48.5 $ 0.81 55.5 48.3 $ 1.15 Effect of dilutive securities: Nonparticipating unvested restricted shares — 0.4 — 0.5 Net income per common share – diluted $ 39.1 48.9 $ 0.80 $ 55.5 48.8 $ 1.14

Overview and Summary of Signi_4

Overview and Summary of Significant Accounting Policies - Stockholders' Equity (Details)	Mar. 31, 2024 USD ($)
Accounting Policies [Abstract]
Authorized stock repurchase amount	$ 50,000,000
Remaining authorized repurchase amount	$ 36,200,000

Overview and Summary of Signi_5

Overview and Summary of Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Contract asset with customer	$ 56.7	$ 66.8

Overview and Summary of Signi_6

Overview and Summary of Significant Accounting Policies - Unsatisfied Performance Obligation (Details) $ in Millions	Mar. 31, 2024 USD ($)
Engineered Structures \| Utility, wind, and related structures
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied performance obligations, Amount	$ 1,366.7
Revenue, remaining performance obligation expected to be delivered in current year	40%
Revenue Remaining Performance Obligation Percentage Year 2	29%
Transportation Products \| Inland barges
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied performance obligations, Amount	$ 294.4
Revenue, remaining performance obligation expected to be delivered in current year	73%

Acquisitions and Divestitures -

Acquisitions and Divestitures - Narrative (Details) $ in Millions		3 Months Ended		12 Months Ended
	Apr. 09, 2024 USD ($)	Mar. 31, 2024 USD ($) businesses_divested	Mar. 31, 2023 USD ($) businesses_divested	Dec. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Revenues		$ 598.6	$ 549.2
Operating profit (loss)		$ 53.4	$ 75.1
Number of Divestitures \| businesses_divested		0	0
Gain on sale of storage tanks business		$ (7)	$ (6.4)
Proceeds from sale of storage tanks business		6.7	$ 2
Revolving credit facility \| Revolving Credit Facility
Segment Reporting Information [Line Items]
Borrowings under revolving credit facility				$ 60
Revolving credit facility \| Revolving Credit Facility \| Subsequent Event
Segment Reporting Information [Line Items]
Borrowings under revolving credit facility	$ 160
Ameron \| Engineered Structures \| Subsequent Event
Segment Reporting Information [Line Items]
Acquisition price	$ 180
Lake Point \| Construction Products
Segment Reporting Information [Line Items]
Acquisition price				65
Goodwill acquired				$ 15.4
Property, plant, and equipment acquired		13.2
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Mineral Reserves		19.1
Lake Point \| Construction Products \| Permits
Segment Reporting Information [Line Items]
Finite-Lived Intangibles		$ 11.5

Fair Value Accounting - Assets

Fair Value Accounting - Assets and liabilities measured at fair value on recurring basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions		Mar. 31, 2024	Dec. 31, 2023
Assets:
Cash equivalents	[1]	$ 80
Total assets		80
Liabilities:
Contingent consideration liability		2.7	$ 2.7
Total liabilities		2.7	2.7
Level 1
Assets:
Cash equivalents	[1]	80
Total assets		80
Liabilities:
Contingent consideration liability	[2]	0	0
Total liabilities		0	0
Level 2
Assets:
Cash equivalents	[1]	0
Total assets		0
Liabilities:
Contingent consideration liability	[2]	0	0
Total liabilities		0	0
Level 3
Assets:
Cash equivalents	[1]	0
Total assets		0
Liabilities:
Contingent consideration liability	[2]	2.7	2.7
Total liabilities		$ 2.7	$ 2.7

[1] Included in other assets on the Consolidated Balance Sheets.

