Revenue

6 Months Ended

Jun. 30, 2019

(3) Revenue

Disaggregation of Revenue

The following tables disaggregate revenue by end market, customer type and contract type, which the Company believes best depict how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors for the three and six months ended June 30, 2019 and 2018.



	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in thousands)	2019		2018		2019		2018
Civil segment revenue by end market:
Mass transit	$	243,620	$	158,096	$	389,870	$	308,222
Bridges		86,467		120,929		155,774		183,739
Highways		60,244		65,809		101,287		83,066
Tunneling		29,586		23,931		64,526		32,632
Other		53,741		33,708		95,695		57,928
Total Civil segment revenue	$	473,658	$	402,473	$	807,152	$	665,587



	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in thousands)	2019		2018		2019		2018
Building segment revenue by end market:
Commercial and industrial facilities	$	118,564	$	59,318	$	227,917	$	233,066
Health care facilities		60,796		118,116		141,023		193,197
Municipal and government		68,580		70,528		130,542		120,981
Education facilities		47,062		32,876		89,590		65,358
Hospitality and gaming		35,939		79,490		83,896		161,255
Mass transit		41,211		13,171		70,388		13,171
Mixed use		23,582		38,814		60,209		80,590
Other		32,584		34,666		58,219		69,602
Total Building segment revenue	$	428,318	$	446,979	$	861,784	$	937,220



	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in thousands)	2019		2018		2019		2018
Specialty Contractors segment revenue by end market:
Mass transit	$	100,016	$	78,169	$	181,411	$	153,351
Commercial and industrial facilities		43,618		48,952		87,641		88,291
Multi-unit residential		19,225		22,761		30,614		45,850
Mixed use		18,036		51,976		28,705		99,833
Education facilities		14,036		26,298		25,616		51,602
Health care facilities		9,248		14,623		20,899		30,988
Transportation		3,726		22,019		10,161		56,004
Other		15,394		5,835		29,779		19,515
Total Specialty Contractors segment revenue	$	223,299	$	270,633	$	414,826	$	545,434



	Three Months Ended June 30, 2019								Three Months Ended June 30, 2018
					Specialty								Specialty
(in thousands)	Civil		Building		Contractors		Total		Civil		Building		Contractors		Total
Revenue by customer type:
State and local agencies	$	381,438	$	133,798	$	114,255	$	629,491	$	327,195	$	159,556	$	106,308	$	593,059
Private owners		65,241		250,124		106,283		421,648		44,506		235,160		149,337		429,003
Federal agencies		26,979		44,396		2,761		74,136		30,772		52,263		14,988		98,023
Total revenue	$	473,658	$	428,318	$	223,299	$	1,125,275	$	402,473	$	446,979	$	270,633	$	1,120,085



	Six Months Ended June 30, 2019								Six Months Ended June 30, 2018
					Specialty								Specialty
(in thousands)	Civil		Building		Contractors		Total		Civil		Building		Contractors		Total
Revenue by customer type:
State and local agencies	$	638,545	$	278,484	$	211,326	$	1,128,355	$	553,546	$	275,541	$	212,628	$	1,041,715
Private owners		118,470		498,753		192,970		810,193		71,414		565,105		299,094		935,613
Federal agencies		50,137		84,547		10,530		145,214		40,627		96,574		33,712		170,913
Total revenue	$	807,152	$	861,784	$	414,826	$	2,083,762	$	665,587	$	937,220	$	545,434	$	2,148,241



	Three Months Ended June 30, 2019								Three Months Ended June 30, 2018
					Specialty								Specialty
(in thousands)	Civil		Building		Contractors		Total		Civil		Building		Contractors		Total
Revenue by contract type:
Fixed price	$	349,945	$	136,250	$	187,826	$	674,021	$	259,927	$	96,657	$	234,495	$	591,079
Guaranteed maximum price		1,644		185,050		7,315		194,009		3,103		270,440		17,462		291,005
Unit price		116,285		2,800		20,183		139,268		121,447		10,771		7,233		139,451
Cost plus fee and other		5,784		104,218		7,975		117,977		17,996		69,111		11,443		98,550
Total revenue	$	473,658	$	428,318	$	223,299	$	1,125,275	$	402,473	$	446,979	$	270,633	$	1,120,085



	Six Months Ended June 30, 2019								Six Months Ended June 30, 2018
					Specialty								Specialty
(in thousands)	Civil		Building		Contractors		Total		Civil		Building		Contractors		Total
Revenue by contract type:
Fixed price	$	592,811	$	250,609	$	343,090	$	1,186,510	$	443,830	$	175,658	$	481,919	$	1,101,407
Guaranteed maximum price		3,878		392,182		10,921		406,981		8,175		532,468		33,042		573,685
Unit price		201,163		8,028		39,186		248,377		190,201		19,588		13,890		223,679
Cost plus fee and other		9,300		210,965		21,629		241,894		23,381		209,506		16,583		249,470
Total revenue	$	807,152	$	861,784	$	414,826	$	2,083,762	$	665,587	$	937,220	$	545,434	$	2,148,241

Changes in Contract Estimates that Impact Revenue

Changes to the total estimated contract revenue or cost for a given project, either due to unexpected events or revisions to management’s initial estimates, are recognized in the period in which they are determined. Net revenue was negatively impacted during the three- and six-month periods ended June 30, 2019 related to performance obligations satisfied (or partially satisfied) in prior periods by $14.6 million and $27.7 million, respectively. Net revenue recognized during the three and six months ended June 30, 2018 related to performance obligations satisfied (or partially satisfied) in prior periods was immaterial.

Remaining Performance Obligations

Remaining performance obligations represent the transaction price of firm orders for which work has not been performed and exclude unexercised contract options. As of June 30, 2019, the aggregate amounts of the transaction prices allocated to the remaining performance obligations of the Company’s construction contracts were $5.5 billion, $1.7 billion and $2.2 billion for the Civil, Building and Specialty Contractors segments, respectively. As of June 30, 2018, the aggregate amounts of the transaction prices allocated to the remaining performance obligations of the Company’s construction contracts were $4.3 billion, $2.0 billion and $1.6 billion for the Civil, Building and Specialty Contractors segments, respectively. The Company typically recognizes revenue on Civil segment projects over a period of three to five years, whereas for projects in the Building and Specialty Contractors segments, the Company typically recognizes revenue over a period of one to three years.