Separate Financial Information of Subsidiary Guarantors of Indebtedness (Tables)

12 Months Ended

Dec. 31, 2015

Separate Financial Information of Subsidiary Guarantors of Indebtedness [Abstract]

Condensed Consolidating Balance Sheet

CONDENSED CONSOLIDATING BALANCE SHEET - DECEMBER 31, 2015

(in thousands)

					Non-
	Tutor Perini		Guarantor		Guarantor				Total
	Corporation		Subsidiaries		Subsidiaries		Eliminations		Consolidated
ASSETS
Cash and cash equivalents	$	47,196	$	26,892	$	1,364	$	—	$	75,452
Restricted cash		3,369		3,283		39,201		—		45,853
Accounts receivable		358,437		1,179,919		82,004		(146,745)		1,473,615
Costs and estimated earnings in excess of billings		114,580		868,026		152		(77,583)		905,175
Deferred income taxes		2,255		21,356		2,695		—		26,306
Other current assets		60,119		48,482		11,662		(11,419)		108,844
Total current assets	$	585,956	$	2,147,958	$	137,078	$	(235,747)	$	2,635,245
Long-term investments	$	—	$	—	$	—	$	—	$	—
Property and equipment, net		105,306		414,143		4,076		—		523,525
Intercompany notes and receivables		—		148,637		—		(148,637)		—
Other assets:
Goodwill		—		585,006		—		—		585,006
Intangible assets, net		—		96,540		—		—		96,540
Investment in subsidiaries		1,962,983		—		—		(1,962,983)		—
Other		64,486		128,094		15,268		(5,723)		202,125
	$	2,718,731	$	3,520,378	$	156,422	$	(2,353,090)	$	4,042,441
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current maturities of long-term debt	$	107,283	$	41,634	$	—	$	(60,000)	$	88,917
Accounts payable		211,679		890,268		3,222		(167,705)		937,464
Billings in excess of costs and estimated earnings		89,303		203,003		1,716		(5,711)		288,311
Accrued expenses and other current liabilities		6,145		115,392		39,810		(2,331)		159,016
Total Current Liabilities	$	414,410	$	1,250,297	$	44,748	$	(235,747)	$	1,473,708
Long-term debt, less current maturities		659,433		80,821		—		(5,723)		734,531
Deferred income taxes		—		273,310		—		—		273,310
Other long-term liabilities		106,588		3,278		30,799		—		140,665
Intercompany notes and advances payable		118,073		—		30,564		(148,637)		—
Contingencies and commitments		—		—		—		—		—
Stockholders’ equity		1,420,227		1,912,672		50,311		(1,962,983)		1,420,227
	$	2,718,731	$	3,520,378	$	156,422	$	(2,353,090)	$	4,042,441

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

YEAR ENDED DECEMBER 31, 2015

(in thousands)

					Non-
	Tutor Perini		Guarantor		Guarantor				Total
	Corporation		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Revenue	$	1,064,723	$	4,104,871	$	13,405	$	(262,527)	$	4,920,472
Cost of operations		(918,322)		(3,908,424)		—		262,527		(4,564,219)
Gross profit	$	146,401	$	196,447	$	13,405	$	—	$	356,253
General and administrative expenses		(77,806)		(171,153)		(1,881)		—		(250,840)
INCOME FROM CONSTRUCTION OPERATIONS	$	68,595	$	25,294	$	11,524	$	—	$	105,413
Equity in earnings of subsidiaries		23,367		—		—		(23,367)		—
Other income, net		8,155		3,745		553		—		12,453
Interest expense		(41,007)		(3,020)		—		—		(44,027)
Income (Loss) before income taxes		59,110		26,019		12,077		(23,367)		73,839
Provision for income taxes		(13,818)		(10,060)		(4,669)		—		(28,547)
NET INCOME (LOSS)	$	45,292	$	15,959	$	7,408	$	(23,367)	$	45,292
Other comprehensive income:
Other comprehensive income of subsidiaries		(2,448)		—		—		2,448		—
Change in pension benefit plans assets/liabilities		2,026		—		—		—		2,026
Foreign currency translation		—		(3,214)		—		—		(3,214)
Change in fair value of investments		—		766		—		—		766
Change in fair value of interest rate swap		(125)		—		—		—		(125)
Total other comprehensive (loss) income		(547)		(2,448)		—		2,448		(547)
Total comprehensive income (loss)	$	44,745	$	13,511	$	7,408	$	(20,919)	$	44,745

