(13) Separate Financial Information of Subsidiary Guarantors of Indebtedness

The Company’s obligations on its 2010 Notes are guaranteed by substantially all of the Company’s existing and future subsidiaries that guarantee obligations under the 2014 Credit Facility (the “Guarantors”). The guarantees are full and unconditional as well as joint and several. The Guarantors are wholly owned subsidiaries of 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 SEPTEMBER 30, 2016

UNAUDITED



					Non-
	Tutor Perini		Guarantor		Guarantor				Total
(in thousands)	Corporation		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Revenue	$	267,285	$	1,141,731	$	6,707	$	(82,745)	$	1,332,978
Cost of operations		(235,073)		(1,055,982)		—		82,745		(1,208,310)
Gross profit		32,212		85,749		6,707		—		124,668
General and administrative expenses		(22,443)		(40,843)		(463)		—		(63,749)
Income from construction operations		9,769		44,906		6,244		—		60,919
Equity in earnings of subsidiaries		32,052		—		—		(32,052)		—
Other income (expense), net		(185)		2,414		256		(437)		2,048
Interest expense		(14,954)		(524)		—		437		(15,041)
Income (Loss) before income taxes		26,682		46,796		6,500		(32,052)		47,926
Provision for income taxes		2,119		(18,643)		(2,601)		—		(19,125)
Net income (loss)	$	28,801	$	28,153	$	3,899	$	(32,052)	$	28,801

Other comprehensive income (loss), net of tax:
Other comprehensive income of subsidiaries		(490)		—		—		490		—
Defined benefit pension plan adjustments		248		—		—		—		248
Foreign currency translation adjustment		—		(411)		—		—		(411)
Unrealized gain in fair value of investments		—		(79)		—		—		(79)
Unrealized loss in fair value of interest rate swap		—		—		—		—		—
Total other comprehensive (loss) income, net of tax		(242)		(490)		—		490		(242)

Total Comprehensive Income (Loss)	$	28,559	$	27,663	$	3,899	$	(31,562)	$	28,559

TUTOR PERINI CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

THREE MONTHS ENDED SEPTEMBER 30, 2015

UNAUDITED



					Non-
	Tutor Perini		Guarantor		Guarantor				Total
(in thousands)	Corporation		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Revenue	$	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 income (expense), net		4,693		1,375		127		—		6,195
Interest expense		(10,552)		(662)		—		—		(11,214)
Income (Loss) before income taxes		30,459		2,787		4,895		(4,186)		33,955
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 (loss), net of tax:
Other comprehensive income of subsidiaries		(1,377)		—		—		1,377		—
Defined benefit pension plan adjustments		—		—		—		—		—
Foreign currency translation adjustment		—		(1,375)		—		—		(1,375)
Unrealized loss in fair value of investments		—		(2)		—		—		(2)
Unrealized gain in fair value of interest rate swap		47		—		—		—		47
Total other comprehensive (loss) income, net of tax		(1,330)		(1,377)		—		1,377		(1,330)

Total Comprehensive Income (Loss)	$	18,347	$	(3)	$	2,812	$	(2,809)	$	18,347

TUTOR PERINI CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

NINE MONTHS ENDED SEPTEMBER 30, 2016

UNAUDITED



					Non-
	Tutor Perini		Guarantor		Guarantor				Total
(in thousands)	Corporation		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Revenue	$	692,144	$	3,263,059	$	14,280	$	(243,006)	$	3,726,477
Cost of operations		(603,626)		(3,026,327)		—		243,006		(3,386,947)
Gross profit		88,518		236,732		14,280		—		339,530
General and administrative expenses		(62,141)		(126,118)		(1,401)		—		(189,660)
Income from construction operations		26,377		110,614		12,879		—		149,870
Equity in earnings of subsidiaries		75,474		—		—		(75,474)		—
Other income (expense), net		761		4,601		752		(900)		5,214
Interest expense		(43,834)		(1,721)		—		900		(44,655)
Income (Loss) before income taxes		58,778		113,494		13,631		(75,474)		110,429
Benefit (Provision) for income taxes		6,783		(46,113)		(5,538)		—		(44,868)
Net income (loss)	$	65,561	$	67,381	$	8,093	$	(75,474)	$	65,561

