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Business Segments | 12 Months Ended
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Dec. 31, 2019
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 HVAC (heating, ventilation and air conditioning). 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 contracting services provided by the Civil segment 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 technology. 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 cost and risk management. To the extent that a contract is co-managed and co-executed among segments, the Company allocates the share of revenues and costs of the contract to each segment to reflect the shared responsibilities in the management and execution of the project. The following tables set forth certain reportable segment information relating to the Company’s operations for the years ended December 31, 2019, 2018 and 2017:
| Reportable Segments |  |  |  |  |  |
|  |  |  |  | Specialty |  | Segment |  |  |  | Consolidated
(in thousands) | Civil |  | Building |  | Contractors |  | Total |  | Corporate |  | Total
Year ended December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total revenue | $ | 2,054,097 |  | $ | 1,764,753 |  | $ | 929,738 |  | $ | 4,748,588 |  | $ | — |  | $ | 4,748,588
Elimination of intersegment revenue |  | (274,745) |  |  | (22,713) |  |  | (298) |  |  | (297,756) |  |  | — |  |  | (297,756)
Revenue from external customers | $ | 1,779,352 |  | $ | 1,742,040 |  | $ | 929,440 |  | $ | 4,450,832 |  | $ | — |  | $ | 4,450,832
Income (loss) from construction operations(a) | $ | (150,837) |  | $ | 23,655 |  | $ | (172,637) |  | $ | (299,819) |  | $ | (65,188) | (b) | $ | (365,007)
Capital expenditures | $ | 82,156 |  | $ | 518 |  | $ | 688 |  | $ | 83,362 |  | $ | 834 |  | $ | 84,196
Depreciation and amortization(c) | $ | 47,905 |  | $ | 1,934 |  | $ | 4,136 |  | $ | 53,975 |  | $ | 11,069 |  | $ | 65,044
Year ended December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total revenue | $ | 1,810,232 |  | $ | 1,866,902 |  | $ | 1,006,870 |  | $ | 4,684,004 |  | $ | — |  | $ | 4,684,004
Elimination of intersegment revenue |  | (224,139) |  |  | (5,203) |  |  | — |  |  | (229,342) |  |  | — |  |  | (229,342)
Revenue from external customers | $ | 1,586,093 |  | $ | 1,861,699 |  | $ | 1,006,870 |  | $ | 4,454,662 |  | $ | — |  | $ | 4,454,662
Income (loss) from construction operations(d) | $ | 168,256 |  | $ | 43,939 |  | $ | 43,430 |  | $ | 255,625 |  | $ | (63,749) | (b) | $ | 191,876
Capital expenditures | $ | 73,866 |  | $ | 1,655 |  | $ | 777 |  | $ | 76,298 |  |  | 771 |  |  | 77,069
Depreciation and amortization(c) | $ | 29,685 |  | $ | 1,956 |  | $ | 4,358 |  | $ | 35,999 |  | $ | 11,268 |  | $ | 47,267
Year ended December 31, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total revenue | $ | 1,856,164 |  | $ | 1,982,857 |  | $ | 1,213,708 |  | $ | 5,052,729 |  | $ | — |  | $ | 5,052,729
Elimination of intersegment revenue |  | (253,989) |  |  | (41,532) |  |  | — |  |  | (295,521) |  |  | — |  |  | (295,521)
Revenue from external customers | $ | 1,602,175 |  | $ | 1,941,325 |  | $ | 1,213,708 |  | $ | 4,757,208 |  | $ | — |  | $ | 4,757,208
Income (loss) from construction operations | $ | 192,207 |  | $ | 34,199 |  | $ | 18,938 |  | $ | 245,344 |  | $ | (65,867) | (b) | $ | 179,477
Capital expenditures | $ | 27,694 |  | $ | 267 |  | $ | 721 |  | $ | 28,682 |  | $ | 1,598 |  | $ | 30,280
Depreciation and amortization(c) | $ | 33,767 |  | $ | 2,021 |  | $ | 4,699 |  | $ | 40,487 |  | $ | 11,443 |  | $ | 51,930
_____________________________________________________________________________________________________________ (a)During the year ended December 31, 2019, the Company recorded a non-cash goodwill impairment charge of $379.9 million in income (loss) from construction operations (an after-tax impact of $330.5 million, or $6.58 per diluted share) resulting from an interim impairment test the Company performed as of June 1, 2019. For further information and breakdown of the goodwill impairment charge by segment, see Note 6. In addition, during the year ended December 31, 2019 the Company recorded a charge of $166.8 million in income (loss) from construction operations (an after-tax impact of $119.4 million, or $2.38 per diluted share), which principally impacted the Civil segment, as a result of the adverse jury verdict on the Alaskan Way Viaduct Matter, as discussed in Note 8. Lastly, the Company recognized a one-time gain of $37.8 million (an after-tax impact of $27.1 million, or $0.54 per diluted share) in Civil segment general and administrative expenses related to a remeasurement of its investment in a joint venture (see Note 13). (b)Consists primarily of corporate general and administrative expenses. (c)Depreciation and amortization is included in income (loss) from construction operations. (d)During the year ended December 31, 2018, the Company recorded a charge of $17.8 million in income (loss) from construction operations (an after-tax impact of $12.8 million, or $0.25 per diluted share), which was primarily non-cash, as a result of the unexpected adverse 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. The above were the only changes in estimates considered material to the Company’s results of operations during the periods presented herein. Total assets by segment were as follows:
| As of December 31,
(in thousands) | 2019 |  | 2018
Civil | $ | 2,791,402 |  | $ | 2,574,326
Building |  | 995,298 |  |  | 913,746
Specialty Contractors |  | 635,180 |  |  | 745,313
Corporate and other(a) |  | 63,897 |  |  | 154,367
Total assets | $ | 4,485,777 |  | $ | 4,387,752
_____________________________________________________________________________________________________________ (a)Consists principally of cash, equipment, tax-related assets and insurance-related assets, offset by the elimination of assets related to intersegment revenue. Geo graphic Information Information concerning principal geographic areas is as follows:
| Year Ended December 31,
(in thousands) | 2019 |  | 2018 |  | 2017
Revenue: |  |  |  |  |  |  |  |
United States | $ | 4,073,691 |  | $ | 4,180,206 |  | $ | 4,613,644
Foreign and U.S. territories |  | 377,141 |  |  | 274,456 |  |  | 143,564
Total revenue | $ | 4,450,832 |  | $ | 4,454,662 |  | $ | 4,757,208
| As of December 31,
(in thousands) | 2019 |  | 2018
Assets: |  |  |  |  |
United States | $ | 4,271,722 |  | $ | 4,225,143
Foreign and U.S. territories |  | 214,055 |  |  | 162,609
Total assets | $ | 4,485,777 |  | $ | 4,387,752
Reconciliation of Segment Information to Consolidated Amounts A reconciliation of segment results to the consolidated income (loss) before income taxes is as follows:
| Year Ended December 31,
(in thousands) | 2019 |  | 2018 |  | 2017
Income (loss) from construction operations | $ | (365,007) |  | $ | 191,876 |  | $ | 179,477
Other income, net |  | 6,667 |  |  | 4,256 |  |  | 43,882
Interest expense |  | (67,494) |  |  | (63,519) |  |  | (69,384)
Income (loss) before income taxes | $ | (425,834) |  | $ | 132,613 |  | $ | 153,975

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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