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Business Segments (Tables) | 12 Months Ended
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Dec. 31, 2020
Segment Reporting [Abstract] |
Reportable Segments | The following tables set forth certain reportable segment information relating to the Company’s operations for the years ended December 31, 2020, 2019 and 2018:
| Reportable Segments |  |  |  |
(in thousands) | Civil |  | Building |  | Specialty Contractors |  | Total |  | Corporate |  | Consolidated Total
Year ended December 31, 2020 |  |  |  |  |  |  |  |  |  |  |
Total revenue | $ | 2,565,210 |  |  | $ | 2,114,459 |  |  | $ | 1,135,018 |  |  | $ | 5,814,687 |  |  | $ | — |  |  | $ | 5,814,687 |
Elimination of intersegment revenue | (365,311) |  |  | (129,818) |  |  | (795) |  |  | (495,924) |  |  | — |  |  | (495,924) |
Revenue from external customers | $ | 2,199,899 |  |  | $ | 1,984,641 |  |  | $ | 1,134,223 |  |  | $ | 5,318,763 |  |  | $ | — |  |  | $ | 5,318,763 |
Income (loss) from construction operations(a) | $ | 245,835 |  |  | $ | 53,158 |  |  | $ | 17,203 |  |  | $ | 316,196 |  |  | $ | (53,852) |  | (b) | $ | 262,344 |
Capital expenditures | $ | 51,044 |  |  | $ | 878 |  |  | $ | 1,917 |  |  | $ | 53,839 |  |  | $ | 942 |  |  | $ | 54,781 |
Depreciation and amortization(c) | $ | 90,250 |  |  | $ | 1,703 |  |  | $ | 3,983 |  |  | $ | 95,936 |  |  | $ | 11,098 |  |  | $ | 107,034 |
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(d) | $ | (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(e) | $ | 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 |
_____________________________________________________________________________________________________________ (a)During the year ended December 31, 2020, the Company recorded a charge of $15.2 million in income (loss) from construction operations (an after-tax impact of $11.0 million, or $0.22 per diluted share) due to an unfavorable legal ruling pertaining to a mechanical project in California in the Specialty Contractors segment, as well as a charge of $13.2 million (an after-tax impact of $9.6 million, or $0.19 per diluted share) due to an adverse arbitration ruling pertaining to an electrical project in New York in the Specialty Contractors segment. The Company also recorded a gain of $25.7 million in Specialty Contractors segment general and administrative expenses (an after-tax impact of $18.6 million, or $0.36 per diluted share) as a result of a favorable arbitration decision and subsequent settlement of the related employment dispute. (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, 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 (SR 99) 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 12). (e)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.
Total Assets for Reportable Segments | Total assets by segment were as follows:
| As of December 31,
(in thousands) | 2020 |  | 2019
Civil | $ | 3,141,991 |  |  | $ | 2,791,402 |
Building | 1,147,649 |  |  | 995,298 |
Specialty Contractors | 673,891 |  |  | 635,180 |
Corporate and other(a) | 82,086 |  |  | 63,897 |
Total assets | $ | 5,045,617 |  |  | $ | 4,485,777 |
_____________________________________________________________________________________________________________ (a) Consists principally of cash, equipment, tax-related assets and insurance-related assets, offset by the elimination of assets related to intersegment revenue.
Principal Geographical Areas | Information concerning principal geographic areas is as follows:
| Year Ended December 31,
(in thousands) | 2020 |  | 2019 |  | 2018
Revenue: |  |  |  |  |
United States | $ | 4,953,045 |  |  | $ | 4,073,691 |  |  | $ | 4,180,206 |
Foreign and U.S. territories | 365,718 |  |  | 377,141 |  |  | 274,456 |
Total revenue | $ | 5,318,763 |  |  | $ | 4,450,832 |  |  | $ | 4,454,662 |
| As of December 31,
(in thousands) | 2020 |  | 2019
Assets: |  |  |
United States | $ | 4,836,735 |  |  | $ | 4,271,722 |
Foreign and U.S. territories | 208,882 |  |  | 214,055 |
Total assets | $ | 5,045,617 |  |  | $ | 4,485,777 |
Reconciliation of Segment Results to Consolidated Income Before Income Taxes | A reconciliation of segment results to the consolidated income (loss) before income taxes is as follows:
| Year Ended December 31,
(in thousands) | 2020 |  | 2019 |  | 2018
Income (loss) from construction operations | $ | 262,344 |  |  | $ | (365,007) |  |  | $ | 191,876 |
Other income (expense) | (11,853) |  |  | 6,667 |  |  | 4,256 |
Interest expense | (76,212) |  |  | (67,494) |  |  | (63,519) |
Income (loss) before income taxes | $ | 174,279 |  |  | $ | (425,834) |  |  | $ | 132,613 |

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