Business Segment Information

9 Months Ended

Sep. 30, 2014

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, power related facilities, 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, power related facilities, utilities and airport infrastructure. This segment primarily includes bid-build, design-build, construction management/general contractor contracts, and various contract methods relating to public, private partnerships, 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 and California.

The accounting policies of the segments are the same as those described in the Summary of Significant Accounting Policies contained in our 2013 Annual Report on Form 10-K. We evaluate segment performance based on gross profit or loss, and do not include selling, general and administrative expenses nor 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 for the three and nine months ended September 30, 2014 and 2013 is as follows (in thousands):

	Three Months Ended September 30,
	Construction		Large Project Construction			Construction Materials			Real Estate		Total
2014
Total revenue from reportable segments	$	447,097	$	179,446		$	146,782		$	7	$	773,332
Elimination of intersegment revenue	—		—			(53,568		)	—		(53,568		)
Revenue from external customers	447,097		179,446			93,214			7		719,764
Gross profit	48,802		5,679			12,204			7		66,692
Depreciation, depletion and amortization	4,621		4,777			5,408			—		14,806
2013 As Revised
Total revenue from reportable segments	$	470,567	$	185,997		$	146,286		$	16	$	802,866
Elimination of intersegment revenue	—		—			(63,114		)	—		(63,114		)
Revenue from external customers	470,567		185,997			83,172			16		739,752
Gross profit (loss)	50,719		(2,163		)	7,288			16		55,860
Depreciation, depletion and amortization	8,502		3,634			5,631			—		17,767

	Nine Months Ended September 30,
	Construction		Large Project Construction		Construction Materials			Real Estate		Total
2014
Total revenue from reportable segments	$	873,357	$	611,110	$	286,669		$	29	$	1,771,165
Elimination of intersegment revenue	—		—		(85,684		)	—		(85,684		)
Revenue from external customers	873,357		611,110		200,985			29		1,685,481
Gross profit	82,773		72,264		15,449			29		170,515
Depreciation, depletion and amortization	12,865		12,001		16,267			—		41,133
Segment assets	150,070		247,694		310,731			11,773		720,268
2013 As Revised
Total revenue from reportable segments	$	956,287	$	539,268	$	282,547		$	141	$	1,778,243
Elimination of intersegment revenue	—		—		(109,440		)	—		(109,440		)
Revenue from external customers	956,287		539,268		173,107			141		1,668,803
Gross profit	87,989		42,129		5,268			127		135,513
Depreciation, depletion and amortization	20,194		8,792		17,087			—		46,073
Segment assets	155,440		212,644		340,172			50,250		758,506

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)	2014			2013 As Revised			2014			2013 As Revised
Total gross profit from reportable segments	$	66,692		$	55,860		$	170,515		$	135,513
Selling, general and administrative expenses	47,386			45,527			147,731			149,477
Gain on sales of property and equipment	3,004			3,259			6,891			7,653
Other expense	(2,124		)	(2,114		)	(6,323		)	(8,068		)
Income (loss) before provision for (benefit from) income taxes	$	20,186		$	11,478		$	23,352		$	(14,379	)