XML 247 R40.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

Business Segments (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2024
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, 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.
Schedule of Reconciliation of Segment Results to Consolidated Income (Loss) Before Income Taxes | 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) |  |  |  |
Schedule of Total Assets for Reportable Segments | 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.

X
- 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 -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of reconciliation of other items from reportable segments to their consolidated amount. Excludes reconciliation of revenue, profit (loss), and assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ReconciliationOfOtherSignificantReconcilingItemsFromSegmentsToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration