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, 2023
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 27, 2023 was 51,975,785.

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, 2023 and 2022 (Unaudited)	3
		Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2023 and 2022 (Unaudited)	4
		Condensed Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022 (Unaudited)	5
		Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2023 and 2022 (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	42
	Item 4.	Controls and Procedures	42
Part II.	Other Information:
	Item 1.	Legal Proceedings	43
	Item 1A.	Risk Factors	43
	Item 4.	Mine Safety Disclosures	43
	Item 5.	Other Information	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)	2023		2022		2023		2022
REVENUE	$	1,021,751	$	861,027	$	1,798,051	$	1,813,181
COST OF OPERATIONS	(956,790)		(895,250)		(1,757,259)		(1,797,059)
GROSS PROFIT (LOSS)	64,961		(34,223)		40,792		16,122
General and administrative expenses	(62,573)		(56,331)		(120,349)		(116,583)
INCOME (LOSS) FROM CONSTRUCTION OPERATIONS	2,388		(90,554)		(79,557)		(100,461)
Other income, net	3,058		1,020		9,475		4,717
Interest expense	(22,016)		(16,204)		(43,529)		(32,696)
LOSS BEFORE INCOME TAXES	(16,570)		(105,738)		(113,611)		(128,440)
Income tax (expense) benefit	(194)		43,718		47,918		47,607
NET LOSS	(16,764)		(62,020)		(65,693)		(80,833)
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	20,770		983		21,037		3,804
NET LOSS ATTRIBUTABLE TO TUTOR PERINI CORPORATION	$	(37,534)	$	(63,003)	$	(86,730)	$	(84,637)
BASIC LOSS PER COMMON SHARE	$	(0.72)	$	(1.23)	$	(1.68)	$	(1.65)
DILUTED LOSS PER COMMON SHARE	$	(0.72)	$	(1.23)	$	(1.68)	$	(1.65)
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING:
BASIC	51,803		51,276		51,678		51,192
DILUTED	51,803		51,276		51,678		51,192

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)	2023		2022		2023		2022
NET LOSS	$	(16,764)	$	(62,020)	$	(65,693)	$	(80,833)
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
Defined benefit pension plan adjustments	296		457		597		915
Foreign currency translation adjustments	528		(1,390)		778		(1,133)
Unrealized gain (loss) in fair value of investments	(592)		(2,058)		737		(6,262)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX	232		(2,991)		2,112		(6,480)
COMPREHENSIVE LOSS	(16,532)		(65,011)		(63,581)		(87,313)
LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	21,171		210		21,591		2,652
COMPREHENSIVE LOSS ATTRIBUTABLE TO TUTOR PERINI CORPORATION	$	(37,703)	$	(65,221)	$	(85,172)	$	(89,965)

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, 2023		As of December 31, 2022
ASSETS
CURRENT ASSETS:
Cash and cash equivalents ($163,088 and $168,408 related to variable interest entities (“VIEs”))	$	263,545	$	259,351
Restricted cash	10,914		14,480
Restricted investments	97,293		91,556
Accounts receivable ($80,770 and $54,040 related to VIEs)	1,226,636		1,171,085
Retention receivable ($153,699 and $187,615 related to VIEs)	557,358		585,556
Costs and estimated earnings in excess of billings ($72,051 and $83,911 related to VIEs)	1,224,663		1,377,528
Other current assets ($30,813 and $33,340 related to VIEs)	165,760		179,215
Total current assets	3,546,169		3,678,771
PROPERTY AND EQUIPMENT (“P&E”), net of accumulated depreciation of $520,109 and $505,512 (net P&E of $31,883 and $22,133 related to VIEs)	444,615		435,088
GOODWILL	205,143		205,143
INTANGIBLE ASSETS, NET	69,424		70,542
OTHER ASSETS	203,164		153,256
TOTAL ASSETS	$	4,468,515	$	4,542,800
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Current maturities of long-term debt	$	20,634	$	70,285
Accounts payable ($33,178 and $36,484 related to VIEs)	487,769		495,345
Retention payable ($32,589 and $44,859 related to VIEs)	226,036		246,562
Billings in excess of costs and estimated earnings ($468,399 and $480,839 related to VIEs)	1,025,252		975,812
Accrued expenses and other current liabilities ($7,181 and $5,082 related to VIEs)	196,450		179,523
Total current liabilities	1,956,141		1,967,527
LONG-TERM DEBT, less current maturities, net of unamortized discount and debt issuance costs totaling $12,330 and $13,980	905,623		888,154
OTHER LONG-TERM LIABILITIES	238,550		245,135
TOTAL LIABILITIES	3,100,314		3,100,816
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 51,969,840 and 51,521,336 shares	51,970		51,521
Additional paid-in capital	1,143,532		1,140,933
Retained earnings	217,571		304,301
Accumulated other comprehensive loss	(45,479)		(47,037)
Total stockholders' equity	1,367,594		1,449,718
Noncontrolling interests	607		(7,734)
TOTAL EQUITY	1,368,201		1,441,984
TOTAL LIABILITIES AND EQUITY	$	4,468,515	$	4,542,800

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)	2023		2022
Cash Flows from Operating Activities:
Net loss	$	(65,693)	$	(80,833)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation	19,636		28,344
Amortization of intangible assets	1,118		10,177
Share-based compensation expense	5,637		4,814
Change in debt discounts and deferred debt issuance costs	2,005		1,817
Deferred income taxes	(68,256)		(61,145)
Gain on sale of property and equipment	(5,038)		(168)
Changes in other components of working capital	188,761		269,104
Other long-term liabilities	(2,152)		7,885
Other, net	1,632		(1,297)
NET CASH PROVIDED BY OPERATING ACTIVITIES	77,650		178,698
Cash Flows from Investing Activities:
Acquisition of property and equipment	(30,623)		(28,845)
Proceeds from sale of property and equipment	6,758		6,420
Investments in securities	(14,521)		(10,409)
Proceeds from maturities and sales of investments in securities	9,227		4,919
NET CASH USED IN INVESTING ACTIVITIES	(29,159)		(27,915)
Cash Flows from Financing Activities:
Proceeds from debt	537,500		412,357
Repayment of debt	(571,332)		(439,236)
Cash payments related to share-based compensation	(284)		(1,009)
Distributions paid to noncontrolling interests	(15,250)		(24,500)
Contributions from noncontrolling interests	2,000		3,961
Debt issuance, extinguishment and modification costs	(497)		—
NET CASH USED IN FINANCING ACTIVITIES	(47,863)		(48,427)
Net increase in cash, cash equivalents and restricted cash	628		102,356
Cash, cash equivalents and restricted cash at beginning of period	273,831		211,396
Cash, cash equivalents and restricted cash at end of period	$	274,459	$	313,752

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, 2022. The results of operations for the three and six months ended June 30, 2023 may not be indicative of the results that will be achieved for the full year ending December 31, 2023.

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, 2023 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, 2023 and 2022.

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Civil segment revenue by end market:
Mass transit (includes certain transportation and tunneling projects)	$	361,082	$	225,574	$	549,542	$	482,712
Military facilities	83,811		60,355		169,378		110,149
Bridges	51,326		85,073		81,971		126,320
Commercial and industrial sites	29,089		11,694		51,593		23,604
Other	28,815		20,926		51,509		51,632
Total Civil segment revenue	$	554,123	$	403,622	$	903,993	$	794,417

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Building segment revenue by end market:
Municipal and government	$	97,814	$	83,826	$	187,434	$	159,781
Health care facilities	55,839		50,277		106,256		85,837
Education facilities	54,420		31,176		102,497		61,036
Mass transit (includes transportation projects)	62,871		10,447		96,191		70,648
Commercial and industrial facilities	16,026		49,309		54,297		88,395
Hospitality and gaming	16,979		24,077		36,585		100,995
Sports and entertainment	13,364		5,174		26,830		9,946
Other(a)	14,029		12,655		(49,095)		20,951
Total Building segment revenue	$	331,342	$	266,941	$	560,995	$	597,589

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)	2023		2022		2023		2022
Specialty Contractors segment revenue by end market:
Commercial and industrial facilities	$	53,583	$	36,444	$	107,810	$	66,301
Multi-unit residential	29,207		28,243		62,003		53,181
Mass transit (includes certain transportation and tunneling projects)	4,973		75,395		52,518		194,422
Water	20,147		13,972		48,481		35,419
Federal government	11,210		14,106		23,829		20,855
Health care facilities	14,048		6,382		23,579		14,957
Other(a)	3,118		15,922		14,843		36,040
Total Specialty Contractors segment revenue	$	136,286	$	190,464	$	333,063	$	421,175

	Three Months Ended June 30, 2023								Three Months Ended June 30, 2022
(in thousands)	Civil		Building		Specialty Contractors		Total		Civil		Building		Specialty Contractors		Total
Revenue by customer type:
State and local agencies	$	403,013	$	177,247	$	54,879	$	635,139	$	319,411	$	89,473	$	91,817	$	500,701
Federal agencies	98,711		47,090		(5,414)		140,387		62,991		42,402		3,186		108,579
Private owners	52,399		107,005		86,821		246,225		21,220		135,066		95,461		251,747
Total revenue	$	554,123	$	331,342	$	136,286	$	1,021,751	$	403,622	$	266,941	$	190,464	$	861,027

	Six Months Ended June 30, 2023								Six Months Ended June 30, 2022
(in thousands)	Civil		Building		Specialty Contractors		Total		Civil		Building		Specialty Contractors		Total
Revenue by customer type:
State and local agencies	$	616,440	$	313,848	$	140,561	$	1,070,849	$	633,253	$	213,163	$	184,048	$	1,030,464
Federal agencies	194,695		88,825		(3,521)		279,999		113,685		88,500		14,520		216,705
Private owners(a)	92,858		158,322		196,023		447,203		47,479		295,926		222,607		566,012
Total revenue	$	903,993	$	560,995	$	333,063	$	1,798,051	$	794,417	$	597,589	$	421,175	$	1,813,181

	Three Months Ended June 30, 2023								Three Months Ended June 30, 2022
(in thousands)	Civil		Building		Specialty Contractors		Total		Civil		Building		Specialty Contractors		Total
Revenue by contract type:
Fixed price	$	488,343	$	136,053	$	110,552	$	734,948	$	337,414	$	64,296	$	158,036	$	559,746
Guaranteed maximum price	(107)		125,070		(1,734)		123,229		301		145,954		3,361		149,616
Unit price	58,662		—		21,068		79,730		72,210		—		22,064		94,274
Cost plus fee and other	7,225		70,219		6,400		83,844		(6,303)		56,691		7,003		57,391
Total revenue	$	554,123	$	331,342	$	136,286	$	1,021,751	$	403,622	$	266,941	$	190,464	$	861,027

8

TUTOR PERINI CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

UNAUDITED

	Six Months Ended June 30, 2023								Six Months Ended June 30, 2022
(in thousands)	Civil		Building		Specialty Contractors		Total		Civil		Building		Specialty Contractors		Total
Revenue by contract type:
Fixed price	$	799,716	$	232,169	$	276,707	$	1,308,592	$	674,407	$	166,814	$	357,099	$	1,198,320
Guaranteed maximum price(a)	(45)		194,848		22		194,825		594		317,463		8,694		326,751
Unit price	91,674		—		45,132		136,806		122,720		33		36,886		159,639
Cost plus fee and other	12,648		133,978		11,202		157,828		(3,304)		113,279		18,496		128,471
Total revenue	$	903,993	$	560,995	$	333,063	$	1,798,051	$	794,417	$	597,589	$	421,175	$	1,813,181

____________________________________________________________________________________________________

(a)The six-month period ended June 30, 2023 includes the negative impact of a non-cash charge of $83.6 million in the first quarter of 2023 that resulted from an adverse legal ruling (of which $72.2 million impacted the Building segment and $11.4 million impacted the Specialty Contractors segment). Refer to Note 17, Business Segments, for additional details.

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, 2023 related to performance obligations satisfied (or partially satisfied) in prior periods by $3.1 million and $108.3 million, respectively. Refer to Note 17, Business Segments, for additional details on significant adjustments. 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.

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, 2023, the aggregate amounts of the transaction prices allocated to the remaining performance obligations of the Company’s construction contracts were $4.6 billion, $2.4 billion and $1.2 billion for the Civil, Building and Specialty Contractors segments, respectively. 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. 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, 2023		As of December 31, 2022
Retention receivable	$	557,358	$	585,556
Costs and estimated earnings in excess of billings:
Claims	572,617		677,367
Unapproved change orders	576,253		601,681
Other unbilled costs and profits	75,793		98,480
Total costs and estimated earnings in excess of billings	1,224,663		1,377,528
Capitalized contract costs	52,798		49,441
Total contract assets	$	1,834,819	$	2,012,525

9

TUTOR PERINI CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

UNAUDITED

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, 2023, the amount of retention receivable estimated by management to be collected beyond one year is approximately 58% 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. The amount of costs and estimated earnings in excess of billings as of June 30, 2023 estimated by management to be collected beyond one year is approximately $625.8 million.

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, 2023, $9.0 million and $19.8 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, 2022, $19.0 million and $31.6 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, 2023		As of December 31, 2022
Retention payable	$	226,036	$	246,562
Billings in excess of costs and estimated earnings	1,025,252		975,812
Total contract liabilities	$	1,251,288	$	1,222,374

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, 2023, 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, 2023 and

10

TUTOR PERINI CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

UNAUDITED

included in the opening billings in excess of costs and estimated earnings balances for each period totaled $439.5 million and $564.4 million, respectively. 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.

(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, 2023		As of December 31, 2022
Cash and cash equivalents available for general corporate purposes	$	65,126	$	47,711
Joint venture cash and cash equivalents	198,419		211,640
Cash and cash equivalents	263,545		259,351
Restricted cash	10,914		14,480
Total cash, cash equivalents and restricted cash	$	274,459	$	273,831

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 primarily 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 (“RSUs”) and unexercised stock options. The Company calculates the effect of the potentially dilutive RSUs 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)	2023		2022		2023		2022
Net loss attributable to Tutor Perini Corporation	$	(37,534)	$	(63,003)	$	(86,730)	$	(84,637)
Weighted-average common shares outstanding, basic	51,803		51,276		51,678		51,192
Effect of dilutive RSUs and stock options	—		—		—		—
Weighted-average common shares outstanding, diluted	51,803		51,276		51,678		51,192
Net loss attributable to Tutor Perini Corporation per common share:
Basic	$	(0.72)	$	(1.23)	$	(1.68)	$	(1.65)
Diluted	$	(0.72)	$	(1.23)	$	(1.68)	$	(1.65)
Anti-dilutive securities not included above	3,163		3,398		3,010		3,415

For both the three and six months ended June 30, 2023 and 2022, all outstanding RSUs 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 periods.

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(6)Income Taxes

The Company recognized income tax expense of $0.2 million for the three months ended June 30, 2023 and an income tax benefit of $47.9 million for the six months ended June 30, 2023. The effective income tax rate was (1.2)% and 42.2% for the three and six months ended June 30, 2023, respectively. The effective income tax rate for the three months ended June 30, 2023 was lower than the 21% federal statutory rate primarily due to the impact of a cumulative catch-up adjustment associated with the change in the Company’s projected 2023 effective tax rate that resulted from the revision of the Company’s forecast. The effective income tax rates for both periods were impacted by relatively large tax benefits generated against a forecasted pre-tax loss for the year, which magnified the impact these tax benefits had on the effective income tax rate. In periods with pre-tax losses, tax benefits generated during the period increase the effective income tax rate (and, thus, the income tax benefit to the Company) rather than decreasing the effective rate, as in periods with pre-tax income. The tax benefits that caused a higher effective tax rate were primarily the earnings attributable to noncontrolling interests (for which income taxes are not the responsibility of the Company) and state income taxes (net of the federal tax benefit), partially offset by non-deductible expenses.

For the three and six months ended June 30, 2022, the Company recognized an income tax benefit of $43.7 million and $47.6 million, respectively, with an effective income tax rate of 41.3% and 37.1%, respectively. The effective income tax rates for both periods were higher than the 21% federal statutory rate primarily due to tax benefits generated against a relatively low forecasted pre-tax loss for the year, which magnified the impact of tax benefits on the effective income tax rate. In periods with pre-tax losses, tax benefits generated during the period increase the effective income tax rate (and, thus, the income tax benefit to the Company) rather than decreasing the effective rate, as in periods with pre-tax income. 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 the federal tax benefit).

The Company had deferred tax assets of $79.0 million and $15.9 million at June 30, 2023 and December 31, 2022, respectively, which are included in other assets on the Condensed Consolidated Balance Sheets.

(7)Goodwill and Intangible Assets

Goodwill

The following table presents the changes in the carrying amount of goodwill since its inception through June 30, 2023:

(in thousands)	Civil		Building		Specialty Contractors		Total
Gross goodwill as of December 31, 2022	$	492,074	$	424,724	$	156,193	$	1,072,991
Accumulated impairment as of December 31, 2022	(286,931)		(424,724)		(156,193)		(867,848)
Goodwill as of December 31, 2022	205,143		—		—		205,143
Current year activity	—		—		—		—
Goodwill as of June 30, 2023	$	205,143	$	—	$	—	$	205,143

The Company performed its annual impairment test in the fourth quarter of 2022 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, 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, 2023								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		(27,004)		(23,232)		19,014		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		(149,290)		—		—		N/A
Total	$	381,940	$	(199,449)	$	(113,067)	$	69,424

	As of December 31, 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		(25,886)		(23,232)		20,132		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		(149,290)		—		—		N/A
Total	$	381,940	$	(198,331)	$	(113,067)	$	70,542

Amortization expense related to amortizable intangible assets for the three and six months ended June 30, 2023 was $0.6 million and $1.1 million, respectively. Amortization expense related to amortizable intangible assets for the three and six months ended June 30, 2022 was $4.7 million and $10.2 million, respectively. As of June 30, 2023, future amortization expense related to amortizable intangible assets will be approximately $1.1 million for the remainder of 2023, $2.2 million per year for the years 2024 through 2028 and $6.9 million thereafter.

The Company performed its annual impairment test for non-amortizable trade names during the fourth quarter of 2022. 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. Other amortizable intangible assets are reviewed for impairment whenever circumstances indicate that future cash flows generated by the assets might be less than the assets’ net carrying value. The Company had no impairment of intangible assets during the three and six months ended June 30, 2023 or 2022.

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(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, 2023		As of December 31, 2022
2017 Senior Notes	$	497,839	$	497,289
Term Loan B	359,110		404,169
Revolver	25,000		—
Equipment financing and mortgages	42,194		48,681
Other indebtedness	2,114		8,300
Total debt	926,257		958,439
Less: Current maturities	20,634		70,285
Long-term debt, net	$	905,623	$	888,154

The following table reconciles the outstanding debt balances to the reported debt balances as of June 30, 2023 and December 31, 2022:

	As of June 30, 2023						As of December 31, 2022
(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	$	(2,161)	$	497,839	$	500,000	$	(2,711)	$	497,289
Term Loan B	369,279		(10,169)		359,110		415,438		(11,269)		404,169

The unamortized issuance costs related to the Revolver were $1.8 million and $1.6 million as of June 30, 2023 and December 31, 2022, 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 “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 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 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 certain indebtedness and annual excess cash flow (in each case, subject to certain customary exceptions). At December 31, 2022, current maturities of long-term debt in the accompanying Condensed Consolidated Balance Sheet included a $44.0 million prepayment of principal on the Term Loan B, which was paid in April 2023, relating to the mandatory prepayment provision of the 2020 Credit Agreement in respect of annual excess cash flow.

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 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

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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) in the case of the Term Loan B, following the amendment to the 2020 Credit Agreement on May 2, 2023 (as discussed below), (x) the Adjusted Term Secured Overnight Financing Rate (“Adjusted Term SOFR”) (calculated with a 11.448 basis point, 26.161 basis point and 42.826 basis point credit spread adjustment for a 1, 3 and 6 month interest period, respectively) or (y) 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 Adjusted Term SOFR rate for a one-month interest period plus 100 basis points) and (B) in case of the Revolver, following the amendment to the 2020 Credit Agreement on October 31, 2022 (as discussed below), (x) the Adjusted Term SOFR rate (calculated with a 10 basis point credit spread adjustment for all interest periods) or (y) 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 Adjusted Term SOFR rate for a one-month interest period plus 100 basis points) plus, in each case, (ii) an applicable margin. The margin applicable to the Term Loan B is between 4.50% and 4.75% for Adjusted Term SOFR and between 3.50% and 3.75% for base rate, and, in each case, is based on the Total Net Leverage Ratio. The margin applicable to the Revolver is between 4.25% and 4.75% for Adjusted Term SOFR and 3.25% and 3.75% for base rate, and, in each case, is based on the First Lien Net Leverage Ratio. Effective following the amendment to the 2020 Credit Agreement on October 31, 2022, the Company’s original London Interbank Offered Rate (“LIBOR”) option in respect of the Revolver was transitioned to Adjusted Term SOFR. Effective May 2, 2023, the 2020 Credit Agreement was further amended to transition the Company’s original LIBOR option in respect of the Term Loan B to Adjusted Term SOFR. 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 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 2020 Credit Agreement includes customary provisions for the replacement of Adjusted Term SOFR with an alternative benchmark rate upon Adjusted Term SOFR being discontinued. The weighted-average annual interest rate on borrowings under the Revolver was 11.78% during the six months ended June 30, 2023.

