Business Segment Information

9 Months Ended

Sep. 30, 2011

Segment Reporting [Abstract]

Business Segment Information

Business Segment Information

Our reportable segments are: Construction, Large Project Construction, Construction Materials and Real Estate. 

The Construction segment performs various heavy civil construction projects with a large portion of the work focused on new construction and improvement of streets, roads, highways, bridges, site work and other infrastructure projects. These projects are typically bid-build projects completed within two years with a contract value of less than $75 million.

The Large Project Construction segment focuses on large, complex infrastructure projects which typically have longer duration than our Construction segment work. These projects include major highways, mass transit facilities, bridges, tunnels, waterway locks and dams, pipelines, canals and airport infrastructure. This segment primarily includes bid-build, design-build and construction management/general contractor contracts, generally with contract values in excess of $75 million.

The Construction Materials segment mines and processes aggregates and operates plants that produce construction materials for internal use and for sale to third parties.

The Real Estate segment purchases, develops, operates, sells and invests in real estate related projects and provides real estate services for the Company’s operations. The Real Estate segment’s current portfolio consists of residential, retail and office site development projects for sale to home and commercial property developers in Washington, Oregon, California and Texas. In October 2010, we announced our Enterprise Improvement Plan that includes plans to orderly divest of our real estate investment business consistent with our strategy to focus on our core business.

The accounting policies of the segments are the same as those described in the Summary of Significant Accounting Policies contained in our 2010 Annual Report on Form 10-K. We evaluate segment performance based on gross profit or loss, and do not include overhead and non-operating income or expense. Segment assets include property and equipment, intangibles, inventory, equity in construction joint ventures and real estate held for development and sale.

Summarized segment information is as follows:

	Three Months Ended September 30,
(in thousands)	Construction		Large Project Construction		Construction Materials			Real Estate		Total
2011
Total revenue from reportable segments	$	431,101	$	213,320	$	170,574		$	986	$	815,981
Elimination of intersegment revenue	—		—		(87,403		)	—		(87,403		)
Revenue from external customers	431,101		213,320		83,171			986		728,578
Gross profit	58,540		25,557		9,554			242		93,893
Depreciation, depletion and amortization	3,437		1,259		7,487			46		12,229
2010
Total revenue from reportable segments	$	409,989	$	169,972	$	193,578		$	2,761	$	776,300
Elimination of intersegment revenue	—		—		(105,450		)	—		(105,450		)
Revenue from external customers	409,989		169,972		88,128			2,761		670,850
Gross profit	44,666		18,316		12,137			1,036		76,155
Depreciation, depletion and amortization	3,432		678		9,433			82		13,625

	Nine Months Ended September 30,
(in thousands)	Construction		Large Project Construction		Construction Materials			Real Estate		Total
2011
Total revenue from reportable segments	$	784,393	$	513,478	$	309,846		$	7,029	$	1,614,746
Elimination of intersegment revenue	—		—		(144,763		)	—		(144,763		)
Revenue from external customers	784,393		513,478		165,083			7,029		1,469,983
Gross profit	87,482		69,513		10,754			1,088		168,837
Depreciation, depletion and amortization	11,362		3,316		21,594			143		36,415
Segment assets	114,359		108,272		368,141			87,232		678,004
2010
Total revenue from reportable segments	$	729,118	$	429,625	$	335,896		$	11,613	$	1,506,252
Elimination of intersegment revenue	—		—		(160,515		)	—		(160,515		)
Revenue from external customers	729,118		429,625		175,381			11,613		1,345,737
Gross profit	69,413		49,634		9,492			3,028		131,567
Depreciation, depletion and amortization	14,058		2,147		24,985			412		41,602
Segment assets	127,445		88,752		376,312			168,041		760,550

A reconciliation of segment gross profit to consolidated income (loss) before provision for (benefit from) income taxes is as follows:

	Three Months Ended September 30,					Nine Months Ended September 30,
(in thousands)	2011			2010		2011			2010
Total gross profit from reportable segments	$	93,893		$	76,155	$	168,837		$	131,567
Selling, general and administrative expenses	39,112			47,160		121,277			153,809
Gain on sales of property and equipment	5,598			3,165		11,572			11,417
Other (expense) income, net	(2,894		)	3,115		(5,866		)	2,530
Income (loss) before provision for (benefit from) income taxes	$	57,485		$	35,275	$	53,266		$	(8,295	)