Segment Information - Financial

Segment Information - Financial information for segments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Revenues	$ 598.6	$ 549.2
Operating profit (loss)	53.4	75.1
Total
Segment Reporting Information [Line Items]
Revenues	598.6	549.2
Operating profit (loss)	69.7	89.5
Corporate
Segment Reporting Information [Line Items]
Revenues	0	0
Operating profit (loss)	(16.3)	(14.4)
Construction Products \| Total
Segment Reporting Information [Line Items]
Revenues	251.2	236.1
Operating profit (loss)	28.8	49.5
Engineered Structures \| Total
Segment Reporting Information [Line Items]
Revenues	231.6	207.7
Operating profit (loss)	26.3	29.9
Transportation Products \| Total
Segment Reporting Information [Line Items]
Revenues	115.8	105.4
Operating profit (loss)	14.6	10.1
Aggregates and specialty materials \| Construction Products
Segment Reporting Information [Line Items]
Revenues	221.7	211
Construction site support \| Construction Products
Segment Reporting Information [Line Items]
Revenues	29.5	25.1
Utility, wind, and related structures \| Engineered Structures
Segment Reporting Information [Line Items]
Revenues	231.6	207.7
Inland barges \| Transportation Products
Segment Reporting Information [Line Items]
Revenues	79.7	68.1
Steel components \| Transportation Products
Segment Reporting Information [Line Items]
Revenues	$ 36.1	$ 37.3

Segment Information - Narrative

Segment Information - Narrative (Details)	3 Months Ended
Segment Information - Narrative (Details)	Mar. 31, 2024 segment
Segment Reporting [Abstract]
Number of principal business segments of Company	3

Property, Plant, and Equipmen_2

Property, Plant, and Equipment - Components of property, plant, and equipment (Details) - USD ($) $ in Millions	Mar. 31, 2024		Dec. 31, 2023
Components of property, plant, and equipment
Property, plant and equipment, at cost	$ 2,319.7		$ 2,269.2
Less accumulated depreciation	(961.6)		(932.9)
Property, plant, and equipment, net	1,358.1	[1]	1,336.3
Land
Components of property, plant, and equipment
Property, plant and equipment, at cost	144.6		140.2
Mineral reserves
Components of property, plant, and equipment
Property, plant and equipment, at cost	548		546.9
Buildings and improvements
Components of property, plant, and equipment
Property, plant and equipment, at cost	375.4		345.6
Machinery and other
Components of property, plant, and equipment
Property, plant and equipment, at cost	1,164.1		1,121
Construction in progress
Components of property, plant, and equipment
Property, plant and equipment, at cost	$ 87.6		$ 115.5

[1] (unaudited)

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($) $ in Millions	Mar. 31, 2024		Dec. 31, 2023
Goodwill [Line Items]
Goodwill	$ 984.3	[1]	$ 990.7
Construction Products
Goodwill [Line Items]
Goodwill	509.7		516.1
Engineered Structures
Goodwill [Line Items]
Goodwill	437.6		437.6
Transportation Products
Goodwill [Line Items]
Goodwill	$ 37		$ 37

[1] (unaudited)

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Millions	Mar. 31, 2024		Dec. 31, 2023
Intangible Assets [Line Items]
Intangibles with indefinite lives - Trademarks	$ 34.9		$ 34.9
Intangibles with definite lives	312		311.9
Less accumulated amortization	(81.4)		(76.1)
Intangibles with definite lives, net	230.6		235.8
Intangibles, net	265.5	[1]	270.7
Customer relationships
Intangible Assets [Line Items]
Intangibles with definite lives	143.6		142.7
Permits
Intangible Assets [Line Items]
Intangibles with definite lives	166.1		166.9
Other
Intangible Assets [Line Items]
Intangibles with definite lives	$ 2.3		$ 2.3

[1] (unaudited)

Debt - Components of debt (Deta

Debt - Components of debt (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Apr. 06, 2021
Debt Instrument [Line Items]
Finance leases	$ 11.4	$ 13.1
Total debt, gross	611.4	573.1
Less: unamortized debt issuance costs	(4.2)	(4.4)
Total debt	607.2	568.7
Senior notes \| Unsecured Debt
Debt Instrument [Line Items]
Term loan	400	400	$ 400
Revolving Credit Facility \| Revolving credit facility
Debt Instrument [Line Items]
Revolving credit facility	200	$ 160
Less: unamortized debt issuance costs	$ (2.3)

Debt - Remaining principal paym

Debt - Remaining principal payments under debt agreement (Details) $ in Millions	Mar. 31, 2024 USD ($)
Senior notes \| Unsecured Debt
Debt Instrument [Line Items]
2024	$ 0
2025	0
2026	0
2027	0
2028	0
Thereafter	400
Revolving Credit Facility \| Revolving credit facility
Debt Instrument [Line Items]
2024	0
2025	0
2026	0
2027	0
2028	200
Thereafter	$ 0

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($) $ in Millions			3 Months Ended	12 Months Ended
Debt - Narrative (Details) - USD ($) $ in Millions	Apr. 09, 2024	Apr. 06, 2021	Mar. 31, 2024	Dec. 31, 2023	Aug. 23, 2023	Jan. 02, 2020
Debt Instrument [Line Items]
Unamortized debt issuance costs			$ 4.2	$ 4.4
Senior notes
Debt Instrument [Line Items]
Estimated fair value			369.2
Debt issuance costs		$ 6.6
Senior notes \| Unsecured Debt
Debt Instrument [Line Items]
Term loan		$ 400	400	400
Interest rate		4.375%
Revolving Credit Facility \| Revolving credit facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity					$ 600	$ 500
Revolving credit facility			200	160
Line of credit facility, remaining borrowing capacity			$ 378
SOFR variable rate spread			1.50%
Line of credit facility, unused commitment fee percent			0.25%
Unamortized debt issuance costs			$ 2.3
Borrowings under revolving credit facility				$ 60
Revolving Credit Facility \| Revolving credit facility \| Subsequent Event
Debt Instrument [Line Items]
Borrowings under revolving credit facility	$ 160
Revolving Credit Facility \| Revolving credit facility \| Minimum
Debt Instrument [Line Items]
SOFR variable rate spread			1.25%
Line of credit facility, unused commitment fee percent			0.20%
Revolving Credit Facility \| Revolving credit facility \| Maximum
Debt Instrument [Line Items]
SOFR variable rate spread			2%
Line of credit facility, unused commitment fee percent			0.35%
Letter of Credit \| Revolving credit facility
Debt Instrument [Line Items]
Letters of credit outstanding, amount			$ 22
Designated as Hedging Instrument \| Interest Rate Swap
Debt Instrument [Line Items]
Derivative, notional amount			$ 100
Derivative, fixed interest rate			2.71%

Leases - Minimum lease payments

Leases - Minimum lease payments (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease payments, 2024 (remaining)	$ 7.4
Operating lease payments, 2025	9.5
Operating lease payments, 2026	7.4
Operating lease payments, 2027	4.2
Operating lease payments, 2028	2.7
Operating lease payments, thereafter	9.1
Operating lease payments	40.3
Operating lease payments, imputed interest	(3)
Operating lease payments, present value	37.3
Finance lease payments, 2024 (remaining)	5.4
Finance lease payments, 2025	5.1
Finance lease payments, 2026	1.3
Finance lease payments, 2027	0.2
Finance lease payments, 2028	0
Finance lease payments, thereafter	0
Finance lease payments	12
Finance lease liability, imputed interest	(0.6)
Finance leases	$ 11.4	$ 13.1

Leases - Balance Sheet Classifi

Leases - Balance Sheet Classification (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Right of use asset, Operating	$ 35.1	$ 36.7
Right of use asset, Operating	Other assets	Other assets
Right of use asset, Finance	$ 15.2	$ 16.5
Right of use asset, Finance	Property, plant, and equipment, net	Property, plant, and equipment, net
Right of use asset, Total	$ 50.3	$ 53.2
Lease liability, Current, Operating	$ 8.9	$ 8.4
Lease liability, Current, Operating	Accrued liabilities	Accrued liabilities
Lease liability, Current, Finance	$ 6.6	$ 6.8
Lease liability, Current, Finance	Current portion of long-term debt	Current portion of long-term debt
Lease liability, Non-current, Operating	$ 28.4	$ 29.7
Lease liability, Non-current, Operating	Other liabilities	Other liabilities
Lease liability, Non-current, Finance	$ 4.8	$ 6.3
Lease liability, Non-current, Finance	Debt	Debt
Lease liability, Total	$ 48.7	$ 51.2

