XML 50 R35.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Business Segments (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
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, 2021, 2020 and 2019:
| Reportable Segments |  |  |  |
(in thousands) | Civil |  | Building |  | Specialty Contractors |  | Total |  | Corporate |  | Consolidated Total
Year ended December 31, 2021 |  |  |  |  |  |  |  |  |  |  |
Total revenue | $ | 2,443,828 |  |  | $ | 1,574,759 |  |  | $ | 1,120,115 |  |  | $ | 5,138,702 |  |  | $ | — |  |  | $ | 5,138,702 |
Elimination of intersegment revenue | (348,068) |  |  | (146,657) |  |  | (2,147) |  |  | (496,872) |  |  | — |  |  | (496,872) |
Revenue from external customers | $ | 2,095,760 |  |  | $ | 1,428,102 |  |  | $ | 1,117,968 |  |  | $ | 4,641,830 |  |  | $ | — |  |  | $ | 4,641,830 |
Income (loss) from construction operations(a) | $ | 266,214 |  |  | $ | 28,721 |  |  | $ | (9,961) |  |  | $ | 284,974 |  |  | $ | (58,170) |  | (b) | $ | 226,804 |
Capital expenditures | $ | 37,067 |  |  | $ | 359 |  |  | $ | 476 |  |  | $ | 37,902 |  |  | $ | 692 |  |  | $ | 38,594 |
Depreciation and amortization(c) | $ | 102,723 |  |  | $ | 1,677 |  |  | $ | 3,316 |  |  | $ | 107,716 |  |  | $ | 10,513 |  |  | $ | 118,229 |
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(d) | $ | 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(e) | $ | (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 |
_____________________________________________________________________________________________________________ (a)During the year ended December 31, 2021, the Company recognized favorable adjustments in income (loss) from construction operations in the Civil segment of $29.0 million (an after-tax impact of $20.9 million, or $0.41 per diluted share) and $16.3 million (an after-tax impact of $13.5 million, or $0.26 per diluted share) on two mass-transit projects, reflecting improved profitability as a result of the negotiation and settlement of certain change orders and the associated mitigation of certain risks in 2021 as the projects progressed towards completion. The Company’s income (loss) from construction operations was negatively impacted by $13.3 million (an after-tax impact of $10.3 million, or $0.20 per diluted share) due to changes in estimates on a Civil segment transportation project in the Northeast that reflected a charge and the negative impact to earnings from growth in unapproved change orders, which resulted in a reduction in the project’s percentage of completion (and, correspondingly, a reduction in the percentage of estimated profit recognized for the year ended December 31, 2021 for this project). The Company’s income (loss) from construction operations was also negatively impacted by $13.3 million (an after-tax impact of $10.2 million, or $0.20 per diluted share) due to changes in estimates on a Building segment transportation project in the Northeast that included a charge and the negative impact to earnings from growth in unapproved change orders. In addition, in the Specialty Contractors segment, the Company recorded a reduction of $20.1 million in cost of operations during 2021 (a favorable after-tax impact of $14.5 million, or $0.28 per diluted share) due to a favorable legal judgment on a completed electrical project. The judgment awarded the Company the recovery of certain costs previously incurred. The Company’s income (loss) from construction operations for the year ended December 31, 2021 was also negatively impacted by $19.0 million (an after-tax impact of $13.7 million, or $0.27 per diluted share) and $17.6 million (an after-tax impact of $12.7 million, or $0.25 per diluted share) on the mechanical and electrical components, respectively, of a transportation project in the Northeast and $16.2 million (an after-tax impact of $11.7 million, or $0.23 per diluted share) on an electrical mass-transit project also in the Northeast, all of which were due to changes in estimates that included charges and/or the negative impact to earnings from growth in unapproved change orders. (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, 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. (e)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 6).
Total Assets for Reportable Segments | Total assets by segment were as follows:
| As of December 31,
(in thousands) | 2021 |  | 2020
Civil | $ | 3,310,648 |  |  | $ | 3,141,991 |
Building | 980,989 |  |  | 1,147,649 |
Specialty Contractors | 631,710 |  |  | 673,891 |
Corporate and other(a) | (198,449) |  |  | 82,086 |
Total assets | $ | 4,724,898 |  |  | $ | 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.
Principal Geographical Areas | Information concerning principal geographic areas is as follows:
| Year Ended December 31,
(in thousands) | 2021 |  | 2020 |  | 2019
Revenue: |  |  |  |  |
United States | $ | 4,267,734 |  |  | $ | 4,953,045 |  |  | $ | 4,073,691 |
Foreign and U.S. territories | 374,096 |  |  | 365,718 |  |  | 377,141 |
Total revenue | $ | 4,641,830 |  |  | $ | 5,318,763 |  |  | $ | 4,450,832 |
| As of December 31,
(in thousands) | 2021 |  | 2020
Assets: |  |  |
United States | $ | 4,479,873 |  |  | $ | 4,836,735 |
Foreign and U.S. territories | 245,025 |  |  | 208,882 |
Total assets | $ | 4,724,898 |  |  | $ | 5,045,617 |
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) | 2021 |  | 2020 |  | 2019
Income (loss) from construction operations | $ | 226,804 |  |  | $ | 262,344 |  |  | $ | (365,007) |
Other income (expense) | 2,004 |  |  | (11,853) |  |  | 6,667 |
Interest expense | (69,026) |  |  | (76,212) |  |  | (67,494) |
Income (loss) before income taxes | $ | 159,782 |  |  | $ | 174,279 |  |  | $ | (425,834) |

X
- Definition Tabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 + Details
Name: | us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of each significant reconciling item, other than profit (loss), revenues, or assets, in the reconciliation of totals of such items in reportable segments to the entity's corresponding consolidated amount. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599 + Details
Name: | us-gaap_ReconciliationOfOtherSignificantReconcilingItemsFromSegmentsToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of revenue from external customers by geographic areas attributed to the entity's country of domicile and to foreign countries from which the entity derives revenue. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -Subparagraph a -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 + Details
Name: | us-gaap_RevenueFromExternalCustomersByGeographicAreasTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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