10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549 

FORM 10-Q

(Mark One)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the quarterly period ended	June 30, 2022
or
☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the transition period from ___________ to ___________

Commission File Number: 1-6314

Tutor Perini Corporation

(Exact Name of Registrant as Specified in its Charter)

MASSACHUSETTS

(State or Other Jurisdiction of
Incorporation or Organization)

15901 OLDEN STREET, SYLMAR, CALIFORNIA

(Address of Principal Executive Offices)

04-1717070

(I.R.S. Employer Identification No.)

91342-1093

(Zip Code)

(818) 362-8391

(Registrant’s Telephone Number, Including Area Code)

None

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $1.00 par value	TPC	The New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☒
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares of common stock, $1.00 par value per share, of the registrant outstanding at July 28, 2022 was 51,357,691.

TUTOR PERINI CORPORATION AND SUBSIDIARIES

TABLE OF CONTENTS

			Page Numbers
Part I.	Financial Information:
	Item 1.	Financial Statements:
		Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2022 and 2021 (Unaudited)	3
		Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2022 and 2021 (Unaudited)	4
		Condensed Consolidated Balance Sheets as of June 30, 2022 and December 31, 2021 (Unaudited)	5
		Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2022 and 2021 (Unaudited)	6
		Notes to Condensed Consolidated Financial Statements (Unaudited)	7
	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	33
	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	41
	Item 4.	Controls and Procedures	41
Part II.	Other Information:
	Item 1.	Legal Proceedings	43
	Item 1A.	Risk Factors	43
	Item 4.	Mine Safety Disclosures	43
	Item 6.	Exhibits	43
	Signature		44

2

PART I. – FINANCIAL INFORMATION

Item 1. Financial Statements

TUTOR PERINI CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

UNAUDITED

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except per common share amounts)	2022		2021		2022		2021
REVENUE	$	861,027	$	1,219,243	$	1,813,181	$	2,426,838
COST OF OPERATIONS	(895,250)		(1,091,754)		(1,797,059)		(2,188,894)
GROSS PROFIT (LOSS)	(34,223)		127,489		16,122		237,944
General and administrative expenses	(56,331)		(58,736)		(116,583)		(119,487)
INCOME (LOSS) FROM CONSTRUCTION OPERATIONS	(90,554)		68,753		(100,461)		118,457
Other income, net	1,020		1,431		4,717		1,606
Interest expense	(16,204)		(17,938)		(32,696)		(35,748)
INCOME (LOSS) BEFORE INCOME TAXES	(105,738)		52,246		(128,440)		84,315
Income tax (expense) benefit	43,718		(10,635)		47,607		(17,599)
NET INCOME (LOSS)	(62,020)		41,611		(80,833)		66,716
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	983		10,446		3,804		19,517
NET INCOME (LOSS) ATTRIBUTABLE TO TUTOR PERINI CORPORATION	$	(63,003)	$	31,165	$	(84,637)	$	47,199
BASIC EARNINGS (LOSS) PER COMMON SHARE	$	(1.23)	$	0.61	$	(1.65)	$	0.93
DILUTED EARNINGS (LOSS) PER COMMON SHARE	$	(1.23)	$	0.61	$	(1.65)	$	0.92
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING:
BASIC	51,276		50,999		51,192		50,956
DILUTED	51,276		51,375		51,192		51,362

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

3

TUTOR PERINI CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

UNAUDITED

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2022		2021		2022		2021
NET INCOME (LOSS)	$	(62,020)	$	41,611	$	(80,833)	$	66,716
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
Defined benefit pension plan adjustments	457		491		915		983
Foreign currency translation adjustments	(1,390)		400		(1,133)		772
Unrealized gain (loss) in fair value of investments	(2,058)		219		(6,262)		(964)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX	(2,991)		1,110		(6,480)		791
COMPREHENSIVE INCOME (LOSS)	(65,011)		42,721		(87,313)		67,507
LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	210		10,726		2,652		20,093
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO TUTOR PERINI CORPORATION	$	(65,221)	$	31,995	$	(89,965)	$	47,414

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

4

TUTOR PERINI CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

UNAUDITED

(in thousands, except share and per share amounts)	As of June 30, 2022		As of December 31, 2021
ASSETS
CURRENT ASSETS:
Cash and cash equivalents ($169,266 and $102,679 related to variable interest entities (“VIEs”))	$	309,267	$	202,197
Restricted cash	4,485		9,199
Restricted investments	84,498		84,355
Accounts receivable ($99,872 and $116,415 related to VIEs)	1,337,017		1,454,319
Retention receivable ($178,575 and $162,259 related to VIEs)	552,695		568,881
Costs and estimated earnings in excess of billings ($67,874 and $143,105 related to VIEs)	1,372,640		1,356,768
Other current assets ($42,844 and $43,718 related to VIEs)	207,881		186,773
Total current assets	3,868,483		3,862,492
PROPERTY AND EQUIPMENT (“P&E”), net of accumulated depreciation of $507,400 and $483,417 (net P&E of $13,905 and $2,203 related to VIEs)	427,894		429,645
GOODWILL	205,143		205,143
INTANGIBLE ASSETS, NET	74,891		85,068
OTHER ASSETS	143,272		142,550
TOTAL ASSETS	$	4,719,683	$	4,724,898
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Current maturities of long-term debt	$	30,565	$	24,406
Accounts payable ($66,971 and $96,097 related to VIEs)	555,365		512,056
Retention payable ($39,580 and $37,007 related to VIEs)	227,725		268,945
Billings in excess of costs and estimated earnings ($458,713 and $355,270 related to VIEs)	956,735		761,689
Accrued expenses and other current liabilities ($10,880 and $8,566 related to VIEs)	192,931		210,017
Total current liabilities	1,963,321		1,777,113
LONG-TERM DEBT, less current maturities, net of unamortized discount and debt issuance costs totaling $15,575 and $17,109	937,743		969,248
DEFERRED INCOME TAXES	6,836		70,989
OTHER LONG-TERM LIABILITIES	243,837		233,828
TOTAL LIABILITIES	3,151,737		3,051,178
COMMITMENTS AND CONTINGENCIES (NOTE 10)
EQUITY
Stockholders' equity:
Preferred stock - authorized 1,000,000 shares ($1 par value), none issued	—		—
Common stock - authorized 112,500,000 shares ($1 par value), issued and outstanding 51,357,691 and 51,095,706 shares	51,358		51,096
Additional paid-in capital	1,137,966		1,133,150
Retained earnings	429,673		514,310
Accumulated other comprehensive loss	(48,963)		(43,635)
Total stockholders' equity	1,570,034		1,654,921
Noncontrolling interests	(2,088)		18,799
TOTAL EQUITY	1,567,946		1,673,720
TOTAL LIABILITIES AND EQUITY	$	4,719,683	$	4,724,898

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

5

TUTOR PERINI CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

UNAUDITED

	Six Months Ended June 30,
(in thousands)	2022		2021
Cash Flows from Operating Activities:
Net income (loss)	$	(80,833)	$	66,716
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation	28,344		44,821
Amortization of intangible assets	10,177		17,314
Share-based compensation expense	4,814		5,033
Change in debt discounts and deferred debt issuance costs	1,817		3,868
Deferred income taxes	(61,145)		2,213
(Gain) loss on sale of property and equipment	(168)		360
Changes in other components of working capital	269,104		(278,943)
Other long-term liabilities	7,885		6,801
Other, net	(1,297)		515
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	178,698		(131,302)
Cash Flows from Investing Activities:
Acquisition of property and equipment	(28,845)		(18,860)
Proceeds from sale of property and equipment	6,420		3,623
Investments in securities	(10,409)		(18,096)
Proceeds from maturities and sales of investments in securities	4,919		10,497
NET CASH USED IN INVESTING ACTIVITIES	(27,915)		(22,836)
Cash Flows from Financing Activities:
Proceeds from debt	412,357		308,181
Repayment of debt	(439,236)		(367,007)
Cash payments related to share-based compensation	(1,009)		(1,625)
Distributions paid to noncontrolling interests	(24,500)		(7,250)
Contributions from noncontrolling interests	3,961		4,000
NET CASH USED IN FINANCING ACTIVITIES	(48,427)		(63,701)
Net increase (decrease) in cash, cash equivalents and restricted cash	102,356		(217,839)
Cash, cash equivalents and restricted cash at beginning of period	211,396		451,852
Cash, cash equivalents and restricted cash at end of period	$	313,752	$	234,013

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

6

TUTOR PERINI CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

UNAUDITED

(1)Basis of Presentation

The Condensed Consolidated Financial Statements do not include footnotes and certain financial information normally presented annually under generally accepted accounting principles in the United States (“GAAP”). Therefore, they should be read in conjunction with the audited consolidated financial statements and the related notes included in Tutor Perini Corporation’s (the “Company”) Annual Report on Form 10-K for the year ended December 31, 2021. The results of operations for the three and six months ended June 30, 2022 may not be indicative of the results that will be achieved for the full year ending December 31, 2022.

In the opinion of management, the accompanying unaudited Condensed Consolidated Financial Statements reflect all adjustments, including those of a normal recurring nature, necessary to present fairly the Company’s consolidated financial position as of June 30, 2022 and its consolidated statements of operations and cash flows for the interim periods presented. Intercompany balances and transactions have been eliminated. Certain amounts in the notes to the condensed consolidated financial statements of prior years have been reclassified to conform to the current year presentation.

(2)Revenue

Disaggregation of Revenue

The following tables disaggregate revenue by end market, customer type and contract type, which the Company believes best depict how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors for the three and six months ended June 30, 2022 and 2021.

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2022		2021		2022		2021
Civil segment revenue by end market:
Mass transit (includes certain transportation and tunneling projects)	$	225,574	$	366,534	$	482,712	$	675,409
Bridges	85,073		65,775		126,320		111,942
Military defense facilities	60,355		44,585		110,149		94,121
Water	22,384		24,800		43,036		51,610
Other	10,236		53,658		32,200		97,845
Total Civil segment revenue	$	403,622	$	555,352	$	794,417	$	1,030,927

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2022		2021		2022		2021
Building segment revenue by end market:
Municipal and government	$	83,826	$	74,475	$	159,781	$	146,384
Hospitality and gaming	24,077		86,145		100,995		186,712
Commercial and industrial facilities	49,309		101,960		88,395		232,012
Health care facilities	50,277		13,598		85,837		24,007
Mass transit (includes transportation projects)	10,447		34,344		70,648		60,879
Education facilities	31,176		46,143		61,036		84,460
Other	17,829		25,995		30,897		55,439
Total Building segment revenue	$	266,941	$	382,660	$	597,589	$	789,893

7

TUTOR PERINI CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

UNAUDITED

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2022		2021		2022		2021
Specialty Contractors segment revenue by end market:
Mass transit (includes certain transportation and tunneling projects)	$	75,395	$	148,045	$	194,422	$	329,208
Commercial and industrial facilities	36,444		36,637		66,301		75,386
Multi-unit residential	28,243		30,649		53,181		73,444
Water	13,972		17,514		35,419		38,668
Federal government	14,106		455		20,855		4,502
Education facilities	8,165		18,425		20,441		31,781
Other	14,139		29,506		30,556		53,029
Total Specialty Contractors segment revenue	$	190,464	$	281,231	$	421,175	$	606,018

	Three Months Ended June 30, 2022								Three Months Ended June 30, 2021
(in thousands)	Civil		Building		Specialty Contractors		Total		Civil		Building		Specialty Contractors		Total
Revenue by customer type:
State and local agencies	$	319,411	$	89,473	$	91,817	$	500,701	$	481,333	$	92,275	$	124,080	$	697,688
Federal agencies	62,991		42,402		3,186		108,579		49,335		49,287		5,704		104,326
Private owners	21,220		135,066		95,461		251,747		24,684		241,098		151,447		417,229
Total revenue	$	403,622	$	266,941	$	190,464	$	861,027	$	555,352	$	382,660	$	281,231	$	1,219,243

	Six Months Ended June 30, 2022								Six Months Ended June 30, 2021
(in thousands)	Civil		Building		Specialty Contractors		Total		Civil		Building		Specialty Contractors		Total
Revenue by customer type:
State and local agencies	$	633,253	$	213,163	$	184,048	$	1,030,464	$	871,835	$	168,856	$	267,004	$	1,307,695
Federal agencies	113,685		88,500		14,520		216,705		100,968		99,648		26,941		227,557
Private owners	47,479		295,926		222,607		566,012		58,124		521,389		312,073		891,586
Total revenue	$	794,417	$	597,589	$	421,175	$	1,813,181	$	1,030,927	$	789,893	$	606,018	$	2,426,838

	Three Months Ended June 30, 2022								Three Months Ended June 30, 2021
(in thousands)	Civil		Building		Specialty Contractors		Total		Civil		Building		Specialty Contractors		Total
Revenue by contract type:
Fixed price	$	337,414	$	64,296	$	158,036	$	559,746	$	461,068	$	95,349	$	246,290	$	802,707
Guaranteed maximum price	301		145,954		3,361		149,616		498		247,402		2,563		250,463
Unit price	72,210		—		22,064		94,274		88,516		(1,564)		28,703		115,655
Cost plus fee and other	(6,303)		56,691		7,003		57,391		5,270		41,473		3,675		50,418
Total revenue	$	403,622	$	266,941	$	190,464	$	861,027	$	555,352	$	382,660	$	281,231	$	1,219,243

8

TUTOR PERINI CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

UNAUDITED

	Six Months Ended June 30, 2022								Six Months Ended June 30, 2021
(in thousands)	Civil		Building		Specialty Contractors		Total		Civil		Building		Specialty Contractors		Total
Revenue by contract type:
Fixed price	$	674,407	$	166,814	$	357,099	$	1,198,320	$	880,224	$	179,798	$	539,758	$	1,599,780
Guaranteed maximum price	594		317,463		8,694		326,751		1,768		517,856		3,693		523,317
Unit price	122,720		33		36,886		159,639		141,249		(1,453)		57,000		196,796
Cost plus fee and other	(3,304)		113,279		18,496		128,471		7,686		93,692		5,567		106,945
Total revenue	$	794,417	$	597,589	$	421,175	$	1,813,181	$	1,030,927	$	789,893	$	606,018	$	2,426,838

Changes in Contract Estimates that Impact Revenue

Changes to the total estimated contract revenue or cost for a given project, either due to unexpected events or revisions to management’s initial estimates, are recognized in the period in which they are determined. Revenue was negatively impacted during the three and six months ended June 30, 2022 related to performance obligations satisfied (or partially satisfied) in prior periods by $63.6 million and $110.3 million, respectively. Likewise, revenue was negatively impacted during the three and six months ended June 30, 2021 related to performance obligations satisfied (or partially satisfied) in prior periods by $8.9 million and $29.0 million, respectively.

Remaining Performance Obligations

Remaining performance obligations represent the transaction price of firm orders for which work has not been performed and exclude unexercised contract options. As of June 30, 2022, the aggregate amounts of the transaction prices allocated to the remaining performance obligations of the Company’s construction contracts were $4.9 billion, $2.2 billion and $1.3 billion for the Civil, Building and Specialty Contractors segments, respectively. As of June 30, 2021, the aggregate amounts of the transaction prices allocated to the remaining performance obligations of the Company’s construction contracts were $4.3 billion, $1.5 billion and $1.5 billion for the Civil, Building and Specialty Contractors segments, respectively. The Company typically recognizes revenue on Civil segment projects over a period of three to five years, whereas for projects in the Building and Specialty Contractors segments, the Company typically recognizes revenue over a period of one to three years.

(3)Contract Assets and Liabilities

The Company classifies contract assets and liabilities that may be settled beyond one year from the balance sheet date as current, consistent with the length of time of the Company’s project operating cycle.

Contract assets include amounts due under retention provisions, costs and estimated earnings in excess of billings and capitalized contract costs. The amounts as included on the Condensed Consolidated Balance Sheets consisted of the following:

(in thousands)	As of June 30, 2022		As of December 31, 2021
Retention receivable	$	552,695	$	568,881
Costs and estimated earnings in excess of billings:
Claims	764,430		833,352
Unapproved change orders	515,851		418,054
Other unbilled costs and profits	92,359		105,362
Total costs and estimated earnings in excess of billings	1,372,640		1,356,768
Capitalized contract costs	70,400		69,027
Total contract assets	$	1,995,735	$	1,994,676

Retention receivable represents amounts invoiced to customers where payments have been partially withheld pending the completion of certain milestones, satisfaction of other contractual conditions or the completion of the project. Retention

9

TUTOR PERINI CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

UNAUDITED

agreements vary from project to project, and balances could be outstanding for several months or years depending on a number of circumstances such as contract-specific terms, project performance and other variables that may arise as the Company makes progress toward completion. As of June 30, 2022, the amount of retention receivable estimated by management to be collected beyond one year is approximately 48% of the balance.

Costs and estimated earnings in excess of billings represent the excess of contract costs and profits (or contract revenue) over the amount of contract billings to date and are classified as a current asset. Costs and estimated earnings in excess of billings result when either: (1) the appropriate contract revenue amount has been recognized over time in accordance with Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers (“ASC 606”), but a portion of the revenue recorded cannot be billed currently due to the billing terms defined in the contract, or (2) costs are incurred related to certain claims and unapproved change orders. Claims occur when there is a dispute regarding both a change in the scope of work and the price associated with that change. Unapproved change orders occur when a change in the scope of work results in additional work being performed before the parties have agreed on the corresponding change in the contract price. The Company routinely estimates recovery related to claims and unapproved change orders as a form of variable consideration at the most likely amount it expects to receive and to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Claims and unapproved change orders are billable upon the agreement and resolution between the contractual parties and after the execution of contractual amendments. Increases in claims and unapproved change orders typically result from costs being incurred against existing or new positions; decreases normally result from resolutions and subsequent billings. As discussed in Note 10, the resolution of these claims and unapproved change orders may require litigation or other forms of dispute resolution proceedings. Other unbilled costs and profits are billable in accordance with the billing terms of each of the existing contractual arrangements and, as such, the timing of contract billing cycles can cause fluctuations in the balance of unbilled costs and profits. Ultimate resolution of other unbilled costs and profits typically involves incremental progress toward contractual requirements or milestones.

Capitalized contract costs are included in other current assets and primarily represent costs to fulfill a contract that (1) directly relate to an existing or anticipated contract, (2) generate or enhance resources that will be used in satisfying performance obligations in the future and (3) are expected to be recovered through the contract. Capitalized contract costs are generally expensed to the associated contract over the period of anticipated use on the project. During the three and six months ended June 30, 2022, $19.0 million and $31.6 million, respectively, of previously capitalized contract costs were amortized and recognized as expense on the related contracts. During the three and six months ended June 30, 2021, $13.4 million and $25.3 million, respectively, of previously capitalized contract costs were amortized and recognized as expense on the related contracts.

Contract liabilities include amounts owed under retention provisions and billings in excess of costs and estimated earnings. The amount as reported on the Condensed Consolidated Balance Sheets consisted of the following:

(in thousands)	As of June 30, 2022		As of December 31, 2021
Retention payable	$	227,725	$	268,945
Billings in excess of costs and estimated earnings	956,735		761,689
Total contract liabilities	$	1,184,460	$	1,030,634

Retention payable represents amounts invoiced to the Company by subcontractors where payments have been partially withheld pending the completion of certain milestones, other contractual conditions or upon the completion of the project. Generally, retention payable is not remitted to subcontractors until the associated retention receivable from customers is collected. As of June 30, 2022, the amount of retention payable estimated by management to be remitted beyond one year is approximately 42% of the balance.

Billings in excess of costs and estimated earnings represent the excess of contract billings to date over the amount of contract costs and profits (or contract revenue) recognized to date. The balance may fluctuate depending on the timing of contract billings and the recognition of contract revenue. Revenue recognized during the three and six months ended June 30, 2022 and included in the opening billings in excess of costs and estimated earnings balances for each period totaled $387.5 million and $425.5 million, respectively. Revenue recognized during the three and six months ended June 30, 2021 and included in the opening billings in excess of costs and estimated earnings balances for each period totaled $321.0 million and $458.8 million, respectively.

10

TUTOR PERINI CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

UNAUDITED

(4)Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets to the amounts shown in the Condensed Consolidated Statements of Cash Flows:

(in thousands)	As of June 30, 2022		As of December 31, 2021
Cash and cash equivalents available for general corporate purposes	$	85,102	$	60,192
Joint venture cash and cash equivalents	224,165		142,005
Cash and cash equivalents	309,267		202,197
Restricted cash	4,485		9,199
Total cash, cash equivalents and restricted cash	$	313,752	$	211,396

Cash equivalents include short-term, highly liquid investments with maturities of three months or less when acquired. Cash and cash equivalents consist of amounts available for the Company’s general purposes, the Company’s proportionate share of cash held by the Company’s unconsolidated joint ventures and 100% of amounts held by the Company’s consolidated joint ventures. In both cases, cash held by joint ventures is available only for joint venture-related uses, including future distributions to joint venture partners.

Restricted cash includes amounts held as collateral to secure insurance-related contingent obligations, such as insurance claim deductibles, in lieu of letters of credit.

(5)Earnings Per Common Share

Basic earnings per common share (“EPS”) and diluted EPS are calculated by dividing net income (loss) attributable to Tutor Perini Corporation by the following: for basic EPS, the weighted-average number of common shares outstanding during the period; and for diluted EPS, the sum of the weighted-average number of both outstanding common shares and potentially dilutive securities, which for the Company can include restricted stock units and unexercised stock options. Potentially dilutive securities also included the Convertible Notes (as defined in Note 8) prior to their repayment on June 15, 2021; however, the Convertible Notes had no impact on diluted EPS. The Company calculates the effect of the potentially dilutive restricted stock units and stock options using the treasury stock method.

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except per common share data)	2022		2021		2022		2021
Net income (loss) attributable to Tutor Perini Corporation	$	(63,003)	$	31,165	$	(84,637)	$	47,199
Weighted-average common shares outstanding, basic	51,276		50,999		51,192		50,956
Effect of dilutive restricted stock units and stock options	—		376		—		406
Weighted-average common shares outstanding, diluted	51,276		51,375		51,192		51,362
Net income (loss) attributable to Tutor Perini Corporation per common share:
Basic	$	(1.23)	$	0.61	$	(1.65)	$	0.93
Diluted	$	(1.23)	$	0.61	$	(1.65)	$	0.92
Anti-dilutive securities not included above	3,398		1,810		3,415		1,725

For the three and six months ended June 30, 2022, all outstanding restricted stock units and stock options were excluded from the calculation of weighted-average diluted shares outstanding, as the shares have an anti-dilutive effect due to the net loss for the period.

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UNAUDITED

(6)Income Taxes

The Company recognized an income tax benefit of $43.7 million and $47.6 million, resulting in an effective income tax rate of 41.3% and 37.1% for the three and six months ended June 30, 2022, respectively. The effective income tax rates for both periods were higher than the 21% federal statutory rate primarily due to pre-tax losses incurred in both periods and projected for the year. In periods reporting pre-tax losses, a tax benefit increases the effective income tax rate because it increases the tax benefit generated from the pre-tax loss. The tax benefits in the respective periods that caused a higher tax rate were primarily the earnings attributable to noncontrolling interests (for which income taxes are not the responsibility of the Company) and state income tax benefits (net of federal tax benefits). The effective income tax rates for both periods reflect the impact of a relatively low projected pre-tax loss for the year, which magnifies the impact of tax benefits on the effective income tax rate.

The Company’s effective income tax rate for the three and six months ended June 30, 2021 was 20.4% and 20.9%, respectively. The 2021 periods reported pre-tax income and pre-tax income was projected for the 2021 year, thereby resulting in tax benefits reducing the effective income tax rate. The effective income tax rate was lower than the 21% federal statutory rate primarily due to earnings attributable to noncontrolling interests, for which income taxes are not the responsibility of the Company, with the decrease mostly offset by state income taxes (net of the federal tax benefit).

(7)Goodwill and Intangible Assets

Goodwill

The following table presents the changes in the carrying amount of goodwill since its inception through June 30, 2022:

(in thousands)	Civil		Building		Specialty Contractors		Total
Gross goodwill as of December 31, 2021	$	492,074	$	424,724	$	156,193	$	1,072,991
Accumulated impairment as of December 31, 2021	(286,931)		(424,724)		(156,193)		(867,848)
Goodwill as of December 31, 2021	205,143		—		—		205,143
Current year activity	—		—		—		—
Goodwill as of June 30, 2022	$	205,143	$	—	$	—	$	205,143

The Company performed its annual impairment test in the fourth quarter of 2021 and concluded goodwill was not impaired. In addition, the Company determined that no triggering events occurred and no circumstances changed since the date of our annual impairment test that would more likely than not reduce the fair value of the Civil reporting unit below its carrying amount.

The Company will continue to monitor events and circumstances for changes that indicate the Civil reporting unit goodwill would need to be reevaluated for impairment during future interim periods prior to the annual impairment test. These future events and circumstances include, but are not limited to, changes in the overall financial performance of the Civil reporting unit, impacts to our business as a result of the COVID-19 pandemic, as well as other quantitative and qualitative factors which could indicate potential triggering events for possible impairment.

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Intangible Assets

Intangible assets consist of the following:

	As of June 30, 2022								Weighted-Average Amortization Period
(in thousands)	Cost		Accumulated Amortization		Accumulated Impairment Charge		Carrying Value
Trade names (non-amortizable)	$	117,600	$	—	$	(67,190)	$	50,410	Indefinite
Trade names (amortizable)	69,250		(24,767)		(23,232)		21,251		20 years
Contractor license	6,000		—		(6,000)		—		N/A
Customer relationships	39,800		(23,155)		(16,645)		—		N/A
Construction contract backlog	149,290		(146,060)		—		3,230		3 years
Total	$	381,940	$	(193,982)	$	(113,067)	$	74,891

	As of December 31, 2021								Weighted-Average Amortization Period
(in thousands)	Cost		Accumulated Amortization		Accumulated Impairment Charge		Carrying Value
Trade names (non-amortizable)	$	117,600	$	—	$	(67,190)	$	50,410	Indefinite
Trade names (amortizable)	69,250		(23,650)		(23,232)		22,368		20 years
Contractor license	6,000		—		(6,000)		—		N/A
Customer relationships	39,800		(23,053)		(16,645)		102		12 years
Construction contract backlog	149,290		(137,102)		—		12,188		3 years
Total	$	381,940	$	(183,805)	$	(113,067)	$	85,068

Amortization expense for the three and six months ended June 30, 2022 was $4.7 million and $10.2 million, respectively. Amortization expense for the three and six months ended June 30, 2021 was $10.7 million and $17.3 million, respectively. As of June 30, 2022, future amortization expense is estimated to be $4.3 million for the remainder of 2022, $2.2 million per year for the years 2023 through 2027 and $9.2 million thereafter.

The Company performed its annual impairment test for non-amortizable trade names during the fourth quarter of 2021. Based on this assessment, the Company concluded that its non-amortizable trade names were not impaired. In addition, the Company determined that no triggering events occurred and no circumstances changed since the date of our annual impairment test that would indicate impairment of its non-amortizable trade names.

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UNAUDITED

(8)Financial Commitments

Long-Term Debt

Long-term debt as reported on the Condensed Consolidated Balance Sheets consisted of the following:

(in thousands)	As of June 30, 2022		As of December 31, 2021
2017 Senior Notes	$	496,757	$	496,244
Term Loan B	405,231		406,335
2020 Revolver	—		27,000
Equipment financing and mortgages	53,409		56,246
Other indebtedness	12,911		7,829
Total debt	968,308		993,654
Less: Current maturities	30,565		24,406
Long-term debt, net	$	937,743	$	969,248

The following table reconciles the outstanding debt balances to the reported debt balances as of June 30, 2022 and December 31, 2021:

	As of June 30, 2022						As of December 31, 2021
(in thousands)	Outstanding Debt		Unamortized Discounts and Issuance Costs		Debt, as reported		Outstanding Debt		Unamortized Discounts and Issuance Costs		Debt, as reported
2017 Senior Notes	$	500,000	$	(3,243)	$	496,757	$	500,000	$	(3,756)	$	496,244
Term Loan B	417,563		(12,332)		405,231		419,688		(13,353)		406,335

The unamortized issuance costs related to the 2020 Revolver were $1.8 million and $2.1 million as of June 30, 2022 and December 31, 2021, respectively, and are included in other assets on the Condensed Consolidated Balance Sheets.

2020 Credit Agreement

On August 18, 2020, the Company entered into a credit agreement (the “2020 Credit Agreement”) with BMO Harris Bank N.A., as Administrative Agent, Swing Line Lender and L/C Issuer and other lenders. The 2020 Credit Agreement provides for a $425.0 million term loan B facility (the “Term Loan B”) and a $175.0 million revolving credit facility (the “2020 Revolver”), with sublimits for the issuance of letters of credit and swing line loans up to the aggregate amounts of $75.0 million and $10.0 million, respectively. The Term Loan B will mature on August 18, 2027 and the 2020 Revolver will mature on August 18, 2025, in each case, unless any of the 2017 Senior Notes are outstanding on January 30, 2025 (which is 91 days prior to the maturity of the 2017 Senior Notes), in which case, both the Term Loan B and the 2020 Revolver will mature on January 30, 2025 (subject to certain further exceptions).

The 2020 Credit Agreement permits the Company to repay any or all borrowings outstanding under the 2020 Credit Agreement at any time prior to maturity without penalty. The 2020 Credit Agreement requires the Company to make regularly scheduled payments of principal on the Term Loan B in quarterly installments equal to 0.25% of the initial principal amount of the Term Loan B. The 2020 Credit Agreement also requires the Company to make prepayments on the Term Loan B in connection with certain asset sales, receipts of insurance proceeds, incurrences of unpermitted indebtedness and annual excess cash flow (subject to certain exceptions).

Subject to certain exceptions, at any time prior to maturity, the 2020 Credit Agreement provides the Company with the right to increase the commitments under the 2020 Revolver and/or to establish one or more term loan facilities in an aggregate amount up to (i) the greater of $173.5 million and 50% LTM EBITDA (as defined in the 2020 Credit Agreement) plus (ii) additional amounts if (A) in the case of pari passu first lien secured indebtedness, the First Lien Net Leverage Ratio (as defined in the 2020 Credit Agreement) does not exceed 1.35:1.00, (B) in the case of junior lien secured indebtedness, the Total Net Leverage Ratio (as defined in the 2020 Credit Agreement) does not exceed 3.50:1.00 and (C) in the case of unsecured indebtedness,

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UNAUDITED

(x) the Total Net Leverage Ratio does not exceed 3.50:1.00 or (y) the Fixed Charge Coverage Ratio (as defined in the 2020 Credit Agreement) is no less than 2.00:1.00.

Borrowings under the 2020 Credit Agreement bear interest, at the Company’s option, at a rate equal to (i) (a) LIBOR or (b) a base rate (determined by reference to the highest of (1) the administrative agent’s prime lending rate, (2) the federal funds effective rate plus 50 basis points and (3) the LIBOR rate for a one-month interest period plus 100 basis points) plus, (ii) an applicable margin. The margin applicable to the Term Loan B is between 4.50% and 4.75% for LIBOR and between 3.50% and 3.75% for base rate (which was initially 4.75% for LIBOR and 3.75% for base rate), and, in each case, is based on the Total Net Leverage Ratio. The margin applicable to the 2020 Revolver is between 4.25% and 4.75% for LIBOR and 3.25% and 3.75% for base rate (which was initially 4.75% for LIBOR and 3.75% for base rate), and, in each case, is based on the First Lien Net Leverage Ratio. In addition to paying interest on outstanding principal under the 2020 Credit Agreement, the Company will pay a commitment fee to the lenders under the 2020 Revolver in respect of the unutilized commitments thereunder. The Company will pay customary letter of credit fees. If a payment or bankruptcy event of default occurs and is continuing, the otherwise applicable margin on overdue amounts will be increased by 2% per annum. The agreement includes provisions for the replacement of LIBOR with an alternative benchmark rate upon LIBOR being discontinued. The weighted-average annual interest rate on borrowings under the 2020 Revolver was 6.91% during the six months ended June 30, 2022.

The 2020 Credit Agreement requires, with respect to the 2020 Revolver only, the Company and its restricted subsidiaries to maintain a maximum First Lien Net Leverage Ratio of 2.75:1:00, stepping down to 2.25:1.00 beginning the quarter ending March 31, 2022. The 2020 Credit Agreement also includes certain customary representations and warranties, affirmative covenants and events of default. Subject to certain exceptions, substantially all of the Company’s existing and future material wholly-owned subsidiaries unconditionally guarantee the obligations of the Company under the 2020 Credit Agreement; additionally, subject to certain exceptions, the obligations are secured by a lien on substantially all of the assets of the Company and its subsidiaries guaranteeing these obligations.

As of June 30, 2022, the entire $175 million was available under the 2020 Revolver. The Company had not utilized the 2020 Revolver for letters of credit. The Company was in compliance with the financial covenants under the 2020 Credit Agreement for the period ended June 30, 2022.

Repurchase and Repayment of Convertible Notes

On June 15, 2021, the Company repaid the $69.9 million outstanding principal balance of the 2.875% Convertible Senior Notes (the “Convertible Notes”).

2017 Senior Notes

On April 20, 2017, the Company issued $500 million in aggregate principal amount of 6.875% Senior Notes due May 1, 2025 (the “2017 Senior Notes”) in a private placement offering. Interest on the 2017 Senior Notes is payable in arrears semi-annually in May and November of each year, beginning in November 2017.

The Company may redeem the 2017 Senior Notes at specified redemption prices described in the indenture. Upon a change of control, holders of the 2017 Senior Notes may require the Company to repurchase all or part of the 2017 Senior Notes at 101% of the principal amount thereof, plus accrued and unpaid interest to the redemption date.

The 2017 Senior Notes are senior unsecured obligations of the Company and are guaranteed by substantially all of the Company’s existing and future subsidiaries that also guarantee obligations under the Company’s 2020 Credit Agreement, as defined above. In addition, the indenture for the 2017 Senior Notes provides for customary covenants, including events of default and restrictions on the payment of dividends and share repurchases.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

UNAUDITED

Interest Expense

Interest expense as reported in the Condensed Consolidated Statements of Operations consisted of the following:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2022		2021		2022		2021
Cash interest expense:
Interest on 2017 Senior Notes	$	8,594	$	8,593	$	17,188	$	17,187
Interest on Term Loan B	6,085		6,115		12,118		12,209
Interest on 2020 Revolver	130		552		633		673
Interest on Convertible Notes	—		418		—		921
Other interest	479		409		940		890
Total cash interest expense	15,288		16,087		30,879		31,880
Non-cash interest expense:(a)
Amortization of discount and debt issuance costs on Convertible Notes	—		941		—		2,040
Amortization of discount and debt issuance costs on Term Loan B	516		527		1,021		1,066
Amortization of debt issuance costs on 2020 Revolver	141		142		283		284
Amortization of debt issuance costs on 2017 Senior Notes	259		241		513		478
Total non-cash interest expense	916		1,851		1,817		3,868
Total interest expense	$	16,204	$	17,938	$	32,696	$	35,748

____________________________________________________________________________________________________

(a)The combination of cash and non-cash interest expense produces effective interest rates that are higher than contractual rates. Accordingly, the effective interest rates for the 2017 Senior Notes and Term Loan B were 7.13% and 6.43%, respectively, for the six months ended June 30, 2022.

