(14) Separate Financial Information of Subsidiary Guarantors of Indebtedness

The Company’s obligations on its Senior Notes is guaranteed by substantially all of the Company’s existing and future subsidiaries that guarantee obligations under the Credit Facility (the “Guarantors”). The guarantees are full and unconditional as well as joint and several, and the Guarantors are 100%-owned by the Company.

The following supplemental condensed consolidating financial information reflects the summarized financial information of the Company as the issuer of the senior unsecured notes, the Guarantors and the Company’s non-guarantor subsidiaries on a combined basis.

TUTOR PERINI CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

THREE MONTHS ENDED MARCH 31, 2016

UNAUDITED



					Non-
	Tutor Perini		Guarantor		Guarantor				Total
(in thousands)	Corporation		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Revenue	$	176,725	$	986,361	$	7,104	$	(84,821)	$	1,085,369
Cost of operations		(154,289)		(910,809)		—		84,821		(980,277)
Gross profit	$	22,436	$	75,552	$	7,104	$	—	$	105,092
General and administrative expenses		(21,658)		(42,837)		(475)		—		(64,970)
Income from construction operations	$	778	$	32,715	$	6,629	$	—	$	40,122
Equity in earnings of subsidiaries		23,079		—		—		(23,079)		—
Other income (expense), net		(621)		1,060		243		—		682
Interest expense		(13,484)		(596)		—		—		(14,080)
Income (Loss) before income taxes	$	9,752	$	33,179	$	6,872	$	(23,079)	$	26,724
Benefit (Provision) for income taxes		5,648		(14,060)		(2,912)		—		(11,324)
Net income (loss)	$	15,400	$	19,119	$	3,960	$	(23,079)	$	15,400

Other comprehensive income (loss), net of tax:
Other comprehensive income of subsidiaries		938		—		—		(938)		—
Defined benefit pension plan adjustments		247		—		—		—		247
Foreign currency translation adjustment		—		930		—		—		930
Unrealized gain in fair value of investments		—		8		—		—		8
Unrealized loss in fair value of interest rate swap		(35)		—		—		—		(35)
Total other comprehensive (loss) income, net of tax	$	1,150	$	938	$	—	$	(938)	$	1,150

Total Comprehensive Income (Loss)	$	16,550	$	20,057	$	3,960	$	(24,017)	$	16,550

TUTOR PERINI CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

THREE MONTHS ENDED MARCH 31, 2015

UNAUDITED



					Non-
	Tutor Perini		Guarantor		Guarantor				Total
(in thousands)	Corporation		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Revenue	$	236,292	$	885,103	$	4,291	$	(59,221)	$	1,066,465
Cost of operations		(209,833)		(825,094)		—		59,221		(975,706)
Gross profit	$	26,459	$	60,009	$	4,291	$	—	$	90,759
General and administrative expenses		(25,035)		(45,166)		(474)		—		(70,675)
Income from construction operations	$	1,424	$	14,843	$	3,817	$	—	$	20,084
Equity in earnings of subsidiaries		11,940		—		—		(11,940)		—
Other income (expense), net		(2,068)		1,196		118		—		(754)
Interest expense		(10,264)		(861)		—		—		(11,125)
Income (Loss) before income taxes	$	1,032	$	15,178	$	3,935	$	(11,940)	$	8,205
Benefit (Provision) for income taxes		4,094		(5,696)		(1,477)		—		(3,079)
Net income (loss)	$	5,126	$	9,482	$	2,458	$	(11,940)	$	5,126

Other comprehensive income (loss), net of tax:
Other comprehensive income of subsidiaries		(598)		—		—		598		—
Defined benefit pension plan adjustments		—		—		—		—		—
Foreign currency translation adjustment		—		(588)		—		—		(588)
Unrealized loss in fair value of investments		—		(10)		—		—		(10)
Unrealized gain in fair value of interest rate swap		45		—		—		—		45
Total other comprehensive (loss) income, net of tax	$	(553)	$	(598)	$	—	$	598	$	(553)

Total Comprehensive Income (Loss)	$	4,573	$	8,884	$	2,458	$	(11,342)	$	4,573

TUTOR PERINI CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

MARCH 31, 2016

UNAUDITED



					Non-
	Tutor Perini		Guarantor		Guarantor				Total
(in thousands)	Corporation		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Assets
Current assets:
Cash and cash equivalents	$	49,726	$	40,151	$	705	$	—	$	90,582
Restricted cash		3,260		3,686		42,212		—		49,158
Accounts receivable		393,473		1,300,463		90,244		(168,519)		1,615,661
Costs and estimated earnings in excess of billings		115,635		816,642		152		(74,073)		858,356
Deferred income taxes		16,566		9,984		—		—		26,550
Other current assets		39,685		41,897		8,478		1,930		91,990
Total current assets	$	618,345	$	2,212,823	$	141,791	$	(240,662)	$	2,732,297
Property and equipment		102,371		413,513		4,006		—		519,890
Intercompany notes and receivables		—		270,676		—		(270,676)		—
Other Assets:
Goodwill		—		585,006		—		—		585,006
Intangible assets, net		—		95,654		—		—		95,654
Investment in subsidiaries		2,122,342		—		—		(2,122,342)		—
Other Assets		92,320		86,370		25,735		(5,790)		198,635
Total assets	$	2,935,378	$	3,664,042	$	171,532	$	(2,639,470)	$	4,131,482

