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Business Segments | 12 Months Ended
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Dec. 31, 2015
Business Segments [Abstract] |
Business Segments | 9. Business Segments The Company offers general contracting, pre-construction planning and comprehensive project management services, including planning and scheduling of the manpower, equipment, materials and subcontractors required for the timely completion of a project in accordance with the terms and specifications contained in a construction contract. The Company also offers self-performed construction services, including site work, concrete forming and placement, steel erection, electrical, mechanical, plumbing and HVAC. Our business is conducted through three se gments: Civil, Building and Specialty Contractors, as described further below. These segments are determined based on how the Company’s Chairman and Chief Executive Officer (chief operating decision maker) aggregates business units when evaluating performance and allocating resources. The Civil segment specializes in public works construction and the repair, replacement and reconstruction of infrastructure. The civil contracting services include construction and rehabilitation of highways, bridges, mass-transit systems, and water management and wastewater treatment facilities. The Building segment has significant experience providing services to a number of specialized building markets for private and public works customers, including the high-rise residential, hospitality and gaming, transportation, health care, commercial and government offices, sports and entertainment, education, correctional facilities, biotech, pharmaceutical, industrial and high-tech markets. The Specialty Contractors segment specializes in electrical, mechanical, plumbing, HVAC, fire protection systems and pneumatically placed concrete for a full range of civil and building construction projects in the industrial, commercial, hospitality and gaming, and mass-transit end markets. This segment provides unique strengthens and capabilities which position the Company as a full-service contractor with greater control over scheduled work, project delivery and risk management. The following tables set forth certain reportable segment information relating to the Company’s operations for the years ended December 31, 2015, 2014 and 2013.
| Reportable Segments |  |  |  |  |  |
|  |  |  |  | Specialty |  | Segment |  |  |  | Consolidated
(in thousands) | Civil |  | Building |  | Contractors |  | Total |  | Corporate |  | Total
2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Revenue | $ | 2,005,193 |  | $ | 1,900,492 |  | $ | 1,228,030 |  | $ | 5,133,715 |  | $ | — |  | $ | 5,133,715
Elimination of intersegment revenue |  | (115,286) |  |  | (97,957) |  |  | — |  |  | (213,243) |  |  | — |  |  | (213,243)
Revenue from external customers | $ | 1,889,907 |  | $ | 1,802,535 |  | $ | 1,228,030 |  | $ | 4,920,472 |  | $ | — |  | $ | 4,920,472
Income from construction operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Before litigation-related charge | $ | 169,073 |  | $ | (1,240) |  | $ | 15,682 |  | $ | 183,515 |  | $ | (54,242) | (a) | $ | 129,273
Litigation-related charge (b) |  | (23,860) |  |  | — |  |  | — |  |  | (23,860) |  |  | — |  |  | (23,860)
Total | $ | 145,213 |  | $ | (1,240) |  | $ | 15,682 |  | $ | 159,655 |  | $ | (54,242) |  | $ | 105,413
Capital Expenditures | $ | 8,383 |  | $ | 2,877 |  | $ | 1,193 |  | $ | 12,453 |  | $ | 23,459 |  | $ | 35,912
2014 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Revenue | $ | 1,730,468 |  | $ | 1,558,431 |  | $ | 1,301,328 |  | $ | 4,590,227 |  | $ | — |  | $ | 4,590,227
Elimination of intersegment revenue |  | (43,324) |  |  | (54,594) |  |  | — |  |  | (97,918) |  |  | — |  |  | (97,918)
Revenue from external customers | $ | 1,687,144 |  | $ | 1,503,837 |  | $ | 1,301,328 |  | $ | 4,492,309 |  | $ | — |  | $ | 4,492,309
Income from construction operations |  | 220,554 |  |  | 24,697 |  |  | 50,998 |  |  | 296,249 |  |  | (54,559) | (a) |  | 241,690
Capital Expenditures | $ | 65,377 |  | $ | 735 |  | $ | 6,974 |  | $ | 73,086 |  | $ | 1,927 |  | $ | 75,013
2013 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Revenue | $ | 1,519,370 |  | $ | 1,622,705 |  | $ | 1,182,844 |  | $ | 4,324,919 |  | $ | — |  | $ | 4,324,919
Elimination of intersegment revenue |  | (77,954) |  |  | (70,726) |  |  | (567) |  |  | (149,247) |  |  | — |  |  | (149,247)
Revenue from external customers | $ | 1,441,416 |  | $ | 1,551,979 |  | $ | 1,182,277 |  | $ | 4,175,672 |  | $ | — |  | $ | 4,175,672
Income from construction operations |  | 177,667 |  |  | 24,579 |  |  | 49,008 |  |  | 251,254 |  |  | (47,432) | (a) |  | 203,822
Capital Expenditures | $ | 32,489 |  | $ | 1,666 |  | $ | 4,137 |  | $ | 38,292 |  | $ | 6,999 |  | $ | 45,291
| (a) |  | Consists primarily of corporate general and administrative expenses.
| (b) |  | The Company recorded a non-cash, pre-tax charge of $23.9 million for an adverse appellate court decision related to a long-standing litigation matter for which the Company, as part of a 2011 acquisition, assumed liability as a minority partner in a joint venture for a project that had already been completed. (For further information, refer to the Brightwater Matter discussion in Note 7.)
During the year ended December 31, 2015, the Company recorded unfavorable adjustments totaling $45.6 million in income from construction operations ($0.53 in diluted EPS) related to various Five Star Electric projects in New York, none of which were individually material. Most of these projects are complete or nearing completion. In addition, there were unfavorable adjustments to the estimated cost to complete a Building segment project, which has been completed and resulted in a decrease of $24.3 million in income from construction operations ($0.28 in diluted EPS). Furthermore, the Company recorded a non-cash litigation-related charge for the Brightwater Matter, which resulted in a $23.9 million in income from construction operations ($0.28 in diluted EPS), as discussed in Note 7. Finally, the Company recorded favorable adjustments for a Civil segment runway reconstruction project, which resulted in an increase of $13.7 million in income from construction operations ($0.16 in diluted EPS). During the year ended December 31, 2014, the Company's income from construction operations was positively impacted by changes in the estimated recoveries on two Civil segment projects and a Building segment hospitality and gaming project. These changes in estimates were driven by changes in cost recovery assumptions based on legal rulings pertaining to the Civil segment projects, as well as agreements reached with a customer regarding the Building segment hospitality and gaming project. The Building project change in estimate resulted in an $11.4 million increase in income from construction operations ($0.14 in diluted EPS). With respect to the two Civil segment projects, there was a n increase of $25.9 million in income from construction operations ($0.30 in diluted EPS) and a $9.4 million decrease in income from construction operations ($0.11 in diluted EPS). During the year ended December 31, 2013, the Company’s income from construction operations was increased by $13.8 million ($0.18 in diluted EPS) because of changes in the estimated recovery on a Building segment hospitality and gaming project. These changes were a result of changes in facts and circumstances that occurred during 2013. The above were the only changes in estimates considered individually material to the Company’s results of operations during the periods presented herein. The following table sets forth the total assets for the reportable segments as of December 31, 2015 and 2014.
| December 31,
(in thousands) | 2015 |  | 2014
Building | $ | 798,022 |  | $ | 680,933
Civil |  | 1,964,674 |  |  | 1,814,170
Specialty Contractors |  | 863,242 |  |  | 775,162
Corporate and other (a) |  | 416,503 |  |  | 503,050
Total Assets | $ | 4,042,441 |  | $ | 3,773,315
| (a) |  | Consists principally of cash and cash equivalents and corporate transportation equipment.
Geographic Information Information concerning principal geographic areas is as follows:
| Year Ended December 31,
(in thousands) | 2015 |  | 2014 |  | 2013
Revenue |  |  |  |  |  |  |  |
United States | $ | 4,694,165 |  | $ | 4,323,471 |  | $ | 4,000,380
Foreign and U.S. territories |  | 226,307 |  |  | 168,838 |  |  | 175,292
Total | $ | 4,920,472 |  | $ | 4,492,309 |  | $ | 4,175,672
Income (loss) from construction operations |  |  |  |  |  |  |  |
United States | $ | 128,869 |  | $ | 268,566 |  | $ | 238,989
Foreign and U.S. territories |  | 30,786 |  |  | 27,683 |  |  | 12,265
Corporate |  | (54,242) |  |  | (54,559) |  |  | (47,432)
Total | $ | 105,413 |  | $ | 241,690 |  | $ | 203,822
Income from construction operations has been allocated geographically based on the location of the job site.
| December 31,
(in thousands) | 2015 |  | 2014
Assets |  |  |  |  |
United States | $ | 3,868,449 |  | $ | 3,612,997
Foreign and U.S. territories |  | 173,992 |  |  | 160,318
Total Assets | $ | 4,042,441 |  | $ | 3,773,315
Reconciliation of Segment Information to Consolidated Amounts The following table reconciles segment results to the consolidated income before income taxes for the years ended December 31, 2015, 2014 and 2013.
| Year Ended December 31,
(in thousands) | 2015 |  | 2014 |  | 2013
Income from construction operations | $ | 105,413 |  | $ | 241,690 |  | $ | 203,822
Other income (expense), net |  | 12,453 |  |  | (9,536) |  |  | (18,575)
Interest expense |  | (44,027) |  |  | (44,716) |  |  | (45,632)
Income before income taxes | $ | 73,839 |  | $ | 187,438 |  | $ | 139,615

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8981-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9038-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8971-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8595-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8984-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9031-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8538-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8864-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8924-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8906-108599 + Details
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