Business Segment Information

9 Months Ended

Sep. 30, 2013

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 construction projects with a large portion of the work focused on new construction and improvement of streets, roads, highways, bridges, site work, underground, electric utilities 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, electric utilities 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 develops, operates, and sells 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, 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 2012 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, goodwill, 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
2013
Total revenue from reportable segments	$	470,567	$	187,820		$	146,286		$	16	$	804,689
Elimination of intersegment revenue	—		—			(63,114		)	—		(63,114		)
Revenue from external customers	470,567		187,820			83,172			16		741,575
Gross profit (loss)	49,635		(2,543		)	7,288			16		54,396
Depreciation, depletion and amortization	8,502		3,634			5,631			—		17,767
2012
Total revenue from reportable segments	$	385,744	$	255,918		$	169,350		$	38	$	811,050
Elimination of intersegment revenue	—		—			(82,568		)	—		(82,568		)
Revenue from external customers	385,744		255,918			86,782			38		728,482
Gross profit	33,273		57,814			9,984			28		101,099
Depreciation, depletion and amortization	3,160		1,102			7,498			—		11,760

	Nine Months Ended September 30,
(in thousands)	Construction		Large Project Construction		Construction Materials			Real Estate		Total
2013
Total revenue from reportable segments	$	956,287	$	540,906	$	282,547		$	141	$	1,779,881
Elimination of intersegment revenue	—		—		(109,440		)	—		(109,440		)
Revenue from external customers	956,287		540,906		173,107			141		1,670,441
Gross profit	87,987		42,267		5,268			128		135,650
Depreciation, depletion and amortization	20,194		8,792		17,087			—		46,073
Segment assets	155,440		211,144		340,172			50,250		757,006
2012
Total revenue from reportable segments	$	748,803	$	648,645	$	316,211		$	5,055	$	1,718,714
Elimination of intersegment revenue	—		—		(140,457		)	—		(140,457		)
Revenue from external customers	748,803		648,645		175,754			5,055		1,578,257
Gross profit	59,814		108,302		9,034			801		177,951
Depreciation, depletion and amortization	9,973		3,279		22,055			—		35,307
Segment assets	110,402		109,114		353,756			57,964		631,236

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)	2013			2012		2013			2012
Total gross profit from reportable segments	$	54,396		$	101,099	$	135,650		$	177,951
Selling, general and administrative expenses	46,586			41,280		150,698			127,801
Loss (gain) on restructuring	474			—		(23		)	(2,527		)
Gain on sales of property and equipment	3,259			1,622		7,653			6,493
Total other (expense) income	(2,114		)	1,418		(8,068		)	(2,184		)
Income (loss) before provision for (benefit from) income taxes	$	8,481		$	62,859	$	(15,440	)	$	56,986