Business Segments

6 Months Ended

Jun. 30, 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 construction operations and cash flow.

As discussed in Note 6, 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 table sets forth certain reportable segment information relating to the Company’s operation for the three and six months ended June 30, 2014 and 2013 (in thousands). In accordance with the accounting guidance on segment reporting, the Company has restated the comparative prior period information for the reorganized reportable segments:

	Reportable Segments
							Specialty								Consolidated
(in thousands)	Civil			Building			Contractors		Totals			Corporate			Total
Three Months Ended June 30 2014
Total revenues	$	398,123		$	390,353		$	321,959	$	1,110,435		$	—		$	1,110,435
Elimination of intersegment revenues	(7,584		)	(18,341		)	—		(25,925		)	—			(25,925		)
Revenues from external customers	$	390,539		$	372,012		$	321,959	$	1,084,510		$	—		$	1,084,510
Income from construction operations	$	58,002		$	7,674		$	12,633	$	78,309		$	(12,866	)*	$	65,443
Three Months Ended June 30, 2013
Total revenues	$	356,711		$	443,622		$	284,036	$	1,084,369		$	—		$	1,084,369
Elimination of intersegment revenues	(10,515		)	(20,789		)	—		(31,304		)	—			(31,304		)
Revenues from external customers	$	346,196		$	422,833		$	284,036	$	1,053,065		$	—		$	1,053,065
Income from construction operations	$	31,674		$	2,661		$	15,985	$	50,320		$	(10,846	)*	$	39,474

	Reportable Segments
							Specialty									Consolidated
(in thousands)	Civil			Building			Contractors			Totals			Corporate			Total
Six Months Ended June 30, 2014
Total revenues	$	774,515		$	701,668		$	614,104		$	2,090,287		$	—		$	2,090,287
Elimination of intersegment revenues	(18,820		)	(31,724		)	—			(50,544		)	—			(50,544		)
Revenues from external customers	$	755,695		$	669,944		$	614,104		$	2,039,743		$	—		$	2,039,743
Income from construction operations	$	102,347		$	9,497		$	20,450		$	132,294		$	(25,354	)*	$	106,940
Six Months Ended June 30, 2013
Total revenues	$	661,960		$	894,831		$	585,913		$	2,142,704		—			$	2,142,704
Elimination of intersegment revenues	(61,803		)	(34,898		)	(10		)	(96,711		)	—			(96,711		)
Revenues from external customers	$	600,157		$	859,933		$	585,903		$	2,045,993		$	—		$	2,045,993
Income from construction operations	$	54,924		$	8,008		$	35,271		$	98,203		$	(22,650	)	$	75,553

* Consists primarily of corporate general and administrative expenses.

The following table set forth certain reportable segment information relating to the Company’s total assets as of June 30, 2014 and December 31, 2013 (in thousands):

	June 30, 2014		December 31, 2013
Building	702,164		663,314
Civil	1,499,197		1,384,937
Specialty Contractors	752,806		734,079
	$	2,954,167	$	2,782,330
Corporate *	700,356		615,108
Total	$	3,654,523	$	3,397,438

* Consists principally of Cash and Cash Equivalents, corporate transportation equipment, and other investments available for general corporate purposes