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

YEAR ENDED DECEMBER 31, 2014

(in thousands)

					Non-
	Tutor Perini		Guarantor		Guarantor				Total
	Corporation		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Revenue	$	959,010	$	3,690,075	$	—	$	(156,776)	$	4,492,309
Cost of operations		(808,285)		(3,353,098)		17,740		156,776		(3,986,867)
Gross profit		150,725		336,977		17,740		—		505,442
General and administrative expenses		(80,151)		(181,714)		(1,887)		—		(263,752)
INCOME FROM CONSTRUCTION OPERATIONS		70,574		155,263		15,853		—		241,690
Equity in earnings of subsidiaries		95,501		—		—		(95,501)		—
Other (expense) income, net		(8,322)		(1,705)		491		—		(9,536)
Interest expense		(40,658)		(4,058)		—		—		(44,716)
Income (Loss) before income taxes		117,095		149,500		16,344		(95,501)		187,438
Provision for income taxes		(9,159)		(63,411)		(6,932)		—		(79,502)
NET INCOME  (LOSS)	$	107,936	$	86,089	$	9,412	$	(95,501)	$	107,936
Other comprehensive income:
Other comprehensive income of subsidiaries		(433)		—		—		433		—
Change in pension benefit plans assets/liabilities		(8,155)		—		—		—		(8,155)
Foreign currency translation		—		(638)		—		—		(638)
Change in fair value of investments		—		205		—		—		205
Change in fair value of interest rate swap		349		—		—		—		349
Total other comprehensive income (loss)		(8,239)		(433)		—		433		(8,239)
Total comprehensive income (loss)	$	99,697	$	85,656	$	9,412	$	(95,068)	$	99,697

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

YEAR ENDED DECEMBER 31, 2013

(in thousands)

					Non-
	Tutor Perini		Guarantor		Guarantor				Total
	Corporation		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Revenue	$	680,440	$	3,315,608	$	—	$	179,624	$	4,175,672
Cost of Operations		(590,675)		(2,960,569)		22,100		(179,624)		(3,708,768)
Gross Profit		89,765		355,039		22,100		—		466,904
General and Administrative Expenses		(77,507)		(183,723)		(1,852)		—		(263,082)
INCOME FROM CONSTRUCTION OPERATIONS		12,258		171,316		20,248		—		203,822
Equity in earnings of subsidiaries		122,875		—		—		(122,875)		—
Other (expense) income, net		(27,162)		8,075		512		—		(18,575)
Interest expense		(41,987)		(3,645)		—		—		(45,632)
Income (Loss) before income taxes		65,984		175,746		20,760		(122,875)		139,615
Benefit (Provision) for income taxes		21,312		(65,852)		(7,779)		—		(52,319)
NET INCOME  (LOSS)	$	87,296	$	109,894	$	12,981	$	(122,875)	$	87,296
Other comprehensive income:
Other comprehensive income of subsidiaries		(1,293)		—		—		1,293		—
Change in pension benefit plans assets/liabilities		10,910		—		—		—		10,910
Foreign currency translation		—		(738)		—		—		(738)
Change in fair value of investments		—		(555)		—		—		(555)
Change in fair value of interest rate swap		578		—		—		—		578
Total other comprehensive (loss) income		10,195		(1,293)		—		1,293		10,195
Total comprehensive income (loss)	$	97,491	$	108,601	$	12,981	$	(121,582)	$	97,491

