Good day, ladies and gentlemen, and welcome to the Tutor Perini Corporation 2d-zone 2019 earnings convention name. My name is Doug, and I’ll be your coordinator for today. [Operator instructions] As a reminder, this convention call is being recorded for replay functions. [Operator instructions] I might now like to show the conference over for your host for nowadays, Mr.
Jorge Casado, vice chairman of investor family members. Please proceed.
Jorge Casado — Vice President of Investor Relations
Hello, each person, and thank you for your participation these days. Joining us on the call are Ronald Tutor, chairman and CEO; and Gary Smalley, government vice chairman and CFO. Before we speak our consequences, I’ll remind all people that in modern name, we will be making forward-searching statements, which replicate management’s current assessment of current traits and facts. There is an inherent risk that our actual effects ought to vary materially.
You can locate our disclosures about danger elements that might doubtlessly make a contribution to such differences in our maximum latest 10-K, which changed into filed on February 27, 2019. The company assumes no responsibility to replace ahead-looking statements, whether as a result of recent facts, future activities or otherwise, apart from as required by using regulation. In addition, for the duration of cutting-edge name, we will be discussing positive non-GAAP financial measures. The appropriate GAAP monetary reconciliations are incorporated in our earnings release, which we issued in advance these days and filed with the SEC, and which is also posted within the Investor Relations segment of our website.
With that said, I will turn the call over to Ronald Tutor.
Ronald Tutor — Chairman and Chief Executive Officer
Thanks, Jorge. Good afternoon, and thank you for joining us. As you noticed in our income release, we have been required to take a non-cash goodwill impairment price within the second zone precipitated via sustained lower in our stock rate that has happened for the reason that our first-area income launch in May of this year. While the impairment is considerable in size, it is not the result of our agreement execution or in any manner indicative of our business outlook.
I do not like having to address the impairment rate, however I’m as fantastic approximately the future of our business as I have ever been. We stay in an high quality competitive position with the identical robust market demand for our services as meditated in our significant new awards over the last year, our new record backlog and the excellent number of new venture opportunities. I might reiterate that goodwill impairment rate became strictly pushed by means of the dramatic downturn in our inventory price. That impairment price yet again has no effect on our coins flows, our economic strength or our potential to execute our existing operating backlog or compete for destiny possibilities.
Excluding the impairment task, our 2nd-zone outcomes have been negatively impacted by way of tremendous delays on sure initiatives, specifically those major one being owner-driven delays continuing on California High-Speed Rail and huge weather affects, rain and wind, at the Newark Airport Terminal One in New Jersey, which have shifted the timing of revenue and profit contributions ahead into the fourth region this 12 months and into 2020. Despite diverse commitments rendered by way of high-speed rail over the past 3 years, our mission has been seriously not on time by means of the incapability to supply the right-of-manner properties devoted underneath the agreement. Through negotiations, however, in the first six months of this year, we were devoted and been part of discussions that now has the primary balance of right-of-approaches turned over via the fourth area of 2019. Unfortunately, this defers about $250 million of revenue from 2019 to 2020 and ’21.
The only high quality associated with this development as we’ve got simply reached a totally good sized and equitable agreement of all our charges related to those delays with an executed alternate order and the cash to be paid shortly inside the month of August. The Newark airport, although going thoroughly, has experienced enormous climate delays, which have delayed finishing touch and current work by over 3 months during the last six months. Rain and winds have been substantially past the norm. Despite these troubles, our general execution inside the civil and constructing corporations remained robust and long-time period outlook very tremendous.