<SEC-DOCUMENT>0000077543-15-000056.txt : 20151201
<SEC-HEADER>0000077543-15-000056.hdr.sgml : 20151201
<ACCEPTANCE-DATETIME>20151002165540
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000077543-15-000056
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20151002

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TUTOR PERINI Corp
		CENTRAL INDEX KEY:			0000077543
		STANDARD INDUSTRIAL CLASSIFICATION:	GENERAL BUILDING CONTRACTORS - NONRESIDENTIAL BUILDINGS [1540]
		IRS NUMBER:				041717070
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		15901 OLDEN STREET
		CITY:			SYLMAR
		STATE:			CA
		ZIP:			91342
		BUSINESS PHONE:		818-362-8391

	MAIL ADDRESS:	
		STREET 1:		15901 OLDEN STREET
		CITY:			SYLMAR
		STATE:			CA
		ZIP:			91342

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PERINI CORP
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
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			SEC Response Letter I - 2015-10-02
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		<p style="margin:0pt 0pt 10pt;text-align:center;font-family:Calibri;line-height:115%;font-size: 11pt">
			<a name="_GoBack"></a><font style="display: inline;">[Letterhead of Tutor Perini Corporation]</font>
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		<p style="margin:0pt;line-height:normal;font-family:Calibri;font-size: 11pt">
			<font style="display: inline;">&nbsp;</font>
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		<p style="margin:0pt 0pt 10pt;font-family:Calibri;line-height:115%;font-size: 11pt">
			<font style="display: inline;">October 2</font><font style="display: inline;">, 2015</font>
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		<p style="margin:0pt 0pt 10pt;font-family:Calibri;line-height:115%;font-size: 11pt">
			<font style="display: inline;text-decoration:underline;">VIA EDGAR AND FAX</font>
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		<p style="margin:0pt;font-family:Calibri;line-height:115%;font-size: 11pt">
			<font style="display: inline;">Mr. John Cash</font>
		</p>
		<p style="margin:0pt;font-family:Calibri;line-height:115%;font-size: 11pt">
			<font style="display: inline;">Accounting Branch Chief</font>
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		<p style="margin:0pt;font-family:Calibri;line-height:115%;font-size: 11pt">
			<font style="display: inline;">United States Securities and Exchange Commission</font>
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		<p style="margin:0pt;font-family:Calibri;line-height:115%;font-size: 11pt">
			<font style="display: inline;">100 F Street NE</font>
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		<p style="margin:0pt;font-family:Calibri;line-height:115%;font-size: 11pt">
			<font style="display: inline;">Washington, DC 20549</font>
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			<font style="display: inline;">&nbsp;</font>
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						<font style="display: inline;">&nbsp;</font></p>
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						&nbsp;</p>
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					<p style="margin:0pt;font-family:Calibri;line-height:115%;font-size: 11pt">
						<font style="display: inline;">Re:</font></p>
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					<p style="margin:0pt;font-family:Calibri;line-height:115%;font-size: 11pt">
						<font style="display: inline;">Tutor Perini Corporation</font></p>
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					<p style="margin:0pt;line-height:normal;font-family:Calibri;overflow: hidden;font-size:0pt;">
						<font style="display: inline;">&nbsp;</font></p>
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					<p style="margin:0pt;font-family:Calibri;line-height:115%;font-size: 11pt">
						<font style="display: inline;">Form 10-K for the fiscal year ended December 31, 2014</font></p>
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					<p style="margin:0pt;line-height:normal;font-family:Calibri;overflow: hidden;font-size:0pt;">
						<font style="display: inline;">&nbsp;</font></p>
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					<p style="margin:0pt;font-family:Calibri;line-height:115%;font-size: 11pt">
						<font style="display: inline;">Filed February 26, 2015</font></p>
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						<font style="display: inline;">&nbsp;</font></p>
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					<p style="margin:0pt;font-family:Calibri;line-height:115%;font-size: 11pt">
						<font style="display: inline;">File No. 1-6314</font></p>
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			<font style="display: inline;">&nbsp;</font>
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			<font style="display: inline;">&nbsp;</font>
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		<p style="margin:0pt;font-family:Calibri;line-height:115%;font-size: 11pt">