Other comprehensive income (loss), net of tax:
Other comprehensive income of subsidiaries		37		—		—		(37)		—
Defined benefit pension plan adjustments		819		—		—		—		819
Foreign currency translation adjustment		—		261		—		—		261
Unrealized gain in fair value of investments		—		(224)		—		—		(224)
Unrealized loss in fair value of interest rate swap		(24)		—		—		—		(24)
Total other comprehensive (loss) income, net of tax	$	832	$	37	$	—	$	(37)	$	832

Total Comprehensive Income (Loss)	$	66,393	$	67,418	$	8,093	$	(75,511)	$	66,393

TUTOR PERINI CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

NINE MONTHS ENDED SEPTEMBER 30, 2015

UNAUDITED



					Non-
	Tutor Perini		Guarantor		Guarantor				Total
(in thousands)	Corporation		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Revenue	$	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 income (expense), net		2,716		3,002		380		—		6,098
Interest expense		(31,507)		(2,378)		—		—		(33,885)
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 (loss), net of tax:
Other comprehensive income of subsidiaries		(3,195)		—		—		3,195		—
Defined benefit pension plan adjustments		—		—		—		—		—
Foreign currency translation adjustment		—		(3,109)		—		—		(3,109)
Unrealized loss in fair value of investments		—		(86)		—		—		(86)
Unrealized gain in fair value of interest rate swap		152		—		—		—		152
Total other comprehensive (loss) income, net of tax		(3,043)		(3,195)		—		3,195		(3,043)

Total Comprehensive Income (Loss)	$	33,537	$	12,870	$	6,647	$	(19,517)	$	33,537

TUTOR PERINI CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

September 30, 2016

UNAUDITED



					Non-
	Tutor Perini		Guarantor		Guarantor				Total
(in thousands)	Corporation		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Assets
Current assets:
Cash and cash equivalents	$	86,618	$	83,874	$	252	$	—	$	170,744
Restricted cash		3,261		2,209		43,255		—		48,725
Accounts receivable		407,677		1,414,817		115,995		(219,804)		1,718,685
Costs and estimated earnings in excess of billings		121,897		757,976		152		(59,782)		820,243
Deferred income taxes		16,323		9,706		—		—		26,029
Other current assets		58,268		39,635		10,608		(43,000)		65,511
Total current assets		694,044		2,308,217		170,262		(322,586)		2,849,937
Property and equipment		85,639		402,823		3,866		—		492,328
Intercompany notes and receivables		—		201,270		—		(201,270)		—
Goodwill		—		585,006		—		—		585,006
Intangible assets, net		—		93,883		—		—		93,883
Investment in subsidiaries		2,173,219		—		—		(2,173,219)		—
Other Assets		93,486		86,517		25,735		(5,926)		199,812
Total assets	$	3,046,388	$	3,677,716	$	199,863	$	(2,703,001)	$	4,220,966

Liabilities and stockholders' equity
Current liabilities:
Current maturities of long-term debt	$	144,891	$	24,006	$	—	$	(60,000)	$	108,897
Accounts payable		228,144		921,046		2,460		(202,002)		949,648
Billings in excess of costs and estimated earnings		105,501		222,559		28,629		(22,634)		334,055
Accrued expenses and other current liabilities		106,499		92,474		48,320		(37,950)		209,343
Total current liabilities		585,035		1,260,085		79,409		(322,586)		1,601,943
Long-term debt, less current maturities		619,584		70,544		—		(5,926)		684,202
Deferred income taxes		49,645		211,828		22,338		—		283,811
Other long-term liabilities		106,106		2,301		18,559		—		126,966
Intercompany notes and advances payable		161,974		—		39,296		(201,270)		—

