Business Segments (Tables)

3 Months Ended

Mar. 31, 2022

The following tables set forth certain reportable segment information relating to the Company’s operations for the three months ended March 31, 2022 and 2021:


	Reportable Segments
(in thousands)	Civil		Building		Specialty Contractors		Total			Corporate			Consolidated Total
Three Months Ended March 31, 2022
Total revenue	$	460,742	$	355,978	$	230,864	$	1,047,584		$	—		$	1,047,584
Elimination of intersegment revenue	(69,947)		(25,330)		(153)		(95,430)			—			(95,430)
Revenue from external customers	$	390,795	$	330,648	$	230,711	$	952,154		$	—		$	952,154
Income (loss) from construction operations	$	(967)	$	9,464	$	(3,894)	$	4,603	(a)	$	(14,510)	(b)	$	(9,907)
Capital expenditures	$	11,175	$	2	$	638	$	11,815		$	213		$	12,028
Depreciation and amortization(c)	$	17,000	$	401	$	502	$	17,903		$	2,335		$	20,238

Three Months Ended March 31, 2021
Total revenue	$	583,144	$	457,170	$	324,948	$	1,365,262		$	—		$	1,365,262
Elimination of intersegment revenue	(107,569)		(49,937)		(161)		(157,667)			—			(157,667)
Revenue from external customers	$	475,575	$	407,233	$	324,787	$	1,207,595		$	—		$	1,207,595
Income (loss) from construction operations	$	50,105	$	11,216	$	1,324	$	62,645		$	(12,941)	(b)	$	49,704
Capital expenditures	$	9,564	$	73	$	145	$	9,782		$	53		$	9,835
Depreciation and amortization(c)	$	22,713	$	432	$	959	$	24,104		$	2,770		$	26,874

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(a)During the three months ended March 31, 2022, the Company’s income (loss) from construction operations was negatively impacted by $25.5 million (an after-tax impact of $18.3 million, or $0.36 per diluted share) due to an adverse legal ruling on a dispute related to a Civil segment bridge project in New York and $17.6 million (an after-tax impact of $13.9 million, or $0.27 per diluted share) on a Civil segment mass-transit project in California, which resulted from the successful negotiation of significant lower margin (and lower risk) change orders that increased the project’s overall estimated profit but reduced the project’s percentage of completion and overall margin percentage.

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

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

Reconciliation of Segment Results to Consolidated Income Before Income Taxes

A reconciliation of segment results to the consolidated income (loss) before income taxes is as follows:


	Three Months Ended March 31,
(in thousands)	2022		2021
Income (loss) from construction operations	$	(9,907)	$	49,704
Other income, net	3,697		175
Interest expense	(16,492)		(17,810)
Income (loss) before income taxes	$	(22,702)	$	32,069

Total Assets for Reportable Segments

Total assets by segment were as follows:


(in thousands)	As of March 31, 2022		As of December 31, 2021
Civil	$	3,419,911	$	3,310,648
Building	969,388		980,989
Specialty Contractors	629,886		631,710
Corporate and other(a)	(227,027)		(198,449)
Total assets	$	4,792,158	$	4,724,898

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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.