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Business Segments (Tables)
 12 Months Ended
Dec. 31, 2018
Business Segments [Abstract]  
Reportable Segments





 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Reportable Segments

 

 

 

 

 

 



 

 

 

 

Specialty

 

Segment

 

 

 

Consolidated

(in thousands)

Civil

 

Building

 

Contractors

 

Total

 

Corporate

 

Total

Year ended December 31, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

$

 1,810,232 

 

$

 1,866,902 

 

$

 1,006,870 

 

$

 4,684,004 

 

$

 —

 

$

 4,684,004 

Elimination of intersegment revenue

 

 (224,139)

 

 

 (5,203)

 

 

 —

 

 

 (229,342)

 

 

 —

 

 

 (229,342)

Revenue from external customers

$

 1,586,093 

 

$

 1,861,699 

 

$

 1,006,870 

 

$

 4,454,662 

 

$

 —

 

$

 4,454,662 

Income (loss) from construction operations(a)

$

 168,256 

 

$

 43,939 

 

$

 43,430 

 

$

 255,625 

 

$

 (63,749)

(b)

$

 191,876 

Capital expenditures

$

 73,866 

 

$

 1,655 

 

$

 777 

 

$

 76,298 

 

$

 771 

 

$

 77,069 

Depreciation and amortization(c)

$

 29,685 

 

$

 1,956 

 

$

 4,358 

 

$

 35,999 

 

$

 11,268 

 

$

 47,267 

Year ended December 31, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

$

 1,856,164 

 

$

 1,982,857 

 

$

 1,213,708 

 

$

 5,052,729 

 

$

 —

 

$

 5,052,729 

Elimination of intersegment revenue

 

 (253,989)

 

 

 (41,532)

 

 

 —

 

 

 (295,521)

 

 

 —

 

 

 (295,521)

Revenue from external customers

$

 1,602,175 

 

$

 1,941,325 

 

$

 1,213,708 

 

$

 4,757,208 

 

$

 —

 

$

 4,757,208 

Income (loss) from construction operations

$

 192,207 

 

$

 34,199 

 

$

 18,938 

 

$

 245,344 

 

$

 (65,867)

(b)

$

 179,477 

Capital expenditures

$

 27,694 

 

$

 267 

 

$

 721 

 

$

 28,682 

 

$

 1,598 

 

$

 30,280 

Depreciation and amortization(c)

$

 33,767 

 

$

 2,021 

 

$

 4,699 

 

$

 40,487 

 

$

 11,443 

 

$

 51,930 

Year ended December 31, 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

$

 1,830,857 

 

$

 2,146,747 

 

$

 1,234,272 

 

$

 5,211,876 

 

$

 —

 

$

 5,211,876 

Elimination of intersegment revenue

 

 (161,894)

 

 

 (76,906)

 

 

 —

 

 

 (238,800)

 

 

 —

 

 

 (238,800)

Revenue from external customers

$

 1,668,963 

 

$

 2,069,841 

 

$

 1,234,272 

 

$

 4,973,076 

 

$

 —

 

$

 4,973,076 

Income (loss) from construction operations(d)

$

 172,668 

 

$

 51,564 

 

$

 37,908 

 

$

 262,140 

 

$

 (60,220)

(b)

$

 201,920 

Capital expenditures

$

 13,541 

 

$

 516 

 

$

 1,005 

 

$

 15,062 

 

$

 681 

 

$

 15,743 

Depreciation and amortization(c)

$

 48,561 

 

$

 2,186 

 

$

 5,035 

 

$

 55,782 

 

$

 11,520 

 

$

 67,302 

_____________________________________________________________________________________________________________

(a)

During the year ended December 31,  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.

(c)

Depreciation and amortization is included in income from construction operations.

(d)

During the year ended December 31, 2016 the Company recorded net favorable adjustments totaling $3.0 million in income from construction operations (an after-tax impact of $1.8 million, or $0.04 per diluted share) for various Five Star Electric projects in New York in the Specialty Contractors segment. The net impact included material adjustments related to two electrical subcontract projects: a favorable adjustment of $14.0 million for a completed project (an after-tax impact of $8.2 million, or $0.17 per diluted share) and an unfavorable adjustment of $13.8 million for a project that was nearly complete (an after-tax impact of $8.1 million, or $0.16 per diluted share).

Total Assets for Reportable Segments





 

 

 

 

 



 

 

 

 

 



As of December 31,

(in thousands)

2018

 

2017

Civil

$

 2,574,326 

 

$

 2,452,108 

Building

 

 913,746 

 

 

 909,207 

Specialty Contractors

 

 745,313 

 

 

 767,807 

Corporate and other(a)

 

 154,367 

 

 

 135,001 

Total assets

$

 4,387,752 

 

$

 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.
Principal Geographical Areas





 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 



Year Ended December 31,

(in thousands)

2018

 

2017

 

2016

Revenue:

 

 

 

 

 

 

 

 

United States

$

 4,180,206 

 

$

 4,613,644 

 

$

 4,802,393 

Foreign and U.S. territories

 

 274,456 

 

 

 143,564 

 

 

 170,683 

Total revenue

$

 4,454,662 

 

$

 4,757,208 

 

$

 4,973,076 







 

 

 

 

 



 

 

 

 

 



As of December 31,

(in thousands)

2018

 

2017

Assets:

 

 

 

 

 

United States

$

 4,225,143 

 

$

 4,093,673 

Foreign and U.S. territories

 

 162,609 

 

 

 170,450 

Total assets

$

 4,387,752 

 

$

 4,264,123 



Reconciliation of Segment Results to Consolidated Income Before Income Taxes



 

 

 

 

 

 

 

 



 



Year Ended December 31,

(in thousands)

2018

 

2017

 

2016

Income from construction operations

$

 191,876 

 

$

 179,477 

 

$

 201,920 

Other income, net

 

 4,256 

 

 

 43,882 

 

 

 6,977 

Interest expense

 

 (63,519)

 

 

 (69,384)

 

 

 (59,782)

Income before income taxes

$

 132,613 

 

$

 153,975 

 

$

 149,115