Note 21 - Reportable Segment Information

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

21. Reportable Segment Information

As discussed in Note 1, our reportable segments for continuing operations are: Construction and Materials.

The Construction segment focuses on construction and rehabilitation of roads, pavement preservation, bridges, rail lines, airports, marine ports, dams, reservoirs, aqueducts, infrastructure and site development for use by the general public and water-related construction for municipal agencies, commercial water suppliers, industrial facilities and energy companies. It also provides construction of various complex projects including infrastructure / site development, mining, public safety, tunnel, solar and other  power-related projects. The Materials segment focuses on production of aggregates and asphalt production for internal use and for sale to third parties.

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, and do not include selling, general and administrative expenses or non-operating income or expense. Segment assets include property and equipment, intangibles, goodwill, inventory and equity in construction joint ventures.

Summarized segment information for our continuing operations is as follows (in thousands):

Years Ended December 31,	Construction		Materials			Total
2021
Total revenue from reportable segments	$	2,602,306	$	552,548		$	3,154,854
Elimination of intersegment revenue		—		(144,801	)		(144,801	)
Revenue from external customers	$	2,602,306	$	407,747		$	3,010,053
Gross profit	$	248,350	$	57,206		$	305,556
Depreciation, depletion and amortization	$	32,691	$	24,905		$	57,596
Segment assets	$	358,561	$	333,089		$	691,650
2020
Total revenue from reportable segments	$	2,764,094	$	513,546		$	3,277,640
Elimination of intersegment revenue		—		(148,761	)		(148,761	)
Revenue from external customers	$	2,764,094	$	364,785		$	3,128,879
Gross profit	$	241,444	$	63,209		$	304,653
Depreciation, depletion and amortization	$	33,155	$	21,198		$	54,353
Segment assets	$	371,479	$	316,164		$	687,643
2019
Total revenue from reportable segments	$	2,575,791	$	490,098		$	3,065,889
Elimination of intersegment revenue		—		(151,012	)		(151,012	)
Revenue from external customers	$	2,575,791	$	339,086		$	2,914,877
Gross profit	$	146,472	$	43,313		$	189,785
Depreciation, depletion and amortization	$	32,857	$	22,292		$	55,149

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

Years Ended December 31,		2021			2020			2019
Total gross profit from continuing operations	$	305,556		$	304,653		$	189,785
Selling, general and administrative expenses		243,083			252,879			238,147
Other costs (see Note 1)		95,155			36,964			6,735
Gain on sales of property and equipment (see Note 11)		(33,781	)		(4,925	)		(13,373	)
Total other expense (income), net		10,595			11,590			(1,500	)
Income (loss) from continuing operations before provision for (benefit from) income taxes	$	(9,496	)	$	8,145		$	(40,224	)

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

December 31,	2021		2020
Total assets for reportable segments	$	691,650	$	687,643
Assets not allocated to segments:
Cash and cash equivalents		395,647		425,292
Receivables, net		464,588		437,558
Other current assets, excluding segment assets		323,051		170,006
Current assets held-for-sale		392,641		171,263
Property and equipment, net, excluding segment assets		56,658		48,941
Long-term marketable securities		15,600		5,200
Investments in affiliates		23,368		27,637
Right of use assets		49,312		52,987
Deferred income taxes, net		24,141		43,111
Other noncurrent assets, excluding segment assets		58,271		58,254
Noncurrent assets held for sale		—		252,104
Consolidated total assets	$	2,494,927	$	2,379,996