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Business Segments
 12 Months Ended
Dec. 31, 2014
Business Segments  
Business Segments

[12] Business Segments

 

The Company’s chief operating decision maker is the Chairman and Chief Executive Officer who decides how to allocate resources and assess performance of the business segments. Generally, the Company evaluates performance of its operating segments on the basis of income from operations and cash flow.

 

During the first quarter of 2014, the Company completed a reorganization which resulted in the elimination of the Management Services reporting unit and reportable segment. The Management Services reporting unit formerly consisted of the following subsidiary companies: Black Construction and Perini Management Services. The reorganization was completed due to the unit no longer meeting the criteria set forth in FASB ASC Topic 280,  “Segment Reporting”. 

 

The following tables set forth certain reportable segment information relating to the Company’s operations for the years ended December 31, 2014, 2013 and 2012. In accordance with the accounting guidance on segment reporting, the Company has restated comparative prior period information for the reorganized reportable segments in the tables below.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reportable Segments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

Specialty

 

 

 

 

 

 

 

 

Consolidated

(in thousands)

 

Civil

 

Building

 

Contractors

 

Totals

 

Corporate

 

Total

2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Revenues

 

$
1,730,468 

 

$
1,558,431 

 

$
1,301,328 

 

$
4,590,227 

 

$

 —

 

 

$
4,590,227 

Elimination of intersegment revenues

 

 
(43,324)

 

 
(54,594)

 

 

 —

 

 
(97,918)

 

 

 —

 

 

 
(97,918)

Revenues from external customers

 

$
1,687,144 

 

$
1,503,837 

 

$
1,301,328 

 

$
4,492,309 

 

$

 —

 

 

$
4,492,309 

Income from construction operations

 

$
220,554 

 

$
24,697 

 

$
50,998 

 

$
296,249 

 

$
(54,559)

 

 

$
241,690 

Assets

 

$
1,814,170 

 

$
680,933 

 

$
775,162 

 

$
3,270,265 

 

$
503,050 

(b)

 

$
3,773,315 

Capital Expenditures

 

$
65,377 

 

$
735 

 

$
6,974 

 

$
73,086 

 

$
1,927 

 

 

$
75,013 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Revenues

 

$
1,519,370 

 

$
1,622,705 

 

$
1,182,844 

 

$
4,324,919 

 

$

 —

 

 

$
4,324,919 

Elimination of intersegment revenues

 

 
(77,954)

 

 
(70,726)

 

 
(567)

 

 
(149,247)

 

 

 —

 

 

 
(149,247)

Revenues from external customers

 

$
1,441,416 

 

$
1,551,979 

 

$
1,182,277 

 

$
4,175,672 

 

$

 —

 

 

$
4,175,672 

Income from construction operations

 

 
177,667 

 

$
24,579 

 

$
49,008 

 

$
251,254 

 

$
(47,432)

 

 

$
203,822 

Assets

 

$
1,427,633 

 

$
666,375 

 

$
727,303 

 

$
2,821,311 

 

$
576,127 

(b)

 

$
3,397,438 

Capital Expenditures

 

 
32,489 

 

$
1,666 

 

$
4,137 

 

$
38,292 

 

$
6,999 

 

 

$
45,291 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2012

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Revenues

 

$
1,378,322 

 

$
1,632,279 

 

$
1,183,518 

 

$
4,194,119 

 

$

 —

 

 

$
4,194,119 

Elimination of intersegment revenues

 

 
(42,329)

 

 
(39,838)

 

 
(481)

 

 
(82,648)

 

 

 —

 

 

 
(82,648)

Revenues from external customers

 

$
1,335,993 

 

$
1,592,441 

 

$
1,183,037 

 

$
4,111,471 

 

$

 —

 

 

$
4,111,471 

(Loss) Income from construction operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Before impairment charge

 

$
118,637 

 

$
2,140 

 

$
79,080 

 

$
199,857 

 

$
(45,094)

(a)

 

$
154,763 

Impairment charge

 

 
(81,341)

 

 
(283,744)

 

 
(11,489)

 

 
(376,574)

 

 

 —

 

 

 
(376,574)

Total

 

$
37,296 

 

$
(281,604)

 

$
67,591 

 

$
(176,717)

 

$
(45,094)

 

 

$
(221,811)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

$
1,214,805 

 

$
681,832 

 

$
672,074 

 

$
2,568,711 

 

$
727,699 

(b)

 

$
3,296,410 

Capital Expenditures

 

$
28,828 

 

$
1,682 

 

$
10,201 

 

$
40,711 

 

$
2,691 

 

 

$
43,402 

______________

(a)

Primarily consist of corporate general and administrative expenses.

(b)

Principally consist of cash and cash equivalents, corporate transportation equipment, construction equipment, and other investments available for general corporate purposes.

Information concerning principal geographic areas is as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year ended December 31,

 

 

2014

 

2013

 

2012

 

 

(in thousands)

Revenues

 

 

 

 

 

 

 

 

 

United States

 

$
4,323,471 

 

$
4,000,380 

 

$
3,925,733 

Foreign and U.S. Territories

 

 
168,838 

 

 
175,292 

 

 
185,738 

Total

 

$
4,492,309 

 

$
4,175,672 

 

$
4,111,471 

 

 

 

 

 

 

 

 

 

 

Income (loss) from construction operations

 

 

 

 

 

 

 

 

 

United States

 

$
268,566 

 

$
238,989 

 

$
(195,457)

Foreign and U.S. Territories

 

 
27,683 

 

 
12,265 

 

 
18,740 

Corporate

 

 
(54,559)

 

 
(47,432)

 

 
(45,094)

Total

 

$
241,690 

 

$
203,822 

 

$
(221,811)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At December 31,

 

 

2014

 

2013

 

2012

 

 

(in thousands)

Assets

 

 

 

 

 

 

 

 

 

United States

 

$
3,612,997 

 

$
3,182,706 

 

$
3,107,808 

Foreign and U.S. Territories

 

 
160,318 

 

 
214,732 

 

 
188,602 

Total

 

$
3,773,315 

 

$
3,397,438 

 

$
3,296,410 

 

Income from construction operations has been allocated geographically based on the location of the job site.