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Business Segments | 9 Months Ended
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Sep. 30, 2017
Business Segments [Abstract] |
Business Segments | (1 4) Business Segments ﻿ The Company offers general contracting, pre-construction planning and comprehensive project management services, including planning and scheduling of 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: site work; concrete forming and placement; steel erection; electrical; mechanical; plumbing; and heating, ventilation and air conditioning (HVAC). As described below, our business is conducted through three segments: Civil, Building and Specialty Contractors. 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 replacement and reconstruction of infrastructure. The civil contracting services include construction and rehabilitation of highways, bridges, tunnels, mass-transit systems, and water management and wastewater treatment facilities. ﻿ The Building segment has significant experience providing services for private and public works customers in a number of specialized building markets, including: 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. ﻿ 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 the Company with unique strengths and capabilities that allow the Company to position itself as a full-service contractor with greater control over scheduled work, project delivery and risk management. ﻿ The following table s set forth certain reportable segment information relating to the Company’s operations for the three and nine months ended September 30, 2017 and 2016: ﻿ ﻿
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﻿ | Reportable Segments |  |  |  |  |  |
﻿ |  |  |  |  |  |  | Specialty |  |  |  |  |  |  |  | Consolidated
﻿(in thousands) | Civil |  |  | Building |  | Contractors |  | Total |  | Corporate |  | Total
﻿Three Months Ended September 30, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Total revenue | $ | 458,487 |  | $ | 500,420 |  | $ | 310,137 |  | $ | 1,269,044 |  | $ | — |  | $ | 1,269,044
﻿Elimination of intersegment revenue |  | (62,667) |  |  | (6,872) |  |  | — |  |  | (69,539) |  |  | — |  |  | (69,539)
﻿Revenue from external customers | $ | 395,820 |  | $ | 493,548 |  | $ | 310,137 |  | $ | 1,199,505 |  | $ | — |  | $ | 1,199,505
﻿Income from construction operations | $ | 38,144 |  | $ | 14,058 |  | $ | 14,575 |  | $ | 66,777 |  | $ | (17,705) | (a) | $ | 49,072
﻿Capital expenditures | $ | 1,248 |  | $ | 36 |  | $ | 81 |  | $ | 1,365 |  | $ | 164 |  | $ | 1,529
﻿Depreciation and amortization (b) | $ | 5,213 |  | $ | 502 |  | $ | 1,166 |  | $ | 6,881 |  | $ | 2,824 |  | $ | 9,705
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﻿Three Months Ended September 30, 2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Total revenue | $ | 506,100 |  | $ | 560,795 |  | $ | 331,613 |  | $ | 1,398,508 |  | $ | — |  | $ | 1,398,508
﻿Elimination of intersegment revenue |  | (47,277) |  |  | (18,253) |  |  | — |  |  | (65,530) |  |  | — |  |  | (65,530)
﻿Revenue from external customers | $ | 458,823 |  | $ | 542,542 |  | $ | 331,613 |  | $ | 1,332,978 |  | $ | — |  | $ | 1,332,978
﻿Income from construction operations | $ | 50,307 |  | $ | 13,296 |  | $ | 11,084 |  | $ | 74,687 |  | $ | (13,768) | (a) | $ | 60,919
﻿Capital expenditures | $ | 1,342 |  | $ | 79 |  | $ | 54 |  | $ | 1,475 |  | $ | 117 |  | $ | 1,592
﻿Depreciation and amortization (b) | $ | 12,669 |  | $ | 541 |  | $ | 1,243 |  | $ | 14,453 |  | $ | 2,886 |  | $ | 17,339
(a)Consists primarily of corporate general and administrative expenses.
| (b) |  | Depreciation and amortization is included in income from construction operations.
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﻿ | Reportable Segments |  |  |  |  |  |
﻿ |  |  |  |  |  |  | Specialty |  |  |  |  |  |  |  | Consolidated
﻿(in thousands) | Civil |  |  | Building |  | Contractors |  | Total |  | Corporate |  | Total
﻿Nine Months Ended September 30, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Total revenue | $ | 1,363,850 |  | $ | 1,520,356 |  | $ | 907,690 |  | $ | 3,791,896 |  | $ | — |  | $ | 3,791,896
﻿Elimination of intersegment revenue |  | (190,873) |  |  | (36,883) |  |  | — |  |  | (227,756) |  |  | — |  |  | (227,756)
﻿Revenue from external customers | $ | 1,172,977 |  | $ | 1,483,473 |  | $ | 907,690 |  | $ | 3,564,140 |  | $ | — |  | $ | 3,564,140
﻿Income from construction operations | $ | 128,176 |  | $ | 25,035 |  | $ | 15,330 |  | $ | 168,541 |  | $ | (48,407) | (a) | $ | 120,134
﻿Capital expenditures | $ | 8,665 |  | $ | 184 |  | $ | 374 |  | $ | 9,223 |  | $ | 489 |  | $ | 9,712
﻿Depreciation and amortization (b) | $ | 26,767 |  | $ | 1,533 |  | $ | 3,551 |  | $ | 31,851 |  | $ | 8,612 |  | $ | 40,463
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﻿Nine Months Ended September 30, 2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Total revenue | $ | 1,378,531 |  | $ | 1,594,946 |  | $ | 932,288 |  | $ | 3,905,765 |  | $ | — |  | $ | 3,905,765
﻿Elimination of intersegment revenue |  | (118,143) |  |  | (61,145) |  |  | — |  |  | (179,288) |  |  | — |  |  | (179,288)
﻿Revenue from external customers | $ | 1,260,388 |  | $ | 1,533,801 |  | $ | 932,288 |  | $ | 3,726,477 |  | $ | — |  | $ | 3,726,477
﻿Income from construction operations | $ | 129,028 |  | $ | 38,969 |  | $ | 25,910 |  | $ | 193,907 |  | $ | (44,037) | (a) | $ | 149,870
﻿Capital expenditures | $ | 8,499 |  | $ | 381 |  | $ | 798 |  | $ | 9,678 |  | $ | 595 |  | $ | 10,273
﻿Depreciation and amortization (b) | $ | 33,200 |  | $ | 1,647 |  | $ | 3,811 |  | $ | 38,658 |  | $ | 8,637 |  | $ | 47,295
(a)Consists primarily of corporate general and administrative expenses. (b)Depreciation and amortization is included in income from construction operations. ﻿ During the nine months ended September 30, 2016, the Company recorded net favorable adjustments totaling $3.0 million in income from construction operations ($0.04 per diluted share) for various Five Star Electric projects in New York in the Specialty Contractors segment. The net impact included material adjustments related to two electrical subcontract projects: a favorable adjustment of $14.0 million for a completed project ($0.17 per diluted share) and an unfavorable adjustment of $13.8 million for a project that was nearly complete ($0.17 per diluted share). These were the only changes in estimates considered material to the Company’s results of operations during the periods presented herein. ﻿ A reconciliation of segment results to the consolidated income before income taxes is as follows: ﻿ ﻿
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﻿ | Three Months Ended September 30, |  | Nine Months Ended September 30,
﻿(in thousands) | 2017 |  | 2016 |  | 2017 |  | 2016
﻿Income from construction operations | $ | 49,072 |  | $ | 60,919 |  | $ | 120,134 |  | $ | 149,870
﻿Other income, net |  | 967 |  |  | 2,048 |  |  | 42,373 |  |  | 5,214
﻿Interest expense |  | (15,643) |  |  | (15,041) |  |  | (53,726) |  |  | (44,655)
﻿Income before income taxes | $ | 34,396 |  | $ | 47,926 |  | $ | 108,781 |  | $ | 110,429
﻿ Total assets by segment are as follows: ﻿ ﻿
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﻿(in thousands) | September 30, 2017 |  | December 31, 2016
﻿Civil | $ | 2,273,486 |  | $ | 2,152,123
﻿Building |  | 889,136 |  |  | 917,317
﻿Specialty Contractors |  | 757,103 |  |  | 813,851
﻿Corporate and other (a) |  | 363,060 |  |  | 155,329
﻿Total assets | $ | 4,282,785 |  | $ | 4,038,620
| (a) |  | Consists principally of cash, equipment, tax-related assets and insurance-related assets, offset by the elimination of assets related to intersegment revenue.
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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=68060357&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=68060357&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=68060357&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=68060357&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=68060357&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=68060357&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=68060357&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=68060357&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=68060357&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=68060357&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=68060357&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=68060357&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=68060357&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=68060357&loc=d3e8906-108599 + Details
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