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Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2018
Summary of Significant Accounting Policies [Abstract]  
Schedule of the Impact for the Adoption of ASU 2014-09







 

 

 

 

 

 

 

 



 

 

BALANCE SHEET

Balance as of

 

Adjustments due to

 

Balance as of

(in thousands)

December 31, 2017(a)

 

ASC 606

 

January 1, 2018

ASSETS

 

 

 

 

 

 

 

 

Accounts receivable(b)

$

 1,801,656 

 

$

 (535,939)

 

$

 1,265,717 

Retainage receivable(b)

 

 —

 

 

 535,939 

 

 

 535,939 

Other current assets

 

 89,316 

 

 

 32,773 

 

 

 122,089 



 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

 

Accounts payable(b)

$

 961,791 

 

$

 (261,820)

 

$

 699,971 

Retainage payable(b)

 

 —

 

 

 261,820 

 

 

 261,820 

Billings in excess of costs and estimated earnings

 

 456,869 

 

 

 39,785 

 

 

 496,654 

Deferred income taxes

 

 108,504 

 

 

 (1,537)

 

 

 106,967 



 

 

 

 

 

 

 

 

EQUITY

 

 

 

 

 

 

 

 

Retained earnings

$

 622,007 

 

$

 (3,762)

 

$

 618,245 

Noncontrolling interests

 

 (8,495)

 

 

 (1,714)

 

 

 (10,209)

_____________________________________________________________________________________________________________



(a)

Balances as previously reported on the Company’s Annual Report on Form 10-K for the year ended December 31, 2017.  

(b)

Prior to the adoption of ASC 606, retainage receivable and payable balances were included within accounts receivable and accounts payable, respectively.



In accordance with the new revenue standard requirements, the disclosure of the impacts of adoption on the Consolidated Statement of Income and Consolidated Balance Sheet were as follows:

 







 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 



 

Year Ended December 31, 2018



 

 

 

Balance Without

 

 

STATEMENT OF INCOME

 

 

 

Adoption of

 

Effect of

(in thousands)

 

As Reported

 

ASC 606

 

Change

REVENUE

 

$

 4,454,662 

 

$

 4,458,668 

 

$

 (4,006)

COST OF OPERATIONS

 

 

 (4,000,209)

 

 

 (4,003,959)

 

 

 3,750 

GROSS PROFIT

 

 

 454,453 

 

 

 454,709 

 

 

 (256)

General and administrative expenses

 

 

 (262,577)

 

 

 (262,577)

 

 

 —

INCOME FROM CONSTRUCTION OPERATIONS

 

 

 191,876 

 

 

 192,132 

 

 

 (256)

Other income, net

 

 

 4,256 

 

 

 4,256 

 

 

 —

Interest expense

 

 

 (63,519)

 

 

 (63,519)

 

 

 —

INCOME BEFORE INCOME TAXES

 

 

 132,613 

 

 

 132,869 

 

 

 (256)

Income tax (expense) benefit

 

 

 (34,832)

 

 

 (34,939)

 

 

 107 

NET INCOME

 

 

 97,781 

 

 

 97,930 

 

 

 (149)

LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS

 

 

 14,345 

 

 

 14,212 

 

 

 133 

NET INCOME ATTRIBUTABLE TO TUTOR PERINI CORPORATION

 

$

 83,436 

 

$

 83,718 

 

$

 (282)







 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 



 

As of December 31, 2018



 

 

 

Balance Without

 

 

BALANCE SHEET

 

 

 

Adoption of

 

Effect of

(in thousands)

 

As Reported

 

ASC 606

 

Change

ASSETS

 

 

 

 

 

 

 

 

 

Accounts receivable(a)

 

$

 1,261,072 

 

$

 1,735,414 

 

$

 (474,342)

Retainage receivable(a)

 

 

 478,744 

 

 

 —

 

 

 478,744 

Costs and estimated earnings in excess of billings

 

 

 1,142,295 

 

 

 1,148,216 

 

 

 (5,921)

Other current assets

 

 

 115,527 

 

 

 79,004 

 

 

 36,523 



 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

 

 

Accounts payable(a)

 

$

 621,728 

 

$

 833,684 

 

$

 (211,956)

Retainage payable(a)

 

 

 211,956 

 

 

 —

 

 

 211,956 

Billings in excess of costs and estimated earnings

 

 

 573,190 

 

 

 530,918 

 

 

 42,272 

Accrued expenses and other current liabilities

 

 

 174,325 

 

 

 174,824 

 

 

 (499)

Deferred income taxes

 

 

 105,521 

 

 

 106,665 

 

 

 (1,144)



 

 

 

 

 

 

 

 

 

EQUITY

 

 

 

 

 

 

 

 

 

Retained earnings

 

$

 701,681 

 

$

 705,725 

 

$

 (4,044)

Noncontrolling interests

 

 

 (21,288)

 

 

 (19,707)

 

 

 (1,581)

_____________________________________________________________________________________________________________



(a)

Prior to the adoption of ASC 606, retainage receivable and payable balances were included within accounts receivable and payable, respectively.