Condensed Consolidating Statement of Cash Flows

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

YEAR ENDED DECEMBER 31, 2015

(in thousands)

					Non-
	Tutor Perini		Guarantor		Guarantor				Total
	Corporation		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Cash Flows from Operating Activities:
Net income (loss)	$	45,292	$	15,959	$	7,408	$	(23,367)	$	45,292
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization		10,707		32,746		276		—		43,729
Equity in earnings of subsidiaries		(23,367)		—		—		23,367		—
share-based compensation expense		9,477		—		—		—		9,477
Excess income tax benefit from share-based compensation		(186)		—		—		—		(186)
Adjustment interest rate swap to fair value		(224)		224		—		—		—
Deferred income taxes		1,399		36,083		(15,268)		—		22,214
(Gain) loss on sale of property and equipment		82		(2,991)		—		—		(2,909)
Other long-term liabilities		(3,157)		32,069		—		—		28,912
Other non-cash items		(248)		(3,432)		—		—		(3,680)
Changes in other components of working capital		(154,300)		49,868		(24,345)		—		(128,777)
NET CASH (USED) PROVIDED BY OPERATING ACTIVITIES	$	(114,525)	$	160,526	$	(31,929)	$	—	$	14,072
Cash Flows from Investing Activities:
Acquisition of property and equipment excluding financed purchases		(21,587)		(14,286)		(39)		—		(35,912)
Proceeds from sale of property and equipment		—		4,980		—		—		4,980
(Increase) decrease in intercompany advances		—		(102,763)		—		102,763		—
Change in restricted cash		—		1,991		(3,474)		—		(1,483)
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES	$	(21,587)	$	(110,078)	$	(3,513)	$	102,763	$	(32,415)
Cash Flows from Financing Activities:
Proceeds from debt		981,855		31,350		—		—		1,013,205
Repayment of debt		(962,701)		(91,670)		—		—		(1,054,371)
Excess income tax benefit from share-based compensation		186		—		—		—		186
Issuance of common stock and effect of cashless exercise		(808)		—		—		—		(808)
Increase (decrease) in intercompany advances		89,689		—		13,074		(102,763)		—
NET CASH (USED) PROVIDED BY FINANCING ACTIVITIES	$	108,221	$	(60,320)	$	13,074	$	(102,763)	$	(41,788)
Net (Decrease) Increase in Cash and Cash Equivalents		(27,891)		(9,872)		(22,368)		—		(60,131)
Cash and Cash Equivalents at Beginning of Year		75,087		36,764		23,732		—		135,583
Cash and Cash Equivalents at End of Period	$	47,196	$	26,892	$	1,364	$	—	$	75,452

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

YEAR ENDED DECEMBER 31, 2014

(in thousands)

