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Business Segments (Tables) | 9 Months Ended
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Sep. 30, 2021
Segment Reporting [Abstract] |
Reportable Segments | The following tables set forth certain reportable segment information relating to the Company’s operations for the three and nine months ended September 30, 2021 and 2020:
| Reportable Segments |  |  |  |
(in thousands) | Civil | Building | Specialty Contractors | Total |  | Corporate |  | Consolidated Total
Three Months Ended September 30, 2021 |  |  |  |  |  |  |
Total revenue | $ | 624,549 |  | $ | 395,013 |  | $ | 271,316 |  | $ | 1,290,878 |  |  | $ | — |  |  | $ | 1,290,878 |
Elimination of intersegment revenue | (78,331) |  | (34,072) |  | (253) |  | (112,656) |  |  | — |  |  | (112,656) |
Revenue from external customers | $ | 546,218 |  | $ | 360,941 |  | $ | 271,063 |  | $ | 1,178,222 |  |  | $ | — |  |  | $ | 1,178,222 |
Income (loss) from construction operations | $ | 62,555 |  | $ | 10,786 |  | $ | (5,470) |  | $ | 67,871 |  |  | $ | (15,778) |  | (a) | $ | 52,093 |
Capital expenditures | $ | 7,847 |  | $ | 87 |  | $ | 134 |  | $ | 8,068 |  |  | $ | 234 |  |  | $ | 8,302 |
Depreciation and amortization(b) | $ | 26,234 |  | $ | 416 |  | $ | 777 |  | $ | 27,427 |  |  | $ | 2,634 |  |  | $ | 30,061 |
Three Months Ended September 30, 2020 |  |  |  |  |  |  |
Total revenue | $ | 723,324 |  | $ | 552,823 |  | $ | 322,091 |  | $ | 1,598,238 |  |  | $ | — |  |  | $ | 1,598,238 |
Elimination of intersegment revenue | (111,328) |  | (44,683) |  | (136) |  | (156,147) |  |  | — |  |  | (156,147) |
Revenue from external customers | $ | 611,996 |  | $ | 508,140 |  | $ | 321,955 |  | $ | 1,442,091 |  |  | $ | — |  |  | $ | 1,442,091 |
Income (loss) from construction operations | $ | 70,237 |  | $ | 15,815 |  | $ | 9,700 |  | $ | 95,752 |  | (c) | $ | (12,731) |  | (a) | $ | 83,021 |
Capital expenditures | $ | 10,996 |  | $ | 438 |  | $ | 224 |  | $ | 11,658 |  |  | $ | 352 |  |  | $ | 12,010 |
Depreciation and amortization(b) | $ | 26,659 |  | $ | 419 |  | $ | 1,002 |  | $ | 28,080 |  |  | $ | 2,778 |  |  | $ | 30,858 |
____________________________________________________________________________________________________ (a)Consists primarily of corporate general and administrative expenses. (b)Depreciation and amortization is included in income (loss) from construction operations. (c)During the three months ended September 30, 2020, income (loss) from construction operations was positively impacted by $19.6 million (a favorable after-tax impact of $14.1 million, or $0.28 per diluted share) as a result of a favorable arbitration decision related to a dispute in the Specialty Contractors segment. This favorable impact was largely offset by an adverse impact of $15.2 million (an unfavorable after-tax impact of $10.9 million, or $0.21 per diluted share) due to an unfavorable legal ruling pertaining to a mechanical project in California in the Specialty Contractors segment.
| Reportable Segments |  |  |  |
(in thousands) | Civil | Building | Specialty Contractors | Total |  | Corporate |  | Consolidated Total
Nine Months Ended September 30, 2021 |  |  |  |  |  |  |  |
Total revenue | $ | 1,850,748 |  | $ | 1,267,984 |  | $ | 877,634 |  | $ | 3,996,366 |  |  | $ | — |  |  | $ | 3,996,366 |
Elimination of intersegment revenue | (273,603) |  | (117,150) |  | (553) |  | (391,306) |  |  | — |  |  | (391,306) |
Revenue from external customers | $ | 1,577,145 |  | $ | 1,150,834 |  | $ | 877,081 |  | $ | 3,605,060 |  |  | $ | — |  |  | $ | 3,605,060 |
Income (loss) from construction operations | $ | 187,733 |  | $ | 19,514 |  | $ | 5,814 |  | $ | 213,061 |  | (a) | $ | (42,511) |  | (b) | $ | 170,550 |
Capital expenditures | $ | 26,027 |  | $ | 211 |  | $ | 298 |  | $ | 26,536 |  |  | $ | 626 |  |  | $ | 27,162 |
Depreciation and amortization(c) | $ | 80,125 |  | $ | 1,272 |  | $ | 2,628 |  | $ | 84,025 |  |  | $ | 8,171 |  |  | $ | 92,196 |
Nine Months Ended September 30, 2020 |  |  |  |  |  |  |  |
Total revenue | $ | 1,948,095 |  | $ | 1,548,223 |  | $ | 839,040 |  | $ | 4,335,358 |  |  | $ | — |  |  | $ | 4,335,358 |
Elimination of intersegment revenue | (280,494) |  | (85,298) |  | (319) |  | (366,111) |  |  | — |  |  | (366,111) |
Revenue from external customers | $ | 1,667,601 |  | $ | 1,462,925 |  | $ | 838,721 |  | $ | 3,969,247 |  |  | $ | — |  |  | $ | 3,969,247 |
Income (loss) from construction operations | $ | 181,756 |  | $ | 37,120 |  | $ | 6,591 |  | $ | 225,467 |  | (d) | $ | (37,523) |  | (b) | $ | 187,944 |
Capital expenditures | $ | 41,139 |  | $ | 636 |  | $ | 952 |  | $ | 42,727 |  |  | $ | 669 |  |  | $ | 43,396 |
Depreciation and amortization(c) | $ | 67,050 |  | $ | 1,274 |  | $ | 2,990 |  | $ | 71,314 |  |  | $ | 8,320 |  |  | $ | 79,634 |
____________________________________________________________________________________________________ (a)During the nine months ended September 30, 2021, the Company recorded a reduction of $20.1 million in cost of operations (an after-tax impact of $14.6 million, or $0.28 per diluted share) due to a favorable legal judgment on a completed electrical project in New York in the Specialty Contractors segment. The judgment awarded the Company the recovery of certain costs previously incurred. The Company also recognized $18.1 million of additional revenue (an after-tax impact of $13.0 million, or $0.25 per diluted share) as a result of favorable adjustments on a Civil segment mass-transit project reflecting improved profitability due to the mitigation of certain risks as the project progresses toward completion. The Company’s income from construction operations was also negatively impacted by $14.5 million (an after-tax impact of $10.5 million, or $0.21 per diluted share) due to changes in estimates on an electrical project in New York in the Specialty Contractors segment that included unfavorable adjustments and the negative impact to the period associated with increases to project forecasts due to growth in unapproved change orders (expected to be negotiated in future periods). (b)Consists primarily of corporate general and administrative expenses. (c)Depreciation and amortization is included in income (loss) from construction operations. (d)During the nine months ended September 30, 2020, income (loss) from construction operations was adversely impacted by $15.2 million (an unfavorable after-tax impact of $10.9 million, or $0.21 per diluted share) in the third quarter of 2020 due to an unfavorable legal ruling pertaining to a mechanical project in California in the Specialty Contractors segment, as well as by $13.2 million (an unfavorable after-tax impact of $9.5 million, or $0.19 per diluted share) in the second quarter of 2020 due to an adverse arbitration ruling pertaining to an electrical project in New York in the Specialty Contractors segment. These adverse impacts were mostly offset by $19.6 million (a favorable after-tax impact of $14.1 million, or $0.28 per diluted share) in the third quarter of 2020 as a result of a favorable arbitration decision related to a dispute in the Specialty Contractors segment.
Reconciliation of Segment Results to Consolidated Income Before Income Taxes | A reconciliation of segment results to the consolidated income before income taxes is as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands) | 2021 | 2020 |  | 2021 | 2020
Income from construction operations | $ | 52,093 |  | $ | 83,021 |  |  | $ | 170,550 |  | $ | 187,944 |
Other income (expense) | (464) |  | (8,048) |  |  | 1,142 |  | (8,364) |
Interest expense | (16,694) |  | (25,613) |  |  | (52,442) |  | (58,513) |
Income before income taxes | $ | 34,935 |  | $ | 49,360 |  |  | $ | 119,250 |  | $ | 121,067 |
Total Assets for Reportable Segments | Total assets by segment were as follows:
(in thousands) | As of September 30, 2021 | As of December 31, 2020
Civil | $ | 3,255,994 |  | $ | 3,141,991 |
Building | 1,054,260 |  | 1,147,649 |
Specialty Contractors | 654,946 |  | 673,891 |
Corporate and other(a) | (137,450) |  | 82,086 |
Total assets | $ | 4,827,750 |  | $ | 5,045,617 |
____________________________________________________________________________________________________ (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 Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599 + Details
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