Separate Financial Information of Subsidiary Guarantors of Indebtedness (Tables)

12 Months Ended

Dec. 31, 2016

Separate Financial Information of Subsidiary Guarantors of Indebtedness [Abstract]

Condensed Consolidating Statement of Operations

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

YEAR ENDED DECEMBER 31, 2016

(in thousands)

					Non-
	Tutor Perini		Guarantor		Guarantor				Total
	Corporation		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Revenue	$	977,298	$	4,316,658	$	16,547	$	(337,427)	$	4,973,076
Cost of operations		(861,695)		(3,991,618)		—		337,427		(4,515,886)
Gross profit	$	115,603	$	325,040	$	16,547	$	—	$	457,190
General and administrative expenses		(85,014)		(168,394)		(1,862)		—		(255,270)
INCOME FROM CONSTRUCTION OPERATIONS	$	30,589	$	156,646	$	14,685	$	—	$	201,920
Equity in earnings of subsidiaries		113,369		—		—		(113,369)		—
Other income, net		892		6,294		1,002		(1,211)		6,977
Interest expense		(58,787)		(2,206)		—		1,211		(59,782)
Income (Loss) before income taxes		86,063		160,734		15,687		(113,369)		149,115
Provision for income taxes		9,759		(57,446)		(5,606)		—		(53,293)
NET INCOME (LOSS)	$	95,822	$	103,288	$	10,081	$	(113,369)	$	95,822
Other comprehensive income:
Other comprehensive income of subsidiaries		(601)		—		—		601		—
Change in pension benefit plans assets/liabilities		(2,623)		—		—		—		(2,623)
Foreign currency translation		—		(261)		—		—		(261)
Change in fair value of investments		—		(340)		—		—		(340)
Change in fair value of interest rate swap		(24)		—		—		—		(24)
Total other comprehensive (loss) income		(3,248)		(601)		—		601		(3,248)
Total comprehensive income (loss)	$	92,574	$	102,687	$	10,081	$	(112,768)	$	92,574

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 (expense) income, net		9,271		3,745		553		—		13,569
Interest expense		(42,123)		(3,020)		—		—		(45,143)
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 income (loss)		(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		(7,003)		(1,705)		491		—		(8,217)
Interest expense		(41,977)		(4,058)		—		—		(46,035)
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 (loss) income		(8,239)		(433)		—		433		(8,239)
Total comprehensive income (loss)	$	99,697	$	85,656	$	9,412	$	(95,068)	$	99,697

Condensed Consolidating Balance Sheet

CONDENSED CONSOLIDATING BALANCE SHEET - DECEMBER 31, 2016

(in thousands)

					Non-
	Tutor Perini		Guarantor		Guarantor				Total
	Corporation		Subsidiaries		Subsidiaries		Eliminations		Consolidated
ASSETS
Cash and cash equivalents	$	80,829	$	65,079	$	195	$	—	$	146,103
Restricted cash		2,016		2,211		46,277		—		50,504
Accounts receivable		426,176		1,441,263		107,380		(231,519)		1,743,300
Costs and estimated earnings in excess of billings		140,901		758,158		152		(67,385)		831,826
Other current assets		76,453		38,889		7,498		(56,817)		66,023
Total current assets	$	726,375	$	2,305,600	$	161,502	$	(355,721)	$	2,837,756
Property and equipment, net	$	74,739	$	399,091	$	3,796	$	—	$	477,626
Intercompany notes and receivables		—		242,382		—		(242,382)		—
Other assets:
Goodwill		—		585,006		—		—		585,006
Intangible assets, net		—		92,997		—		—		92,997
Investment in subsidiaries		2,223,971		—		—		(2,223,971)		—
Other		42,324		8,905		2,407		(8,401)		45,235
	$	3,067,409	$	3,633,981	$	167,705	$	(2,830,475)	$	4,038,620
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current maturities of long-term debt	$	122,166	$	23,724	$	—	$	(60,000)	$	85,890
Accounts payable		280,342		937,428		2,495		(226,249)		994,016
Billings in excess of costs and estimated earnings		102,373		229,746		19,564		(20,571)		331,112
Accrued expenses and other current liabilities		60,227		76,002		20,597		(48,901)		107,925
Total Current Liabilities	$	565,108	$	1,266,900	$	42,656	$	(355,721)	$	1,518,943
Long-term debt, less current maturities	$	614,608	$	65,015	$	—	$	(5,994)	$	673,629
Deferred income taxes		16,475		116,939		—		(2,407)		131,007
Other long-term liabilities		111,108		2,415		48,495		—		162,018
Intercompany notes and advances payable		207,087		—		35,295		(242,382)		—
Contingencies and commitments		—		—		—		—		—
Stockholders’ equity		1,553,023		2,182,712		41,259		(2,223,971)		1,553,023
	$	3,067,409	$	3,633,981	$	167,705	$	(2,830,475)	$	4,038,620