					Non-
	Tutor Perini		Guarantor		Guarantor				Total
	Corporation		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Cash Flows from Operating Activities:
Net income (loss)	$	107,936	$	86,089	$	9,412	$	(95,501)	$	107,936
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization		4,592		51,109		271		—		55,972
Equity in earnings of subsidiaries		(95,501)		—		—		95,501		—
share-based compensation expense		19,256		(641)		—		—		18,615
Excess income tax benefit from share-based compensation		(787)		—		—				(787)
Deferred income taxes		39,186		(17,726)		—		—		21,460
(Gain) loss on sale of investments		1,786		—		—		—		1,786
(Gain) loss on sale of property and equipment		833		(32)		—		—		801
Other long-term liabilities		20,221		(17,147)		—		—		3,074
Other non-cash items		(7,029)		10,302		—		—		3,273
Changes in other components of working capital		(26,100)		(264,203)		21,495		—		(268,808)
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES	$	64,393	$	(152,249)	$	31,178	$	—	$	(56,678)
Cash Flows from Investing Activities:
Acquisition of property and equipment		(17,626)		(57,387)		—		—		(75,013)
Proceeds from sale of property and equipment		(784)		6,119		—		—		5,335
Proceeds from sale of available-for-sale securities		44,497		—		—		—		44,497
Change in restricted cash		15,464		2,766		(20,006)		—		(1,776)
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES	$	41,551	$	(48,502)	$	(20,006)	$	—	$	(26,957)
Cash Flows from Financing Activities:
Proceeds from debt		1,078,932		77,807		—		—		1,156,739
Repayment of debt		(957,830)		(68,519)		—		—		(1,026,349)
Business acquisition related payments		(26,430)		—		—		—		(26,430)
Excess income tax benefit from share-based compensation		787		—		—		—		787
Issuance of common stock and effect of cashless exercise		(1,772)		1		—		—		(1,771)
Debt issuance costs		(3,681)		—		—		—		(3,681)
Increase (decrease) in intercompany advances		(209,858)		210,195		(337)		—		—
NET CASH (USED) PROVIDED BY FINANCING ACTIVITIES	$	(119,852)	$	219,484	$	(337)	$	—	$	99,295
Net Increase (Decrease) in Cash and Cash Equivalents		(13,908)		18,733		10,835		—		15,660
Cash and Cash Equivalents at Beginning of Year		88,995		18,031		12,897		—		119,923
Cash and Cash Equivalents at End of Period	$	75,087	$	36,764	$	23,732	$	—	$	135,583

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

YEAR ENDED DECEMBER 31, 2013

(in thousands)

					Non-
	Tutor Perini		Guarantor		Guarantor				Total
	Corporation		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Cash Flows from Operating Activities:
Net income (loss)	$	87,296	$	109,894	$	12,981	$	(122,875)	$	87,296
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization		10,893		48,246		271		—		59,410
Equity in earnings of subsidiaries		(122,875)		—		—		122,875		—
share-based compensation expense		6,623		—		—		—		6,623
Excess income tax benefit from share-based compensation		(1,148)		—		—				(1,148)
Deferred income taxes		921		8,088		—		—		9,009
(Gain) loss on sale of property and equipment		—		49		—		—		49
Other long-term liabilities		24,359		(1,252)		—		—		23,107
Other non-cash items		(4,341)		622		—		—		(3,719)
Changes in other components of working capital		72,359		(184,543)		(17,715)		—		(129,899)
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES	$	74,087	$	(18,896)	$	(4,463)	$	—	$	50,728
Cash Flows from Investing Activities:
Acquisition of property and equipment		(21,267)		(21,093)		—		—		(42,360)
Proceeds from sale of property and equipment		6		2,657		—		—		2,663
Change in restricted cash		11,403		441		(15,721)		—		(3,877)
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES	$	(9,858)	$	(17,995)	$	(15,721)	$	—	$	(43,574)
Cash Flows from Financing Activities:
Proceeds from debt		627,520		25,760		—		—		653,280
Repayment of debt		(647,795)		(29,000)		—		—		(676,795)
Business acquisition related payments		(31,038)		—		—		—		(31,038)
Excess income tax benefit from share-based compensation		1,148		—		—		—		1,148
Issuance of common stock and effect of cashless exercise		(1,882)		—		—		—		(1,882)
Increase (decrease) in intercompany advances		12,150		(16,223)		4,073		—		—
NET CASH (USED) PROVIDED BY FINANCING ACTIVITIES	$	(39,897)	$	(19,463)	$	4,073	$	—	$	(55,287)
Net Increase (Decrease) in Cash and Cash Equivalents		24,332		(56,354)		(16,111)		—		(48,133)
Cash and Cash Equivalents at Beginning of Year		64,663		74,385		29,008		—		168,056
Cash and Cash Equivalents at End of Period	$	88,995	$	18,031	$	12,897	$	—	$	119,923