(9)Leases

The Company leases certain office space, construction and office equipment, vehicles and temporary housing generally under non-cancelable operating leases. Leases with an initial term of one year or less are not recorded on the balance sheet, and the Company generally recognizes lease expense for these leases on a straight-line basis over the lease term. As of June 30, 2022, the Company’s operating leases have remaining lease terms ranging from less than one year to 16 years, some of which include options to renew the leases. The exercise of lease renewal options is generally at the Company’s sole discretion. The Company’s leases do not contain any material residual value guarantees or material restrictive covenants.

The following table presents components of lease expense for the three and six months ended June 30, 2022 and 2021:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2022		2021		2022		2021
Operating lease expense	$	3,912	$	3,707	$	8,069	$	7,425
Short-term lease expense(a)	12,991		18,301		27,435		39,426
	16,903		22,008		35,504		46,851
Less: Sublease income	190		176		380		346
Total lease expense	$	16,713	$	21,832	$	35,124	$	46,505

____________________________________________________________________________________________________

(a)Short-term lease expense includes all leases with lease terms of up to one year. Short-term leases include, among other things, construction equipment rented on an as-needed basis as well as temporary housing.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

UNAUDITED

The following table presents supplemental balance sheet information related to operating leases:

(dollars in thousands)	Balance Sheet Line Item	As of June 30, 2022			As of December 31, 2021
Assets
Right-of-use assets	Other assets	$	56,018		$	53,462
Total lease assets		$	56,018		$	53,462
Liabilities
Current lease liabilities	Accrued expenses and other current liabilities	$	7,420		$	7,481
Long-term lease liabilities	Other long-term liabilities	53,025			50,057
Total lease liabilities		$	60,445		$	57,538
Weighted-average remaining lease term		11.8 years			12.0 years
Weighted-average discount rate		9.35		%	9.44		%

The following table presents supplemental cash flow information and non-cash activity related to operating leases:

	Six Months Ended June 30,
(in thousands)	2022		2021
Operating cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$	(7,717)	$	(6,855)
Non-cash activity:
Right-of-use assets obtained in exchange for lease liabilities	$	7,887	$	5,780

The following table presents maturities of operating lease liabilities on an undiscounted basis as of June 30, 2022:

Year (in thousands)	Operating Leases
2022 (excluding the six months ended June 30, 2022)	$	6,409
2023	11,255
2024	8,776
2025	7,869
2026	6,489
Thereafter	65,120
Total lease payments	105,918
Less: Imputed interest	45,473
Total	$	60,445

(10)Commitments and Contingencies

The Company and certain of its subsidiaries are involved in litigation and other legal proceedings and forms of dispute resolution in the ordinary course of business, including but not limited to disputes over contract payment and/or performance-related issues (such as disagreements regarding delay or a change in the scope of work of a project and/or the price associated with that change) and other matters incidental to the Company’s business. In accordance with ASC 606, the Company makes assessments of these types of matters on a routine basis and, to the extent permitted by ASC 606, estimates and records recovery related to these matters as a form of variable consideration at the most likely amount the Company expects to receive, as discussed further in Note 3. In addition, the Company is contingently liable for litigation, performance guarantees and other commitments arising in the ordinary course of business, which are accounted for in accordance with ASC 450, Contingencies. Management reviews these matters regularly and updates or revises its estimates as warranted by subsequent information and developments. These assessments require judgments concerning matters that are inherently uncertain, such as litigation developments and outcomes, the anticipated outcome of negotiations and the estimated cost of resolving disputes.

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UNAUDITED

Consequently, these assessments are estimates, and actual amounts may vary from such estimates. In addition, because such matters are typically resolved over long periods of time, the Company’s assets and liabilities may change over time should the circumstances dictate. The description of the legal proceedings listed below include management’s assessment of those proceedings. Management believes that, based on current information and discussions with the Company’s legal counsel, the ultimate resolution of other matters is not expected to have a material effect on the Company’s consolidated financial position, results of operations or cash flows.

A description of the material pending legal proceedings, other than ordinary routine litigation incidental to the business is as follows:

Five Star Electric Matter

In the third quarter of 2015, Five Star Electric Corp. (“Five Star”), a wholly owned subsidiary of the Company that was acquired in 2011, entered into a tolling agreement (which has since expired) related to an ongoing investigation being conducted by the United States Attorney’s Office for the Eastern District of New York (“USAO EDNY”). Five Star has been cooperating with the USAO EDNY since late June 2014, when it was first made aware of the investigation, and has provided information requested by the government related to its use of certain minority-owned, women-owned, small and disadvantaged business enterprises and certain of Five Star’s employee compensation, benefit and tax practices.

As of June 30, 2022, the Company has concluded that the potential for a material adverse financial impact on Five Star or the Company as a result of the investigation is remote.

Alaskan Way Viaduct Matter

In January 2011, Seattle Tunnel Partners (“STP”), a joint venture between Dragados USA, Inc. and the Company, entered into a design-build contract with the Washington State Department of Transportation (“WSDOT”) for the construction of a large-diameter bored tunnel in downtown Seattle, King County, Washington to replace the Alaskan Way Viaduct, also known as State Route 99. The Company has a 45% interest in STP.

The construction of the large-diameter bored tunnel required the use of a tunnel boring machine (“TBM”). In December 2013, the TBM struck a steel pipe, installed by WSDOT as a well casing for an exploratory well. The TBM was significantly damaged and was required to be repaired. STP has asserted that the steel pipe casing was a differing site condition that WSDOT failed to properly disclose. The Disputes Review Board mandated by the contract to hear disputes issued a decision finding the steel casing was a Type I (material) differing site condition. WSDOT did not accept that finding.

The TBM was insured under a Builder’s Risk Insurance Policy (the “Policy”) with Great Lakes Reinsurance (UK) PLC and a consortium of other insurers (the “Insurers”). STP submitted the claims to the Insurers and requested interim payments under the Policy. The Insurers refused to pay and denied coverage. In June 2015, STP filed a lawsuit in the King County Superior Court, State of Washington seeking declaratory relief concerning contract interpretation, as well as damages as a result of the Insurers’ breach of their obligations under the terms of the Policy. STP is also asserting extra-contractual and statutory claims against the Insurers. STP submitted damages to the Insurers in the King County lawsuit in the amount of $532 million. WSDOT is deemed a plaintiff since WSDOT is an insured under the Policy and had filed its own claim for damages. Hitachi Zosen (“Hitachi”), the manufacturer of the TBM, joined the case as a plaintiff for costs incurred to repair the damages to the TBM. STP also asserted $532 million of damages from WSDOT related to the pipe-strike by the TBM in a related lawsuit in Thurston County, described below.

In April and September 2018, rulings received on pre-trial motions limited some of the potential recoveries under the Policy for STP, WSDOT and Hitachi. On August 2, 2021, the Court of Appeals reversed in part certain of those limitations but affirmed other parts of those rulings. On January 5, 2022, the Washington Supreme Court issued an order granting STP, WSDOT and Hitachi’s requests for discretionary review of the portions of the Court of Appeals’ decision that affirmed the April and September 2018 decisions, which was argued on June 28, 2022.

In March 2016, WSDOT filed a complaint against STP in Thurston County Superior Court alleging breach of contract, seeking $57.2 million in delay-related damages and seeking declaratory relief concerning contract interpretation. STP filed its answer to WSDOT’s complaint and filed a counterclaim against WSDOT and Hitachi, as the TBM designer, seeking damages of $667 million. On October 3, 2019, STP and Hitachi entered into a settlement agreement which released and dismissed the claims that STP and Hitachi had against each other. The jury trial between STP and WSDOT commenced on October 7, 2019

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UNAUDITED

and concluded on December 13, 2019, with a jury verdict in favor of WSDOT awarding them $57.2 million in damages. Judgment was entered on January 10, 2020, and STP appealed the decision. On June 14, 2022, the Court of Appeals of the State of Washington affirmed the judgment. STP filed a petition for discretionary review by the Washington Supreme Court on July 12, 2022.

The Company recorded the impact of the jury verdict during the fourth quarter of 2019, resulting in a pre-tax charge of $166.8 million, which included $25.7 million for the Company’s 45% proportionate share of the $57.2 million in damages awarded by the jury to WSDOT. Payment of damages and interest will be made if the Washington Supreme Court (1) denies STP’s petition for discretionary review or (2) grants discretionary review and upholds STP’s adverse verdict on appeal. Other than the possible future cash payment of $25.7 million for damages, the charge was for non-cash write-downs primarily related to the costs and estimated earnings in excess of billings and receivables that the Company previously recorded to reflect its expected recovery in this case. Upon final resolution, due to accrued interest, the possible future cash payment could exceed the $25.7 million for damages awarded by the jury.

With respect to STP’s direct and indirect claims against the Insurers, management has included in receivables an estimate of the total anticipated recovery concluded to be probable.

George Washington Bridge Bus Station Matter

In August 2013, Tutor Perini Building Corp. (“TPBC”) entered into a contract with the George Washington Bridge Bus Station Development Venture, LLC (the “Developer”) to renovate the George Washington Bridge Bus Station, a mixed-use facility owned by the Port Authority of New York and New Jersey (the “Port Authority”) that serves as a transit facility and retail space. The $100 million project experienced significant design errors and associated delays, resulting in damages to TPBC and its subcontractors, including WDF and Five Star, wholly owned subsidiaries of the Company. The project reached substantial completion on May 16, 2017.

On February 26, 2015, the Developer filed a demand for arbitration, subsequently amended, seeking $30 million in alleged damages and declaratory relief that TPBC’s requests for additional compensation are invalid due to lack of notice. TPBC denied the Developer’s claims and filed a counterclaim in March 2018. TPBC seeks in excess of $113 million in the arbitration, which includes unpaid contract balance claims, the return of $29 million retained by the Developer in alleged damages, as well as extra work claims, pass-through claims and delay claims.

Hearings on the merits commenced on September 24, 2018 before the arbitration panel. On June 4, 2019, the arbitration panel, as confirmed by the U.S. District Court in the Southern District of New York, issued a writ of attachment for $23 million of the $29 million discussed above. On October 7, 2019, the Developer filed for bankruptcy protection in the Southern District of New York under Chapter 11 of the Bankruptcy Code. The filing for bankruptcy stayed the pending arbitration proceedings. TPBC appeared in the bankruptcy proceedings on October 8, 2019 and filed a Proof of Claim in the amount of $113 million on December 13, 2019.

On June 5, 2020, the Developer, secured lenders and the Port Authority announced that they had reached a settlement of their disputes. As part of the settlement, the Port Authority waived the enforcement of its right to seek a “cure” pursuant to its lease agreement with the Developer which requires construction costs be paid prior to any sale of the leasehold, the sole asset in the Developer’s bankruptcy estate to be distributed in this bankruptcy. On July 14, 2020, the bankruptcy court conducted a hearing to determine (1) whether to approve the settlement agreement between the Developer, secured lenders and the Port Authority; and (2) whether TPBC can assert third-party beneficiary rights to the lease agreement and require that prior to the sale of the leasehold, any outstanding costs owed to contractors for the cost of building the project must be paid pursuant to the lease agreement’s “cure” provisions. On August 12, 2020, the bankruptcy court approved the settlement and denied TPBC’s third-party beneficiary rights under the lease agreement. On August 20, 2020, TPBC filed an appeal with the U.S. District Court for the Southern District of New York seeking to challenge the denial of its third-party beneficiary rights under the lease agreement’s “cure” provisions to avoid being subordinate to the claims of the secured lenders in the bankruptcy proceedings, which was denied by the U.S. District Court on August 4, 2021 and is now before the Second Circuit Court of Appeals. On August 25, 2021, the bankruptcy court approved the sale of the leasehold, which was completed on August 31, 2021. On October 1, 2021, the bankruptcy court converted the case from a Chapter 11 to a Chapter 7 bankruptcy proceeding.

Separately, on July 2, 2018, TPBC filed a lawsuit against the Port Authority, as owner of the project, seeking the same $113 million in damages pursuant to the lease agreement between the Port Authority and the Developer. On August 20, 2018, the Port Authority filed a motion to dismiss all causes of action, which was denied by the court on July 1, 2019. The Port

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

UNAUDITED

Authority appealed this decision on July 15, 2019. On February 18, 2021, the Appellate Division affirmed in part and reversed in part the trial court's denial of the Port Authority's motion to dismiss TPBC’s causes of action. On April 11, 2022, the court granted the Port Authority’s motion to dismiss on statutory notice grounds. The Company filed a notice of appeal on April 28, 2022. In addition, on August 11, 2021, TPBC filed a second lawsuit in state court against the Port Authority alleging unjust enrichment and tortious interference with TPBC’s right to recover under the lease agreement’s “cure” provision in the bankruptcy proceeding. The case was removed to the federal bankruptcy court on September 21, 2021. The Port Authority filed a motion to dismiss on March 4, 2022, which was argued on July 8, 2022, and a decision remains pending before the bankruptcy court.

On January 27, 2020, TPBC filed separate litigation in the U.S. District Court for the Southern District of New York in which TPBC asserted related claims against individual owners of the Developer for their wrongful conversion of project funds and against lenders that received interest payments from project funds and other amounts earmarked to pay the contractors. On December 29, 2020, the court granted in part and denied in part the defendants’ motions to dismiss, resulting in the lender defendants being dismissed from the lawsuit and the lawsuit against the individual owners of the Developer continuing. The lawsuit was refiled in New York state court on July 26, 2021. On June 8, 2022, the court certified the class under the New York construction trust fund statutes. The case remains pending before the court.

As of June 30, 2022, the Company has concluded that the potential for a material adverse financial impact due to the Developer’s claims is remote. With respect to TPBC’s claims against the Developer, its owners, certain lenders and the Port Authority, management has made an estimate of the total anticipated recovery on this project, and such estimate is included in revenue recorded to date.

(11)Share-Based Compensation

As of June 30, 2022, there were 1,270,316 shares of common stock available for grant under the Tutor Perini Corporation Omnibus Incentive Plan. During the six months ended June 30, 2022 and 2021, the Company granted the following share-based instruments: (1) restricted stock units (“RSUs”) totaling 375,769 and 280,000, respectively, with weighted-average grant date fair values per unit of $10.53 and $18.59, respectively; and (2) shares of unrestricted stock totaling 165,030 and 96,668, respectively, with weighted-average grant date fair values per share of $10.63 and $15.62, respectively. During the six months ended June 30, 2022, the Company also granted 315,768 cash-settled performance stock units (“CPSUs”) with a weighted-average grant date fair value per unit of $14.89. During the six months ended June 30, 2022, 500,000 stock options with a weighted-average exercise price per share of $11.15 expired.

As of June 30, 2022 and December 31, 2021, liabilities totaling approximately $3.4 million and $4.8 million, respectively, were included on the Condensed Consolidated Balance Sheets for CPSUs and certain RSUs granted with guaranteed minimum payouts. The Company paid approximately $2.6 million and $0.3 million to settle certain awards upon vesting during the six-month periods ended June 30, 2022 and 2021, respectively.

For the three and six months ended June 30, 2022, the Company recognized, as part of general and administrative expenses, costs for share-based payment arrangements totaling $1.4 million and $4.8 million, respectively, and $2.6 million and $5.0 million for the three and six months ended June 30, 2021, respectively. As of June 30, 2022, the balance of unamortized share-based compensation expense was $18.8 million, which is expected to be recognized over a weighted-average period of 2.1 years.

(12)Employee Pension Plans

The Company has a defined benefit pension plan and an unfunded supplemental retirement plan. Effective June 1, 2004, all benefit accruals under these plans were frozen; however, the current vested benefit was preserved. The pension disclosure presented below includes aggregated amounts for both of the Company’s plans.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

UNAUDITED

The following table sets forth a summary of the net periodic benefit cost for the three and six months ended June 30, 2022 and 2021:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2022		2021		2022		2021
Interest cost	$	647	$	582	$	1,293	$	1,164
Service cost	240		237		480		473
Expected return on plan assets	(973)		(1,015)		(1,946)		(2,030)
Recognized net actuarial losses	638		683		1,277		1,366
Net periodic benefit cost	$	552	$	487	$	1,104	$	973

Due to the election of certain options provided under the American Rescue Plan Act of 2021, enacted on March 11, 2021, the Company is not required to, and does not intend to, contribute amounts to the defined benefit pension plan in 2022. The Company contributed $1.0 million to its defined benefit pension plan during the six months ended June 30, 2021.

(13)Fair Value Measurements

The fair value hierarchy established by ASC 820, Fair Value Measurement, prioritizes the use of inputs used in valuation techniques into the following three levels:

•Level 1 inputs are observable quoted prices in active markets for identical assets or liabilities

•Level 2 inputs are observable, either directly or indirectly, but are not Level 1 inputs

•Level 3 inputs are unobservable

The following fair value hierarchy table presents the Company’s assets that are measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021:

	As of June 30, 2022								As of December 31, 2021
	Fair Value Hierarchy								Fair Value Hierarchy
(in thousands)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Cash and cash equivalents(a)	$	309,267	$	—	$	—	$	309,267	$	202,197	$	—	$	—	$	202,197
Restricted cash(a)	4,485		—		—		4,485		9,199		—		—		9,199
Restricted investments(b)	—		84,498		—		84,498		—		84,355		—		84,355
Investments in lieu of retention(c)	16,102		62,410		—		78,512		27,472		58,856		—		86,328
Total	$	329,854	$	146,908	$	—	$	476,762	$	238,868	$	143,211	$	—	$	382,079

____________________________________________________________________________________________________

(a)Includes money market funds and short-term investments with maturity dates of three months or less when acquired.

(b)Restricted investments, as of June 30, 2022 and December 31, 2021, consist of available-for-sale (“AFS”) debt securities, which are valued based on pricing models determined from a compilation of primarily observable market information, broker quotes in non-active markets or similar assets; therefore, they are classified as Level 2 assets.

(c)Investments in lieu of retention are included in retention receivable as of June 30, 2022 and December 31, 2021, and are comprised of money market funds of $16.1 million and $27.5 million, respectively, and AFS debt securities of $62.4 million and $58.9 million, respectively. The fair values of the money market funds are measured using quoted market prices; therefore, they are classified as Level 1 assets. The fair values of AFS debt securities are determined from a compilation of primarily observable market information, broker quotes in non-active markets or similar assets; therefore, they are classified as Level 2 assets.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

UNAUDITED

Investments in AFS debt securities consisted of the following as of June 30, 2022 and December 31, 2021:

	As of June 30, 2022								As of December 31, 2021
(in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value		Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Restricted investments:
Corporate debt securities	$	50,971	$	22	$	(2,758)	$	48,235	$	46,649	$	438	$	(438)	$	46,649
U.S. government agency securities	28,346		2		(1,063)		27,285		28,316		459		(133)		28,642
Municipal bonds	9,380		—		(926)		8,454		8,475		100		(78)		8,497
Corporate certificates of deposit	566		—		(42)		524		571		2		(6)		567
Total restricted investments	89,263		24		(4,789)		84,498		84,011		999		(655)		84,355
Investments in lieu of retention:
Corporate debt securities	64,601		8		(3,203)		61,406		58,261		72		(741)		57,592
Municipal bonds	815		189		—		1,004		812		452		—		1,264
Total investments in lieu of retention	65,416		197		(3,203)		62,410		59,073		524		(741)		58,856
Total AFS debt securities	$	154,679	$	221	$	(7,992)	$	146,908	$	143,084	$	1,523	$	(1,396)	$	143,211

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

UNAUDITED

The following table summarizes the fair value and gross unrealized losses aggregated by category and the length of time that individual securities have been in a continuous unrealized loss position as of June 30, 2022 and December 31, 2021:

	As of June 30, 2022
	Less than 12 Months				12 Months or Greater				Total
(in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Restricted investments:
Corporate debt securities	$	32,447	$	(1,911)	$	9,058	$	(847)	$	41,505	$	(2,758)
U.S. government agency securities	21,624		(666)		4,462		(397)		26,086		(1,063)
Municipal bonds	6,843		(709)		1,559		(217)		8,402		(926)
Corporate certificates of deposit	354		(26)		115		(16)		469		(42)
Total restricted investments	61,268		(3,312)		15,194		(1,477)		76,462		(4,789)
Investments in lieu of retention:
Corporate debt securities	55,606		(3,116)		2,347		(87)		57,953		(3,203)
Total investments in lieu of retention	55,606		(3,116)		2,347		(87)		57,953		(3,203)
Total AFS debt securities	$	116,874	$	(6,428)	$	17,541	$	(1,564)	$	134,415	$	(7,992)

	As of December 31, 2021
	Less than 12 Months				12 Months or Greater				Total
(in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Restricted investments:
Corporate debt securities	$	28,639	$	(434)	$	207	$	(4)	$	28,846	$	(438)
U.S. government agency securities	5,382		(97)		824		(36)		6,206		(133)
Municipal bonds	2,714		(35)		907		(43)		3,621		(78)
Corporate certificates of deposit	435		(6)		—		—		435		(6)
Total restricted investments	37,170		(572)		1,938		(83)		39,108		(655)
Investments in lieu of retention:
Corporate debt securities	46,486		(736)		714		(5)		47,200		(741)
Total investments in lieu of retention	46,486		(736)		714		(5)		47,200		(741)
Total AFS debt securities	$	83,656	$	(1,308)	$	2,652	$	(88)	$	86,308	$	(1,396)

The unrealized losses in AFS debt securities as of June 30, 2022 and December 31, 2021 are primarily attributable to market interest rate increases and not a deterioration in credit quality of the issuers. Management evaluated the unrealized losses in AFS debt securities considering factors including credit ratings and other relevant information, which may indicate that contractual cash flows are not expected to occur. Based on the analysis, management determined that credit losses did not exist for AFS debt securities in an unrealized loss position as of June 30, 2022 and December 31, 2021.

It is not considered likely that the Company will be required to sell the investments before full recovery of the amortized cost basis of the AFS debt securities, which may be at maturity. As a result, the Company has not recognized any impairment losses in earnings during the six months ended June 30, 2022 or 2021.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

UNAUDITED

The amortized cost and fair value of AFS debt securities by contractual maturity as of June 30, 2022 are summarized in the table below. Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations.

(in thousands)	Amortized Cost		Fair Value
Due within one year	$	22,628	$	22,529
Due after one year through five years	121,155		114,512
Due after five years	10,896		9,867
Total	$	154,679	$	146,908

The carrying values of receivables, payables and other amounts arising out of normal contract activities, including retention, which may be settled beyond one year, are estimated to approximate fair value. Of the Company’s long-term debt, the fair value of the 2017 Senior Notes was $410.0 million and $504.9 million as of June 30, 2022 and December 31, 2021, respectively. The fair value of the 2017 Senior Notes was determined using Level 1 inputs, specifically current observable market prices. The fair value of the Term Loan B was $389.4 million and $419.7 million as of June 30, 2022 and December 31, 2021, respectively. The fair value of the Term Loan B was determined using Level 2 inputs, specifically third-party quoted market prices. The reported value of the Company’s remaining borrowings approximates fair value as of June 30, 2022 and December 31, 2021.

(14)Variable Interest Entities (VIEs)

The Company may form joint ventures or partnerships with third parties for the execution of projects. In accordance with ASC 810, Consolidation (“ASC 810”), the Company assesses its partnerships and joint ventures at inception to determine if any meet the qualifications of a VIE. The Company considers a joint venture a VIE if either (a) the total equity investment is not sufficient to permit the entity to finance its activities without additional subordinated financial support, (b) characteristics of a controlling financial interest are missing (either the ability to make decisions through voting or other rights, the obligation to absorb the expected losses of the entity or the right to receive the expected residual returns of the entity), or (c) the voting rights of the equity holders are not proportional to their obligations to absorb the expected losses of the entity and/or their rights to receive the expected residual returns of the entity, and substantially all of the entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. Upon the occurrence of certain events outlined in ASC 810, the Company reassesses its initial determination of whether a joint venture is a VIE.

ASC 810 also requires the Company to determine whether it is the primary beneficiary of the VIE. The Company concludes that it is the primary beneficiary and consolidates the VIE if the Company has both (a) the power to direct the economically significant activities of the VIE and (b) the obligation to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE. The Company considers the contractual agreements that define the ownership structure, distribution of profits and losses, risks, responsibilities, indebtedness, voting rights and board representation of the respective parties in determining if the Company is the primary beneficiary. The Company also considers all parties that have direct or implicit variable interests when determining whether it is the primary beneficiary. In accordance with ASC 810, management’s assessment of whether the Company is the primary beneficiary of a VIE is performed continuously.

As of June 30, 2022, the Company had unconsolidated VIE-related current assets of $0.4 million and no current liabilities in the Company’s Condensed Consolidated Balance Sheet. As of December 31, 2021, the Company had unconsolidated VIE-related current assets and liabilities of $0.7 million and $0.4 million, respectively, included in the Company’s Condensed Consolidated Balance Sheet. The Company’s maximum exposure to loss as a result of its investments in unconsolidated VIEs is typically limited to the aggregate of the carrying value of the investment and future funding commitments. There were no future funding requirements for the unconsolidated VIEs as of June 30, 2022.

As of June 30, 2022, the Company’s Condensed Consolidated Balance Sheet included current and noncurrent assets of $558.4 million and $14.4 million, respectively, as well as current liabilities of $576.1 million related to the operations of its consolidated VIEs. As of December 31, 2021, the Company’s Condensed Consolidated Balance Sheet included current and noncurrent assets of $568.2 million and $3.0 million, respectively, as well as current liabilities of $496.9 million related to the operations of its consolidated VIEs.

24

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

UNAUDITED

Below is a discussion of some of the Company’s more significant or unique VIEs.

The Company established a joint venture to construct the Purple Line Extension Section 2 (Tunnels and Stations) and Section 3 (Stations) mass-transit projects in Los Angeles, California with an original combined value of approximately $2.8 billion. The Company has a 75% interest in the joint venture with the remaining 25% held by O&G Industries, Inc. The joint venture was initially financed with contributions from the partners and, per the terms of the joint venture agreement, the partners may be required to provide additional capital contributions in the future. The Company has determined that this joint venture is a VIE for which the Company is the primary beneficiary.

The Company also established a joint venture with Parsons Corporation (“Parsons”) to construct the Newark Liberty International Airport Terminal One project, a transportation infrastructure project in Newark, New Jersey with an original value of approximately $1.4 billion. The Company has an 80% interest in the joint venture with the remaining 20% held by Parsons. The joint venture was initially financed with contributions from the partners and, per the terms of the joint venture agreement, the partners may be required to provide additional capital contributions in the future. The Company has determined that this joint venture is a VIE for which the Company is the primary beneficiary.

(15)Changes in Equity

A reconciliation of the changes in equity for the three and six months ended June 30, 2022 and 2021 is provided below:

	Three Months Ended June 30, 2022
(in thousands)	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Noncontrolling Interests		Total Equity
Balance - March 31, 2022	$	51,200	$	1,134,688	$	492,676	$	(46,745)	$	14,702	$	1,646,521
Net income (loss)	—		—		(63,003)		—		983		(62,020)
Other comprehensive loss	—		—		—		(2,218)		(773)		(2,991)
Share-based compensation	—		3,278		—		—		—		3,278
Issuance of common stock, net	158		—		—		—		—		158
Distributions to noncontrolling interests	—		—		—		—		(17,000)		(17,000)
Balance - June 30, 2022	$	51,358	$	1,137,966	$	429,673	$	(48,963)	$	(2,088)	$	1,567,946

	Six Months Ended June 30, 2022
(in thousands)	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Noncontrolling Interests		Total Equity
Balance - December 31, 2021	$	51,096	$	1,133,150	$	514,310	$	(43,635)	$	18,799	$	1,673,720
Net income (loss)	—		—		(84,637)		—		3,804		(80,833)
Other comprehensive loss	—		—		—		(5,328)		(1,152)		(6,480)
Share-based compensation	—		5,002		—		—		—		5,002
Issuance of common stock, net	262		(186)		—		—		—		76
Contributions from noncontrolling interests	—		—		—		—		961		961
Distributions to noncontrolling interests	—		—		—		—		(24,500)		(24,500)
Balance - June 30, 2022	$	51,358	$	1,137,966	$	429,673	$	(48,963)	$	(2,088)	$	1,567,946

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

UNAUDITED

	Three Months Ended June 30, 2021
(in thousands)	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Noncontrolling Interests		Total Equity
Balance - March 31, 2021	$	50,938	$	1,127,624	$	438,419	$	(47,356)	$	2,456	$	1,572,081
Net income	—		—		31,165		—		10,446		41,611
Other comprehensive income	—		—		—		830		280		1,110
Share-based compensation	—		3,171		—		—		—		3,171
Issuance of common stock, net	134		(427)		—		—		—		(293)
Distributions to noncontrolling interests	—		—		—		—		(7,250)		(7,250)
Balance - June 30, 2021	$	51,072	$	1,130,368	$	469,584	$	(46,526)	$	5,932	$	1,610,430

	Six Months Ended June 30, 2021
(in thousands)	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Noncontrolling Interests		Total Equity
Balance - December 31, 2020	$	50,827	$	1,127,385	$	422,385	$	(46,741)	$	(10,911)	$	1,542,945
Net income	—		—		47,199		—		19,517		66,716
Other comprehensive income	—		—		—		215		576		791
Share-based compensation	—		4,757		—		—		—		4,757
Issuance of common stock, net	245		(1,774)		—		—		—		(1,529)
Contributions from noncontrolling interests	—		—		—		—		4,000		4,000
Distributions to noncontrolling interests	—		—		—		—		(7,250)		(7,250)
Balance - June 30, 2021	$	51,072	$	1,130,368	$	469,584	$	(46,526)	$	5,932	$	1,610,430

(16)Other Comprehensive Income (Loss)

ASC 220, Comprehensive Income, establishes standards for reporting comprehensive income and its components in the consolidated financial statements. The Company reports the change in pension benefit plan assets/liabilities, cumulative foreign currency translation and change in fair value of investments as components of accumulated other comprehensive income (loss) (“AOCI”).

The components of other comprehensive income (loss) and the related tax effects for the three and six months ended June 30, 2022 and 2021 were as follows:

	Three Months Ended June 30, 2022						Three Months Ended June 30, 2021
(in thousands)	Before-Tax Amount		Tax (Expense) Benefit		Net-of-Tax Amount		Before-Tax Amount		Tax Expense		Net-of-Tax Amount
Other comprehensive income (loss):
Defined benefit pension plan adjustments	$	638	$	(181)	$	457	$	683	$	(192)	$	491
Foreign currency translation adjustments	(1,698)		308		(1,390)		446		(46)		400
Unrealized gain (loss) in fair value of investments	(2,384)		326		(2,058)		303		(84)		219
Total other comprehensive income (loss)	(3,444)		453		(2,991)		1,432		(322)		1,110
Less: Other comprehensive income (loss) attributable to noncontrolling interests	(773)		—		(773)		280		—		280
Total other comprehensive income (loss) attributable to Tutor Perini Corporation	$	(2,671)	$	453	$	(2,218)	$	1,152	$	(322)	$	830

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

UNAUDITED

	Six Months Ended June 30, 2022						Six Months Ended June 30, 2021
(in thousands)	Before-Tax Amount		Tax (Expense) Benefit		Net-of-Tax Amount		Before-Tax Amount		Tax (Expense) Benefit		Net-of-Tax Amount
Other comprehensive income (loss):
Defined benefit pension plan adjustments	$	1,277	$	(362)	$	915	$	1,366	$	(383)	$	983
Foreign currency translation adjustments	(1,442)		309		(1,133)		848		(76)		772
Unrealized loss in fair value of investments	(7,898)		1,636		(6,262)		(1,247)		283		(964)
Total other comprehensive income (loss)	(8,063)		1,583		(6,480)		967		(176)		791
Less: Other comprehensive income (loss) attributable to noncontrolling interests	(1,152)		—		(1,152)		576		—		576
Total other comprehensive income (loss) attributable to Tutor Perini Corporation	$	(6,911)	$	1,583	$	(5,328)	$	391	$	(176)	$	215

The changes in AOCI balances by component (after tax) attributable to Tutor Perini Corporation and attributable to noncontrolling interests during the three and six months ended June 30, 2022 were as follows:

	Three Months Ended June 30, 2022
(in thousands)	Defined Benefit Pension Plan		Foreign Currency Translation		Unrealized Gain (Loss) in Fair Value of Investments, Net		Accumulated Other Comprehensive Income (Loss)
Attributable to Tutor Perini Corporation:
Balance as of March 31, 2022	$	(37,408)	$	(5,796)	$	(3,541)	$	(46,745)
Other comprehensive loss before reclassifications	—		(772)		(1,927)		(2,699)
Amounts reclassified from AOCI	457		—		24		481
Total other comprehensive income (loss)	457		(772)		(1,903)		(2,218)
Balance as of June 30, 2022	$	(36,951)	$	(6,568)	$	(5,444)	$	(48,963)
Attributable to Noncontrolling Interests:
Balance as of March 31, 2022	$	—	$	808	$	(645)	$	163
Other comprehensive loss	—		(618)		(155)		(773)
Balance as of June 30, 2022	$	—	$	190	$	(800)	$	(610)

	Six Months Ended June 30, 2022
(in thousands)	Defined Benefit Pension Plan		Foreign Currency Translation		Unrealized Gain (Loss) in Fair Value of Investments, Net		Accumulated Other Comprehensive Income (Loss)
Attributable to Tutor Perini Corporation:
Balance as of December 31, 2021	$	(37,866)	$	(5,787)	$	18	$	(43,635)
Other comprehensive loss before reclassifications	—		(781)		(5,495)		(6,276)
Amounts reclassified from AOCI	915		—		33		948
Total other comprehensive income (loss)	915		(781)		(5,462)		(5,328)
Balance as of June 30, 2022	$	(36,951)	$	(6,568)	$	(5,444)	$	(48,963)
Attributable to Noncontrolling Interests:
Balance as of December 31, 2021	$	—	$	542	$	—	$	542
Other comprehensive loss	—		(352)		(800)		(1,152)
Balance as of June 30, 2022	$	—	$	190	$	(800)	$	(610)

27

TUTOR PERINI CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

UNAUDITED

The changes in AOCI balances by component (after tax) attributable to Tutor Perini Corporation and attributable to noncontrolling interests during the three and six months ended June 30, 2021 were as follows:

	Three Months Ended June 30, 2021
(in thousands)	Defined Benefit Pension Plan		Foreign Currency Translation		Unrealized Gain (Loss) in Fair Value of Investments, Net		Accumulated Other Comprehensive Income (Loss)
Attributable to Tutor Perini Corporation:
Balance as of March 31, 2021	$	(43,595)	$	(5,246)	$	1,485	$	(47,356)
Other comprehensive income before reclassifications	—		120		233		353
Amounts reclassified from AOCI	491		—		(14)		477
Total other comprehensive income	491		120		219		830
Balance as of June 30, 2021	$	(43,104)	$	(5,126)	$	1,704	$	(46,526)
Attributable to Noncontrolling Interests:
Balance as of March 31, 2021	$	—	$	698	$	—	$	698
Other comprehensive income	—		280		—		280
Balance as of June 30, 2021	$	—	$	978	$	—	$	978

	Six Months Ended June 30, 2021
(in thousands)	Defined Benefit Pension Plan		Foreign Currency Translation		Unrealized Gain (Loss) in Fair Value of Investments, Net		Accumulated Other Comprehensive Income (Loss)
Attributable to Tutor Perini Corporation:
Balance as of December 31, 2020	$	(44,087)	$	(5,322)	$	2,668	$	(46,741)
Other comprehensive income (loss) before reclassifications	—		196		(827)		(631)
Amounts reclassified from AOCI	983		—		(137)		846
Total other comprehensive income (loss)	983		196		(964)		215
Balance as of June 30, 2021	$	(43,104)	$	(5,126)	$	1,704	$	(46,526)
Attributable to Noncontrolling Interests:
Balance as of December 31, 2020	$	—	$	402	$	—	$	402
Other comprehensive income	—		576		—		576
Balance as of June 30, 2021	$	—	$	978	$	—	$	978

28

TUTOR PERINI CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

UNAUDITED

The significant items reclassified out of AOCI and the corresponding location and impact on the Condensed Consolidated Statements of Operations during the three and six months ended June 30, 2022 and 2021 were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2022		2021		2022		2021
Component of AOCI:
Defined benefit pension plan adjustments(a)	$	638	$	683	$	1,277	$	1,366
Income tax benefit(b)	(181)		(192)		(362)		(383)
Net of tax	$	457	$	491	$	915	$	983
Unrealized (gain) loss in fair value of investment adjustments(a)	$	31	$	(17)	$	42	$	(173)
Income tax expense (benefit)(b)	(7)		3		(9)		36
Net of tax	$	24	$	(14)	$	33	$	(137)

___________________________________________________________________________________________________

(a)Amount included in other income, net on the Condensed Consolidated Statements of Operations.

(b)Amounts included in income tax (expense) benefit on the Condensed Consolidated Statements of Operations.

(17)Business Segments

The Company offers general contracting, pre-construction planning and comprehensive project management services, including planning and scheduling of manpower, equipment, materials and subcontractors required for the timely completion of a project in accordance with the terms and specifications contained in a construction contract. The Company also offers self-performed construction services: site work, concrete forming and placement, steel erection, electrical, mechanical, plumbing, and HVAC (heating, ventilation and air conditioning). As described below, the Company’s business is conducted through three segments: Civil, Building and Specialty Contractors. These segments are determined based on how the Company’s Chairman and Chief Executive Officer (chief operating decision maker) aggregates business units when evaluating performance and allocating resources.

The Civil segment specializes in public works construction and the replacement and reconstruction of infrastructure. The contracting services provided by the Civil segment include construction and rehabilitation of highways, bridges, tunnels, mass-transit systems, military defense facilities, and water management and wastewater treatment facilities.

The Building segment has significant experience providing services for private and public works customers in a number of specialized building markets, including: hospitality and gaming, transportation, health care, commercial offices, government facilities, sports and entertainment, education, correctional facilities, biotech, pharmaceutical, industrial and technology.

The Specialty Contractors segment specializes in electrical, mechanical, plumbing, HVAC and fire protection systems for a full range of civil and building construction projects in the industrial, commercial, hospitality and gaming, and mass-transit end markets. This segment provides the Company with unique strengths and capabilities that allow the Company to position itself as a full-service contractor with greater control over scheduled work, project delivery, and cost and risk management.

To the extent that a contract is co-managed and co-executed among segments, the Company allocates the share of revenues and costs of the contract to each segment to reflect the shared responsibilities in the management and execution of the project.

29

TUTOR PERINI CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

UNAUDITED

The following tables set forth certain reportable segment information relating to the Company’s operations for the three and six months ended June 30, 2022 and 2021:

	Reportable Segments
(in thousands)	Civil		Building		Specialty Contractors		Total			Corporate			Consolidated Total
Three Months Ended June 30, 2022
Total revenue	$	453,215	$	262,556	$	190,464	$	906,235		$	—		$	906,235
Elimination of intersegment revenue	(49,593)		4,385		—		(45,208)			—			(45,208)
Revenue from external customers	$	403,622	$	266,941	$	190,464	$	861,027		$	—		$	861,027
Loss from construction operations	$	(9,767)	$	(67)	$	(66,731)	$	(76,565)	(a)	$	(13,989)	(b)	$	(90,554)
Capital expenditures	$	15,656	$	50	$	816	$	16,522		$	295		$	16,817
Depreciation and amortization(c)	$	15,025	$	390	$	508	$	15,923		$	2,360		$	18,283
Three Months Ended June 30, 2021
Total revenue	$	643,055	$	415,801	$	281,370	$	1,340,226		$	—		$	1,340,226
Elimination of intersegment revenue	(87,703)		(33,141)		(139)		(120,983)			—			(120,983)
Revenue from external customers	$	555,352	$	382,660	$	281,231	$	1,219,243		$	—		$	1,219,243
Income (loss) from construction operations	$	75,073	$	(2,488)	$	9,960	$	82,545	(d)	$	(13,792)	(b)	$	68,753
Capital expenditures	$	8,616	$	51	$	19	$	8,686		$	339		$	9,025
Depreciation and amortization(c)	$	31,178	$	424	$	892	$	32,494		$	2,767		$	35,261

____________________________________________________________________________________________________

(a)During the three months ended June 30, 2022, the Company’s income (loss) from construction operations was adversely impacted by $33.5 million ($24.2 million, or $0.47 per diluted share, after tax) due to an unfavorable adjustment related to the unforeseen cost of project close-out issues, remediation work, extended project supervision and associated labor inefficiencies on the electrical component of a transportation project in the Northeast in the Specialty Contractors segment, a non-cash charge of $17.8 million that increased cost of operations ($12.8 million, or $0.25 per diluted share, after tax) associated with an unexpected partial reversal by an appellate court of previously awarded legal damages related to a completed electrical project in New York in the Specialty Contractors segment, and a $16.2 million unfavorable non-cash impact ($11.6 million, or $0.23 per diluted share, after tax) related to the settlement of a long-disputed, completed Civil segment project in Maryland.

(b)Consists primarily of corporate general and administrative expenses.

(c)Depreciation and amortization is included in income (loss) from construction operations.

(d)During the three months ended June 30, 2021, the Company recorded a reduction of $20.1 million in cost of operations ($14.6 million, or $0.28 per diluted share, after tax) due to a favorable trial court ruling awarding the Company the recovery of certain costs previously incurred on a completed electrical project in New York in the Specialty Contractors segment.

30

TUTOR PERINI CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

UNAUDITED

	Reportable Segments
(in thousands)	Civil		Building		Specialty Contractors		Total			Corporate			Consolidated Total
Six Months Ended June 30, 2022
Total revenue	$	913,957	$	618,534	$	421,328	$	1,953,819		$	—		$	1,953,819
Elimination of intersegment revenue	(119,540)		(20,945)		(153)		(140,638)			—			(140,638)
Revenue from external customers	$	794,417	$	597,589	$	421,175	$	1,813,181		$	—		$	1,813,181
Income (loss) from construction operations	$	(10,734)	$	9,397	$	(70,625)	$	(71,962)	(a)	$	(28,499)	(b)	$	(100,461)
Capital expenditures	$	26,831	$	52	$	1,454	$	28,337		$	508		$	28,845
Depreciation and amortization(c)	$	32,025	$	791	$	1,010	$	33,826		$	4,695		$	38,521
Six Months Ended June 30, 2021
Total revenue	$	1,226,199	$	872,971	$	606,318	$	2,705,488		$	—		$	2,705,488
Elimination of intersegment revenue	(195,272)		(83,078)		(300)		(278,650)			—			(278,650)
Revenue from external customers	$	1,030,927	$	789,893	$	606,018	$	2,426,838		$	—		$	2,426,838
Income (loss) from construction operations	$	125,178	$	8,728	$	11,284	$	145,190	(d)	$	(26,733)	(b)	$	118,457
Capital expenditures	$	18,180	$	124	$	164	$	18,468		$	392		$	18,860
Depreciation and amortization(c)	$	53,891	$	856	$	1,851	$	56,598		$	5,537		$	62,135

____________________________________________________________________________________________________

(a)During the six months ended June 30, 2022, the Company’s income (loss) from construction operations was adversely impacted by $33.5 million ($24.2 million, or $0.47 per diluted share, after tax) due to an unfavorable adjustment related to the unforeseen cost of project close-out issues, remediation work, extended project supervision and associated labor inefficiencies on the electrical component of a transportation project in the Northeast in the Specialty Contractors segment, and $29.1 million ($22.9 million, or $0.45 per diluted share, after tax) on a Civil segment mass-transit project in California, which resulted from the successful negotiation of significant lower margin (and lower risk) change orders that increased the project’s overall estimated profit but reduced the project’s percentage of completion and overall margin percentage. The Company’s income (loss) from construction operations was also impacted by a non-cash charge of $25.5 million ($18.3 million, or $0.36 per diluted share, after tax) due to an adverse legal ruling on a dispute related to a Civil segment bridge project in New York, a non-cash charge of $17.8 million that increased cost of operations ($12.8 million, or $0.25 per diluted share, after tax) associated with an unexpected partial reversal by an appellate court of previously awarded legal damages related to a completed electrical project in New York in the Specialty Contractors segment, a $16.2 million unfavorable non-cash impact ($11.6 million, or $0.23 per diluted share, after tax) related to the settlement of a long-disputed, completed Civil segment project in Maryland, and a $14.6 million ($11.2 million, or $0.22 per diluted share, after tax) unfavorable adjustment split evenly between the Civil and Building segments due to changes in estimates on a transportation project in the Northeast.

(b)Consists primarily of corporate general and administrative expenses.

(c)Depreciation and amortization is included in income (loss) from construction operations.

(d)During the six months ended June 30, 2021, the Company recorded a reduction of $20.1 million in cost of operations ($14.6 million, or $0.28 per diluted share, after tax) due to a favorable trial court ruling awarding the Company the recovery of certain costs previously incurred on a completed electrical project in New York in the Specialty Contractors segment.

A reconciliation of segment results to the consolidated income (loss) before income taxes is as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2022		2021		2022		2021
Income (loss) from construction operations	$	(90,554)	$	68,753	$	(100,461)	$	118,457
Other income, net	1,020		1,431		4,717		1,606
Interest expense	(16,204)		(17,938)		(32,696)		(35,748)
Income (loss) before income taxes	$	(105,738)	$	52,246	$	(128,440)	$	84,315

31

TUTOR PERINI CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

UNAUDITED

Total assets by segment were as follows:

(in thousands)	As of June 30, 2022		As of December 31, 2021
Civil	$	3,432,649	$	3,310,648
Building	919,426		980,989
Specialty Contractors	600,332		631,710
Corporate and other(a)	(232,724)		(198,449)
Total assets	$	4,719,683	$	4,724,898

____________________________________________________________________________________________________

(a)Consists principally of cash, equipment, tax-related assets and insurance-related assets, offset by the elimination of assets related to intersegment revenue.

32

TUTOR PERINI CORPORATION AND SUBSIDIARIES

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discusses our financial position as of June 30, 2022 and the results of our operations for the three and six months ended June 30, 2022 and should be read in conjunction with other information, including the unaudited Condensed Consolidated Financial Statements and notes included in Part I, Item 1, Financial Information, of this Quarterly Report on Form 10‑Q, the audited consolidated financial statements and accompanying notes to our Annual Report on Form 10‑K for the year ended December 31, 2021, and the information contained under the heading “Risk Factors” in our Annual Report on Form 10‑K for the year ended December 31, 2021 and in Part II, Item 1A below.

Forward-Looking Statements

This Quarterly Report on Form 10‑Q, including the “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” contains forward-looking statements regarding future events and our future results, which are intended to be covered by the safe harbor provision for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts are statements that could be deemed forward-looking statements. Words such as “achieve,” “anticipate,” “assumes,” “believes,” “continue,” “could,” “estimate,” “expects,” “forecast,” “hope,” “intend,” “may,” “plan,” “potential,” “predict,” “should,” “will,” “would,” variations of such words and similar expressions are intended to identify such forward-looking statements. In addition, any statements that refer to projections of our future financial performance, our anticipated growth and trends in our businesses, and other characterizations of future events or circumstances are forward-looking statements. Although such statements are based on currently available financial and economic data, as well as management’s estimates and expectations, forward-looking statements are inherently uncertain and involve risks and uncertainties that could cause our actual results to differ materially from what may be inferred from the forward-looking statements. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. Factors potentially contributing to such differences include, among others:

•Revisions of estimates of contract risks, revenue or costs; economic factors such as inflation; the timing of new awards; or the pace of project execution, which has resulted and may continue to result in losses or lower than anticipated profit;

•Unfavorable outcomes of existing or future litigation or dispute resolution proceedings against us or customers (project owners, developers, general contractors, etc.), subcontractors or suppliers, as well as failure to promptly recover significant working capital invested in projects subject to such matters;

•A significant slowdown or decline in economic conditions;

•Increased competition and failure to secure new contracts;

•Contract requirements to perform extra work beyond the initial project scope, which has and in the future could result in disputes or claims and adversely affect our working capital, profits and cash flows;

•Risks and other uncertainties associated with assumptions and estimates used to prepare our financial statements;

•Failure to meet contractual schedule requirements, which could result in higher costs and reduced profits or, in some cases, exposure to financial liability for liquidated damages and/or damages to customers, as well as damage to our reputation;

•Inability to attract and retain our key officers, and to adequately plan for their succession, and hire and retain personnel required to execute and perform on our contracts;

•The COVID-19 pandemic, which has adversely impacted, and could continue to adversely impact, our business, financial condition and results of operations by, among other things, delaying the timing of project bids and/or awards and the timing of dispute resolutions and associated collections;

•Risks related to our international operations, such as uncertainty of U.S. Government funding, as well as economic, political, regulatory and other risks, including risks of loss due to acts of war, civil unrest, security issues, labor conditions, corruption and other unforeseeable events in countries where we do business, resulting in unanticipated losses;

•Possible systems and information technology interruptions and breaches in data security and/or privacy;

•Client cancellations of, or reductions in scope under, contracts reported in our backlog;

•Failure of our joint venture partners to perform their venture obligations, which could impose additional financial and performance obligations on us, resulting in reduced profits or losses and/or reputational harm;

•The impact of inclement weather conditions on projects;

•Decreases in the level of government spending for infrastructure and other public projects;

•Risks related to government contracts and related procurement regulations;

•Failure to meet our obligations under our debt agreements;

•Securities litigation and/or shareholder activism;

33

•Violations of the U.S. Foreign Corrupt Practices Act and similar worldwide anti-bribery laws;

•Adverse health events, such as an epidemic or another pandemic;

•Physical and regulatory risks related to climate change;

•Downgrades in our credit ratings;

•Impairment of our goodwill or other indefinite-lived intangible assets; and

•The exertion of influence over the Company by our chairman and chief executive officer due to his position and significant ownership interest.

Executive Overview

COVID-19 Update

Since its onset in early 2020, the COVID-19 pandemic has caused occasional temporary shortages in available manpower, reductions in field labor productivity, other inefficiencies, delays to project schedules and deferrals of project execution. As a result, we continue to incur incremental costs, much of which we are seeking to recover from our customers as allowed by contractual terms. The relief sought from customers, together with certain incremental project opportunities that resulted from the pandemic, has helped to mitigate the pandemic's negative impact on our financial results. In addition, we have experienced delays in certain legal proceedings, as various courts and arbitrators process a large backlog of cases that were impacted by the pandemic. The COVID-19 pandemic previously hindered the Company’s ability to resolve unapproved work, which has resulted in the need for the Company to temporarily fund certain project costs that historically would have been promptly negotiated, billed to and collected from customers. These delays in resolving and recovering on such claims have adversely affected our liquidity and financial results since the onset of the pandemic. However, in the latter part of 2021 and the first half of 2022, we began to see the scheduling of settlement conferences and trial dates and made progress in resolving certain project disputes and unapproved change orders. We expect to make progress in the resolution of certain other disputes and unapproved change orders during the second half of 2022 and in 2023.

Throughout 2020 and much of 2021, the pandemic also adversely affected the volume and timing of our new awards, which has negatively impacted our backlog and operating results. The resulting negative impact in the first half of 2022 is expected to continue due to previously limited bidding and proposal opportunities, as well as the relatively lower volume of new awards in 2020 and much of 2021. In addition, many of our state and local government customers’ revenue sources have been negatively impacted by the pandemic due to a reduction of commuter and business travel, including curtailed ridership on mass-transit systems (buses, subways, trains, etc.), travel on commercial airlines and driving by the general public. These impacts have resulted in reduced fare and toll collections, lower fuel tax receipts and reduced airport and other facility usage fees. The significant revenue reductions experienced by some of our customers have adversely impacted their ability to pay the Company on a timely basis for amounts due, although these impacts have begun to moderate. The potential for continued or new pandemic-related delays in project bids and awards could result in lower-than-expected revenue and earnings until such time as more substantial funding from the recently enacted Infrastructure Investment and Jobs Act, also known as the Bipartisan Infrastructure Law, is distributed to our existing and potential customers.

Due to the continued fluidity of the COVID-19 pandemic, uncertainties as to its scope and duration, and ongoing changes in the way that governments, businesses and individuals respond to the pandemic, the Company is unable at this time to accurately predict the pandemic’s future impact on the Company’s business, results of operations, financial condition or liquidity.

Operating Results

Consolidated revenue for the three and six months ended June 30, 2022 was $0.9 billion and $1.8 billion, respectively, compared to $1.2 billion and $2.4 billion for the same periods in 2021. The decrease for both periods was primarily due to reduced project execution activities on various projects in all three segments in the Northeast, California and Oklahoma, most of which are completed or nearing completion, partially offset by increased activities on certain newer Civil and Building segment projects in California and the Midwest. The revenue decline for both periods was also the result of the follow-on impact of the COVID-19 pandemic, which delayed bidding activities and awards of certain new projects during 2020 and much of 2021. In addition, the decrease in revenue for both periods of 2022 was due to the impact of an unfavorable adjustment related to the unforeseen cost of project close-out issues, remediation work, extended project supervision and associated labor inefficiencies on the electrical component of a transportation project in the Northeast in the Specialty Contractors segment, an unfavorable non-cash impact related to the settlement of a long-disputed, completed Civil segment project in Maryland, and the temporary unfavorable impact from the successful negotiation of significant lower margin (and lower risk) change orders on a Civil segment mass-transit project in California (with the majority of the impact affecting the first quarter of 2022). These approved change orders increased the project’s overall estimated profit but reduced the project’s percentage of completion and overall margin percentage. This temporary reduction to earnings is expected to reverse itself over the remaining life of the

34

project. For the six-month period in 2022, the decrease was also attributable to the impact of an adverse legal ruling on a dispute related to a completed Civil segment bridge project in New York.

Loss from construction operations for the three and six months ended June 30, 2022 was $90.6 million and $100.5 million, respectively, compared to income from construction operations of $68.8 million and $118.5 million for the same periods in 2021. For the second quarter of 2022, the change was primarily due to lower profitability associated with the reduced revenue, as discussed above, including the $33.5 million impact from the unfavorable adjustment related to the unforeseen cost of project close-out issues, remediation work, extended project supervision and associated labor inefficiencies on the aforementioned transportation project in the Northeast in the Specialty Contractors segment, and a $16.2 million unfavorable non-cash impact related to the settlement of a long-disputed, completed Civil segment project in Maryland. The change for the second quarter of 2022 was, to a lesser extent, also due to the impact of the aforementioned successful negotiation of significant lower margin (and lower risk) change orders on a Civil segment mass-transit project in California, which resulted in a temporary unfavorable impact to earnings. These approved change orders increased the project’s overall estimated profit but reduced the project’s percentage of completion and overall margin percentage. This temporary reduction to earnings is expected to reverse itself over the remaining life of the project. In addition, the change for the second quarter of 2022 was due to a non-cash charge of $17.8 million that increased cost of operations associated with an unexpected partial reversal by an appellate court of previously awarded legal damages related to a completed electrical project in New York in the Specialty Contractors segment, as well as the absence of a $20.1 million prior-year favorable adjustment related to this same completed electrical project in New York that resulted from damages awarded by the trial court’s ruling. For the first six months of 2022, the change was principally due to the aforementioned factors that drove the reduction in revenue and income from construction operations for the second quarter of 2022, including the temporary unfavorable impact of $29.1 million from the successful negotiation of significant lower margin (and lower risk) change orders on the Civil segment mass-transit project mentioned above, with $17.6 million impacting the first quarter of 2022. This temporary reduction to earnings is expected to reverse itself over the remaining life of the project. For the six-month period in 2022, the decrease was also attributable to a $25.5 million non-cash charge from the adverse legal ruling on a Civil segment bridge project in New York, as well as a $14.6 million unfavorable adjustment split evenly between the Civil and Building segments due to changes in estimates on a transportation project in the Northeast.

The effective tax rate was 41.3% and 37.1% for the three and six months ended June 30, 2022, respectively, compared to 20.4% and 20.9% for the comparable periods in 2021. See Corporate, Tax and Other Matters below for a discussion of the change in the effective tax rate.

Loss per common share for the three and six months ended June 30, 2022 was $1.23 and $1.65, respectively, compared to diluted earnings per common share of $0.61 and $0.92 for the same periods in 2021. The decline for both periods was primarily due to the factors discussed above that caused the changes in income (loss) from construction operations.

Consolidated new awards for the three and six months ended June 30, 2022 totaled $1.1 billion and $2.1 billion, respectively, compared to $0.6 billion and $1.6 billion for the same periods in 2021. The Civil segment was the primary contributor to the new award activity in the second quarter of 2022. The most significant new awards and contract adjustments in the second quarter of 2022 included $293 million of additional funding for a mass-transit project in California; $95 million for an educational facility project in California; an $85 million military housing project in Alaska; and several projects in Guam, including a $107 million military housing project, an $84 million wharf improvement project and two other military facilities projects valued at $73 million and $49 million, respectively.

Consolidated backlog as of June 30, 2022 was $8.5 billion, up 4% compared to $8.2 billion as of December 31, 2021. As of June 30, 2022, the mix of backlog by segment was approximately 58% for Civil, 26% for Building and 16% for Specialty Contractors.

The following table presents the Company’s backlog by business segment, reflecting changes from December 31, 2021 to June 30, 2022:

(in millions)	Backlog at December 31, 2021		New  Awards(a)		Revenue  Recognized		Backlog at June 30, 2022(b)
Civil	$	4,553.5	$	1,167.5	$	(794.4)	$	4,926.6
Building	2,308.9		531.9		(597.6)		2,243.2
Specialty Contractors	1,373.2		414.3		(421.2)		1,366.3
Total	$	8,235.6	$	2,113.7	$	(1,813.2)	$	8,536.1

____________________________________________________________________________________________________

(a)New awards consist of the original contract price of projects added to backlog plus or minus subsequent changes to the estimated total contract price of existing contracts.

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(b)Backlog may differ from the transaction prices allocated to the remaining performance obligations as disclosed in Note 2 of the Notes to Condensed Consolidated Financial Statements. Such differences relate to the timing of executing a formal contract or receiving a notice to proceed. More specifically, backlog sometimes may include awards for which a contract has not yet been executed or a notice to proceed has not been issued, but for which there are no remaining major uncertainties that the project will proceed (e.g., adequate funding is in place).

The outlook for the Company’s growth over the next several years remains favorable, but it could be negatively impacted by future project delays or the timing of project bids, awards, commencements, ramp-up activities and completions, as well as by any adverse follow-on consequences of the COVID-19 pandemic. We anticipate that we will continue to win our share of significant new awards resulting from long-term capital spending plans by state, local and federal customers, as well as limited competition for some of the largest project opportunities.

In elections over the past several years, voters in numerous states approved dozens of long-term transportation funding measures totaling approximately $200 billion in long-term funding. The largest of these was in Los Angeles County, where Measure M, a half-cent sales tax increase, was approved and is expected to generate $120 billion of funding over 40 years. In addition, California's Senate Bill 1, which was signed into law in 2017, is providing an average of $5.4 billion annually through 2027 for various transportation, mass-transit and bridge projects. Despite recent increases, which have been anticipated, interest rates still remain relatively attractive, which may be conducive to continued spending on various types of infrastructure projects. However, if borrowing rates continue to increase significantly, they could reach levels that may begin to negatively impact infrastructure demand, although this is more likely to impact Building segment projects, as those projects tend to be more directly correlated to economic conditions.

The Bipartisan Infrastructure Law was enacted into law on November 15, 2021, and it provides for $1.2 trillion of federal infrastructure funding, including $550 billion in new spending for improvements to the country’s surface-transportation network and enhancements to core infrastructure. The law marks the largest federal investment in public transit ever, the single largest dedicated bridge investment since the construction of the interstate highway system and the largest federal investment in passenger rail since the creation of Amtrak, all in addition to providing for regular annual spending for numerous infrastructure projects. This significant incremental funding is anticipated to be spent over the next 10 years, and much of it is allocated for investment in end markets that are directly aligned with the Company’s market focus. Accordingly, the Company believes that this significant level of sustained, incremental funding will favorably impact the Company’s current work and prospective opportunities over the next decade, as some initial funds have begun flowing to project owners, and substantially increased funding from the Bipartisan Infrastructure Law is expected to occur over the next several years.

The Company had certain large Civil segment projects in the Northeast that were completed or were nearing completion in 2021. The Company is pursuing several large prospective projects in various locations, including the Northeast, the West Coast and Guam, which are expected to be bid and/or awarded in 2022 and 2023. However, the timing and magnitude of revenue contributions from these prospective projects may not fully offset revenue reductions associated with the projects that have been completed or are nearing completion.

For a more detailed discussion of operating performance of each business segment, corporate general and administrative expenses and other items, see Results of Segment Operations, Corporate, Tax and Other Matters and Liquidity and Capital Resources below.

Results of Segment Operations

The results of our Civil, Building and Specialty Contractors segments are discussed below.

Civil Segment

Revenue and income (loss) from construction operations for the Civil segment are summarized as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2022		2021		2022		2021
Revenue	$	403.6	$	555.4	$	794.4	$	1,030.9
Income (loss) from construction operations	(9.8)		75.1		(10.7)		125.2

Revenue for the three and six months ended June 30, 2022 decreased 27% and 23%, respectively, compared to the same periods in 2021. The decrease for both periods was primarily due to reduced project execution activities on certain mass-transit and transportation projects in California and the Northeast, most of which are completed or nearing completion, partially offset by

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increased activities on certain newer projects in the Midwest and California. The revenue decline for both periods was also the result of the follow-on impact of the COVID-19 pandemic, which delayed bidding activities and awards of certain new projects during 2020 and much of 2021. In addition, the decrease for both periods was due to the unfavorable non-cash impact related to the aforementioned settlement of a long-disputed, completed project in Maryland and the temporary unfavorable impact from the successful negotiation of significant lower margin (and lower risk) change orders on a mass-transit project in California (with the majority of the impact affecting the first quarter of 2022). These approved change orders increased the project’s overall estimated profit but reduced the project’s percentage of completion and overall margin percentage. This temporary reduction to earnings is expected to reverse itself over the remaining life of the project. For the six-month period, the decrease was also attributable to the impact of the adverse legal ruling on a dispute related to a bridge project in New York, as discussed above in the section titled Executive Overview.

Loss from construction operations for the three and six months ended June 30, 2022 was $9.8 million and $10.7 million, respectively, compared to income from construction operations of $75.1 million and $125.2 million for the same periods in 2021. For the second quarter of 2022, the change was primarily due to lower profitability associated with the reduced revenue, as discussed above, including the $16.2 million unfavorable non-cash impact related to the settlement of a long-disputed, completed project in Maryland, and, to a lesser extent, the impact of the aforementioned successful negotiation of significant lower margin (and lower risk) change orders on a mass-transit project in California, which resulted in a temporary unfavorable impact to earnings. For the first six months of 2022, the change was principally due to the aforementioned factors that drove the reduction in revenue and income from construction operations for the second quarter of 2022, including the temporary unfavorable impact of $29.1 million from the successful negotiation of significant lower margin (and lower risk) change orders on a mass-transit project mentioned above, with $17.6 million impacting the first quarter of 2022. This temporary reduction to earnings is expected to reverse itself over the remaining life of the project. For the six-month period, the decrease was also due to a $25.5 million non-cash charge from the adverse legal ruling on a dispute related to a bridge project in New York.

Operating margin was (2.4)% and (1.4)% for the three and six months ended June 30, 2022, respectively, compared to 13.5% and 12.1% for the same periods in 2021. The operating margin decreases were due to the above-mentioned factors that drove the changes in revenue and income (loss) from construction operations.

New awards in the Civil segment totaled $721 million and $1.2 billion for the three and six months ended June 30, 2022, respectively, compared to $119 million and $576 million for the same periods in 2021. The most significant new awards and contract adjustments in the second quarter of 2022 included $293 million of additional funding for a mass-transit project in California, as well as several projects in Guam, including a $107 million military housing project, an $84 million wharf improvement project and two other military facilities projects valued at $73 million and $49 million, respectively. The COVID-19 pandemic has resulted in significant revenue shortfalls for many state and local government agencies since 2020, and it could continue to cause deferrals or cancellations of certain new projects, depending on the allocation and prioritization of state and local funding, as well as the availability, timing and magnitude of funding from the federal government, including anticipated funding from the recently enacted Bipartisan Infrastructure Law.

Backlog for the Civil segment was $4.9 billion as of June 30, 2022 compared to $4.3 billion as of June 30, 2021, with the increase primarily due to the new awards and contract adjustments discussed above. The segment continues to experience strong demand reflected in a large, multi-year pipeline of prospective projects, supported by substantial anticipated funding from various voter-approved transportation measures and the Bipartisan Infrastructure Law, and by public agencies’ long-term spending plans. The Civil segment is well-positioned to capture its share of these prospective projects, but the timing of new awards remains uncertain.

Building Segment

Revenue and income (loss) from construction operations for the Building segment are summarized as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2022		2021		2022		2021
Revenue	$	266.9	$	382.7	$	597.6	$	789.9
Income (loss) from construction operations	(0.1)		(2.5)		9.4		8.7

Revenue for the three and six months ended June 30, 2022 decreased 30% and 24%, respectively, compared to the same periods in 2021, primarily due to reduced project execution activities on various projects in California, Oklahoma and the Northeast that are substantially complete, partially offset by contributions from certain newer projects in California. For the six-month period, the decrease was partially offset by increased activity on a hospitality and gaming project in Arkansas. Revenue for both periods was also reduced by the follow-on impact of the COVID-19 pandemic, which delayed certain project bids and awards.

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Loss from construction operations for the second quarter of 2022 was $0.1 million compared to $2.5 million for the second quarter of 2021, and income from construction operations for the six months ended June 30, 2022 was $9.4 million compared to $8.7 million for the six months ended June 30, 2021. The improvement for both periods was primarily due to the absence of prior-year unfavorable adjustments on certain projects, which were immaterial individually and in the aggregate, partially offset by a current-year immaterial unfavorable adjustment on a transportation project in the Northeast, as discussed above in the section titled Executive Overview, and the reduced profit associated with the overall revenue reduction discussed above.

Operating margin was (0.03)% and 1.6% for the three and six months ended June 30, 2022, respectively, compared to (0.7)% and 1.1% for the same periods in 2021. The changes in operating margin were principally due to the aforementioned factors that drove the changes in revenue and income (loss) from construction operations.

New awards in the Building segment totaled $207 million and $532 million for the three and six months ended June 30, 2022, respectively, compared to $386 million and $730 million for the same periods in 2021. The most significant new awards in the second quarter of 2022 included $95 million for an educational facility project in California and an $85 million military housing project in Alaska.

Backlog for the Building segment was $2.2 billion as of June 30, 2022 compared to $1.6 billion as of June 30, 2021. The strong increase was partly due to the new awards discussed above, but even more attributable to certain other large new awards that were booked in the third quarter of 2021. The Building segment continues to have a large volume of prospective projects across various end markets and geographic locations. We expect continued strong demand as economic conditions remain conducive to customer spending on new building facilities and renovations to existing buildings, supported by a still relatively favorable interest rate environment. However, higher interest rates and the effects of higher inflation, as well as any adverse follow-on effects of the COVID-19 pandemic, could result in reduced demand for our building construction services.

Specialty Contractors Segment

Revenue and income (loss) from construction operations for the Specialty Contractors segment are summarized as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2022		2021		2022		2021
Revenue	$	190.5	$	281.2	$	421.2	$	606.0
Income (loss) from construction operations	(66.7)		10.0		(70.6)		11.3

Revenue for the three and six months ended June 30, 2022 decreased 32% and 31%, respectively, compared to the same periods in 2021. The decrease for both periods was principally driven by reduced project execution activities on various electrical and mechanical projects in the Northeast and California that are completed or nearing completion, as well as the impact of an unfavorable adjustment on the aforementioned transportation project in the Northeast, as discussed above in the section titled Executive Overview. Revenue for both periods was also reduced by the follow-on impact of the COVID-19 pandemic, which delayed certain project bids and awards.

Loss from construction operations for the three and six months ended June 30, 2022 was $66.7 million and $70.6 million, respectively, compared to income from construction operations of $10.0 million and $11.3 million for the same periods in 2021. The decrease for both periods was largely due to the $33.5 million impact of an unfavorable adjustment on the aforementioned transportation project in the Northeast related to the unforeseen cost of project close-out issues, remediation work, extended project supervision and associated labor inefficiencies, as well as a non-cash charge of $17.8 million that increased cost of operations associated with an unexpected partial reversal by an appellate court of previously awarded legal damages related to a completed electrical project in New York. The decrease for both periods was also due to the absence of a $20.1 million prior-year favorable adjustment that resulted from damages awarded by the trial court’s ruling on the same completed electrical project in New York, and, to a lesser extent, the decrease was also due to reduced profitability for the segment related to the overall revenue reduction.

Operating margin was (35.0)% and (16.8)% for the three and six months ended June 30, 2022, respectively, compared to 3.5% and 1.9% for the same periods in 2021. The changes in operating margin were principally due to the aforementioned factors that drove the changes in revenue and income (loss) from construction operations.

New awards in the Specialty Contractors segment totaled $190 million and $414 million for the three and six months ended June 30, 2022, respectively, compared to $137 million and $295 million for the same periods in 2021. The COVID-19 pandemic has resulted in, and could continue to result in, reduced demand from certain commercial and government customers that have been experiencing funding constraints.

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Backlog for the Specialty Contractors segment was $1.4 billion as of June 30, 2022 compared to $1.5 billion as of June 30, 2021. The Specialty Contractors segment continues to be increasingly focused on servicing the Company’s backlog of large Civil and Building segment projects, particularly in the Northeast and California. In addition, the segment remains well-positioned to capture its share of new projects for external customers, leveraging the size and scale of our business units that operate in New York, Texas, Florida and California and the strong reputation held by these business units for high-quality work on large, complex projects.

Corporate, Tax and Other Matters

Corporate General and Administrative Expenses

Corporate general and administrative expenses were $14.0 million and $28.5 million during the three and six months ended June 30, 2022, respectively, compared to $13.8 million and $26.7 million for the same periods in 2021.

Other Income, Net, Interest Expense and Income Tax (Expense) Benefit

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2022		2021		2022		2021
Other income, net	$	1.0	$	1.4	$	4.7	$	1.6
Interest expense	(16.2)		(17.9)		(32.7)		(35.7)
Income tax (expense) benefit	43.7		(10.6)		47.6		(17.6)

Other income, net for the six months ended June 30, 2022 improved by $3.1 million compared to the same period in 2021 primarily due to interest earned on federal income tax receivable balances.

Interest expense decreased $1.7 million and $3.0 million for the three and six months ended June 30, 2022, respectively, compared to the same periods in 2021. The decreases in the 2022 periods were substantially due to the absence of amortization of discount and debt issuance costs on convertible notes that were repaid in 2021.

The effective income tax rate was 41.3% and 37.1% for the three and six months ended June 30, 2022, respectively, compared to 20.4% and 20.9% for the same periods in 2021. The effective income tax rates for the 2022 periods were higher than the same periods in 2021 primarily due to pre-tax losses incurred in both 2022 periods and projected for the year. In periods reporting pre-tax losses, a tax benefit increases the effective income tax rate because it increases the tax benefit generated from the pre-tax loss. The tax benefits in the 2022 periods that caused a higher tax rate were primarily the earnings attributable to noncontrolling interests (for which income taxes are not the responsibility of the Company) and state income tax benefits (net of federal tax benefits). The effective income tax rates for both 2022 periods reflect the impact of a relatively low projected pre-tax loss for the year, which magnifies the impact of tax benefits on the effective income tax rate. The 2021 periods reported pre-tax income and pre-tax income was projected for the 2021 year, thereby resulting in tax benefits reducing the effective income tax rate. For a further discussion of income taxes, refer to Note 6 of the Notes to Condensed Consolidated Financial Statements.

Liquidity and Capital Resources

Liquidity is provided by available cash and cash equivalents, cash generated from operations, credit facilities and access to capital markets. We have a committed line of credit totaling $175 million, which may be used for revolving loans, letters of credit and/or general purposes. We believe that cash generated from operations, along with our unused credit capacity of $175 million and available cash balances as of June 30, 2022, will be sufficient to fund any working capital needs and debt maturities for the next 12 months and beyond, provided that we are not adversely impacted by unanticipated future events, including further impacts related to the COVID-19 pandemic as discussed above in Executive Overview - COVID-19 Update. Despite our record operating cash flow for the six months ended June 30, 2022 (as discussed below in Cash and Working Capital), liquidity has been, and could continue to be, adversely impacted by our inability to collect cash due to the follow-on impacts of the COVID-19 pandemic, which have constrained certain customers’ funding sources and delayed their ability to make payments on approved contract work. In addition, as discussed above in Executive Overview - COVID-19 Update, the COVID-19 pandemic delayed court and arbitration schedules and also hindered the Company’s ability to resolve certain unapproved work. We believe that future funding from the Bipartisan Infrastructure Law and increasing revenue to government customers as travel and commuting levels rise, as discussed above, could offset or mitigate future negative impacts from the COVID-19 pandemic, though it remains difficult to predict any of these factors. Furthermore, the bottleneck of accumulated court and arbitration proceedings that grew during the early years of the pandemic is receding, with certain disputes having been resolved in the first six months of 2022 and other settlement conferences and trial dates now scheduled or being scheduled. In addition, certain disputes and related collection delays were resolved during the latter part of 2021 and the first half of 2022. We experienced substantially improved operating cash flows in the first half of 2022, and also anticipate improved

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operating cash generation for the remainder of 2022 compared to 2021, based on projected cash collections, both from project execution activities and the resolution of additional outstanding claims and unapproved change orders.

Cash and Working Capital

Cash and cash equivalents were $309.3 million as of June 30, 2022 compared to $202.2 million as of December 31, 2021. Cash immediately available for general corporate purposes was $85.1 million and $60.2 million as of June 30, 2022 and December 31, 2021, respectively, with the remainder being amounts held by our consolidated joint ventures and also our proportionate share of cash held by our unconsolidated joint ventures. Cash held by our joint ventures was available only for joint venture-related uses, including distributions to joint venture partners. In addition, our restricted cash and restricted investments totaled $89.0 million as of June 30, 2022 compared to $93.6 million as of December 31, 2021. Restricted cash and restricted investments at June 30, 2022 were primarily held to secure insurance-related contingent obligations.

During the six months ended June 30, 2022, net cash provided by operating activities was $178.7 million, which was the largest operating cash flow for the first six months of any year since the merger between Tutor-Saliba Corporation and Perini Corporation in 2008. The operating cash flow for the first six months of 2022 is already larger than any full-year result since that same time. In addition, the operating cash flow of $58.0 million for the second quarter of 2022 was the third-largest operating cash result of any second quarter since the 2008 merger, and was an increase of $142.6 million compared to the operating cash usage of $84.6 million in the second quarter of 2021. The increase for the six months of 2022 was primarily due to a decrease in investments in project working capital partially offset by cash utilized by earnings sources. The decrease in investments in project working capital was primarily due to improved collection activity, as reflected by an increase in billings in excess of costs and estimated earnings (“BIE”) and a decrease in accounts receivable. During the six months ended June 30, 2021, net cash used in operating activities was $131.3 million, due primarily to investments in project working capital, partially offset by cash generated from earnings sources. The increase in working capital for the first six months of 2021 primarily reflected an increase in costs and estimated earnings in excess of billings (“CIE”), a decrease in accounts payable due to timing of payments to suppliers and subcontractors and a decrease in BIE. The increase in CIE in the 2021 period was primarily due to the follow-on impacts of the COVID-19 pandemic, which caused delays in the negotiation and resolution of certain claims and unapproved change orders (due to the postponement or deferrals of certain legal and arbitration proceedings and settlement discussions), and constrained customers’ revenue and funding sources, thereby limiting their budgetary discretion to pay the Company for changes approved in scope but for which pricing is pending.

Cash flow from operating activities increased $310.0 million when comparing the first six months of 2022 with the same period in 2021. As discussed above, the significant increase was primarily driven by improved collection activity, including collections associated with the continued resolution of certain claims and unapproved change orders that previously required the use of cash. The increase in cash flow from operating activities was also due to an increase in accounts payable compared to a decrease in the prior year due to timing of payments to vendors and subcontractors. Despite the increase in accounts payable in the first six months of 2022, the balance as of June 30, 2022 was $137.5 million lower compared to the balance as of June 30, 2021.

Net cash used in investing activities during the first six months of 2022 was $27.9 million due to the acquisition of property and equipment for projects totaling $28.8 million, as well as net cash used in investment transactions of $5.5 million, partially offset by proceeds from the sale of property and equipment of $6.4 million. Net cash used in investing activities during the first six months of 2021 was $22.8 million primarily due to the acquisition of property and equipment for projects totaling $18.9 million, as well as net cash used in investment transactions of $7.6 million.

Net cash used in financing activities was $48.4 million for the first six months of 2022, which was primarily driven by a $26.9 million net repayment of debt and $20.5 million of net distributions to noncontrolling interests. Net cash used in financing activities was $63.7 million for the first six months of 2021, which was primarily driven by a $58.8 million net repayment of borrowings, including the repayment of the remaining principal balance of the Convertible Notes (as defined in Note 8 of the Notes to Condensed Consolidated Financial Statements), and $3.2 million of net distributions to noncontrolling interests.

At June 30, 2022, we had working capital of $1.9 billion, a ratio of current assets to current liabilities of 1.97 and a ratio of debt to equity of 0.62, compared to working capital of $2.1 billion, a ratio of current assets to current liabilities of 2.17 and a ratio of debt to equity of 0.59 at December 31, 2021.

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Debt

2020 Credit Agreement

On August 18, 2020, the Company entered into a credit agreement (the “2020 Credit Agreement”) with BMO Harris Bank N.A., as Administrative Agent, Swing Line Lender and L/C Issuer and other lenders. The 2020 Credit Agreement provides for a $425.0 million term loan B facility (the “Term Loan B”) and a $175.0 million revolving credit facility (the “2020 Revolver”), with sublimits for the issuance of letters of credit and swing line loans up to the aggregate amounts of $75.0 million and $10.0 million, respectively. The Term Loan B will mature on August 18, 2027 and the 2020 Revolver will mature on August 18, 2025, in each case, unless any of the 2017 Senior Notes are outstanding on January 30, 2025 (which is 91 days prior to the maturity of the 2017 Senior Notes), in which case, both the Term Loan B and the 2020 Revolver will mature on January 30, 2025 (subject to certain further exceptions). For more information regarding the terms of our 2020 Credit Agreement, refer to Note 8 of the Notes to Condensed Consolidated Financial Statements.

The table below presents our actual and required consolidated first lien net leverage ratio under the 2020 Credit Agreement for the period, which is calculated on a rolling four-quarter basis:

	Trailing Four Fiscal Quarters Ended
	June 30, 2022
	Actual	Required
First lien net leverage ratio	1.78 to 1.00	≤ 2.25 : 1.00

As of June 30, 2022, we were in compliance and expect to continue to be in compliance with the covenants under the 2020 Credit Agreement.

Contractual Obligations

There have been no material changes in our contractual obligations from those described in our Annual Report on Form 10‑K for the year ended December 31, 2021.

Critical Accounting Policies and Estimates

Our significant accounting policies are described in Note 1 of the Notes to Consolidated Financial Statements included in our Annual Report on Form 10‑K for the year ended December 31, 2021. Our critical accounting estimates are also identified and discussed in Part II, Item 7 of our Annual Report on Form 10‑K for the year ended December 31, 2021.

Recently Issued Accounting Pronouncements

There were no new accounting pronouncements issued by the Financial Accounting Standards Board during the three and six months ended June 30, 2022 and through the date of filing of this report that had or are expected to have a material impact on the Company’s financial position, results of operations or cash flows.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

There has been no material change in our exposure to market risk from that described in Part II, Item 7A of our Annual Report on Form 10‑K for the year ended December 31, 2021.

Item 4. Controls and Procedures

Disclosure Controls and Procedures

An evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as defined by Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (“Exchange Act”), as of the end of the period covered by this Quarterly Report on Form 10‑Q was made under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures (a) were effective to ensure that information we are required to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms and (b) include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in reports filed or submitted under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

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Changes in Internal Control Over Financial Reporting

There were no changes in our internal control over financial reporting during the period covered by this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II. – OTHER INFORMATION

Item 1. Legal Proceedings

In the ordinary course of our business, we are involved in various legal proceedings. We disclose information about certain pending legal proceedings pursuant to SEC rules and as we otherwise determine to be appropriate. For information on such pending matters, see Part I, Item 3 of our Annual Report on Form 10‑K for the year ended December 31, 2021, updated by Note 10 of the Notes to Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10‑Q.

Item 1A. Risk Factors

There have been no material changes to our risk factors as disclosed in our Annual Report on Form 10-K for the year ended December 31, 2021.

Item 4. Mine Safety Disclosures

Section 1503 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) requires domestic mine operators to disclose violations and orders issued under the Federal Mine Safety and Health Act of 1977 (the “Mine Act”) by the federal Mine Safety and Health Administration. We do not act as the owner of any mines but we may act as a mining operator as defined under the Mine Act where we may be an independent contractor performing services or construction of such mine.

For the quarter ended June 30, 2022, we do not have any mine safety violations or other regulatory matters to disclose pursuant to Section 1503(a) of the Dodd-Frank Act and Item 104 of Regulation S-K.

Item 6. Exhibits

Exhibits	Description
31.1	Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2	Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS	XBRL Instance Document – The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH	XBRL Taxonomy Extension Schema Document.
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document.
101.LAB	XBRL Taxonomy Extension Label Linkbase Document.
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document.
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document.
104	The cover page from the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, formatted in Inline XBRL (included as Exhibit 101).

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	Tutor Perini Corporation
Dated: August 5, 2022	By:	/s/ Gary G. Smalley
	Gary G. Smalley
	Executive Vice President and Chief Financial Officer

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EX-31.1

Exhibit 31.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

I, Ronald N. Tutor, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Tutor Perini Corporation (the “registrant”);

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 5, 2022	/s/ Ronald N. Tutor
	Ronald N. Tutor
	Chairman and Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

I, Gary G. Smalley, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Tutor Perini Corporation (the “registrant”);

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 5, 2022	/s/ Gary G. Smalley
	Gary G. Smalley
	Executive Vice President and Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Tutor Perini Corporation (the “Company”) on Form 10-Q for the period ended June 30, 2022 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Ronald N. Tutor, Chairman and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 5, 2022	/s/ Ronald N. Tutor
	Ronald N. Tutor
	Chairman and Chief Executive Officer

A signed original of this written statement required by Section 906 has been provided to Tutor Perini Corporation and will be retained by Tutor Perini Corporation and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2

Exhibit 32.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Tutor Perini Corporation (the “Company”) on Form 10-Q for the period ended June 30, 2022 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Gary G. Smalley, Executive Vice President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 5, 2022	/s/ Gary G. Smalley
	Gary G. Smalley
	Executive Vice President and Chief Financial Officer

A signed original of this written statement required by Section 906 has been provided to Tutor Perini Corporation and will be retained by Tutor Perini Corporation and furnished to the Securities and Exchange Commission or its staff upon request.

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Cover - shares	6 Months Ended
	Jun. 30, 2022	Jul. 28, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	1-6314
Entity Registrant Name	Tutor Perini Corporation
Entity Incorporation, State or Country Code	MA
Entity Tax Identification Number	04-1717070
Entity Address, Address Line One	15901 OLDEN STREET
Entity Address, City or Town	SYLMAR
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91342-1093
City Area Code	818
Local Phone Number	362-8391
Title of 12(b) Security	Common Stock, $1.00 par value
Trading Symbol	TPC
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		51,357,691
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000077543
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
REVENUE	$ 861,027	$ 1,219,243	$ 1,813,181	$ 2,426,838
COST OF OPERATIONS	(895,250)	(1,091,754)	(1,797,059)	(2,188,894)
GROSS PROFIT (LOSS)	(34,223)	127,489	16,122	237,944
General and administrative expenses	(56,331)	(58,736)	(116,583)	(119,487)
INCOME (LOSS) FROM CONSTRUCTION OPERATIONS	(90,554)	68,753	(100,461)	118,457
Other income, net	1,020	1,431	4,717	1,606
Interest expense	(16,204)	(17,938)	(32,696)	(35,748)
INCOME (LOSS) BEFORE INCOME TAXES	(105,738)	52,246	(128,440)	84,315
Income tax (expense) benefit	43,718	(10,635)	47,607	(17,599)
NET INCOME (LOSS)	(62,020)	41,611	(80,833)	66,716
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	983	10,446	3,804	19,517
NET INCOME (LOSS) ATTRIBUTABLE TO TUTOR PERINI CORPORATION	$ (63,003)	$ 31,165	$ (84,637)	$ 47,199
BASIC EARNINGS (LOSS) PER COMMON SHARE (in dollars per share)	$ (1.23)	$ 0.61	$ (1.65)	$ 0.93
DILUTED EARNINGS (LOSS) PER COMMON SHARE (in dollars per share)	$ (1.23)	$ 0.61	$ (1.65)	$ 0.92
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING:
BASIC (in shares)	51,276	50,999	51,192	50,956
DILUTED (in shares)	51,276	51,375	51,192	51,362

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
NET INCOME (LOSS)	$ (62,020)	$ 41,611	$ (80,833)	$ 66,716
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
Defined benefit pension plan adjustments	457	491	915	983
Foreign currency translation adjustments	(1,390)	400	(1,133)	772
Unrealized gain (loss) in fair value of investments	(2,058)	219	(6,262)	(964)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX	(2,991)	1,110	(6,480)	791
COMPREHENSIVE INCOME (LOSS)	(65,011)	42,721	(87,313)	67,507
LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	210	10,726	2,652	20,093
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO TUTOR PERINI CORPORATION	$ (65,221)	$ 31,995	$ (89,965)	$ 47,414

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
CURRENT ASSETS:
Cash and cash equivalents ($169,266 and $102,679 related to variable interest entities (“VIEs”))	$ 309,267	$ 202,197
Restricted cash	4,485	9,199
Restricted investments	84,498	84,355
Accounts receivable ($99,872 and $116,415 related to VIEs)	1,337,017	1,454,319
Retention receivable ($178,575 and $162,259 related to VIEs)	552,695	568,881
Costs and estimated earnings in excess of billings ($67,874 and $143,105 related to VIEs)	1,372,640	1,356,768
Other current assets ($42,844 and $43,718 related to VIEs)	207,881	186,773
Total current assets	3,868,483	3,862,492
PROPERTY AND EQUIPMENT (“P&E”), net of accumulated depreciation of $507,400 and $483,417 (net P&E of $13,905 and $2,203 related to VIEs)	427,894	429,645
GOODWILL	205,143	205,143
INTANGIBLE ASSETS, NET	74,891	85,068
OTHER ASSETS	143,272	142,550
TOTAL ASSETS	4,719,683	4,724,898
CURRENT LIABILITIES:
Current maturities of long-term debt	30,565	24,406
Accounts payable ($66,971 and $96,097 related to VIEs)	555,365	512,056
Retention payable ($39,580 and $37,007 related to VIEs)	227,725	268,945
Billings in excess of costs and estimated earnings ($458,713 and $355,270 related to VIEs)	956,735	761,689
Accrued expenses and other current liabilities ($10,880 and $8,566 related to VIEs)	192,931	210,017
Total current liabilities	1,963,321	1,777,113
LONG-TERM DEBT, less current maturities, net of unamortized discount and debt issuance costs totaling $15,575 and $17,109	937,743	969,248
DEFERRED INCOME TAXES	6,836	70,989
OTHER LONG-TERM LIABILITIES	243,837	233,828
TOTAL LIABILITIES	3,151,737	3,051,178
COMMITMENTS AND CONTINGENCIES (NOTE 10)
Stockholders' equity:
Preferred stock - authorized 1,000,000 shares ($1 par value), none issued	0	0
Common stock - authorized 112,500,000 shares ($1 par value), issued and outstanding 51,357,691 and 51,095,706 shares	51,358	51,096
Additional paid-in capital	1,137,966	1,133,150
Retained earnings	429,673	514,310
Accumulated other comprehensive loss	(48,963)	(43,635)
Total stockholders' equity	1,570,034	1,654,921
Noncontrolling interests	(2,088)	18,799
TOTAL EQUITY	1,567,946	1,673,720
TOTAL LIABILITIES AND EQUITY	$ 4,719,683	$ 4,724,898

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CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Cash and cash equivalents	$ 309,267	$ 202,197
Accounts receivable	1,337,017	1,454,319
Retention receivable	552,695	568,881
Costs and estimated earnings in excess of billings	1,372,640	1,356,768
Other current assets	207,881	186,773
Accumulated depreciation	507,400	483,417
Property and equipment, net	427,894	429,645
Accounts payable	555,365	512,056
Retainage payable	227,725	268,945
Billings in excess of costs and estimated earnings	956,735	761,689
Accrued expenses and other current liabilities	192,931	210,017
Unamortized discount and debt issuance costs, non-current	$ 15,575	$ 17,109
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, shares issued (in shares)	0	0
Common stock, shares authorized (in shares)	112,500,000	112,500,000
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares issued (in shares)	51,357,691	51,095,706
Common stock, shares outstanding (in shares)	51,357,691	51,095,706
VIEs
Cash and cash equivalents	$ 169,266	$ 102,679
Accounts receivable	99,872	116,415
Retention receivable	178,575	162,259
Costs and estimated earnings in excess of billings	67,874	143,105
Other current assets	42,844	43,718
Property and equipment, net	13,905	2,203
Accounts payable	66,971	96,097
Retainage payable	39,580	37,007
Billings in excess of costs and estimated earnings	458,713	355,270
Accrued expenses and other current liabilities	$ 10,880	$ 8,566

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash Flows from Operating Activities:
Net income (loss)	$ (80,833)	$ 66,716
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation	28,344	44,821
Amortization of intangible assets	10,177	17,314
Share-based compensation expense	4,814	5,033
Change in debt discounts and deferred debt issuance costs	1,817	3,868
Deferred income taxes	(61,145)	2,213
(Gain) loss on sale of property and equipment	(168)	360
Changes in other components of working capital	269,104	(278,943)
Other long-term liabilities	7,885	6,801
Other, net	(1,297)	515
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	178,698	(131,302)
Cash Flows from Investing Activities:
Acquisition of property and equipment	(28,845)	(18,860)
Proceeds from sale of property and equipment	6,420	3,623
Investments in securities	(10,409)	(18,096)
Proceeds from maturities and sales of investments in securities	4,919	10,497
NET CASH USED IN INVESTING ACTIVITIES	(27,915)	(22,836)
Cash Flows from Financing Activities:
Proceeds from debt	412,357	308,181
Repayment of debt	(439,236)	(367,007)
Cash payments related to share-based compensation	(1,009)	(1,625)
Distributions paid to noncontrolling interests	(24,500)	(7,250)
Contributions from noncontrolling interests	3,961	4,000
NET CASH USED IN FINANCING ACTIVITIES	(48,427)	(63,701)
Net increase (decrease) in cash, cash equivalents and restricted cash	102,356	(217,839)
Cash, cash equivalents and restricted cash at beginning of period	211,396	451,852
Cash, cash equivalents and restricted cash at end of period	$ 313,752	$ 234,013

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Basis of Presentation

6 Months Ended

Jun. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Basis of Presentation

The Condensed Consolidated Financial Statements do not include footnotes and certain financial information normally presented annually under generally accepted accounting principles in the United States (“GAAP”). Therefore, they should be read in conjunction with the audited consolidated financial statements and the related notes included in Tutor Perini Corporation’s (the “Company”) Annual Report on Form 10-K for the year ended December 31, 2021. The results of operations for the three and six months ended June 30, 2022 may not be indicative of the results that will be achieved for the full year ending December 31, 2022.

In the opinion of management, the accompanying unaudited Condensed Consolidated Financial Statements reflect all adjustments, including those of a normal recurring nature, necessary to present fairly the Company’s consolidated financial position as of June 30, 2022 and its consolidated statements of operations and cash flows for the interim periods presented. Intercompany balances and transactions have been eliminated. Certain amounts in the notes to the condensed consolidated financial statements of prior years have been reclassified to conform to the current year presentation.

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Revenue

6 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

Revenue

Revenue

Disaggregation of Revenue

The following tables disaggregate revenue by end market, customer type and contract type, which the Company believes best depict how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors for the three and six months ended June 30, 2022 and 2021.

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2022		2021		2022		2021
Civil segment revenue by end market:
Mass transit (includes certain transportation and tunneling projects)	$	225,574	$	366,534	$	482,712	$	675,409
Bridges	85,073		65,775		126,320		111,942
Military defense facilities	60,355		44,585		110,149		94,121
Water	22,384		24,800		43,036		51,610
Other	10,236		53,658		32,200		97,845
Total Civil segment revenue	$	403,622	$	555,352	$	794,417	$	1,030,927

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2022		2021		2022		2021
Building segment revenue by end market:
Municipal and government	$	83,826	$	74,475	$	159,781	$	146,384
Hospitality and gaming	24,077		86,145		100,995		186,712
Commercial and industrial facilities	49,309		101,960		88,395		232,012
Health care facilities	50,277		13,598		85,837		24,007
Mass transit (includes transportation projects)	10,447		34,344		70,648		60,879
Education facilities	31,176		46,143		61,036		84,460
Other	17,829		25,995		30,897		55,439
Total Building segment revenue	$	266,941	$	382,660	$	597,589	$	789,893

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2022		2021		2022		2021
Specialty Contractors segment revenue by end market:
Mass transit (includes certain transportation and tunneling projects)	$	75,395	$	148,045	$	194,422	$	329,208
Commercial and industrial facilities	36,444		36,637		66,301		75,386
Multi-unit residential	28,243		30,649		53,181		73,444
Water	13,972		17,514		35,419		38,668
Federal government	14,106		455		20,855		4,502
Education facilities	8,165		18,425		20,441		31,781
Other	14,139		29,506		30,556		53,029
Total Specialty Contractors segment revenue	$	190,464	$	281,231	$	421,175	$	606,018

	Three Months Ended June 30, 2022								Three Months Ended June 30, 2021
(in thousands)	Civil		Building		Specialty Contractors		Total		Civil		Building		Specialty Contractors		Total
Revenue by customer type:
State and local agencies	$	319,411	$	89,473	$	91,817	$	500,701	$	481,333	$	92,275	$	124,080	$	697,688
Federal agencies	62,991		42,402		3,186		108,579		49,335		49,287		5,704		104,326
Private owners	21,220		135,066		95,461		251,747		24,684		241,098		151,447		417,229
Total revenue	$	403,622	$	266,941	$	190,464	$	861,027	$	555,352	$	382,660	$	281,231	$	1,219,243

	Six Months Ended June 30, 2022								Six Months Ended June 30, 2021
(in thousands)	Civil		Building		Specialty Contractors		Total		Civil		Building		Specialty Contractors		Total
Revenue by customer type:
State and local agencies	$	633,253	$	213,163	$	184,048	$	1,030,464	$	871,835	$	168,856	$	267,004	$	1,307,695
Federal agencies	113,685		88,500		14,520		216,705		100,968		99,648		26,941		227,557
Private owners	47,479		295,926		222,607		566,012		58,124		521,389		312,073		891,586
Total revenue	$	794,417	$	597,589	$	421,175	$	1,813,181	$	1,030,927	$	789,893	$	606,018	$	2,426,838

	Three Months Ended June 30, 2022								Three Months Ended June 30, 2021
(in thousands)	Civil		Building		Specialty Contractors		Total		Civil		Building		Specialty Contractors		Total
Revenue by contract type:
Fixed price	$	337,414	$	64,296	$	158,036	$	559,746	$	461,068	$	95,349	$	246,290	$	802,707
Guaranteed maximum price	301		145,954		3,361		149,616		498		247,402		2,563		250,463
Unit price	72,210		—		22,064		94,274		88,516		(1,564)		28,703		115,655
Cost plus fee and other	(6,303)		56,691		7,003		57,391		5,270		41,473		3,675		50,418
Total revenue	$	403,622	$	266,941	$	190,464	$	861,027	$	555,352	$	382,660	$	281,231	$	1,219,243

	Six Months Ended June 30, 2022								Six Months Ended June 30, 2021
(in thousands)	Civil		Building		Specialty Contractors		Total		Civil		Building		Specialty Contractors		Total
Revenue by contract type:
Fixed price	$	674,407	$	166,814	$	357,099	$	1,198,320	$	880,224	$	179,798	$	539,758	$	1,599,780
Guaranteed maximum price	594		317,463		8,694		326,751		1,768		517,856		3,693		523,317
Unit price	122,720		33		36,886		159,639		141,249		(1,453)		57,000		196,796
Cost plus fee and other	(3,304)		113,279		18,496		128,471		7,686		93,692		5,567		106,945
Total revenue	$	794,417	$	597,589	$	421,175	$	1,813,181	$	1,030,927	$	789,893	$	606,018	$	2,426,838

Changes in Contract Estimates that Impact Revenue

Changes to the total estimated contract revenue or cost for a given project, either due to unexpected events or revisions to management’s initial estimates, are recognized in the period in which they are determined. Revenue was negatively impacted during the three and six months ended June 30, 2022 related to performance obligations satisfied (or partially satisfied) in prior periods by $63.6 million and $110.3 million, respectively. Likewise, revenue was negatively impacted during the three and six months ended June 30, 2021 related to performance obligations satisfied (or partially satisfied) in prior periods by $8.9 million and $29.0 million, respectively.

Remaining Performance Obligations

Remaining performance obligations represent the transaction price of firm orders for which work has not been performed and exclude unexercised contract options. As of June 30, 2022, the aggregate amounts of the transaction prices allocated to the remaining performance obligations of the Company’s construction contracts were $4.9 billion, $2.2 billion and $1.3 billion for the Civil, Building and Specialty Contractors segments, respectively. As of June 30, 2021, the aggregate amounts of the transaction prices allocated to the remaining performance obligations of the Company’s construction contracts were $4.3 billion, $1.5 billion and $1.5 billion for the Civil, Building and Specialty Contractors segments, respectively. The Company typically recognizes revenue on Civil segment projects over a period of three to five years, whereas for projects in the Building and Specialty Contractors segments, the Company typically recognizes revenue over a period of one to three years.

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Contract Assets and Liabilities

6 Months Ended

Jun. 30, 2022

Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]

Contract Assets and Liabilities

Contract Assets and Liabilities

The Company classifies contract assets and liabilities that may be settled beyond one year from the balance sheet date as current, consistent with the length of time of the Company’s project operating cycle.

Contract assets include amounts due under retention provisions, costs and estimated earnings in excess of billings and capitalized contract costs. The amounts as included on the Condensed Consolidated Balance Sheets consisted of the following:

(in thousands)	As of June 30, 2022		As of December 31, 2021
Retention receivable	$	552,695	$	568,881
Costs and estimated earnings in excess of billings:
Claims	764,430		833,352
Unapproved change orders	515,851		418,054
Other unbilled costs and profits	92,359		105,362
Total costs and estimated earnings in excess of billings	1,372,640		1,356,768
Capitalized contract costs	70,400		69,027
Total contract assets	$	1,995,735	$	1,994,676

Retention receivable represents amounts invoiced to customers where payments have been partially withheld pending the completion of certain milestones, satisfaction of other contractual conditions or the completion of the project. Retention

agreements vary from project to project, and balances could be outstanding for several months or years depending on a number of circumstances such as contract-specific terms, project performance and other variables that may arise as the Company makes progress toward completion. As of June 30, 2022, the amount of retention receivable estimated by management to be collected beyond one year is approximately 48% of the balance.

Costs and estimated earnings in excess of billings represent the excess of contract costs and profits (or contract revenue) over the amount of contract billings to date and are classified as a current asset. Costs and estimated earnings in excess of billings result when either: (1) the appropriate contract revenue amount has been recognized over time in accordance with Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers (“ASC 606”), but a portion of the revenue recorded cannot be billed currently due to the billing terms defined in the contract, or (2) costs are incurred related to certain claims and unapproved change orders. Claims occur when there is a dispute regarding both a change in the scope of work and the price associated with that change. Unapproved change orders occur when a change in the scope of work results in additional work being performed before the parties have agreed on the corresponding change in the contract price. The Company routinely estimates recovery related to claims and unapproved change orders as a form of variable consideration at the most likely amount it expects to receive and to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Claims and unapproved change orders are billable upon the agreement and resolution between the contractual parties and after the execution of contractual amendments. Increases in claims and unapproved change orders typically result from costs being incurred against existing or new positions; decreases normally result from resolutions and subsequent billings. As discussed in Note 10, the resolution of these claims and unapproved change orders may require litigation or other forms of dispute resolution proceedings. Other unbilled costs and profits are billable in accordance with the billing terms of each of the existing contractual arrangements and, as such, the timing of contract billing cycles can cause fluctuations in the balance of unbilled costs and profits. Ultimate resolution of other unbilled costs and profits typically involves incremental progress toward contractual requirements or milestones.

Capitalized contract costs are included in other current assets and primarily represent costs to fulfill a contract that (1) directly relate to an existing or anticipated contract, (2) generate or enhance resources that will be used in satisfying performance obligations in the future and (3) are expected to be recovered through the contract. Capitalized contract costs are generally expensed to the associated contract over the period of anticipated use on the project. During the three and six months ended June 30, 2022, $19.0 million and $31.6 million, respectively, of previously capitalized contract costs were amortized and recognized as expense on the related contracts. During the three and six months ended June 30, 2021, $13.4 million and $25.3 million, respectively, of previously capitalized contract costs were amortized and recognized as expense on the related contracts.

Contract liabilities include amounts owed under retention provisions and billings in excess of costs and estimated earnings. The amount as reported on the Condensed Consolidated Balance Sheets consisted of the following:

(in thousands)	As of June 30, 2022		As of December 31, 2021
Retention payable	$	227,725	$	268,945
Billings in excess of costs and estimated earnings	956,735		761,689
Total contract liabilities	$	1,184,460	$	1,030,634

Retention payable represents amounts invoiced to the Company by subcontractors where payments have been partially withheld pending the completion of certain milestones, other contractual conditions or upon the completion of the project. Generally, retention payable is not remitted to subcontractors until the associated retention receivable from customers is collected. As of June 30, 2022, the amount of retention payable estimated by management to be remitted beyond one year is approximately 42% of the balance.

Billings in excess of costs and estimated earnings represent the excess of contract billings to date over the amount of contract costs and profits (or contract revenue) recognized to date. The balance may fluctuate depending on the timing of contract billings and the recognition of contract revenue. Revenue recognized during the three and six months ended June 30, 2022 and included in the opening billings in excess of costs and estimated earnings balances for each period totaled $387.5 million and $425.5 million, respectively. Revenue recognized during the three and six months ended June 30, 2021 and included in the opening billings in excess of costs and estimated earnings balances for each period totaled $321.0 million and $458.8 million, respectively.

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Cash, Cash Equivalents and Restricted Cash

6 Months Ended

Jun. 30, 2022

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents and Restricted Cash

Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets to the amounts shown in the Condensed Consolidated Statements of Cash Flows:

(in thousands)	As of June 30, 2022		As of December 31, 2021
Cash and cash equivalents available for general corporate purposes	$	85,102	$	60,192
Joint venture cash and cash equivalents	224,165		142,005
Cash and cash equivalents	309,267		202,197
Restricted cash	4,485		9,199
Total cash, cash equivalents and restricted cash	$	313,752	$	211,396

Cash equivalents include short-term, highly liquid investments with maturities of three months or less when acquired. Cash and cash equivalents consist of amounts available for the Company’s general purposes, the Company’s proportionate share of cash held by the Company’s unconsolidated joint ventures and 100% of amounts held by the Company’s consolidated joint ventures. In both cases, cash held by joint ventures is available only for joint venture-related uses, including future distributions to joint venture partners.

Restricted cash includes amounts held as collateral to secure insurance-related contingent obligations, such as insurance claim deductibles, in lieu of letters of credit.

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Earnings Per Common Share

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Earnings Per Common Share

Earnings Per Common Share

Basic earnings per common share (“EPS”) and diluted EPS are calculated by dividing net income (loss) attributable to Tutor Perini Corporation by the following: for basic EPS, the weighted-average number of common shares outstanding during the period; and for diluted EPS, the sum of the weighted-average number of both outstanding common shares and potentially dilutive securities, which for the Company can include restricted stock units and unexercised stock options. Potentially dilutive securities also included the Convertible Notes (as defined in Note 8) prior to their repayment on June 15, 2021; however, the Convertible Notes had no impact on diluted EPS. The Company calculates the effect of the potentially dilutive restricted stock units and stock options using the treasury stock method.

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except per common share data)	2022		2021		2022		2021
Net income (loss) attributable to Tutor Perini Corporation	$	(63,003)	$	31,165	$	(84,637)	$	47,199
Weighted-average common shares outstanding, basic	51,276		50,999		51,192		50,956
Effect of dilutive restricted stock units and stock options	—		376		—		406
Weighted-average common shares outstanding, diluted	51,276		51,375		51,192		51,362
Net income (loss) attributable to Tutor Perini Corporation per common share:
Basic	$	(1.23)	$	0.61	$	(1.65)	$	0.93
Diluted	$	(1.23)	$	0.61	$	(1.65)	$	0.92
Anti-dilutive securities not included above	3,398		1,810		3,415		1,725

For the three and six months ended June 30, 2022, all outstanding restricted stock units and stock options were excluded from the calculation of weighted-average diluted shares outstanding, as the shares have an anti-dilutive effect due to the net loss for the period.

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Income Taxes

6 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The Company recognized an income tax benefit of $43.7 million and $47.6 million, resulting in an effective income tax rate of 41.3% and 37.1% for the three and six months ended June 30, 2022, respectively. The effective income tax rates for both periods were higher than the 21% federal statutory rate primarily due to pre-tax losses incurred in both periods and projected for the year. In periods reporting pre-tax losses, a tax benefit increases the effective income tax rate because it increases the tax benefit generated from the pre-tax loss. The tax benefits in the respective periods that caused a higher tax rate were primarily the earnings attributable to noncontrolling interests (for which income taxes are not the responsibility of the Company) and state income tax benefits (net of federal tax benefits). The effective income tax rates for both periods reflect the impact of a relatively low projected pre-tax loss for the year, which magnifies the impact of tax benefits on the effective income tax rate.

The Company’s effective income tax rate for the three and six months ended June 30, 2021 was 20.4% and 20.9%, respectively. The 2021 periods reported pre-tax income and pre-tax income was projected for the 2021 year, thereby resulting in tax benefits reducing the effective income tax rate. The effective income tax rate was lower than the 21% federal statutory rate primarily due to earnings attributable to noncontrolling interests, for which income taxes are not the responsibility of the Company, with the decrease mostly offset by state income taxes (net of the federal tax benefit).

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Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Goodwill

The following table presents the changes in the carrying amount of goodwill since its inception through June 30, 2022:

(in thousands)	Civil		Building		Specialty Contractors		Total
Gross goodwill as of December 31, 2021	$	492,074	$	424,724	$	156,193	$	1,072,991
Accumulated impairment as of December 31, 2021	(286,931)		(424,724)		(156,193)		(867,848)
Goodwill as of December 31, 2021	205,143		—		—		205,143
Current year activity	—		—		—		—
Goodwill as of June 30, 2022	$	205,143	$	—	$	—	$	205,143

The Company performed its annual impairment test in the fourth quarter of 2021 and concluded goodwill was not impaired. In addition, the Company determined that no triggering events occurred and no circumstances changed since the date of our annual impairment test that would more likely than not reduce the fair value of the Civil reporting unit below its carrying amount.

The Company will continue to monitor events and circumstances for changes that indicate the Civil reporting unit goodwill would need to be reevaluated for impairment during future interim periods prior to the annual impairment test. These future events and circumstances include, but are not limited to, changes in the overall financial performance of the Civil reporting unit, impacts to our business as a result of the COVID-19 pandemic, as well as other quantitative and qualitative factors which could indicate potential triggering events for possible impairment.

Intangible Assets

Intangible assets consist of the following:

	As of June 30, 2022								Weighted-Average Amortization Period
(in thousands)	Cost		Accumulated Amortization		Accumulated Impairment Charge		Carrying Value
Trade names (non-amortizable)	$	117,600	$	—	$	(67,190)	$	50,410	Indefinite
Trade names (amortizable)	69,250		(24,767)		(23,232)		21,251		20 years
Contractor license	6,000		—		(6,000)		—		N/A
Customer relationships	39,800		(23,155)		(16,645)		—		N/A
Construction contract backlog	149,290		(146,060)		—		3,230		3 years
Total	$	381,940	$	(193,982)	$	(113,067)	$	74,891

	As of December 31, 2021								Weighted-Average Amortization Period
(in thousands)	Cost		Accumulated Amortization		Accumulated Impairment Charge		Carrying Value
Trade names (non-amortizable)	$	117,600	$	—	$	(67,190)	$	50,410	Indefinite
Trade names (amortizable)	69,250		(23,650)		(23,232)		22,368		20 years
Contractor license	6,000		—		(6,000)		—		N/A
Customer relationships	39,800		(23,053)		(16,645)		102		12 years
Construction contract backlog	149,290		(137,102)		—		12,188		3 years
Total	$	381,940	$	(183,805)	$	(113,067)	$	85,068

Amortization expense for the three and six months ended June 30, 2022 was $4.7 million and $10.2 million, respectively. Amortization expense for the three and six months ended June 30, 2021 was $10.7 million and $17.3 million, respectively. As of June 30, 2022, future amortization expense is estimated to be $4.3 million for the remainder of 2022, $2.2 million per year for the years 2023 through 2027 and $9.2 million thereafter.

The Company performed its annual impairment test for non-amortizable trade names during the fourth quarter of 2021. Based on this assessment, the Company concluded that its non-amortizable trade names were not impaired. In addition, the Company determined that no triggering events occurred and no circumstances changed since the date of our annual impairment test that would indicate impairment of its non-amortizable trade names.

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Financial Commitments

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Financial Commitments

Financial Commitments

Long-Term Debt

Long-term debt as reported on the Condensed Consolidated Balance Sheets consisted of the following:

(in thousands)	As of June 30, 2022		As of December 31, 2021
2017 Senior Notes	$	496,757	$	496,244
Term Loan B	405,231		406,335
2020 Revolver	—		27,000
Equipment financing and mortgages	53,409		56,246
Other indebtedness	12,911		7,829
Total debt	968,308		993,654
Less: Current maturities	30,565		24,406
Long-term debt, net	$	937,743	$	969,248

The following table reconciles the outstanding debt balances to the reported debt balances as of June 30, 2022 and December 31, 2021:

	As of June 30, 2022						As of December 31, 2021
(in thousands)	Outstanding Debt		Unamortized Discounts and Issuance Costs		Debt, as reported		Outstanding Debt		Unamortized Discounts and Issuance Costs		Debt, as reported
2017 Senior Notes	$	500,000	$	(3,243)	$	496,757	$	500,000	$	(3,756)	$	496,244
Term Loan B	417,563		(12,332)		405,231		419,688		(13,353)		406,335

The unamortized issuance costs related to the 2020 Revolver were $1.8 million and $2.1 million as of June 30, 2022 and December 31, 2021, respectively, and are included in other assets on the Condensed Consolidated Balance Sheets.

2020 Credit Agreement

On August 18, 2020, the Company entered into a credit agreement (the “2020 Credit Agreement”) with BMO Harris Bank N.A., as Administrative Agent, Swing Line Lender and L/C Issuer and other lenders. The 2020 Credit Agreement provides for a $425.0 million term loan B facility (the “Term Loan B”) and a $175.0 million revolving credit facility (the “2020 Revolver”), with sublimits for the issuance of letters of credit and swing line loans up to the aggregate amounts of $75.0 million and $10.0 million, respectively. The Term Loan B will mature on August 18, 2027 and the 2020 Revolver will mature on August 18, 2025, in each case, unless any of the 2017 Senior Notes are outstanding on January 30, 2025 (which is 91 days prior to the maturity of the 2017 Senior Notes), in which case, both the Term Loan B and the 2020 Revolver will mature on January 30, 2025 (subject to certain further exceptions).

The 2020 Credit Agreement permits the Company to repay any or all borrowings outstanding under the 2020 Credit Agreement at any time prior to maturity without penalty. The 2020 Credit Agreement requires the Company to make regularly scheduled payments of principal on the Term Loan B in quarterly installments equal to 0.25% of the initial principal amount of the Term Loan B. The 2020 Credit Agreement also requires the Company to make prepayments on the Term Loan B in connection with certain asset sales, receipts of insurance proceeds, incurrences of unpermitted indebtedness and annual excess cash flow (subject to certain exceptions).

Subject to certain exceptions, at any time prior to maturity, the 2020 Credit Agreement provides the Company with the right to increase the commitments under the 2020 Revolver and/or to establish one or more term loan facilities in an aggregate amount up to (i) the greater of $173.5 million and 50% LTM EBITDA (as defined in the 2020 Credit Agreement) plus (ii) additional amounts if (A) in the case of pari passu first lien secured indebtedness, the First Lien Net Leverage Ratio (as defined in the 2020 Credit Agreement) does not exceed 1.35:1.00, (B) in the case of junior lien secured indebtedness, the Total Net Leverage Ratio (as defined in the 2020 Credit Agreement) does not exceed 3.50:1.00 and (C) in the case of unsecured indebtedness,

(x) the Total Net Leverage Ratio does not exceed 3.50:1.00 or (y) the Fixed Charge Coverage Ratio (as defined in the 2020 Credit Agreement) is no less than 2.00:1.00.

Borrowings under the 2020 Credit Agreement bear interest, at the Company’s option, at a rate equal to (i) (a) LIBOR or (b) a base rate (determined by reference to the highest of (1) the administrative agent’s prime lending rate, (2) the federal funds effective rate plus 50 basis points and (3) the LIBOR rate for a one-month interest period plus 100 basis points) plus, (ii) an applicable margin. The margin applicable to the Term Loan B is between 4.50% and 4.75% for LIBOR and between 3.50% and 3.75% for base rate (which was initially 4.75% for LIBOR and 3.75% for base rate), and, in each case, is based on the Total Net Leverage Ratio. The margin applicable to the 2020 Revolver is between 4.25% and 4.75% for LIBOR and 3.25% and 3.75% for base rate (which was initially 4.75% for LIBOR and 3.75% for base rate), and, in each case, is based on the First Lien Net Leverage Ratio. In addition to paying interest on outstanding principal under the 2020 Credit Agreement, the Company will pay a commitment fee to the lenders under the 2020 Revolver in respect of the unutilized commitments thereunder. The Company will pay customary letter of credit fees. If a payment or bankruptcy event of default occurs and is continuing, the otherwise applicable margin on overdue amounts will be increased by 2% per annum. The agreement includes provisions for the replacement of LIBOR with an alternative benchmark rate upon LIBOR being discontinued. The weighted-average annual interest rate on borrowings under the 2020 Revolver was 6.91% during the six months ended June 30, 2022.

The 2020 Credit Agreement requires, with respect to the 2020 Revolver only, the Company and its restricted subsidiaries to maintain a maximum First Lien Net Leverage Ratio of 2.75:1:00, stepping down to 2.25:1.00 beginning the quarter ending March 31, 2022. The 2020 Credit Agreement also includes certain customary representations and warranties, affirmative covenants and events of default. Subject to certain exceptions, substantially all of the Company’s existing and future material wholly-owned subsidiaries unconditionally guarantee the obligations of the Company under the 2020 Credit Agreement; additionally, subject to certain exceptions, the obligations are secured by a lien on substantially all of the assets of the Company and its subsidiaries guaranteeing these obligations.

As of June 30, 2022, the entire $175 million was available under the 2020 Revolver. The Company had not utilized the 2020 Revolver for letters of credit. The Company was in compliance with the financial covenants under the 2020 Credit Agreement for the period ended June 30, 2022.

Repurchase and Repayment of Convertible Notes

On June 15, 2021, the Company repaid the $69.9 million outstanding principal balance of the 2.875% Convertible Senior Notes (the “Convertible Notes”).

2017 Senior Notes

On April 20, 2017, the Company issued $500 million in aggregate principal amount of 6.875% Senior Notes due May 1, 2025 (the “2017 Senior Notes”) in a private placement offering. Interest on the 2017 Senior Notes is payable in arrears semi-annually in May and November of each year, beginning in November 2017.

The Company may redeem the 2017 Senior Notes at specified redemption prices described in the indenture. Upon a change of control, holders of the 2017 Senior Notes may require the Company to repurchase all or part of the 2017 Senior Notes at 101% of the principal amount thereof, plus accrued and unpaid interest to the redemption date.

The 2017 Senior Notes are senior unsecured obligations of the Company and are guaranteed by substantially all of the Company’s existing and future subsidiaries that also guarantee obligations under the Company’s 2020 Credit Agreement, as defined above. In addition, the indenture for the 2017 Senior Notes provides for customary covenants, including events of default and restrictions on the payment of dividends and share repurchases.

Interest Expense

Interest expense as reported in the Condensed Consolidated Statements of Operations consisted of the following:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2022		2021		2022		2021
Cash interest expense:
Interest on 2017 Senior Notes	$	8,594	$	8,593	$	17,188	$	17,187
Interest on Term Loan B	6,085		6,115		12,118		12,209
Interest on 2020 Revolver	130		552		633		673
Interest on Convertible Notes	—		418		—		921
Other interest	479		409		940		890
Total cash interest expense	15,288		16,087		30,879		31,880
Non-cash interest expense:(a)
Amortization of discount and debt issuance costs on Convertible Notes	—		941		—		2,040
Amortization of discount and debt issuance costs on Term Loan B	516		527		1,021		1,066
Amortization of debt issuance costs on 2020 Revolver	141		142		283		284
Amortization of debt issuance costs on 2017 Senior Notes	259		241		513		478
Total non-cash interest expense	916		1,851		1,817		3,868
Total interest expense	$	16,204	$	17,938	$	32,696	$	35,748

____________________________________________________________________________________________________

(a)The combination of cash and non-cash interest expense produces effective interest rates that are higher than contractual rates. Accordingly, the effective interest rates for the 2017 Senior Notes and Term Loan B were 7.13% and 6.43%, respectively, for the six months ended June 30, 2022.

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Leases

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Leases

Leases

The Company leases certain office space, construction and office equipment, vehicles and temporary housing generally under non-cancelable operating leases. Leases with an initial term of one year or less are not recorded on the balance sheet, and the Company generally recognizes lease expense for these leases on a straight-line basis over the lease term. As of June 30, 2022, the Company’s operating leases have remaining lease terms ranging from less than one year to 16 years, some of which include options to renew the leases. The exercise of lease renewal options is generally at the Company’s sole discretion. The Company’s leases do not contain any material residual value guarantees or material restrictive covenants.

The following table presents components of lease expense for the three and six months ended June 30, 2022 and 2021:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2022		2021		2022		2021
Operating lease expense	$	3,912	$	3,707	$	8,069	$	7,425
Short-term lease expense(a)	12,991		18,301		27,435		39,426
	16,903		22,008		35,504		46,851
Less: Sublease income	190		176		380		346
Total lease expense	$	16,713	$	21,832	$	35,124	$	46,505

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(a)Short-term lease expense includes all leases with lease terms of up to one year. Short-term leases include, among other things, construction equipment rented on an as-needed basis as well as temporary housing.

The following table presents supplemental balance sheet information related to operating leases:

(dollars in thousands)	Balance Sheet Line Item	As of June 30, 2022			As of December 31, 2021
Assets
Right-of-use assets	Other assets	$	56,018		$	53,462
Total lease assets		$	56,018		$	53,462
Liabilities
Current lease liabilities	Accrued expenses and other current liabilities	$	7,420		$	7,481
Long-term lease liabilities	Other long-term liabilities	53,025			50,057
Total lease liabilities		$	60,445		$	57,538
Weighted-average remaining lease term		11.8 years			12.0 years
Weighted-average discount rate		9.35		%	9.44		%

The following table presents supplemental cash flow information and non-cash activity related to operating leases:

	Six Months Ended June 30,
(in thousands)	2022		2021
Operating cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$	(7,717)	$	(6,855)
Non-cash activity:
Right-of-use assets obtained in exchange for lease liabilities	$	7,887	$	5,780

The following table presents maturities of operating lease liabilities on an undiscounted basis as of June 30, 2022:

Year (in thousands)	Operating Leases
2022 (excluding the six months ended June 30, 2022)	$	6,409
2023	11,255
2024	8,776
2025	7,869
2026	6,489
Thereafter	65,120
Total lease payments	105,918
Less: Imputed interest	45,473
Total	$	60,445

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies The Company and certain of its subsidiaries are involved in litigation and other legal proceedings and forms of dispute resolution in the ordinary course of business, including but not limited to disputes over contract payment and/or performance-related issues (such as disagreements regarding delay or a change in the scope of work of a project and/or the price associated with that change) and other matters incidental to the Company’s business. In accordance with ASC 606, the Company makes assessments of these types of matters on a routine basis and, to the extent permitted by ASC 606, estimates and records recovery related to these matters as a form of variable consideration at the most likely amount the Company expects to receive, as discussed further in Note 3. In addition, the Company is contingently liable for litigation, performance guarantees and other commitments arising in the ordinary course of business, which are accounted for in accordance with ASC 450, Contingencies. Management reviews these matters regularly and updates or revises its estimates as warranted by subsequent information and developments. These assessments require judgments concerning matters that are inherently uncertain, such as litigation developments and outcomes, the anticipated outcome of negotiations and the estimated cost of resolving disputes.

Consequently, these assessments are estimates, and actual amounts may vary from such estimates. In addition, because such matters are typically resolved over long periods of time, the Company’s assets and liabilities may change over time should the circumstances dictate. The description of the legal proceedings listed below include management’s assessment of those proceedings. Management believes that, based on current information and discussions with the Company’s legal counsel, the ultimate resolution of other matters is not expected to have a material effect on the Company’s consolidated financial position, results of operations or cash flows.

A description of the material pending legal proceedings, other than ordinary routine litigation incidental to the business is as follows:

Five Star Electric Matter

In the third quarter of 2015, Five Star Electric Corp. (“Five Star”), a wholly owned subsidiary of the Company that was acquired in 2011, entered into a tolling agreement (which has since expired) related to an ongoing investigation being conducted by the United States Attorney’s Office for the Eastern District of New York (“USAO EDNY”). Five Star has been cooperating with the USAO EDNY since late June 2014, when it was first made aware of the investigation, and has provided information requested by the government related to its use of certain minority-owned, women-owned, small and disadvantaged business enterprises and certain of Five Star’s employee compensation, benefit and tax practices.

As of June 30, 2022, the Company has concluded that the potential for a material adverse financial impact on Five Star or the Company as a result of the investigation is remote.

Alaskan Way Viaduct Matter

In January 2011, Seattle Tunnel Partners (“STP”), a joint venture between Dragados USA, Inc. and the Company, entered into a design-build contract with the Washington State Department of Transportation (“WSDOT”) for the construction of a large-diameter bored tunnel in downtown Seattle, King County, Washington to replace the Alaskan Way Viaduct, also known as State Route 99. The Company has a 45% interest in STP.

The construction of the large-diameter bored tunnel required the use of a tunnel boring machine (“TBM”). In December 2013, the TBM struck a steel pipe, installed by WSDOT as a well casing for an exploratory well. The TBM was significantly damaged and was required to be repaired. STP has asserted that the steel pipe casing was a differing site condition that WSDOT failed to properly disclose. The Disputes Review Board mandated by the contract to hear disputes issued a decision finding the steel casing was a Type I (material) differing site condition. WSDOT did not accept that finding.

The TBM was insured under a Builder’s Risk Insurance Policy (the “Policy”) with Great Lakes Reinsurance (UK) PLC and a consortium of other insurers (the “Insurers”). STP submitted the claims to the Insurers and requested interim payments under the Policy. The Insurers refused to pay and denied coverage. In June 2015, STP filed a lawsuit in the King County Superior Court, State of Washington seeking declaratory relief concerning contract interpretation, as well as damages as a result of the Insurers’ breach of their obligations under the terms of the Policy. STP is also asserting extra-contractual and statutory claims against the Insurers. STP submitted damages to the Insurers in the King County lawsuit in the amount of $532 million. WSDOT is deemed a plaintiff since WSDOT is an insured under the Policy and had filed its own claim for damages. Hitachi Zosen (“Hitachi”), the manufacturer of the TBM, joined the case as a plaintiff for costs incurred to repair the damages to the TBM. STP also asserted $532 million of damages from WSDOT related to the pipe-strike by the TBM in a related lawsuit in Thurston County, described below.

In April and September 2018, rulings received on pre-trial motions limited some of the potential recoveries under the Policy for STP, WSDOT and Hitachi. On August 2, 2021, the Court of Appeals reversed in part certain of those limitations but affirmed other parts of those rulings. On January 5, 2022, the Washington Supreme Court issued an order granting STP, WSDOT and Hitachi’s requests for discretionary review of the portions of the Court of Appeals’ decision that affirmed the April and September 2018 decisions, which was argued on June 28, 2022.

In March 2016, WSDOT filed a complaint against STP in Thurston County Superior Court alleging breach of contract, seeking $57.2 million in delay-related damages and seeking declaratory relief concerning contract interpretation. STP filed its answer to WSDOT’s complaint and filed a counterclaim against WSDOT and Hitachi, as the TBM designer, seeking damages of $667 million. On October 3, 2019, STP and Hitachi entered into a settlement agreement which released and dismissed the claims that STP and Hitachi had against each other. The jury trial between STP and WSDOT commenced on October 7, 2019

and concluded on December 13, 2019, with a jury verdict in favor of WSDOT awarding them $57.2 million in damages. Judgment was entered on January 10, 2020, and STP appealed the decision. On June 14, 2022, the Court of Appeals of the State of Washington affirmed the judgment. STP filed a petition for discretionary review by the Washington Supreme Court on July 12, 2022.

The Company recorded the impact of the jury verdict during the fourth quarter of 2019, resulting in a pre-tax charge of $166.8 million, which included $25.7 million for the Company’s 45% proportionate share of the $57.2 million in damages awarded by the jury to WSDOT. Payment of damages and interest will be made if the Washington Supreme Court (1) denies STP’s petition for discretionary review or (2) grants discretionary review and upholds STP’s adverse verdict on appeal. Other than the possible future cash payment of $25.7 million for damages, the charge was for non-cash write-downs primarily related to the costs and estimated earnings in excess of billings and receivables that the Company previously recorded to reflect its expected recovery in this case. Upon final resolution, due to accrued interest, the possible future cash payment could exceed the $25.7 million for damages awarded by the jury.

With respect to STP’s direct and indirect claims against the Insurers, management has included in receivables an estimate of the total anticipated recovery concluded to be probable.

George Washington Bridge Bus Station Matter

In August 2013, Tutor Perini Building Corp. (“TPBC”) entered into a contract with the George Washington Bridge Bus Station Development Venture, LLC (the “Developer”) to renovate the George Washington Bridge Bus Station, a mixed-use facility owned by the Port Authority of New York and New Jersey (the “Port Authority”) that serves as a transit facility and retail space. The $100 million project experienced significant design errors and associated delays, resulting in damages to TPBC and its subcontractors, including WDF and Five Star, wholly owned subsidiaries of the Company. The project reached substantial completion on May 16, 2017.

On February 26, 2015, the Developer filed a demand for arbitration, subsequently amended, seeking $30 million in alleged damages and declaratory relief that TPBC’s requests for additional compensation are invalid due to lack of notice. TPBC denied the Developer’s claims and filed a counterclaim in March 2018. TPBC seeks in excess of $113 million in the arbitration, which includes unpaid contract balance claims, the return of $29 million retained by the Developer in alleged damages, as well as extra work claims, pass-through claims and delay claims.

Hearings on the merits commenced on September 24, 2018 before the arbitration panel. On June 4, 2019, the arbitration panel, as confirmed by the U.S. District Court in the Southern District of New York, issued a writ of attachment for $23 million of the $29 million discussed above. On October 7, 2019, the Developer filed for bankruptcy protection in the Southern District of New York under Chapter 11 of the Bankruptcy Code. The filing for bankruptcy stayed the pending arbitration proceedings. TPBC appeared in the bankruptcy proceedings on October 8, 2019 and filed a Proof of Claim in the amount of $113 million on December 13, 2019.

On June 5, 2020, the Developer, secured lenders and the Port Authority announced that they had reached a settlement of their disputes. As part of the settlement, the Port Authority waived the enforcement of its right to seek a “cure” pursuant to its lease agreement with the Developer which requires construction costs be paid prior to any sale of the leasehold, the sole asset in the Developer’s bankruptcy estate to be distributed in this bankruptcy. On July 14, 2020, the bankruptcy court conducted a hearing to determine (1) whether to approve the settlement agreement between the Developer, secured lenders and the Port Authority; and (2) whether TPBC can assert third-party beneficiary rights to the lease agreement and require that prior to the sale of the leasehold, any outstanding costs owed to contractors for the cost of building the project must be paid pursuant to the lease agreement’s “cure” provisions. On August 12, 2020, the bankruptcy court approved the settlement and denied TPBC’s third-party beneficiary rights under the lease agreement. On August 20, 2020, TPBC filed an appeal with the U.S. District Court for the Southern District of New York seeking to challenge the denial of its third-party beneficiary rights under the lease agreement’s “cure” provisions to avoid being subordinate to the claims of the secured lenders in the bankruptcy proceedings, which was denied by the U.S. District Court on August 4, 2021 and is now before the Second Circuit Court of Appeals. On August 25, 2021, the bankruptcy court approved the sale of the leasehold, which was completed on August 31, 2021. On October 1, 2021, the bankruptcy court converted the case from a Chapter 11 to a Chapter 7 bankruptcy proceeding.

Separately, on July 2, 2018, TPBC filed a lawsuit against the Port Authority, as owner of the project, seeking the same $113 million in damages pursuant to the lease agreement between the Port Authority and the Developer. On August 20, 2018, the Port Authority filed a motion to dismiss all causes of action, which was denied by the court on July 1, 2019. The Port

Authority appealed this decision on July 15, 2019. On February 18, 2021, the Appellate Division affirmed in part and reversed in part the trial court's denial of the Port Authority's motion to dismiss TPBC’s causes of action. On April 11, 2022, the court granted the Port Authority’s motion to dismiss on statutory notice grounds. The Company filed a notice of appeal on April 28, 2022. In addition, on August 11, 2021, TPBC filed a second lawsuit in state court against the Port Authority alleging unjust enrichment and tortious interference with TPBC’s right to recover under the lease agreement’s “cure” provision in the bankruptcy proceeding. The case was removed to the federal bankruptcy court on September 21, 2021. The Port Authority filed a motion to dismiss on March 4, 2022, which was argued on July 8, 2022, and a decision remains pending before the bankruptcy court.

On January 27, 2020, TPBC filed separate litigation in the U.S. District Court for the Southern District of New York in which TPBC asserted related claims against individual owners of the Developer for their wrongful conversion of project funds and against lenders that received interest payments from project funds and other amounts earmarked to pay the contractors. On December 29, 2020, the court granted in part and denied in part the defendants’ motions to dismiss, resulting in the lender defendants being dismissed from the lawsuit and the lawsuit against the individual owners of the Developer continuing. The lawsuit was refiled in New York state court on July 26, 2021. On June 8, 2022, the court certified the class under the New York construction trust fund statutes. The case remains pending before the court.

As of June 30, 2022, the Company has concluded that the potential for a material adverse financial impact due to the Developer’s claims is remote. With respect to TPBC’s claims against the Developer, its owners, certain lenders and the Port Authority, management has made an estimate of the total anticipated recovery on this project, and such estimate is included in revenue recorded to date.

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Share-Based Compensation

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

Share-Based Compensation

As of June 30, 2022, there were 1,270,316 shares of common stock available for grant under the Tutor Perini Corporation Omnibus Incentive Plan. During the six months ended June 30, 2022 and 2021, the Company granted the following share-based instruments: (1) restricted stock units (“RSUs”) totaling 375,769 and 280,000, respectively, with weighted-average grant date fair values per unit of $10.53 and $18.59, respectively; and (2) shares of unrestricted stock totaling 165,030 and 96,668, respectively, with weighted-average grant date fair values per share of $10.63 and $15.62, respectively. During the six months ended June 30, 2022, the Company also granted 315,768 cash-settled performance stock units (“CPSUs”) with a weighted-average grant date fair value per unit of $14.89. During the six months ended June 30, 2022, 500,000 stock options with a weighted-average exercise price per share of $11.15 expired.

As of June 30, 2022 and December 31, 2021, liabilities totaling approximately $3.4 million and $4.8 million, respectively, were included on the Condensed Consolidated Balance Sheets for CPSUs and certain RSUs granted with guaranteed minimum payouts. The Company paid approximately $2.6 million and $0.3 million to settle certain awards upon vesting during the six-month periods ended June 30, 2022 and 2021, respectively.

For the three and six months ended June 30, 2022, the Company recognized, as part of general and administrative expenses, costs for share-based payment arrangements totaling $1.4 million and $4.8 million, respectively, and $2.6 million and $5.0 million for the three and six months ended June 30, 2021, respectively. As of June 30, 2022, the balance of unamortized share-based compensation expense was $18.8 million, which is expected to be recognized over a weighted-average period of 2.1 years.

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Employee Pension Plans

6 Months Ended

Jun. 30, 2022

Retirement Benefits [Abstract]

Employee Pension Plans

Employee Pension PlansThe Company has a defined benefit pension plan and an unfunded supplemental retirement plan. Effective June 1, 2004, all benefit accruals under these plans were frozen; however, the current vested benefit was preserved. The pension disclosure presented below includes aggregated amounts for both of the Company’s plans.

The following table sets forth a summary of the net periodic benefit cost for the three and six months ended June 30, 2022 and 2021:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2022		2021		2022		2021
Interest cost	$	647	$	582	$	1,293	$	1,164
Service cost	240		237		480		473
Expected return on plan assets	(973)		(1,015)		(1,946)		(2,030)
Recognized net actuarial losses	638		683		1,277		1,366
Net periodic benefit cost	$	552	$	487	$	1,104	$	973

Due to the election of certain options provided under the American Rescue Plan Act of 2021, enacted on March 11, 2021, the Company is not required to, and does not intend to, contribute amounts to the defined benefit pension plan in 2022. The Company contributed $1.0 million to its defined benefit pension plan during the six months ended June 30, 2021.

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Fair Value Measurements

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

The fair value hierarchy established by ASC 820, Fair Value Measurement, prioritizes the use of inputs used in valuation techniques into the following three levels:

•Level 1 inputs are observable quoted prices in active markets for identical assets or liabilities

•Level 2 inputs are observable, either directly or indirectly, but are not Level 1 inputs

•Level 3 inputs are unobservable

The following fair value hierarchy table presents the Company’s assets that are measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021:

	As of June 30, 2022								As of December 31, 2021
	Fair Value Hierarchy								Fair Value Hierarchy
(in thousands)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Cash and cash equivalents(a)	$	309,267	$	—	$	—	$	309,267	$	202,197	$	—	$	—	$	202,197
Restricted cash(a)	4,485		—		—		4,485		9,199		—		—		9,199
Restricted investments(b)	—		84,498		—		84,498		—		84,355		—		84,355
Investments in lieu of retention(c)	16,102		62,410		—		78,512		27,472		58,856		—		86,328
Total	$	329,854	$	146,908	$	—	$	476,762	$	238,868	$	143,211	$	—	$	382,079

____________________________________________________________________________________________________

(a)Includes money market funds and short-term investments with maturity dates of three months or less when acquired.

(b)Restricted investments, as of June 30, 2022 and December 31, 2021, consist of available-for-sale (“AFS”) debt securities, which are valued based on pricing models determined from a compilation of primarily observable market information, broker quotes in non-active markets or similar assets; therefore, they are classified as Level 2 assets.

(c)Investments in lieu of retention are included in retention receivable as of June 30, 2022 and December 31, 2021, and are comprised of money market funds of $16.1 million and $27.5 million, respectively, and AFS debt securities of $62.4 million and $58.9 million, respectively. The fair values of the money market funds are measured using quoted market prices; therefore, they are classified as Level 1 assets. The fair values of AFS debt securities are determined from a compilation of primarily observable market information, broker quotes in non-active markets or similar assets; therefore, they are classified as Level 2 assets.

Investments in AFS debt securities consisted of the following as of June 30, 2022 and December 31, 2021:

	As of June 30, 2022								As of December 31, 2021
(in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value		Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Restricted investments:
Corporate debt securities	$	50,971	$	22	$	(2,758)	$	48,235	$	46,649	$	438	$	(438)	$	46,649
U.S. government agency securities	28,346		2		(1,063)		27,285		28,316		459		(133)		28,642
Municipal bonds	9,380		—		(926)		8,454		8,475		100		(78)		8,497
Corporate certificates of deposit	566		—		(42)		524		571		2		(6)		567
Total restricted investments	89,263		24		(4,789)		84,498		84,011		999		(655)		84,355
Investments in lieu of retention:
Corporate debt securities	64,601		8		(3,203)		61,406		58,261		72		(741)		57,592
Municipal bonds	815		189		—		1,004		812		452		—		1,264
Total investments in lieu of retention	65,416		197		(3,203)		62,410		59,073		524		(741)		58,856
Total AFS debt securities	$	154,679	$	221	$	(7,992)	$	146,908	$	143,084	$	1,523	$	(1,396)	$	143,211

The following table summarizes the fair value and gross unrealized losses aggregated by category and the length of time that individual securities have been in a continuous unrealized loss position as of June 30, 2022 and December 31, 2021:

	As of June 30, 2022
	Less than 12 Months				12 Months or Greater				Total
(in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Restricted investments:
Corporate debt securities	$	32,447	$	(1,911)	$	9,058	$	(847)	$	41,505	$	(2,758)
U.S. government agency securities	21,624		(666)		4,462		(397)		26,086		(1,063)
Municipal bonds	6,843		(709)		1,559		(217)		8,402		(926)
Corporate certificates of deposit	354		(26)		115		(16)		469		(42)
Total restricted investments	61,268		(3,312)		15,194		(1,477)		76,462		(4,789)
Investments in lieu of retention:
Corporate debt securities	55,606		(3,116)		2,347		(87)		57,953		(3,203)
Total investments in lieu of retention	55,606		(3,116)		2,347		(87)		57,953		(3,203)
Total AFS debt securities	$	116,874	$	(6,428)	$	17,541	$	(1,564)	$	134,415	$	(7,992)

	As of December 31, 2021
	Less than 12 Months				12 Months or Greater				Total
(in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Restricted investments:
Corporate debt securities	$	28,639	$	(434)	$	207	$	(4)	$	28,846	$	(438)
U.S. government agency securities	5,382		(97)		824		(36)		6,206		(133)
Municipal bonds	2,714		(35)		907		(43)		3,621		(78)
Corporate certificates of deposit	435		(6)		—		—		435		(6)
Total restricted investments	37,170		(572)		1,938		(83)		39,108		(655)
Investments in lieu of retention:
Corporate debt securities	46,486		(736)		714		(5)		47,200		(741)
Total investments in lieu of retention	46,486		(736)		714		(5)		47,200		(741)
Total AFS debt securities	$	83,656	$	(1,308)	$	2,652	$	(88)	$	86,308	$	(1,396)

The unrealized losses in AFS debt securities as of June 30, 2022 and December 31, 2021 are primarily attributable to market interest rate increases and not a deterioration in credit quality of the issuers. Management evaluated the unrealized losses in AFS debt securities considering factors including credit ratings and other relevant information, which may indicate that contractual cash flows are not expected to occur. Based on the analysis, management determined that credit losses did not exist for AFS debt securities in an unrealized loss position as of June 30, 2022 and December 31, 2021.

It is not considered likely that the Company will be required to sell the investments before full recovery of the amortized cost basis of the AFS debt securities, which may be at maturity. As a result, the Company has not recognized any impairment losses in earnings during the six months ended June 30, 2022 or 2021.

The amortized cost and fair value of AFS debt securities by contractual maturity as of June 30, 2022 are summarized in the table below. Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations.

(in thousands)	Amortized Cost		Fair Value
Due within one year	$	22,628	$	22,529
Due after one year through five years	121,155		114,512
Due after five years	10,896		9,867
Total	$	154,679	$	146,908

The carrying values of receivables, payables and other amounts arising out of normal contract activities, including retention, which may be settled beyond one year, are estimated to approximate fair value. Of the Company’s long-term debt, the fair value of the 2017 Senior Notes was $410.0 million and $504.9 million as of June 30, 2022 and December 31, 2021, respectively. The fair value of the 2017 Senior Notes was determined using Level 1 inputs, specifically current observable market prices. The fair value of the Term Loan B was $389.4 million and $419.7 million as of June 30, 2022 and December 31, 2021, respectively. The fair value of the Term Loan B was determined using Level 2 inputs, specifically third-party quoted market prices. The reported value of the Company’s remaining borrowings approximates fair value as of June 30, 2022 and December 31, 2021.

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Variable Interest Entities (VIEs)

6 Months Ended

Jun. 30, 2022

Variable Interest Entities [Abstract]

Variable Interest Entities (VIEs)

Variable Interest Entities (VIEs)

The Company may form joint ventures or partnerships with third parties for the execution of projects. In accordance with ASC 810, Consolidation (“ASC 810”), the Company assesses its partnerships and joint ventures at inception to determine if any meet the qualifications of a VIE. The Company considers a joint venture a VIE if either (a) the total equity investment is not sufficient to permit the entity to finance its activities without additional subordinated financial support, (b) characteristics of a controlling financial interest are missing (either the ability to make decisions through voting or other rights, the obligation to absorb the expected losses of the entity or the right to receive the expected residual returns of the entity), or (c) the voting rights of the equity holders are not proportional to their obligations to absorb the expected losses of the entity and/or their rights to receive the expected residual returns of the entity, and substantially all of the entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. Upon the occurrence of certain events outlined in ASC 810, the Company reassesses its initial determination of whether a joint venture is a VIE.

ASC 810 also requires the Company to determine whether it is the primary beneficiary of the VIE. The Company concludes that it is the primary beneficiary and consolidates the VIE if the Company has both (a) the power to direct the economically significant activities of the VIE and (b) the obligation to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE. The Company considers the contractual agreements that define the ownership structure, distribution of profits and losses, risks, responsibilities, indebtedness, voting rights and board representation of the respective parties in determining if the Company is the primary beneficiary. The Company also considers all parties that have direct or implicit variable interests when determining whether it is the primary beneficiary. In accordance with ASC 810, management’s assessment of whether the Company is the primary beneficiary of a VIE is performed continuously.

As of June 30, 2022, the Company had unconsolidated VIE-related current assets of $0.4 million and no current liabilities in the Company’s Condensed Consolidated Balance Sheet. As of December 31, 2021, the Company had unconsolidated VIE-related current assets and liabilities of $0.7 million and $0.4 million, respectively, included in the Company’s Condensed Consolidated Balance Sheet. The Company’s maximum exposure to loss as a result of its investments in unconsolidated VIEs is typically limited to the aggregate of the carrying value of the investment and future funding commitments. There were no future funding requirements for the unconsolidated VIEs as of June 30, 2022.

As of June 30, 2022, the Company’s Condensed Consolidated Balance Sheet included current and noncurrent assets of $558.4 million and $14.4 million, respectively, as well as current liabilities of $576.1 million related to the operations of its consolidated VIEs. As of December 31, 2021, the Company’s Condensed Consolidated Balance Sheet included current and noncurrent assets of $568.2 million and $3.0 million, respectively, as well as current liabilities of $496.9 million related to the operations of its consolidated VIEs.

Below is a discussion of some of the Company’s more significant or unique VIEs.

The Company established a joint venture to construct the Purple Line Extension Section 2 (Tunnels and Stations) and Section 3 (Stations) mass-transit projects in Los Angeles, California with an original combined value of approximately $2.8 billion. The Company has a 75% interest in the joint venture with the remaining 25% held by O&G Industries, Inc. The joint venture was initially financed with contributions from the partners and, per the terms of the joint venture agreement, the partners may be required to provide additional capital contributions in the future. The Company has determined that this joint venture is a VIE for which the Company is the primary beneficiary.

The Company also established a joint venture with Parsons Corporation (“Parsons”) to construct the Newark Liberty International Airport Terminal One project, a transportation infrastructure project in Newark, New Jersey with an original value of approximately $1.4 billion. The Company has an 80% interest in the joint venture with the remaining 20% held by Parsons. The joint venture was initially financed with contributions from the partners and, per the terms of the joint venture agreement, the partners may be required to provide additional capital contributions in the future. The Company has determined that this joint venture is a VIE for which the Company is the primary beneficiary.

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Changes in Equity

6 Months Ended

Jun. 30, 2022

Stockholders' Equity Note [Abstract]

Changes in Equity

Changes in Equity

A reconciliation of the changes in equity for the three and six months ended June 30, 2022 and 2021 is provided below:

	Three Months Ended June 30, 2022
(in thousands)	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Noncontrolling Interests		Total Equity
Balance - March 31, 2022	$	51,200	$	1,134,688	$	492,676	$	(46,745)	$	14,702	$	1,646,521
Net income (loss)	—		—		(63,003)		—		983		(62,020)
Other comprehensive loss	—		—		—		(2,218)		(773)		(2,991)
Share-based compensation	—		3,278		—		—		—		3,278
Issuance of common stock, net	158		—		—		—		—		158
Distributions to noncontrolling interests	—		—		—		—		(17,000)		(17,000)
Balance - June 30, 2022	$	51,358	$	1,137,966	$	429,673	$	(48,963)	$	(2,088)	$	1,567,946

	Six Months Ended June 30, 2022
(in thousands)	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Noncontrolling Interests		Total Equity
Balance - December 31, 2021	$	51,096	$	1,133,150	$	514,310	$	(43,635)	$	18,799	$	1,673,720
Net income (loss)	—		—		(84,637)		—		3,804		(80,833)
Other comprehensive loss	—		—		—		(5,328)		(1,152)		(6,480)
Share-based compensation	—		5,002		—		—		—		5,002
Issuance of common stock, net	262		(186)		—		—		—		76
Contributions from noncontrolling interests	—		—		—		—		961		961
Distributions to noncontrolling interests	—		—		—		—		(24,500)		(24,500)
Balance - June 30, 2022	$	51,358	$	1,137,966	$	429,673	$	(48,963)	$	(2,088)	$	1,567,946

	Three Months Ended June 30, 2021
(in thousands)	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Noncontrolling Interests		Total Equity
Balance - March 31, 2021	$	50,938	$	1,127,624	$	438,419	$	(47,356)	$	2,456	$	1,572,081
Net income	—		—		31,165		—		10,446		41,611
Other comprehensive income	—		—		—		830		280		1,110
Share-based compensation	—		3,171		—		—		—		3,171
Issuance of common stock, net	134		(427)		—		—		—		(293)
Distributions to noncontrolling interests	—		—		—		—		(7,250)		(7,250)
Balance - June 30, 2021	$	51,072	$	1,130,368	$	469,584	$	(46,526)	$	5,932	$	1,610,430

	Six Months Ended June 30, 2021
(in thousands)	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Noncontrolling Interests		Total Equity
Balance - December 31, 2020	$	50,827	$	1,127,385	$	422,385	$	(46,741)	$	(10,911)	$	1,542,945
Net income	—		—		47,199		—		19,517		66,716
Other comprehensive income	—		—		—		215		576		791
Share-based compensation	—		4,757		—		—		—		4,757
Issuance of common stock, net	245		(1,774)		—		—		—		(1,529)
Contributions from noncontrolling interests	—		—		—		—		4,000		4,000
Distributions to noncontrolling interests	—		—		—		—		(7,250)		(7,250)
Balance - June 30, 2021	$	51,072	$	1,130,368	$	469,584	$	(46,526)	$	5,932	$	1,610,430

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Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2022

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Other Comprehensive Income (Loss)

Other Comprehensive Income (Loss)

ASC 220, Comprehensive Income, establishes standards for reporting comprehensive income and its components in the consolidated financial statements. The Company reports the change in pension benefit plan assets/liabilities, cumulative foreign currency translation and change in fair value of investments as components of accumulated other comprehensive income (loss) (“AOCI”).

The components of other comprehensive income (loss) and the related tax effects for the three and six months ended June 30, 2022 and 2021 were as follows:

	Three Months Ended June 30, 2022						Three Months Ended June 30, 2021
(in thousands)	Before-Tax Amount		Tax (Expense) Benefit		Net-of-Tax Amount		Before-Tax Amount		Tax Expense		Net-of-Tax Amount
Other comprehensive income (loss):
Defined benefit pension plan adjustments	$	638	$	(181)	$	457	$	683	$	(192)	$	491
Foreign currency translation adjustments	(1,698)		308		(1,390)		446		(46)		400
Unrealized gain (loss) in fair value of investments	(2,384)		326		(2,058)		303		(84)		219
Total other comprehensive income (loss)	(3,444)		453		(2,991)		1,432		(322)		1,110
Less: Other comprehensive income (loss) attributable to noncontrolling interests	(773)		—		(773)		280		—		280
Total other comprehensive income (loss) attributable to Tutor Perini Corporation	$	(2,671)	$	453	$	(2,218)	$	1,152	$	(322)	$	830

	Six Months Ended June 30, 2022						Six Months Ended June 30, 2021
(in thousands)	Before-Tax Amount		Tax (Expense) Benefit		Net-of-Tax Amount		Before-Tax Amount		Tax (Expense) Benefit		Net-of-Tax Amount
Other comprehensive income (loss):
Defined benefit pension plan adjustments	$	1,277	$	(362)	$	915	$	1,366	$	(383)	$	983
Foreign currency translation adjustments	(1,442)		309		(1,133)		848		(76)		772
Unrealized loss in fair value of investments	(7,898)		1,636		(6,262)		(1,247)		283		(964)
Total other comprehensive income (loss)	(8,063)		1,583		(6,480)		967		(176)		791
Less: Other comprehensive income (loss) attributable to noncontrolling interests	(1,152)		—		(1,152)		576		—		576
Total other comprehensive income (loss) attributable to Tutor Perini Corporation	$	(6,911)	$	1,583	$	(5,328)	$	391	$	(176)	$	215

The changes in AOCI balances by component (after tax) attributable to Tutor Perini Corporation and attributable to noncontrolling interests during the three and six months ended June 30, 2022 were as follows:

	Three Months Ended June 30, 2022
(in thousands)	Defined Benefit Pension Plan		Foreign Currency Translation		Unrealized Gain (Loss) in Fair Value of Investments, Net		Accumulated Other Comprehensive Income (Loss)
Attributable to Tutor Perini Corporation:
Balance as of March 31, 2022	$	(37,408)	$	(5,796)	$	(3,541)	$	(46,745)
Other comprehensive loss before reclassifications	—		(772)		(1,927)		(2,699)
Amounts reclassified from AOCI	457		—		24		481
Total other comprehensive income (loss)	457		(772)		(1,903)		(2,218)
Balance as of June 30, 2022	$	(36,951)	$	(6,568)	$	(5,444)	$	(48,963)
Attributable to Noncontrolling Interests:
Balance as of March 31, 2022	$	—	$	808	$	(645)	$	163
Other comprehensive loss	—		(618)		(155)		(773)
Balance as of June 30, 2022	$	—	$	190	$	(800)	$	(610)

	Six Months Ended June 30, 2022
(in thousands)	Defined Benefit Pension Plan		Foreign Currency Translation		Unrealized Gain (Loss) in Fair Value of Investments, Net		Accumulated Other Comprehensive Income (Loss)
Attributable to Tutor Perini Corporation:
Balance as of December 31, 2021	$	(37,866)	$	(5,787)	$	18	$	(43,635)
Other comprehensive loss before reclassifications	—		(781)		(5,495)		(6,276)
Amounts reclassified from AOCI	915		—		33		948
Total other comprehensive income (loss)	915		(781)		(5,462)		(5,328)
Balance as of June 30, 2022	$	(36,951)	$	(6,568)	$	(5,444)	$	(48,963)
Attributable to Noncontrolling Interests:
Balance as of December 31, 2021	$	—	$	542	$	—	$	542
Other comprehensive loss	—		(352)		(800)		(1,152)
Balance as of June 30, 2022	$	—	$	190	$	(800)	$	(610)

The changes in AOCI balances by component (after tax) attributable to Tutor Perini Corporation and attributable to noncontrolling interests during the three and six months ended June 30, 2021 were as follows:

	Three Months Ended June 30, 2021
(in thousands)	Defined Benefit Pension Plan		Foreign Currency Translation		Unrealized Gain (Loss) in Fair Value of Investments, Net		Accumulated Other Comprehensive Income (Loss)
Attributable to Tutor Perini Corporation:
Balance as of March 31, 2021	$	(43,595)	$	(5,246)	$	1,485	$	(47,356)
Other comprehensive income before reclassifications	—		120		233		353
Amounts reclassified from AOCI	491		—		(14)		477
Total other comprehensive income	491		120		219		830
Balance as of June 30, 2021	$	(43,104)	$	(5,126)	$	1,704	$	(46,526)
Attributable to Noncontrolling Interests:
Balance as of March 31, 2021	$	—	$	698	$	—	$	698
Other comprehensive income	—		280		—		280
Balance as of June 30, 2021	$	—	$	978	$	—	$	978

	Six Months Ended June 30, 2021
(in thousands)	Defined Benefit Pension Plan		Foreign Currency Translation		Unrealized Gain (Loss) in Fair Value of Investments, Net		Accumulated Other Comprehensive Income (Loss)
Attributable to Tutor Perini Corporation:
Balance as of December 31, 2020	$	(44,087)	$	(5,322)	$	2,668	$	(46,741)
Other comprehensive income (loss) before reclassifications	—		196		(827)		(631)
Amounts reclassified from AOCI	983		—		(137)		846
Total other comprehensive income (loss)	983		196		(964)		215
Balance as of June 30, 2021	$	(43,104)	$	(5,126)	$	1,704	$	(46,526)
Attributable to Noncontrolling Interests:
Balance as of December 31, 2020	$	—	$	402	$	—	$	402
Other comprehensive income	—		576		—		576
Balance as of June 30, 2021	$	—	$	978	$	—	$	978

The significant items reclassified out of AOCI and the corresponding location and impact on the Condensed Consolidated Statements of Operations during the three and six months ended June 30, 2022 and 2021 were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2022		2021		2022		2021
Component of AOCI:
Defined benefit pension plan adjustments(a)	$	638	$	683	$	1,277	$	1,366
Income tax benefit(b)	(181)		(192)		(362)		(383)
Net of tax	$	457	$	491	$	915	$	983
Unrealized (gain) loss in fair value of investment adjustments(a)	$	31	$	(17)	$	42	$	(173)
Income tax expense (benefit)(b)	(7)		3		(9)		36
Net of tax	$	24	$	(14)	$	33	$	(137)

___________________________________________________________________________________________________

(a)Amount included in other income, net on the Condensed Consolidated Statements of Operations.

(b)Amounts included in income tax (expense) benefit on the Condensed Consolidated Statements of Operations.

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Business Segments

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Business Segments

Business Segments

The Company offers general contracting, pre-construction planning and comprehensive project management services, including planning and scheduling of manpower, equipment, materials and subcontractors required for the timely completion of a project in accordance with the terms and specifications contained in a construction contract. The Company also offers self-performed construction services: site work, concrete forming and placement, steel erection, electrical, mechanical, plumbing, and HVAC (heating, ventilation and air conditioning). As described below, the Company’s business is conducted through three segments: Civil, Building and Specialty Contractors. These segments are determined based on how the Company’s Chairman and Chief Executive Officer (chief operating decision maker) aggregates business units when evaluating performance and allocating resources.

The Civil segment specializes in public works construction and the replacement and reconstruction of infrastructure. The contracting services provided by the Civil segment include construction and rehabilitation of highways, bridges, tunnels, mass-transit systems, military defense facilities, and water management and wastewater treatment facilities.

The Building segment has significant experience providing services for private and public works customers in a number of specialized building markets, including: hospitality and gaming, transportation, health care, commercial offices, government facilities, sports and entertainment, education, correctional facilities, biotech, pharmaceutical, industrial and technology.

The Specialty Contractors segment specializes in electrical, mechanical, plumbing, HVAC and fire protection systems for a full range of civil and building construction projects in the industrial, commercial, hospitality and gaming, and mass-transit end markets. This segment provides the Company with unique strengths and capabilities that allow the Company to position itself as a full-service contractor with greater control over scheduled work, project delivery, and cost and risk management.

To the extent that a contract is co-managed and co-executed among segments, the Company allocates the share of revenues and costs of the contract to each segment to reflect the shared responsibilities in the management and execution of the project.

The following tables set forth certain reportable segment information relating to the Company’s operations for the three and six months ended June 30, 2022 and 2021:

	Reportable Segments
(in thousands)	Civil		Building		Specialty Contractors		Total			Corporate			Consolidated Total
Three Months Ended June 30, 2022
Total revenue	$	453,215	$	262,556	$	190,464	$	906,235		$	—		$	906,235
Elimination of intersegment revenue	(49,593)		4,385		—		(45,208)			—			(45,208)
Revenue from external customers	$	403,622	$	266,941	$	190,464	$	861,027		$	—		$	861,027
Loss from construction operations	$	(9,767)	$	(67)	$	(66,731)	$	(76,565)	(a)	$	(13,989)	(b)	$	(90,554)
Capital expenditures	$	15,656	$	50	$	816	$	16,522		$	295		$	16,817
Depreciation and amortization(c)	$	15,025	$	390	$	508	$	15,923		$	2,360		$	18,283
Three Months Ended June 30, 2021
Total revenue	$	643,055	$	415,801	$	281,370	$	1,340,226		$	—		$	1,340,226
Elimination of intersegment revenue	(87,703)		(33,141)		(139)		(120,983)			—			(120,983)
Revenue from external customers	$	555,352	$	382,660	$	281,231	$	1,219,243		$	—		$	1,219,243
Income (loss) from construction operations	$	75,073	$	(2,488)	$	9,960	$	82,545	(d)	$	(13,792)	(b)	$	68,753
Capital expenditures	$	8,616	$	51	$	19	$	8,686		$	339		$	9,025
Depreciation and amortization(c)	$	31,178	$	424	$	892	$	32,494		$	2,767		$	35,261

____________________________________________________________________________________________________

(a)During the three months ended June 30, 2022, the Company’s income (loss) from construction operations was adversely impacted by $33.5 million ($24.2 million, or $0.47 per diluted share, after tax) due to an unfavorable adjustment related to the unforeseen cost of project close-out issues, remediation work, extended project supervision and associated labor inefficiencies on the electrical component of a transportation project in the Northeast in the Specialty Contractors segment, a non-cash charge of $17.8 million that increased cost of operations ($12.8 million, or $0.25 per diluted share, after tax) associated with an unexpected partial reversal by an appellate court of previously awarded legal damages related to a completed electrical project in New York in the Specialty Contractors segment, and a $16.2 million unfavorable non-cash impact ($11.6 million, or $0.23 per diluted share, after tax) related to the settlement of a long-disputed, completed Civil segment project in Maryland.

(b)Consists primarily of corporate general and administrative expenses.

(c)Depreciation and amortization is included in income (loss) from construction operations.

(d)During the three months ended June 30, 2021, the Company recorded a reduction of $20.1 million in cost of operations ($14.6 million, or $0.28 per diluted share, after tax) due to a favorable trial court ruling awarding the Company the recovery of certain costs previously incurred on a completed electrical project in New York in the Specialty Contractors segment.

	Reportable Segments
(in thousands)	Civil		Building		Specialty Contractors		Total			Corporate			Consolidated Total
Six Months Ended June 30, 2022
Total revenue	$	913,957	$	618,534	$	421,328	$	1,953,819		$	—		$	1,953,819
Elimination of intersegment revenue	(119,540)		(20,945)		(153)		(140,638)			—			(140,638)
Revenue from external customers	$	794,417	$	597,589	$	421,175	$	1,813,181		$	—		$	1,813,181
Income (loss) from construction operations	$	(10,734)	$	9,397	$	(70,625)	$	(71,962)	(a)	$	(28,499)	(b)	$	(100,461)
Capital expenditures	$	26,831	$	52	$	1,454	$	28,337		$	508		$	28,845
Depreciation and amortization(c)	$	32,025	$	791	$	1,010	$	33,826		$	4,695		$	38,521
Six Months Ended June 30, 2021
Total revenue	$	1,226,199	$	872,971	$	606,318	$	2,705,488		$	—		$	2,705,488
Elimination of intersegment revenue	(195,272)		(83,078)		(300)		(278,650)			—			(278,650)
Revenue from external customers	$	1,030,927	$	789,893	$	606,018	$	2,426,838		$	—		$	2,426,838
Income (loss) from construction operations	$	125,178	$	8,728	$	11,284	$	145,190	(d)	$	(26,733)	(b)	$	118,457
Capital expenditures	$	18,180	$	124	$	164	$	18,468		$	392		$	18,860
Depreciation and amortization(c)	$	53,891	$	856	$	1,851	$	56,598		$	5,537		$	62,135

____________________________________________________________________________________________________

(a)During the six months ended June 30, 2022, the Company’s income (loss) from construction operations was adversely impacted by $33.5 million ($24.2 million, or $0.47 per diluted share, after tax) due to an unfavorable adjustment related to the unforeseen cost of project close-out issues, remediation work, extended project supervision and associated labor inefficiencies on the electrical component of a transportation project in the Northeast in the Specialty Contractors segment, and $29.1 million ($22.9 million, or $0.45 per diluted share, after tax) on a Civil segment mass-transit project in California, which resulted from the successful negotiation of significant lower margin (and lower risk) change orders that increased the project’s overall estimated profit but reduced the project’s percentage of completion and overall margin percentage. The Company’s income (loss) from construction operations was also impacted by a non-cash charge of $25.5 million ($18.3 million, or $0.36 per diluted share, after tax) due to an adverse legal ruling on a dispute related to a Civil segment bridge project in New York, a non-cash charge of $17.8 million that increased cost of operations ($12.8 million, or $0.25 per diluted share, after tax) associated with an unexpected partial reversal by an appellate court of previously awarded legal damages related to a completed electrical project in New York in the Specialty Contractors segment, a $16.2 million unfavorable non-cash impact ($11.6 million, or $0.23 per diluted share, after tax) related to the settlement of a long-disputed, completed Civil segment project in Maryland, and a $14.6 million ($11.2 million, or $0.22 per diluted share, after tax) unfavorable adjustment split evenly between the Civil and Building segments due to changes in estimates on a transportation project in the Northeast.

(b)Consists primarily of corporate general and administrative expenses.

(c)Depreciation and amortization is included in income (loss) from construction operations.

(d)During the six months ended June 30, 2021, the Company recorded a reduction of $20.1 million in cost of operations ($14.6 million, or $0.28 per diluted share, after tax) due to a favorable trial court ruling awarding the Company the recovery of certain costs previously incurred on a completed electrical project in New York in the Specialty Contractors segment.

A reconciliation of segment results to the consolidated income (loss) before income taxes is as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2022		2021		2022		2021
Income (loss) from construction operations	$	(90,554)	$	68,753	$	(100,461)	$	118,457
Other income, net	1,020		1,431		4,717		1,606
Interest expense	(16,204)		(17,938)		(32,696)		(35,748)
Income (loss) before income taxes	$	(105,738)	$	52,246	$	(128,440)	$	84,315

Total assets by segment were as follows:

(in thousands)	As of June 30, 2022		As of December 31, 2021
Civil	$	3,432,649	$	3,310,648
Building	919,426		980,989
Specialty Contractors	600,332		631,710
Corporate and other(a)	(232,724)		(198,449)
Total assets	$	4,719,683	$	4,724,898

____________________________________________________________________________________________________

(a)Consists principally of cash, equipment, tax-related assets and insurance-related assets, offset by the elimination of assets related to intersegment revenue.

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Revenue (Tables)

6 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following tables disaggregate revenue by end market, customer type and contract type, which the Company believes best depict how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors for the three and six months ended June 30, 2022 and 2021.

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2022		2021		2022		2021
Civil segment revenue by end market:
Mass transit (includes certain transportation and tunneling projects)	$	225,574	$	366,534	$	482,712	$	675,409
Bridges	85,073		65,775		126,320		111,942
Military defense facilities	60,355		44,585		110,149		94,121
Water	22,384		24,800		43,036		51,610
Other	10,236		53,658		32,200		97,845
Total Civil segment revenue	$	403,622	$	555,352	$	794,417	$	1,030,927

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2022		2021		2022		2021
Building segment revenue by end market:
Municipal and government	$	83,826	$	74,475	$	159,781	$	146,384
Hospitality and gaming	24,077		86,145		100,995		186,712
Commercial and industrial facilities	49,309		101,960		88,395		232,012
Health care facilities	50,277		13,598		85,837		24,007
Mass transit (includes transportation projects)	10,447		34,344		70,648		60,879
Education facilities	31,176		46,143		61,036		84,460
Other	17,829		25,995		30,897		55,439
Total Building segment revenue	$	266,941	$	382,660	$	597,589	$	789,893

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2022		2021		2022		2021
Specialty Contractors segment revenue by end market:
Mass transit (includes certain transportation and tunneling projects)	$	75,395	$	148,045	$	194,422	$	329,208
Commercial and industrial facilities	36,444		36,637		66,301		75,386
Multi-unit residential	28,243		30,649		53,181		73,444
Water	13,972		17,514		35,419		38,668
Federal government	14,106		455		20,855		4,502
Education facilities	8,165		18,425		20,441		31,781
Other	14,139		29,506		30,556		53,029
Total Specialty Contractors segment revenue	$	190,464	$	281,231	$	421,175	$	606,018

	Three Months Ended June 30, 2022								Three Months Ended June 30, 2021
(in thousands)	Civil		Building		Specialty Contractors		Total		Civil		Building		Specialty Contractors		Total
Revenue by customer type:
State and local agencies	$	319,411	$	89,473	$	91,817	$	500,701	$	481,333	$	92,275	$	124,080	$	697,688
Federal agencies	62,991		42,402		3,186		108,579		49,335		49,287		5,704		104,326
Private owners	21,220		135,066		95,461		251,747		24,684		241,098		151,447		417,229
Total revenue	$	403,622	$	266,941	$	190,464	$	861,027	$	555,352	$	382,660	$	281,231	$	1,219,243

	Six Months Ended June 30, 2022								Six Months Ended June 30, 2021
(in thousands)	Civil		Building		Specialty Contractors		Total		Civil		Building		Specialty Contractors		Total
Revenue by customer type:
State and local agencies	$	633,253	$	213,163	$	184,048	$	1,030,464	$	871,835	$	168,856	$	267,004	$	1,307,695
Federal agencies	113,685		88,500		14,520		216,705		100,968		99,648		26,941		227,557
Private owners	47,479		295,926		222,607		566,012		58,124		521,389		312,073		891,586
Total revenue	$	794,417	$	597,589	$	421,175	$	1,813,181	$	1,030,927	$	789,893	$	606,018	$	2,426,838

	Three Months Ended June 30, 2022								Three Months Ended June 30, 2021
(in thousands)	Civil		Building		Specialty Contractors		Total		Civil		Building		Specialty Contractors		Total
Revenue by contract type:
Fixed price	$	337,414	$	64,296	$	158,036	$	559,746	$	461,068	$	95,349	$	246,290	$	802,707
Guaranteed maximum price	301		145,954		3,361		149,616		498		247,402		2,563		250,463
Unit price	72,210		—		22,064		94,274		88,516		(1,564)		28,703		115,655
Cost plus fee and other	(6,303)		56,691		7,003		57,391		5,270		41,473		3,675		50,418
Total revenue	$	403,622	$	266,941	$	190,464	$	861,027	$	555,352	$	382,660	$	281,231	$	1,219,243

	Six Months Ended June 30, 2022								Six Months Ended June 30, 2021
(in thousands)	Civil		Building		Specialty Contractors		Total		Civil		Building		Specialty Contractors		Total
Revenue by contract type:
Fixed price	$	674,407	$	166,814	$	357,099	$	1,198,320	$	880,224	$	179,798	$	539,758	$	1,599,780
Guaranteed maximum price	594		317,463		8,694		326,751		1,768		517,856		3,693		523,317
Unit price	122,720		33		36,886		159,639		141,249		(1,453)		57,000		196,796
Cost plus fee and other	(3,304)		113,279		18,496		128,471		7,686		93,692		5,567		106,945
Total revenue	$	794,417	$	597,589	$	421,175	$	1,813,181	$	1,030,927	$	789,893	$	606,018	$	2,426,838

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Contract Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2022

Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]

Schedule of Contract Assets and Liabilities

Contract assets include amounts due under retention provisions, costs and estimated earnings in excess of billings and capitalized contract costs. The amounts as included on the Condensed Consolidated Balance Sheets consisted of the following:

(in thousands)	As of June 30, 2022		As of December 31, 2021
Retention receivable	$	552,695	$	568,881
Costs and estimated earnings in excess of billings:
Claims	764,430		833,352
Unapproved change orders	515,851		418,054
Other unbilled costs and profits	92,359		105,362
Total costs and estimated earnings in excess of billings	1,372,640		1,356,768
Capitalized contract costs	70,400		69,027
Total contract assets	$	1,995,735	$	1,994,676

Contract liabilities include amounts owed under retention provisions and billings in excess of costs and estimated earnings. The amount as reported on the Condensed Consolidated Balance Sheets consisted of the following:

(in thousands)	As of June 30, 2022		As of December 31, 2021
Retention payable	$	227,725	$	268,945
Billings in excess of costs and estimated earnings	956,735		761,689
Total contract liabilities	$	1,184,460	$	1,030,634

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Cash, Cash Equivalents and Restricted Cash (Tables)

6 Months Ended

Jun. 30, 2022

Cash and Cash Equivalents [Abstract]

Reconciliation of Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets to the amounts shown in the Condensed Consolidated Statements of Cash Flows:

(in thousands)	As of June 30, 2022		As of December 31, 2021
Cash and cash equivalents available for general corporate purposes	$	85,102	$	60,192
Joint venture cash and cash equivalents	224,165		142,005
Cash and cash equivalents	309,267		202,197
Restricted cash	4,485		9,199
Total cash, cash equivalents and restricted cash	$	313,752	$	211,396

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Earnings Per Common Share (Tables)

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Calculations of Basic and Diluted EPS

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except per common share data)	2022		2021		2022		2021
Net income (loss) attributable to Tutor Perini Corporation	$	(63,003)	$	31,165	$	(84,637)	$	47,199
Weighted-average common shares outstanding, basic	51,276		50,999		51,192		50,956
Effect of dilutive restricted stock units and stock options	—		376		—		406
Weighted-average common shares outstanding, diluted	51,276		51,375		51,192		51,362
Net income (loss) attributable to Tutor Perini Corporation per common share:
Basic	$	(1.23)	$	0.61	$	(1.65)	$	0.93
Diluted	$	(1.23)	$	0.61	$	(1.65)	$	0.92
Anti-dilutive securities not included above	3,398		1,810		3,415		1,725

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Goodwill and Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in Carrying Amount of Goodwill

The following table presents the changes in the carrying amount of goodwill since its inception through June 30, 2022:

(in thousands)	Civil		Building		Specialty Contractors		Total
Gross goodwill as of December 31, 2021	$	492,074	$	424,724	$	156,193	$	1,072,991
Accumulated impairment as of December 31, 2021	(286,931)		(424,724)		(156,193)		(867,848)
Goodwill as of December 31, 2021	205,143		—		—		205,143
Current year activity	—		—		—		—
Goodwill as of June 30, 2022	$	205,143	$	—	$	—	$	205,143

Intangible Assets

Intangible assets consist of the following:

	As of June 30, 2022								Weighted-Average Amortization Period
(in thousands)	Cost		Accumulated Amortization		Accumulated Impairment Charge		Carrying Value
Trade names (non-amortizable)	$	117,600	$	—	$	(67,190)	$	50,410	Indefinite
Trade names (amortizable)	69,250		(24,767)		(23,232)		21,251		20 years
Contractor license	6,000		—		(6,000)		—		N/A
Customer relationships	39,800		(23,155)		(16,645)		—		N/A
Construction contract backlog	149,290		(146,060)		—		3,230		3 years
Total	$	381,940	$	(193,982)	$	(113,067)	$	74,891

	As of December 31, 2021								Weighted-Average Amortization Period
(in thousands)	Cost		Accumulated Amortization		Accumulated Impairment Charge		Carrying Value
Trade names (non-amortizable)	$	117,600	$	—	$	(67,190)	$	50,410	Indefinite
Trade names (amortizable)	69,250		(23,650)		(23,232)		22,368		20 years
Contractor license	6,000		—		(6,000)		—		N/A
Customer relationships	39,800		(23,053)		(16,645)		102		12 years
Construction contract backlog	149,290		(137,102)		—		12,188		3 years
Total	$	381,940	$	(183,805)	$	(113,067)	$	85,068

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Financial Commitments (Tables)

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Long-Term Debt

Long-term debt as reported on the Condensed Consolidated Balance Sheets consisted of the following:

(in thousands)	As of June 30, 2022		As of December 31, 2021
2017 Senior Notes	$	496,757	$	496,244
Term Loan B	405,231		406,335
2020 Revolver	—		27,000
Equipment financing and mortgages	53,409		56,246
Other indebtedness	12,911		7,829
Total debt	968,308		993,654
Less: Current maturities	30,565		24,406
Long-term debt, net	$	937,743	$	969,248

Reconciliation of Outstanding Debt Balance to Reported Debt Balance

The following table reconciles the outstanding debt balances to the reported debt balances as of June 30, 2022 and December 31, 2021:

	As of June 30, 2022						As of December 31, 2021
(in thousands)	Outstanding Debt		Unamortized Discounts and Issuance Costs		Debt, as reported		Outstanding Debt		Unamortized Discounts and Issuance Costs		Debt, as reported
2017 Senior Notes	$	500,000	$	(3,243)	$	496,757	$	500,000	$	(3,756)	$	496,244
Term Loan B	417,563		(12,332)		405,231		419,688		(13,353)		406,335

Summary of Interest Expense as Reported in the Consolidated Statements of Operations

Interest expense as reported in the Condensed Consolidated Statements of Operations consisted of the following:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2022		2021		2022		2021
Cash interest expense:
Interest on 2017 Senior Notes	$	8,594	$	8,593	$	17,188	$	17,187
Interest on Term Loan B	6,085		6,115		12,118		12,209
Interest on 2020 Revolver	130		552		633		673
Interest on Convertible Notes	—		418		—		921
Other interest	479		409		940		890
Total cash interest expense	15,288		16,087		30,879		31,880
Non-cash interest expense:(a)
Amortization of discount and debt issuance costs on Convertible Notes	—		941		—		2,040
Amortization of discount and debt issuance costs on Term Loan B	516		527		1,021		1,066
Amortization of debt issuance costs on 2020 Revolver	141		142		283		284
Amortization of debt issuance costs on 2017 Senior Notes	259		241		513		478
Total non-cash interest expense	916		1,851		1,817		3,868
Total interest expense	$	16,204	$	17,938	$	32,696	$	35,748

____________________________________________________________________________________________________

(a)The combination of cash and non-cash interest expense produces effective interest rates that are higher than contractual rates. Accordingly, the effective interest rates for the 2017 Senior Notes and Term Loan B were 7.13% and 6.43%, respectively, for the six months ended June 30, 2022.

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Leases (Tables)

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Components of Lease Expense

The following table presents components of lease expense for the three and six months ended June 30, 2022 and 2021:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2022		2021		2022		2021
Operating lease expense	$	3,912	$	3,707	$	8,069	$	7,425
Short-term lease expense(a)	12,991		18,301		27,435		39,426
	16,903		22,008		35,504		46,851
Less: Sublease income	190		176		380		346
Total lease expense	$	16,713	$	21,832	$	35,124	$	46,505

____________________________________________________________________________________________________

(a)Short-term lease expense includes all leases with lease terms of up to one year. Short-term leases include, among other things, construction equipment rented on an as-needed basis as well as temporary housing.