			<font style="display: inline;">Dear Mr. Cash:</font>
		</p>
		<p style="margin:0pt;font-family:Calibri;line-height:115%;font-size: 11pt">
			<font style="display: inline;">&nbsp;</font>
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		<p style="margin:0pt;font-family:Calibri;line-height:115%;font-size: 11pt">
			<font style="display: inline;">On </font><font style="display: inline;">behalf</font><font style="display: inline;"> of Tutor Perini Corporation (the &#x201C;Company&#x201D;), set forth below are the Company&#x2019;s responses </font><font style="display: inline;">to </font><font style="display: inline;">the </font><font style="display: inline;">letter dated </font><font style="display: inline;">September 18</font><font style="display: inline;">, 201</font><font style="display: inline;">5</font><font style="display: inline;"> (the &#x201C;Comment Letter&#x201D;), containing the comments of the staff (the &#x201C;Staff&#x201D;) of the Securities and Exchange Commission (the &#x201C;Commission&#x201D;) to the Company&#x2019;s Annual Report on Form 10-K for the fiscal year ended December 31, 2014</font><font style="display: inline;">. &nbsp;</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">The </font><font style="display: inline;">Comment Letter is </font><font style="display: inline;">focused on </font><font style="display: inline;">the reorganization of </font><font style="display: inline;">the Company</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">during the first quarter of 2014, which resulted in the elimination of the Management Services reporting unit and reportable segment.</font>
		</p>
		<p style="margin:0pt;font-family:Calibri;line-height:115%;font-size: 11pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Calibri;line-height:115%;font-size: 11pt">
			<font style="display: inline;">For ease of review, we have set forth below each bullet point from the Comment Letter in bold font followed by the Company&#x2019;s responses thereto.</font>
		</p>
		<p style="margin:0pt;border-bottom:1pt solid #000000 ;font-family:Calibri;line-height:115%;font-size: 11pt">
			<font style="display: inline;">&nbsp;</font>
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		<p style="margin:0pt 0pt 10pt;border-top:1pt solid #000000 ;font-family:Calibri;line-height:115%;font-size: 11pt">
			<font style="display: inline;font-weight:bold;font-style:italic;">Comment:</font>
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		<p style="margin:0pt 0pt 10pt;font-family:Calibri;line-height:115%;font-size: 11pt">
			<font style="display: inline;font-weight:bold;text-decoration:underline;">Financial Statements</font>
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		<p style="margin:0pt 0pt 10pt;font-family:Calibri;line-height:115%;font-size: 11pt">
			<font style="display: inline;font-weight:bold;text-decoration:underline;">[3] Goodwill and Other Intangible Assets, page 65</font>
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		<p style="margin:0pt 0pt 10pt;font-family:Calibri;line-height:115%;font-size: 11pt">
			<font style="display: inline;font-weight:bold;">1. </font><font style="display: inline;font-weight:bold;">You disclose that during the first quarter of</font><font style="display: inline;font-weight:bold;">&nbsp;</font><font style="display: inline;font-weight:bold;">2014 you completed a reorganization which resulted in the elimination of the Management Services reporting unit and reportable segment. Please address the following:</font>
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		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
			<p style="font-family:Calibri;line-height:115%;font-size: 11pt;margin:0pt;">
				<font style="margin:0pt 0pt 10pt;font-family:Symbol;line-height:115%;font-size:11pt;;"> &#xB7;</font>
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		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Calibri;line-height:115%;font-size: 11pt;margin:0pt;">
			<font style="display: inline;font-weight:bold;color:#000000;">You state that the reorganization was completed due to the unit no longer meeting the criteria set forth in FASB ASC Topic 280. Please provide us with a robust explanation of the criteria that your </font>
		</p>
		<p><font size="1"> </font></p></td></tr></table><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 11pt">

			<font style="display: inline;">Mr. John Cash</font>

		</p>

		<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 11pt">

			<font style="display: inline;">United States Securities and Exchange Commission</font>

		</p>

		<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 11pt">

			<font style="display: inline;">Page </font><font style="display: inline;">2</font><font style="display: inline;"> of </font><font style="display: inline;">4</font>

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		<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 11pt">

			&nbsp;

		</p>

</div>
		<table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td><p style="margin:0pt 0pt 10pt 18pt;font-family:Calibri;line-height:115%;;font-size: 11pt;"><font style="display: inline;font-weight:bold;color:#000000;">Management Services unit no longer meets. Please cite the specific literature that you are relying on to support your conclusion</font><font style="display: inline;font-weight:bold;color:#000000;">. &nbsp;</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 10pt;font-family:Calibri;line-height:115%;font-size: 11pt">
			<font style="display: inline;font-weight:bold;font-style:italic;color:#000000;">Response:</font>
		</p>
		<p style="margin:0pt 0pt 10pt;font-family:Calibri;line-height:115%;font-size: 11pt">
			<font style="display: inline;color:#000000;">Prior to the reorganization, the Company&#x2019;s Chief Executive Officer, who is the Company&#x2019;s chief operating decision maker (&#x201C;CODM&#x201D;), regularly reviewed the operating results of the Company&#x2019;s operating segments: Civil, Building, Specialty Contractors and Management Services.&nbsp;&nbsp;The Management Services operating segment consisted of two business units: Black Construction (&#x201C;Black&#x201D;) and Perini Management Services (&#x201C;PMSI&#x201D;). Because of changes in management responsibilities and </font><font style="display: inline;color:#000000;">changes in </font><font style="display: inline;color:#000000;">the operating and economic characteristics of the Management Services operating segment, the CODM concluded that the Management Services operating segment was no longer material to the management of the Company as a whole</font><font style="display: inline;color:#000000;">,</font><font style="display: inline;color:#000000;"> and that financial information related to the Management Services operating segment no longer provided useful information for strategic and operating decision making.&nbsp;&nbsp;As a result, Management Services no longer met the </font><font style="display: inline;color:#000000;">qualitative </font><font style="display: inline;color:#000000;">criteria </font><font style="display: inline;color:#000000;">of ASC 280-10-50-1</font><font style="display: inline;color:#000000;"> (see excerpt below)</font><font style="display: inline;color:#000000;"> and therefore was no longer considered an operating segment.&nbsp; </font><font style="display: inline;color:#000000;">Accordingly, t</font><font style="display: inline;color:#000000;">he </font><font style="display: inline;color:#000000;">Company reorganized the Black and PMSI</font><font style="display: inline;color:#000000;"> business units</font><font style="display: inline;color:#000000;"> into the Civil and Building segments, respectively, as each had operating and economic characteristics, including </font><font style="display: inline;color:#000000;">contract type </font><font style="display: inline;color:#000000;">and profit margins, consistent with the respective segments.</font>
		</p>
		<p style="margin:0pt 0pt 10pt;font-family:Calibri;line-height:115%;font-size: 11pt">
			<font style="display: inline;color:#000000;">Subsequent to the reorganization, the CODM </font><font style="display: inline;color:#000000;">has </font><font style="display: inline;color:#000000;">regularly reviewed the operating results of the Civil, Building and Specialty Contractors operating segments of the Company and</font><font style="display: inline;color:#000000;"> has</font><font style="display: inline;color:#000000;"> used those operating results to assess performance and to make decisions about the allocation of the Company&#x2019;s resources.</font>
		</p>
		<p style="margin:0pt;line-height:12pt;font-family:Calibri;font-size: 1pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;line-height:100%;margin-bottom:0pt;margin-left:0pt;">
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					<p style="margin:0pt;line-height:normal;font-family:Calibri;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display: inline;">&nbsp;</font></p>
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					<p style="margin:0pt;font-family:Calibri;line-height:115%;font-size: 11pt">
						<font style="display: inline;color:#000000;">Excerpt from ASC 280-10-50-1:</font></p>
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					<p style="margin:0pt;line-height:normal;font-family:Calibri;font-size: 11pt">
						<font style="display: inline;">&nbsp;</font></p>
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					<p style="margin:0pt;font-family:Calibri;line-height:115%;font-size: 11pt">
						<font style="display: inline;font-style:italic;color:#000000;">An operating segment is a component of a public entity that has all of the following characteristics:</font></p>
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					<p style="margin:0pt;line-height:normal;font-family:Calibri;font-size: 11pt">
						<font style="display: inline;">&nbsp;</font></p>
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					<p style="margin:0pt;font-family:Calibri;line-height:115%;font-size: 11pt">
						<font style="display: inline;font-style:italic;color:#000000;">a. It engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same public entity).</font></p>
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					<p style="margin:0pt;line-height:normal;font-family:Calibri;font-size: 11pt">
						<font style="display: inline;">&nbsp;</font></p>
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					<p style="margin:0pt;font-family:Calibri;line-height:115%;font-size: 11pt">
						<font style="display: inline;font-style:italic;color:#000000;">b. Its operating results are regularly reviewed by the public entity's chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance.</font></p>
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					<p style="margin:0pt;line-height:normal;font-family:Calibri;font-size: 11pt">
						<font style="display: inline;">&nbsp;</font></p>
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					<p style="margin:0pt;font-family:Calibri;line-height:115%;font-size: 11pt">
						<font style="display: inline;font-style:italic;color:#000000;">c. Its discrete financial information is available.</font></p>
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		<p style="margin:0pt;line-height:normal;font-family:Calibri;font-size: 11pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 10pt;font-family:Calibri;line-height:115%;font-size: 11pt">

		</p>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 11pt">

			<font style="display: inline;">Mr. John Cash</font>

		</p>

		<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 11pt">

			<font style="display: inline;">United States Securities and Exchange Commission</font>

		</p>

		<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 11pt">

			<font style="display: inline;">Page </font><font style="display: inline;">3</font><font style="display: inline;"> of </font><font style="display: inline;">4</font>

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		<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 11pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt 0pt 10pt;font-family:Calibri;line-height:115%;;font-size: 11pt"><font style="display: inline;">Lastly, </font><font style="display: inline;">although </font><font style="display: inline;">the Company was not required under ASC 280 to consider quantitative factors, the Company, based on the historical and projected financial information available at the time</font><font style="display: inline;">, noted the following</font><font style="display: inline;">, which reinforced the Company&#x2019;s qualitative assessment</font><font style="display: inline;">:</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
			<p style="border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;color:#000000;font-size: 11pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;border-bottom:1pt none #D9D9D9;line-height:100%;color:#000000;font-size:11pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;color:#000000;font-size: 11pt;margin:0pt;">
			<font style="display: inline;font-family:Calibri;font-size:11pt;color:#000000;">Management Services</font><font style="display: inline;font-family:Calibri;font-size:11pt;color:#000000;">&#x2019;</font><font style="display: inline;font-family:Calibri;font-size:11pt;color:#000000;"> revenues represented approximately 4% of the</font><font style="display: inline;font-family:Calibri;font-size:11pt;color:#000000;"> Company&#x2019;s</font><font style="display: inline;font-family:Calibri;font-size:11pt;color:#000000;"> consolidated revenues</font><font style="display: inline;font-family:Calibri;font-size:11pt;color:#000000;">.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;color:#000000;font-size: 11pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;line-height:100%;color:#000000;font-size:11pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;color:#000000;font-size: 11pt;margin:0pt;">
			<font style="display: inline;font-family:Calibri;font-size:11pt;color:#000000;">Management Services&#x2019; pre-tax income represented </font><font style="display: inline;font-family:Calibri;font-size:11pt;color:#000000;">approximately 3</font><font style="display: inline;font-family:Calibri;font-size:11pt;color:#000000;">%</font><font style="display: inline;font-family:Calibri;font-size:11pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Calibri;font-size:11pt;color:#000000;">of the </font><font style="display: inline;font-family:Calibri;font-size:11pt;color:#000000;">Company&#x2019;s </font><font style="display: inline;font-family:Calibri;font-size:11pt;color:#000000;">consolidated pre-tax income.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;color:#000000;font-size: 11pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;border-top:1pt none #D9D9D9;line-height:100%;color:#000000;font-size:11pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;color:#000000;font-size: 11pt;margin:0pt;">
			<font style="display: inline;font-family:Calibri;font-size:11pt;color:#000000;">Management Services</font><font style="display: inline;font-family:Calibri;font-size:11pt;color:#000000;">&#x2019;</font><font style="display: inline;font-family:Calibri;font-size:11pt;color:#000000;"> assets represented approximately 6% of the </font><font style="display: inline;font-family:Calibri;font-size:11pt;color:#000000;">Company&#x2019;s </font><font style="display: inline;font-family:Calibri;font-size:11pt;color:#000000;">consolidated assets.</font></p></td></tr></table></div>
		<p style="margin:0pt;line-height:normal;font-family:Calibri;font-size: 11pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 10pt;border-top:1pt solid #000000 ;font-family:Calibri;line-height:115%;font-size: 11pt">
			<font style="display: inline;font-weight:bold;font-style:italic;color:#000000;">Comment:</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
			<p style="line-height:115%;font-family:Times New Roman;font-size: 11pt;margin:0pt 0pt 10pt;">
				<font style="margin:0pt 0pt 10pt;font-family:Symbol;line-height:115%;font-size:11pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:115%;font-family:Times New Roman;font-size: 11pt;margin:0pt 0pt 10pt;">
			<font style="display: inline;font-family:Calibri;font-weight:bold;font-size:11pt;color:#000000;">You disclosed that you reallocated goodwill between reorganized reporting units based on a relative fair value assessment. Please tell us how you determined how to reallocate goodwill. Please tell us what considerations you gave to ASC 350-20-35-45 through 35-46 and 35-51 through 35-57. </font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 10pt;font-family:Calibri;line-height:115%;font-size: 11pt">
			<font style="display: inline;font-weight:bold;font-style:italic;color:#000000;">Response:</font>
		</p>
		<p style="margin:0pt 0pt 10pt;font-family:Calibri;line-height:115%;font-size: 11pt">
			<font style="display: inline;color:#000000;">The Company reallocated the goodwill associated with the Management Services reporting unit to the Bui</font><font style="display: inline;color:#000000;">lding and Civil reporting units</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">using a relative fair value allocation method as prescribed by ASC 350-20-35-45 through 35-46 and 35-51 through 35-57 (as superseded by ASC 350-20-40-1 through 40-7 and Accounting Standards Update 2012-04).&nbsp; </font>
		</p>
		<p style="margin:0pt 0pt 10pt;font-family:Calibri;line-height:115%;font-size: 11pt">
			<font style="display: inline;color:#000000;">In the application of </font><font style="display: inline;color:#000000;">the relative fair value allocation </font><font style="display: inline;color:#000000;">method, the Company </font><font style="display: inline;color:#000000;">utilized various </font><font style="display: inline;color:#000000;">commonly accepted </font><font style="display: inline;color:#000000;">valuation modeling techniques </font><font style="display: inline;color:#000000;">and other qualitative market </font><font style="display: inline;color:#000000;">factors </font><font style="display: inline;color:#000000;">to </font><font style="display: inline;color:#000000;">determine the </font><font style="display: inline;color:#000000;">fair value allocation of goodwill</font><font style="display: inline;color:#000000;"> to the Civil and Building reporting units</font><font style="display: inline;color:#000000;">. &nbsp;</font><font style="display: inline;color:#000000;">The commonly accepted valuation modeling techniques include</font><font style="display: inline;color:#000000;">d</font><font style="display: inline;color:#000000;"> valuations as determined by the income, market and asset approaches. </font><font style="display: inline;color:#000000;">The income and market approaches followed the historical valuation methodologies used by the Company in </font><font style="display: inline;color:#000000;">its </font><font style="display: inline;color:#000000;">annual goodwill impairment evaluations</font><font style="display: inline;color:#000000;">,</font><font style="display: inline;color:#000000;"> as disclosed in the Company&#x2019;s annual financial statements reported in its Form 10-K. </font><font style="display: inline;color:#000000;">T</font><font style="display: inline;color:#000000;">he asset approach</font><font style="display: inline;color:#000000;"> was based on the </font><font style="display: inline;color:#000000;">carrying value of equity</font><font style="display: inline;color:#000000;"> for each of the business units, which </font><font style="display: inline;color:#000000;">was reflective of the fair value of their </font><font style="display: inline;color:#000000;">underlying </font><font style="display: inline;color:#000000;">net assets. </font><font style="display: inline;color:#000000;">The qualitative market factors incorporated the </font><font style="display: inline;color:#000000;">Company&#x2019;s assessment of the </font><font style="display: inline;color:#000000;">expected </font><font style="display: inline;color:#000000;">differential in value to a market participant between Black and PMSI</font><font style="display: inline;color:#000000;">, which </font><font style="display: inline;color:#000000;">wa</font><font style="display: inline;color:#000000;">s</font><font style="display: inline;color:#000000;"> reflective of the long</font><font style="display: inline;color:#000000;">-</font><font style="display: inline;color:#000000;">term prospects of each entity</font><font style="display: inline;color:#000000;"> at March 31, 2014</font><font style="display: inline;color:#000000;">.</font><font style="display: inline;color:#000000;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 10pt;font-family:Calibri;line-height:115%;font-size: 11pt">
			<font style="display: inline;color:#000000;">The Company evaluated the results of all the above techniques in determining the final relative fair value assessment used to allocate goodwill.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;line-height:100%;font-family:Calibri;font-size: 11pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 10pt;border-top:1pt solid #000000 ;font-family:Calibri;line-height:115%;font-size: 11pt">

		</p>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 11pt">

			<font style="display: inline;">Mr. John Cash</font>

		</p>

		<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 11pt">

			<font style="display: inline;">United States Securities and Exchange Commission</font>

		</p>

		<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 11pt">

			<font style="display: inline;">Page </font><font style="display: inline;">4</font><font style="display: inline;"> of </font><font style="display: inline;">4</font>

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			&nbsp;

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</div>
		<p style="margin:0pt 0pt 10pt;border-top:1pt solid #000000 ;font-family:Calibri;line-height:115%;;font-size: 11pt"><font style="display: inline;font-weight:bold;font-style:italic;">Comment:</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
			<p style="line-height:115%;font-family:Times New Roman;font-size: 11pt;margin:0pt 0pt 10pt;">
				<font style="margin:0pt 0pt 10pt;font-family:Symbol;line-height:115%;font-size:11pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:115%;font-family:Times New Roman;font-size: 11pt;margin:0pt 0pt 10pt;">
			<font style="display: inline;font-family:Calibri;font-weight:bold;font-size:11pt;color:#000000;">Please tell us the date you decided to reorganize your Management Services reporting</font><font style="display: inline;font-family:Calibri;font-weight:bold;font-size:11pt;color:#000000;"> unit</font><font style="display: inline;font-family:Calibri;font-weight:bold;font-size:11pt;color:#000000;"> and reportable segment. Please also tell us whether you also performed a goodwill impairment analysis immediately before and after the reorganization of your reporting structure. If not, please explain why.</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 10pt;font-family:Calibri;line-height:115%;font-size: 11pt">
			<font style="display: inline;font-weight:bold;font-style:italic;color:#000000;">Response:</font>
		</p>
		<p style="margin:0pt 0pt 10pt;font-family:Calibri;line-height:115%;font-size: 11pt">
			<font style="display: inline;color:#000000;">On </font><font style="display: inline;color:#000000;">March </font><font style="display: inline;color:#000000;">12,</font><font style="display: inline;color:#000000;"> 2014</font><font style="display: inline;color:#000000;">,</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">after the Company filed its Form 10-K for the 201</font><font style="display: inline;color:#000000;">3</font><font style="display: inline;color:#000000;"> year, </font><font style="display: inline;color:#000000;">the </font><font style="display: inline;color:#000000;">Company</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">reorganize</font><font style="display: inline;color:#000000;">d</font><font style="display: inline;color:#000000;"> its </font><font style="display: inline;color:#000000;">reporting units and operating segments</font><font style="display: inline;color:#000000;">. &nbsp;</font><font style="display: inline;color:#000000;">As required by ASC 350, t</font><font style="display: inline;color:#000000;">he Company</font><font style="display: inline;color:#000000;">, with the assistance of external fair value specialists,</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">analyzed goodwill</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">for </font><font style="display: inline;color:#000000;">impairment </font><font style="display: inline;color:#000000;">immediately </font><font style="display: inline;color:#000000;">prior</font><font style="display: inline;color:#000000;"> to</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">and immediately </font><font style="display: inline;color:#000000;">subsequent to </font><font style="display: inline;color:#000000;">the reorganization. </font><font style="display: inline;color:#000000;">As a result </font><font style="display: inline;color:#000000;">of </font><font style="display: inline;color:#000000;">th</font><font style="display: inline;color:#000000;">ese</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">analys</font><font style="display: inline;color:#000000;">e</font><font style="display: inline;color:#000000;">s</font><font style="display: inline;color:#000000;">, it was determined </font><font style="display: inline;color:#000000;">that goodwill was not impaired </font><font style="display: inline;color:#000000;">either </font><font style="display: inline;color:#000000;">prior to </font><font style="display: inline;color:#000000;">or </font><font style="display: inline;color:#000000;">subsequent to the reorganization.</font>
