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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _________ to _________ .
Commission File Number 1-38494
aca-20220930_g1.jpg
Arcosa, Inc.
(Exact name of registrant as specified in its charter)
Delaware82-5339416
(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.)
500 N. Akard Street, Suite 400
Dallas,Texas75201
(Address of principal executive offices)(Zip Code)

(972) 942-6500
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock ($0.01 par value)ACANew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes þ  No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes þ   No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer þ Accelerated filer  Non-accelerated filer
Smaller reporting company  Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  No þ
At October 14, 2022, the number of shares of common stock outstanding was 48,354,484.



ARCOSA, INC.
FORM 10-Q
TABLE OF CONTENTS



2

PART I
Item 1. Financial Statements
Arcosa, Inc. and Subsidiaries
Consolidated Statements of Operations
(unaudited)
 Three Months Ended September 30,Nine Months Ended September 30,
 2022202120222021
 (in millions)
Revenues$603.9 $559.1 $1,742.5 $1,514.6 
Operating costs:
Cost of revenues487.1 459.1 1,404.9 1,237.6 
Selling, general, and administrative expenses67.8 62.5 196.7 185.3 
554.9 521.6 1,601.6 1,422.9 
Total operating profit49.0 37.5 140.9 91.7 
Interest expense8.6 7.3 23.5 16.0 
Other, net (income) expense(0.2)0.1 1.1 0.3 
Income before income taxes40.6 30.1 116.3 75.4 
Provision for income taxes8.6 6.4 25.1 15.0 
Net income$32.0 $23.7 $91.2 $60.4 
Net income per common share:
Basic$0.66 $0.49 $1.88 $1.25 
Diluted$0.66 $0.49 $1.87 $1.23 
Weighted average number of shares outstanding:
Basic48.3 48.2 48.2 48.1 
Diluted48.5 48.6 48.5 48.6 
Dividends declared per common share$0.05 $0.05 $0.15 $0.15 

See accompanying Notes to Consolidated Financial Statements.
3

Arcosa, Inc. and Subsidiaries
Consolidated Statements of Comprehensive Income
(unaudited)
 Three Months Ended September 30,Nine Months Ended September 30,
 2022202120222021
 (in millions)
Net income$32.0 $23.7 $91.2 $60.4 
Other comprehensive income (loss):
Derivative financial instruments:
Unrealized gains (losses) arising during the period, net of tax expense (benefit) of $0.3, $0.0, $0.9 and $0.2
0.9  3.2 0.8 
Reclassification adjustments for losses included in net income, net of tax expense (benefit) of ($0.1), ($0.1), ($0.3) and ($0.3)
0.1 0.3 0.9 1.0 
Currency translation adjustment:
Unrealized gains (losses) arising during the period, net of tax expense (benefit) of ($0.2), ($0.1), ($0.2) and $0.0
(0.5)(0.2)(0.6)0.1 
0.5 0.1 3.5 1.9 
Comprehensive income$32.5 $23.8 $94.7 $62.3 

See accompanying Notes to Consolidated Financial Statements.
4

Arcosa, Inc. and Subsidiaries
Consolidated Balance Sheets
September 30,
2022
December 31,
2021
(unaudited)
 (in millions)
ASSETS
Current assets:
Cash and cash equivalents$112.2 $72.9 
Receivables, net of allowance326.1 310.8 
Inventories:
Raw materials and supplies161.0 150.8 
Work in process56.1 53.6 
Finished goods111.7 120.1 
328.8 324.5 
Assets held for sale114.8 20.4 
Other40.9 39.3 
Total current assets922.8 767.9 
Property, plant, and equipment, net1,171.4 1,201.9 
Goodwill958.6 934.9 
Intangibles, net261.4 220.3 
Deferred income taxes8.7 13.2 
Other assets57.7 49.9 
$3,380.6 $3,188.1 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable$221.6 $184.7 
Accrued liabilities135.2 145.9 
Advance billings16.0 18.6 
Liabilities held for sale36.7  
Current portion of long-term debt13.9 14.8 
Total current liabilities423.4 364.0 
Debt696.6 664.7 
Deferred income taxes154.1 134.0 
Other liabilities75.2 72.1 
1,349.3 1,234.8 
Stockholders’ equity:
Common stock – 200.0 shares authorized
0.5 0.5 
Capital in excess of par value1,708.6 1,692.6 
Retained earnings363.3 279.5 
Accumulated other comprehensive loss(15.8)(19.3)
Treasury stock (25.3) 
2,031.3 1,953.3 
$3,380.6 $3,188.1 
See accompanying Notes to Consolidated Financial Statements.
5

