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Business Segments (Tables) | 6 Months Ended
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Jun. 30, 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 and six months ended June 30, 2023 and 2022:
| Reportable Segments |  |  |  |
(in thousands) | Civil | Building | Specialty Contractors | Total |  | Corporate |  | Consolidated Total
Three Months Ended June 30, 2023 |  |  |  |  |  |  |
Total revenue | $ | 555,553 |  | $ | 321,933 |  | $ | 136,323 |  | $ | 1,013,809 |  |  | $ | — |  |  | $ | 1,013,809 |
Elimination of intersegment revenue | (1,430) |  | 9,409 |  | (37) |  | 7,942 |  |  | — |  |  | 7,942 |
Revenue from external customers | $ | 554,123 |  | $ | 331,342 |  | $ | 136,286 |  | $ | 1,021,751 |  |  | $ | — |  |  | $ | 1,021,751 |
Income (loss) from construction operations | $ | 105,407 |  | $ | (13,831) |  | $ | (69,832) |  | $ | 21,744 |  | (a) | $ | (19,356) |  | (b) | $ | 2,388 |
Capital expenditures | $ | 9,643 |  | $ | 1,458 |  | $ | 256 |  | $ | 11,357 |  |  | $ | 1,470 |  |  | $ | 12,827 |
Depreciation and amortization(c) | $ | 7,074 |  | $ | 455 |  | $ | 622 |  | $ | 8,151 |  |  | $ | 2,195 |  |  | $ | 10,346 |
Three Months Ended June 30, 2022 |  |  |  |  |  |  |
Total revenue | $ | 453,215 |  | $ | 262,556 |  | $ | 190,464 |  | $ | 906,235 |  |  | $ | — |  |  | $ | 906,235 |
Elimination of intersegment revenue | (49,593) |  | 4,385 |  | — |  | (45,208) |  |  | — |  |  | (45,208) |
Revenue from external customers | $ | 403,622 |  | $ | 266,941 |  | $ | 190,464 |  | $ | 861,027 |  |  | $ | — |  |  | $ | 861,027 |
Loss from construction operations | $ | (9,767) |  | $ | (67) |  | $ | (66,731) |  | $ | (76,565) |  | (d) | $ | (13,989) |  | (b) | $ | (90,554) |
Capital expenditures | $ | 15,656 |  | $ | 50 |  | $ | 816 |  | $ | 16,522 |  |  | $ | 295 |  |  | $ | 16,817 |
Depreciation and amortization(c) | $ | 15,025 |  | $ | 390 |  | $ | 508 |  | $ | 15,923 |  |  | $ | 2,360 |  |  | $ | 18,283 |
____________________________________________________________________________________________________ (a)During the three months ended June 30, 2023, the Company’s income (loss) from construction operations was impacted by favorable adjustments totaling $58.1 million ($46.1 million, or $0.89 per diluted share, after tax) resulting from changes in estimates due to improved performance on a Civil segment mass-transit project in California, $35.8 million ($26.0 million, or $0.50 per diluted share, after tax) of unfavorable non-cash adjustments due to changes in estimates on the Specialty Contractors segment’s electrical and mechanical scope of a transportation project in the Northeast associated with a change in the expected recovery on certain unapproved change orders, a non-cash charge of $24.7 million ($18.0 million, or $0.35 per diluted share, after tax) that resulted from an adverse legal ruling on a Specialty Contractors segment educational facilities project in New York and a $13.1 million ($10.2 million, or $0.20 per diluted share, after tax) unfavorable adjustment on a transportation project in the Northeast, split evenly between the Civil and Building segments, due to the settlement of certain change orders during project closeout. (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 June 30, 2022, the Company’s income (loss) from construction operations was adversely impacted by $33.5 million ($24.2 million, or $0.47 per diluted share, after tax) due to an unfavorable adjustment related to the unforeseen cost of project close-out issues, remediation work, extended project supervision and associated labor inefficiencies on the electrical component of a transportation project in the Northeast in the Specialty Contractors segment, a non-cash charge of $17.8 million that increased cost of operations ($12.8 million, or $0.25 per diluted share, after tax) associated with an unexpected partial reversal by an appellate court of previously awarded legal damages related to a completed electrical project in New York in the Specialty Contractors segment, and a $16.2 million unfavorable non-cash impact ($11.6 million, or $0.23 per diluted share, after tax) related to the settlement of a long-disputed, completed Civil segment project in Maryland.
