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Business Segments | 3 Months Ended
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Mar. 31, 2024
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 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 and detention 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, 2024 and 2023:
| Reportable Segments |  |  |  |
(in thousands) | Civil | Building | Specialty Contractors | Total |  | Corporate |  | Consolidated Total
Three Months Ended March 31, 2024 |  |  |  |  |  |  |
Total revenue | $ | 502,822 |  | $ | 422,176 |  | $ | 164,880 |  | $ | 1,089,878 |  |  | $ | — |  |  | $ | 1,089,878 |
Elimination of intersegment revenue | (30,657) |  | (10,234) |  | — |  | (40,891) |  |  | — |  |  | (40,891) |
Revenue from external customers | $ | 472,165 |  | $ | 411,942 |  | $ | 164,880 |  | $ | 1,048,987 |  |  | $ | — |  |  | $ | 1,048,987 |
Income (loss) from construction operations | $ | 70,743 |  | $ | 16,120 |  | $ | (18,312) |  | $ | 68,551 |  | (a) | $ | (19,745) |  | (b) | $ | 48,806 |
Capital expenditures | $ | 8,131 |  | $ | 217 |  | $ | 303 |  | $ | 8,651 |  |  | $ | 1,783 |  |  | $ | 10,434 |
Depreciation and amortization(c) | $ | 10,254 |  | $ | 585 |  | $ | 598 |  | $ | 11,437 |  |  | $ | 2,145 |  |  | $ | 13,582 |
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) |  | (d) | $ | (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 |
____________________________________________________________________________________________________ (a)During the three months ended March 31, 2024, the Company’s income (loss) from construction operations was impacted by an unfavorable adjustment of $12.0 million ($8.8 million, or $0.17 per diluted share, after tax) due to an arbitration ruling that only provided a partial award to the Company pertaining to a completed Specialty Contractors segment electrical project in New York, as well as by a favorable adjustment of $10.2 million ($7.5 million, or $0.14 per diluted share, after tax) on a Civil segment mass-transit project in California related to a dispute resolution and associated expected cost savings. (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, 2023, the Company’s income (loss) from construction operations was unfavorably 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, resulting from the successful negotiation of significant lower margin (and lower risk) change orders which increased the project’s overall estimated profit but reduced the project’s percentage of completion and overall margin percentage as of March 31, 2023. A reconciliation of segment results to the consolidated income (loss) before income taxes is as follows:
| Three Months Ended March 31, |  |
(in thousands) | 2024 | 2023 |  |  |
Income (loss) from construction operations | $ | 48,806 |  | $ | (81,945) |  |  |  |
Other income, net | 5,311 |  | 6,417 |  |  |  |
Interest expense | (19,307) |  | (21,513) |  |  |  |
Income (loss) before income taxes | $ | 34,810 |  | $ | (97,041) |  |  |  |
Total assets by segment were as follows:
(in thousands) | As of March 31, 2024 | As of December 31, 2023
Civil | $ | 3,426,013 |  | $ | 3,539,608 |
Building | 957,202 |  | 898,902 |
Specialty Contractors | 270,005 |  | 307,171 |
Corporate and other(a) | (282,813) |  | (315,825) |
Total assets | $ | 4,370,407 |  | $ | 4,429,856 |
____________________________________________________________________________________________________ (a)Consists principally of cash, equipment, tax-related assets and insurance-related assets, offset by the elimination of assets related to intersegment revenue. Major Customer Revenue from a single customer with multiple projects, impacting the Civil, Building and Specialty Contractors segments, represented 18.7% and 19.5% o f the Company’s consolidated revenue for the three months ended March 31, 2024 and March 31, 2023, respectively.

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- 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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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