Arcosa, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(unaudited)
 Nine Months Ended
September 30,
 20222021
 (in millions)
Operating activities:
Net income$91.2 $60.4 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion, and amortization116.9 107.0 
Stock-based compensation expense15.5 12.8 
Provision for deferred income taxes19.7 9.7 
Gains on disposition of property and other assets(6.5)(9.0)
(Increase) decrease in other assets2.3 6.5 
Increase (decrease) in other liabilities(18.7)(17.6)
Other(3.6)(6.3)
Changes in current assets and liabilities:
(Increase) decrease in receivables(52.0)(76.9)
(Increase) decrease in inventories(39.1)(36.1)
(Increase) decrease in other current assets(3.0)(9.8)
Increase (decrease) in accounts payable57.9 60.7 
Increase (decrease) in advance billings(2.6)(26.2)
Increase (decrease) in accrued liabilities4.6 1.6 
Net cash provided by operating activities182.6 76.8 
Investing activities:
Proceeds from disposition of property and other assets31.5 14.9 
Capital expenditures(85.9)(60.8)
Acquisitions, net of cash acquired(75.1)(523.4)
Net cash required by investing activities(129.5)(569.3)
Financing activities:
Payments to retire debt(59.8)(4.2)
Proceeds from issuance of debt80.0 500.0 
Shares repurchased(15.0)(9.4)
Dividends paid to common stockholders(7.4)(7.4)
Purchase of shares to satisfy employee tax on vested stock(9.8)(9.6)
Debt issuance costs (6.6)
Net cash (required) provided by financing activities(12.0)462.8 
Net increase (decrease) in cash and cash equivalents41.1 (29.7)
Cash and cash equivalents at beginning of period72.9 95.8 
Cash and cash equivalents at end of period(1)
$114.0 $66.1 

(1) Ending cash as of September 30, 2022 includes $1.8 million of cash presented within assets held for sale on the Consolidated Balance Sheet.

See accompanying Notes to Consolidated Financial Statements.
6

Arcosa, Inc. and Subsidiaries
Consolidated Statements of Stockholders' Equity
(unaudited)
Common
Stock
Capital in
Excess of
Par Value
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Treasury
Stock
Total
Stockholders’
Equity
Shares
$0.01 Par Value
SharesAmount
(in millions, except par value)
Balances at June 30, 202148.4 $0.5 $1,688.8 $251.5 $(20.3) $ $1,920.5 
Net income— — — 23.7 — — — 23.7 
Other comprehensive income— — — — 0.1 — — 0.1 
Cash dividends on common stock— — — (2.5)— — — (2.5)
Restricted shares, net — 4.5 — —  (0.4)4.1 
Shares repurchased— — — — — (0.1)(5.0)(5.0)
Retirement of treasury stock —  — —    
Balances at September 30, 202148.4 $0.5 $1,693.3 $272.7 $(20.2)(0.1)$(5.4)$1,940.9 
Balances at June 30, 202248.9 $0.5 $1,703.1 $333.7 $(16.3)(0.5)$(25.0)$1,996.0 
Net income— — — 32.0 — — — 32.0 
Other comprehensive income— — — — 0.5 — — 0.5 
Cash dividends on common stock— — — (2.4)— — — (2.4)
Restricted shares, net — 5.5 — —  (0.3)5.2 
Shares repurchased— — — — —    
Retirement of treasury stock —  — —    
Balances at September 30, 202248.9 $0.5 $1,708.6 $363.3 $(15.8)(0.5)$(25.3)$2,031.3 
Balances at December 31, 202048.2 $0.5 $1,694.1 $219.7 $(22.1) $ $1,892.2 
Net income— — — 60.4 — — — 60.4 
Other comprehensive income— — — — 1.9 — — 1.9 
Cash dividends on common stock— — — (7.4)— — — (7.4)
Restricted shares, net0.4 — 13.9 — — (0.1)(10.7)3.2 
Shares repurchased— — — — — (0.2)(9.4)(9.4)
Retirement of treasury stock(0.2)— (14.7)— — 0.2 14.7  
Balances at September 30, 202148.4 $0.5 $1,693.3 $272.7 $(20.2)(0.1)$(5.4)$1,940.9 
Balances at December 31, 202148.3 $0.5 $1,692.6 $279.5 $(19.3) $ $1,953.3 
Net income— — — 91.2 — — — 91.2 
Other comprehensive income— — — — 3.5 — — 3.5 
Cash dividends on common stock— — — (7.4)— — — (7.4)
Restricted shares, net0.6 — 16.0 — — (0.2)(10.3)5.7 
Shares repurchased— — — — — (0.3)(15.0)(15.0)
Retirement of treasury stock —  — —    
Balances at September 30, 202248.9 $0.5 $1,708.6 $363.3 $(15.8)(0.5)$(25.3)$2,031.3 