| Reportable Segments |  |  |  |
(in thousands) | Civil | Building | Specialty Contractors | Total |  | Corporate |  | Consolidated Total
Six Months Ended June 30, 2023 |  |  |  |  |  |  |
Total revenue | $ | 933,777 |  | $ | 551,224 |  | $ | 333,071 |  | $ | 1,818,072 |  |  | $ | — |  |  | $ | 1,818,072 |
Elimination of intersegment revenue | (29,784) |  | 9,771 |  | (8) |  | (20,021) |  |  | — |  |  | (20,021) |
Revenue from external customers | $ | 903,993 |  | $ | 560,995 |  | $ | 333,063 |  | $ | 1,798,051 |  |  | $ | — |  |  | $ | 1,798,051 |
Income (loss) from construction operations | $ | 123,419 |  | $ | (84,040) |  | $ | (82,280) |  | $ | (42,901) |  | (a) | $ | (36,656) |  | (b) | $ | (79,557) |
Capital expenditures | $ | 24,708 |  | $ | 3,475 |  | $ | 700 |  | $ | 28,883 |  |  | $ | 1,740 |  |  | $ | 30,623 |
Depreciation and amortization(c) | $ | 14,055 |  | $ | 912 |  | $ | 1,241 |  | $ | 16,208 |  |  | $ | 4,546 |  |  | $ | 20,754 |
Six Months Ended June 30, 2022 |  |  |  |  |  |  |
Total revenue | $ | 913,957 |  | $ | 618,534 |  | $ | 421,328 |  | $ | 1,953,819 |  |  | $ | — |  |  | $ | 1,953,819 |
Elimination of intersegment revenue | (119,540) |  | (20,945) |  | (153) |  | (140,638) |  |  | — |  |  | (140,638) |
Revenue from external customers | $ | 794,417 |  | $ | 597,589 |  | $ | 421,175 |  | $ | 1,813,181 |  |  | $ | — |  |  | $ | 1,813,181 |
Income (loss) from construction operations | $ | (10,734) |  | $ | 9,397 |  | $ | (70,625) |  | $ | (71,962) |  | (d) | $ | (28,499) |  | (b) | $ | (100,461) |
Capital expenditures | $ | 26,831 |  | $ | 52 |  | $ | 1,454 |  | $ | 28,337 |  |  | $ | 508 |  |  | $ | 28,845 |
Depreciation and amortization(c) | $ | 32,025 |  | $ | 791 |  | $ | 1,010 |  | $ | 33,826 |  |  | $ | 4,695 |  |  | $ | 38,521 |
____________________________________________________________________________________________________ (a)During the six months ended June 30, 2023, the Company’s income (loss) from construction operations was 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 $1.16 per diluted share, after-tax), of which $72.2 million impacted the Building segment and $11.4 million impacted the Specialty Contractors segment, $35.8 million ($26.0 million, or $0.50 per diluted share, after tax) of unfavorable non-cash adjustments due to changes in estimates on the Specialty Contractors segment’s electrical and mechanical scope of a transportation project in the Northeast associated with a change in the expected recovery on certain unapproved change orders, net favorable adjustments of $30.1 million ($23.9 million, or $0.46 per diluted share, after tax) for a Civil segment mass-transit project in California that resulted from changes in estimates due to improved performance, a non-cash charge of $24.7 million ($18.0 million, or $0.35 per diluted share, after tax) that resulted from an adverse legal ruling on a Specialty Contractors segment educational facilities project in New York, and a $13.1 million ($10.2 million, or $0.20 per diluted share, after tax) unfavorable adjustment on a transportation project in the Northeast, split evenly between the Civil and Building segments, due to the settlement of certain change orders during project closeout. (b)Consists primarily of corporate general and administrative expenses. (c)Depreciation and amortization is included in income (loss) from construction operations. (d)During the six months ended June 30, 2022, the Company’s income (loss) from construction operations was adversely impacted by $33.5 million ($24.2 million, or $0.47 per diluted share, after tax) due to an unfavorable adjustment related to the unforeseen cost of project close-out issues, remediation work, extended project supervision and associated labor inefficiencies on the electrical component of a transportation project in the Northeast in the Specialty Contractors segment, and $29.1 million ($22.9 million, or $0.45 per diluted share, after tax) 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. The Company’s income (loss) from construction operations was also impacted by a non-cash charge of $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 Civil segment bridge project in New York, a non-cash charge of $17.8 million that increased cost of operations ($12.8 million, or $0.25 per diluted share, after tax) associated with an unexpected partial reversal by an appellate court of previously awarded legal damages related to a completed electrical project in New York in the Specialty Contractors segment, a $16.2 million unfavorable non-cash impact ($11.6 million, or $0.23 per diluted share, after tax) related to the settlement of a long-disputed, completed Civil segment project in Maryland, and a $14.6 million ($11.2 million, or $0.22 per diluted share, after tax) unfavorable adjustment split evenly between the Civil and Building segments due to changes in estimates on a transportation project in the Northeast.
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 June 30, |  | Six Months Ended June 30,
(in thousands) | 2023 | 2022 |  | 2023 | 2022
Income (loss) from construction operations | $ | 2,388 |  | $ | (90,554) |  |  | $ | (79,557) |  | $ | (100,461) |
Other income, net | 3,058 |  | 1,020 |  |  | 9,475 |  | 4,717 |
Interest expense | (22,016) |  | (16,204) |  |  | (43,529) |  | (32,696) |
Loss before income taxes | $ | (16,570) |  | $ | (105,738) |  |  | $ | (113,611) |  | $ | (128,440) |
Schedule of Total Assets for Reportable Segments | Total assets by segment were as follows:
(in thousands) | As of June 30, 2023 | As of December 31, 2022
Civil | $ | 3,459,839 |  | $ | 3,402,934 |
Building | 909,226 |  | 898,816 |
Specialty Contractors | 357,831 |  | 483,535 |
Corporate and other(a) | (258,381) |  | (242,485) |
Total assets | $ | 4,468,515 |  | $ | 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 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 -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
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