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Business Segments (Tables) | 6 Months Ended
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Jun. 30, 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 and six months ended June 30, 2024 and 2023:
| Reportable Segments |  |  |  |
(in thousands) | Civil | Building | Specialty Contractors | Total |  | Corporate |  | Consolidated Total
Three Months Ended June 30, 2024 |  |  |  |  |  |  |
Total revenue | $ | 577,519 |  | $ | 433,797 |  | $ | 163,066 |  | $ | 1,174,382 |  |  | $ | — |  |  | $ | 1,174,382 |
Elimination of intersegment revenue | (31,031) |  | (15,931) |  | 50 |  | (46,912) |  |  | — |  |  | (46,912) |
Revenue from external customers | $ | 546,488 |  | $ | 417,866 |  | $ | 163,116 |  | $ | 1,127,470 |  |  | $ | — |  |  | $ | 1,127,470 |
Income (loss) from construction operations | $ | 75,587 |  | $ | 5,047 |  | $ | (7,846) |  | $ | 72,788 |  | (a) | $ | (32,295) |  | (b) | $ | 40,493 |
Capital expenditures | $ | 9,479 |  | $ | 68 |  | $ | (30) |  | $ | 9,517 |  |  | $ | 1,401 |  |  | $ | 10,918 |
Depreciation and amortization(c) | $ | 10,727 |  | $ | 585 |  | $ | 574 |  | $ | 11,886 |  |  | $ | 2,120 |  |  | $ | 14,006 |
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 |  | (d) | $ | (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 |
____________________________________________________________________________________________________ (a)During the three months ended June 30, 2024, the Company’s income (loss) from construction operations was impacted by an unfavorable adjustment of $12.4 million ($9.1 million, or $0.17 per diluted share, after tax) due to the impact of a settlement on two completed Civil segment highway projects in the Northeast. (b)Consists primarily of corporate general and administrative expenses. Corporate general and administrative expenses for the three months ended June 30, 2024 and 2023 included share-based compensation expense of $16.9 million ($12.4 million, or $0.23 per diluted share, after tax) and $2.6 million ($1.9 million, or $0.04 per diluted share, after tax), respectively. The increase in share-based compensation expense in the second quarter of 2024 was primarily due to a substantial increase in the Company’s stock price during the period, which impacted the fair value of liability-classified awards. These awards are remeasured at fair value at the end of each reporting period with the change in fair value recognized in earnings. (c)Depreciation and amortization is included in income (loss) from construction operations. (d)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.
| Reportable Segments |  |  |  |
(in thousands) | Civil | Building | Specialty Contractors | Total |  | Corporate |  | Consolidated Total
Six Months Ended June 30, 2024 |  |  |  |  |  |  |
Total revenue | $ | 1,080,341 |  | $ | 855,973 |  | $ | 327,946 |  | $ | 2,264,260 |  |  | $ | — |  |  | $ | 2,264,260 |
Elimination of intersegment revenue | (61,688) |  | (26,165) |  | 50 |  | (87,803) |  |  | — |  |  | (87,803) |
Revenue from external customers | $ | 1,018,653 |  | $ | 829,808 |  | $ | 327,996 |  | $ | 2,176,457 |  |  | $ | — |  |  | $ | 2,176,457 |
Income (loss) from construction operations | $ | 146,330 |  | $ | 21,167 |  | $ | (26,158) |  | $ | 141,339 |  | (a) | $ | (52,040) |  | (b) | $ | 89,299 |
Capital expenditures | $ | 17,610 |  | $ | 285 |  | $ | 273 |  | $ | 18,168 |  |  | $ | 3,184 |  |  | $ | 21,352 |
Depreciation and amortization(c) | $ | 20,981 |  | $ | 1,170 |  | $ | 1,172 |  | $ | 23,323 |  |  | $ | 4,265 |  |  | $ | 27,588 |
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) |  | (d) | $ | (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 |
____________________________________________________________________________________________________ (a)During the six months ended June 30, 2024, the Company’s income (loss) from construction operations was impacted by unfavorable adjustments of $12.4 million ($9.1 million, or $0.17 per diluted share, after tax) due to the impact of a settlement on two completed Civil segment highway projects in the Northeast and $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. The period was also impacted 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. Corporate general and administrative expenses for the six months ended June 30, 2024 and 2023 included share-based compensation expense of $22.4 million ($16.5 million, or $0.31 per diluted share, after tax) and $5.6 million ($4.1 million, or $0.08 per diluted share, after tax), respectively. The increase in share-based compensation expense in the current-year period was primarily due to a substantial increase in the Company’s stock price during the period, which impacted the fair value of liability-classified awards. These awards are remeasured at fair value at the end of each reporting period with the change in fair value recognized in earnings. (c)Depreciation and amortization is included in income (loss) from construction operations. (d)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.
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 June 30, |  | Six Months Ended June 30,
(in thousands) | 2024 | 2023 |  | 2024 | 2023
Income (loss) from construction operations | $ | 40,493 |  | $ | 2,388 |  |  | $ | 89,299 |  | $ | (79,557) |
Other income, net | 5,838 |  | 3,058 |  |  | 11,149 |  | 9,475 |
Interest expense | (23,084) |  | (22,016) |  |  | (42,391) |  | (43,529) |
Income (loss) before income taxes | $ | 23,247 |  | $ | (16,570) |  |  | $ | 58,057 |  | $ | (113,611) |
Schedule of Total Assets for Reportable Segments | Total assets by segment were as follows:
(in thousands) | As of June 30, 2024 | As of December 31, 2023
Civil | $ | 3,520,109 |  | $ | 3,539,608 |
Building | 1,028,958 |  | 898,902 |
Specialty Contractors | 246,128 |  | 307,171 |
Corporate and other(a) | (501,447) |  | (315,825) |
Total assets | $ | 4,293,748 |  | $ | 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.

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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 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: 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 3: 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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