See accompanying Notes to Consolidated Financial Statements.
7

Arcosa, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
(unaudited)

Note 1. 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 brands serving construction, engineered structures, and transportation markets in North America. Arcosa is a Delaware corporation and was incorporated in 2018 in connection with the separation (the “Separation”) of Arcosa from Trinity Industries, Inc. (“Trinity” or “Former Parent”) on November 1, 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, including the unknown potential duration, spread, severity, and impact of the COVID-19 pandemic, Arcosa's business, financial condition, and results of operations for the three and nine months ended September 30, 2022 may not be indicative of Arcosa's expected business, financial condition, and results of operations for the year ending December 31, 2022.
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, 2021.
Stockholders' Equity
In December 2020, the Company’s Board of Directors (the “Board”) authorized a new $50 million share repurchase program effective January 1, 2021 through December 31, 2022 to replace a program of the same amount that expired on December 31, 2020. The Company did not repurchase shares for the three months ended September 30, 2022. For the nine months ended September 30, 2022, the Company repurchased 298,629 shares at a cost of $15.0 million. As of September 30, 2022, the Company had a remaining authorization of $25.7 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 our wind tower, certain utility structure, and certain storage tank product lines 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, and 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 September 30, 2022, we had a contract asset of $67.9 million related to these contracts, compared to $54.2 million at December 31, 2021, which is included in receivables, net of allowance, within the Consolidated Balance Sheets. The increase in the contract asset is due to timing of deliveries. 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.
8

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 September 30, 2022 and the percentage of the outstanding performance obligations as of September 30, 2022 expected to be delivered during the remainder of 2022:
Unsatisfied performance obligations at September 30, 2022
Total
Amount
Percent expected to be delivered in 2022
 (in millions)
Engineered Structures:
Utility, wind, and related structures$370.4 55 %
Storage tanks$15.9 
Transportation Products:
Inland barges$128.9 22 %
Substantially all unsatisfied performance obligations beyond 2022 are expected to be delivered during 2023. On October 3, 2022, the Company sold the storage tanks business and its related backlog. See Note 2 Acquisitions and Divestitures.
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 and nine months ended September 30, 2022 was not significant. The carrying values of cash, receivables, and accounts payable are considered to be representative of their respective fair values.
9

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. The Company monitors its derivative positions and the credit ratings of its counterparties and does not anticipate losses due to counterparties' non-performance.
Recent Accounting Pronouncements
Recently issued accounting pronouncements not adopted as of September 30, 2022
In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2020-04, “Reference Rate Reform”, (“ASU 2020-04”), which provides optional guidance for contract modifications, hedging accounting, and other transactions associated with the transition from reference rates that are expected to be discontinued. ASU 2020-04 is effective for all entities upon issuance through December 31, 2022. We continue to evaluate the impact of adoption, but do not expect the guidance to have a material impact on our Consolidated Financial Statements.
In October 2021, the FASB issued Accounting Standards Update No. 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers”, (“ASU 2021-08”), which requires that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. ASU 2021-08 will become effective for public companies during interim and annual reporting periods beginning after December 15, 2022, with early adoption permitted. We do not expect this standard to have a material impact on our Consolidated Financial Statements.
Reclassifications
Certain prior year balances have been reclassified in the Consolidated Financial Statements to conform with the 2022 presentation.

Note 2. Acquisitions and Divestitures
2022 Acquisitions
In May 2022, we completed the stock acquisition of Recycled Aggregate Materials Company, Inc. ("RAMCO"), a leading producer of recycled aggregates in the Los Angeles metropolitan area, which is included in our Construction Products segment, for a total purchase price of $75.6 million. The acquisition was funded with $80.0 million of borrowings under our revolving credit facility. The acquisition was recorded as a business combination based on a preliminary 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, $54.2 million of permits with an initial weighted average useful life of 20 years, $6.4 million of property, plant, and equipment, and $11.7 million of goodwill in our Construction Products segment. The remaining assets and liabilities were not significant in relation to assets and liabilities at the consolidated or segment level. 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 intangible assets and property, plant, and equipment.
10

2021 Acquisitions
In August 2021, we completed the stock acquisition of Southwest Rock Products, LLC and affiliated entities (collectively “Southwest Rock”), a natural aggregates company serving the greater Phoenix metropolitan area, which is included in our Construction Products segment, for a total purchase price of $149.7 million. The acquisition was funded with cash on hand, $100.0 million of borrowings under our revolving credit facility, and a $15.0 million holdback payable to the seller upon the extension of a certain mineral reserve lease. 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 Level 3 inputs. The final valuation resulted in the recognition of, among others, $70.7 million of goodwill, $43.7 million of mineral reserves, and $28.0 million of property, plant, and equipment in our Construction Products segment. The remaining assets and liabilities were not significant in relation to assets and liabilities at the consolidated or segment level.
On April 9, 2021, we completed the stock acquisition of StonePoint Ultimate Holding, LLC and affiliated entities (collectively “StonePoint”), a top 25 U.S. construction aggregates company, which is included in our Construction Products segment. The purchase price of $372.8 million was funded with proceeds from a private offering of $400.0 million of 4.375% senior unsecured notes that closed on April 6, 2021. See Note 7 Debt for additional information. The acquisition was recorded as a business combination with valuations of the assets acquired and liabilities assumed at their acquisition date fair value using Level 3 inputs. The following table represents our final purchase price allocation as of September 30, 2022:
(in millions)
Cash$1.0 
Accounts receivable18.3 
Inventories20.9 
Property, plant, and equipment68.4 
Mineral reserves198.8 
Goodwill87.7 
Customer relationships7.2 
Other assets10.4 
Accounts payable(7.4)
Accrued liabilities(10.0)
Deferred income taxes(9.2)
Other liabilities(13.3)
Total net assets acquired$372.8 
The goodwill acquired, none of which is tax-deductible, primarily relates to StonePoint's market position and existing workforce. The customer relationships intangible asset was assigned a useful life of 10 years.
In April 2021, we also completed the acquisition of certain assets and liabilities of a Dallas-Fort Worth, Texas based recycled aggregates business in our Construction Products segment. The purchase price of the acquisition was not significant.
Divestitures
There were no divestitures closed during the three and nine months ended September 30, 2022 and 2021.
In November 2021, we completed the divestiture of certain assets and liabilities of an asphalt operation previously acquired as part of the StonePoint acquisition with a selling price of approximately $19.0 million. The income statement impact of the disposal was not significant as the assets were recorded at fair value as of their acquisition date in April 2021.
11

On October 3, 2022, the Company completed the previously announced sale of its storage tank business for $275 million. Pre-tax net cash proceeds received at closing were approximately $263.5 million, after estimated transaction closing costs. The storage tanks business, reported within the Engineered Structures segment, is a leading manufacturer of steel pressure tanks for the storage and transportation of propane, ammonia, and other gases serving the residential, commercial, energy, and agricultural markets with operations in the U.S. and Mexico. As of September 30, 2022, $114.8 million of assets and $36.7 million of liabilities related to the storage tank business were reclassified as held for sale within the Consolidated Balance Sheet, including $38.8 million of receivables, $40.4 million of inventories, $31.2 million of property, plant, and equipment, net, $22.3 million of accounts payable, and $14.8 million of accrued liabilities. Operating profit for the storage tanks business was $16.6 million and $40.8 million for the three and nine months ended September 30, 2022, respectively, and $8.8 million and $26.9 million for the three and nine months ended September 30, 2021, respectively. Subsequently in October 2022, the Company used $155.0 million of the cash proceeds from the sale to repay the outstanding loans borrowed under its revolving credit facility. See Note 7 Debt for additional information. Accounting for the transaction will be finalized during the fourth quarter.