The 2020 Credit Agreement initially required, solely with respect to the Revolver, 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 fiscal quarter ending March 31, 2022. On October 31, 2022, the 2020 Credit Agreement was amended to increase the maximum First Lien Net Leverage Ratio covenant level to 2.75:1.00 (from 2.25:1.00), effective the fiscal quarter ending September 30, 2022, and subsequently stepping back down to 2.25:1.00 beginning the fiscal quarter ending June 30, 2023. On March 10, 2023, the 2020 Credit Agreement was further amended to set the maximum First Lien Net Leverage Ratio covenant level to 3.50:1.00, effective the fiscal quarter ended December 31, 2022 and increasing to 3.75:1.00 for the fiscal quarter ending March 31, 2023 and subsequently stepping down to 3.00:1.00 for the fiscal quarter ending June 30, 2023, 2.50:1.00 for the fiscal quarter ending September 30, 2023 and 2.25:1.00 for the fiscal quarter ending December 31, 2023 and each fiscal quarter thereafter. 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, 2023, there was $150 million available under the Revolver. The Company had not utilized the Revolver for letters of credit. The Company was in compliance with the financial covenant under the 2020 Credit Agreement for the period ended June 30, 2023.

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.

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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)	2023		2022		2023		2022
Cash interest expense:
Interest on 2017 Senior Notes	$	8,594	$	8,594	$	17,188	$	17,188
Interest on Term Loan B	9,250		6,085		18,999		12,118
Interest on Revolver	2,807		130		4,552		633
Other interest	364		479		785		940
Total cash interest expense	21,015		15,288		41,524		30,879
Non-cash interest expense:(a)
Amortization of discount and debt issuance costs on Term Loan B	529		516		1,100		1,021
Amortization of debt issuance costs on Revolver	195		141		355		283
Amortization of debt issuance costs on 2017 Senior Notes	277		259		550		513
Total non-cash interest expense	1,001		916		2,005		1,817
Total interest expense	$	22,016	$	16,204	$	43,529	$	32,696

____________________________________________________________________________________________________

(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 10.84%, respectively, for the six months ended June 30, 2023.

(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, 2023, the Company’s operating leases have remaining lease terms ranging from less than one year to 15 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, 2023 and 2022:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Operating lease expense	$	3,387	$	3,912	$	6,861	$	8,069
Short-term lease expense(a)	12,692		12,991		26,611		27,435
	16,079		16,903		33,472		35,504
Less: Sublease income	198		190		392		380
Total lease expense	$	15,881	$	16,713	$	33,080	$	35,124

____________________________________________________________________________________________________

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

(dollars in thousands)	Balance Sheet Line Item	As of June 30, 2023			As of December 31, 2022
Assets
Right-of-use assets	Other assets	$	47,692		$	50,825
Total lease assets		$	47,692		$	50,825
Liabilities
Current lease liabilities	Accrued expenses and other current liabilities	$	5,710		$	6,709
Long-term lease liabilities	Other long-term liabilities	47,154			49,176
Total lease liabilities		$	52,864		$	55,885
Weighted-average remaining lease term		11.0 years			11.0 years
Weighted-average discount rate		11.90		%	11.77		%

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

	Six Months Ended June 30,
(in thousands)	2023		2022
Operating cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$	(6,807)	$	(7,717)
Non-cash activity:
Right-of-use assets obtained in exchange for lease liabilities	$	807	$	7,887

The following table presents maturities of operating lease liabilities on an undiscounted basis as of June 30, 2023:

Year (in thousands)	Operating Leases
2023 (excluding the six months ended June 30, 2023)	$	5,956
2024	10,224
2025	9,109
2026	7,556
2027	6,770
Thereafter	58,094
Total lease payments	97,709
Less: Imputed interest	44,845
Total	$	52,864

(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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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:

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.

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 September 15, 2022, the Washington Supreme Court affirmed the decision of the Court of Appeals, which limits recovery of certain damages under the Policy. Based on the rulings of the Court of Appeals, the case will continue for adjudication on the remaining facts and legal issues, including the number of covered occurrences which could increase the amount of available coverage under the Policy and the amount of investigative costs that are subject to the Policy limits. STP also has claims for costs, fees, pre-judgment interest and extra-contractual and statutory claims, which are not subject to the Policy limits.

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.

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 subsequently filed a counterclaim against WSDOT. 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. 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. 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. STP filed a petition for discretionary review by the Washington Supreme Court on July 12, 2022, which was denied by the Supreme Court on October 10, 2022. On October 18, 2022, STP paid the damages and associated interest from the judgment, which included the Company’s proportionate share of $34.6 million. As a result, the lawsuit between STP and WSDOT has concluded.

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UNAUDITED

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 facility opened to the public 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 were invalid due to lack of notice. TPBC denied the Developer’s claims and filed a counterclaim in March 2018. TPBC was seeking in excess of $113 million in the arbitration, which included 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. The Developer was seeking an additional $4.8 million in damages from TPBC beyond the $29 million it had withheld.

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 against Developer 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. TPBC filed an appeal with the U.S. Court of Appeals for the Second Circuit on August 20, 2021, which conducted oral argument on October 27, 2022. On April 10, 2023, the Second Circuit affirmed the bankruptcy court’s and district court’s denials of TPBC’s third-party beneficiary rights under the project’s lease agreement’s “cure” provisions and concluded that TPBC’s claims were not otherwise entitled to priority treatment under the Bankruptcy Code and should therefore be treated as unsecured claims that are subordinate to the claims of the secured lenders in the Developer’s bankruptcy case. As a result of this adverse decision from the Second Circuit, the Company recorded a non-cash, pre-tax charge to income (loss) from construction operations of $83.6 million in the first quarter of 2023. TPBC has no further avenues to recover its costs from the Developer or the bankruptcy-related actions, nor does the Developer have any ability to recover its claims against TPBC, and these lawsuits have now concluded.

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, which is pending.

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

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UNAUDITED

a motion to dismiss on March 4, 2022, which the federal bankruptcy court granted on September 30, 2022. This lawsuit is now concluded.

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 seeking the same $113 million in damages against the 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.

Management has made an estimate of the total anticipated recovery of TPBC’s claims against the individual owners of the Developer and the Port Authority on this project, and such estimate is included in revenue recorded to date.

(11)Share-Based Compensation

As of June 30, 2023, there were 593,685 shares of common stock available for grant under the Tutor Perini Corporation Omnibus Incentive Plan. During the six months ended June 30, 2023 and 2022, the Company granted the following share-based instruments: (1) RSUs totaling 590,188 and 375,769, respectively, with weighted-average grant date fair values per unit of $8.66 and $10.53, respectively; (2) shares of unrestricted stock totaling 302,112 and 165,030, respectively, with weighted-average grant date fair values per share of $5.66 and $10.63, respectively; and (3) cash-settled performance stock units (“CPSUs”) totaling 901,541 and 315,768, respectively, with weighted-average grant date fair values per unit of $11.18 and $14.89, respectively. During the six months ended June 30, 2023, the Company also granted a cash award with a service-based vesting condition and payout indexed to 90,000 shares of the Company’s common stock, with a weighted-average grant date fair value of $8.98 per share.

As of June 30, 2023 and December 31, 2022, the Company recognized liabilities for CPSUs and RSUs with guaranteed minimum payouts and certain cash-settled awards on the Condensed Consolidated Balance Sheets totaling approximately $5.0 million and $2.1 million, respectively. During the six months ended June 30, 2023 and 2022, the Company paid approximately $0.2 million and $2.6 million, respectively, to settle certain awards upon vesting.

For the three and six months ended June 30, 2023, the Company recognized, as part of general and administrative expenses, costs for share-based payment arrangements totaling $2.6 million and $5.6 million, respectively, and $1.4 million and $4.8 million for the three and six months ended June 30, 2022, respectively. As of June 30, 2023, the balance of unamortized share-based compensation expense was $18.7 million, which is expected to be recognized over a weighted-average period of 2.0 years. During the three and six months ended June 30, 2023, share-based compensation was reduced by $0.5 million due to the modification of certain share-based awards. The modifications related to the separation of certain employees from the Company. The modifications also resulted in a modification-date fair value totaling $0.4 million which will be amortized as share-based compensation expense through March 2024.

(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.

The following table sets forth a summary of the net periodic benefit cost for the three and six months ended June 30, 2023 and 2022:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Interest cost	$	969	$	647	$	1,938	$	1,293
Service cost	255		240		510		480
Expected return on plan assets	(979)		(973)		(1,957)		(1,946)
Recognized net actuarial losses	413		638		826		1,277
Net periodic benefit cost	$	658	$	552	$	1,317	$	1,104

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

UNAUDITED

Due to availability of our prefunded pension balance related to the defined benefit pension plan, the Company was not required to make any cash payments during the six months ended June 30, 2023. The Company expects to contribute $1.3 million in cash by the end of 2023. Due to the election of certain options provided under the American Rescue Plan Act of 2021, enacted on March 11, 2021, the Company was not required to, and did not contribute, amounts to the defined benefit pension plan during the six months ended June 30, 2022.

(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, 2023 and December 31, 2022:

	As of June 30, 2023								As of December 31, 2022
	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)	$	263,545	$	—	$	—	$	263,545	$	259,351	$	—	$	—	$	259,351
Restricted cash(a)	10,914		—		—		10,914		14,480		—		—		14,480
Restricted investments(b)	—		97,293		—		97,293		—		91,556		—		91,556
Investments in lieu of retention(c)	17,917		74,297		—		92,214		20,100		68,228		—		88,328
Total	$	292,376	$	171,590	$	—	$	463,966	$	293,931	$	159,784	$	—	$	453,715

____________________________________________________________________________________________________

(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, 2023 and December 31, 2022, 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, 2023 and December 31, 2022, and are comprised of money market funds of $17.9 million and $20.1 million, respectively, and AFS debt securities of $74.3 million and $68.2 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, 2023 and December 31, 2022:

	As of June 30, 2023								As of December 31, 2022
(in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value		Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Restricted investments:
Corporate debt securities	$	64,151	$	—	$	(3,350)	$	60,801	$	53,452	$	1	$	(3,550)	$	49,903
U.S. government agency securities	30,126		—		(1,534)		28,592		34,920		13		(1,688)		33,245
Municipal bonds	8,538		—		(1,087)		7,451		9,211		—		(1,257)		7,954
Corporate certificates of deposit	502		—		(53)		449		507		—		(53)		454
Total restricted investments	103,317		—		(6,024)		97,293		98,090		14		(6,548)		91,556
Investments in lieu of retention:
Corporate debt securities	76,611		—		(3,336)		73,275		70,968		1		(3,724)		67,245
Municipal bonds	820		202		—		1,022		818		165		—		983
Total investments in lieu of retention	77,431		202		(3,336)		74,297		71,786		166		(3,724)		68,228
Total AFS debt securities	$	180,748	$	202	$	(9,360)	$	171,590	$	169,876	$	180	$	(10,272)	$	159,784

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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, 2023 and December 31, 2022:

	As of June 30, 2023
	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	$	23,921	$	(227)	$	35,880	$	(3,123)	$	59,801	$	(3,350)
U.S. government agency securities	8,097		(90)		20,494		(1,444)		28,591		(1,534)
Municipal bonds	348		(5)		7,103		(1,082)		7,451		(1,087)
Corporate certificates of deposit	—		—		449		(53)		449		(53)
Total restricted investments	32,366		(322)		63,926		(5,702)		96,292		(6,024)
Investments in lieu of retention:
Corporate debt securities	26,699		(299)		46,576		(3,037)		73,275		(3,336)
Total investments in lieu of retention	26,699		(299)		46,576		(3,037)		73,275		(3,336)
Total AFS debt securities	$	59,065	$	(621)	$	110,502	$	(8,739)	$	169,567	$	(9,360)

	As of December 31, 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	$	23,559	$	(733)	$	25,842	$	(2,817)	$	49,401	$	(3,550)
U.S. government agency securities	24,834		(939)		5,593		(749)		30,427		(1,688)
Municipal bonds	4,998		(672)		2,956		(585)		7,954		(1,257)
Corporate certificates of deposit	63		(12)		391		(41)		454		(53)
Total restricted investments	53,454		(2,356)		34,782		(4,192)		88,236		(6,548)
Investments in lieu of retention:
Corporate debt securities	34,553		(843)		32,391		(2,881)		66,944		(3,724)
Total investments in lieu of retention	34,553		(843)		32,391		(2,881)		66,944		(3,724)
Total AFS debt securities	$	88,007	$	(3,199)	$	67,173	$	(7,073)	$	155,180	$	(10,272)

The unrealized losses in AFS debt securities as of June 30, 2023 and December 31, 2022 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, 2023 and December 31, 2022.

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, consistent with the same period in 2022, the Company has not recognized any impairment losses in earnings during the six months ended June 30, 2023.

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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, 2023 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	$	28,601	$	28,095
Due after one year through five years	141,769		134,459
Due after five years	10,378		9,036
Total	$	180,748	$	171,590

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 $421.3 million and $439.7 million as of June 30, 2023 and December 31, 2022, respectively. The fair values of the 2017 Senior Notes were determined using Level 1 inputs, specifically current observable market prices. The fair value of the Term Loan B was $330.5 million and $389.5 million as of June 30, 2023 and December 31, 2022, respectively. The fair values of the Term Loan B were 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, 2023 and December 31, 2022.

(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, 2023, the Company had unconsolidated VIE-related current assets and liabilities of $0.6 million and $0.2 million, respectively, included in the Company’s Condensed Consolidated Balance Sheets. As of December 31, 2022, the Company had unconsolidated VIE-related current assets of $0.4 million included in the Company’s Condensed Consolidated Balance Sheets. 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, 2023.

As of June 30, 2023, the Company’s Condensed Consolidated Balance Sheets included current and noncurrent assets of $500.4 million and $31.9 million, respectively, as well as current liabilities of $541.3 million related to the operations of its consolidated VIEs. As of December 31, 2022, the Company’s Condensed Consolidated Balance Sheets included current and noncurrent assets of $527.3 million and $22.4 million, respectively, as well as current liabilities of $567.3 million related to the operations of its consolidated VIEs.

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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, 2023 and 2022 is provided below:

	Three Months Ended June 30, 2023
(in thousands)	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Noncontrolling Interests		Total Equity
Balance - March 31, 2023	$	51,645	$	1,142,081	$	255,105	$	(45,310)	$	(13,814)	$	1,389,707
Net income (loss)	—		—		(37,534)		—		20,770		(16,764)
Other comprehensive income (loss)	—		—		—		(169)		401		232
Share-based compensation	—		1,635		—		—		—		1,635
Issuance of common stock, net	325		(184)		—		—		—		141
Distributions to noncontrolling interests	—		—		—		—		(6,750)		(6,750)
Balance - June 30, 2023	$	51,970	$	1,143,532	$	217,571	$	(45,479)	$	607	$	1,368,201

	Six Months Ended June 30, 2023
(in thousands)	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Noncontrolling Interests		Total Equity
Balance - December 31, 2022	$	51,521	$	1,140,933	$	304,301	$	(47,037)	$	(7,734)	$	1,441,984
Net income (loss)	—		—		(86,730)		—		21,037		(65,693)
Other comprehensive income	—		—		—		1,558		554		2,112
Share-based compensation	—		3,030		—		—		—		3,030
Issuance of common stock, net	449		(431)		—		—		—		18
Contributions from noncontrolling interests	—		—		—		—		2,000		2,000
Distributions to noncontrolling interests	—		—		—		—		(15,250)		(15,250)
Balance - June 30, 2023	$	51,970	$	1,143,532	$	217,571	$	(45,479)	$	607	$	1,368,201

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

UNAUDITED

	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

(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”).

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

UNAUDITED

The components of other comprehensive income (loss) and the related tax effects for the three and six months ended June 30, 2023 and 2022 were as follows:

	Three Months Ended June 30, 2023						Three Months Ended June 30, 2022
(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	$	411	$	(115)	$	296	$	638	$	(181)	$	457
Foreign currency translation adjustments	562		(34)		528		(1,698)		308		(1,390)
Unrealized loss in fair value of investments	(751)		159		(592)		(2,384)		326		(2,058)
Total other comprehensive income (loss)	222		10		232		(3,444)		453		(2,991)
Less: Other comprehensive income (loss) attributable to noncontrolling interests	401		—		401		(773)		—		(773)
Total other comprehensive loss attributable to Tutor Perini Corporation	$	(179)	$	10	$	(169)	$	(2,671)	$	453	$	(2,218)

	Six Months Ended June 30, 2023						Six Months Ended June 30, 2022
(in thousands)	Before-Tax Amount		Tax Expense		Net-of-Tax Amount		Before-Tax Amount		Tax (Expense) Benefit		Net-of-Tax Amount
Other comprehensive income (loss):
Defined benefit pension plan adjustments	$	826	$	(229)	$	597	$	1,277	$	(362)	$	915
Foreign currency translation adjustments	902		(124)		778		(1,442)		309		(1,133)
Unrealized gain (loss) in fair value of investments	934		(197)		737		(7,898)		1,636		(6,262)
Total other comprehensive income (loss)	2,662		(550)		2,112		(8,063)		1,583		(6,480)
Less: Other comprehensive income (loss) attributable to noncontrolling interests	554		—		554		(1,152)		—		(1,152)
Total other comprehensive income (loss) attributable to Tutor Perini Corporation	$	2,108	$	(550)	$	1,558	$	(6,911)	$	1,583	$	(5,328)

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, 2023 and 2022 were as follows:

	Three Months Ended June 30, 2023
(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, 2023	$	(32,336)	$	(7,010)	$	(5,964)	$	(45,310)
Other comprehensive income (loss) before reclassifications	—		90		(598)		(508)
Amounts reclassified from AOCI	296		—		43		339
Total other comprehensive income (loss)	296		90		(555)		(169)
Balance as of June 30, 2023	$	(32,040)	$	(6,920)	$	(6,519)	$	(45,479)
Attributable to Noncontrolling Interests:
Balance as of March 31, 2023	$	—	$	(780)	$	(797)	$	(1,577)
Other comprehensive income (loss)	—		438		(37)		401
Balance as of June 30, 2023	$	—	$	(342)	$	(834)	$	(1,176)

27

TUTOR PERINI CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

UNAUDITED

	Six Months Ended June 30, 2023
(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, 2022	$	(32,637)	$	(7,241)	$	(7,159)	$	(47,037)
Other comprehensive income before reclassifications	—		321		573		894
Amounts reclassified from AOCI	597		—		67		664
Total other comprehensive income	597		321		640		1,558
Balance as of June 30, 2023	$	(32,040)	$	(6,920)	$	(6,519)	$	(45,479)
Attributable to Noncontrolling Interests:
Balance as of December 31, 2022	$	—	$	(799)	$	(931)	$	(1,730)
Other comprehensive income	—		457		97		554
Balance as of June 30, 2023	$	—	$	(342)	$	(834)	$	(1,176)

	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)

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, 2023 and 2022 were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Component of AOCI:
Defined benefit pension plan adjustments(a)	$	411	$	638	$	826	$	1,277
Income tax benefit(b)	(115)		(181)		(229)		(362)
Net of tax	$	296	$	457	$	597	$	915
Unrealized loss in fair value of investment adjustments(a)	$	55	$	31	$	85	$	42
Income tax benefit(b)	(12)		(7)		(18)		(9)
Net of tax	$	43	$	24	$	67	$	33

___________________________________________________________________________________________________

(a)Amounts 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 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, 2023 and 2022:

	Reportable Segments
(in thousands)	Civil		Building		Specialty Contractors		Total			Corporate			Consolidated Total
Three Months Ended June 30, 2023
Total revenue	$	555,553	$	321,933	$	136,323	$	1,013,809		$	—		$	1,013,809
Elimination of intersegment revenue	(1,430)		9,409		(37)		7,942			—			7,942
Revenue from external customers	$	554,123	$	331,342	$	136,286	$	1,021,751		$	—		$	1,021,751
Income (loss) from construction operations	$	105,407	$	(13,831)	$	(69,832)	$	21,744	(a)	$	(19,356)	(b)	$	2,388
Capital expenditures	$	9,643	$	1,458	$	256	$	11,357		$	1,470		$	12,827
Depreciation and amortization(c)	$	7,074	$	455	$	622	$	8,151		$	2,195		$	10,346
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)	(d)	$	(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

____________________________________________________________________________________________________

(a)During the three months ended June 30, 2023, the Company’s income (loss) from construction operations was impacted by favorable adjustments totaling $58.1 million ($46.1 million, or $0.89 per diluted share, after tax) resulting from changes in estimates due to improved performance on a Civil segment mass-transit project in California, $35.8 million ($26.0 million, or $0.50 per diluted share, after tax) of unfavorable non-cash adjustments due to changes in estimates on the Specialty Contractors segment’s electrical and mechanical scope of a transportation project in the Northeast associated with a change in the expected recovery on certain unapproved change orders, a non-cash charge of $24.7 million ($18.0 million, or $0.35 per diluted share, after tax) that resulted from an adverse legal ruling on a Specialty Contractors segment educational facilities project in New York and a $13.1 million ($10.2 million, or $0.20 per diluted share, after tax) unfavorable adjustment on a transportation project in the Northeast, split evenly between the Civil and Building segments, due to the settlement of certain change orders during project closeout.

