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Significant Accounting Policies | 6 Months Ended
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Jun. 30, 2015
Significant Accounting Policies [Abstract] |
Significant Accounting Policies | (2) Significant Accounting Policies The significant accounting policies followed by the Company and its subsidiaries in preparing its consolidated financial statements are set forth in Note 1 to the financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. Recently Issued Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update (“ASU”) ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. This ASU addresses when an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In July 2015, FASB delayed the effective date by one year and is effective for annual reporting periods beginning after December 15, 201 7, including interim periods within that reporting period, using one of two retrospective application methods. Early application would be permitted only as of annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. The Company is currently evaluating the effect that the adoption of this ASU will have on its financial statements. In June 2014, the FASB issued ASU No. 2014-12, Compensation — Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period, clarifying the recognition timing of expense associated with certain performance based stock awards when the performance target that affects vesting could be achieved after the requisite service period. This ASU is an update to FASB ASC Topic 718 and is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015 with earlier adoption permitted. The adoption of this guidance is not expected to have a material impact on the Company’s financial statements. In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810). The goal of this ASU is to reduce the potentially distortive impact on reporting entities’ consolidated financial statements resulting from the consolidation of certain legal entities, including joint ventures and variable interest entities. This ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. The adoption of this guidance is not expected to have a material impact on the Company’s financial statements. In April 2015, the FASB issued ASU 2015-03, Interest – Imputation of Interest (Subtopic 835-30). This ASU requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. The adoption of this ASU is not expected to have a material impact on the Company’s financial statements. Use of and Changes in Estimates The Company’s construction business involves making significant estimates and assumptions in the normal course of business relating to its contracts and its joint venture contracts. Management focuses on evaluating the performance of contracts individually. These estimates can vary in the normal course of business as projects progress, when estimated productivity assumptions change based on experience to date and uncertainties are resolved. Change orders and claims, as well as changes in related estimates of costs to complete, are considered revisions in estimates. The Company uses the cumulative catch-up method applicable to construction contract accounting to account for revisions in estimates. The impact on operating margin in a reporting period and future periods from a change in estimate will depend on the stage of contract completion. During the three months ended June 30, 2015, the Company’s results of operations were negatively impacted because of an unfavorable change in the estimated cost to complete for a certain Building segment project. Th is change in estimate resulted in a $14.7 million decrease in income from construction operations, an $8.7 million decrease in net income, and a $0.17 decrease in diluted earnings per share (“EPS”) during the three months ended June 30, 2015. During the three months ended June 30, 2014, the Company’s results of operations were positively impacted because of changes in the estimated cost recovery on two Civil segment projects based on certain legal rulings issued during the period. One project had a favorable ruling, resulting in a $24.2 million increase, and the second project had an unfavorable ruling, resulting in a $9.4 million decrease. Together, these changes in estimates resulted in a $14.8 million increase in income from construction operations, an $8.8 million increase in net income, and an $0.18 increase in diluted EPS during the three months ended June 30, 2014. These changes were the only changes in estimates considered material to the Company’s results of operations during the periods presented herein.

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