Contingencies and commitments		—		—		—		—		—

Stockholders’ equity		1,524,044		2,132,958		40,261		(2,173,219)		1,524,044
Total liabilities and stockholders' equity	$	3,046,388	$	3,677,716	$	199,863	$	(2,703,001)	$	4,220,966

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)		—
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

NINE MONTHS ENDED SEPTEMBER 30, 2016

UNAUDITED



					Non-
	Tutor Perini		Guarantor		Guarantor				Total
(in thousands)	Corporation		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Cash flows from operating activities:
Net income (loss)	$	65,561	$	67,381	$	8,093	$	(75,474)	$	65,561
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization		20,747		26,338		210		—		47,295
Equity in earnings of subsidiaries		(75,474)		—		—		75,474		—
Share-based compensation expense		10,109		—		—		—		10,109
Excess income tax benefit from share-based compensation		(10)		—		—		—		(10)
Change in debt discount and deferred debt issuance costs		7,124		—		—		—		7,124
Deferred income taxes		(14,613)		5,977		—		—		(8,636)
Loss on sale of property and equipment		138		162		—		—		300
Other long-term liabilities		(2,032)		5,717		(12,240)		—		(8,555)
Other non-cash items		(1,107)		754		—		—		(353)
Changes in other components of working capital		(55,051)		50,106		(13,724)		—		(18,669)
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES		(44,608)		156,435		(17,661)		—		94,166

Cash flows from investing activities:
Acquisition of property and equipment excluding financed purchases		(1,382)		(8,891)		—		—		(10,273)
Proceeds from sale of property and equipment		164		975		—		—		1,139
(Increase) decrease in intercompany advances		—		(64,502)		—		64,502		—
Change in restricted cash		108		1,074		(4,054)		—		(2,872)
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES		(1,110)		(71,344)		(4,054)		64,502		(12,006)

Cash flows from financing activities:
Proceeds from issuance of convertible notes		200,000		—		—		—		200,000
Proceeds from debt		997,708		5,384		—		—		1,003,092
Repayment of debt		(1,141,186)		(33,493)		—		—		(1,174,679)
Excess income tax benefit from share-based compensation		10		—		—		—		10
Issuance of common stock and effect of cashless exercise		(423)		—		—		—		(423)
Debt Issuance Costs		(14,868)		—		—		—		(14,868)
Increase (decrease) in intercompany advances		43,899		—		20,603		(64,502)		—
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES		85,140		(28,109)		20,603		(64,502)		13,132

Net (decrease) increase in cash and cash equivalents		39,422		56,982		(1,112)		—		95,292
Cash and cash equivalents at beginning of year		47,196		26,892		1,364		—		75,452
Cash and cash equivalents at end of period	$	86,618	$	83,874	$	252	$	—	$	170,744

TUTOR PERINI CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

NINE MONTHS ENDED SEPTEMBER 30, 2015

UNAUDITED



					Non-
	Tutor Perini		Guarantor		Guarantor				Total
(in thousands)	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		6,710		24,042		207		—		30,959
Equity in earnings of subsidiaries		(22,712)		—		—		22,712		—
Share-based compensation expense		17,064		—		—		—		17,064
Excess income tax benefit from stock-based compensation		(186)		—		—		—		(186)
Change in debt discount and deferred debt issuance costs		1,569		—		—		—		1,569
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 PROVIDED (USED) BY OPERATING ACTIVITIES		(113,648)		163,580		(29,258)		—		20,674

Cash flows from investing activities:
Acquisition of property and equipment		(21,406)		(11,919)		(40)		—		(33,365)
Proceeds from sale of property and equipment		—		2,220		—		—		2,220
Decrease (increase) 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 PROVIDED (USED) 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