(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, 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.

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, 2023
Total revenue	$	933,777	$	551,224	$	333,071	$	1,818,072		$	—		$	1,818,072
Elimination of intersegment revenue	(29,784)		9,771		(8)		(20,021)			—			(20,021)
Revenue from external customers	$	903,993	$	560,995	$	333,063	$	1,798,051		$	—		$	1,798,051
Income (loss) from construction operations	$	123,419	$	(84,040)	$	(82,280)	$	(42,901)	(a)	$	(36,656)	(b)	$	(79,557)
Capital expenditures	$	24,708	$	3,475	$	700	$	28,883		$	1,740		$	30,623
Depreciation and amortization(c)	$	14,055	$	912	$	1,241	$	16,208		$	4,546		$	20,754
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)	(d)	$	(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

____________________________________________________________________________________________________

(a)During the six months ended June 30, 2023, the Company’s income (loss) from construction operations was impacted by an adverse legal ruling on a completed mixed-use project in New York, which resulted in a non-cash, pre-tax charge of $83.6 million ($60.1 million, or $1.16 per diluted share, after-tax), of which $72.2 million impacted the Building segment and $11.4 million impacted the Specialty Contractors segment, $35.8 million ($26.0 million, or $0.50 per diluted share, after tax) of unfavorable non-cash adjustments due to changes in estimates on the Specialty Contractors segment’s electrical and mechanical scope of a transportation project in the Northeast associated with a change in the expected recovery on certain unapproved change orders, net favorable adjustments of $30.1 million ($23.9 million, or $0.46 per diluted share, after tax) for a Civil segment mass-transit project in California that resulted from changes in estimates due to improved performance, a non-cash charge of $24.7 million ($18.0 million, or $0.35 per diluted share, after tax) that resulted from an adverse legal ruling on a Specialty Contractors segment educational facilities project in New York, and a $13.1 million ($10.2 million, or $0.20 per diluted share, after tax) unfavorable adjustment on a transportation project in the Northeast, split evenly between the Civil and Building segments, due to the settlement of certain change orders during project closeout.

(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, 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.

31

TUTOR PERINI CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

UNAUDITED

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

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Income (loss) from construction operations	$	2,388	$	(90,554)	$	(79,557)	$	(100,461)
Other income, net	3,058		1,020		9,475		4,717
Interest expense	(22,016)		(16,204)		(43,529)		(32,696)
Loss before income taxes	$	(16,570)	$	(105,738)	$	(113,611)	$	(128,440)

Total assets by segment were as follows:

(in thousands)	As of June 30, 2023		As of December 31, 2022
Civil	$	3,459,839	$	3,402,934
Building	909,226		898,816
Specialty Contractors	357,831		483,535
Corporate and other(a)	(258,381)		(242,485)
Total assets	$	4,468,515	$	4,542,800

____________________________________________________________________________________________________

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

Major Customer

Revenue from a single customer with multiple projects, impacting the Civil, Building and Specialty Contractors segments, represented 15.8% and 17.4% of the Company’s consolidated revenue for the three and six months ended June 30, 2023, respectively.

32

TUTOR PERINI CORPORATION AND SUBSIDIARIES

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

The following discussion and analysis of our financial position as of June 30, 2023 and the results of our operations for the three and six months ended June 30, 2023 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, 2022, and the information contained under the heading “Risk Factors” in our Annual Report on Form 10‑K for the year ended December 31, 2022 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:

•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;

•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;

•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;

•A significant slowdown or decline in economic conditions, such as those presented during a recession;

•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;

•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, labor conditions and other unforeseeable events in countries where we do business, which could adversely affect our revenue and earnings;

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

•An inability to obtain bonding could have a negative impact on our operations and results;

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

•Failure to meet our obligations under our debt agreements, especially in a high interest rate environment;

•Downgrades in our credit ratings;

•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;

•Risks related to government contracts and related procurement regulations;

•Significant fluctuations in the market price of our common stock, which could result in substantial losses for stockholders and potentially subject us to securities litigation;

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

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

33

•Public health crises, such as COVID-19, have adversely impacted, and could in the future 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;

•Physical and regulatory risks related to climate change;

•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

During 2020 and 2021, the COVID-19 pandemic caused shut-downs or significant reductions in the operations of various courts and arbitration offices, which hindered the Company’s ability to resolve disputes related to unapproved work and 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. This negative impact from the pandemic lessened in 2022 and remains low in 2023, with certain previously delayed disputes finally resolved and other settlement conferences and trial dates scheduled or being scheduled. Consequently, the Company continues to expect to make substantial progress in the resolution of various disputes and unapproved change orders in 2023 and beyond.

Through the latter part of 2021, the pandemic also significantly delayed the bidding and awarding of various large prospective civil projects, which has affected the volume and timing of our new awards. The follow-on impact has been a substantial but temporary reduction in our backlog, revenue and income from construction operations over the past three years. For example, the Company’s consolidated backlog had been near a record level at $11.2 billion as of December 31, 2019, just prior to the onset of the COVID-19 pandemic, but declined in each subsequent year through 2022, and was $7.9 billion as of December 31, 2022, a 29% decrease compared to the end of 2019. Similarly, revenue declined 29% from $5.3 billion for 2020 to $3.8 billion for 2022, though there were other factors that contributed to the revenue decline, particularly in 2022, as discussed in the Form 10-K filed for the year ended December 31, 2022. The current impacts from the pandemic have lessened, as evidenced by the recent strong growth in the Company’s backlog to $10.9 billion as of June 30, 2023, due primarily to new awards in the second quarter of 2023, as discussed below. However, the follow-on impact from delayed project bids and large contract awards has had a negative impact on our ability to generate revenue and profit, which has continued into 2023. In addition, many of our state and local government customers’ revenue sources were negatively impacted by the pandemic due to a reduction of commuter and business travel. 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 continued to moderate.

Operating Results

Consolidated revenue for the three months ended June 30, 2023 was $1.0 billion, up 19% compared to the second quarter of 2022, and was $1.8 billion for the first six months of both 2023 and 2022. The increase for the three-month period of 2023 was largely due to improved contributions from certain Civil segment mass-transit projects in California that have significant work remaining, as well as the absence of certain prior-year unfavorable adjustments related to a transportation project in the Northeast and the settlement of a long-disputed, completed Civil segment project in Maryland. The increase was partially offset by a current-year non-cash charge on a Specialty Contractors segment educational facilities project in New York that resulted from an adverse court ruling. Revenue for both six-month periods included unfavorable adjustments on certain projects, the impacts of which were comparable in the two periods, and which are discussed in more detail below in Results of Segment Operations. In addition, customer budgetary constraints induced by the COVID-19 pandemic, combined with certain political and other factors, resulted in the Company not being awarded certain Civil segment projects over the last few years totaling more than $10.0 billion despite having been the low or preferred bidder. Not being awarded these projects also impacted revenue for the first two quarters of both 2023 and 2022, and most of these projects are now expected to be re-bid in 2024. Furthermore, the Company was unsuccessful in its pursuit of certain large prospective Civil segment projects in the second half of 2021, which also unfavorably impacted revenue in 2022 and 2023.

Income from construction operations for the three months ended June 30, 2023 was $2.4 million compared to loss from construction operations of $90.6 million for the same period in 2022. The improvement was largely due to favorable adjustments totaling $58.1 million on a mass-transit project in California associated with changes in estimates due to improved performance, as well as contributions related to the volume increase associated with certain other Civil segment mass-transit projects in California discussed above and the absence of several prior-year unfavorable adjustments discussed below in Results of Segment Operations. The impact from the absence of these prior-year unfavorable adjustments was partially offset by current-year adjustments, including unfavorable non-cash adjustments of $35.8 million due to changes in estimates on the

34

Specialty Contractors segment’s electrical and mechanical scope of a transportation project in the Northeast associated with a change in the expected recovery on certain unapproved change orders, an unfavorable non-cash charge of $24.7 million that resulted from an adverse court ruling on a Specialty Contractors segment educational facilities project in New York, and a $13.1 million unfavorable adjustment on the same transportation project in the Northeast, split evenly between the Civil and Building segments, due to the settlement of certain change orders during project closeout.

Loss from construction operations for the six months ended June 30, 2023 was $79.6 million compared to $100.5 million for the same period in 2022. The change was favorably impacted by the same factors discussed above for the three-month period, including net favorable adjustments of $30.1 million on a mass-transit project in California that resulted from changes in estimates due to improved performance, as well as by the absence of certain additional prior-year unfavorable adjustments discussed below in Results of Segment Operations and a $14.6 million prior-year unfavorable adjustment split evenly between the Civil and Building segments due to changes in estimates on a transportation project in the Northeast. The impact from the absence of these prior-year unfavorable adjustments was mostly offset by a current-year first-quarter unfavorable adjustment related to an adverse legal ruling on a completed mixed-use project in New York, which resulted in a non-cash, pre-tax charge of $83.6 million, of which $72.2 million impacted the Building segment and $11.4 million impacted the Specialty Contractors segment.

Income tax expense was $0.2 million for the three months ended June 30, 2023, and for the six months ended June 30, 2023 an income tax benefit of $47.9 million was recognized. This compares to an income tax benefit of $43.7 million and $47.6 million for the three and six months ended June 30, 2022, respectively. See Corporate, Tax and Other Matters below for a discussion of the change in the effective tax rate.

Diluted loss per common share for the three and six months ended June 30, 2023 was $0.72 and $1.68, respectively, compared to diluted loss per common share of $1.23 and $1.65 for the same periods in 2022. The change in diluted loss per common share in both periods of 2023 was primarily due to the factors discussed above that led to the change in income (loss) from construction operations.

Consolidated new awards for the three and six months ended June 30, 2023 totaled $4.0 billion and $4.7 billion, respectively, compared to $1.1 billion and $2.1 billion for the same periods in 2022. The Building segment was the primary contributor to the new award activity in the second quarter of 2023. The most significant new awards and contract adjustments in the second quarter of 2023 included the $3.0 billion Brooklyn Jail design-build project in New York; a $222 million military facilities project at Tinian International Airport in the Commonwealth of the Northern Mariana Islands; $206 million of additional funding for a mass-transit project in California; $103 million of additional funding for a health care project in California; $87 million of additional funding for a mass-transit project in Minnesota; and a $54 million bridge project in Minnesota.

Consolidated backlog as of June 30, 2023 was $10.9 billion, up 37% compared to $7.9 billion as of December 31, 2022. As of June 30, 2023, the mix of backlog by segment was approximately 42% for Civil, 41% for Building and 17% for Specialty Contractors.

The following table presents the Company’s backlog by business segment, reflecting changes from December 31, 2022 to June 30, 2023:

(in millions)	Backlog at December 31, 2022		New  Awards(a)		Revenue  Recognized		Backlog at June 30, 2023(b)
Civil	$	4,416.3	$	1,068.8	$	(904.0)	$	4,581.1
Building	2,223.6		2,793.9		(561.0)		4,456.5
Specialty Contractors	1,289.2		870.4		(333.1)		1,826.5
Total	$	7,929.1	$	4,733.1	$	(1,798.1)	$	10,864.1

____________________________________________________________________________________________________

(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.

(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 we will proceed with our work on the project (e.g., adequate funding is in place, we have received a notice of intent to award a contract, etc.).

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The outlook for the Company’s revenue growth over the next several years continues to be favorable. However, revenue growth could be negatively impacted by project delays or the timing of project bids, awards, commencements, ramp-up activities and completions. 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 decade, voters in 44 states have approved 85% of nearly 3,000 state and local ballot measures, raising an estimated $342 billion in new and renewed revenue funding for transportation investments. The largest of these was in Los Angeles County, where Measure M, a half-cent sales tax increase, was approved in 2016. Funding from this measure is already flowing to some of the Company’s current and prospective projects, and overall the measure is expected to generate $120 billion of funding over 40 years. Interest rates have continued to increase over the past year, as anticipated, but are still at levels which we believe remain conducive to continued spending on certain types of projects that have strong end-market demand with adequate available funding, such as mass transit, transportation, bridges, and health care, educational and correctional facilities, among others. However, if borrowing rates continue to increase, they could reach levels that may negatively impact demand, particularly for certain Building segment end markets which tend to be more closely correlated to economic conditions.

The bipartisan Infrastructure Investment and Jobs Act of 2021 (the “Bipartisan Infrastructure Law” or “BIL”) 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 initial funds have begun flowing to project owners and substantially increased funding from the BIL is expected to occur over the next several years.

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)	2023		2022		2023		2022
Revenue	$	554.1	$	403.6	$	904.0	$	794.4
Income (loss) from construction operations	105.4		(9.8)		123.4		(10.7)

Revenue for the three and six months ended June 30, 2023 increased 37% and 14%, respectively, compared to the same periods in 2022. For both periods of 2023, the growth was largely due to changes in estimates resulting from improved performance and increased project execution activities on certain mass-transit projects in California, partially offset by reduced volume on a different mass-transit project in California that is nearing completion. The increase for both current-year periods was also attributable to the absence of certain prior-year unfavorable adjustments, also discussed in the paragraph below. Revenue for both periods was also adversely impacted by the follow-on impacts of COVID-19, which delayed bidding activities and awards of certain new projects during 2020 and much of 2021 and negatively impacted revenue for the six-month periods of both 2022 and 2023. Furthermore, revenue for both periods was adversely impacted by certain projects totaling more than $10.0 billion for which the Company was the low or preferred bidder but no contract was awarded over the last few years due to COVID-19-induced customer budget constraints, as well as the Company’s lack of success in its pursuit of certain large prospective Civil segment projects in the second half of 2021.

Income from construction operations for the three and six months ended June 30, 2023 was $105.4 million and $123.4 million, respectively, compared to loss from construction operations of $9.8 million and $10.7 million for the same periods in 2022. For

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the second quarter of 2023, the change was primarily due to favorable adjustments totaling $58.1 million on a mass-transit project in California associated with changes in estimates due to improved performance, as well as increased project execution activities on certain mass-transit projects in California. The change was also favorably impacted by the absence of certain prior-year unfavorable adjustments, including a non-cash impact of $16.2 million related to the settlement of a long-disputed, completed project in Maryland and, to a lesser extent, the temporary unfavorable impact from the successful negotiation of significant lower margin (and lower risk) change orders on the same mass-transit project in California. For the first six months of 2023, the change was primarily due to net favorable adjustments of $30.1 million on a mass-transit project in California that resulted from changes in estimates due to improved performance, as well as increased project execution activities on certain mass-transit projects in California. The change was also favorably impacted by the absence of prior-year unfavorable adjustments, including a temporary unfavorable impact of $29.1 million from the successful negotiation of significant lower margin (and lower risk) change orders on the mass-transit project in California mentioned above, a $25.5 million non-cash charge from an adverse legal ruling on a dispute related to a bridge project in New York and the above-mentioned non-cash impact of $16.2 million.

Operating margin was 19.0% and 13.7% for the three and six months ended June 30, 2023, respectively, compared to (2.4)% and (1.4)% for the same periods in 2022. The increases in operating margin were principally 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 $690 million and $1.1 billion for the three and six months ended June 30, 2023, respectively, compared to $721 million and $1.2 billion for the same periods in 2022. The most significant new awards and contract adjustments in the second quarter of 2023 included a $222 million military facilities project at Tinian International Airport in the Commonwealth of the Northern Mariana Islands; $206 million of additional funding for a mass-transit project in California; $87 million of additional funding for a mass-transit project in Minnesota; and a $54 million bridge project in Minnesota. COVID-19 has caused significant revenue shortfalls for certain state and local government agencies since 2020, which has resulted in delays in the bidding and awarding of certain large new projects. In addition, the timing and magnitude of federal, state and local funding, including anticipated contributions from the BIL, is uncertain, which could lead to similar delays.

Backlog for the Civil segment was $4.6 billion as of June 30, 2023 compared to $4.9 billion as of June 30, 2022. 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 BIL, 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)	2023		2022		2023		2022
Revenue	$	331.3	$	266.9	$	561.0	$	597.6
Income (loss) from construction operations	(13.8)		(0.1)		(84.0)		9.4

Revenue for the three months ended June 30, 2023 increased 24% compared to the same period in 2022, primarily due to increased project execution activities on various projects in California, the Northeast, Oklahoma and Florida, partially offset by reduced project execution activities on certain other projects in Arkansas and California that are nearing completion. Revenue for the six months ended June 30, 2023 decreased 6% compared to the same period in 2022, primarily due to the aforementioned unfavorable adjustment related to the adverse legal ruling on a completed mixed-use project in New York (also mentioned in the paragraph below). As discussed above in Executive Overview, revenue for both periods was adversely impacted by the follow-on impacts of COVID-19, which delayed certain project bids and awards in 2020 and 2021.

Loss from construction operations for the three and six months ended June 30, 2023 was $13.8 million and $84.0 million, respectively, compared to loss from construction operations of $0.1 million and income from construction operations of $9.4 million for the same periods in 2022. For the second quarter of 2023, the loss was principally due to unfavorable adjustments on certain projects in the Northeast, California and Florida, which were immaterial individually but totaled $15.8 million in the aggregate. For the first six months of 2023, the loss was primarily due to the aforementioned first-quarter unfavorable adjustment related to the adverse legal ruling on a completed mixed-use project in New York that resulted in a non-cash, pre-tax charge of $83.6 million, of which $72.2 million impacted the Building segment.

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Operating margin was (4.2)% and (15.0)% for the three and six months ended June 30, 2023, respectively, compared to (0.03)% and 1.6% for the same periods in 2022. 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 $2.6 billion and $2.8 billion for the three and six months ended June 30, 2023, respectively, compared to $207 million and $532 million for the same periods in 2022. The most significant new awards in the second quarter of 2023 included the $3.0 billion Brooklyn Jail design-build project in New York (which includes more than $600 million of electrical and mechanical scope that is expected to be performed by the Specialty Contractors segment) and $103 million of additional funding for a health care facilities project in California. The lingering effects of COVID-19, including the proliferation of remote and hybrid work for many businesses, as well as slowing economic conditions caused by inflation and rising interest rates, could continue to result in certain delayed or even canceled Building segment project opportunities, particularly in the corporate office end market. However, other Building segment end markets, such as correctional facilities, health care, education, industrial/manufacturing, and hospitality and gaming, continue to show strong demand for new and renovated facilities.

Backlog for the Building segment was $4.5 billion as of June 30, 2023, up 99% compared to $2.2 billion as of June 30, 2022. The strong increase was largely due to the new $3.0 billion Brooklyn Jail project discussed above. The Building segment continues to experience strong customer demand as reflected by a large volume of prospective projects across various end markets and geographic locations.

Specialty Contractors Segment

Revenue and 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)	2023		2022		2023		2022
Revenue	$	136.3	$	190.5	$	333.1	$	421.2
Loss from construction operations	(69.8)		(66.7)		(82.3)		(70.6)

Revenue for the three and six months ended June 30, 2023 decreased 28% and 21%, respectively, compared to the same periods in 2022, principally due to reduced project execution activities on the electrical component of a transportation project in the Northeast that is nearing completion, partially offset by contributions from a technology facility project in Arizona. For both periods of 2023, the revenue decrease was also due to the aforementioned unfavorable non-cash adjustments due to changes in estimates on the electrical and mechanical scope of the same transportation project in the Northeast associated with a change in the expected recovery on certain unapproved change orders, as well as the adverse legal ruling on the educational facilities project in New York. The overall revenue decline was partially offset by the absence of a prior-year unfavorable adjustment on a transportation project in the Northeast. As discussed above in Executive Overview, operating results continue to be adversely impacted by the follow-on impacts of COVID-19, which delayed certain project bids and awards in 2020 and 2021, including projects that would have had considerable components of electrical and mechanical scope in the 2022 and 2023 periods had the projects been awarded and the Company won its share of such projects.

Loss from construction operations for the three and six months ended June 30, 2023 was $69.8 million and $82.3 million, respectively, compared to $66.7 million and $70.6 million for the same periods in 2022. The change in loss for the second quarter of 2023 (as compared to the prior-year quarter) was principally due to the current-year impacts of $35.8 million of unfavorable non-cash adjustments due to changes in estimates on the electrical and mechanical scope of the above mentioned transportation project in the Northeast associated with a change in the expected recovery on certain unapproved change orders, as well as a non-cash charge of $24.7 million on an educational facilities project in New York that resulted from an adverse court ruling. The current-year unfavorable adjustments were largely offset by the absence of prior-year unfavorable adjustments, including a $33.5 million unfavorable adjustment on a 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. For the first six months of 2023, the change in loss (as compared to the prior-year period) was due to the same factors mentioned above for the three-month period, as well as the impact of the aforementioned unfavorable adjustment in the first quarter of 2023 related to the adverse legal ruling on a completed mixed-use project in New York, of which $11.4 million impacted the Specialty Contractors segment.

