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Revenue
6 Months Ended
Jun. 30, 2020
Revenue [Abstract]  
Revenue (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, 2020 and 2019.

Three Months Ended

Six Months Ended

June 30,

June 30,

(in thousands)

2020

2019

2020

2019

Civil segment revenue by end market:

Mass transit (includes transportation and tunneling projects)

$

354,809

$

243,620

$

651,952

$

389,870

Bridges

89,100

86,467

141,284

155,774

Highways

35,591

60,244

68,173

101,287

Military defense facilities

35,042

13,140

58,652

23,421

Water

29,548

4,658

53,292

14,326

Other

24,886

65,529

82,252

122,474

Total Civil segment revenue

$

568,976

$

473,658

$

1,055,605

$

807,152

Three Months Ended

Six Months Ended

June 30,

June 30,

(in thousands)

2020

2019

2020

2019

Building segment revenue by end market:

Commercial and industrial facilities

$

106,899

$

115,193

$

239,948

$

224,546

Hospitality and gaming

107,942

53,576

226,929

122,885

Municipal and government

79,223

68,580

148,725

130,542

Mass transit (includes transportation projects)

66,552

41,211

124,399

70,388

Education facilities

47,038

47,062

78,660

89,590

Health care facilities

32,418

60,796

68,307

141,023

Mixed use

13,101

9,316

23,073

24,591

Other

19,848

32,584

44,744

58,219

Total Building segment revenue

$

473,021

$

428,318

$

954,785

$

861,784

Three Months Ended

Six Months Ended

June 30,

June 30,

(in thousands)

2020

2019

2020

2019

Specialty Contractors segment revenue by end market:

Mass transit (includes transportation and tunneling projects)

$

118,634

$

100,016

$

267,305

$

181,411

Commercial and industrial facilities

20,499

43,618

74,004

87,641

Multi-unit residential

37,611

19,225

64,104

30,614

Education facilities

10,338

14,036

26,895

25,616

Mixed use

10,536

18,036

24,338

28,705

Health care facilities

4,283

9,248

6,805

20,899

Other

32,529

19,120

53,315

39,940

Total Specialty Contractors segment revenue

$

234,430

$

223,299

$

516,766

$

414,826

Three Months Ended June 30, 2020

Three Months Ended June 30, 2019

Specialty

Specialty

(in thousands)

Civil

Building

Contractors

Total

Civil

Building

Contractors

Total

Revenue by customer type:

State and local agencies

$

503,828

$

157,748

$

113,623

$

775,199

$

381,438

$

133,798

$

114,255

$

629,491

Federal agencies

42,590

34,648

11,292

88,530

26,979

44,396

2,761

74,136

Private owners

22,558

280,625

109,515

412,698

65,241

250,124

106,283

421,648

Total revenue

$

568,976

$

473,021

$

234,430

$

1,276,427

$

473,658

$

428,318

$

223,299

$

1,125,275

Six Months Ended June 30, 2020

Six Months Ended June 30, 2019

Specialty

Specialty

(in thousands)

Civil

Building

Contractors

Total

Civil

Building

Contractors

Total

Revenue by customer type:

State and local agencies

$

899,873

$

303,764

$

246,496

$

1,450,133

$

638,545

$

278,484

$

211,326

$

1,128,355

Federal agencies

79,251

66,621

21,048

166,920

50,137

84,547

10,530

145,214

Private owners

76,481

584,400

249,222

910,103

118,470

498,753

192,970

810,193

Total revenue

$

1,055,605

$

954,785

$

516,766

$

2,527,156

$

807,152

$

861,784

$

414,826

$

2,083,762

Three Months Ended June 30, 2020

Three Months Ended June 30, 2019

Specialty

Specialty

(in thousands)

Civil

Building

Contractors

Total

Civil

Building

Contractors

Total

Revenue by contract type:

Fixed price

$

455,928

$

114,229

$

205,531

$

775,688

$

349,945

$

136,250

$

187,826

$

674,021

Guaranteed maximum price

281

248,738

4,038

253,057

1,644

185,050

7,315

194,009

Unit price

111,790

629

18,442

130,861

116,285

2,800

20,183

139,268

Cost plus fee and other

977

109,425

6,419

116,821

5,784

104,218

7,975

117,977

Total revenue

$

568,976

$

473,021

$

234,430

$

1,276,427

$

473,658

$

428,318

$

223,299

$

1,125,275

Six Months Ended June 30, 2020

Six Months Ended June 30, 2019

Specialty

Specialty

(in thousands)

Civil

Building

Contractors

Total

Civil

Building

Contractors

Total

Revenue by contract type:

Fixed price

$

864,899

$

219,827

$

454,047

$

1,538,773

$

592,811

$

250,609

$

343,090

$

1,186,510

Guaranteed maximum price

589

486,511

6,587

493,687

3,878

392,182

10,921

406,981

Unit price

183,148

1,163

39,593

223,904

201,163

8,028

39,186

248,377

Cost plus fee and other

6,969

247,284

16,539

270,792

9,300

210,965

21,629

241,894

Total revenue

$

1,055,605

$

954,785

$

516,766

$

2,527,156

$

807,152

$

861,784

$

414,826

$

2,083,762

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. Revenue was negatively impacted during the three- and six-month periods ended June 30, 2020 related to performance obligations satisfied (or partially satisfied) in prior periods by $19.8 million and $35.6 million, respectively. Likewise, 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.

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, 2020, the aggregate amounts of the transaction prices allocated to the remaining performance obligations of the Company’s construction contracts were $5.1 billion, $1.7 billion and $2.2 billion for the Civil, Building and Specialty Contractors segments, respectively. 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. 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.