Other, Net - Summary of other,

Other, Net - Summary of other, net (income) expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Other, net (income) expense
Interest income	$ (1.7)	$ (1.2)
Foreign currency exchange transactions	(0.5)	(0.5)
Other	0	(0.2)
Other, net (income) expense	$ (2.2)	$ (1.9)

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details)	3 Months Ended
Income Taxes - Narrative (Details)	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Effective tax rate	17.10%	20.30%
Statutory rate	21%	21%

Employee Retirement Plans - Ret

Employee Retirement Plans - Retirement plan expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Retirement Benefits [Abstract]
Defined contribution plans	$ 4	$ 3.6
Multiemployer plan	0.4	0.4
Retirement expense	$ 4.4	$ 4

Employee Retirement Plans - Nar

Employee Retirement Plans - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2024
Retirement Benefits [Abstract]
Contributions to the multiemployer plan	$ 0.4
Expected full year contributions by the employer to the multiemployer plan		$ 1.7

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Changes in accumulated other comprehensive loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Equity beginning balance	$ (16.2)	$ (17)
Other comprehensive income (loss), net of tax, before reclassifications	(0.4)	0.1
Reclassification from accumulated other comprehensive income, current period, net of tax	0	0
Reclassification from AOCI, Current Period, Tax	0	0
Other comprehensive income (loss)	(0.4)	0.1
Equity ending balance	(16.6)	(16.9)
Unrealized gain (loss) on derivative financial instruments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Equity beginning balance	0	1.3
Other comprehensive income (loss), net of tax, before reclassifications	0	0.1
Reclassification from accumulated other comprehensive income, current period, net of tax	0	(0.4)
Reclassification from AOCI, Current Period, Tax	0	0.1
Other comprehensive income (loss)	0	(0.3)
Equity ending balance	0	1
Accumulated other comprehensive loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Equity beginning balance	(16.2)	(15.7)
Other comprehensive income (loss), net of tax, before reclassifications	(0.4)	0.2
Reclassification from accumulated other comprehensive income, current period, net of tax	0	(0.4)
Reclassification from AOCI, Current Period, Tax	0	0.1
Other comprehensive income (loss)	(0.4)	(0.2)
Equity ending balance	$ (16.6)	$ (15.9)

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock-based compensation	$ 6.7	$ 5.5

Earnings Per Common Share - Com

Earnings Per Common Share - Computation of basic and diluted earnings per share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share Reconciliation [Abstract]
Net income	$ 39.2	$ 55.7
Unvested restricted share participation	(0.1)	(0.2)
Net income per common share – basic	$ 39.1	$ 55.5
Net income - basic (shares)	48.5	48.3
Net income - basic (EPS)	$ 0.81	$ 1.15
Effect of dilutive securities:
Nonparticipating unvested restricted shares	$ 0	$ 0
Nonparticipating unvested restricted shares (shares)	0.4	0.5
Net income per common share – diluted	$ 39.1	$ 55.5
Net income - diluted (shares)	48.9	48.8
Net income - diluted (EPS)	$ 0.80	$ 1.14
Total weighted average restricted shares and antidilutive stock options	1.2	1.3

Contingencies - Narrative (Deta

Contingencies - Narrative (Details) $ in Millions	Mar. 31, 2024 USD ($)
Loss Contingencies [Line Items]
Reasonably possible loss	$ 1.2
Accrued liabilities
Loss Contingencies [Line Items]
Total accruals	1.5
Environmental and workplace matters
Loss Contingencies [Line Items]
Total accruals	0.3
Indemnification receivable	$ 0.3