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v3.23.1

Business Segments (Tables) | 3 Months Ended
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Mar. 31, 2023
Segment Reporting [Abstract] |
Schedule of Reportable Segments | The following tables set forth certain reportable segment information relating to the Company’s operations for the three months ended March 31, 2023 and 2022:
| Reportable Segments |  |  |  |
(in thousands) | Civil | Building | Specialty Contractors | Total |  | Corporate |  | Consolidated Total
Three Months Ended March 31, 2023 |  |  |  |  |  |  |
Total revenue | $ | 378,224 |  | $ | 229,291 |  | $ | 196,748 |  | $ | 804,263 |  |  | $ | — |  |  | $ | 804,263 |
Elimination of intersegment revenue | (28,354) |  | 362 |  | 29 |  | (27,963) |  |  | — |  |  | (27,963) |
Revenue from external customers | $ | 349,870 |  | $ | 229,653 |  | $ | 196,777 |  | $ | 776,300 |  |  | $ | — |  |  | $ | 776,300 |
Income (loss) from construction operations | $ | 18,012 |  | $ | (70,209) |  | $ | (12,448) |  | $ | (64,645) |  | (a) | $ | (17,300) |  | (b) | $ | (81,945) |
Capital expenditures | $ | 15,065 |  | $ | 2,017 |  | $ | 444 |  | $ | 17,526 |  |  | $ | 270 |  |  | $ | 17,796 |
Depreciation and amortization(c) | $ | 6,981 |  | $ | 457 |  | $ | 619 |  | $ | 8,057 |  |  | $ | 2,351 |  |  | $ | 10,408 |
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 |  | (d) | $ | (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 |
____________________________________________________________________________________________________ (a)During the three months ended March 31, 2023, the Company’s income (loss) from construction operations was negatively impacted by an adverse legal ruling on a completed mixed-use project in New York, which resulted in a non-cash, pre-tax charge of $83.6 million ($60.1 million, or $1.17 per diluted share, after-tax), of which $72.2 million impacted the Building segment and $11.4 million impacted the Specialty Contractors segment, as well as an unfavorable adjustment of $28.0 million ($22.2 million, or $0.43 per diluted share, after tax) for 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 as of March 31, 2023. (b)Consists primarily of corporate general and administrative expenses. (c)Depreciation and amortization is included in income (loss) from construction operations. (d)During the three months ended March 31, 2022, the Company’s income (loss) from construction operations was negatively impacted by $25.5 million ($18.3 million, or $0.36 per diluted share, after tax) due to an adverse legal ruling on a dispute related to a completed Civil segment bridge project in New York and an adverse impact of $17.6 million ($13.9 million, or $0.27 per diluted share, after tax) for 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 as of March 31, 2022.
Schedule of Reconciliation of Segment Results to Consolidated Income Before Income Taxes | A reconciliation of segment results to the consolidated loss before income taxes is as follows:
| Three Months Ended March 31, |  |
(in thousands) | 2023 | 2022 |  |  |
Loss from construction operations | $ | (81,945) |  | $ | (9,907) |  |  |  |
Other income, net | 6,417 |  | 3,697 |  |  |  |
Interest expense | (21,513) |  | (16,492) |  |  |  |
Loss before income taxes | $ | (97,041) |  | $ | (22,702) |  |  |  |
Schedule of Total Assets for Reportable Segments | Total assets by segment were as follows:
(in thousands) | As of March 31, 2023 | As of December 31, 2022
Civil | $ | 3,368,743 |  | $ | 3,402,934 |
Building | 879,321 |  | 898,816 |
Specialty Contractors | 385,806 |  | 483,535 |
Corporate and other(a) | (157,092) |  | (242,485) |
Total assets | $ | 4,476,778 |  | $ | 4,542,800 |
____________________________________________________________________________________________________ (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 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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 + Details
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- 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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
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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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
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