XML 39 R23.htm IDEA: XBRL DOCUMENT
v3.22.1

Business Segments | 3 Months Ended
--- | ---
Mar. 31, 2022
Segment Reporting [Abstract] |
Business Segments | 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, military defense facilities, 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: hospitality and gaming, transportation, health care, commercial offices, government facilities, sports and entertainment, education, correctional facilities, biotech, pharmaceutical, industrial and technology. The Specialty Contractors segment specializes in electrical, mechanical, plumbing, HVAC and fire protection systems 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 three months ended March 31, 2022 and 2021:
| Reportable Segments |  |  |  |
(in thousands) | Civil | Building | Specialty Contractors | Total |  | Corporate |  | Consolidated Total
Three Months Ended March 31, 2022 |  |  |  |  |  |  |
Total revenue | $ | 460,742 |  | $ | 355,978 |  | $ | 230,864 |  | $ | 1,047,584 |  |  | $ | — |  |  | $ | 1,047,584 |
Elimination of intersegment revenue | (69,947) |  | (25,330) |  | (153) |  | (95,430) |  |  | — |  |  | (95,430) |
Revenue from external customers | $ | 390,795 |  | $ | 330,648 |  | $ | 230,711 |  | $ | 952,154 |  |  | $ | — |  |  | $ | 952,154 |
Income (loss) from construction operations | $ | (967) |  | $ | 9,464 |  | $ | (3,894) |  | $ | 4,603 |  | (a) | $ | (14,510) |  | (b) | $ | (9,907) |
Capital expenditures | $ | 11,175 |  | $ | 2 |  | $ | 638 |  | $ | 11,815 |  |  | $ | 213 |  |  | $ | 12,028 |
Depreciation and amortization(c) | $ | 17,000 |  | $ | 401 |  | $ | 502 |  | $ | 17,903 |  |  | $ | 2,335 |  |  | $ | 20,238 |
Three Months Ended March 31, 2021 |  |  |  |  |  |  |
Total revenue | $ | 583,144 |  | $ | 457,170 |  | $ | 324,948 |  | $ | 1,365,262 |  |  | $ | — |  |  | $ | 1,365,262 |
Elimination of intersegment revenue | (107,569) |  | (49,937) |  | (161) |  | (157,667) |  |  | — |  |  | (157,667) |
Revenue from external customers | $ | 475,575 |  | $ | 407,233 |  | $ | 324,787 |  | $ | 1,207,595 |  |  | $ | — |  |  | $ | 1,207,595 |
Income (loss) from construction operations | $ | 50,105 |  | $ | 11,216 |  | $ | 1,324 |  | $ | 62,645 |  |  | $ | (12,941) |  | (b) | $ | 49,704 |
Capital expenditures | $ | 9,564 |  | $ | 73 |  | $ | 145 |  | $ | 9,782 |  |  | $ | 53 |  |  | $ | 9,835 |
Depreciation and amortization(c) | $ | 22,713 |  | $ | 432 |  | $ | 959 |  | $ | 24,104 |  |  | $ | 2,770 |  |  | $ | 26,874 |
____________________________________________________________________________________________________ (a)During the three months ended March 31, 2022, the Company’s income (loss) from construction operations was negatively impacted by $25.5 million (an after-tax impact of $18.3 million, or $0.36 per diluted share) due to an adverse legal ruling on a dispute related to a Civil segment bridge project in New York and $17.6 million (an after-tax impact of $13.9 million, or $0.27 per diluted share) on a Civil segment mass-transit project in California, which resulted from the successful negotiation of significant lower margin (and lower risk) change orders that increased the project’s overall estimated profit but reduced the project’s percentage of completion and overall margin percentage. (b)Consists primarily of corporate general and administrative expenses. (c)Depreciation and amortization is included in income (loss) from construction operations. A reconciliation of segment results to the consolidated income (loss) before income taxes is as follows:
| Three Months Ended March 31, |  |
(in thousands) | 2022 | 2021 |  |  |
Income (loss) from construction operations | $ | (9,907) |  | $ | 49,704 |  |  |  |
Other income, net | 3,697 |  | 175 |  |  |  |
Interest expense | (16,492) |  | (17,810) |  |  |  |
Income (loss) before income taxes | $ | (22,702) |  | $ | 32,069 |  |  |  |
Total assets by segment were as follows:
(in thousands) | As of March 31, 2022 | As of December 31, 2021
Civil | $ | 3,419,911 |  | $ | 3,310,648 |
Building | 969,388 |  | 980,989 |
Specialty Contractors | 629,886 |  | 631,710 |
Corporate and other(a) | (227,027) |  | (198,449) |
Total assets | $ | 4,792,158 |  | $ | 4,724,898 |
____________________________________________________________________________________________________ (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/disclosureRef -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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -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 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -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: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration