Business Segment Information

12 Months Ended

Dec. 31, 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 a 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. During 2013 and in connection with our EIP, we recorded $14.7 million in restructuring charges and, separate from the EIP, recorded $3.2 million in non-cash impairment charges, all of which were to the Construction Materials segment. The restructuring and impairment charges consisted of non-cash impairment charges to non-performing quarry sites which had an aggregate carrying value of $21.3 million prior to the impairment. Separate from these quarry sites, we recorded lease termination charges of $3.2 million. See Note 11 for details.

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 connection with our EIP, we recorded restructuring charges of $31.1 million, including amounts attributable to non-controlling interests of $3.9 million, during 2013. See Note 11 for details.

The accounting policies of the segments are the same as those described in the Summary of Significant Accounting Policies (see Note 1). We evaluate segment performance based on gross profit or loss, and do not include selling, general and administrative expenses 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 (in thousands):

Years Ended December 31,	Construction		Large Project Construction		Construction Materials			Real Estate		Total
2013
Total revenue from reportable segments	$	1,251,197	$	777,811	$	372,141		$	141	$	2,401,290
Elimination of intersegment revenue	—		—		(134,389		)	—		(134,389		)
Revenue from external customers	1,251,197		777,811		237,752			141		2,266,901
Gross profit	106,374		71,808		6,953			128		185,263
Depreciation, depletion and amortization	26,228		11,679		22,945			—		60,852
Segment assets	148,459		222,584		313,578			12,478		697,099
2012
Total revenue from reportable segments	$	984,106	$	863,217	$	410,033		$	5,072	$	2,262,428
Elimination of intersegment revenue	—		—		(179,391		)	—		(179,391		)
Revenue from external customers	984,106		863,217		230,642			5,072		2,083,037
Gross profit	77,963		148,418		7,572			806		234,759
Depreciation, depletion and amortization	13,225		4,527		28,490			—		46,242
Segment assets	163,287		173,142		347,869			50,223		734,521
2011
Total revenue from reportable segments	$	1,043,614	$	725,043	$	415,618		$	20,291	$	2,204,566
Elimination of intersegment revenue	—		—		(195,035		)	—		(195,035		)
Revenue from external customers	1,043,614		725,043		220,583			20,291		2,009,531
Gross profit	124,506		104,108		16,641			2,708		247,963
Depreciation, depletion and amortization	14,747		4,547		28,672			189		48,155
Segment assets	111,780		110,441		352,619			75,050		649,890

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

Years Ended December 31,	2013			2012			2011
Total gross profit from reportable segments	$	185,263		$	234,759		$	247,963
Selling, general and administrative expenses	199,946			185,099			162,302
Restructuring and impairment charges (gains), net	52,139			(3,728		)	2,181
Gain on sales of property and equipment	12,130			27,447			15,789
Other (expense) income, net	(9,337		)	194			(9,836		)
(Loss) income before (benefit from) provision for income taxes	$	(64,029	)	$	81,029		$	89,433

A reconciliation of segment assets to consolidated total assets is as follows (in thousands):

December 31,	2013		2012		2011
Total assets for reportable segments	$	697,099	$	734,521	$	649,890
Assets not allocated to segments:
Cash and cash equivalents	229,121		321,990		256,990
Short-term and long-term marketable securities	117,202		111,430		149,658
Receivables, net	313,598		325,529		251,838
Deferred income taxes	55,874		36,687		38,571
Other current assets	65,674		67,726		76,074
Property and equipment, net	54,330		50,857		46,180
Other noncurrent assets	84,257		80,747		78,598
Consolidated total assets	$	1,617,155	$	1,729,487	$	1,547,799