Supplemental Financial Statement Information Related to Leases

The following table presents supplemental balance sheet information related to operating leases:

(dollars in thousands)	Balance Sheet Line Item	As of June 30, 2022			As of December 31, 2021
Assets
Right-of-use assets	Other assets	$	56,018		$	53,462
Total lease assets		$	56,018		$	53,462
Liabilities
Current lease liabilities	Accrued expenses and other current liabilities	$	7,420		$	7,481
Long-term lease liabilities	Other long-term liabilities	53,025			50,057
Total lease liabilities		$	60,445		$	57,538
Weighted-average remaining lease term		11.8 years			12.0 years
Weighted-average discount rate		9.35		%	9.44		%

The following table presents supplemental cash flow information and non-cash activity related to operating leases:

	Six Months Ended June 30,
(in thousands)	2022		2021
Operating cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$	(7,717)	$	(6,855)
Non-cash activity:
Right-of-use assets obtained in exchange for lease liabilities	$	7,887	$	5,780

Maturity of Operating Lease Liabilities on an Undiscounted Basis

The following table presents maturities of operating lease liabilities on an undiscounted basis as of June 30, 2022:

Year (in thousands)	Operating Leases
2022 (excluding the six months ended June 30, 2022)	$	6,409
2023	11,255
2024	8,776
2025	7,869
2026	6,489
Thereafter	65,120
Total lease payments	105,918
Less: Imputed interest	45,473
Total	$	60,445

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Employee Pension Plans (Tables)

6 Months Ended

Jun. 30, 2022

Retirement Benefits [Abstract]

Summary of Net Periodic Benefit Cost

The following table sets forth a summary of the net periodic benefit cost for the three and six months ended June 30, 2022 and 2021:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2022		2021		2022		2021
Interest cost	$	647	$	582	$	1,293	$	1,164
Service cost	240		237		480		473
Expected return on plan assets	(973)		(1,015)		(1,946)		(2,030)
Recognized net actuarial losses	638		683		1,277		1,366
Net periodic benefit cost	$	552	$	487	$	1,104	$	973

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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value on Recurring Basis

The following fair value hierarchy table presents the Company’s assets that are measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021:

	As of June 30, 2022								As of December 31, 2021
	Fair Value Hierarchy								Fair Value Hierarchy
(in thousands)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Cash and cash equivalents(a)	$	309,267	$	—	$	—	$	309,267	$	202,197	$	—	$	—	$	202,197
Restricted cash(a)	4,485		—		—		4,485		9,199		—		—		9,199
Restricted investments(b)	—		84,498		—		84,498		—		84,355		—		84,355
Investments in lieu of retention(c)	16,102		62,410		—		78,512		27,472		58,856		—		86,328
Total	$	329,854	$	146,908	$	—	$	476,762	$	238,868	$	143,211	$	—	$	382,079

____________________________________________________________________________________________________

(a)Includes money market funds and short-term investments with maturity dates of three months or less when acquired.

(b)Restricted investments, as of June 30, 2022 and December 31, 2021, consist of available-for-sale (“AFS”) debt securities, which are valued based on pricing models determined from a compilation of primarily observable market information, broker quotes in non-active markets or similar assets; therefore, they are classified as Level 2 assets.

(c)Investments in lieu of retention are included in retention receivable as of June 30, 2022 and December 31, 2021, and are comprised of money market funds of $16.1 million and $27.5 million, respectively, and AFS debt securities of $62.4 million and $58.9 million, respectively. The fair values of the money market funds are measured using quoted market prices; therefore, they are classified as Level 1 assets. The fair values of AFS debt securities are determined from a compilation of primarily observable market information, broker quotes in non-active markets or similar assets; therefore, they are classified as Level 2 assets.

Schedule of Available-for-Sale Securities Reconciliation

Investments in AFS debt securities consisted of the following as of June 30, 2022 and December 31, 2021:

	As of June 30, 2022								As of December 31, 2021
(in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value		Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Restricted investments:
Corporate debt securities	$	50,971	$	22	$	(2,758)	$	48,235	$	46,649	$	438	$	(438)	$	46,649
U.S. government agency securities	28,346		2		(1,063)		27,285		28,316		459		(133)		28,642
Municipal bonds	9,380		—		(926)		8,454		8,475		100		(78)		8,497
Corporate certificates of deposit	566		—		(42)		524		571		2		(6)		567
Total restricted investments	89,263		24		(4,789)		84,498		84,011		999		(655)		84,355
Investments in lieu of retention:
Corporate debt securities	64,601		8		(3,203)		61,406		58,261		72		(741)		57,592
Municipal bonds	815		189		—		1,004		812		452		—		1,264
Total investments in lieu of retention	65,416		197		(3,203)		62,410		59,073		524		(741)		58,856
Total AFS debt securities	$	154,679	$	221	$	(7,992)	$	146,908	$	143,084	$	1,523	$	(1,396)	$	143,211

Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value

The following table summarizes the fair value and gross unrealized losses aggregated by category and the length of time that individual securities have been in a continuous unrealized loss position as of June 30, 2022 and December 31, 2021:

	As of June 30, 2022
	Less than 12 Months				12 Months or Greater				Total
(in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Restricted investments:
Corporate debt securities	$	32,447	$	(1,911)	$	9,058	$	(847)	$	41,505	$	(2,758)
U.S. government agency securities	21,624		(666)		4,462		(397)		26,086		(1,063)
Municipal bonds	6,843		(709)		1,559		(217)		8,402		(926)
Corporate certificates of deposit	354		(26)		115		(16)		469		(42)
Total restricted investments	61,268		(3,312)		15,194		(1,477)		76,462		(4,789)
Investments in lieu of retention:
Corporate debt securities	55,606		(3,116)		2,347		(87)		57,953		(3,203)
Total investments in lieu of retention	55,606		(3,116)		2,347		(87)		57,953		(3,203)
Total AFS debt securities	$	116,874	$	(6,428)	$	17,541	$	(1,564)	$	134,415	$	(7,992)

	As of December 31, 2021
	Less than 12 Months				12 Months or Greater				Total
(in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Restricted investments:
Corporate debt securities	$	28,639	$	(434)	$	207	$	(4)	$	28,846	$	(438)
U.S. government agency securities	5,382		(97)		824		(36)		6,206		(133)
Municipal bonds	2,714		(35)		907		(43)		3,621		(78)
Corporate certificates of deposit	435		(6)		—		—		435		(6)
Total restricted investments	37,170		(572)		1,938		(83)		39,108		(655)
Investments in lieu of retention:
Corporate debt securities	46,486		(736)		714		(5)		47,200		(741)
Total investments in lieu of retention	46,486		(736)		714		(5)		47,200		(741)
Total AFS debt securities	$	83,656	$	(1,308)	$	2,652	$	(88)	$	86,308	$	(1,396)

Investments Classified by Contractual Maturity Date

The amortized cost and fair value of AFS debt securities by contractual maturity as of June 30, 2022 are summarized in the table below. Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations.

(in thousands)	Amortized Cost		Fair Value
Due within one year	$	22,628	$	22,529
Due after one year through five years	121,155		114,512
Due after five years	10,896		9,867
Total	$	154,679	$	146,908

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Changes in Equity (Tables)

6 Months Ended

Jun. 30, 2022

Stockholders' Equity Note [Abstract]

Schedule of Stockholders Equity

A reconciliation of the changes in equity for the three and six months ended June 30, 2022 and 2021 is provided below:

	Three Months Ended June 30, 2022
(in thousands)	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Noncontrolling Interests		Total Equity
Balance - March 31, 2022	$	51,200	$	1,134,688	$	492,676	$	(46,745)	$	14,702	$	1,646,521
Net income (loss)	—		—		(63,003)		—		983		(62,020)
Other comprehensive loss	—		—		—		(2,218)		(773)		(2,991)
Share-based compensation	—		3,278		—		—		—		3,278
Issuance of common stock, net	158		—		—		—		—		158
Distributions to noncontrolling interests	—		—		—		—		(17,000)		(17,000)
Balance - June 30, 2022	$	51,358	$	1,137,966	$	429,673	$	(48,963)	$	(2,088)	$	1,567,946

	Six Months Ended June 30, 2022
(in thousands)	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Noncontrolling Interests		Total Equity
Balance - December 31, 2021	$	51,096	$	1,133,150	$	514,310	$	(43,635)	$	18,799	$	1,673,720
Net income (loss)	—		—		(84,637)		—		3,804		(80,833)
Other comprehensive loss	—		—		—		(5,328)		(1,152)		(6,480)
Share-based compensation	—		5,002		—		—		—		5,002
Issuance of common stock, net	262		(186)		—		—		—		76
Contributions from noncontrolling interests	—		—		—		—		961		961
Distributions to noncontrolling interests	—		—		—		—		(24,500)		(24,500)
Balance - June 30, 2022	$	51,358	$	1,137,966	$	429,673	$	(48,963)	$	(2,088)	$	1,567,946

	Three Months Ended June 30, 2021
(in thousands)	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Noncontrolling Interests		Total Equity
Balance - March 31, 2021	$	50,938	$	1,127,624	$	438,419	$	(47,356)	$	2,456	$	1,572,081
Net income	—		—		31,165		—		10,446		41,611
Other comprehensive income	—		—		—		830		280		1,110
Share-based compensation	—		3,171		—		—		—		3,171
Issuance of common stock, net	134		(427)		—		—		—		(293)
Distributions to noncontrolling interests	—		—		—		—		(7,250)		(7,250)
Balance - June 30, 2021	$	51,072	$	1,130,368	$	469,584	$	(46,526)	$	5,932	$	1,610,430

	Six Months Ended June 30, 2021
(in thousands)	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Noncontrolling Interests		Total Equity
Balance - December 31, 2020	$	50,827	$	1,127,385	$	422,385	$	(46,741)	$	(10,911)	$	1,542,945
Net income	—		—		47,199		—		19,517		66,716
Other comprehensive income	—		—		—		215		576		791
Share-based compensation	—		4,757		—		—		—		4,757
Issuance of common stock, net	245		(1,774)		—		—		—		(1,529)
Contributions from noncontrolling interests	—		—		—		—		4,000		4,000
Distributions to noncontrolling interests	—		—		—		—		(7,250)		(7,250)
Balance - June 30, 2021	$	51,072	$	1,130,368	$	469,584	$	(46,526)	$	5,932	$	1,610,430

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Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Jun. 30, 2022

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of Components of Other Comprehensive Income (Loss) and Related Tax Effects

The components of other comprehensive income (loss) and the related tax effects for the three and six months ended June 30, 2022 and 2021 were as follows:

	Three Months Ended June 30, 2022						Three Months Ended June 30, 2021
(in thousands)	Before-Tax Amount		Tax (Expense) Benefit		Net-of-Tax Amount		Before-Tax Amount		Tax Expense		Net-of-Tax Amount
Other comprehensive income (loss):
Defined benefit pension plan adjustments	$	638	$	(181)	$	457	$	683	$	(192)	$	491
Foreign currency translation adjustments	(1,698)		308		(1,390)		446		(46)		400
Unrealized gain (loss) in fair value of investments	(2,384)		326		(2,058)		303		(84)		219
Total other comprehensive income (loss)	(3,444)		453		(2,991)		1,432		(322)		1,110
Less: Other comprehensive income (loss) attributable to noncontrolling interests	(773)		—		(773)		280		—		280
Total other comprehensive income (loss) attributable to Tutor Perini Corporation	$	(2,671)	$	453	$	(2,218)	$	1,152	$	(322)	$	830

	Six Months Ended June 30, 2022						Six Months Ended June 30, 2021
(in thousands)	Before-Tax Amount		Tax (Expense) Benefit		Net-of-Tax Amount		Before-Tax Amount		Tax (Expense) Benefit		Net-of-Tax Amount
Other comprehensive income (loss):
Defined benefit pension plan adjustments	$	1,277	$	(362)	$	915	$	1,366	$	(383)	$	983
Foreign currency translation adjustments	(1,442)		309		(1,133)		848		(76)		772
Unrealized loss in fair value of investments	(7,898)		1,636		(6,262)		(1,247)		283		(964)
Total other comprehensive income (loss)	(8,063)		1,583		(6,480)		967		(176)		791
Less: Other comprehensive income (loss) attributable to noncontrolling interests	(1,152)		—		(1,152)		576		—		576
Total other comprehensive income (loss) attributable to Tutor Perini Corporation	$	(6,911)	$	1,583	$	(5,328)	$	391	$	(176)	$	215

Schedule of Changes in AOCI Balances by Component (After-Tax)

The changes in AOCI balances by component (after tax) attributable to Tutor Perini Corporation and attributable to noncontrolling interests during the three and six months ended June 30, 2022 were as follows:

	Three Months Ended June 30, 2022
(in thousands)	Defined Benefit Pension Plan		Foreign Currency Translation		Unrealized Gain (Loss) in Fair Value of Investments, Net		Accumulated Other Comprehensive Income (Loss)
Attributable to Tutor Perini Corporation:
Balance as of March 31, 2022	$	(37,408)	$	(5,796)	$	(3,541)	$	(46,745)
Other comprehensive loss before reclassifications	—		(772)		(1,927)		(2,699)
Amounts reclassified from AOCI	457		—		24		481
Total other comprehensive income (loss)	457		(772)		(1,903)		(2,218)
Balance as of June 30, 2022	$	(36,951)	$	(6,568)	$	(5,444)	$	(48,963)
Attributable to Noncontrolling Interests:
Balance as of March 31, 2022	$	—	$	808	$	(645)	$	163
Other comprehensive loss	—		(618)		(155)		(773)
Balance as of June 30, 2022	$	—	$	190	$	(800)	$	(610)

	Six Months Ended June 30, 2022
(in thousands)	Defined Benefit Pension Plan		Foreign Currency Translation		Unrealized Gain (Loss) in Fair Value of Investments, Net		Accumulated Other Comprehensive Income (Loss)
Attributable to Tutor Perini Corporation:
Balance as of December 31, 2021	$	(37,866)	$	(5,787)	$	18	$	(43,635)
Other comprehensive loss before reclassifications	—		(781)		(5,495)		(6,276)
Amounts reclassified from AOCI	915		—		33		948
Total other comprehensive income (loss)	915		(781)		(5,462)		(5,328)
Balance as of June 30, 2022	$	(36,951)	$	(6,568)	$	(5,444)	$	(48,963)
Attributable to Noncontrolling Interests:
Balance as of December 31, 2021	$	—	$	542	$	—	$	542
Other comprehensive loss	—		(352)		(800)		(1,152)
Balance as of June 30, 2022	$	—	$	190	$	(800)	$	(610)

The changes in AOCI balances by component (after tax) attributable to Tutor Perini Corporation and attributable to noncontrolling interests during the three and six months ended June 30, 2021 were as follows:

	Three Months Ended June 30, 2021
(in thousands)	Defined Benefit Pension Plan		Foreign Currency Translation		Unrealized Gain (Loss) in Fair Value of Investments, Net		Accumulated Other Comprehensive Income (Loss)
Attributable to Tutor Perini Corporation:
Balance as of March 31, 2021	$	(43,595)	$	(5,246)	$	1,485	$	(47,356)
Other comprehensive income before reclassifications	—		120		233		353
Amounts reclassified from AOCI	491		—		(14)		477
Total other comprehensive income	491		120		219		830
Balance as of June 30, 2021	$	(43,104)	$	(5,126)	$	1,704	$	(46,526)
Attributable to Noncontrolling Interests:
Balance as of March 31, 2021	$	—	$	698	$	—	$	698
Other comprehensive income	—		280		—		280
Balance as of June 30, 2021	$	—	$	978	$	—	$	978

	Six Months Ended June 30, 2021
(in thousands)	Defined Benefit Pension Plan		Foreign Currency Translation		Unrealized Gain (Loss) in Fair Value of Investments, Net		Accumulated Other Comprehensive Income (Loss)
Attributable to Tutor Perini Corporation:
Balance as of December 31, 2020	$	(44,087)	$	(5,322)	$	2,668	$	(46,741)
Other comprehensive income (loss) before reclassifications	—		196		(827)		(631)
Amounts reclassified from AOCI	983		—		(137)		846
Total other comprehensive income (loss)	983		196		(964)		215
Balance as of June 30, 2021	$	(43,104)	$	(5,126)	$	1,704	$	(46,526)
Attributable to Noncontrolling Interests:
Balance as of December 31, 2020	$	—	$	402	$	—	$	402
Other comprehensive income	—		576		—		576
Balance as of June 30, 2021	$	—	$	978	$	—	$	978

The significant items reclassified out of AOCI and the corresponding location and impact on the Condensed Consolidated Statements of Operations during the three and six months ended June 30, 2022 and 2021 were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2022		2021		2022		2021
Component of AOCI:
Defined benefit pension plan adjustments(a)	$	638	$	683	$	1,277	$	1,366
Income tax benefit(b)	(181)		(192)		(362)		(383)
Net of tax	$	457	$	491	$	915	$	983
Unrealized (gain) loss in fair value of investment adjustments(a)	$	31	$	(17)	$	42	$	(173)
Income tax expense (benefit)(b)	(7)		3		(9)		36
Net of tax	$	24	$	(14)	$	33	$	(137)

___________________________________________________________________________________________________

(a)Amount included in other income, net on the Condensed Consolidated Statements of Operations.

(b)Amounts included in income tax (expense) benefit on the Condensed Consolidated Statements of Operations.

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Business Segments (Tables)

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Reportable Segments

The following tables set forth certain reportable segment information relating to the Company’s operations for the three and six months ended June 30, 2022 and 2021:

	Reportable Segments
(in thousands)	Civil		Building		Specialty Contractors		Total			Corporate			Consolidated Total
Three Months Ended June 30, 2022
Total revenue	$	453,215	$	262,556	$	190,464	$	906,235		$	—		$	906,235
Elimination of intersegment revenue	(49,593)		4,385		—		(45,208)			—			(45,208)
Revenue from external customers	$	403,622	$	266,941	$	190,464	$	861,027		$	—		$	861,027
Loss from construction operations	$	(9,767)	$	(67)	$	(66,731)	$	(76,565)	(a)	$	(13,989)	(b)	$	(90,554)
Capital expenditures	$	15,656	$	50	$	816	$	16,522		$	295		$	16,817
Depreciation and amortization(c)	$	15,025	$	390	$	508	$	15,923		$	2,360		$	18,283
Three Months Ended June 30, 2021
Total revenue	$	643,055	$	415,801	$	281,370	$	1,340,226		$	—		$	1,340,226
Elimination of intersegment revenue	(87,703)		(33,141)		(139)		(120,983)			—			(120,983)
Revenue from external customers	$	555,352	$	382,660	$	281,231	$	1,219,243		$	—		$	1,219,243
Income (loss) from construction operations	$	75,073	$	(2,488)	$	9,960	$	82,545	(d)	$	(13,792)	(b)	$	68,753
Capital expenditures	$	8,616	$	51	$	19	$	8,686		$	339		$	9,025
Depreciation and amortization(c)	$	31,178	$	424	$	892	$	32,494		$	2,767		$	35,261

____________________________________________________________________________________________________

(a)During the three months ended June 30, 2022, the Company’s income (loss) from construction operations was adversely impacted by $33.5 million ($24.2 million, or $0.47 per diluted share, after tax) due to an unfavorable adjustment related to the unforeseen cost of project close-out issues, remediation work, extended project supervision and associated labor inefficiencies on the electrical component of a transportation project in the Northeast in the Specialty Contractors segment, a non-cash charge of $17.8 million that increased cost of operations ($12.8 million, or $0.25 per diluted share, after tax) associated with an unexpected partial reversal by an appellate court of previously awarded legal damages related to a completed electrical project in New York in the Specialty Contractors segment, and a $16.2 million unfavorable non-cash impact ($11.6 million, or $0.23 per diluted share, after tax) related to the settlement of a long-disputed, completed Civil segment project in Maryland.

(b)Consists primarily of corporate general and administrative expenses.

(c)Depreciation and amortization is included in income (loss) from construction operations.

(d)During the three months ended June 30, 2021, the Company recorded a reduction of $20.1 million in cost of operations ($14.6 million, or $0.28 per diluted share, after tax) due to a favorable trial court ruling awarding the Company the recovery of certain costs previously incurred on a completed electrical project in New York in the Specialty Contractors segment.

	Reportable Segments
(in thousands)	Civil		Building		Specialty Contractors		Total			Corporate			Consolidated Total
Six Months Ended June 30, 2022
Total revenue	$	913,957	$	618,534	$	421,328	$	1,953,819		$	—		$	1,953,819
Elimination of intersegment revenue	(119,540)		(20,945)		(153)		(140,638)			—			(140,638)
Revenue from external customers	$	794,417	$	597,589	$	421,175	$	1,813,181		$	—		$	1,813,181
Income (loss) from construction operations	$	(10,734)	$	9,397	$	(70,625)	$	(71,962)	(a)	$	(28,499)	(b)	$	(100,461)
Capital expenditures	$	26,831	$	52	$	1,454	$	28,337		$	508		$	28,845
Depreciation and amortization(c)	$	32,025	$	791	$	1,010	$	33,826		$	4,695		$	38,521
Six Months Ended June 30, 2021
Total revenue	$	1,226,199	$	872,971	$	606,318	$	2,705,488		$	—		$	2,705,488
Elimination of intersegment revenue	(195,272)		(83,078)		(300)		(278,650)			—			(278,650)
Revenue from external customers	$	1,030,927	$	789,893	$	606,018	$	2,426,838		$	—		$	2,426,838
Income (loss) from construction operations	$	125,178	$	8,728	$	11,284	$	145,190	(d)	$	(26,733)	(b)	$	118,457
Capital expenditures	$	18,180	$	124	$	164	$	18,468		$	392		$	18,860
Depreciation and amortization(c)	$	53,891	$	856	$	1,851	$	56,598		$	5,537		$	62,135

____________________________________________________________________________________________________

(a)During the six months ended June 30, 2022, the Company’s income (loss) from construction operations was adversely impacted by $33.5 million ($24.2 million, or $0.47 per diluted share, after tax) due to an unfavorable adjustment related to the unforeseen cost of project close-out issues, remediation work, extended project supervision and associated labor inefficiencies on the electrical component of a transportation project in the Northeast in the Specialty Contractors segment, and $29.1 million ($22.9 million, or $0.45 per diluted share, after tax) on a Civil segment mass-transit project in California, which resulted from the successful negotiation of significant lower margin (and lower risk) change orders that increased the project’s overall estimated profit but reduced the project’s percentage of completion and overall margin percentage. The Company’s income (loss) from construction operations was also impacted by a non-cash charge of $25.5 million ($18.3 million, or $0.36 per diluted share, after tax) due to an adverse legal ruling on a dispute related to a Civil segment bridge project in New York, a non-cash charge of $17.8 million that increased cost of operations ($12.8 million, or $0.25 per diluted share, after tax) associated with an unexpected partial reversal by an appellate court of previously awarded legal damages related to a completed electrical project in New York in the Specialty Contractors segment, a $16.2 million unfavorable non-cash impact ($11.6 million, or $0.23 per diluted share, after tax) related to the settlement of a long-disputed, completed Civil segment project in Maryland, and a $14.6 million ($11.2 million, or $0.22 per diluted share, after tax) unfavorable adjustment split evenly between the Civil and Building segments due to changes in estimates on a transportation project in the Northeast.

(b)Consists primarily of corporate general and administrative expenses.

(c)Depreciation and amortization is included in income (loss) from construction operations.

(d)During the six months ended June 30, 2021, the Company recorded a reduction of $20.1 million in cost of operations ($14.6 million, or $0.28 per diluted share, after tax) due to a favorable trial court ruling awarding the Company the recovery of certain costs previously incurred on a completed electrical project in New York in the Specialty Contractors segment.

Reconciliation of Segment Results to Consolidated Income Before Income Taxes

A reconciliation of segment results to the consolidated income (loss) before income taxes is as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2022		2021		2022		2021
Income (loss) from construction operations	$	(90,554)	$	68,753	$	(100,461)	$	118,457
Other income, net	1,020		1,431		4,717		1,606
Interest expense	(16,204)		(17,938)		(32,696)		(35,748)
Income (loss) before income taxes	$	(105,738)	$	52,246	$	(128,440)	$	84,315

Total Assets for Reportable Segments

Total assets by segment were as follows:

(in thousands)	As of June 30, 2022		As of December 31, 2021
Civil	$	3,432,649	$	3,310,648
Building	919,426		980,989
Specialty Contractors	600,332		631,710
Corporate and other(a)	(232,724)		(198,449)
Total assets	$	4,719,683	$	4,724,898

____________________________________________________________________________________________________

(a)Consists principally of cash, equipment, tax-related assets and insurance-related assets, offset by the elimination of assets related to intersegment revenue.

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Revenue (Disaggregation Of Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 861,027	$ 1,219,243	$ 1,813,181	$ 2,426,838
State and local agencies
Disaggregation of Revenue [Line Items]
Revenue	500,701	697,688	1,030,464	1,307,695
Federal agencies
Disaggregation of Revenue [Line Items]
Revenue	108,579	104,326	216,705	227,557
Private owners
Disaggregation of Revenue [Line Items]
Revenue	251,747	417,229	566,012	891,586
Civil
Disaggregation of Revenue [Line Items]
Revenue	403,622	555,352	794,417	1,030,927
Civil | State and local agencies
Disaggregation of Revenue [Line Items]
Revenue	319,411	481,333	633,253	871,835
Civil | Federal agencies
Disaggregation of Revenue [Line Items]
Revenue	62,991	49,335	113,685	100,968
Civil | Private owners
Disaggregation of Revenue [Line Items]
Revenue	21,220	24,684	47,479	58,124
Civil | Mass transit (includes certain transportation and tunneling projects)
Disaggregation of Revenue [Line Items]
Revenue	225,574	366,534	482,712	675,409
Civil | Bridges
Disaggregation of Revenue [Line Items]
Revenue	85,073	65,775	126,320	111,942
Civil | Military defense facilities
Disaggregation of Revenue [Line Items]
Revenue	60,355	44,585	110,149	94,121
Civil | Water
Disaggregation of Revenue [Line Items]
Revenue	22,384	24,800	43,036	51,610
Civil | Other
Disaggregation of Revenue [Line Items]
Revenue	10,236	53,658	32,200	97,845
Building
Disaggregation of Revenue [Line Items]
Revenue	266,941	382,660	597,589	789,893
Building | State and local agencies
Disaggregation of Revenue [Line Items]
Revenue	89,473	92,275	213,163	168,856
Building | Federal agencies
Disaggregation of Revenue [Line Items]
Revenue	42,402	49,287	88,500	99,648
Building | Private owners
Disaggregation of Revenue [Line Items]
Revenue	135,066	241,098	295,926	521,389
Building | Mass transit (includes certain transportation and tunneling projects)
Disaggregation of Revenue [Line Items]
Revenue	10,447	34,344	70,648	60,879
Building | Other
Disaggregation of Revenue [Line Items]
Revenue	17,829	25,995	30,897	55,439
Building | Municipal and government
Disaggregation of Revenue [Line Items]
Revenue	83,826	74,475	159,781	146,384
Building | Hospitality and gaming
Disaggregation of Revenue [Line Items]
Revenue	24,077	86,145	100,995	186,712
Building | Commercial and industrial facilities
Disaggregation of Revenue [Line Items]
Revenue	49,309	101,960	88,395	232,012
Building | Health care facilities
Disaggregation of Revenue [Line Items]
Revenue	50,277	13,598	85,837	24,007
Building | Education facilities
Disaggregation of Revenue [Line Items]
Revenue	31,176	46,143	61,036	84,460
Specialty Contractors
Disaggregation of Revenue [Line Items]
Revenue	190,464	281,231	421,175	606,018
Specialty Contractors | State and local agencies
Disaggregation of Revenue [Line Items]
Revenue	91,817	124,080	184,048	267,004
Specialty Contractors | Federal agencies
Disaggregation of Revenue [Line Items]
Revenue	3,186	5,704	14,520	26,941
Specialty Contractors | Private owners
Disaggregation of Revenue [Line Items]
Revenue	95,461	151,447	222,607	312,073
Specialty Contractors | Mass transit (includes certain transportation and tunneling projects)
Disaggregation of Revenue [Line Items]
Revenue	75,395	148,045	194,422	329,208
Specialty Contractors | Water
Disaggregation of Revenue [Line Items]
Revenue	13,972	17,514	35,419	38,668
Specialty Contractors | Other
Disaggregation of Revenue [Line Items]
Revenue	14,139	29,506	30,556	53,029
Specialty Contractors | Commercial and industrial facilities
Disaggregation of Revenue [Line Items]
Revenue	36,444	36,637	66,301	75,386
Specialty Contractors | Education facilities
Disaggregation of Revenue [Line Items]
Revenue	8,165	18,425	20,441	31,781
Specialty Contractors | Multi-unit residential
Disaggregation of Revenue [Line Items]
Revenue	28,243	30,649	53,181	73,444
Specialty Contractors | Federal government
Disaggregation of Revenue [Line Items]
Revenue	$ 14,106	$ 455	$ 20,855	$ 4,502

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Revenue (Schedule Of Revenue By Contract Type) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 861,027	$ 1,219,243	$ 1,813,181	$ 2,426,838
Fixed price
Disaggregation of Revenue [Line Items]
Revenue	559,746	802,707	1,198,320	1,599,780
Guaranteed maximum price
Disaggregation of Revenue [Line Items]
Revenue	149,616	250,463	326,751	523,317
Unit price
Disaggregation of Revenue [Line Items]
Revenue	94,274	115,655	159,639	196,796
Cost plus fee and other
Disaggregation of Revenue [Line Items]
Revenue	57,391	50,418	128,471	106,945
Civil
Disaggregation of Revenue [Line Items]
Revenue	403,622	555,352	794,417	1,030,927
Civil | Fixed price
Disaggregation of Revenue [Line Items]
Revenue	337,414	461,068	674,407	880,224
Civil | Guaranteed maximum price
Disaggregation of Revenue [Line Items]
Revenue	301	498	594	1,768
Civil | Unit price
Disaggregation of Revenue [Line Items]
Revenue	72,210	88,516	122,720	141,249
Civil | Cost plus fee and other
Disaggregation of Revenue [Line Items]
Revenue	(6,303)	5,270	(3,304)	7,686
Building
Disaggregation of Revenue [Line Items]
Revenue	266,941	382,660	597,589	789,893
Building | Fixed price
Disaggregation of Revenue [Line Items]
Revenue	64,296	95,349	166,814	179,798
Building | Guaranteed maximum price
Disaggregation of Revenue [Line Items]
Revenue	145,954	247,402	317,463	517,856
Building | Unit price
Disaggregation of Revenue [Line Items]
Revenue	0	(1,564)	33	(1,453)
Building | Cost plus fee and other
Disaggregation of Revenue [Line Items]
Revenue	56,691	41,473	113,279	93,692
Specialty Contractors
Disaggregation of Revenue [Line Items]
Revenue	190,464	281,231	421,175	606,018
Specialty Contractors | Fixed price
Disaggregation of Revenue [Line Items]
Revenue	158,036	246,290	357,099	539,758
Specialty Contractors | Guaranteed maximum price
Disaggregation of Revenue [Line Items]
Revenue	3,361	2,563	8,694	3,693
Specialty Contractors | Unit price
Disaggregation of Revenue [Line Items]
Revenue	22,064	28,703	36,886	57,000
Specialty Contractors | Cost plus fee and other
Disaggregation of Revenue [Line Items]
Revenue	$ 7,003	$ 3,675	$ 18,496	$ 5,567

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Revenue (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Net revenue recognized related to performance obligations satisfies (or partially satisfied) in prior periods	$ 63.6	$ 8.9	$ 110.3	$ 29.0
Civil
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations revenue amount	4,900.0	4,300.0	$ 4,900.0	4,300.0
Civil | Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations revenue period			3 years
Civil | Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations revenue period			5 years
Building
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations revenue amount	2,200.0	1,500.0	$ 2,200.0	1,500.0
Specialty Contractors
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations revenue amount	$ 1,300.0	$ 1,500.0	$ 1,300.0	$ 1,500.0
Building and Specialty Contractors | Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations revenue period			1 year
Building and Specialty Contractors | Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations revenue period			3 years

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Contract Assets and Liabilities (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Retainage receivable estimated by management to be collected beyond one year, percentage	48.00%		48.00%
Capitalized contract costs amortized and recognized as expense	$ 19.0	$ 13.4	$ 31.6	$ 25.3
Retainage payable estimated by management to be remitted beyond one year, percentage	42.00%		42.00%
Liability revenue recognized from contract with customer	$ 387.5	$ 321.0	$ 425.5	$ 458.8

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Contract Assets and Liabilities (Schedule Of Contract Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Retention receivable	$ 552,695	$ 568,881
Costs and estimated earnings in excess of billings:
Claims	764,430	833,352
Unapproved change orders	515,851	418,054
Other unbilled costs and profits	92,359	105,362
Total costs and estimated earnings in excess of billings	1,372,640	1,356,768
Capitalized contract costs	70,400	69,027
Total contract assets	$ 1,995,735	$ 1,994,676

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Contract Assets and Liabilities (Schedule of Contract Liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Retainage payable	$ 227,725	$ 268,945
Billings in excess of costs and estimated earnings	956,735	761,689
Total contract liabilities	$ 1,184,460	$ 1,030,634

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Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 309,267	$ 202,197
Restricted cash	4,485	9,199
Total cash, cash equivalents and restricted cash	313,752	211,396	$ 234,013	$ 451,852
Joint venture cash and cash equivalents
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	224,165	142,005
Cash and cash equivalents available for general corporate purposes
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 85,102	$ 60,192

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Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Net income (loss) attributable to Tutor Perini Corporation	$ (63,003)	$ 31,165	$ (84,637)	$ 47,199
Weighted-average common shares outstanding, basic (in shares)	51,276	50,999	51,192	50,956
Effect of dilutive restricted stock units and stock options (in shares)	0	376	0	406
Weighted-average common shares outstanding, diluted (in shares)	51,276	51,375	51,192	51,362
Net income (loss) attributable to Tutor Perini Corporation per common share: Basic (in dollars per share)	$ (1.23)	$ 0.61	$ (1.65)	$ 0.93
Net income (loss) attributable to Tutor Perini Corporation per common share: Diluted (in dollars per share)	$ (1.23)	$ 0.61	$ (1.65)	$ 0.92
Anti-dilutive securities not included above (in shares)	3,398	1,810	3,415	1,725

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Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Effective tax rate	41.30%	20.40%	37.10%	20.90%
Income tax (expense) benefit	$ 43,718	$ (10,635)	$ 47,607	$ (17,599)

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Goodwill And Intangible Assets (Narrative) (Details) - USD ($)	3 Months Ended			6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill impairment charge		$ 0
Amortization expense	$ 4,700,000		$ 10,700,000	$ 10,177,000	$ 17,314,000
Estimated amortization expense, remainder of 2022	4,300,000			4,300,000
Estimated amortization expense, 2023	2,200,000			2,200,000
Estimated amortization expense, 2024	2,200,000			2,200,000
Estimated amortization expense, 2025	2,200,000			2,200,000
Estimated amortization expense, 2026	2,200,000			2,200,000
Estimated amortization expense, 2027	2,200,000			2,200,000
Estimated amortization expense, after year 2027	$ 9,200,000			$ 9,200,000

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Goodwill and Intangible Assets (Changes in Carrying Amount of Goodwill) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Goodwill [Roll Forward]
Gross goodwill as of December 31, 2021		$ 1,072,991
Accumulated impairment as of December 31, 2021		(867,848)
Balance at beginning of period	$ 205,143
Current year activity	0
Balance at end of period	205,143
Civil
Goodwill [Roll Forward]
Gross goodwill as of December 31, 2021		492,074
Accumulated impairment as of December 31, 2021		(286,931)
Balance at beginning of period	205,143
Current year activity	0
Balance at end of period	205,143
Building
Goodwill [Roll Forward]
Gross goodwill as of December 31, 2021		424,724
Accumulated impairment as of December 31, 2021		(424,724)
Balance at beginning of period	0
Current year activity	0
Balance at end of period	0
Specialty Contractors
Goodwill [Roll Forward]
Gross goodwill as of December 31, 2021		156,193
Accumulated impairment as of December 31, 2021		$ (156,193)
Balance at beginning of period	0
Current year activity	0
Balance at end of period	$ 0

