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Business Segments (Tables)
 6 Months Ended
Jun. 30, 2018
Business Segments [Abstract]  
Reportable Segments



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Reportable Segments

 

 

 

 

 

 



 

 

 

 

 

 

Specialty

 

 

 

 

 

 

 

Consolidated

(in thousands)

Civil

 

 

Building

 

Contractors

 

Total

 

Corporate

 

Total

Three Months Ended June 30, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

$

 461,614 

 

$

 447,975 

 

$

 270,633 

 

$

 1,180,222 

 

$

 —

 

$

 1,180,222 

Elimination of intersegment revenue

 

 (59,141)

 

 

 (996)

 

 

 —

 

 

 (60,137)

 

 

 —

 

 

 (60,137)

Revenue from external customers

$

 402,473 

 

$

 446,979 

 

$

 270,633 

 

$

 1,120,085 

 

$

 —

 

$

 1,120,085 

Income from construction operations

$

 49,439 

 

$

 12,536 

 

$

 7,454 

 

$

 69,429 

 

$

 (14,614)

(a)

$

 54,815 

Capital expenditures

$

 27,352 

 

$

 592 

 

$

 215 

 

$

 28,159 

 

$

 174 

 

$

 28,333 

Depreciation and amortization(b)

$

 6,569 

 

$

 489 

 

$

 1,106 

 

$

 8,164 

 

$

 2,813 

 

$

 10,977 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

$

 538,552 

 

$

 508,769 

 

$

 281,857 

 

$

 1,329,178 

 

$

 —

 

$

 1,329,178 

Elimination of intersegment revenue

 

 (65,970)

 

 

 (15,934)

 

 

 —

 

 

 (81,904)

 

 

 —

 

 

 (81,904)

Revenue from external customers

$

 472,582 

 

$

 492,835 

 

$

 281,857 

 

$

 1,247,274 

 

$

 —

 

$

 1,247,274 

Income (loss) from construction operations

$

 58,144 

 

$

 5,736 

 

$

 (14,007)

 

$

 49,873 

 

$

 (15,828)

(a)

$

 34,045 

Capital expenditures

$

 1,850 

 

$

 104 

 

$

 286 

 

$

 2,240 

 

$

 271 

 

$

 2,511 

Depreciation and amortization(b)

$

 5,236 

 

$

 513 

 

$

 1,193 

 

$

 6,942 

 

$

 2,820 

 

$

 9,762 

(a)

Consists primarily of corporate general and administrative expenses.

(b)

Depreciation and amortization is included in income from construction operations.







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Reportable Segments

 

 

 

 

 

 



 

 

 

 

 

 

Specialty

 

 

 

 

 

 

 

Consolidated

(in thousands)

Civil

 

 

Building

 

Contractors

 

Total

 

Corporate

 

Total

Six Months Ended June 30, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

$

 787,014 

 

$

 938,592 

 

$

 545,434 

 

$

 2,271,040 

 

$

 —

 

$

 2,271,040 

Elimination of intersegment revenue

 

 (121,427)

 

 

 (1,372)

 

 

 —

 

 

 (122,799)

 

 

 —

 

 

 (122,799)

Revenue from external customers

$

 665,587 

 

$

 937,220 

 

$

 545,434 

 

$

 2,148,241 

 

$

 —

 

$

 2,148,241 

Income from construction operations

$

 52,278 

 

$

 18,961 

 

$

 14,689 

 

$

 85,928 

 

$

 (32,038)

(a)

$

 53,890 

Capital expenditures

$

 46,548 

 

$

 870 

 

$

 634 

 

$

 48,052 

 

$

 251 

 

$

 48,303 

Depreciation and amortization(b)

$

 12,325 

 

$

 970 

 

$

 2,218 

 

$

 15,513 

 

$

 5,651 

 

$

 21,164 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

$

 905,363 

 

$

 1,019,936 

 

$

 597,553 

 

$

 2,522,852 

 

$

 —

 

$

 2,522,852 

Elimination of intersegment revenue

 

 (128,206)

 

 

 (30,011)

 

 

 —

 

 

 (158,217)

 

 

 —

 

 

 (158,217)

Revenue from external customers

$

 777,157 

 

$

 989,925 

 

$

 597,553 

 

$

 2,364,635 

 

$

 —

 

$

 2,364,635 

Income from construction operations

$

 90,032 

 

$

 10,977 

 

$

 755 

 

$

 101,764 

 

$

 (30,702)

(a)

$

 71,062 

Capital expenditures

$

 7,417 

 

$

 148 

 

$

 293 

 

$

 7,858 

 

$

 325 

 

$

 8,183 

Depreciation and amortization(b)

$

 21,554 

 

$

 1,031 

 

$

 2,385 

 

$

 24,970 

 

$

 5,788 

 

$

 30,758 

(a)

Consists primarily of corporate general and administrative expenses.

(b)

Depreciation and amortization is included in income from construction operations.

Reconciliation of Segment Results to Consolidated Income Before Income Taxes



 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 



Three Months Ended June 30,

 

Six Months Ended June 30,

(in thousands)

2018

 

2017

 

2018

 

2017

Income from construction operations

$

 54,815 

 

$

 34,045 

 

$

 53,890 

 

$

 71,062 

Other income, net

 

 1,050 

 

 

 40,990 

 

 

 1,830 

 

 

 41,406 

Interest expense

 

 (15,998)

 

 

 (22,519)

 

 

 (31,063)

 

 

 (38,083)

Income before income taxes

$

 39,867 

 

$

 52,516 

 

$

 24,657 

 

$

 74,385 



Schedule of Assets by Segment



 

 

 

 

 



 

 

 

 

 



As of

 

As of

(in thousands)

June 30, 2018

 

December 31, 2017

Civil

$

 2,507,912 

 

$

 2,452,108 

Building

 

 913,031 

 

 

 909,207 

Specialty Contractors

 

 751,174 

 

 

 767,807 

Corporate and other(a)

 

 185,648 

 

 

 135,001 

Total assets

$

 4,357,765 

 

$

 4,264,123 

(a)

Consists principally of cash, equipment, tax-related assets and insurance-related assets, offset by the elimination of assets related to intersegment revenue.