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Business Segments
 12 Months Ended
Dec. 31, 2020
Segment Reporting [Abstract]  
Business Segments 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, military defense facilities, 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: hospitality and gaming, transportation, health care, commercial offices, government facilities, sports and entertainment, education, correctional facilities, biotech, pharmaceutical, industrial and high-tech.
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 years ended December 31, 2020, 2019 and 2018:
Reportable Segments
(in thousands)CivilBuildingSpecialty
Contractors		TotalCorporateConsolidated
Total
Year ended December 31, 2020
Total revenue$2,565,210 $2,114,459 $1,135,018 $5,814,687 $— $5,814,687 
Elimination of intersegment revenue(365,311)(129,818)(795)(495,924)— (495,924)
Revenue from external customers$2,199,899 $1,984,641 $1,134,223 $5,318,763 $— $5,318,763 
Income (loss) from construction operations(a)
$245,835 $53,158 $17,203 $316,196 $(53,852)
(b)
$262,344 
Capital expenditures$51,044 $878 $1,917 $53,839 $942 $54,781 
Depreciation and amortization(c)
$90,250 $1,703 $3,983 $95,936 $11,098 $107,034 
Year ended December 31, 2019
Total revenue$2,054,097 $1,764,753 $929,738 $4,748,588 $— $4,748,588 
Elimination of intersegment revenue(274,745)(22,713)(298)(297,756)— (297,756)
Revenue from external customers$1,779,352 $1,742,040 $929,440 $4,450,832 $— $4,450,832 
Income (loss) from construction operations(d)
$(150,837)$23,655 $(172,637)$(299,819)$(65,188)
(b)
$(365,007)
Capital expenditures$82,156 $518 $688 $83,362 $834 $84,196 
Depreciation and amortization(c)
$47,905 $1,934 $4,136 $53,975 $11,069 $65,044 
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(e)
$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 
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(a)During the year ended December 31, 2020, the Company recorded a charge of $15.2 million in income (loss) from construction operations (an after-tax impact of $11.0 million, or $0.22 per diluted share) due to an unfavorable legal ruling pertaining to a mechanical project in California in the Specialty Contractors segment, as well as a charge of $13.2 million (an after-tax impact of $9.6 million, or $0.19 per diluted share) due to an adverse arbitration ruling pertaining to an electrical project in New York in the Specialty Contractors segment. The Company also recorded a gain of $25.7 million in Specialty Contractors segment general and administrative expenses (an after-tax impact of $18.6 million, or $0.36 per diluted share) as a result of a favorable arbitration decision and subsequent settlement of the related employment dispute.
(b)Consists primarily of corporate general and administrative expenses.
(c)Depreciation and amortization is included in income (loss) from construction operations.
(d)During the year ended December 31, 2019, the Company recorded a non-cash goodwill impairment charge of $379.9 million in income (loss) from construction operations (an after-tax impact of $330.5 million, or $6.58 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 6. In addition, during the year ended December 31, 2019 the Company recorded a charge of $166.8 million in income (loss) from construction operations (an after-tax impact of $119.4 million, or $2.38 per diluted share), which principally impacted the Civil segment, as a result of the adverse jury verdict on the Alaskan Way Viaduct (SR 99) Matter, as discussed in Note 8. Lastly, the Company recognized a one-time gain of $37.8 million (an after-tax impact of $27.1 million, or $0.54 per diluted share) in Civil segment general and administrative expenses related to a remeasurement of its investment in a joint venture (see Note 12).
(e)During the year ended December 31, 2018, the Company recorded a charge of $17.8 million in income (loss) 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 adverse 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.
The above were the only changes in estimates considered material to the Company’s results of operations during the periods presented herein.
Total assets by segment were as follows:
As of December 31,
(in thousands)20202019
Civil$3,141,991 $2,791,402 
Building1,147,649 995,298 
Specialty Contractors673,891 635,180 
Corporate and other(a)
82,086 63,897 
Total assets$5,045,617 $4,485,777 
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(a)    Consists principally of cash, equipment, tax-related assets and insurance-related assets, offset by the elimination of assets related to intersegment revenue.
Geographic Information
Information concerning principal geographic areas is as follows:
Year Ended December 31,
(in thousands)202020192018
Revenue:
United States$4,953,045 $4,073,691 $4,180,206 
Foreign and U.S. territories365,718 377,141 274,456 
Total revenue$5,318,763 $4,450,832 $4,454,662 
As of December 31,
(in thousands)20202019
Assets:
United States$4,836,735 $4,271,722 
Foreign and U.S. territories208,882 214,055 
Total assets$5,045,617 $4,485,777 
Reconciliation of Segment Information to Consolidated Amounts
A reconciliation of segment results to the consolidated income (loss) before income taxes is as follows:
Year Ended December 31,
(in thousands)202020192018
Income (loss) from construction operations$262,344 $(365,007)$191,876 
Other income (expense)(11,853)6,667 4,256 
Interest expense(76,212)(67,494)(63,519)
Income (loss) before income taxes$174,279 $(425,834)$132,613