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Goodwill and Intangible Assets (Intangible Assets) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Total intangible assets
Cost	$ 381,940	$ 381,940
Accumulated Amortization	(193,982)	(183,805)
Accumulated Impairment Charge	(113,067)	(113,067)
Carrying Value	74,891	85,068
Trade Names
Finite-Lived intangible assets
Cost	69,250	69,250
Accumulated Amortization	(24,767)	(23,650)
Accumulated Impairment Charge	(23,232)	(23,232)
Carrying Value	$ 21,251	$ 22,368
Weighted-Average Amortization Period	20 years	20 years
Customer relationships
Finite-Lived intangible assets
Cost	$ 39,800	$ 39,800
Accumulated Amortization	(23,155)	(23,053)
Accumulated Impairment Charge	(16,645)	(16,645)
Carrying Value	0	$ 102
Weighted-Average Amortization Period		12 years
Construction contract backlog
Finite-Lived intangible assets
Cost	149,290	$ 149,290
Accumulated Amortization	(146,060)	(137,102)
Carrying Value	$ 3,230	$ 12,188
Weighted-Average Amortization Period	3 years	3 years
Trade Names
Indefinite-lived intangible assets
Cost	$ 117,600	$ 117,600
Accumulated Impairment Charge	(67,190)	(67,190)
Carrying Value	50,410	50,410
Contractor license
Indefinite-lived intangible assets
Cost	6,000	6,000
Accumulated Impairment Charge	$ (6,000)	$ (6,000)

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Financial Commitments (Narrative) (Details) - USD ($)		6 Months Ended
	Aug. 18, 2020	Jun. 30, 2022	Dec. 31, 2021	Jun. 15, 2021	Apr. 20, 2017	Jun. 15, 2016
BMO Harris Bank
Debt Instrument [Line Items]
Applicable margin on overdue amounts (as a percent)	2.00%
First Lien | BMO Harris Bank
Debt Instrument [Line Items]
Net leverage ratio (maximum)	1.35
2020 Revolver | BMO Harris Bank
Debt Instrument [Line Items]
Net leverage ratio (maximum)	2.75	2.25
Weighted-average annual interest rate on borrowings		6.91%
Remaining borrowing capacity		$ 175,000,000
Line of Credit | 2020 Credit Agreement | BMO Harris Bank
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 425,000,000
Periodic payment principal percentage	0.25%
Unsecured Debt | BMO Harris Bank
Debt Instrument [Line Items]
Total net leverage ratio (maximum)	3.50
Fixed charge coverage ratio (maximum)	2.00
Convertible Notes
Debt Instrument [Line Items]
Current principal amount				$ 69,900,000
Interest rate						2.875%
Senior Notes | 2017 Senior Notes
Debt Instrument [Line Items]
Current principal amount		$ 500,000,000	$ 500,000,000
Senior Notes | Private Placement | 2017 Senior Notes
Debt Instrument [Line Items]
Interest rate					6.875%
Face amount					$ 500,000,000
Redemption price, change of control triggering event (as a percent)		101.00%
Revolving Credit Facility | 2020 Credit Agreement | BMO Harris Bank
Debt Instrument [Line Items]
Increase in line of credit	$ 173,500,000
Accordion feature, percentage of LTM EBITDA	50.00%
Revolving Credit Facility | 2020 Revolver
Debt Instrument [Line Items]
Unamortized debt issuance costs		$ 1,800,000	$ 2,100,000
Revolving Credit Facility | Line of Credit | 2020 Credit Agreement | BMO Harris Bank
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 175,000,000
Letters of Credit | Line of Credit | 2020 Credit Agreement | BMO Harris Bank
Debt Instrument [Line Items]
Maximum borrowing capacity	75,000,000
Bridge Loan | Line of Credit | 2020 Credit Agreement | BMO Harris Bank
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 10,000,000
Secured Debt | Junior Lien | BMO Harris Bank
Debt Instrument [Line Items]
Total net leverage ratio (maximum)	3.50
Federal Funds Rate | 2020 Credit Agreement | BMO Harris Bank
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
LIBOR | 2020 Credit Agreement | BMO Harris Bank
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
LIBOR | Term Loan B | BMO Harris Bank
Debt Instrument [Line Items]
Basis spread on variable rate	4.75%
LIBOR | 2020 Revolver | BMO Harris Bank
Debt Instrument [Line Items]
Basis spread on variable rate	4.75%
LIBOR | Minimum | Term Loan B | BMO Harris Bank
Debt Instrument [Line Items]
Basis spread on variable rate	4.50%
LIBOR | Minimum | 2020 Revolver | BMO Harris Bank
Debt Instrument [Line Items]
Basis spread on variable rate	4.25%
LIBOR | Maximum | Term Loan B | BMO Harris Bank
Debt Instrument [Line Items]
Basis spread on variable rate	4.75%
LIBOR | Maximum | 2020 Revolver | BMO Harris Bank
Debt Instrument [Line Items]
Basis spread on variable rate	4.75%
Base Rate | Term Loan B | BMO Harris Bank
Debt Instrument [Line Items]
Basis spread on variable rate	3.75%
Base Rate | 2020 Revolver | BMO Harris Bank
Debt Instrument [Line Items]
Basis spread on variable rate	3.75%
Base Rate | Minimum | Term Loan B | BMO Harris Bank
Debt Instrument [Line Items]
Basis spread on variable rate	3.50%
Base Rate | Minimum | 2020 Revolver | BMO Harris Bank
Debt Instrument [Line Items]
Basis spread on variable rate	3.25%
Base Rate | Maximum | Term Loan B | BMO Harris Bank
Debt Instrument [Line Items]
Basis spread on variable rate	3.75%
Base Rate | Maximum | 2020 Revolver | BMO Harris Bank
Debt Instrument [Line Items]
Basis spread on variable rate	3.75%

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Financial Commitments (Long-Term Debt) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total debt	$ 968,308	$ 993,654
Less: Current maturities	30,565	24,406
Long-term debt, net	937,743	969,248
Term Loan B
Debt Instrument [Line Items]
Total debt	405,231	406,335
Equipment financing and mortgages
Debt Instrument [Line Items]
Total debt	53,409	56,246
Other indebtedness
Debt Instrument [Line Items]
Total debt	12,911	7,829
2017 Senior Notes | Senior Notes
Debt Instrument [Line Items]
Total debt	496,757	496,244
2020 Revolver
Debt Instrument [Line Items]
Total debt	$ 0	$ 27,000

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Financial Commitments (Reconciliation of Outstanding Debt Balance to Reported Debt Balance) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total debt	$ 968,308	$ 993,654
Term Loan B
Debt Instrument [Line Items]
Outstanding Debt	417,563	419,688
Unamortized Discounts and Issuance Costs	(12,332)	(13,353)
Total debt	405,231	406,335
2017 Senior Notes | Senior Notes
Debt Instrument [Line Items]
Outstanding Debt	500,000	500,000
Unamortized Discounts and Issuance Costs	(3,243)	(3,756)
Total debt	$ 496,757	$ 496,244

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Financial Commitments (Summary of Interest Expense as Reported in the Consolidated Statements of Operations) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Debt Instrument [Line Items]
Other interest	$ 479	$ 409	$ 940	$ 890
Total cash interest expense	15,288	16,087	30,879	31,880
Non-cash interest expense			1,817	3,868
Total non-cash interest expense	916	1,851	1,817	3,868
Total interest expense	16,204	17,938	32,696	35,748
Term Loan B
Debt Instrument [Line Items]
Cash interest expense	6,085	6,115	12,118	12,209
Non-cash interest expense	$ 516	527	$ 1,021	1,066
Effective interest rates	6.43%		6.43%
Convertible Notes
Debt Instrument [Line Items]
Cash interest expense		418		921
Non-cash interest expense		941		2,040
2017 Senior Notes | Senior Notes
Debt Instrument [Line Items]
Cash interest expense	$ 8,594	8,593	$ 17,188	17,187
Non-cash interest expense	$ 259	241	$ 513	478
Effective interest rates	7.13%		7.13%
2020 Revolver
Debt Instrument [Line Items]
Cash interest expense	$ 130	552	$ 633	673
Non-cash interest expense	$ 141	$ 142	$ 283	$ 284

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Leases (Narrative) (Details)	Jun. 30, 2022
Minimum
Lessee, Lease, Description [Line Items]
Operating lease, remaining lease terms	1 year
Maximum
Lessee, Lease, Description [Line Items]
Operating lease, remaining lease terms	16 years

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Leases (Components Of Lease Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Lessee, Lease, Description [Line Items]
Operating lease expense	$ 3,912	$ 3,707	$ 8,069	$ 7,425
Short-term lease expense	12,991	18,301	27,435	39,426
Lease expense, gross	16,903	22,008	35,504	46,851
Less: Sublease income	190	176	380	346
Total lease expense	$ 16,713	$ 21,832	$ 35,124	$ 46,505
Maximum
Lessee, Lease, Description [Line Items]
Short term lease, lease term			1 year

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Leases (Supplemental Balance Sheet Information Related To Leases) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
ASSETS
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	OTHER ASSETS	OTHER ASSETS
Right-of-use assets	$ 56,018	$ 53,462
Liabilities
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Current lease liabilities	$ 7,420	$ 7,481
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Long-term lease liabilities	$ 53,025	$ 50,057
Total lease liabilities	$ 60,445	$ 57,538
Weighted-average remaining lease term	11 years 9 months 18 days	12 years
Weighted-average discount rate	9.35%	9.44%

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Leases (Supplemental Cash Flow And Other Information Related To Leases) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities	$ (7,717)	$ (6,855)
Right-of-use assets obtained in exchange for lease liabilities	$ 7,887	$ 5,780

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Leases (Maturity Of Leases Liabilities On An Undiscounted Basis) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Leases [Abstract]
2022 (excluding the six months ended June 30, 2022)	$ 6,409
2023	11,255
2024	8,776
2025	7,869
2026	6,489
Thereafter	65,120
Total lease payments	105,918
Less: Imputed interest	45,473
Total	$ 60,445	$ 57,538

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Commitments and Contingencies (Details) - USD ($) $ in Millions				1 Months Ended			3 Months Ended	6 Months Ended
	Dec. 13, 2019	Jun. 04, 2019	Feb. 26, 2015	Mar. 31, 2016	Jun. 30, 2015	Aug. 31, 2013	Dec. 31, 2019	Jun. 30, 2022	Jul. 02, 2018	Mar. 31, 2018
STP
Contingencies and Commitments
Ownership percentage in joint venture								45.00%
Alaskan Way Viaduct Matter
Contingencies and Commitments
Ownership percentage in joint venture								45.00%
Value of claim filed				$ 57.2	$ 532.0
Value of counterclaim filed				$ 667.0
Settlement on judgment, awarded to other party	$ 57.2
Pre-tax charge, impact from jury verdict							$ 166.8
Pre-tax accrual, impact from jury verdict							$ 25.7
George Washington Bridge Bus Station Matter
Contingencies and Commitments
Value of claim filed			$ 30.0
Value of project						$ 100.0
Value of counterclaim filed in excess of										$ 113.0
Court issued writ of attachment amount		$ 23.0
Proof of claim amount	$ 113.0
Value of damages seeking									$ 113.0
Return Of Retainage By Developer | George Washington Bridge Bus Station Matter
Contingencies and Commitments
Value of counterclaim filed in excess of										$ 29.0

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Share-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for future grant (in shares)	1,270,316		1,270,316
Stock options expired (in shares)			500,000
Weighted-average exercise prices, expired (in dollars per share)			$ 11.15
Cash used to settle liabilities			$ 2.6	$ 0.3
Costs for share-based payment arrangements	$ 1.4	$ 2.6	4.8	$ 5.0
Unamortized share-based compensation expense	18.8		$ 18.8
Weighted average period over which unrecognized compensation cost is expected to be recognized			2 years 1 month 6 days
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units granted (in shares)			375,769	280,000
Weighted-average fair values per share (in dollars per share)			$ 10.53	$ 18.59
Unrestricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units granted (in shares)			165,030	96,668
Weighted-average fair values per share (in dollars per share)			$ 10.63	$ 15.62
Cash-settled Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units granted (in shares)			315,768
Weighted-average fair values per share (in dollars per share)			$ 14.89
Restricted Stock Units, Guaranteed Minimum Payouts
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Liabilities recognized for restricted stock grants	$ 3.4		$ 3.4		$ 4.8

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Employee Pension Plans (Narrative) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021 USD ($)
Pension Plan Assets
Company contribution	$ 1.0

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Employee Pension Plans (Summary Of Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Summary of net periodic benefit cost
Interest cost	$ 647	$ 582	$ 1,293	$ 1,164
Service cost	240	237	480	473
Expected return on plan assets	(973)	(1,015)	(1,946)	(2,030)
Recognized net actuarial losses	638	683	1,277	1,366
Net periodic benefit cost	$ 552	$ 487	$ 1,104	$ 973

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Fair Value Measurements (Assets And Liabilities Measured At Fair Value On Recurring Basis) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Assets:
Cash and cash equivalents maturity period (maximum)	3 months
Fair value measured on a recurring basis
Assets:
Cash and cash equivalents	$ 309,267	$ 202,197
Restricted cash	4,485	9,199
Restricted investments	84,498	84,355
Investments in lieu of retainage	78,512	86,328
Total	476,762	382,079
Fair value measured on a recurring basis | Level 1
Assets:
Cash and cash equivalents	309,267	202,197
Restricted cash	4,485	9,199
Restricted investments	0	0
Investments in lieu of retainage	16,102	27,472
Total	329,854	238,868
Fair value measured on a recurring basis | Level 2
Assets:
Cash and cash equivalents	0	0
Restricted cash	0	0
Restricted investments	84,498	84,355
Investments in lieu of retainage	62,410	58,856
Total	146,908	143,211
Fair value measured on a recurring basis | Level 3
Assets:
Cash and cash equivalents	0	0
Restricted cash	0	0
Restricted investments	0	0
Investments in lieu of retainage	0	0
Total	0	0
Money Market Funds | Fair value measured on a recurring basis | Level 1
Assets:
Investments in lieu of retainage	16,100	27,500
Debt Securities | Fair value measured on a recurring basis | Level 1
Assets:
Investments in lieu of retainage	$ 62,400	$ 58,900

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Fair Value Measurements (Available for Sale) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amortized Cost	$ 154,679	$ 143,084
Unrealized Gains	221	1,523
Unrealized Losses	(7,992)	(1,396)
Fair Value	146,908	143,211
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Less than 12 Months, Fair Value	116,874	83,656
Less than 12 Months, Unrealized Losses	(6,428)	(1,308)
12 Months or Greater, Fair Value	17,541	2,652
12 Months or Greater, Unrealized Losses	(1,564)	(88)
Total, Fair Value	134,415	86,308
Total, Unrealized Losses	(7,992)	(1,396)
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Fair Value [Abstract]
Amortized Cost, Due within one year	22,628
Fair Value, Due within one year	22,529
Amortized Cost, Due after one year through five years	121,155
Fair Value, Due after one year through five years	114,512
Amortized Cost, Due after five years	10,896
Fair Value, Due after five years	9,867
Restricted investments:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amortized Cost	89,263	84,011
Unrealized Gains	24	999
Unrealized Losses	(4,789)	(655)
Fair Value	84,498	84,355
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Less than 12 Months, Fair Value	61,268	37,170
Less than 12 Months, Unrealized Losses	(3,312)	(572)
12 Months or Greater, Fair Value	15,194	1,938
12 Months or Greater, Unrealized Losses	(1,477)	(83)
Total, Fair Value	76,462	39,108
Total, Unrealized Losses	(4,789)	(655)
Investments in lieu of retention:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amortized Cost	65,416	59,073
Unrealized Gains	197	524
Unrealized Losses	(3,203)	(741)
Fair Value	62,410	58,856
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Less than 12 Months, Fair Value	55,606	46,486
Less than 12 Months, Unrealized Losses	(3,116)	(736)
12 Months or Greater, Fair Value	2,347	714
12 Months or Greater, Unrealized Losses	(87)	(5)
Total, Fair Value	57,953	47,200
Total, Unrealized Losses	(3,203)	(741)
Corporate debt securities | Restricted investments:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amortized Cost	50,971	46,649
Unrealized Gains	22	438
Unrealized Losses	(2,758)	(438)
Fair Value	48,235	46,649
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Less than 12 Months, Fair Value	32,447	28,639
Less than 12 Months, Unrealized Losses	(1,911)	(434)
12 Months or Greater, Fair Value	9,058	207
12 Months or Greater, Unrealized Losses	(847)	(4)
Total, Fair Value	41,505	28,846
Total, Unrealized Losses	(2,758)	(438)
Corporate debt securities | Investments in lieu of retention:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amortized Cost	64,601	58,261
Unrealized Gains	8	72
Unrealized Losses	(3,203)	(741)
Fair Value	61,406	57,592
U.S. government agency securities | Restricted investments:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amortized Cost	28,346	28,316
Unrealized Gains	2	459
Unrealized Losses	(1,063)	(133)
Fair Value	27,285	28,642
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Less than 12 Months, Fair Value	21,624	5,382
Less than 12 Months, Unrealized Losses	(666)	(97)
12 Months or Greater, Fair Value	4,462	824
12 Months or Greater, Unrealized Losses	(397)	(36)
Total, Fair Value	26,086	6,206
Total, Unrealized Losses	(1,063)	(133)
Municipal bonds | Restricted investments:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amortized Cost	9,380	8,475
Unrealized Gains	0	100
Unrealized Losses	(926)	(78)
Fair Value	8,454	8,497
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Less than 12 Months, Fair Value	6,843	2,714
Less than 12 Months, Unrealized Losses	(709)	(35)
12 Months or Greater, Fair Value	1,559	907
12 Months or Greater, Unrealized Losses	(217)	(43)
Total, Fair Value	8,402	3,621
Total, Unrealized Losses	(926)	(78)
Municipal bonds | Investments in lieu of retention:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amortized Cost	815	812
Unrealized Gains	189	452
Unrealized Losses	0	0
Fair Value	1,004	1,264
Corporate certificates of deposit | Restricted investments:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amortized Cost	566	571
Unrealized Gains	0	2
Unrealized Losses	(42)	(6)
Fair Value	524	567
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Less than 12 Months, Fair Value	354	435
Less than 12 Months, Unrealized Losses	(26)	(6)
12 Months or Greater, Fair Value	115	0
12 Months or Greater, Unrealized Losses	(16)	0
Total, Fair Value	469	435
Total, Unrealized Losses	$ (42)	$ (6)

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Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Senior Notes | 2017 Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	$ 410.0	$ 504.9
Term Loan B
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	$ 389.4	$ 419.7

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Variable Interest Entities (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Variable Interest Entity [Line Items]
Assets, current	$ 3,868,483,000		$ 3,868,483,000		$ 3,862,492,000
Liabilities, current	1,963,321,000		1,963,321,000		1,777,113,000
Revenue	$ 861,027,000	$ 1,219,243,000	$ 1,813,181,000	$ 2,426,838,000
Purple Line Extension Section 2 And Section 3
Variable Interest Entity [Line Items]
Percent interest in the joint venture			75.00%
Newark Airport Terminal One Design Build Project
Variable Interest Entity [Line Items]
Percent interest in the joint venture			80.00%
Joint Venture With O&G Industries | Purple Line Extension Section 2 And Section 3
Variable Interest Entity [Line Items]
Revenue			$ 2,800,000,000
O&G | Purple Line Extension Section 2 And Section 3
Variable Interest Entity [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners	25.00%		25.00%
Joint Venture With Parsons | Newark Airport Terminal One Design Build Project
Variable Interest Entity [Line Items]
Revenue			$ 1,400,000,000
Parsons Corporation | Newark Airport Terminal One Design Build Project
Variable Interest Entity [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners	20.00%		20.00%
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Assets, current	$ 400,000		$ 400,000		700,000
Liabilities, current	0		0		400,000
VIEs
Variable Interest Entity [Line Items]
Assets, current	558,400,000		558,400,000		568,200,000
Liabilities, current	576,100,000		576,100,000		496,900,000
Assets, noncurrent	$ 14,400,000		$ 14,400,000		$ 3,000,000

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Changes in Equity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Attributable to Tutor Perini Corporation:
Balance at the beginning of the period	$ 1,646,521	$ 1,572,081	$ 1,673,720	$ 1,542,945
Net income (loss)	(62,020)	41,611	(80,833)	66,716
Other comprehensive income (loss)	(2,991)	1,110	(6,480)	791
Share-based compensation	3,278	3,171	5,002	4,757
Issuance of common stock, net	158	(293)	76	(1,529)
Contributions from noncontrolling interests			961	4,000
Distributions to noncontrolling interests	(17,000)	(7,250)	(24,500)	(7,250)
Balance at the end of the period	1,567,946	1,610,430	1,567,946	1,610,430
Common Stock
Attributable to Tutor Perini Corporation:
Balance at the beginning of the period	51,200	50,938	51,096	50,827
Issuance of common stock, net	158	134	262	245
Balance at the end of the period	51,358	51,072	51,358	51,072
Additional Paid-in Capital
Attributable to Tutor Perini Corporation:
Balance at the beginning of the period	1,134,688	1,127,624	1,133,150	1,127,385
Share-based compensation	3,278	3,171	5,002	4,757
Issuance of common stock, net		(427)	(186)	(1,774)
Balance at the end of the period	1,137,966	1,130,368	1,137,966	1,130,368
Retained Earnings
Attributable to Tutor Perini Corporation:
Balance at the beginning of the period	492,676	438,419	514,310	422,385
Net income (loss)	(63,003)	31,165	(84,637)	47,199
Balance at the end of the period	429,673	469,584	429,673	469,584
Accumulated Other Comprehensive Loss
Attributable to Tutor Perini Corporation:
Balance at the beginning of the period	(46,745)	(47,356)	(43,635)	(46,741)
Other comprehensive income (loss)	(2,218)	830	(5,328)	215
Balance at the end of the period	(48,963)	(46,526)	(48,963)	(46,526)
Noncontrolling Interests
Attributable to Tutor Perini Corporation:
Balance at the beginning of the period	14,702	2,456	18,799	(10,911)
Net income (loss)	983	10,446	3,804	19,517
Other comprehensive income (loss)	(773)	280	(1,152)	576
Contributions from noncontrolling interests			961	4,000
Distributions to noncontrolling interests	(17,000)	(7,250)	(24,500)	(7,250)
Balance at the end of the period	$ (2,088)	$ 5,932	$ (2,088)	$ 5,932

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Other Comprehensive Income (Loss) (Schedule Of Components Of Other Comprehensive Income (Loss) And Related Tax Effects) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Defined benefit pension plan adjustments, Before-Tax Amount	$ 638	$ 683	$ 1,277	$ 1,366
Defined benefit pension plan adjustments, Tax (Expense) Benefit	(181)	(192)	(362)	(383)
Defined benefit pension plan adjustments, Net-of-Tax Amount	457	491	915	983
Foreign currency translation adjustment, Before-Tax Amount	(1,698)	446	(1,442)	848
Foreign currency translation adjustment, Tax (Expense) Benefit	308	(46)	309	(76)
Foreign currency translation adjustment, Net-of-Tax Amount	(1,390)	400	(1,133)	772
Unrealized gain (loss) in fair value of investments, Before-Tax Amount	(2,384)	303	(7,898)	(1,247)
Unrealized gain (loss) in fair value of investments, Tax (Expense) Benefit	326	(84)	1,636	283
Unrealized gain (loss) in fair value of investments, Net-of-Tax Amount	(2,058)	219	(6,262)	(964)
Total other comprehensive income (loss), Before-Tax Amount	(3,444)	1,432	(8,063)	967
Total other comprehensive income (loss), Tax Benefit (Expense)	453	(322)	1,583	(176)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX	(2,991)	1,110	(6,480)	791
Less: Other comprehensive income (loss) attributable to noncontrolling interests, Before-Tax Amount	(773)	280	(1,152)	576
Less: Other comprehensive income (loss) attributable to noncontrolling interests, Tax (Expense) Benefit	0	0	0	0
Less: Other comprehensive income (loss) attributable to noncontrolling interests, Net-of-Tax Amount	(773)	280	(1,152)	576
Total other comprehensive income (loss) attributable to Tutor Perini Corporation, Before-Tax Amount	(2,671)	1,152	(6,911)	391
Total other comprehensive income (loss) attributable to Tutor Perini Corporation, Tax (Expense) Benefit	453	(322)	1,583	(176)
Total other comprehensive income (loss)	$ (2,218)	$ 830	$ (5,328)	$ 215

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Other Comprehensive Income (Loss) (Schedule Of Changes In AOCI Balances By Component (After-Tax)) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Attributable to Tutor Perini Corporation:
Balance at the beginning of the period			$ 1,654,921
Balance at the beginning of the period, noncontrolling interests			18,799
Other comprehensive income (loss) before reclassifications	$ (2,699)	$ 353	(6,276)	$ (631)
Amounts reclassified from AOCI	481	477	948	846
Total other comprehensive income (loss)	(2,218)	830	(5,328)	215
Other comprehensive income (loss) attributable to noncontrolling interests	(773)	280	(1,152)	576
Balance at the end of the period, noncontrolling interests	(2,088)		(2,088)
Balance at the end of the period	1,570,034		1,570,034
Defined Benefit Pension Plan
Attributable to Tutor Perini Corporation:
Balance at the beginning of the period	(37,408)	(43,595)	(37,866)	(44,087)
Other comprehensive income (loss) before reclassifications	0	0	0	0
Amounts reclassified from AOCI	457	491	915	983
Total other comprehensive income (loss)	457	491	915	983
Balance at the end of the period	(36,951)	(43,104)	(36,951)	(43,104)
Foreign Currency Translation
Attributable to Tutor Perini Corporation:
Balance at the beginning of the period	(5,796)	(5,246)	(5,787)	(5,322)
Other comprehensive income (loss) before reclassifications	(772)	120	(781)	196
Amounts reclassified from AOCI	0	0	0	0
Total other comprehensive income (loss)	(772)	120	(781)	196
Balance at the end of the period	(6,568)	(5,126)	(6,568)	(5,126)
Unrealized Gain (Loss) in Fair Value of Investments, Net
Attributable to Tutor Perini Corporation:
Balance at the beginning of the period	(3,541)	1,485	18	2,668
Other comprehensive income (loss) before reclassifications	(1,927)	233	(5,495)	(827)
Amounts reclassified from AOCI	24	(14)	33	(137)
Total other comprehensive income (loss)	(1,903)	219	(5,462)	(964)
Balance at the end of the period	(5,444)	1,704	(5,444)	1,704
Accumulated Other Comprehensive Income (Loss)
Attributable to Tutor Perini Corporation:
Balance at the beginning of the period	(46,745)	(47,356)	(43,635)	(46,741)
Balance at the end of the period	(48,963)	(46,526)	(48,963)	(46,526)
AOCI Attributable to Noncontrolling Interest
Attributable to Tutor Perini Corporation:
Balance at the beginning of the period, noncontrolling interests	163	698	542	402
Balance at the end of the period, noncontrolling interests	(610)	978	(610)	978
Defined Benefit Pension Plan
Attributable to Tutor Perini Corporation:
Balance at the beginning of the period, noncontrolling interests	0	0	0	0
Other comprehensive income (loss) attributable to noncontrolling interests	0	0	0	0
Balance at the end of the period, noncontrolling interests	0	0	0	0
Foreign Currency Translation
Attributable to Tutor Perini Corporation:
Balance at the beginning of the period, noncontrolling interests	808	698	542	402
Other comprehensive income (loss) attributable to noncontrolling interests	(618)	280	(352)	576
Balance at the end of the period, noncontrolling interests	190	978	190	978
Unrealized Gain (Loss) in Fair Value of Investments, Net
Attributable to Tutor Perini Corporation:
Balance at the beginning of the period, noncontrolling interests	(645)	0	0	0
Other comprehensive income (loss) attributable to noncontrolling interests	(155)	0	(800)	0
Balance at the end of the period, noncontrolling interests	$ (800)	$ 0	$ (800)	$ 0

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Other Comprehensive Income (Loss) (AOCI Reclassifications) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other income, net	$ (1,020)	$ (1,431)	$ (4,717)	$ (1,606)
Income tax expense (benefit)	(43,718)	10,635	(47,607)	17,599
Net income (loss) attributable to Tutor Perini Corporation	63,003	(31,165)	84,637	(47,199)
Defined Benefit Pension Plan | Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other income, net	638	683	1,277	1,366
Income tax expense (benefit)	(181)	(192)	(362)	(383)
Net income (loss) attributable to Tutor Perini Corporation	457	491	915	983
Unrealized (gain) loss in fair value of investment adjustments | Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other income, net	31	(17)	42	(173)
Income tax expense (benefit)	(7)	3	(9)	36
Net income (loss) attributable to Tutor Perini Corporation	$ 24	$ (14)	$ 33	$ (137)

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Business Segments (Narrative) (Details)	6 Months Ended
	Jun. 30, 2022 segment
Segment Reporting [Abstract]
Number of reportable segments	3

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Business Segments (Reportable Segments) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information [Line Items]
Revenue	$ 861,027	$ 1,219,243	$ 1,813,181	$ 2,426,838
Loss from construction operations	(90,554)	68,753	(100,461)	118,457
Capital expenditures	16,817	9,025	28,845	18,860
Depreciation and amortization	18,283	35,261	38,521	62,135
Operating Segments
Segment Reporting Information [Line Items]
Revenue	906,235	1,340,226	1,953,819	2,705,488
Intersegment Eliminations
Segment Reporting Information [Line Items]
Revenue	(45,208)	(120,983)	(140,638)	(278,650)
Corporate
Segment Reporting Information [Line Items]
Revenue	0
Loss from construction operations	(13,989)	(13,792)	(28,499)	(26,733)
Capital expenditures	295	339	508	392
Depreciation and amortization	2,360	2,767	4,695	5,537
Civil
Segment Reporting Information [Line Items]
Revenue	403,622	555,352	794,417	1,030,927
Civil | Unfavorable Settlement due to Project in Maryland
Segment Reporting Information [Line Items]
Loss contingency	(16,200)		(16,200)
Loss contingency, after tax	$ (11,600)		$ (11,600)
Loss contingency, after tax, diluted (in dollars per share)	$ (0.23)		$ (0.23)
Civil | Adverse Legal Ruling Pertaining to Bridge Project in the Northeast
Segment Reporting Information [Line Items]
Loss contingency			$ (25,500)
Loss contingency, after tax			$ (18,300)
Loss contingency, after tax, diluted (in dollars per share)			$ (0.36)
Civil | Unfavorable Legal Ruling Pertaining To Mass-Transit Project In California
Segment Reporting Information [Line Items]
Loss contingency			$ (29,100)
Loss contingency, after tax			$ (22,900)
Loss contingency, after tax, diluted (in dollars per share)			$ (0.45)
Civil | Operating Segments
Segment Reporting Information [Line Items]
Revenue	$ 453,215	643,055	$ 913,957	1,226,199
Loss from construction operations	(9,767)	75,073	(10,734)	125,178
Capital expenditures	15,656	8,616	26,831	18,180
Depreciation and amortization	15,025	31,178	32,025	53,891
Civil | Intersegment Eliminations
Segment Reporting Information [Line Items]
Revenue	(49,593)	(87,703)	(119,540)	(195,272)
Building
Segment Reporting Information [Line Items]
Revenue	266,941	382,660	597,589	789,893
Building | Operating Segments
Segment Reporting Information [Line Items]
Revenue	262,556	415,801	618,534	872,971
Loss from construction operations	(67)	(2,488)	9,397	8,728
Capital expenditures	50	51	52	124
Depreciation and amortization	390	424	791	856
Building | Intersegment Eliminations
Segment Reporting Information [Line Items]
Revenue	4,385	(33,141)	(20,945)	(83,078)
Specialty Contractors
Segment Reporting Information [Line Items]
Revenue	190,464	$ 281,231	421,175	606,018
Specialty Contractors | Unfavorable Adjustment due to Electrical Project in the Northeast
Segment Reporting Information [Line Items]
Loss contingency	(33,500)		(33,500)
Loss contingency, after tax	$ (24,200)		$ (24,200)
Loss contingency, after tax, diluted (in dollars per share)	$ (0.47)		$ (0.47)
Specialty Contractors | Unfavorable Legal Appeal due to Electrical Project in the Northeast
Segment Reporting Information [Line Items]
Loss contingency	$ (17,800)		$ (17,800)
Loss contingency, after tax	$ (12,800)		$ (12,800)
Loss contingency, after tax, diluted (in dollars per share)	$ (0.25)		$ (0.25)
Specialty Contractors | Favorable Legal Ruling Pertaining to Electrical Project in New York
Segment Reporting Information [Line Items]
Loss contingency, after tax, diluted (in dollars per share)		$ (0.28)
Favorable arbitration		$ (20,100)		20,100
Favorable arbitration, after tax		(14,600)		$ 14,600
Favorable arbitration, after tax, diluted (in dollars per share)				$ 0.28
Specialty Contractors | Operating Segments
Segment Reporting Information [Line Items]
Revenue	$ 190,464	281,370	$ 421,328	$ 606,318
Loss from construction operations	(66,731)	9,960	(70,625)	11,284
Capital expenditures	816	19	1,454	164
Depreciation and amortization	508	892	1,010	1,851
Specialty Contractors | Intersegment Eliminations
Segment Reporting Information [Line Items]
Revenue	0	(139)	(153)	(300)
Total
Segment Reporting Information [Line Items]
Revenue	861,027	1,219,243	1,813,181	2,426,838
Total | Operating Segments
Segment Reporting Information [Line Items]
Revenue	906,235	1,340,226	1,953,819	2,705,488
Loss from construction operations	(76,565)	82,545	(71,962)	145,190
Capital expenditures	16,522	8,686	28,337	18,468
Depreciation and amortization	15,923	32,494	33,826	56,598
Total | Intersegment Eliminations
Segment Reporting Information [Line Items]
Revenue	$ (45,208)	$ (120,983)	(140,638)	$ (278,650)
Civil and Building | Unfavorable Adjustment due to Changes in Estimates on Transportation Project in the Northeast
Segment Reporting Information [Line Items]
Loss contingency			(14,600)
Loss contingency, after tax			$ (11,200)
Loss contingency, after tax, diluted (in dollars per share)			$ (0.22)

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Business Segments (Reconciliation Of Segment Results To Consolidated Income Before Income Taxes) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting [Abstract]
Income (loss) from construction operations	$ (90,554)	$ 68,753	$ (100,461)	$ 118,457
Other income, net	1,020	1,431	4,717	1,606
Interest expense	(16,204)	(17,938)	(32,696)	(35,748)
Income (loss) before income taxes	$ (105,738)	$ 52,246	$ (128,440)	$ 84,315

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Business Segments (Total Assets For Reportable Segments) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Assets	$ 4,719,683	$ 4,724,898
Corporate and other
Segment Reporting Information [Line Items]
Assets	(232,724)	(198,449)
Civil | Operating Segments
Segment Reporting Information [Line Items]
Assets	3,432,649	3,310,648
Building | Operating Segments
Segment Reporting Information [Line Items]
Assets	919,426	980,989
Specialty Contractors | Operating Segments
Segment Reporting Information [Line Items]
Assets	$ 600,332	$ 631,710