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Business Segments
 3 Months Ended
Mar. 31, 2024
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 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 and detention 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 months ended March 31, 2024 and 2023:
Reportable Segments
(in thousands)CivilBuildingSpecialty
Contractors		TotalCorporateConsolidated
Total
Three Months Ended March 31, 2024
Total revenue$502,822 $422,176 $164,880 $1,089,878 $— $1,089,878 
Elimination of intersegment revenue(30,657)(10,234)— (40,891)— (40,891)
Revenue from external customers$472,165 $411,942 $164,880 $1,048,987 $— $1,048,987 
Income (loss) from construction operations$70,743 $16,120 $(18,312)$68,551 
(a)
$(19,745)
(b)
$48,806 
Capital expenditures$8,131 $217 $303 $8,651 $1,783 $10,434 
Depreciation and amortization(c)
$10,254 $585 $598 $11,437 $2,145 $13,582 
Three Months Ended March 31, 2023
Total revenue$378,224 $229,291 $196,748 $804,263 $— $804,263 
Elimination of intersegment revenue(28,354)362 29 (27,963)— (27,963)
Revenue from external customers$349,870 $229,653 $196,777 $776,300 $— $776,300 
Income (loss) from construction operations$18,012 $(70,209)$(12,448)$(64,645)
(d)
$(17,300)
(b)
$(81,945)
Capital expenditures$15,065 $2,017 $444 $17,526 $270 $17,796 
Depreciation and amortization(c)
$6,981 $457 $619 $8,057 $2,351 $10,408 
____________________________________________________________________________________________________
(a)During the three months ended March 31, 2024, the Company’s income (loss) from construction operations was impacted by an unfavorable adjustment of $12.0 million ($8.8 million, or $0.17 per diluted share, after tax) due to an arbitration ruling that only provided a partial award to the Company pertaining to a completed Specialty Contractors segment electrical project in New York, as well as by a favorable adjustment of $10.2 million ($7.5 million, or $0.14 per diluted share, after tax) on a Civil segment mass-transit project in California related to a dispute resolution and associated expected cost savings.
(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 March 31, 2023, the Company’s income (loss) from construction operations was unfavorably impacted by an adverse legal ruling on a completed mixed-use project in New York, which resulted in a non-cash, pre-tax charge of $83.6 million ($60.1 million, or $1.17 per diluted share, after-tax), of which $72.2 million impacted the Building segment and $11.4 million impacted the Specialty Contractors segment, as well as an unfavorable adjustment of $28.0 million ($22.2 million, or $0.43 per diluted share, after tax) for a Civil segment mass-transit project in California, resulting from the successful negotiation of significant lower margin (and lower risk) change orders which increased the project’s overall estimated profit but reduced the project’s percentage of completion and overall margin percentage as of March 31, 2023.
A reconciliation of segment results to the consolidated income (loss) before income taxes is as follows:
Three Months Ended March 31,
(in thousands)20242023
Income (loss) from construction operations$48,806 $(81,945)
Other income, net5,311 6,417 
Interest expense(19,307)(21,513)
Income (loss) before income taxes$34,810 $(97,041)
Total assets by segment were as follows:
(in thousands)As of March 31,
2024		As of December 31,
2023
Civil$3,426,013 $3,539,608 
Building957,202 898,902 
Specialty Contractors270,005 307,171 
Corporate and other(a)
(282,813)(315,825)
Total assets$4,370,407 $4,429,856 
____________________________________________________________________________________________________
(a)Consists principally of cash, equipment, tax-related assets and insurance-related assets, offset by the elimination of assets related to intersegment revenue.

Major Customer
Revenue from a single customer with multiple projects, impacting the Civil, Building and Specialty Contractors segments, represented 18.7% and 19.5% of the Company’s consolidated revenue for the three months ended March 31, 2024 and March 31, 2023, respectively.