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Operating margin was (51.2)% and (24.7)% for the three and six months ended June 30, 2023, respectively, compared to (35.0)% and (16.8)% for the same periods in 2022. The changes in operating margin were principally due to the aforementioned factors that drove the changes in revenue and loss from construction operations.

New awards in the Specialty Contractors segment totaled $716 million and $870 million for the three and six months ended June 30, 2023, respectively, compared to $190 million and $414 million for the same periods in 2022. The most significant new awards in the second quarter of 2023 included more than $600 million of electrical and mechanical scope for the Brooklyn Jail project in New York. COVID-19 has resulted in, and could continue to result in, reduced demand from certain customers, particularly in New York, that continue to experience funding constraints.

Backlog for the Specialty Contractors segment was $1.8 billion as of June 30, 2023 compared to $1.4 billion as of June 30, 2022. The Specialty Contractors segment continues to be increasingly focused on servicing the Company’s current and prospective 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, 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 $18.6 million and $35.0 million during the three and six months ended June 30, 2023, respectively, compared to $14.0 million and $28.5 million for the same periods in 2022. The increase in the three and six months ended June 30, 2023 was primarily due to higher compensation-related expenses compared to the same periods in 2022.

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

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2023		2022		2023		2022
Other income, net	$	3.1	$	1.0	$	9.5	$	4.7
Interest expense	(22.0)		(16.2)		(43.5)		(32.7)
Income tax (expense) benefit	(0.2)		43.7		47.9		47.6

Other income, net for the six months ended June 30, 2023 increased by $4.8 million compared to the same period in 2022, primarily due to a gain on sale of property in the 2023 period.

Interest expense for the three and six months ended June 30, 2023 increased by $5.8 million and $10.8 million, respectively, compared to the same periods in 2022. The increases in the 2023 periods were substantially due to higher interest rates on the Term Loan B and the Revolver, as discussed below in Liquidity and Capital Resources.

The Company recognized income tax expense of $0.2 million for the three months ended June 30, 2023 and an income tax benefit of $47.9 million for the six months ended June 30, 2023. The effective income tax rate was (1.2)% and 42.2% for the three and six months ended June 30, 2023, respectively. The effective income tax rate for the three months ended June 30, 2023 was lower than the 21% federal statutory rate primarily due to the impact of a cumulative catch-up adjustment associated with the change in the Company’s projected 2023 effective tax rate that resulted from the revision of the Company’s forecast. The effective income tax rates for both periods were impacted by relatively large tax benefits generated against a forecasted pre-tax loss for the year, which magnified the impact these tax benefits had on the effective income tax rate. In periods with pre-tax losses, tax benefits generated during the period increase the effective income tax rate (and, thus, the income tax benefit to the Company) rather than decreasing the effective rate, as in periods with pre-tax income. The tax benefits that caused a higher effective tax rate were primarily the earnings attributable to noncontrolling interests (for which income taxes are not the responsibility of the Company) and state income taxes (net of the federal tax benefit), partially offset by non-deductible expenses.

For the three and six months ended June 30, 2022, the Company recognized an income tax benefit of $43.7 million and $47.6 million, respectively, with an effective income tax rate of 41.3% and 37.1%, respectively. The effective income tax rates for both periods were higher than the 21% federal statutory rate primarily due to tax benefits generated against a relatively low forecasted pre-tax loss for the year, which magnified the impact of tax benefits on the effective income tax rate. In periods with pre-tax losses, tax benefits generated during the period increase the effective income tax rate (and, thus, the income tax benefit

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to the Company) rather than decreasing the effective rate, as in periods with pre-tax income. 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 the federal tax benefit).

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 $175.0 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 $150.0 million and available cash balances as of June 30, 2023, will be sufficient to fund working capital needs and debt maturities for the next 12 months and beyond. Despite our record operating cash flow in 2022 and relatively strong operating cash flow for the six months ended June 30, 2023 (as discussed below in Cash and Working Capital), liquidity has been and could continue to be negatively affected by the follow-on impacts of COVID-19, which induced customer budgetary constraints and delayed bidding activities and awards of certain large civil projects. We are also still pursuing COVID-19-related cost recoveries from certain customers. Our liquidity was also adversely impacted by the Company’s lack of success in its pursuit of certain large prospective Civil segment projects in the second half of 2021, as well as by instances where the Company was not awarded certain Civil segment projects totaling more than $10.0 billion over the last few years due to COVID-19-induced customer budget constraints, despite being the low or preferred bidder. 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 BIL and increasing revenue to government customers as travel and commuting levels rise, as discussed above, could offset or mitigate these and other possible lingering future negative impacts from COVID-19, though it remains difficult to predict any of these factors. Furthermore, the backlog of accumulated court and arbitration proceedings that grew as a result of the pandemic during 2020 and 2021 has receded, with certain disputes having been resolved in 2022 and 2023 and other settlement conferences and trial dates now scheduled or being scheduled. We experienced a record operating cash flow in 2022 and strong operating cash flow for the first half of 2023, and we expect strong operating cash flows to continue for the remainder of 2023, 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 $263.5 million as of June 30, 2023 compared to $259.4 million as of December 31, 2022. Cash immediately available for general corporate purposes was $65.1 million and $47.7 million as of June 30, 2023 and December 31, 2022, 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 is available only for joint venture-related uses, including distributions to joint venture partners. In addition, our restricted cash and restricted investments totaled $108.2 million as of June 30, 2023 compared to $106.0 million as of December 31, 2022. Restricted cash and restricted investments at June 30, 2023 were primarily held to secure insurance-related contingent obligations.

During the six months ended June 30, 2023, net cash provided by operating activities was $77.7 million. The net cash provided by operating activities 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 a decrease in costs and estimated earnings in excess of billings (“CIE”) and an increase in billings in excess of costs and estimated earnings (“BIE”), partially offset by an increase in accounts receivable. 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 net cash provided by operating activities for the first 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 BIE and a decrease in accounts receivable.

Cash flow from operating activities decreased $101.0 million when comparing the first six months of 2023 with the same period in 2022. The decrease in cash flow from operating activities for the first six months of 2023 compared to the first six months of 2022 primarily resulted from a smaller current-year decrease in investment in working capital as compared to the same period last year. The smaller decrease in investment in working capital in the 2023 period was primarily due to a current-year increase in accounts receivable compared to a decrease in the prior-year period and a smaller current-year increase in BIE compared to the same period last year, partially offset by a current-year decrease in CIE compared to an increase last year. Both periods were positively impacted by collections associated with previously disputed matters.

Net cash used in investing activities during the first six months of 2023 was $29.2 million, primarily due to the acquisition of property and equipment for projects (i.e., capital expenditures) totaling $30.6 million, as well as net cash used in investment transactions of $5.3 million, partially offset by proceeds from the sale of property and equipment of $6.8 million. Net cash used

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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 financing activities was $47.9 million for the first six months of 2023, which was primarily driven by a $33.8 million net repayment of debt and $13.3 million of net distributions to noncontrolling interests. 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.

At June 30, 2023, we had working capital of $1.6 billion, a ratio of current assets to current liabilities of 1.81 and a ratio of debt to equity of 0.68, compared to working capital of $1.7 billion, a ratio of current assets to current liabilities of 1.87 and a ratio of debt to equity of 0.66 at December 31, 2022.

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 “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 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 Revolver will mature on January 30, 2025 (subject to certain further exceptions).

The 2020 Credit Agreement requires the Company to make prepayments on the Term Loan B in connection with certain asset sales, receipts of insurance proceeds, incurrences of certain indebtedness and annual excess cash flow (in each case, subject to certain customary exceptions). The Company made a $44.0 million prepayment of principal on the Term Loan B in April 2023. The prepayment resulted from our record operating cash flow in 2022, which produced “excess” cash flow under the terms of the 2020 Credit Agreement, as discussed above.

Borrowings under the 2020 Credit Agreement bear interest at variable rates, which have increased since the latter part of 2022 due to changes in market conditions that resulted in increases in SOFR (and LIBOR prior to the transition to SOFR), in the case of the Term Loan B, and the administrative agent’s prime lending rate, in the case of the Revolver. Effective May 2, 2023, the 2020 Credit Agreement was amended to transition the Company’s original LIBOR option in respect of the Term Loan B to Adjusted Term SOFR. The average borrowing rates on the Term Loan B and the Revolver for the six months ended June 30, 2023 were approximately 9.7% and 11.8%, respectively. At June 30, 2023, the borrowing rates on the Term Loan B and the Revolver were 10.3% and 12.0%, respectively. 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 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, 2023
	Actual	Required
First lien net leverage ratio	2.23 to 1.00	≤ 3.00 : 1.00

On October 31, 2022, the 2020 Credit Agreement was amended to increase the maximum First Lien Net Leverage Ratio covenant level for certain fiscal quarters. On March 10, 2023, the 2020 Credit Agreement was further amended to set the maximum First Lien Net Leverage Ratio covenant level to 3.50:1.00, effective the fiscal quarter ended December 31, 2022, and increasing to 3.75:1.00 for the fiscal quarter ending March 31, 2023 and subsequently stepping down to 3.00:1.00 for the fiscal quarter ending June 30, 2023, 2.50:1.00 for the fiscal quarter ending September 30, 2023 and 2.25:1.00 for the fiscal quarter ending December 31, 2023 and each fiscal quarter thereafter. As of June 30, 2023, we were in compliance and expect to continue to be in compliance with the covenants under the 2020 Credit Agreement.

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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, 2022.

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, 2022. 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, 2022.

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, 2023 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, 2022.

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.

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, 2022, 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, 2022.

Item 4. Mine Safety Disclosures

Section 1503 of the Dodd-Frank Wall Street Reform and Consumer Protection 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 own or operate any mines; however, we may be considered a mine operator as defined under the Mine Act because we provide construction services to customers in the mining industry. Accordingly, we provide information regarding mine safety violations and other mining regulation matters in Exhibit 95 to this Form 10-Q.

Item 5. Other Information

(c) Trading Plans

During the quarter ended June 30, 2023, no director or Section 16 officer adopted or terminated any Rule 10b5-1 trading arrangements or non-Rule 10b5-1 trading arrangements (in each case, as defined in Item 408(a) of Regulation S-K).

Item 6. Exhibits

Exhibits	Description
10.1*	Transition Services and Separation Agreement, dated June 30, 2023, by and between Tutor Perini Corporation and Wendy A. Hallgren.
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.
95	Mine Safety Disclosure.
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, 2023, formatted in Inline XBRL (included as Exhibit 101).

* Management contract or compensatory plan or arrangement

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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 4, 2023	By:	/s/ Gary G. Smalley
	Gary G. Smalley
	Executive Vice President and Chief Financial Officer

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EX-10.1

Exhibit 10.1

Execution Version

TRANSITION SERVICES AND SEPARATION AGREEMENT

This TRANSITION SERVICES AND SEPARATION AGREEMENT (this “Agreement”) is dated as of June 30, 2023 by and between Tutor Perini Corporation (the “Company”) and Wendy A. Hallgren (“Executive”). Executive and the Company are each referred to herein as a “Party” and collectively as the “Parties.”

WHEREAS, Executive and the Company have agreed that Executive’s employment with the Company terminated effective as of June 30, 2023 (the “Termination Date”); and

WHEREAS, Executive and the Company wish to set forth the terms and conditions of Executive’s transition of duties and post-employment relationship with the Company and the related rights and obligations of the Parties, each as described in this Agreement.

NOW, THEREFORE, in consideration of the promises set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

1.    Resignation; Transition; Termination of Employment.

(a)    Resignation. Effective as of the Termination Date, Executive hereby resigns her positions as Executive Vice President and General Counsel of the Company as well as all other positions that Executive may hold as an officer or director of any of the Company’s subsidiaries.

(b)    Separation Benefits. Provided that Executive (i) executes and does not revoke Executive’s acceptance of this Agreement and (ii) remains in compliance with the terms and conditions set forth in this Agreement, Executive shall be eligible to receive the following payments and benefits, less any applicable taxes and withholdings:

(i)    Pro-Rata 2023 Bonus. An aggregate amount equal to $337,500, representing 50% of Executive’s 2023 target annual bonus, which shall be payable in a lump sum to Executive when 2023 annual bonuses are paid to other Company executives, and in all events by March 15, 2024.

(ii)    Equity Awards. Notwithstanding the terms of the applicable plan documents and award agreements (collectively, the “Award Agreements”), (1) all outstanding Company equity awards held by Executive as of immediately prior to the Termination Date shall immediately vest in full as of the Termination Date (with any performance-based equity awards vesting at target performance), and (2) all outstanding stock options held by Executive shall remain exercisable through the end of the original term of such stock option.

(iii)    Other Benefits. An aggregate amount equal to $1,447,000, payable within 60 days following the Termination Date (provided the Release Revocation Period has expired), which amount includes, among other things, (i) payment for Executive’s accrued, unused paid time-off benefits, and (ii) an amount representing 24 months of premiums for Executive’s and, where applicable her eligible dependents’ continued medical, dental and vision coverage.

(c)    Transition Period; Services; Consulting Fee. From the Termination Date through December 31, 2023 (the “Transition Period”), Executive shall serve as a consultant to the Company and shall be reasonably available to provide advice and transition assistance to the Company as is reasonably requested from time to time (the “Transition Services”) by the Company’s board of directors (the “Board”) or its designee (the “Designee,” who as of the date of this Agreement is Gary G. Smalley). Unless mutually agreed between Executive and the

Board or the Designee, Executive shall not be required to devote more time to providing Transition Services than (i) five hours per week for the first month, (ii) four hours per week for the second month, and (iii) 10 hours per month thereafter. Executive may provide the Transition Services remotely or at such location as shall be mutually agreed by Executive and the Board or the Designee. Executive shall perform the Transition Services in good faith and to the best of Executive’s abilities in a diligent, trustworthy, professional and efficient manner.

(i)    Transition Services. The Company acknowledges that Executive expects to obtain other employment, and in requesting Transition Services the Company shall reasonably accommodate the requirements of any such other employment of Executive. Although Executive owes continuing ethical obligations to the Company after the Termination Date given her role as former legal counsel for the Company, the Parties acknowledge and agree that the Transition Services are not intended to create an attorney-client relationship between the Company and Executive after the Termination Date.

(ii)    Consulting Fees. From the Termination Date until the end of the Transition Period, as compensation for the Transition Services, Executive will receive a monthly consulting fee of $75,000, payable monthly in arrears on the last day of each calendar month in accordance with the Company’s normal vendor payment practices (the “Consulting Fees”). In addition, the Company agrees to reimburse Executive for any reasonable out-of-pocket expenses which Executive incurs as a result of any specific request of the Company in connection with the provision of the Transition Services.

(d)    Severance Agreement. Other than the compensation set forth in this Agreement, Executive acknowledges and agrees that Executive is not eligible to receive any severance pay or benefits from the Company or any other Company Party (as defined below), including under the terms of that certain Separation Benefits Agreement between Executive and the Company dated September 17, 2019 (the “Severance Agreement”). The Severance Agreement shall be of no further force and effect following the Termination Date, except with regard to (i) the definitions incorporated herein by reference, and (ii) the indemnification provisions of Section 4 of the Severance Agreement.

(e)    Independent Contractor. During the Transition Period, Executive’s relationship with the Company shall be that of an independent contractor. As an independent contractor, Executive shall not participate as an active employee in any employee benefit plan of the Company or an affiliate (other than with respect to the Award Agreements as specified herein). Executive agrees that Executive will be fully and solely responsible for any income or other tax liability imposed on Executive in Executive’s capacity as an independent contractor. It is not the intention of the Parties to create, by virtue of this Agreement, any employment relationship, trust, partnership or joint venture between Executive and the Company or any of its affiliates, to make them legal representatives or agents of each other or to create any fiduciary relationship or additional contractual relationship among them except as specifically provided in this Agreement.

(f)    Termination of Transition Period. Notwithstanding anything herein to the contrary, the Transition Period may be terminated (i) by the Company due to Executive’s material breach of this Agreement, which remains uncured for ten business days following delivery of written notice from the Company to Executive of such breach, or by the Company for Cause, (ii) by the Company as a result of Executive’s death or Disability or (iii) by Executive upon delivery of no less than 30 days’ prior written notice thereof. In the event of such earlier termination of the Transition Period pursuant to clauses (i) or (iii), Executive shall receive no further payments hereunder. In the event of such earlier termination of the Transition Period pursuant to clause (ii), Executive (or her estate or personal representative) shall be entitled to

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receive any unpaid amounts pursuant to Sections 1(b)(i), (ii) or (iii) as well as any unpaid Consulting Fees that would have otherwise accrued through the remainder of the Consulting Period. For purposes of this Agreement, the terms “Cause” and “Disability” shall have the meanings assigned to such terms in the Severance Agreement.

2.    General Release of Claims.

(a)    For good and valuable consideration, including the consideration set forth in Sections 1(b) and 1(c) hereof, Executive knowingly and voluntarily (for and on behalf of Executive, Executive’s family, and Executive’s heirs, executors, administrators and assigns) hereby releases and forever discharges the Company and its affiliates, predecessors, successors and subsidiaries, and the foregoing entities’ respective equity-holders, officers, directors, managers, members, partners, employees, agents, representatives, and other affiliated persons, and the Company’s and its affiliates’ benefit plans (and the fiduciaries and trustees of such plans) (collectively, the “Company Parties”), from liability for, and Executive hereby waives, any and all claims, damages, or causes of action of any kind related to Executive’s employment with any Company Party and any other acts or omissions related to any matter occurring on or prior to the date that Executive executes this Agreement, including (i) any alleged breach of contract, breach of the implied covenant of good faith and fair dealing, infliction of emotional harm, wrongful discharge, harassment, discrimination, retaliation, violation of public policy, defamation, impairment of economic opportunity, or alleged violation through such time of: (A) any federal, state or local anti-discrimination or anti-retaliation law, regulation or ordinance, including the Age Discrimination in Employment Act of 1967 (including as amended by the Older Workers Benefit Protection Act) (“ADEA”), Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, Sections 1981 through 1988 of Title 42 of the United States Code and the Americans with Disabilities Act of 1990; (B) the Employee Retirement Income Security Act of 1974 (“ERISA”); (C) the Immigration Reform Control Act; (D) the National Labor Relations Act; (E) the Occupational Safety and Health Act; (F) the Family and Medical Leave Act of 1993; (G) the California Fair Employment and Housing Act; the California Family Rights Act; the California Labor Code; the California Business & Professions Code Section 17200; the California Constitution; the California Family Rights Act; the California Workers’ Compensation Act; the California Equal Pay Law; the California WARN Act; the California False Claims Act, and the California Corporate Criminal Liability Act; (H) any federal, state or local wage and hour law; (I) any other local, state or federal law, regulation or ordinance; or (J) any public policy, contract, tort, or common law claim; (ii) any allegation for costs, fees, or other expenses including attorneys’ fees incurred in or with respect to a Released Claim (as defined below); and (iii) any claim for compensation or benefits of any kind not expressly set forth in this Agreement (collectively, the “Released Claims”). This Agreement is not intended to indicate that any such claims exist or that, if they do exist, they are meritorious. Rather, Executive is simply agreeing that, in exchange for the consideration received by Executive pursuant to this Agreement, any and all potential claims of this nature that Executive may have against the Company Parties, regardless of whether they actually exist, are expressly settled, compromised and waived. THIS RELEASE INCLUDES MATTERS ATTRIBUTABLE TO THE SOLE OR PARTIAL NEGLIGENCE (WHETHER GROSS OR SIMPLE) OR OTHER FAULT, INCLUDING STRICT LIABILITY, OF ANY OF THE COMPANY PARTIES.

(b)    In no event shall the Released Claims include (i) any claim that arises after the date that Executive signs this Agreement; (ii) any claim to vested benefits under an employee benefit plan that is subject to ERISA; (iii) any claim for breach of, or otherwise arising out of, this Agreement; or (iv) any claim for indemnification, advancement of expenses or D&O liability insurance coverage under any indemnification agreement with the Company, including, but not limited to, those contained in the Severance Agreement or the Company’s governing documents or the Company’s D&O insurance policies. Further notwithstanding this release of liability,

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nothing in this Agreement prevents Executive from filing any non-legally waivable claim (including a challenge to the validity of this Agreement) with the Equal Employment Opportunity Commission (“EEOC”), the National Labor Relations Board (“NLRB”), the California Civil Rights Department (“CRD”), or other comparable state or local agency or participating in (or cooperating with) any investigation or proceeding conducted by the EEOC, NLRB, CRD or other comparable state or local agency or cooperating in any such investigation or proceeding; however, Executive understands and agrees that Executive is waiving any and all rights to recover any monetary or personal relief from a Company Party as a result of such EEOC, NLRB, CRD or other comparable state or local agency or proceeding or subsequent legal actions. Further, nothing in this Agreement prohibits or restricts Executive from filing a charge or complaint with, or cooperating in any investigation with, the Securities and Exchange Commission, the Financial Industry Regulatory Authority, or any other governmental agency, entity or authority (each, a “Government Agency”). This Agreement does not limit Executive’s right to receive an award for information provided to a Government Agency.

(c)    By signing below, Executive expressly waives any rights or benefits of Section 1542 of the Civil Code of the State of California, which provides as follows:

“A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE AND THAT, IF KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY.”

