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Business Segments (Tables) | 12 Months Ended
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Dec. 31, 2022
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, 2022, 2021 and 2020:
| Reportable Segments |  |  |  |
(in thousands) | Civil |  | Building |  | Specialty Contractors |  | Total |  | Corporate |  | Consolidated Total
Year ended December 31, 2022 |  |  |  |  |  |  |  |  |  |  |
Total revenue | $ | 1,956,968 |  |  | $ | 1,305,468 |  |  | $ | 813,531 |  |  | $ | 4,075,967 |  |  | $ | — |  |  | $ | 4,075,967 |
Elimination of intersegment revenue | (222,086) |  |  | (62,897) |  |  | (229) |  |  | (285,212) |  |  | — |  |  | (285,212) |
Revenue from external customers | $ | 1,734,882 |  |  | $ | 1,242,571 |  |  | $ | 813,302 |  |  | $ | 3,790,755 |  |  | $ | — |  |  | $ | 3,790,755 |
Income (loss) from construction operations(a) | $ | 21,123 |  |  | $ | 7,166 |  |  | $ | (168,019) |  |  | $ | (139,730) |  |  | $ | (65,034) |  | (b) | $ | (204,764) |
Capital expenditures | $ | 49,819 |  |  | $ | 2,333 |  |  | $ | 2,545 |  |  | $ | 54,697 |  |  | $ | 5,083 |  |  | $ | 59,780 |
Depreciation and amortization(c) | $ | 51,123 |  |  | $ | 1,713 |  |  | $ | 2,098 |  |  | $ | 54,934 |  |  | $ | 9,430 |  |  | $ | 64,364 |
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(d) | $ | 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(e) | $ | 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 |
_____________________________________________________________________________________________________________ (a)During the year ended December 31, 2022, the Company’s income (loss) from construction operations in the Civil segment was adversely impacted by $38.8 million ($30.7 million, or $0.60 per diluted share, after tax) for a 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, $26.2 million ($18.9 million, or $0.37 per diluted share, after tax) of unfavorable non-cash adjustments on a completed highway project in the Northeast due to the reversal on appeal of a previously favorable lower-court ruling, a non-cash charge of $25.5 million ($18.4 million, or $0.36 per diluted share, after tax) due to an adverse legal ruling on a dispute related to a completed bridge project in New York, $24.7 million ($17.9 million, or $0.35 per diluted share, after tax) of unfavorable adjustments on a mass-transit project in California, a $16.2 million ($11.7 million, or $0.23 per diluted share, after tax) unfavorable non-cash impact related to the settlement of a long-disputed, completed project in Maryland and an unfavorable non-cash adjustment of $10.0 million ($7.2 million, or $0.14 per diluted share, after tax) due to a ruling in ongoing dispute resolution proceedings on a mass-transit project in the Northeast. The Company’s income (loss) from construction operations was favorably impacted by a project close-out adjustment of $12.7 million ($9.1 million, or $0.18 per diluted share, after tax) on a bridge project in the Midwest. The Company’s income (loss) from operations was also negatively impacted by an unfavorable adjustment of $31.4 million ($24.4 million, or $0.48 per diluted share, after tax) split evenly between the Civil and Building segments due to changes in estimates on a transportation project in the Northeast. The Building segment was also adversely impacted by an unfavorable adjustment of $11.3 million ($8.1 million, or $0.16 per diluted share, after tax) resulting from an adverse legal ruling on a hospitality project in Florida. The Company’s income (loss) from operations in the Specialty Contractors segment was adversely impacted by $46.2 million ($33.5 million, or $0.65 per diluted share, after tax) due to unfavorable adjustments related to the unforeseen cost of project close-out issues, remediation work, extended project supervision and associated labor inefficiencies, as well as growth in unapproved change orders on the electrical component of a transportation project in the Northeast, an unfavorable non-cash impact of $43.2 million ($31.4 million, or $0.61 per diluted share, after tax) related to an adverse appellate court decision involving the electrical component of a completed mass-transit project in New York, a non-cash charge of $17.8 million ($12.9 million, or $0.25 per diluted share, after tax) that increased cost of operations