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Business Segments
 6 Months Ended
Jun. 30, 2019
Business Segments [Abstract]  
Business Segments (18)     Business Segments

The Company offers general contracting, pre-construction planning and comprehensive project management services, including planning and scheduling of manpower, equipment, materials and subcontractors required for the timely completion of a project in accordance with the terms and specifications contained in a construction contract. The Company also offers self-performed construction services: site work, concrete forming and placement, steel erection, electrical, mechanical, plumbing, and HVAC (heating, ventilation and air conditioning). As described below, the Company’s business is conducted through three segments: Civil, Building and Specialty Contractors. These segments are determined based on how the Company’s Chairman and Chief Executive Officer (chief operating decision maker) aggregates business units when evaluating performance and allocating resources.

The Civil segment specializes in public works construction and the replacement and reconstruction of infrastructure. The contracting services provided by the Civil segment include construction and rehabilitation of highways, bridges, tunnels, mass-transit systems, and water management and wastewater treatment facilities.

The Building segment has significant experience providing services for private and public works customers in a number of specialized building markets, including: high-rise residential, hospitality and gaming, transportation, health care, commercial and government offices, sports and entertainment, education, correctional facilities, biotech, pharmaceutical, industrial and technology.

The Specialty Contractors segment specializes in electrical, mechanical, plumbing, HVAC, fire protection systems and pneumatically placed concrete for a full range of civil and building construction projects in the industrial, commercial, hospitality and gaming, and mass-transit end markets. This segment provides the Company with unique strengths and capabilities that allow the Company to position itself as a full-service contractor with greater control over scheduled work, project delivery, and cost and risk management.

To the extent that a contract is co-managed and co-executed among segments, the Company allocates the share of revenues and costs of the contract to each segment to reflect the shared responsibilities in the management and execution of the project.

The following tables set forth certain reportable segment information relating to the Company’s operations for the three and six months ended June 30, 2019 and 2018:

Reportable Segments

Specialty

Consolidated

(in thousands)

Civil

Building

Contractors

Total

Corporate

Total

Three Months Ended June 30, 2019

Total revenue

$

541,117

$

433,559

$

223,299

$

1,197,975

$

—

$

1,197,975

Elimination of intersegment revenue

(67,459)

(5,241)

—

(72,700)

—

(72,700)

Revenue from external customers

$

473,658

$

428,318

$

223,299

$

1,125,275

$

—

$

1,125,275

Income (loss) from construction operations

$

(164,472)

$

(3,810)

$

(159,795)

$

(328,077)

(a)

$

(13,640)

(b)

$

(341,717)

Capital expenditures

$

24,439

$

150

$

110

$

24,699

$

235

$

24,934

Depreciation and amortization(c)

$

10,285

$

497

$

1,061

$

11,843

$

2,754

$

14,597

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 (loss) from construction operations

$

49,439

$

12,536

$

7,454

$

69,429

$

(14,614)

(b)

$

54,815

Capital expenditures

$

27,352

$

592

$

215

$

28,159

$

174

$

28,333

Depreciation and amortization(c)

$

6,569

$

489

$

1,106

$

8,164

$

2,813

$

10,977

(a)During the three months ended June 30, 2019, the Company recorded a non-cash goodwill impairment charge of $379.9 million in income (loss) from continuing operations (an unfavorable after-tax impact of $329.5 million, or $6.56 per diluted share) resulting from an interim impairment test the Company performed as of June 1, 2019. (For further information and breakdown of the goodwill impairment charge by segment, see Note 8, Goodwill and Intangible Assets).

(b)Consists primarily of corporate general and administrative expenses.

(c)Depreciation and amortization is included in income (loss) from construction operations.

Reportable Segments

Specialty

Consolidated

(in thousands)

Civil

Building

Contractors

Total

Corporate

Total

Six Months Ended June 30, 2019

Total revenue

$

924,739

$

869,802

$

414,826

$

2,209,367

$

—

$

2,209,367

Elimination of intersegment revenue

(117,587)

(8,018)

—

(125,605)

—

(125,605)

Revenue from external customers

$

807,152

$

861,784

$

414,826

$

2,083,762

$

—

$

2,083,762

Income (loss) from construction operations

$

(122,727)

$

(677)

$

(167,283)

$

(290,687)

(a)

$

(28,117)

(b)

$

(318,804)

Capital expenditures

$

38,451

$

205

$

233

$

38,889

$

457

$

39,346

Depreciation and amortization(c)

$

19,655

$

1,000

$

2,125

$

22,780

$

5,534

$

28,314

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 (loss) from construction operations(d)

$

52,278

$

18,961

$

14,689

$

85,928

$

(32,038)

(b)

$

53,890

Capital expenditures

$

46,548

$

870

$

634

$

48,052

$

251

$

48,303

Depreciation and amortization(c)

$

12,325

$

970

$

2,218

$

15,513

$

5,651

$

21,164

(a)During the six months ended June 30, 2019, the Company recorded a non-cash goodwill impairment charge of $379.9 million in income (loss) from continuing operations (an unfavorable after-tax impact of $329.5 million, or $6.57 per diluted share) resulting from an interim impairment test the Company performed as of June 1, 2019. (For further information and breakdown of the goodwill impairment charge by segment, see Note 8, Goodwill and Intangible Assets).

(b)Consists primarily of corporate general and administrative expenses.

(c)Depreciation and amortization is included in income (loss) from construction operations.

(d)During the six months ended June 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.

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)

2019

2018

2019

2018

Income (loss) from construction operations

$

(341,717)

$

54,815

$

(318,804)

$

53,890

Other income, net

900

1,050

1,322

1,830

Interest expense

(17,522)

(15,998)

(33,947)

(31,063)

Income (loss) before income taxes

$

(358,339)

$

39,867

$

(351,429)

$

24,657

Total assets by segment were as follows:

As of

As of

(in thousands)

June 30, 2019

December 31, 2018

Civil

$

2,545,572

$

2,574,326

Building

961,287

913,746

Specialty Contractors

607,008

745,313

Corporate and other(a)

299,629

154,367

Total assets

$

4,413,496

$

4,387,752

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