3.    Representations and Warranties Regarding Claims; Covenant Not to Sue.

(a)    Executive represents and warrants that, as of the time at which Executive signs this Agreement, Executive has not filed or joined any claims, complaints, charges, or lawsuits against any of the Company Parties with any governmental agency or with any state or federal court or arbitrator for, or with respect to, a matter, claim, or incident that occurred or arose out of one or more occurrences that took place on or prior to the time at which Executive signs this Agreement. Executive further represents and warrants that Executive has not made any assignment, sale, delivery, transfer or conveyance of any rights Executive has asserted or may have against any of the Company Parties with respect to any Released Claim.

(b)    In addition to waiving and releasing the Released Claims, Executive agrees never to sue any Company Party in any forum for any reason arising out of Executive’s employment with the Company, including but not limited to the Released Claims; provided, however, that Executive may bring a claim against the Company to enforce this Agreement or to challenge the validity of this Agreement under the Age Discrimination in Employment Act and/or the Older Workers Benefit Protection Act. Executive agrees and acknowledges that if she breaks this promise not to sue, then Executive will pay for all costs, including reasonable attorneys’ fees, incurred by the Company or any Company Party in defending any matter or proceeding covered by the promise not to sue.

4.    Restrictive Covenants. The Company and Executive acknowledge and agree that during Executive’s employment with the Company and the Transition Period, Executive had and will have access to and may assist in developing Confidential Information (as defined below) and occupied and will occupy a position of trust and confidence with respect to the Company’s affairs and business and the affairs and business of its affiliates. Executive agrees that the following obligations are necessary to preserve the confidential and proprietary nature of Confidential Information and to protect the Company against harmful competition and other

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actions by Executive that would result in serious adverse consequences for the Company and any of its affiliates:

(a)    Confidential Information. “Confidential Information” means information constituting trade secrets or proprietary information belonging to or regarding the Company or other confidential financial information, operating budgets, strategic plans or research or estimating methods, personnel data, customer and client contacts, projects or plans, or nonpublic information regarding the Company. Without limiting the foregoing, “Confidential Information” shall include, but shall not be limited to, any of the following information relating to the Company:

(i)    information regarding the Company’s business proposals;

(ii)    manner of the Company’s operations, and methods of selling or pricing any products or services;

(iii)    the identity of persons or entities actually conducting or considering conducting business with the Company, and any information in any form relating to such persons or entities and their relationship or dealings with the Company;

(iv)    any trade secret or confidential information of or concerning any business operation or business relationship;

(v)    computer databases, software programs and information relating to the nature of the hardware or software and how said hardware or software are used in combination or alone;

(vi)    information concerning personnel, confidential financial information, customer or customer prospect information, information concerning subscribers, subscriber and customer lists and data, methods and formulas for estimating costs and setting prices, engineering design standards, testing procedures, research results (such as marketing surveys, programming trials or product trials), cost data (such as billing, equipment and programming cost projection models), compensation information and models, business or marketing plans or strategies, deal or business terms, budgets, vendor names, programming operations, product names, information on proposed acquisitions or dispositions, actual performance compared to budgeted performance, long-range plans, internal financial information (including but not limited to financial and operating results for certain offices, divisions, departments, and key market areas that are not disclosed to the public in such form), results of internal analyses, computer programs and programming information, techniques and designs, and trade secrets;

(vii)    information concerning the Company’s employees, officers, directors and shareholders; and

(viii)    any other trade secret or information of a confidential or proprietary nature. For purposes hereof, “Company” shall include the Company and any entity controlled by, in control of, or under common control with, the Company, any subsidiary, and any joint venture partner of the Company.

(b)    Non-Disclosure. During and after the Transition Period, Executive will not knowingly use, disclose or transfer any Confidential Information other than as authorized by the Company or the Designee or within the scope of Executive’s duties with the Company. Anything herein to the contrary notwithstanding, the provisions of this Section 4 shall not apply (i) when disclosure is required by law or by any court, arbitrator, mediator or administrative or legislative

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body (including any committee thereof) with actual or apparent jurisdiction to order Executive to disclose or make accessible any information; (ii) to the extent necessary in connection with any other litigation, arbitration or mediation involving this Agreement, including, but not limited to, the enforcement of this Agreement; (iii) as to information that becomes generally known to the public or within the relevant trade or industry other than due to Executive’s violation of this Section 4; or (iv) as to information that is or becomes available to Executive on a non-confidential basis from a source that is entitled to disclose it to Executive. For the avoidance of doubt and in light of Executive’s previous position as attorney for the Company, all information obtained by Executive in her employment concerning legal matters of the Company and its affiliates shall retain its confidential and/or privileged status, and Executive shall continue to treat all such information as privileged and/or confidential in accordance with applicable rules.

(c)    Materials. Executive will not remove any Confidential Information or any other property of the Company or any of its affiliates from the Company’s premises or make copies of such materials except for normal and customary use in the Company’s business. Executive will return to the Company all Confidential Information and copies thereof and all other property of the Company or any of its affiliates at any time upon the request of the Company and in any event promptly after termination or expiration of the Transition Period. Executive agrees to identify and return to the Company any copies of any Confidential Information within Executive’s control after Executive ceases to provide services to the Company. Anything to the contrary notwithstanding, nothing in this Section 4 shall prevent Executive from retaining a home computer, papers and other materials of a personal nature, including diaries, calendars and information relating to her compensation or relating to reimbursement of expenses, and information that she reasonably believes may be needed for tax purposes.

(d)    Non-Disparagement. Executive agrees not to make negative comments about or otherwise disparage the Company or its then-current or former officers, directors, employees, agents, projects or services. The Company shall instruct its executive officers and the members of the Board not to make negative comments about or otherwise disparage Executive. The foregoing shall not be violated by truthful statements in response to legal process, Company governmental testimony or filings, or administrative or arbitral proceedings (including, without limitation, depositions in connection with such proceedings). In addition, nothing in this Agreement prevents Executive from discussing or disclosing information about unlawful acts in the workplace, such as harassment or discrimination or any other conduct that Executive has reason to believe is unlawful.

(e)    Defend Trade Secrets Act. Pursuant to The Defend Trade Secrets Act, Executive may not be held criminally or civilly liable under any federal or state trade secret law for disclosure of a trade secret: (i) made in confidence to a government official, either directly or indirectly, or to an attorney, solely for the purpose of reporting or investigating a suspected violation of law; and/or (ii) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. Additionally, Executive, if suing the Company for retaliation based on the reporting of a suspected violation of law, may disclose a trade secret to her attorney and use the trade secret information in the court proceeding, so long as any document containing the trade secret is filed under seal and Executive does not disclose the trade secret except pursuant to court order.

(f)    Enforcement. Executive acknowledges that in the event of any breach of this Section 4, the business interests of the Company and its affiliates will be irreparably injured, the full extent of the damages to the Company and its affiliates will be impossible to ascertain, monetary damages will not be an adequate remedy for the Company and its affiliates, and the Company will be entitled to enforce this Agreement by a temporary, preliminary and/or permanent injunction or other equitable relief, without the necessity of posting bond or security,

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which Executive expressly waives. Executive further agrees that any breach of this Agreement by the Company shall not release Executive from compliance with her obligations under this Section 4, so long as the Company fully complies with its obligations under Section 1.

(g)    Non-Exclusive. Executive acknowledges that this Section 4 is intended to supplement, and not supersede, any confidentiality, proprietary information, or similar restrictive covenants agreements that may be in place between the Company and Executive.

5.    Cooperation. Executive agrees to reasonably cooperate with the Company in any internal investigation, any administrative, regulatory, or judicial proceeding or any dispute with a third party. Executive understands and agrees that Executive’s cooperation may include, but not be limited to, making Executive available to the Company upon reasonable notice for interviews and factual investigations; appearing at the Company’s request to give testimony without requiring service of a subpoena or other legal process; volunteering to the Company pertinent information received by Executive in Executive’s capacity as an Executive; and turning over to the Company all relevant documents which are or may come into Executive’s possession in Executive’s capacity an Executive or otherwise, all at times and on schedules that are reasonably consistent with Executive’s other permitted activities and commitments. The Company shall pay all reasonable expenses incurred by Executive in providing such cooperation.

6.    Executive’s Acknowledgements. Executive acknowledges and agrees that the release given above includes a waiver and release of any and all claims which Executive has or may have against the Company Parties, individually and collectively, including, without limitation, any and all claims under the ADEA. The waiver and release set forth above does not waive rights or claims that may arise under the ADEA after the date on which Executive signs this Agreement. By executing and delivering this Agreement, Executive expressly acknowledges that:

(a)    Executive has been given at least 21 days to review and consider this Agreement. If Executive signs this Agreement before the expiration of 21 days after Executive’s receipt of this Agreement, Executive has knowingly and voluntarily waived any longer consideration period than the one provided to Executive. No changes (whether material or immaterial) to this Agreement shall restart the running of this 21-day period;

(b)    Executive is not induced by the Company through fraud, misrepresentation or a threat to withdraw or alter the offer prior to the expiration of 21 days after Executive’s receipt of this Agreement or by providing different terms to those who sign such an agreement before the expiration of such time period;

(c)    Executive is receiving, pursuant to this Agreement, consideration in addition to anything of value to which Executive is already entitled;

(d)    Executive has been advised, and hereby is advised in writing, to discuss this Agreement with an attorney of Executive’s choice and that Executive has had an adequate opportunity to do so prior to executing this Agreement;

(e)    Executive fully understands the final and binding effect of this Agreement; the only promises made to Executive to sign this Agreement are those stated herein; and Executive is signing this Agreement knowingly, voluntarily and of Executive’s own free will, and that Executive understands and agrees to each of the terms of this Agreement;

(f)    The only matters relied upon by Executive in causing Executive to sign this Agreement are the provisions set forth in writing within the four corners of this Agreement; and

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(g)    No Company Party has provided any tax or legal advice regarding this Agreement, and Executive has had an adequate opportunity to receive sufficient tax and legal advice from advisors of Executive’s own choosing such that Executive enters into this Agreement with full understanding of the tax and legal implications thereof.

7.    Revocation Right. Notwithstanding the initial effectiveness of this Agreement upon execution by the Parties, Executive may revoke the delivery (and therefore the effectiveness) of this Agreement within the seven-day period beginning on the date that she signs this Agreement (such seven-day period being referred to herein as the “Release Revocation Period”). To be effective, such revocation must be in writing signed by Executive and must be delivered personally or by courier to the Company so that it is received by Gary G. Smalley, no later than 11:59 pm CT on the last day of the Release Revocation Period. If an effective revocation is delivered in the foregoing manner and timeframe, the release of claims set forth in Section 2 will be of no force or effect and Executive will not receive the benefits set forth in Sections 1(b) and 1(c) hereof.

8.    Governing Law; Arbitration. This Agreement shall be governed by the laws of the State of California without reference to its principles of conflict of law. Any dispute or claim arising out of or in connection with this Agreement or relating in any way to Executive’s employment or Transition Services, including any dispute regarding the enforceability, interpretation, construction or breach of this Agreement, will be resolved exclusively by binding arbitration in accordance with the then-applicable JAMS rules, policies, and/or procedures for employment-related disputes provided, however, that any claims, which by law may not be submitted to arbitration are not covered by this arbitration provision. This means that both Executive and the Company give up the right to have any dispute decided in court by a jury; instead, a neutral arbitrator whose decision is final and binding will resolve it, subject to judicial review as provided by law. Furthermore, any such dispute or claim shall be brought in an individual capacity, and not as a plaintiff or class member in any purported or actual class or collective action proceeding except where applicable law prohibits a class or collective action waiver. A copy of the JAMS Employment Arbitration Rules and Procedures can be found online at www.jamsadr.com/rules-employment-arbitration/. There will be one arbitrator appointed in accordance with said rules and a written arbitration decision will reveal the essential findings and conclusions on which the award is based. The arbitrator will conduct any arbitration consistent with the rules. For any claims arising out of Executive’s employment or the Transition Services, the Company will pay for all arbitration fees that Executive would not otherwise incur in a court of law and that are unique for arbitration. The arbitrator will have the authority to determine the arbitrability of a dispute between the parties. The arbitrator will not have authority to award attorneys’ fees unless a statute or contract at issue in the dispute authorizes the award of attorneys’ fees to the prevailing party, in which case the arbitrator will have the authority to make an award of attorneys’ fees as required or permitted by applicable law. If there is a dispute as to who is the prevailing party in the arbitration, the arbitrator will decide this issue. This Agreement is intended to supplement, and not supersede, any remedies or claims that may be available under applicable common and/or statutory law, including, without limitation, any common law and/or statutory claims relating to the misappropriation of trade secrets and/or unfair business practices. For the avoidance of doubt, the arbitration provisions contained herein supersede all prior and contemporaneous agreements and understandings, oral or written, between Executive and any Company Party with regard to such subject matter.

9.    Counterparts. This Agreement may be executed in several counterparts, including by .PDF or .GIF attachment to email or by facsimile, each of which is deemed to be an original, and all of which taken together constitute one and the same agreement.

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10.    Amendment; Entire Agreement. This Agreement may not be changed orally but only by an agreement in writing agreed to and signed by the Company and Executive. This Agreement and the Award Agreements constitute the entire agreement of the Parties with regard to the subject matter hereof and, unless otherwise expressly stated herein, supersede all prior and contemporaneous agreements and understandings, oral or written, between Executive and any Company Party with regard to the subject matter hereof.

11.    Third-Party Beneficiaries. Executive expressly acknowledges and agrees that each Company Party that is not a party to this Agreement shall be a third-party beneficiary of Section 2 hereof and entitled to enforce such provisions as if it were a party hereto.

12.Further Assurances. Executive shall, and shall cause Executive’s affiliates, representatives and agents to, from time to time at the request of the Company and without any additional consideration, furnish the Company with such further information or assurances, execute and deliver such additional documents, instruments and conveyances, and take such other actions and do such other things, as may be reasonably necessary or desirable, as determined in the sole discretion of the Company, to carry out the provisions of this Agreement.

13.    Severability; Waiver. Any term or provision of this Agreement (or part thereof) that renders such term or provision (or part thereof) or any other term or provision (or part thereof) hereof invalid or unenforceable in any respect shall be severable and shall be modified or severed to the extent necessary to avoid rendering such term or provision (or part thereof) invalid or unenforceable, and such modification or severance shall be accomplished in the manner that most nearly preserves the benefit of the Parties’ bargain hereunder. For an abundance of clarity, Executive and the Company intend for this Section 13 to apply to Section 8 hereof. Any Party’s waiver of another Party’s compliance with any provision of this Agreement is not a waiver of any other provision of this Agreement or of any subsequent breach by such Party of a provision of this Agreement. No delay on the part of any Party in exercising any right, power or privilege hereunder shall operate as a waiver thereof.

14.    Interpretation. The Section headings have been inserted for purposes of convenience and shall not be used for interpretive purposes. The words “hereof,” “herein” and “hereunder” and other compounds of the word “here” shall refer to the entire Agreement and not to any particular provision hereof. The use herein of the word “including” following any general statement, term or matter shall not be construed to limit such statement, term or matter to the specific items or matters set forth immediately following such word or to similar items or matters, whether or not non-limiting language (such as “without limitation”, “but not limited to”, or words of similar import) is used with reference thereto, but rather shall be deemed to refer to all other items or matters that could reasonably fall within the broadest possible scope of such general statement, term or matter. The word “or” as used herein is not exclusive and is deemed to have the meaning “and/or.” Unless the context requires otherwise, all references herein to a law, agreement, instrument or other document shall be deemed to refer to such law, agreement, instrument or other document as amended, supplemented, modified and restated from time to time to the extent permitted by the provisions thereof. Neither this Agreement nor any uncertainty or ambiguity herein shall be construed against any Party, whether under any rule of construction or otherwise. This Agreement has been reviewed by each of the Parties and shall be construed and interpreted according to the ordinary meaning of the words used so as to fairly accomplish the purposes and intentions of the Parties.

15.    No Assignment. No right to receive payments and benefits under this Agreement shall be subject to set off, offset, anticipation, commutation, alienation, assignment, encumbrance, charge, pledge or hypothecation or to execution, attachment, levy, or similar process or assignment by operation of law.

9

16.    Withholdings; Deductions. The Company may withhold and deduct from any payments or benefits made or to be made pursuant to this Agreement (a) all federal, state, local and other taxes as may be required pursuant to any law or governmental regulation or ruling and (b) any other deductions consented to in writing by Executive.

17.    Notice. All notices, demands, requests, or other communications which may be or are required to be given or made by any party to any other party pursuant to this Agreement shall be in writing and shall be hand delivered, mailed by first-class registered or certified mail, return receipt requested, postage prepaid, delivered by overnight air courier, or transmitted by e-mail addressed as follows:

If to the Company:

Tutor Perini Corporation

15901 Olden Street

Sylmar, California 91342

Attention: Gary G. Smalley, Executive Vice President and Chief Financial Officer

Email: gary.smalley@tutorperini.com

If to Executive:

Wendy Hallgren

c/o Dennis P. Duffy

Kane Russell Coleman Logan

901 Main Street, Suite 5200

Dallas, TX 75202

Email: dduffy@krcl.com

Each Party may designate by notice in writing a new address to which any notice, demand, request or communication may thereafter be so given, served or sent. Each notice, demand, request, or communication that shall be given or made in the manner described above shall be deemed sufficiently given or made for all purposes at such time as it is delivered to the addressee (with the return receipt, the delivery receipt, confirmation of e-mail transmission or the affidavit of messenger being deemed conclusive but not exclusive evidence of such delivery) or at such time as delivery is refused by the addressee upon presentation.

18.    Section 409A. This Agreement and the benefits provided hereunder are intended be exempt from, or compliant with, the requirements of Section 409A of the Internal Revenue Code of 1986, as amended, and the Treasury regulations and other guidance issued thereunder (collectively, “Section 409A”) and shall be construed and administered in accordance with such intent. Each installment payment under this Agreement shall be deemed and treated as a separate payment for purposes of Section 409A. Notwithstanding the foregoing, the Company makes no representations that the benefits provided under this Agreement are exempt from the requirements of Section 409A and in no event shall the Company or any other Company Party be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by Executive on account of non-compliance with Section 409A.

10

Execution Version

IN WITNESS WHEREOF, the Parties have executed this Agreement, dated as of June 30, 2023, effective for all purposes as provided above.

EXECUTIVE

/s/ Wendy A. Hallgren            

Wendy A. Hallgren

TUTOR PERINI CORPORATION

By: /s/ Gary G. Smalley            

Name: Gary G. Smalley

Title: EVP & CFO

Signature Page to

Transition Services and Separation Agreement

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 4, 2023	/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 4, 2023	/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, 2023 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 4, 2023	/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, 2023 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 4, 2023	/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.

EX-95

Exhibit 95

MINE SAFETY DISCLOSURE

Section 1503 of the Dodd-Frank Wall Street Reform and Consumer Protection 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 (“MSHA”). We do not act as the owner of any mines; however, we may be considered a mine operator as defined under the Mine Act because we provide construction services to customers in the mining industry. Due to timing and other factors, the data below may not agree with the mine data retrieval system maintained by MSHA.

The following table provides information for the quarter ended June 30, 2023.

Mine (1)	Mine Act §104 Violations (2)	Mine Act §104(b) Orders (3)	Mine Act §104(d) Citations and Orders (4)	Mine Act §110(b)(2) Violations (5)	Mine Act §107(a) Orders (6)	Proposed Assessments from MSHA (In dollars ($))		Mining Related Fatalities	Mine Act §104(e) Notice (yes/no) (7)	Pending Legal Action before Federal Mine Safety and Health Review Commission (yes/no)
Warrior Met - No. 4	3	—	—	—	—	$	2,838	—	No	No

(1)United States mine.

(2)The total number of violations received from MSHA under §104 of the Mine Act, which includes citations for health or safety standards that could significantly and substantially contribute to a serious injury if left unabated.

(3)The total number of orders issued by MSHA under §104(b) of the Mine Act, which represents a failure to abate a citation under §104(a) within the period of time prescribed by MSHA.

(4)The total number of citations and orders issued by MSHA under §104(d) of the Mine Act for unwarrantable failure to comply with mandatory health or safety standards.

(5)The total number of flagrant violations issued by MSHA under §110(b)(2) of the Mine Act.

(6)The total number of orders issued by MSHA under §107(a) of the Mine Act for situations in which MSHA determined an imminent danger existed.

(7)A written notice from the MSHA regarding a pattern of violations, or a potential to have such pattern under §104(e) of the Mine Act.