associated with the partial reversal by an appellate court of previously awarded legal damages related to a completed electrical project in New York, an $11.3 million ($8.2 million, or $0.16 per diluted share, after tax) unfavorable non-cash adjustment on a mechanical project in the Northeast as a result of settlements on previously disputed items and $11.1 million ($8.0 million, or $0.16 per diluted share, after tax) of unfavorable non-cash adjustments on another mechanical project, also in the Northeast. (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, 2021, the Company recognized favorable adjustments in income (loss) from construction operations in the Civil segment of $29.0 million ($20.9 million, or $0.41 per diluted share, after tax) and $16.3 million ($13.5 million, or $0.26 per diluted share, after tax) 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 also negatively impacted by $26.6 million ($20.5 million, or $0.40 per diluted share, after tax) split evenly between the Civil and Building segments due to changes in estimates on a 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). In the Specialty Contractors segment, the Company recognized additional profit after recording a reduction of $20.1 million in cost of operations during 2021 ($14.5 million, or $0.28 per diluted share, after tax) due to a favorable trial court ruling awarding the Company the recovery of certain costs previously incurred on a completed electrical project in New York. In addition, the Company’s income (loss) from construction operations for the year ended December 31, 2021 was negatively impacted by $19.0 million ($13.7 million, or $0.27 per diluted share, after tax) and $17.6 million ($12.7 million, or $0.25 per diluted share, after tax) on the mechanical and electrical components, respectively, of a transportation project in the Northeast. Lastly, there was an impact of $16.2 million ($11.7 million, or $0.23 per diluted share, after tax) on an electrical project in New York 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). (e)During the year ended December 31, 2020, the Company recorded a charge of $15.2 million in income (loss) from construction operations ($11.0 million, or $0.22 per diluted share, after tax) 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 ($9.6 million, or $0.19 per diluted share, after tax) 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 the Specialty Contractors segment general and administrative expenses ($18.6 million, or $0.36 per diluted share, after tax) as a result of a favorable arbitration decision and subsequent settlement of the related employment dispute.
Total Assets for Reportable Segments | Total assets by segment were as follows:
| As of December 31,
(in thousands) | 2022 |  | 2021
Civil | $ | 3,402,934 |  |  | $ | 3,310,648 |
Building | 898,816 |  |  | 980,989 |
Specialty Contractors | 483,535 |  |  | 631,710 |
Corporate and other(a) | (242,485) |  |  | (198,449) |
Total assets | $ | 4,542,800 |  |  | $ | 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.
Principal Geographical Areas | Information concerning principal geographic areas is as follows:
| Year Ended December 31,
(in thousands) | 2022 |  | 2021 |  | 2020
Revenue: |  |  |  |  |
United States | $ | 3,424,574 |  |  | $ | 4,267,734 |  |  | $ | 4,953,045 |
Foreign and U.S. territories | 366,181 |  |  | 374,096 |  |  | 365,718 |
Total revenue | $ | 3,790,755 |  |  | $ | 4,641,830 |  |  | $ | 5,318,763 |
| As of December 31,
(in thousands) | 2022 |  | 2021
Assets: |  |  |
United States | $ | 4,199,604 |  |  | $ | 4,479,873 |
Foreign and U.S. territories | 343,196 |  |  | 245,025 |
Total assets | $ | 4,542,800 |  |  | $ | 4,724,898 |
Major Customer Revenue from a single customer impacting the Civil, Building and Specialty Contractors segments represented 16.3% of the Company’s consolidated revenue for the year ended December 31, 2022.
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) | 2022 |  | 2021 |  | 2020
Income (loss) from construction operations | $ | (204,764) |  |  | $ | 226,804 |  |  | $ | 262,344 |
Other income (expense) | 6,732 |  |  | 2,004 |  |  | (11,853) |
Interest expense | (69,638) |  |  | (69,026) |  |  | (76,212) |
Income (loss) before income taxes | $ | (267,670) |  |  | $ | 159,782 |  |  | $ | 174,279 |

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