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Business Segments
 6 Months Ended
Jun. 30, 2022
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 technology.
The Specialty Contractors segment specializes in electrical, mechanical, plumbing, HVAC and fire protection systems 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, 2022 and 2021:
Reportable Segments
(in thousands)CivilBuildingSpecialty
Contractors		TotalCorporateConsolidated
Total
Three Months Ended June 30, 2022
Total revenue$453,215 $262,556 $190,464 $906,235 $— $906,235 
Elimination of intersegment revenue(49,593)4,385 — (45,208)— (45,208)
Revenue from external customers$403,622 $266,941 $190,464 $861,027 $— $861,027 
Loss from construction operations$(9,767)$(67)$(66,731)$(76,565)
(a)
$(13,989)
(b)
$(90,554)
Capital expenditures$15,656 $50 $816 $16,522 $295 $16,817 
Depreciation and amortization(c)
$15,025 $390 $508 $15,923 $2,360 $18,283 
Three Months Ended June 30, 2021
Total revenue$643,055 $415,801 $281,370 $1,340,226 $— $1,340,226 
Elimination of intersegment revenue(87,703)(33,141)(139)(120,983)— (120,983)
Revenue from external customers$555,352 $382,660 $281,231 $1,219,243 $— $1,219,243 
Income (loss) from construction operations$75,073 $(2,488)$9,960 $82,545 
(d)
$(13,792)
(b)
$68,753 
Capital expenditures$8,616 $51 $19 $8,686 $339 $9,025 
Depreciation and amortization(c)
$31,178 $424 $892 $32,494 $2,767 $35,261 
____________________________________________________________________________________________________
(a)During the three months ended June 30, 2022, the Company’s income (loss) from construction operations was adversely impacted by $33.5 million ($24.2 million, or $0.47 per diluted share, after tax) due to an unfavorable adjustment related to the unforeseen cost of project close-out issues, remediation work, extended project supervision and associated labor inefficiencies on the electrical component of a transportation project in the Northeast in the Specialty Contractors segment, a non-cash charge of $17.8 million that increased cost of operations ($12.8 million, or $0.25 per diluted share, after tax) associated with an unexpected partial reversal by an appellate court of previously awarded legal damages related to a completed electrical project in New York in the Specialty Contractors segment, and a $16.2 million unfavorable non-cash impact ($11.6 million, or $0.23 per diluted share, after tax) related to the settlement of a long-disputed, completed Civil segment project in Maryland.
(b)Consists primarily of corporate general and administrative expenses.
(c)Depreciation and amortization is included in income (loss) from construction operations.
(d)During the three months ended June 30, 2021, the Company recorded a reduction of $20.1 million in cost of operations ($14.6 million, or $0.28 per diluted share, after tax) due to a favorable trial court ruling awarding the Company the recovery of certain costs previously incurred on a completed electrical project in New York in the Specialty Contractors segment.
Reportable Segments
(in thousands)CivilBuildingSpecialty
Contractors		TotalCorporateConsolidated
Total
Six Months Ended June 30, 2022
Total revenue$913,957 $618,534 $421,328 $1,953,819 $— $1,953,819 
Elimination of intersegment revenue(119,540)(20,945)(153)(140,638)— (140,638)
Revenue from external customers$794,417 $597,589 $421,175 $1,813,181 $— $1,813,181 
Income (loss) from construction operations$(10,734)$9,397 $(70,625)$(71,962)
(a)
$(28,499)
(b)
$(100,461)
Capital expenditures$26,831 $52 $1,454 $28,337 $508 $28,845 
Depreciation and amortization(c)
$32,025 $791 $1,010 $33,826 $4,695 $38,521 
Six Months Ended June 30, 2021
Total revenue$1,226,199 $872,971 $606,318 $2,705,488 $— $2,705,488 
Elimination of intersegment revenue(195,272)(83,078)(300)(278,650)— (278,650)
Revenue from external customers$1,030,927 $789,893 $606,018 $2,426,838 $— $2,426,838 
Income (loss) from construction operations$125,178 $8,728 $11,284 $145,190 
(d)
$(26,733)
(b)
$118,457 
Capital expenditures$18,180 $124 $164 $18,468 $392 $18,860 
Depreciation and amortization(c)
$53,891 $856 $1,851 $56,598 $5,537 $62,135 
____________________________________________________________________________________________________
(a)During the six months ended June 30, 2022, the Company’s income (loss) from construction operations was adversely impacted by $33.5 million ($24.2 million, or $0.47 per diluted share, after tax) due to an unfavorable adjustment related to the unforeseen cost of project close-out issues, remediation work, extended project supervision and associated labor inefficiencies on the electrical component of a transportation project in the Northeast in the Specialty Contractors segment, and $29.1 million ($22.9 million, or $0.45 per diluted share, after tax) 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. The Company’s income (loss) from construction operations was also impacted by a non-cash charge of $25.5 million ($18.3 million, or $0.36 per diluted share, after tax) due to an adverse legal ruling on a dispute related to a Civil segment bridge project in New York, a non-cash charge of $17.8 million that increased cost of operations ($12.8 million, or $0.25 per diluted share, after tax) associated with an unexpected partial reversal by an appellate court of previously awarded legal damages related to a completed electrical project in New York in the Specialty Contractors segment, a $16.2 million unfavorable non-cash impact ($11.6 million, or $0.23 per diluted share, after tax) related to the settlement of a long-disputed, completed Civil segment project in Maryland, and a $14.6 million ($11.2 million, or $0.22 per diluted share, after tax) unfavorable adjustment split evenly between the Civil and Building segments due to changes in estimates on a transportation project in the Northeast.
(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, 2021, the Company recorded a reduction of $20.1 million in cost of operations ($14.6 million, or $0.28 per diluted share, after tax) due to a favorable trial court ruling awarding the Company the recovery of certain costs previously incurred on a completed electrical project in New York in the Specialty Contractors segment.
A reconciliation of segment results to the consolidated income (loss) before income taxes is as follows:
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2022202120222021
Income (loss) from construction operations$(90,554)$68,753 $(100,461)$118,457 
Other income, net1,020 1,431 4,717 1,606 
Interest expense(16,204)(17,938)(32,696)(35,748)
Income (loss) before income taxes$(105,738)$52,246 $(128,440)$84,315 
Total assets by segment were as follows:
(in thousands)As of June 30,
2022		As of December 31,
2021
Civil$3,432,649 $3,310,648 
Building919,426 980,989 
Specialty Contractors600,332 631,710 
Corporate and other(a)
(232,724)(198,449)
Total assets$4,719,683 $4,724,898 
____________________________________________________________________________________________________
(a)Consists principally of cash, equipment, tax-related assets and insurance-related assets, offset by the elimination of assets related to intersegment revenue.