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Business Segments (Tables)
9 Months Ended
Sep. 30, 2018
Business Segments [Abstract]  
Reportable Segments





 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Reportable Segments

 

 

 

 

 

 



 

 

 

 

 

 

Specialty

 

 

 

 

 

 

 

Consolidated

(in thousands)

Civil

 

 

Building

 

Contractors

 

Total

 

Corporate

 

Total

Three Months Ended September 30, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

$

479,581 

 

$

457,304 

 

$

236,157 

 

$

1,173,042 

 

$

 —

 

$

1,173,042 

Elimination of intersegment revenue

 

(48,093)

 

 

(1,812)

 

 

 —

 

 

(49,905)

 

 

 —

 

 

(49,905)

Revenue from external customers

$

431,488 

 

$

455,492 

 

$

236,157 

 

$

1,123,137 

 

$

 —

 

$

1,123,137 

Income (loss) from construction operations

$

41,282 

 

$

8,853 

 

$

11,561 

 

$

61,696 

 

$

(14,390)

(a)

$

47,306 

Capital expenditures

$

15,364 

 

$

277 

 

$

70 

 

$

15,711 

 

$

397 

 

$

16,108 

Depreciation and amortization(b)

$

8,031 

 

$

488 

 

$

1,081 

 

$

9,600 

 

$

2,817 

 

$

12,417 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

$

458,487 

 

$

500,420 

 

$

310,137 

 

$

1,269,044 

 

$

 —

 

$

1,269,044 

Elimination of intersegment revenue

 

(62,667)

 

 

(6,872)

 

 

 —

 

 

(69,539)

 

 

 —

 

 

(69,539)

Revenue from external customers

$

395,820 

 

$

493,548 

 

$

310,137 

 

$

1,199,505 

 

$

 —

 

$

1,199,505 

Income (loss) from construction operations

$

38,144 

 

$

14,058 

 

$

14,575 

 

$

66,777 

 

$

(17,705)

(a)

$

49,072 

Capital expenditures

$

1,248 

 

$

36 

 

$

81 

 

$

1,365 

 

$

164 

 

$

1,529 

Depreciation and amortization(b)

$

5,213 

 

$

502 

 

$

1,166 

 

$

6,881 

 

$

2,824 

 

$

9,705 

(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

Nine Months Ended September 30, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

$

1,266,595 

 

$

1,395,896 

 

$

781,591 

 

$

3,444,082 

 

$

 —

 

$

3,444,082 

Elimination of intersegment revenue

 

(169,520)

 

 

(3,184)

 

 

 —

 

 

(172,704)

 

 

 —

 

 

(172,704)

Revenue from external customers

$

1,097,075 

 

$

1,392,712 

 

$

781,591 

 

$

3,271,378 

 

$

 —

 

$

3,271,378 

Income (loss) from construction operations(a)

$

93,560 

 

$

27,814 

 

$

26,250 

 

$

147,624 

 

$

(46,428)

(b)

$

101,196 

Capital expenditures

$

61,912 

 

$

1,147 

 

$

704 

 

$

63,763 

 

$

648 

 

$

64,411 

Depreciation and amortization(c)

$

20,356 

 

$

1,458 

 

$

3,299 

 

$

25,113 

 

$

8,468 

 

$

33,581 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

$

1,363,850 

 

$

1,520,356 

 

$

907,690 

 

$

3,791,896 

 

$

 —

 

$

3,791,896 

Elimination of intersegment revenue

 

(190,873)

 

 

(36,883)

 

 

 —

 

 

(227,756)

 

 

 —

 

 

(227,756)

Revenue from external customers

$

1,172,977 

 

$

1,483,473 

 

$

907,690 

 

$

3,564,140 

 

$

 —

 

$

3,564,140 

Income (loss) from construction operations

$

128,176 

 

$

25,035 

 

$

15,330 

 

$

168,541 

 

$

(48,407)

(b)

$

120,134 

Capital expenditures

$

8,665 

 

$

184 

 

$

374 

 

$

9,223 

 

$

489 

 

$

9,712 

Depreciation and amortization(c)

$

26,767 

 

$

1,533 

 

$

3,551 

 

$

31,851 

 

$

8,612 

 

$

40,463 

(a)

During the nine months ended September 30, 2018, the Company recorded a charge of $17.8 million in income from construction operations (an after-tax impact of $12.8 million, or $0.25 per diluted share), which was primarily non-cash, as a result of the unexpected outcome of an arbitration decision related to a subcontract back charge dispute on a Civil segment project in New York that was completed in 2013.

(b)

Consists primarily of corporate general and administrative expenses.

Depreciation and amortization is included in income from construction operations.

Reconciliation of Segment Results to Consolidated Income Before Income Taxes



 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 



Three Months Ended September 30,

 

Nine Months Ended September 30,

(in thousands)

2018

 

2017

 

2018

 

2017

Income from construction operations

$

47,306 

 

$

49,072 

 

$

101,196 

 

$

120,134 

Other income, net

 

1,909 

 

 

967 

 

 

3,739 

 

 

42,373 

Interest expense

 

(16,411)

 

 

(15,643)

 

 

(47,474)

 

 

(53,726)

Income before income taxes

$

32,804 

 

$

34,396 

 

$

57,461 

 

$

108,781 



Schedule of Assets by Segment





 

 

 

 

 



 

 

 

 

 



As of

 

As of

(in thousands)

September 30, 2018

 

December 31, 2017

Civil

$

2,597,653 

 

$

2,452,108 

Building

 

936,365 

 

 

909,207 

Specialty Contractors

 

760,017 

 

 

767,807 

Corporate and other(a)

 

131,133 

 

 

135,001 

Total assets

$

4,425,168 

 

$

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.