Calculations of Basic and Diluted EPS



 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 



Year Ended December 31,

(in thousands, except per common share data)

2018

 

2017

 

2016

Net income attributable to Tutor Perini Corporation

$

 83,436 

 

$

 148,382 

 

$

 95,822 



 

 

 

 

 

 

 

 

Weighted-average common shares outstanding, basic

 

 49,952 

 

 

 49,647 

 

 

 49,150 

Effect of dilutive restricted stock units and stock options

 

 349 

 

 

 1,112 

 

 

 714 

Weighted-average common shares outstanding, diluted

 

 50,301 

 

 

 50,759 

 

 

 49,864 



 

 

 

 

 

 

 

 

Net income attributable to Tutor Perini Corporation per common share:

 

 

 

 

 

 

 

 

Basic

$

 1.67 

 

$

 2.99 

 

$

 1.95 

Diluted

$

 1.66 

 

$

 2.92 

 

$

 1.92 

Anti-dilutive securities not included above

 

 2,670 

 

 

 798 

 

 

 1,132 



Schedule of Cash and Cash Equivalents



 

 

 

 

 



 

 

 

 

 



As of December 31,

(in thousands)

2018

 

2017

Cash and cash equivalents available for general corporate purposes

$

 51,749 

 

$

 94,713 

Joint venture cash and cash equivalents

 

 64,326 

 

 

 98,155 

Cash and cash equivalents

 

 116,075 

 

 

 192,868 

Restricted cash

 

 3,788 

 

 

 4,780 

Total cash, cash equivalents and restricted cash

$

 119,863 

 

$

 197,648 



 

 

 

 

 



Tax Effects of Componenets of Other Comprehensive Income (Loss)







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Year Ended December 31,



2018

 

2017

 

2016

(in thousands)

Before-Tax Amount

 

Tax (Expense) Benefit

 

Net-of-Tax Amount

 

Before-Tax Amount

 

Tax (Expense) Benefit

 

Net-of-Tax Amount

 

Before-Tax Amount

 

Tax Benefit

 

Net-of-Tax Amount

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Defined benefit pension plan adjustments

$

 1,079 

 

$

 (308)

 

$

 771 

 

$

 2,416 

 

$

 (992)

 

$

 1,424 

 

$

 (4,452)

 

$

 1,829 

 

$

 (2,623)

Foreign currency translation adjustment

 

 (4,067)

 

 

 1,122 

 

 

 (2,945)

 

 

 2,159 

 

 

 (886)

 

 

 1,273 

 

 

 (439)

 

 

 178 

 

 

 (261)

Unrealized gain (loss) in fair value of investments

 

 (1,005)

 

 

 227 

 

 

 (778)

 

 

 (4)

 

 

 2 

 

 

 (2)

 

 

 (576)

 

 

 236 

 

 

 (340)

Unrealized gain (loss) in fair value of interest rate swap

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 (45)

 

 

 21 

 

 

 (24)

Total other comprehensive income (loss)

$

 (3,993)

 

$

 1,041 

 

$

 (2,952)

 

$

 4,571 

 

$

 (1,876)

 

$

 2,695 

 

$

 (5,512)

 

$

 2,264 

 

$

 (3,248)

Less: Other comprehensive income (loss) attributable to noncontrolling interests(a)

 

 (221)

 

 

 —

 

 

 (221)

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

Total other comprehensive income (loss) attributable to Tutor Perini Corporation

$

 (3,772)

 

$

 1,041 

 

$

 (2,731)

 

$

 4,571 

 

$

 (1,876)

 

$

 2,695 

 

$

 (5,512)

 

$

 2,264 

 

$

 (3,248)

(a)

The only component of other comprehensive loss attributable to noncontrolling interests is foreign currency translation.
Changes in AOCI Balances by Component



 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

Defined Benefit Pension Plan

 

Foreign Currency Translation

 

Unrealized Gain (Loss) in Fair Value of Investments

 

Unrealized Gain (Loss) in Fair Value of Interest Rate Swap

 

Accumulated Other Comprehensive Income (Loss)

Attributable to Tutor Perini Corporation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of December 31, 2015

$

 (38,242)

 

$

 (4,603)

 

$

 656 

 

$

 24 

 

$

 (42,165)

Other comprehensive loss before reclassifications

 

 (3,722)

 

 

 (261)

 

 

 (340)

 

 

 (24)

 

 

 (4,347)

Amounts reclassified from AOCI

 

 1,099 

 

 

 —

 

 

 —

 

 

 —

 

 

 1,099 

Balance as of December 31, 2016

$

 (40,865)

 

$

 (4,864)

 

$

 316 

 

$

 —

 

$

 (45,413)

Other comprehensive income (loss) before reclassifications

 

 306 

 

 

 1,273 

 

 

 (2)

 

 

 —

 

 

 1,577 

Amounts reclassified from AOCI

 

 1,118 

 

 

 —

 

 

 —

 

 

 —

 

 

 1,118 

Balance as of December 31, 2017

$

 (39,441)

 

$

 (3,591)

 

$

 314 

 

$

 —

 

$

 (42,718)

Other comprehensive loss before reclassifications

 

 (695)

 

 

 (2,724)

 

 

 (835)

 

 

 —

 

 

 (4,254)

Amounts reclassified from AOCI

 

 1,466 

 

 

 —

 

 

 57 

 

 

 —

 

 

 1,523 

Balance as of December 31, 2018

$

 (38,670)

 

$

 (6,315)

 

$

 (464)

 

$

 —

 

$

 (45,449)