XML 33 R21.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Business Segments | 6 Months Ended
--- | ---
Jun. 30, 2018
Business Segments [Abstract] |
Business Segments | (15) 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, the Company’s 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 tables set forth certain reportable segment information relating to the Company’s operations for the three and six months ended June 30, 2018 and 2017: ﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ | Reportable Segments |  |  |  |  |  |
﻿ |  |  |  |  |  |  | Specialty |  |  |  |  |  |  |  | Consolidated
﻿(in thousands) | Civil |  |  | Building |  | Contractors |  | Total |  | Corporate |  | Total
﻿Three Months Ended June 30, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Total revenue | $ | 461,614 |  | $ | 447,975 |  | $ | 270,633 |  | $ | 1,180,222 |  | $ | — |  | $ | 1,180,222
﻿Elimination of intersegment revenue |  | (59,141) |  |  | (996) |  |  | — |  |  | (60,137) |  |  | — |  |  | (60,137)
﻿Revenue from external customers | $ | 402,473 |  | $ | 446,979 |  | $ | 270,633 |  | $ | 1,120,085 |  | $ | — |  | $ | 1,120,085
﻿Income from construction operations | $ | 49,439 |  | $ | 12,536 |  | $ | 7,454 |  | $ | 69,429 |  | $ | (14,614) | (a) | $ | 54,815
﻿Capital expenditures | $ | 27,352 |  | $ | 592 |  | $ | 215 |  | $ | 28,159 |  | $ | 174 |  | $ | 28,333
﻿Depreciation and amortization(b) | $ | 6,569 |  | $ | 489 |  | $ | 1,106 |  | $ | 8,164 |  | $ | 2,813 |  | $ | 10,977
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Three Months Ended June 30, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Total revenue | $ | 538,552 |  | $ | 508,769 |  | $ | 281,857 |  | $ | 1,329,178 |  | $ | — |  | $ | 1,329,178
﻿Elimination of intersegment revenue |  | (65,970) |  |  | (15,934) |  |  | — |  |  | (81,904) |  |  | — |  |  | (81,904)
﻿Revenue from external customers | $ | 472,582 |  | $ | 492,835 |  | $ | 281,857 |  | $ | 1,247,274 |  | $ | — |  | $ | 1,247,274
﻿Income (loss) from construction operations | $ | 58,144 |  | $ | 5,736 |  | $ | (14,007) |  | $ | 49,873 |  | $ | (15,828) | (a) | $ | 34,045
﻿Capital expenditures | $ | 1,850 |  | $ | 104 |  | $ | 286 |  | $ | 2,240 |  | $ | 271 |  | $ | 2,511
﻿Depreciation and amortization(b) | $ | 5,236 |  | $ | 513 |  | $ | 1,193 |  | $ | 6,942 |  | $ | 2,820 |  | $ | 9,762
| (a) |  | Consists primarily of corporate general and administrative expenses.
| (b) |  | Depreciation and amortization is included in income from construction operations.
﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ | Reportable Segments |  |  |  |  |  |
﻿ |  |  |  |  |  |  | Specialty |  |  |  |  |  |  |  | Consolidated
﻿(in thousands) | Civil |  |  | Building |  | Contractors |  | Total |  | Corporate |  | Total
﻿Six Months Ended June 30, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Total revenue | $ | 787,014 |  | $ | 938,592 |  | $ | 545,434 |  | $ | 2,271,040 |  | $ | — |  | $ | 2,271,040
﻿Elimination of intersegment revenue |  | (121,427) |  |  | (1,372) |  |  | — |  |  | (122,799) |  |  | — |  |  | (122,799)
﻿Revenue from external customers | $ | 665,587 |  | $ | 937,220 |  | $ | 545,434 |  | $ | 2,148,241 |  | $ | — |  | $ | 2,148,241
﻿Income from construction operations | $ | 52,278 |  | $ | 18,961 |  | $ | 14,689 |  | $ | 85,928 |  | $ | (32,038) | (a) | $ | 53,890
﻿Capital expenditures | $ | 46,548 |  | $ | 870 |  | $ | 634 |  | $ | 48,052 |  | $ | 251 |  | $ | 48,303
﻿Depreciation and amortization(b) | $ | 12,325 |  | $ | 970 |  | $ | 2,218 |  | $ | 15,513 |  | $ | 5,651 |  | $ | 21,164
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Six Months Ended June 30, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Total revenue | $ | 905,363 |  | $ | 1,019,936 |  | $ | 597,553 |  | $ | 2,522,852 |  | $ | — |  | $ | 2,522,852
﻿Elimination of intersegment revenue |  | (128,206) |  |  | (30,011) |  |  | — |  |  | (158,217) |  |  | — |  |  | (158,217)
﻿Revenue from external customers | $ | 777,157 |  | $ | 989,925 |  | $ | 597,553 |  | $ | 2,364,635 |  | $ | — |  | $ | 2,364,635
﻿Income from construction operations | $ | 90,032 |  | $ | 10,977 |  | $ | 755 |  | $ | 101,764 |  | $ | (30,702) | (a) | $ | 71,062
﻿Capital expenditures | $ | 7,417 |  | $ | 148 |  | $ | 293 |  | $ | 7,858 |  | $ | 325 |  | $ | 8,183
﻿Depreciation and amortization(b) | $ | 21,554 |  | $ | 1,031 |  | $ | 2,385 |  | $ | 24,970 |  | $ | 5,788 |  | $ | 30,758
| (a) |  | Consists primarily of corporate general and administrative expenses.
| (b) |  | Depreciation and amortization is included in income from construction operations.
﻿ During the six months ended June 30, 2018, the Company recorded a charge of $17.8 million in income from construction operations (an after-tax impact of $12.7 million, or $0.25 per diluted share), which was primarily non-cash, as a result of the unexpected outcome of an arbitration decision related to a subcontract back charge dispute on a Civil segment project in New York that was completed in 2013. ﻿ A reconciliation of segment results to the consolidated income before income taxes is as follows: ﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |
﻿ | Three Months Ended June 30, |  | Six Months Ended June 30,
﻿(in thousands) | 2018 |  | 2017 |  | 2018 |  | 2017
﻿Income from construction operations | $ | 54,815 |  | $ | 34,045 |  | $ | 53,890 |  | $ | 71,062
﻿Other income, net |  | 1,050 |  |  | 40,990 |  |  | 1,830 |  |  | 41,406
﻿Interest expense |  | (15,998) |  |  | (22,519) |  |  | (31,063) |  |  | (38,083)
﻿Income before income taxes | $ | 39,867 |  | $ | 52,516 |  | $ | 24,657 |  | $ | 74,385
﻿ Total assets by segment are as follows: ﻿ ﻿
﻿ |  |  |  |  |
﻿ |  |  |  |  |
﻿ | As of |  | As of
﻿(in thousands) | June 30, 2018 |  | December 31, 2017
﻿Civil | $ | 2,507,912 |  | $ | 2,452,108
﻿Building |  | 913,031 |  |  | 909,207
﻿Specialty Contractors |  | 751,174 |  |  | 767,807
﻿Corporate and other(a) |  | 185,648 |  |  | 135,001
﻿Total assets | $ | 4,357,765 |  | $ | 4,264,123
| (a) |  | Consists principally of cash, equipment, tax-related assets and insurance-related assets, offset by the elimination of assets related to intersegment revenue.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -URI http://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration