Separate Financial Information of Subsidiary Guarantors of Indebtedness (Tables)

9 Months Ended

Sep. 30, 2015

Separate Financial Information of Subsidiary Guarantors of Indebtedness [Abstract]

Condensed Consolidating Balance Sheet

CONDENSED CONSOLIDATING BALANCE SHEET - SEPTEMBER 30, 2015

(Unaudited-in thousands)

					Non-
	Tutor Perini		Guarantor		Guarantor				Total
	Corporation		Subsidiaries		Subsidiaries		Eliminations		Consolidated
ASSETS
Cash and Cash Equivalents	$	64,316	$	31,558	$	1,020	$	—	$	96,894
Restricted Cash		3,369		4,008		31,195		—		38,572
Accounts Receivable		427,119		1,186,601		58,326		(121,181)		1,550,865
Costs and Estimated Earnings in Excess of Billings		110,378		849,774		152		(76,495)		883,809
Deferred Income Taxes		4,787		12,955		1,131		—		18,873
Other Current Assets		76,162		51,422		37,765		(78,615)		86,734
Total Current Assets	$	686,131	$	2,136,318	$	129,589	$	(276,291)	$	2,675,747
Long-term Investments	$	—	$	—	$	—	$	—	$	—
Property and Equipment, net		107,030		420,262		4,146		—		531,438
Intercompany Notes and Receivables		—		186,736		—		(186,736)		—
Other Assets:
Goodwill		—		585,006		—		—		585,006
Intangible Assets, net		—		97,425		—		—		97,425
Investment in Subsidiaries		1,998,039		—		—		(1,998,039)		—
Other		57,170		27,363		1,761		(5,655)		80,639
	$	2,848,370	$	3,453,110	$	135,496	$	(2,466,721)	$	3,970,255
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Maturities of Long-term Debt	$	81,825	$	45,072	$	—	$	(41,000)	$	85,897
Accounts Payable		250,379		918,808		3,344		(187,314)		985,217
Billings in Excess of Costs and Estimated Earnings		100,598		188,172		34		(2,239)		286,565
Accrued Expenses and Other Current Liabilities		50,226		118,252		63,024		(45,738)		185,764
Total Current Liabilities	$	483,028	$	1,270,304	$	66,402	$	(276,291)	$	1,543,443
Long-term Debt, less current maturities		664,931		87,007		—		(5,655)		746,283
Deferred Income Taxes		—		149,021		—		—		149,021
Other Long-term Liabilities		112,909		1,993		—		—		114,902
Intercompany Notes and Advances Payable		152,120		—		34,616		(186,736)		—
Contingencies and Commitments		—		—		—		—		—
Stockholders’ Equity		1,435,382		1,944,785		34,478		(1,998,039)		1,416,606
	$	2,848,370	$	3,453,110	$	135,496	$	(2,466,721)	$	3,970,255

CONDENSED CONSOLIDATING BALANCE SHEET - DECEMBER 31, 2014

(in thousands)

					Non-
	Tutor Perini		Guarantor		Guarantor				Total
	Corporation		Subsidiaries		Subsidiaries		Eliminations		Consolidated
ASSETS
Cash and Cash Equivalents	$	75,087	$	36,764	$	23,732	$	—	$	135,583
Restricted Cash		3,369		5,274		35,727		—		44,370
Accounts Receivable		299,427		1,246,635		37,064		(103,622)		1,479,504
Costs and Estimated Earnings in Excess of Billings		70,344		700,362		152		(44,456)		726,402
Deferred Income Taxes		—		15,639		—		2,323		17,962
Other Current Assets		39,196		42,750		24,397		(37,608)		68,735
Total Current Assets	$	487,423	$	2,047,424	$	121,072	$	(183,363)	$	2,472,556
Long-term Investments		—		—		—		—		—
Property and Equipment, net		92,413		430,876		4,313		—		527,602
Intercompany Notes and Receivables		—		122,401		—		(122,401)		—
Other Assets:
Goodwill		—		585,006		—		—		585,006
Intangible Assets, net		—		100,254		—		—		100,254
Investment in Subsidiaries		2,154,562		19,519		50		(2,174,131)		—
Other		83,503		9,847		—		(5,453)		87,897
	$	2,817,901	$	3,315,327	$	125,435	$	(2,485,348)	$	3,773,315
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Maturities of Long-term Debt		34,776		46,516		—		—		81,292
Accounts Payable		186,958		716,851		3,749		(109,384)		798,174
Billings in Excess of Costs and Estimated Earnings		139,020		185,807		2,672		(8,203)		319,296
Accrued Expenses and Other Current Liabilities		33,018		95,177		58,571		(26,952)		159,814
Total Current Liabilities	$	393,772	$	1,044,351	$	64,992	$	(144,539)	$	1,358,576
Long-term Debt, less current maturities		712,460		112,060		—		(40,453)		784,067
Deferred Income Taxes		142,457		7,914		—		—		150,371
Other Long-term Liabilities		112,899		1,897		—		—		114,796
Intercompany Notes and Advances Payable		90,373		—		35,619		(125,992)		—
Contingencies and Commitments		—		—		—		—		—
Stockholders’ Equity		1,365,939		2,149,105		24,824		(2,174,363)		1,365,505
	$	2,817,900	$	3,315,327	$	125,435	$	(2,485,347)	$	3,773,315

Condensed Consolidating Statement of Operations

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

THREE MONTHS ENDED SEPTEMBER 30, 2015

(Unaudited-in thousands)

					Non-
	Tutor Perini		Guarantor		Guarantor				Total
	Corporation		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Revenues	$	309,777	$	1,111,034	$	5,240	$	(85,312)	$	1,340,739
Cost of Operations		258,061		1,067,789		—		(85,312)		1,240,538
Gross Profit	$	51,716	$	43,245	$	5,240	$	—	$	100,201
General and Administrative Expenses		19,584		41,171		472		—		61,227
INCOME FROM CONSTRUCTION OPERATIONS	$	32,132	$	2,074	$	4,768	$	—	$	38,974
Equity in Earnings of Subsidiaries		4,186		—		—		(4,186)		—
Other (Expense) Income, net		4,414		1,375		127		—		5,916
Interest Expense		(10,273)		(662)		—		—		(10,935)
Income (Loss) before Income Taxes		30,459		2,787		4,895		(4,186)		33,955
Benefit (Provision) for Income Taxes		(10,782)		(1,413)		(2,083)		—		(14,278)
NET INCOME (LOSS)	$	19,677	$	1,374	$	2,812	$	(4,186)	$	19,677
Other Comprehensive Income:
Other Comprehensive Income of Subsidiaries		(1,377)		—		—		1,377		—
Foreign currency translation		—		(1,375)		—		—		(1,375)
Change in fair value of investments		—		(2)		—		—		(2)
Change in fair value of interest rate swap		47		—		—		—		47
Total Other Comprehensive (Loss) Income	$	(1,330)	$	(1,377)	$	—	$	1,377	$	(1,330)
Total Comprehensive Income (Loss)	$	18,347	$	(3)	$	2,812	$	(2,809)	$	18,347

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

THREE MONTHS ENDED SEPTEMBER 30, 2014

(Unaudited-in thousands)

					Non-
	Tutor Perini		Guarantor		Guarantor				Total
	Corporation		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Revenues	$	272,657	$	1,020,335	$	—	$	(42,303)	$	1,250,689
Cost of Operations		242,717		913,797		(4,363)		(42,303)		1,109,848
Gross Profit	$	29,940	$	106,538	$	4,363	$	—	$	140,841
General and Administrative Expenses		22,128		47,884		475		—		70,487
INCOME FROM CONSTRUCTION OPERATIONS	$	7,812	$	58,654	$	3,888	$	—	$	70,354
Equity in Earnings of Subsidiaries		38,044		—		—		(38,044)		—
Other (Expense) Income, net		(1,246)		677		128		—		(441)
Interest Expense		(10,369)		(928)		—		—		(11,297)
Income (Loss) before Income Taxes	$	34,241	$	58,403	$	4,016	$	(38,044)	$	58,616
Benefit (Provision) for Income Taxes		1,489		(22,870)		(1,505)		—		(22,886)
NET INCOME (LOSS)	$	35,730	$	35,533	$	2,511	$	(38,044)	$	35,730
Other Comprehensive Income:
Other Comprehensive Income of Subsidiaries		(456)		—		—		456		—
Foreign currency translation		—		(501)		—		—		(501)
Change in fair value of investments		—		45		—		—		45
Change in fair value of interest rate swap		129		—		—		—		129
Total Other Comprehensive (Loss) Income	$	(327)	$	(456)	$	—	$	456	$	(327)
Total Comprehensive Income (Loss)	$	35,403	$	35,077	$	2,511	$	(37,588)	$	35,403

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

NINE MONTHS ENDEDSEPTEMBER 30, 2015

(Unaudited-in thousands)

					Non-
	Tutor Perini		Guarantor		Guarantor				Total
	Corporation		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Revenues	$	855,286	$	3,061,903	$	12,324	$	(209,871)	$	3,719,642
Cost of Operations		733,023		2,906,910		—		(209,871)		3,430,062
Gross Profit	$	122,263	$	154,993	$	12,324	$	—	$	289,580
General and Administrative Expenses		69,908		128,322		1,411		—		199,641
INCOME FROM CONSTRUCTION OPERATIONS	$	52,355	$	26,671	$	10,913	$	—	$	89,939
Equity in Earnings of Subsidiaries		22,712		—		—		(22,712)		—
Other (Expense) Income, net		1,879		3,002		380		—		5,261
Interest Expense		(30,670)		(2,378)		—		—		(33,048)
Income (loss) before Income Taxes		46,276		27,295		11,293		(22,712)		62,152
Benefit (Provision) for Income Taxes		(9,696)		(11,230)		(4,646)		—		(25,572)
NET INCOME (LOSS)	$	36,580	$	16,065	$	6,647	$	(22,712)	$	36,580
Other Comprehensive Income:
Other Comprehensive Income of Subsidiaries		(3,195)		—		—		3,195		—
Foreign currency translation		—		(3,109)		—		—		(3,109)
Change in fair value of investments		—		(86)		—		—		(86)
Change in fair value of interest rate swap		152		—		—		—		152
Total Other Comprehensive (Loss) Income		(3,043)		(3,195)		—		3,195		(3,043)
Total Comprehensive Income (Loss)	$	33,537	$	12,870	$	6,647	$	(19,517)	$	33,537

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

NINE MONTHS ENDEDSEPTEMBER 30, 2014

(Unaudited-in thousands)

					Non-
	Tutor Perini		Guarantor		Guarantor				Total
	Corporation		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Revenues	$	707,448	$	2,702,117	$	—	$	(119,133)	$	3,290,432
Cost of Operations		614,408		2,438,802		(19,364)		(119,133)		2,914,713
Gross Profit		93,040		263,315		19,364		—		375,719
General and Administrative Expenses		58,908		138,129		1,388		—		198,425
INCOME FROM CONSTRUCTION OPERATIONS		34,132		125,186		17,976		—		177,294
Equity in Earnings of Subsidiaries		85,073		—		—		(85,073)		—
Other (Expense) Income, net		(12,025)		861		376		—		(10,788)
Interest Expense		(30,195)		(2,790)		—		—		(32,985)
Income (Loss) before Income Taxes		76,985		123,257		18,352		(85,073)		133,521
Benefit (Provision) for Income Taxes		3,229		(49,209)		(7,327)		—		(53,307)
NET INCOME  (LOSS)	$	80,214	$	74,048	$	11,025	$	(85,073)	$	80,214
Other Comprehensive Income:
Other Comprehensive Income of Subsidiaries		(221)		—		—		221		—
Foreign currency translation		—		(440)		—		—		(440)
Change in fair value of investments		—		219		—		—		219
Change in fair value of interest rate swap		286		—		—		—		286
Total Other Comprehensive (Loss) Income		65		(221)		—		221		65
Total Comprehensive Income (Loss)	$	80,279	$	73,827	$	11,025	$	(84,852)	$	80,279

Condensed Consolidating Statement of Cash Flows

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

NINE MONTHS ENDEDSEPTEMBER 30, 2015

(Unaudited-in thousands)

					Non-
	Tutor Perini		Guarantor		Guarantor				Total
	Corporation		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Cash Flows from Operating Activities:
Net income (loss)	$	36,580	$	16,065	$	6,647	$	(22,712)	$	36,580
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization		8,279		24,042		207		—		32,528
Equity in earnings of subsidiaries		(22,712)		—		—		22,712		—
Stock-based compensation expense		17,064		—		—		—		17,064
Excess income tax benefit from stock-based compensation		(186)		—		—		—		(186)
Deferred income taxes		(2,323)		10,450		(1,761)		—		6,366
(Gain) loss on sale of property and equipment		79		(900)		—		—		(821)
Other long-term liabilities		(1,480)		101		—		—		(1,379)
Other non-cash items		(4,856)		(836)		—		—		(5,692)
Changes in other components of working capital		(144,093)		114,658		(34,351)		—		(63,786)
NET CASH (USED) PROVIDED BY OPERATING ACTIVITIES	$	(113,648)	$	163,580	$	(29,258)	$	—	$	20,674
Cash Flows from Investing Activities:
Acquisition of property and equipment excluding financed purchases		(21,406)		(11,919)		(40)		—		(33,365)
Proceeds from sale of property and equipment		—		2,220		—		—		2,220
(Increase) decrease in intercompany advances		—		(127,690)		—		127,690		—
Change in restricted cash		—		1,266		4,532		—		5,798
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES	$	(21,406)	$	(136,123)	$	4,492	$	127,690	$	(25,347)
Cash Flows from Financing Activities:
Proceeds from debt		678,622		(5,903)		—		—		672,719
Repayment of debt		(679,353)		(26,760)		—		—		(706,113)
Excess income tax benefit from stock-based compensation		186		—		—		—		186
Issuance of common stock and effect of cashless exercise		(808)		—		—		—		(808)
Increase (decrease) in intercompany advances		125,636		—		2,054		(127,690)		—
NET CASH (USED) PROVIDED BY FINANCING ACTIVITIES	$	124,283	$	(32,663)	$	2,054	$	(127,690)	$	(34,016)
Net (Decrease) Increase in Cash and Cash Equivalents		(10,771)		(5,206)		(22,712)		—		(38,689)
Cash and Cash Equivalents at Beginning of Year		75,087		36,764		23,732		—		135,583
Cash and Cash Equivalents at End of Period	$	64,316	$	31,558	$	1,020	$	—	$	96,894

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

NINE MONTHS ENDEDSEPTEMBER 30, 2014

(Unaudited-in thousands)

					Non-
	Tutor Perini		Guarantor		Guarantor				Total
	Corporation		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Cash Flows from Operating Activities:
Net income (loss)	$	80,214	$	74,048	$	11,025	$	(85,073)	$	80,214
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization		5,617		36,345		203		—		42,165
Equity in earnings of subsidiaries		(85,073)		—		—		85,073		—
Stock-based compensation expense		14,127		249		—		—		14,376
Excess income tax benefit from stock-based compensation		(656)		—		—				(656)
Deferred income taxes		4,140		11,848		—		—		15,988
(Gain) loss on sale of investments		1,786		—		—		—		1,786
(Gain) loss on sale of property and equipment		833		93		—		—		926
Other long-term liabilities		2,376		(1,120)		—		—		1,256
Other non-cash items		1,324		—		—		—		1,324
Changes in other components of working capital		(17,700)		(286,654)		3,550		—		(300,804)
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES	$	6,988	$	(165,191)	$	14,778	$	—	$	(143,425)
Cash Flows from Investing Activities:
Acquisition of property and equipment		(18,743)		(19,035)		—		—		(37,778)
Proceeds from sale of property and equipment		136		5,017		—		—		5,153
Proceeds from sale of available-for-sale securities		44,497		—		—		—		44,497
Change in restricted cash		15,464		142		(20,000)		—		(4,394)
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES	$	41,354	$	(13,876)	$	(20,000)	$	—	$	7,478
Cash Flows from Financing Activities:
Proceeds from debt		952,568		40,442		—		—		993,010
Repayment of debt		(752,030)		(56,581)		—		—		(808,611)
Business acquisition related payments		(26,430)		—		—		—		(26,430)
Excess income tax benefit from stock-based compensation		656		—		—		—		656
Issuance of common stock and effect of cashless exercise		(1,692)		—		—		—		(1,692)
Debt issuance costs		(3,681)		—		—		—		(3,681)
Increase (decrease) in intercompany advances		(236,283)		236,089		194		—		—
NET CASH (USED) PROVIDED BY FINANCING ACTIVITIES	$	(66,892)	$	219,950	$	194	$	—	$	153,252
Net Increase (Decrease) in Cash and Cash Equivalents		(18,550)		40,883		(5,028)		—		17,305
Cash and Cash Equivalents at Beginning of Year		88,995		18,031		12,897		—		119,923
Cash and Cash Equivalents at End of Period	$	70,445	$	58,914	$	7,869	$	—	$	137,228