XML

Cover - shares	6 Months Ended
	Jun. 30, 2023	Jul. 27, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
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		51,975,785
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000077543
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023

XML

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
REVENUE	$ 1,021,751	$ 861,027	$ 1,798,051	$ 1,813,181
COST OF OPERATIONS	(956,790)	(895,250)	(1,757,259)	(1,797,059)
GROSS PROFIT (LOSS)	64,961	(34,223)	40,792	16,122
General and administrative expenses	(62,573)	(56,331)	(120,349)	(116,583)
INCOME (LOSS) FROM CONSTRUCTION OPERATIONS	2,388	(90,554)	(79,557)	(100,461)
Other income, net	3,058	1,020	9,475	4,717
Interest expense	(22,016)	(16,204)	(43,529)	(32,696)
LOSS BEFORE INCOME TAXES	(16,570)	(105,738)	(113,611)	(128,440)
Income tax (expense) benefit	(194)	43,718	47,918	47,607
NET LOSS	(16,764)	(62,020)	(65,693)	(80,833)
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	20,770	983	21,037	3,804
NET LOSS ATTRIBUTABLE TO TUTOR PERINI CORPORATION	$ (37,534)	$ (63,003)	$ (86,730)	$ (84,637)
BASIC LOSS PER COMMON SHARE (in dollars per share)	$ (0.72)	$ (1.23)	$ (1.68)	$ (1.65)
DILUTED LOSS PER COMMON SHARE (in dollars per share)	$ (0.72)	$ (1.23)	$ (1.68)	$ (1.65)
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING:
BASIC (in shares)	51,803	51,276	51,678	51,192
DILUTED (in shares)	51,803	51,276	51,678	51,192

XML

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
NET LOSS	$ (16,764)	$ (62,020)	$ (65,693)	$ (80,833)
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
Defined benefit pension plan adjustments	296	457	597	915
Foreign currency translation adjustments	528	(1,390)	778	(1,133)
Unrealized gain (loss) in fair value of investments	(592)	(2,058)	737	(6,262)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX	232	(2,991)	2,112	(6,480)
COMPREHENSIVE LOSS	(16,532)	(65,011)	(63,581)	(87,313)
LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	21,171	210	21,591	2,652
COMPREHENSIVE LOSS ATTRIBUTABLE TO TUTOR PERINI CORPORATION	$ (37,703)	$ (65,221)	$ (85,172)	$ (89,965)

XML

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
CURRENT ASSETS:
Cash and cash equivalents ($163,088 and $168,408 related to variable interest entities (“VIEs”))	$ 263,545	$ 259,351
Restricted cash	10,914	14,480
Restricted investments	97,293	91,556
Accounts receivable ($80,770 and $54,040 related to VIEs)	1,226,636	1,171,085
Retention receivable ($153,699 and $187,615 related to VIEs)	557,358	585,556
Costs and estimated earnings in excess of billings ($72,051 and $83,911 related to VIEs)	1,224,663	1,377,528
Other current assets ($30,813 and $33,340 related to VIEs)	165,760	179,215
Total current assets	3,546,169	3,678,771
PROPERTY AND EQUIPMENT (“P&E”), net of accumulated depreciation of $520,109 and $505,512 (net P&E of $31,883 and $22,133 related to VIEs)	444,615	435,088
GOODWILL	205,143	205,143
INTANGIBLE ASSETS, NET	69,424	70,542
OTHER ASSETS	203,164	153,256
TOTAL ASSETS	4,468,515	4,542,800
CURRENT LIABILITIES:
Current maturities of long-term debt	20,634	70,285
Accounts payable ($33,178 and $36,484 related to VIEs)	487,769	495,345
Retention payable ($32,589 and $44,859 related to VIEs)	226,036	246,562
Billings in excess of costs and estimated earnings ($468,399 and $480,839 related to VIEs)	1,025,252	975,812
Accrued expenses and other current liabilities ($7,181 and $5,082 related to VIEs)	196,450	179,523
Total current liabilities	1,956,141	1,967,527
LONG-TERM DEBT, less current maturities, net of unamortized discount and debt issuance costs totaling $12,330 and $13,980	905,623	888,154
OTHER LONG-TERM LIABILITIES	238,550	245,135
TOTAL LIABILITIES	3,100,314	3,100,816
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 51,969,840 and 51,521,336 shares	51,970	51,521
Additional paid-in capital	1,143,532	1,140,933
Retained earnings	217,571	304,301
Accumulated other comprehensive loss	(45,479)	(47,037)
Total stockholders' equity	1,367,594	1,449,718
Noncontrolling interests	607	(7,734)
TOTAL EQUITY	1,368,201	1,441,984
TOTAL LIABILITIES AND EQUITY	$ 4,468,515	$ 4,542,800

XML

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Cash and cash equivalents	$ 263,545	$ 259,351
Accounts receivable	1,226,636	1,171,085
Retention receivable	557,358	585,556
Costs and estimated earnings in excess of billings	1,224,663	1,377,528
Other current assets	165,760	179,215
Accumulated depreciation	520,109	505,512
Property and equipment, net	444,615	435,088
Accounts payable	487,769	495,345
Retention payable	226,036	246,562
Billings in excess of costs and estimated earnings	1,025,252	975,812
Accrued expenses and other current liabilities	196,450	179,523
Unamortized discount and debt issuance costs, non-current	$ 12,330	$ 13,980
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)	51,969,840	51,521,336
Common stock, shares outstanding (in shares)	51,969,840	51,521,336
VIEs
Cash and cash equivalents	$ 163,088	$ 168,408
Accounts receivable	80,770	54,040
Retention receivable	153,699	187,615
Costs and estimated earnings in excess of billings	72,051	83,911
Other current assets	30,813	33,340
Property and equipment, net	31,883	22,133
Accounts payable	33,178	36,484
Retention payable	32,589	44,859
Billings in excess of costs and estimated earnings	468,399	480,839
Accrued expenses and other current liabilities	$ 7,181	$ 5,082

XML

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash Flows from Operating Activities:
Net loss	$ (65,693)	$ (80,833)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation	19,636	28,344
Amortization of intangible assets	1,118	10,177
Share-based compensation expense	5,637	4,814
Change in debt discounts and deferred debt issuance costs	2,005	1,817
Deferred income taxes	(68,256)	(61,145)
Gain on sale of property and equipment	(5,038)	(168)
Changes in other components of working capital	188,761	269,104
Other long-term liabilities	(2,152)	7,885
Other, net	1,632	(1,297)
NET CASH PROVIDED BY OPERATING ACTIVITIES	77,650	178,698
Cash Flows from Investing Activities:
Acquisition of property and equipment	(30,623)	(28,845)
Proceeds from sale of property and equipment	6,758	6,420
Investments in securities	(14,521)	(10,409)
Proceeds from maturities and sales of investments in securities	9,227	4,919
NET CASH USED IN INVESTING ACTIVITIES	(29,159)	(27,915)
Cash Flows from Financing Activities:
Proceeds from debt	537,500	412,357
Repayment of debt	(571,332)	(439,236)
Cash payments related to share-based compensation	(284)	(1,009)
Distributions paid to noncontrolling interests	(15,250)	(24,500)
Contributions from noncontrolling interests	2,000	3,961
Debt issuance, extinguishment and modification costs	(497)	0
NET CASH USED IN FINANCING ACTIVITIES	(47,863)	(48,427)
Net increase in cash, cash equivalents and restricted cash	628	102,356
Cash, cash equivalents and restricted cash at beginning of period	273,831	211,396
Cash, cash equivalents and restricted cash at end of period	$ 274,459	$ 313,752

XML

Basis of Presentation

6 Months Ended

Jun. 30, 2023

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, 2022. The results of operations for the three and six months ended June 30, 2023 may not be indicative of the results that will be achieved for the full year ending December 31, 2023.

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, 2023 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.

XML

Revenue

6 Months Ended

Jun. 30, 2023

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, 2023 and 2022.

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Civil segment revenue by end market:
Mass transit (includes certain transportation and tunneling projects)	$	361,082	$	225,574	$	549,542	$	482,712
Military facilities	83,811		60,355		169,378		110,149
Bridges	51,326		85,073		81,971		126,320
Commercial and industrial sites	29,089		11,694		51,593		23,604
Other	28,815		20,926		51,509		51,632
Total Civil segment revenue	$	554,123	$	403,622	$	903,993	$	794,417

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Building segment revenue by end market:
Municipal and government	$	97,814	$	83,826	$	187,434	$	159,781
Health care facilities	55,839		50,277		106,256		85,837
Education facilities	54,420		31,176		102,497		61,036
Mass transit (includes transportation projects)	62,871		10,447		96,191		70,648
Commercial and industrial facilities	16,026		49,309		54,297		88,395
Hospitality and gaming	16,979		24,077		36,585		100,995
Sports and entertainment	13,364		5,174		26,830		9,946
Other(a)	14,029		12,655		(49,095)		20,951
Total Building segment revenue	$	331,342	$	266,941	$	560,995	$	597,589

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Specialty Contractors segment revenue by end market:
Commercial and industrial facilities	$	53,583	$	36,444	$	107,810	$	66,301
Multi-unit residential	29,207		28,243		62,003		53,181
Mass transit (includes certain transportation and tunneling projects)	4,973		75,395		52,518		194,422
Water	20,147		13,972		48,481		35,419
Federal government	11,210		14,106		23,829		20,855
Health care facilities	14,048		6,382		23,579		14,957
Other(a)	3,118		15,922		14,843		36,040
Total Specialty Contractors segment revenue	$	136,286	$	190,464	$	333,063	$	421,175

	Three Months Ended June 30, 2023								Three Months Ended June 30, 2022
(in thousands)	Civil		Building		Specialty Contractors		Total		Civil		Building		Specialty Contractors		Total
Revenue by customer type:
State and local agencies	$	403,013	$	177,247	$	54,879	$	635,139	$	319,411	$	89,473	$	91,817	$	500,701
Federal agencies	98,711		47,090		(5,414)		140,387		62,991		42,402		3,186		108,579
Private owners	52,399		107,005		86,821		246,225		21,220		135,066		95,461		251,747
Total revenue	$	554,123	$	331,342	$	136,286	$	1,021,751	$	403,622	$	266,941	$	190,464	$	861,027

	Six Months Ended June 30, 2023								Six Months Ended June 30, 2022
(in thousands)	Civil		Building		Specialty Contractors		Total		Civil		Building		Specialty Contractors		Total
Revenue by customer type:
State and local agencies	$	616,440	$	313,848	$	140,561	$	1,070,849	$	633,253	$	213,163	$	184,048	$	1,030,464
Federal agencies	194,695		88,825		(3,521)		279,999		113,685		88,500		14,520		216,705
Private owners(a)	92,858		158,322		196,023		447,203		47,479		295,926		222,607		566,012
Total revenue	$	903,993	$	560,995	$	333,063	$	1,798,051	$	794,417	$	597,589	$	421,175	$	1,813,181

	Three Months Ended June 30, 2023								Three Months Ended June 30, 2022
(in thousands)	Civil		Building		Specialty Contractors		Total		Civil		Building		Specialty Contractors		Total
Revenue by contract type:
Fixed price	$	488,343	$	136,053	$	110,552	$	734,948	$	337,414	$	64,296	$	158,036	$	559,746
Guaranteed maximum price	(107)		125,070		(1,734)		123,229		301		145,954		3,361		149,616
Unit price	58,662		—		21,068		79,730		72,210		—		22,064		94,274
Cost plus fee and other	7,225		70,219		6,400		83,844		(6,303)		56,691		7,003		57,391
Total revenue	$	554,123	$	331,342	$	136,286	$	1,021,751	$	403,622	$	266,941	$	190,464	$	861,027

	Six Months Ended June 30, 2023								Six Months Ended June 30, 2022
(in thousands)	Civil		Building		Specialty Contractors		Total		Civil		Building		Specialty Contractors		Total
Revenue by contract type:
Fixed price	$	799,716	$	232,169	$	276,707	$	1,308,592	$	674,407	$	166,814	$	357,099	$	1,198,320
Guaranteed maximum price(a)	(45)		194,848		22		194,825		594		317,463		8,694		326,751
Unit price	91,674		—		45,132		136,806		122,720		33		36,886		159,639
Cost plus fee and other	12,648		133,978		11,202		157,828		(3,304)		113,279		18,496		128,471
Total revenue	$	903,993	$	560,995	$	333,063	$	1,798,051	$	794,417	$	597,589	$	421,175	$	1,813,181

____________________________________________________________________________________________________

(a)The six-month period ended June 30, 2023 includes the negative impact of a non-cash charge of $83.6 million in the first quarter of 2023 that resulted from an adverse legal ruling (of which $72.2 million impacted the Building segment and $11.4 million impacted the Specialty Contractors segment). Refer to Note 17, Business Segments, for additional details.

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, 2023 related to performance obligations satisfied (or partially satisfied) in prior periods by $3.1 million and $108.3 million, respectively. Refer to Note 17, Business Segments, for additional details on significant adjustments. 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.

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, 2023, the aggregate amounts of the transaction prices allocated to the remaining performance obligations of the Company’s construction contracts were $4.6 billion, $2.4 billion and $1.2 billion for the Civil, Building and Specialty Contractors segments, respectively. 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. 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, 2023

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, 2023		As of December 31, 2022
Retention receivable	$	557,358	$	585,556
Costs and estimated earnings in excess of billings:
Claims	572,617		677,367
Unapproved change orders	576,253		601,681
Other unbilled costs and profits	75,793		98,480
Total costs and estimated earnings in excess of billings	1,224,663		1,377,528
Capitalized contract costs	52,798		49,441
Total contract assets	$	1,834,819	$	2,012,525

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, 2023, the amount of retention receivable estimated by management to be collected beyond one year is approximately 58% 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. The amount of costs and estimated earnings in excess of billings as of June 30, 2023 estimated by management to be collected beyond one year is approximately $625.8 million.

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, 2023, $9.0 million and $19.8 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, 2022, $19.0 million and $31.6 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, 2023		As of December 31, 2022
Retention payable	$	226,036	$	246,562
Billings in excess of costs and estimated earnings	1,025,252		975,812
Total contract liabilities	$	1,251,288	$	1,222,374

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, 2023, 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, 2023 and

included in the opening billings in excess of costs and estimated earnings balances for each period totaled $439.5 million and $564.4 million, respectively. 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.

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Cash, Cash Equivalents and Restricted Cash

6 Months Ended

Jun. 30, 2023

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, 2023		As of December 31, 2022
Cash and cash equivalents available for general corporate purposes	$	65,126	$	47,711
Joint venture cash and cash equivalents	198,419		211,640
Cash and cash equivalents	263,545		259,351
Restricted cash	10,914		14,480
Total cash, cash equivalents and restricted cash	$	274,459	$	273,831

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 primarily 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, 2023

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 (“RSUs”) and unexercised stock options. The Company calculates the effect of the potentially dilutive RSUs 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)	2023		2022		2023		2022
Net loss attributable to Tutor Perini Corporation	$	(37,534)	$	(63,003)	$	(86,730)	$	(84,637)
Weighted-average common shares outstanding, basic	51,803		51,276		51,678		51,192
Effect of dilutive RSUs and stock options	—		—		—		—
Weighted-average common shares outstanding, diluted	51,803		51,276		51,678		51,192
Net loss attributable to Tutor Perini Corporation per common share:
Basic	$	(0.72)	$	(1.23)	$	(1.68)	$	(1.65)
Diluted	$	(0.72)	$	(1.23)	$	(1.68)	$	(1.65)
Anti-dilutive securities not included above	3,163		3,398		3,010		3,415

For both the three and six months ended June 30, 2023 and 2022, all outstanding RSUs 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 periods.

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Income Taxes

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The Company recognized income tax expense of $0.2 million for the three months ended June 30, 2023 and an income tax benefit of $47.9 million for the six months ended June 30, 2023. The effective income tax rate was (1.2)% and 42.2% for the three and six months ended June 30, 2023, respectively. The effective income tax rate for the three months ended June 30, 2023 was lower than the 21% federal statutory rate primarily due to the impact of a cumulative catch-up adjustment associated with the change in the Company’s projected 2023 effective tax rate that resulted from the revision of the Company’s forecast. The effective income tax rates for both periods were impacted by relatively large tax benefits generated against a forecasted pre-tax loss for the year, which magnified the impact these tax benefits had on the effective income tax rate. In periods with pre-tax losses, tax benefits generated during the period increase the effective income tax rate (and, thus, the income tax benefit to the Company) rather than decreasing the effective rate, as in periods with pre-tax income. The tax benefits that caused a higher effective tax rate were primarily the earnings attributable to noncontrolling interests (for which income taxes are not the responsibility of the Company) and state income taxes (net of the federal tax benefit), partially offset by non-deductible expenses.

For the three and six months ended June 30, 2022, the Company recognized an income tax benefit of $43.7 million and $47.6 million, respectively, with an effective income tax rate of 41.3% and 37.1%, respectively. The effective income tax rates for both periods were higher than the 21% federal statutory rate primarily due to tax benefits generated against a relatively low forecasted pre-tax loss for the year, which magnified the impact of tax benefits on the effective income tax rate. In periods with pre-tax losses, tax benefits generated during the period increase the effective income tax rate (and, thus, the income tax benefit to the Company) rather than decreasing the effective rate, as in periods with pre-tax income. 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 the federal tax benefit).

The Company had deferred tax assets of $79.0 million and $15.9 million at June 30, 2023 and December 31, 2022, respectively, which are included in other assets on the Condensed Consolidated Balance Sheets.

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Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2023

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, 2023:

(in thousands)	Civil		Building		Specialty Contractors		Total
Gross goodwill as of December 31, 2022	$	492,074	$	424,724	$	156,193	$	1,072,991
Accumulated impairment as of December 31, 2022	(286,931)		(424,724)		(156,193)		(867,848)
Goodwill as of December 31, 2022	205,143		—		—		205,143
Current year activity	—		—		—		—
Goodwill as of June 30, 2023	$	205,143	$	—	$	—	$	205,143

The Company performed its annual impairment test in the fourth quarter of 2022 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, 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, 2023								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		(27,004)		(23,232)		19,014		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		(149,290)		—		—		N/A
Total	$	381,940	$	(199,449)	$	(113,067)	$	69,424

	As of December 31, 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		(25,886)		(23,232)		20,132		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		(149,290)		—		—		N/A
Total	$	381,940	$	(198,331)	$	(113,067)	$	70,542

Amortization expense related to amortizable intangible assets for the three and six months ended June 30, 2023 was $0.6 million and $1.1 million, respectively. Amortization expense related to amortizable intangible assets for the three and six months ended June 30, 2022 was $4.7 million and $10.2 million, respectively. As of June 30, 2023, future amortization expense related to amortizable intangible assets will be approximately $1.1 million for the remainder of 2023, $2.2 million per year for the years 2024 through 2028 and $6.9 million thereafter.

The Company performed its annual impairment test for non-amortizable trade names during the fourth quarter of 2022. 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. Other amortizable intangible assets are reviewed for impairment whenever circumstances indicate that future cash flows generated by the assets might be less than the assets’ net carrying value. The Company had no impairment of intangible assets during the three and six months ended June 30, 2023 or 2022.

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Financial Commitments

6 Months Ended

Jun. 30, 2023

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, 2023		As of December 31, 2022
2017 Senior Notes	$	497,839	$	497,289
Term Loan B	359,110		404,169
Revolver	25,000		—
Equipment financing and mortgages	42,194		48,681
Other indebtedness	2,114		8,300
Total debt	926,257		958,439
Less: Current maturities	20,634		70,285
Long-term debt, net	$	905,623	$	888,154

The following table reconciles the outstanding debt balances to the reported debt balances as of June 30, 2023 and December 31, 2022:

	As of June 30, 2023						As of December 31, 2022
(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	$	(2,161)	$	497,839	$	500,000	$	(2,711)	$	497,289
Term Loan B	369,279		(10,169)		359,110		415,438		(11,269)		404,169

The unamortized issuance costs related to the Revolver were $1.8 million and $1.6 million as of June 30, 2023 and December 31, 2022, 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 “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 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 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 certain indebtedness and annual excess cash flow (in each case, subject to certain customary exceptions). At December 31, 2022, current maturities of long-term debt in the accompanying Condensed Consolidated Balance Sheet included a $44.0 million prepayment of principal on the Term Loan B, which was paid in April 2023, relating to the mandatory prepayment provision of the 2020 Credit Agreement in respect of annual excess cash flow.

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 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) in the case of the Term Loan B, following the amendment to the 2020 Credit Agreement on May 2, 2023 (as discussed below), (x) the Adjusted Term Secured Overnight Financing Rate (“Adjusted Term SOFR”) (calculated with a 11.448 basis point, 26.161 basis point and 42.826 basis point credit spread adjustment for a 1, 3 and 6 month interest period, respectively) or (y) 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 Adjusted Term SOFR rate for a one-month interest period plus 100 basis points) and (B) in case of the Revolver, following the amendment to the 2020 Credit Agreement on October 31, 2022 (as discussed below), (x) the Adjusted Term SOFR rate (calculated with a 10 basis point credit spread adjustment for all interest periods) or (y) 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 Adjusted Term SOFR rate for a one-month interest period plus 100 basis points) plus, in each case, (ii) an applicable margin. The margin applicable to the Term Loan B is between 4.50% and 4.75% for Adjusted Term SOFR and between 3.50% and 3.75% for base rate, and, in each case, is based on the Total Net Leverage Ratio. The margin applicable to the Revolver is between 4.25% and 4.75% for Adjusted Term SOFR and 3.25% and 3.75% for base rate, and, in each case, is based on the First Lien Net Leverage Ratio. Effective following the amendment to the 2020 Credit Agreement on October 31, 2022, the Company’s original London Interbank Offered Rate (“LIBOR”) option in respect of the Revolver was transitioned to Adjusted Term SOFR. Effective May 2, 2023, the 2020 Credit Agreement was further amended to transition the Company’s original LIBOR option in respect of the Term Loan B to Adjusted Term SOFR. 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 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 2020 Credit Agreement includes customary provisions for the replacement of Adjusted Term SOFR with an alternative benchmark rate upon Adjusted Term SOFR being discontinued. The weighted-average annual interest rate on borrowings under the Revolver was 11.78% during the six months ended June 30, 2023.

The 2020 Credit Agreement initially required, solely with respect to the Revolver, 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 fiscal quarter ending March 31, 2022. On October 31, 2022, the 2020 Credit Agreement was amended to increase the maximum First Lien Net Leverage Ratio covenant level to 2.75:1.00 (from 2.25:1.00), effective the fiscal quarter ending September 30, 2022, and subsequently stepping back down to 2.25:1.00 beginning the fiscal quarter ending June 30, 2023. On March 10, 2023, the 2020 Credit Agreement was further amended to set the maximum First Lien Net Leverage Ratio covenant level to 3.50:1.00, effective the fiscal quarter ended December 31, 2022 and increasing to 3.75:1.00 for the fiscal quarter ending March 31, 2023 and subsequently stepping down to 3.00:1.00 for the fiscal quarter ending June 30, 2023, 2.50:1.00 for the fiscal quarter ending September 30, 2023 and 2.25:1.00 for the fiscal quarter ending December 31, 2023 and each fiscal quarter thereafter. 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, 2023, there was $150 million available under the Revolver. The Company had not utilized the Revolver for letters of credit. The Company was in compliance with the financial covenant under the 2020 Credit Agreement for the period ended June 30, 2023.

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)	2023		2022		2023		2022
Cash interest expense:
Interest on 2017 Senior Notes	$	8,594	$	8,594	$	17,188	$	17,188
Interest on Term Loan B	9,250		6,085		18,999		12,118
Interest on Revolver	2,807		130		4,552		633
Other interest	364		479		785		940
Total cash interest expense	21,015		15,288		41,524		30,879
Non-cash interest expense:(a)
Amortization of discount and debt issuance costs on Term Loan B	529		516		1,100		1,021
Amortization of debt issuance costs on Revolver	195		141		355		283
Amortization of debt issuance costs on 2017 Senior Notes	277		259		550		513
Total non-cash interest expense	1,001		916		2,005		1,817
Total interest expense	$	22,016	$	16,204	$	43,529	$	32,696

____________________________________________________________________________________________________

(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 10.84%, respectively, for the six months ended June 30, 2023.

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Leases

6 Months Ended

Jun. 30, 2023

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, 2023, the Company’s operating leases have remaining lease terms ranging from less than one year to 15 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, 2023 and 2022:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Operating lease expense	$	3,387	$	3,912	$	6,861	$	8,069
Short-term lease expense(a)	12,692		12,991		26,611		27,435
	16,079		16,903		33,472		35,504
Less: Sublease income	198		190		392		380
Total lease expense	$	15,881	$	16,713	$	33,080	$	35,124

____________________________________________________________________________________________________

(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, 2023			As of December 31, 2022
Assets
Right-of-use assets	Other assets	$	47,692		$	50,825
Total lease assets		$	47,692		$	50,825
Liabilities
Current lease liabilities	Accrued expenses and other current liabilities	$	5,710		$	6,709
Long-term lease liabilities	Other long-term liabilities	47,154			49,176
Total lease liabilities		$	52,864		$	55,885
Weighted-average remaining lease term		11.0 years			11.0 years
Weighted-average discount rate		11.90		%	11.77		%

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

	Six Months Ended June 30,
(in thousands)	2023		2022
Operating cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$	(6,807)	$	(7,717)
Non-cash activity:
Right-of-use assets obtained in exchange for lease liabilities	$	807	$	7,887

The following table presents maturities of operating lease liabilities on an undiscounted basis as of June 30, 2023:

Year (in thousands)	Operating Leases
2023 (excluding the six months ended June 30, 2023)	$	5,956
2024	10,224
2025	9,109
2026	7,556
2027	6,770
Thereafter	58,094
Total lease payments	97,709
Less: Imputed interest	44,845
Total	$	52,864

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and ContingenciesThe 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:

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.

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 September 15, 2022, the Washington Supreme Court affirmed the decision of the Court of Appeals, which limits recovery of certain damages under the Policy. Based on the rulings of the Court of Appeals, the case will continue for adjudication on the remaining facts and legal issues, including the number of covered occurrences which could increase the amount of available coverage under the Policy and the amount of investigative costs that are subject to the Policy limits. STP also has claims for costs, fees, pre-judgment interest and extra-contractual and statutory claims, which are not subject to the Policy limits.

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.

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 subsequently filed a counterclaim against WSDOT. 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. 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. 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. STP filed a petition for discretionary review by the Washington Supreme Court on July 12, 2022, which was denied by the Supreme Court on October 10, 2022. On October 18, 2022, STP paid the damages and associated interest from the judgment, which included the Company’s proportionate share of $34.6 million. As a result, the lawsuit between STP and WSDOT has concluded.

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 facility opened to the public 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 were invalid due to lack of notice. TPBC denied the Developer’s claims and filed a counterclaim in March 2018. TPBC was seeking in excess of $113 million in the arbitration, which included 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. The Developer was seeking an additional $4.8 million in damages from TPBC beyond the $29 million it had withheld.

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 against Developer 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. TPBC filed an appeal with the U.S. Court of Appeals for the Second Circuit on August 20, 2021, which conducted oral argument on October 27, 2022. On April 10, 2023, the Second Circuit affirmed the bankruptcy court’s and district court’s denials of TPBC’s third-party beneficiary rights under the project’s lease agreement’s “cure” provisions and concluded that TPBC’s claims were not otherwise entitled to priority treatment under the Bankruptcy Code and should therefore be treated as unsecured claims that are subordinate to the claims of the secured lenders in the Developer’s bankruptcy case. As a result of this adverse decision from the Second Circuit, the Company recorded a non-cash, pre-tax charge to income (loss) from construction operations of $83.6 million in the first quarter of 2023. TPBC has no further avenues to recover its costs from the Developer or the bankruptcy-related actions, nor does the Developer have any ability to recover its claims against TPBC, and these lawsuits have now concluded.

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, which is pending.

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 the federal bankruptcy court granted on September 30, 2022. This lawsuit is now concluded.

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 seeking the same $113 million in damages against the 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.

Management has made an estimate of the total anticipated recovery of TPBC’s claims against the individual owners of the Developer and the Port Authority 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, 2023

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

Share-Based Compensation

As of June 30, 2023, there were 593,685 shares of common stock available for grant under the Tutor Perini Corporation Omnibus Incentive Plan. During the six months ended June 30, 2023 and 2022, the Company granted the following share-based instruments: (1) RSUs totaling 590,188 and 375,769, respectively, with weighted-average grant date fair values per unit of $8.66 and $10.53, respectively; (2) shares of unrestricted stock totaling 302,112 and 165,030, respectively, with weighted-average grant date fair values per share of $5.66 and $10.63, respectively; and (3) cash-settled performance stock units (“CPSUs”) totaling 901,541 and 315,768, respectively, with weighted-average grant date fair values per unit of $11.18 and $14.89, respectively. During the six months ended June 30, 2023, the Company also granted a cash award with a service-based vesting condition and payout indexed to 90,000 shares of the Company’s common stock, with a weighted-average grant date fair value of $8.98 per share.

As of June 30, 2023 and December 31, 2022, the Company recognized liabilities for CPSUs and RSUs with guaranteed minimum payouts and certain cash-settled awards on the Condensed Consolidated Balance Sheets totaling approximately $5.0 million and $2.1 million, respectively. During the six months ended June 30, 2023 and 2022, the Company paid approximately $0.2 million and $2.6 million, respectively, to settle certain awards upon vesting.

For the three and six months ended June 30, 2023, the Company recognized, as part of general and administrative expenses, costs for share-based payment arrangements totaling $2.6 million and $5.6 million, respectively, and $1.4 million and $4.8 million for the three and six months ended June 30, 2022, respectively. As of June 30, 2023, the balance of unamortized share-based compensation expense was $18.7 million, which is expected to be recognized over a weighted-average period of 2.0 years. During the three and six months ended June 30, 2023, share-based compensation was reduced by $0.5 million due to the modification of certain share-based awards. The modifications related to the separation of certain employees from the Company. The modifications also resulted in a modification-date fair value totaling $0.4 million which will be amortized as share-based compensation expense through March 2024.

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Employee Pension Plans

6 Months Ended

Jun. 30, 2023

Retirement Benefits [Abstract]

Employee Pension Plans

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.

The following table sets forth a summary of the net periodic benefit cost for the three and six months ended June 30, 2023 and 2022:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Interest cost	$	969	$	647	$	1,938	$	1,293
Service cost	255		240		510		480
Expected return on plan assets	(979)		(973)		(1,957)		(1,946)
Recognized net actuarial losses	413		638		826		1,277
Net periodic benefit cost	$	658	$	552	$	1,317	$	1,104

Due to availability of our prefunded pension balance related to the defined benefit pension plan, the Company was not required to make any cash payments during the six months ended June 30, 2023. The Company expects to contribute $1.3 million in cash by the end of 2023. Due to the election of certain options provided under the American Rescue Plan Act of 2021, enacted on March 11, 2021, the Company was not required to, and did not contribute, amounts to the defined benefit pension plan during the six months ended June 30, 2022.

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Fair Value Measurements

6 Months Ended

Jun. 30, 2023

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, 2023 and December 31, 2022:

	As of June 30, 2023								As of December 31, 2022
	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)	$	263,545	$	—	$	—	$	263,545	$	259,351	$	—	$	—	$	259,351
Restricted cash(a)	10,914		—		—		10,914		14,480		—		—		14,480
Restricted investments(b)	—		97,293		—		97,293		—		91,556		—		91,556
Investments in lieu of retention(c)	17,917		74,297		—		92,214		20,100		68,228		—		88,328
Total	$	292,376	$	171,590	$	—	$	463,966	$	293,931	$	159,784	$	—	$	453,715

____________________________________________________________________________________________________

(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, 2023 and December 31, 2022, 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, 2023 and December 31, 2022, and are comprised of money market funds of $17.9 million and $20.1 million, respectively, and AFS debt securities of $74.3 million and $68.2 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, 2023 and December 31, 2022:

	As of June 30, 2023								As of December 31, 2022
(in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value		Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Restricted investments:
Corporate debt securities	$	64,151	$	—	$	(3,350)	$	60,801	$	53,452	$	1	$	(3,550)	$	49,903
U.S. government agency securities	30,126		—		(1,534)		28,592		34,920		13		(1,688)		33,245
Municipal bonds	8,538		—		(1,087)		7,451		9,211		—		(1,257)		7,954
Corporate certificates of deposit	502		—		(53)		449		507		—		(53)		454
Total restricted investments	103,317		—		(6,024)		97,293		98,090		14		(6,548)		91,556
Investments in lieu of retention:
Corporate debt securities	76,611		—		(3,336)		73,275		70,968		1		(3,724)		67,245
Municipal bonds	820		202		—		1,022		818		165		—		983
Total investments in lieu of retention	77,431		202		(3,336)		74,297		71,786		166		(3,724)		68,228
Total AFS debt securities	$	180,748	$	202	$	(9,360)	$	171,590	$	169,876	$	180	$	(10,272)	$	159,784

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, 2023 and December 31, 2022:

	As of June 30, 2023
	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	$	23,921	$	(227)	$	35,880	$	(3,123)	$	59,801	$	(3,350)
U.S. government agency securities	8,097		(90)		20,494		(1,444)		28,591		(1,534)
Municipal bonds	348		(5)		7,103		(1,082)		7,451		(1,087)
Corporate certificates of deposit	—		—		449		(53)		449		(53)
Total restricted investments	32,366		(322)		63,926		(5,702)		96,292		(6,024)
Investments in lieu of retention:
Corporate debt securities	26,699		(299)		46,576		(3,037)		73,275		(3,336)
Total investments in lieu of retention	26,699		(299)		46,576		(3,037)		73,275		(3,336)
Total AFS debt securities	$	59,065	$	(621)	$	110,502	$	(8,739)	$	169,567	$	(9,360)

	As of December 31, 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	$	23,559	$	(733)	$	25,842	$	(2,817)	$	49,401	$	(3,550)
U.S. government agency securities	24,834		(939)		5,593		(749)		30,427		(1,688)
Municipal bonds	4,998		(672)		2,956		(585)		7,954		(1,257)
Corporate certificates of deposit	63		(12)		391		(41)		454		(53)
Total restricted investments	53,454		(2,356)		34,782		(4,192)		88,236		(6,548)
Investments in lieu of retention:
Corporate debt securities	34,553		(843)		32,391		(2,881)		66,944		(3,724)
Total investments in lieu of retention	34,553		(843)		32,391		(2,881)		66,944		(3,724)
Total AFS debt securities	$	88,007	$	(3,199)	$	67,173	$	(7,073)	$	155,180	$	(10,272)

The unrealized losses in AFS debt securities as of June 30, 2023 and December 31, 2022 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, 2023 and December 31, 2022.

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, consistent with the same period in 2022, the Company has not recognized any impairment losses in earnings during the six months ended June 30, 2023.

The amortized cost and fair value of AFS debt securities by contractual maturity as of June 30, 2023 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	$	28,601	$	28,095
Due after one year through five years	141,769		134,459
Due after five years	10,378		9,036
Total	$	180,748	$	171,590

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 $421.3 million and $439.7 million as of June 30, 2023 and December 31, 2022, respectively. The fair values of the 2017 Senior Notes were determined using Level 1 inputs, specifically current observable market prices. The fair value of the Term Loan B was $330.5 million and $389.5 million as of June 30, 2023 and December 31, 2022, respectively. The fair values of the Term Loan B were 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, 2023 and December 31, 2022.

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Variable Interest Entities (VIEs)

6 Months Ended

Jun. 30, 2023

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, 2023, the Company had unconsolidated VIE-related current assets and liabilities of $0.6 million and $0.2 million, respectively, included in the Company’s Condensed Consolidated Balance Sheets. As of December 31, 2022, the Company had unconsolidated VIE-related current assets of $0.4 million included in the Company’s Condensed Consolidated Balance Sheets. 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, 2023.

As of June 30, 2023, the Company’s Condensed Consolidated Balance Sheets included current and noncurrent assets of $500.4 million and $31.9 million, respectively, as well as current liabilities of $541.3 million related to the operations of its consolidated VIEs. As of December 31, 2022, the Company’s Condensed Consolidated Balance Sheets included current and noncurrent assets of $527.3 million and $22.4 million, respectively, as well as current liabilities of $567.3 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, 2023

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, 2023 and 2022 is provided below:

	Three Months Ended June 30, 2023
(in thousands)	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Noncontrolling Interests		Total Equity
Balance - March 31, 2023	$	51,645	$	1,142,081	$	255,105	$	(45,310)	$	(13,814)	$	1,389,707
Net income (loss)	—		—		(37,534)		—		20,770		(16,764)
Other comprehensive income (loss)	—		—		—		(169)		401		232
Share-based compensation	—		1,635		—		—		—		1,635
Issuance of common stock, net	325		(184)		—		—		—		141
Distributions to noncontrolling interests	—		—		—		—		(6,750)		(6,750)
Balance - June 30, 2023	$	51,970	$	1,143,532	$	217,571	$	(45,479)	$	607	$	1,368,201

	Six Months Ended June 30, 2023
(in thousands)	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Noncontrolling Interests		Total Equity
Balance - December 31, 2022	$	51,521	$	1,140,933	$	304,301	$	(47,037)	$	(7,734)	$	1,441,984
Net income (loss)	—		—		(86,730)		—		21,037		(65,693)
Other comprehensive income	—		—		—		1,558		554		2,112
Share-based compensation	—		3,030		—		—		—		3,030
Issuance of common stock, net	449		(431)		—		—		—		18
Contributions from noncontrolling interests	—		—		—		—		2,000		2,000
Distributions to noncontrolling interests	—		—		—		—		(15,250)		(15,250)
Balance - June 30, 2023	$	51,970	$	1,143,532	$	217,571	$	(45,479)	$	607	$	1,368,201

	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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Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2023

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, 2023 and 2022 were as follows:

	Three Months Ended June 30, 2023						Three Months Ended June 30, 2022
(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	$	411	$	(115)	$	296	$	638	$	(181)	$	457
Foreign currency translation adjustments	562		(34)		528		(1,698)		308		(1,390)
Unrealized loss in fair value of investments	(751)		159		(592)		(2,384)		326		(2,058)
Total other comprehensive income (loss)	222		10		232		(3,444)		453		(2,991)
Less: Other comprehensive income (loss) attributable to noncontrolling interests	401		—		401		(773)		—		(773)
Total other comprehensive loss attributable to Tutor Perini Corporation	$	(179)	$	10	$	(169)	$	(2,671)	$	453	$	(2,218)

	Six Months Ended June 30, 2023						Six Months Ended June 30, 2022
(in thousands)	Before-Tax Amount		Tax Expense		Net-of-Tax Amount		Before-Tax Amount		Tax (Expense) Benefit		Net-of-Tax Amount
Other comprehensive income (loss):
Defined benefit pension plan adjustments	$	826	$	(229)	$	597	$	1,277	$	(362)	$	915
Foreign currency translation adjustments	902		(124)		778		(1,442)		309		(1,133)
Unrealized gain (loss) in fair value of investments	934		(197)		737		(7,898)		1,636		(6,262)
Total other comprehensive income (loss)	2,662		(550)		2,112		(8,063)		1,583		(6,480)
Less: Other comprehensive income (loss) attributable to noncontrolling interests	554		—		554		(1,152)		—		(1,152)
Total other comprehensive income (loss) attributable to Tutor Perini Corporation	$	2,108	$	(550)	$	1,558	$	(6,911)	$	1,583	$	(5,328)

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, 2023 and 2022 were as follows:

	Three Months Ended June 30, 2023
(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, 2023	$	(32,336)	$	(7,010)	$	(5,964)	$	(45,310)
Other comprehensive income (loss) before reclassifications	—		90		(598)		(508)
Amounts reclassified from AOCI	296		—		43		339
Total other comprehensive income (loss)	296		90		(555)		(169)
Balance as of June 30, 2023	$	(32,040)	$	(6,920)	$	(6,519)	$	(45,479)
Attributable to Noncontrolling Interests:
Balance as of March 31, 2023	$	—	$	(780)	$	(797)	$	(1,577)
Other comprehensive income (loss)	—		438		(37)		401
Balance as of June 30, 2023	$	—	$	(342)	$	(834)	$	(1,176)

	Six Months Ended June 30, 2023
(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, 2022	$	(32,637)	$	(7,241)	$	(7,159)	$	(47,037)
Other comprehensive income before reclassifications	—		321		573		894
Amounts reclassified from AOCI	597		—		67		664
Total other comprehensive income	597		321		640		1,558
Balance as of June 30, 2023	$	(32,040)	$	(6,920)	$	(6,519)	$	(45,479)
Attributable to Noncontrolling Interests:
Balance as of December 31, 2022	$	—	$	(799)	$	(931)	$	(1,730)
Other comprehensive income	—		457		97		554
Balance as of June 30, 2023	$	—	$	(342)	$	(834)	$	(1,176)

	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 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, 2023 and 2022 were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Component of AOCI:
Defined benefit pension plan adjustments(a)	$	411	$	638	$	826	$	1,277
Income tax benefit(b)	(115)		(181)		(229)		(362)
Net of tax	$	296	$	457	$	597	$	915
Unrealized loss in fair value of investment adjustments(a)	$	55	$	31	$	85	$	42
Income tax benefit(b)	(12)		(7)		(18)		(9)
Net of tax	$	43	$	24	$	67	$	33

___________________________________________________________________________________________________

(a)Amounts 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, 2023

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 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, 2023 and 2022:

	Reportable Segments
(in thousands)	Civil		Building		Specialty Contractors		Total			Corporate			Consolidated Total
Three Months Ended June 30, 2023
Total revenue	$	555,553	$	321,933	$	136,323	$	1,013,809		$	—		$	1,013,809
Elimination of intersegment revenue	(1,430)		9,409		(37)		7,942			—			7,942
Revenue from external customers	$	554,123	$	331,342	$	136,286	$	1,021,751		$	—		$	1,021,751
Income (loss) from construction operations	$	105,407	$	(13,831)	$	(69,832)	$	21,744	(a)	$	(19,356)	(b)	$	2,388
Capital expenditures	$	9,643	$	1,458	$	256	$	11,357		$	1,470		$	12,827
Depreciation and amortization(c)	$	7,074	$	455	$	622	$	8,151		$	2,195		$	10,346
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)	(d)	$	(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

____________________________________________________________________________________________________

(a)During the three months ended June 30, 2023, the Company’s income (loss) from construction operations was impacted by favorable adjustments totaling $58.1 million ($46.1 million, or $0.89 per diluted share, after tax) resulting from changes in estimates due to improved performance on a Civil segment mass-transit project in California, $35.8 million ($26.0 million, or $0.50 per diluted share, after tax) of unfavorable non-cash adjustments due to changes in estimates on the Specialty Contractors segment’s electrical and mechanical scope of a transportation project in the Northeast associated with a change in the expected recovery on certain unapproved change orders, a non-cash charge of $24.7 million ($18.0 million, or $0.35 per diluted share, after tax) that resulted from an adverse legal ruling on a Specialty Contractors segment educational facilities project in New York and a $13.1 million ($10.2 million, or $0.20 per diluted share, after tax) unfavorable adjustment on a transportation project in the Northeast, split evenly between the Civil and Building segments, due to the settlement of certain change orders during project closeout.