Liabilities and stockholders' equity
Current liabilities:
Current maturities of long-term debt	$	125,255	$	34,715	$	—	$	(60,000)	$	99,970
Accounts payable		210,902		974,776		1,634		(181,406)		1,005,906
Billings in excess of costs and estimated earnings		88,888		198,182		593		(2,081)		285,582
Accrued expenses and other current liabilities		36,144		79,481		42,514		2,825		160,964
Total current liabilities	$	461,189	$	1,287,154	$	44,741	$	(240,662)	$	1,552,422
Long-term debt, less current maturities		655,029		76,524		—		(5,790)		725,763
Deferred income taxes		40,066		211,828		22,338		—		274,232
Other long-term liabilities		104,897		2,323		31,514		—		138,734
Intercompany notes and advances payable		233,866		—		36,810		(270,676)		—

Contingencies and commitments		—		—		—		—		—

Stockholders’ equity		1,440,331		2,086,213		36,129		(2,122,342)		1,440,331
Total liabilities and stockholders' equity	$	2,935,378	$	3,664,042	$	171,532	$	(2,639,470)	$	4,131,482

TUTOR PERINI CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

DECEMBER 31, 2015

UNAUDITED



					Non-
	Tutor Perini		Guarantor		Guarantor				Total
(in thousands)	Corporation		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Assets
Current 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
Property and equipment		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 Assets		58,722		128,094		15,268		(5,723)		196,361
Total assets	$	2,712,967	$	3,520,378	$	156,422	$	(2,353,090)	$	4,036,677

Liabilities and stockholders' equity
Current liabilities:
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		653,669		80,821		—		(5,723)		728,767
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
Total liabilities and stockholders' equity	$	2,712,967	$	3,520,378	$	156,422	$	(2,353,090)	$	4,036,677

TUTOR PERINI CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

THREE MONTHS ENDED MARCH 31, 2016

UNAUDITED



					Non-
	Tutor Perini		Guarantor		Guarantor				Total
(in thousands)	Corporation		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Cash flows from operating activities:
Net income (loss)	$	15,400	$	19,119	$	3,960	$	(23,079)	$	15,400
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization		5,626		8,800		70		—		14,496
Equity in earnings of subsidiaries		(23,079)		—		—		23,079		—
Share-based compensation expense		3,647		—		—		—		3,647
Deferred income taxes		(153)		(2)		—		—		(155)
(Gain) loss on sale of property and equipment		202		83		—		—		285
Other long-term liabilities		(3,822)		(954)		715		—		(4,061)
Other non-cash items		(90)		1,489		—		—		1,399
Changes in other components of working capital		12,879		(25,578)		(2,368)		—		(15,067)
NET CASH PROVIDED BY OPERATING ACTIVITIES	$	10,610	$	2,957	$	2,377	$	—	$	15,944

Cash flows from investing activities:
Acquisition of property and equipment excluding financed purchases		(1,282)		(3,530)		—		—		(4,812)
Proceeds from sale of property and equipment		75		864		—		—		939
(Increase) decrease in intercompany advances		—		24,653		—		(24,653)		—
Change in restricted cash		109		(403)		(3,011)		—		(3,305)
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES	$	(1,098)	$	21,584	$	(3,011)	$	(24,653)	$	(7,178)

Cash flows from financing activities:
Proceeds from debt		299,785		—		—		—		299,785
Repayment of debt		(276,202)		(11,282)		—		—		(287,484)
Debt Issuance Costs		(5,937)		—		—		—		(5,937)
Increase (decrease) in intercompany advances		(24,628)		—		(25)		24,653		—
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES	$	(6,982)	$	(11,282)	$	(25)	$	24,653	$	6,364

Net (decrease) increase in cash and cash equivalents		2,530		13,259		(659)		—		15,130
Cash and cash equivalents at beginning of year		47,196		26,892		1,364		—		75,452
Cash and cash equivalents at end of period	$	49,726	$	40,151	$	705	$	—	$	90,582

TUTOR PERINI CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

THREE MONTHS ENDED MARCH 31, 2015

UNAUDITED



					Non-
	Tutor Perini		Guarantor		Guarantor				Total
(in thousands)	Corporation		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Cash flows from operating activities:
Net income (loss)	$	5,126	$	9,482	$	2,458	$	(11,940)	$	5,126
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization		5,223		5,303		68		—		10,594
Equity in earnings of subsidiaries		(11,940)		—		—		11,940		—
Share-based compensation expense		9,159		—		—		—		9,159
Deferred income taxes		(24,392)		24,392		—		—		—
(Gain) loss on sale of investments		(17)		17		—		—		—
(Gain) loss on sale of property and equipment		17		(293)		—		—		(276)
Other long-term liabilities		(1,288)		3,669		—		—		2,381
Other non-cash items		1,176		(3,403)		—		—		(2,227)
Changes in other components of working capital		(73,266)		43,701		2,484		—		(27,081)
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES	$	(90,202)	$	82,868	$	5,010	$	—	$	(2,324)

Cash flows from investing activities:
Acquisition of property and equipment		(729)		(4,962)		—		—		(5,691)
Proceeds from sale of property and equipment		—		798		—		—		798
Decrease (increase) in intercompany advances		—		(57,146)		—		57,146		—
Change in restricted cash		—		283		(6)		—		277
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES	$	(729)	$	(61,027)	$	(6)	$	57,146	$	(4,616)

Cash flows from financing activities:
Proceeds from debt		280,200		—		—		—		280,200
Repayment of debt		(252,748)		(9,364)		—		—		(262,112)
Issuance of common stock and effect of cashless exercise		(773)		—		—		—		(773)
Increase (decrease) in intercompany advances		61,103		—		(3,957)		(57,146)		—
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES	$	87,782	$	(9,364)	$	(3,957)	$	(57,146)	$	17,315

Net (decrease) increase in cash and cash equivalents		(3,149)		12,477		1,047		—		10,375
Cash and cash equivalents at beginning of year		75,087		36,764		23,732		—		135,583
Cash and cash equivalents at end of period	$	71,938	$	49,241	$	24,779	$	—	$	145,958