Note 3. Fair Value Accounting
Assets and liabilities measured at fair value on a recurring basis are summarized below:
 Fair Value Measurement as of September 30, 2022
 Level 1Level 2Level 3Total
(in millions)
Assets:
Interest rate hedge(1)
$ $1.6 $ $1.6 
Total assets$ $1.6 $ $1.6 
Liabilities:
Contingent consideration(3)
$ $ $4.2 $4.2 
Total liabilities$ $ $4.2 $4.2 
 Fair Value Measurement as of December 31, 2021
 Level 1Level 2Level 3Total
(in millions)
Liabilities:
Interest rate hedge(2)
$ $3.9 $ $3.9 
Contingent consideration(3)
  6.7 6.7 
Total liabilities$ $3.9 $6.7 $10.6 

(1) Included in other non-current assets on the Consolidated Balance Sheets.
(2) Included in other liabilities on the Consolidated Balance Sheets.
(3) 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.
12

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.

Note 4. 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 storage and distribution tanks as well as concrete utility structures. On October 3, 2022, the Company completed the divestiture of its storage tank business. See Note 2 Acquisitions and Divestitures.
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.
13

Three Months Ended September 30,
RevenuesOperating Profit (Loss)
 2022202120222021
 (in millions)
Aggregates and specialty materials$216.8 $202.3 
Construction site support27.4 25.1 
Construction Products244.2 227.4 $27.6 $26.8 
Utility, wind, and related structures211.2 189.4 
Storage tanks65.8 60.7 
Engineered Structures277.0 250.1 37.1 23.6 
Inland barges50.9 58.4 
Steel components31.8 23.2 
Transportation Products82.7 81.6 1.0 1.5 
Segment Totals before Eliminations and Corporate 603.9 559.1 65.7 51.9 
Corporate  (16.7)(14.4)
Eliminations    
Consolidated Total$603.9 $559.1 $49.0 $37.5 
 Nine Months Ended September 30,
RevenuesOperating Profit (Loss)
 2022202120222021
 (in millions)
Aggregates and specialty materials$620.9 $519.1 
Construction site support80.7 66.0 
Construction Products701.6 585.1 $72.4 $60.5 
Utility, wind, and related structures608.5 545.0 
Storage tanks187.6 154.6 
Engineered Structures796.1 699.6 106.9 70.2 
Inland barges151.7 165.3 
Steel components93.1 64.7 
Transportation Products244.8 230.0 7.2 6.9 
Segment Totals before Eliminations and Corporate 1,742.5 1,514.7 186.5 137.6 
Corporate  (45.6)(45.9)
Eliminations (0.1)  
Consolidated Total$1,742.5 $1,514.6 $140.9 $91.7 

14

Note 5. Property, Plant, and Equipment
The following table summarizes the components of property, plant, and equipment as of September 30, 2022 and December 31, 2021.
September 30,
2022
December 31,
2021
 (in millions)
Land$136.9 $137.3 
Mineral reserves502.6 507.3 
Buildings and improvements295.2 301.0 
Machinery and other947.4 973.9 
Construction in progress73.6 45.4 
1,955.7 1,964.9 
Less accumulated depreciation and depletion(784.3)(763.0)
$1,171.4 $1,201.9 

Note 6. Goodwill and Other Intangible Assets
Goodwill
Goodwill by segment is as follows:
September 30,
2022
December 31,
2021
 (in millions)
Construction Products$484.0 $460.3 
Engineered Structures437.6 437.6 
Transportation Products37.0 37.0 
$958.6 $934.9 

The increase in Construction Products goodwill during the nine months ended September 30, 2022 was due to the acquisition of RAMCO and the finalization of the purchase price allocations for StonePoint and Southwest Rock. See Note 2 Acquisitions and Divestitures.
Intangible Assets
Intangibles, net consisted of the following:
September 30,
2022
December 31,
2021
(in millions)
Intangibles with indefinite lives - Trademarks$34.1 $34.1 
Intangibles with definite lives:
Customer relationships136.9135.4
Permits141.787.5
Other3.43.9
282.0226.8
Less accumulated amortization(54.7)(40.6)
227.3186.2
Intangible assets, net$261.4 $220.3 

15

Note 7. Debt
The following table summarizes the components of debt as of September 30, 2022 and December 31, 2021:
September 30,
2022
December 31,
2021
 (in millions)
Revolving credit facili