		</p>
		<p style="margin:0pt;line-height:normal;font-family:Calibri;font-size: 11pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;color:#000000;font-size: 11pt">
			<font style="display: inline;font-family:Calibri;font-size:11pt;color:#000000;">In connection with our responses to </font><font style="display: inline;font-family:Calibri;font-size:11pt;color:#000000;">the Staff&#x2019;s comments, the Company </font><font style="display: inline;font-family:Calibri;font-size:11pt;color:#000000;">acknowledges that:</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;color:#000000;font-size: 11pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;color:#000000;font-size: 11pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;line-height:100%;color:#000000;font-size:11pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;color:#000000;font-size: 11pt;margin:0pt;">
			<font style="display: inline;font-family:Calibri;font-size:11pt;color:#000000;">The Company is </font><font style="display: inline;font-family:Calibri;font-size:11pt;color:#000000;">responsible for the adequacy and accuracy of the disclosure in our filings;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;color:#000000;font-size: 11pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;line-height:100%;color:#000000;font-size:11pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;color:#000000;font-size: 11pt;margin:0pt;">
			<font style="display: inline;font-family:Calibri;font-size:11pt;color:#000000;">Staff comments or changes to disclosure in response to </font><font style="display: inline;font-family:Calibri;font-size:11pt;color:#000000;">S</font><font style="display: inline;font-family:Calibri;font-size:11pt;color:#000000;">taff </font><font style="display: inline;font-family:Calibri;font-size:11pt;color:#000000;">comments do not foreclose the Commission from taking any action with respect to the filings; and,</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;color:#000000;font-size: 11pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;border-top:1pt none #D9D9D9;line-height:100%;color:#000000;font-size:11pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;color:#000000;font-size: 11pt;margin:0pt;">
			<font style="display: inline;font-family:Calibri;font-size:11pt;color:#000000;">The Company </font><font style="display: inline;font-family:Calibri;font-size:11pt;color:#000000;">may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under federal securities laws of the United States.</font></p></td></tr></table></div>
		<p style="margin:0pt;line-height:normal;font-family:Calibri;font-size: 11pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 11pt">
			<font style="display: inline;color:#000000;">Please feel free to contact me </font><font style="display: inline;color:#000000;">at 818</font><font style="display: inline;color:#000000;">/</font><font style="display: inline;color:#000000;">362-8391 </font><font style="display: inline;color:#000000;">if you have any questions.</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 11pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 11pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 11pt">
			<font style="display: inline;color:#000000;">Sincerely,</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 11pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 11pt">
			<font style="display: inline;">&nbsp;</font>
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		<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 11pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
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						<font style="display: inline;">&nbsp;</font></p>
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					<p style="margin:0pt 0.7pt 0pt 0pt;font-family:Calibri;line-height:115%;font-size: 11pt">
						<font style="display: inline;color:#000000;">/s/ Gary G. Smalley</font></p>
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					<p style="margin:0pt;font-family:Calibri;line-height:115%;font-size: 11pt">
						<font style="display: inline;color:#000000;">Gary G. Smalley</font></p>
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					<p style="margin:0pt;font-family:Calibri;line-height:115%;font-size: 11pt">
						<font style="display: inline;color:#000000;">Executive Vice President and Chief Financial Officer</font></p>
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</SEC-DOCUMENT>