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
Other current assets		60,119		48,482		11,662		(11,419)		108,844
Total current assets	$	583,701	$	2,126,602	$	134,383	$	(235,747)	$	2,608,939
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		60,978		7,067		3,392		(24,147)		47,290
	$	2,712,968	$	3,377,995	$	141,851	$	(2,371,514)	$	3,861,300
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		6,146		123,497		25,239		(20,755)		134,127
Total Current Liabilities	$	414,411	$	1,258,402	$	30,177	$	(254,171)	$	1,448,819
Long-term debt, less current maturities	$	653,669	$	80,821	$	—	$	(5,723)	$	728,767
Deferred income taxes		—		122,822		—		—		122,822
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
	$	2,712,968	$	3,377,995	$	141,851	$	(2,371,514)	$	3,861,300

Condensed Consolidating Statement of Cash Flows

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

YEAR ENDED DECEMBER 31, 2016

(in thousands)

					Non-
	Tutor Perini		Guarantor		Guarantor				Total
	Corporation		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Cash Flows from Operating Activities:
Net income (loss)	$	95,822	$	103,288	$	10,081	$	(113,369)	$	95,822
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization		31,660		35,362		280		—		67,302
Equity in earnings of subsidiaries		(113,369)		—		—		113,369		—
Share-based compensation expense		13,423		—		—		—		13,423
Excess income tax benefit from share-based compensation		(269)		—		—		—		(269)
Change in debt discount and deferred debt issuance costs		10,968		—		—		—		10,968
Deferred income taxes		2,256		(12,425)		—		—		(10,169)
(Gain) loss on sale of investments		—		—		—		—		—
(Gain) loss on sale of property and equipment		148		305		—		—		453
Other long-term liabilities		4,168		6,346		17,696		—		28,210
Other non-cash items		(1,125)		(749)		—		—		(1,874)
Changes in other components of working capital		(108,973)		46,309		(27,866)		—		(90,530)
NET CASH (USED) PROVIDED BY OPERATING ACTIVITIES	$	(65,291)	$	178,436	$	191	$	—	$	113,336
Cash Flows from Investing Activities:
Acquisition of property and equipment excluding financed purchases		(1,405)		(14,338)		—		—		(15,743)
Proceeds from sale of property and equipment		164		1,735		—		—		1,899
(Increase) decrease in intercompany advances		—		(94,732)		—		94,732		—
Change in restricted cash		1,353		1,072		(7,076)		—		(4,651)
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES	$	112	$	(106,263)	$	(7,076)	$	94,732	$	(18,495)
Cash Flows from Financing Activities:
Issuance of Convertible Notes		200,000		—		—		—		200,000
Proceeds from debt		1,348,800		5,095		—		—		1,353,895
Repayment of debt		(1,523,603)		(39,081)		—		—		(1,562,684)
Excess income tax benefit from share-based compensation		269		—		—		—		269
Issuance of common stock and effect of cashless exercise		(584)		—		—		—		(584)
Debt issuance costs		(15,086)		—		—		—		(15,086)
Increase (decrease) in intercompany advances		89,016		—		5,716		(94,732)		—
NET CASH (USED) PROVIDED BY FINANCING ACTIVITIES	$	98,812	$	(33,986)	$	5,716	$	(94,732)	$	(24,190)
Net (Decrease) Increase in Cash and Cash Equivalents		33,633		38,187		(1,169)		—		70,651
Cash and Cash Equivalents at Beginning of Year		47,196		26,892		1,364		—		75,452
Cash and Cash Equivalents at End of Year	$	80,829	$	65,079	$	195	$	—	$	146,103

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		8,612		32,746		276		—		41,634
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)
Change in debt discount and deferred debt issuance costs		2,095		—		—		—		2,095
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 PROVIDED (USED) 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 Increase (Decrease) 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 Year	$	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		2,322		51,109		271		—		53,702
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)
Change in debt discount and deferred debt issuance costs		2,270		—		—				2,270
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 investments		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)
Payments related to business acquisitions		(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 Year	$	75,087	$	36,764	$	23,732	$	—	$	135,583