(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, 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.

	Reportable Segments
(in thousands)	Civil		Building		Specialty Contractors		Total			Corporate			Consolidated Total
Six Months Ended June 30, 2023
Total revenue	$	933,777	$	551,224	$	333,071	$	1,818,072		$	—		$	1,818,072
Elimination of intersegment revenue	(29,784)		9,771		(8)		(20,021)			—			(20,021)
Revenue from external customers	$	903,993	$	560,995	$	333,063	$	1,798,051		$	—		$	1,798,051
Income (loss) from construction operations	$	123,419	$	(84,040)	$	(82,280)	$	(42,901)	(a)	$	(36,656)	(b)	$	(79,557)
Capital expenditures	$	24,708	$	3,475	$	700	$	28,883		$	1,740		$	30,623
Depreciation and amortization(c)	$	14,055	$	912	$	1,241	$	16,208		$	4,546		$	20,754
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)	(d)	$	(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

____________________________________________________________________________________________________

(a)During the six months ended June 30, 2023, the Company’s income (loss) from construction operations was impacted by an adverse legal ruling on a completed mixed-use project in New York, which resulted in a non-cash, pre-tax charge of $83.6 million ($60.1 million, or $1.16 per diluted share, after-tax), of which $72.2 million impacted the Building segment and $11.4 million impacted the Specialty Contractors segment, $35.8 million ($26.0 million, or $0.50 per diluted share, after tax) of unfavorable non-cash adjustments due to changes in estimates on the Specialty Contractors segment’s electrical and mechanical scope of a transportation project in the Northeast associated with a change in the expected recovery on certain unapproved change orders, net favorable adjustments of $30.1 million ($23.9 million, or $0.46 per diluted share, after tax) for a Civil segment mass-transit project in California that resulted from changes in estimates due to improved performance, a non-cash charge of $24.7 million ($18.0 million, or $0.35 per diluted share, after tax) that resulted from an adverse legal ruling on a Specialty Contractors segment educational facilities project in New York, and a $13.1 million ($10.2 million, or $0.20 per diluted share, after tax) unfavorable adjustment on a transportation project in the Northeast, split evenly between the Civil and Building segments, due to the settlement of certain change orders during project closeout.

(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, 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.

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

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Income (loss) from construction operations	$	2,388	$	(90,554)	$	(79,557)	$	(100,461)
Other income, net	3,058		1,020		9,475		4,717
Interest expense	(22,016)		(16,204)		(43,529)		(32,696)
Loss before income taxes	$	(16,570)	$	(105,738)	$	(113,611)	$	(128,440)

Total assets by segment were as follows:

(in thousands)	As of June 30, 2023		As of December 31, 2022
Civil	$	3,459,839	$	3,402,934
Building	909,226		898,816
Specialty Contractors	357,831		483,535
Corporate and other(a)	(258,381)		(242,485)
Total assets	$	4,468,515	$	4,542,800

____________________________________________________________________________________________________

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

Major Customer

Revenue from a single customer with multiple projects, impacting the Civil, Building and Specialty Contractors segments, represented 15.8% and 17.4% of the Company’s consolidated revenue for the three and six months ended June 30, 2023, respectively.

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Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net loss attributable to Tutor Perini Corporation	$ (37,534)	$ (63,003)	$ (86,730)	$ (84,637)

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Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

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Revenue (Tables)

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Schedule of 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, 2023 and 2022.

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Civil segment revenue by end market:
Mass transit (includes certain transportation and tunneling projects)	$	361,082	$	225,574	$	549,542	$	482,712
Military facilities	83,811		60,355		169,378		110,149
Bridges	51,326		85,073		81,971		126,320
Commercial and industrial sites	29,089		11,694		51,593		23,604
Other	28,815		20,926		51,509		51,632
Total Civil segment revenue	$	554,123	$	403,622	$	903,993	$	794,417

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Building segment revenue by end market:
Municipal and government	$	97,814	$	83,826	$	187,434	$	159,781
Health care facilities	55,839		50,277		106,256		85,837
Education facilities	54,420		31,176		102,497		61,036
Mass transit (includes transportation projects)	62,871		10,447		96,191		70,648
Commercial and industrial facilities	16,026		49,309		54,297		88,395
Hospitality and gaming	16,979		24,077		36,585		100,995
Sports and entertainment	13,364		5,174		26,830		9,946
Other(a)	14,029		12,655		(49,095)		20,951
Total Building segment revenue	$	331,342	$	266,941	$	560,995	$	597,589

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Specialty Contractors segment revenue by end market:
Commercial and industrial facilities	$	53,583	$	36,444	$	107,810	$	66,301
Multi-unit residential	29,207		28,243		62,003		53,181
Mass transit (includes certain transportation and tunneling projects)	4,973		75,395		52,518		194,422
Water	20,147		13,972		48,481		35,419
Federal government	11,210		14,106		23,829		20,855
Health care facilities	14,048		6,382		23,579		14,957
Other(a)	3,118		15,922		14,843		36,040
Total Specialty Contractors segment revenue	$	136,286	$	190,464	$	333,063	$	421,175

	Three Months Ended June 30, 2023								Three Months Ended June 30, 2022
(in thousands)	Civil		Building		Specialty Contractors		Total		Civil		Building		Specialty Contractors		Total
Revenue by customer type:
State and local agencies	$	403,013	$	177,247	$	54,879	$	635,139	$	319,411	$	89,473	$	91,817	$	500,701
Federal agencies	98,711		47,090		(5,414)		140,387		62,991		42,402		3,186		108,579
Private owners	52,399		107,005		86,821		246,225		21,220		135,066		95,461		251,747
Total revenue	$	554,123	$	331,342	$	136,286	$	1,021,751	$	403,622	$	266,941	$	190,464	$	861,027

	Six Months Ended June 30, 2023								Six Months Ended June 30, 2022
(in thousands)	Civil		Building		Specialty Contractors		Total		Civil		Building		Specialty Contractors		Total
Revenue by customer type:
State and local agencies	$	616,440	$	313,848	$	140,561	$	1,070,849	$	633,253	$	213,163	$	184,048	$	1,030,464
Federal agencies	194,695		88,825		(3,521)		279,999		113,685		88,500		14,520		216,705
Private owners(a)	92,858		158,322		196,023		447,203		47,479		295,926		222,607		566,012
Total revenue	$	903,993	$	560,995	$	333,063	$	1,798,051	$	794,417	$	597,589	$	421,175	$	1,813,181

	Three Months Ended June 30, 2023								Three Months Ended June 30, 2022
(in thousands)	Civil		Building		Specialty Contractors		Total		Civil		Building		Specialty Contractors		Total
Revenue by contract type:
Fixed price	$	488,343	$	136,053	$	110,552	$	734,948	$	337,414	$	64,296	$	158,036	$	559,746
Guaranteed maximum price	(107)		125,070		(1,734)		123,229		301		145,954		3,361		149,616
Unit price	58,662		—		21,068		79,730		72,210		—		22,064		94,274
Cost plus fee and other	7,225		70,219		6,400		83,844		(6,303)		56,691		7,003		57,391
Total revenue	$	554,123	$	331,342	$	136,286	$	1,021,751	$	403,622	$	266,941	$	190,464	$	861,027

	Six Months Ended June 30, 2023								Six Months Ended June 30, 2022
(in thousands)	Civil		Building		Specialty Contractors		Total		Civil		Building		Specialty Contractors		Total
Revenue by contract type:
Fixed price	$	799,716	$	232,169	$	276,707	$	1,308,592	$	674,407	$	166,814	$	357,099	$	1,198,320
Guaranteed maximum price(a)	(45)		194,848		22		194,825		594		317,463		8,694		326,751
Unit price	91,674		—		45,132		136,806		122,720		33		36,886		159,639
Cost plus fee and other	12,648		133,978		11,202		157,828		(3,304)		113,279		18,496		128,471
Total revenue	$	903,993	$	560,995	$	333,063	$	1,798,051	$	794,417	$	597,589	$	421,175	$	1,813,181

____________________________________________________________________________________________________

(a)The six-month period ended June 30, 2023 includes the negative impact of a non-cash charge of $83.6 million in the first quarter of 2023 that resulted from an adverse legal ruling (of which $72.2 million impacted the Building segment and $11.4 million impacted the Specialty Contractors segment). Refer to Note 17, Business Segments, for additional details.

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Contract Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2023

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, 2023		As of December 31, 2022
Retention receivable	$	557,358	$	585,556
Costs and estimated earnings in excess of billings:
Claims	572,617		677,367
Unapproved change orders	576,253		601,681
Other unbilled costs and profits	75,793		98,480
Total costs and estimated earnings in excess of billings	1,224,663		1,377,528
Capitalized contract costs	52,798		49,441
Total contract assets	$	1,834,819	$	2,012,525

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, 2023		As of December 31, 2022
Retention payable	$	226,036	$	246,562
Billings in excess of costs and estimated earnings	1,025,252		975,812
Total contract liabilities	$	1,251,288	$	1,222,374

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Cash, Cash Equivalents and Restricted Cash (Tables)

6 Months Ended

Jun. 30, 2023

Cash and Cash Equivalents [Abstract]

Schedule of 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, 2023		As of December 31, 2022
Cash and cash equivalents available for general corporate purposes	$	65,126	$	47,711
Joint venture cash and cash equivalents	198,419		211,640
Cash and cash equivalents	263,545		259,351
Restricted cash	10,914		14,480
Total cash, cash equivalents and restricted cash	$	274,459	$	273,831

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Earnings Per Common Share (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The Company calculates the effect of the potentially dilutive RSUs 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)	2023		2022		2023		2022
Net loss attributable to Tutor Perini Corporation	$	(37,534)	$	(63,003)	$	(86,730)	$	(84,637)
Weighted-average common shares outstanding, basic	51,803		51,276		51,678		51,192
Effect of dilutive RSUs and stock options	—		—		—		—
Weighted-average common shares outstanding, diluted	51,803		51,276		51,678		51,192
Net loss attributable to Tutor Perini Corporation per common share:
Basic	$	(0.72)	$	(1.23)	$	(1.68)	$	(1.65)
Diluted	$	(0.72)	$	(1.23)	$	(1.68)	$	(1.65)
Anti-dilutive securities not included above	3,163		3,398		3,010		3,415

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Goodwill and Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Carrying Amount of Goodwill

The following table presents the changes in the carrying amount of goodwill since its inception through June 30, 2023:

(in thousands)	Civil		Building		Specialty Contractors		Total
Gross goodwill as of December 31, 2022	$	492,074	$	424,724	$	156,193	$	1,072,991
Accumulated impairment as of December 31, 2022	(286,931)		(424,724)		(156,193)		(867,848)
Goodwill as of December 31, 2022	205,143		—		—		205,143
Current year activity	—		—		—		—
Goodwill as of June 30, 2023	$	205,143	$	—	$	—	$	205,143

Schedule of Intangible Assets

Intangible assets consist of the following:

	As of June 30, 2023								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		(27,004)		(23,232)		19,014		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		(149,290)		—		—		N/A
Total	$	381,940	$	(199,449)	$	(113,067)	$	69,424

	As of December 31, 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		(25,886)		(23,232)		20,132		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		(149,290)		—		—		N/A
Total	$	381,940	$	(198,331)	$	(113,067)	$	70,542

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Financial Commitments (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

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

(in thousands)	As of June 30, 2023		As of December 31, 2022
2017 Senior Notes	$	497,839	$	497,289
Term Loan B	359,110		404,169
Revolver	25,000		—
Equipment financing and mortgages	42,194		48,681
Other indebtedness	2,114		8,300
Total debt	926,257		958,439
Less: Current maturities	20,634		70,285
Long-term debt, net	$	905,623	$	888,154

Schedule of 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, 2023 and December 31, 2022:

	As of June 30, 2023						As of December 31, 2022
(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	$	(2,161)	$	497,839	$	500,000	$	(2,711)	$	497,289
Term Loan B	369,279		(10,169)		359,110		415,438		(11,269)		404,169

Schedule 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)	2023		2022		2023		2022
Cash interest expense:
Interest on 2017 Senior Notes	$	8,594	$	8,594	$	17,188	$	17,188
Interest on Term Loan B	9,250		6,085		18,999		12,118
Interest on Revolver	2,807		130		4,552		633
Other interest	364		479		785		940
Total cash interest expense	21,015		15,288		41,524		30,879
Non-cash interest expense:(a)
Amortization of discount and debt issuance costs on Term Loan B	529		516		1,100		1,021
Amortization of debt issuance costs on Revolver	195		141		355		283
Amortization of debt issuance costs on 2017 Senior Notes	277		259		550		513
Total non-cash interest expense	1,001		916		2,005		1,817
Total interest expense	$	22,016	$	16,204	$	43,529	$	32,696

____________________________________________________________________________________________________

(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 10.84%, respectively, for the six months ended June 30, 2023.

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Leases (Tables)

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Schedule of Components of Lease Expense

The following table presents components of lease expense for the three and six months ended June 30, 2023 and 2022:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Operating lease expense	$	3,387	$	3,912	$	6,861	$	8,069
Short-term lease expense(a)	12,692		12,991		26,611		27,435
	16,079		16,903		33,472		35,504
Less: Sublease income	198		190		392		380
Total lease expense	$	15,881	$	16,713	$	33,080	$	35,124

____________________________________________________________________________________________________

(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.

Schedule of 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, 2023			As of December 31, 2022
Assets
Right-of-use assets	Other assets	$	47,692		$	50,825
Total lease assets		$	47,692		$	50,825
Liabilities
Current lease liabilities	Accrued expenses and other current liabilities	$	5,710		$	6,709
Long-term lease liabilities	Other long-term liabilities	47,154			49,176
Total lease liabilities		$	52,864		$	55,885
Weighted-average remaining lease term		11.0 years			11.0 years
Weighted-average discount rate		11.90		%	11.77		%

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

	Six Months Ended June 30,
(in thousands)	2023		2022
Operating cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$	(6,807)	$	(7,717)
Non-cash activity:
Right-of-use assets obtained in exchange for lease liabilities	$	807	$	7,887

Schedule of 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, 2023:

Year (in thousands)	Operating Leases
2023 (excluding the six months ended June 30, 2023)	$	5,956
2024	10,224
2025	9,109
2026	7,556
2027	6,770
Thereafter	58,094
Total lease payments	97,709
Less: Imputed interest	44,845
Total	$	52,864

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Employee Pension Plans (Tables)

6 Months Ended

Jun. 30, 2023

Retirement Benefits [Abstract]

Schedule 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, 2023 and 2022:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Interest cost	$	969	$	647	$	1,938	$	1,293
Service cost	255		240		510		480
Expected return on plan assets	(979)		(973)		(1,957)		(1,946)
Recognized net actuarial losses	413		638		826		1,277
Net periodic benefit cost	$	658	$	552	$	1,317	$	1,104

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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of 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, 2023 and December 31, 2022:

	As of June 30, 2023								As of December 31, 2022
	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)	$	263,545	$	—	$	—	$	263,545	$	259,351	$	—	$	—	$	259,351
Restricted cash(a)	10,914		—		—		10,914		14,480		—		—		14,480
Restricted investments(b)	—		97,293		—		97,293		—		91,556		—		91,556
Investments in lieu of retention(c)	17,917		74,297		—		92,214		20,100		68,228		—		88,328
Total	$	292,376	$	171,590	$	—	$	463,966	$	293,931	$	159,784	$	—	$	453,715

____________________________________________________________________________________________________

(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, 2023 and December 31, 2022, 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, 2023 and December 31, 2022, and are comprised of money market funds of $17.9 million and $20.1 million, respectively, and AFS debt securities of $74.3 million and $68.2 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, 2023 and December 31, 2022:

	As of June 30, 2023								As of December 31, 2022
(in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value		Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Restricted investments:
Corporate debt securities	$	64,151	$	—	$	(3,350)	$	60,801	$	53,452	$	1	$	(3,550)	$	49,903
U.S. government agency securities	30,126		—		(1,534)		28,592		34,920		13		(1,688)		33,245
Municipal bonds	8,538		—		(1,087)		7,451		9,211		—		(1,257)		7,954
Corporate certificates of deposit	502		—		(53)		449		507		—		(53)		454
Total restricted investments	103,317		—		(6,024)		97,293		98,090		14		(6,548)		91,556
Investments in lieu of retention:
Corporate debt securities	76,611		—		(3,336)		73,275		70,968		1		(3,724)		67,245
Municipal bonds	820		202		—		1,022		818		165		—		983
Total investments in lieu of retention	77,431		202		(3,336)		74,297		71,786		166		(3,724)		68,228
Total AFS debt securities	$	180,748	$	202	$	(9,360)	$	171,590	$	169,876	$	180	$	(10,272)	$	159,784

Schedule of 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, 2023 and December 31, 2022:

	As of June 30, 2023
	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	$	23,921	$	(227)	$	35,880	$	(3,123)	$	59,801	$	(3,350)
U.S. government agency securities	8,097		(90)		20,494		(1,444)		28,591		(1,534)
Municipal bonds	348		(5)		7,103		(1,082)		7,451		(1,087)
Corporate certificates of deposit	—		—		449		(53)		449		(53)
Total restricted investments	32,366		(322)		63,926		(5,702)		96,292		(6,024)
Investments in lieu of retention:
Corporate debt securities	26,699		(299)		46,576		(3,037)		73,275		(3,336)
Total investments in lieu of retention	26,699		(299)		46,576		(3,037)		73,275		(3,336)
Total AFS debt securities	$	59,065	$	(621)	$	110,502	$	(8,739)	$	169,567	$	(9,360)

	As of December 31, 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	$	23,559	$	(733)	$	25,842	$	(2,817)	$	49,401	$	(3,550)
U.S. government agency securities	24,834		(939)		5,593		(749)		30,427		(1,688)
Municipal bonds	4,998		(672)		2,956		(585)		7,954		(1,257)
Corporate certificates of deposit	63		(12)		391		(41)		454		(53)
Total restricted investments	53,454		(2,356)		34,782		(4,192)		88,236		(6,548)
Investments in lieu of retention:
Corporate debt securities	34,553		(843)		32,391		(2,881)		66,944		(3,724)
Total investments in lieu of retention	34,553		(843)		32,391		(2,881)		66,944		(3,724)
Total AFS debt securities	$	88,007	$	(3,199)	$	67,173	$	(7,073)	$	155,180	$	(10,272)

Schedule of Investments Classified by Contractual Maturity Date

The amortized cost and fair value of AFS debt securities by contractual maturity as of June 30, 2023 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	$	28,601	$	28,095
Due after one year through five years	141,769		134,459
Due after five years	10,378		9,036
Total	$	180,748	$	171,590

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Changes in Equity (Tables)

6 Months Ended

Jun. 30, 2023

Stockholders' Equity Note [Abstract]

Schedule of Stockholders Equity

A reconciliation of the changes in equity for the three and six months ended June 30, 2023 and 2022 is provided below:

	Three Months Ended June 30, 2023
(in thousands)	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Noncontrolling Interests		Total Equity
Balance - March 31, 2023	$	51,645	$	1,142,081	$	255,105	$	(45,310)	$	(13,814)	$	1,389,707
Net income (loss)	—		—		(37,534)		—		20,770		(16,764)
Other comprehensive income (loss)	—		—		—		(169)		401		232
Share-based compensation	—		1,635		—		—		—		1,635
Issuance of common stock, net	325		(184)		—		—		—		141
Distributions to noncontrolling interests	—		—		—		—		(6,750)		(6,750)
Balance - June 30, 2023	$	51,970	$	1,143,532	$	217,571	$	(45,479)	$	607	$	1,368,201

	Six Months Ended June 30, 2023
(in thousands)	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Noncontrolling Interests		Total Equity
Balance - December 31, 2022	$	51,521	$	1,140,933	$	304,301	$	(47,037)	$	(7,734)	$	1,441,984
Net income (loss)	—		—		(86,730)		—		21,037		(65,693)
Other comprehensive income	—		—		—		1,558		554		2,112
Share-based compensation	—		3,030		—		—		—		3,030
Issuance of common stock, net	449		(431)		—		—		—		18
Contributions from noncontrolling interests	—		—		—		—		2,000		2,000
Distributions to noncontrolling interests	—		—		—		—		(15,250)		(15,250)
Balance - June 30, 2023	$	51,970	$	1,143,532	$	217,571	$	(45,479)	$	607	$	1,368,201

	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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Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Jun. 30, 2023

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, 2023 and 2022 were as follows:

	Three Months Ended June 30, 2023						Three Months Ended June 30, 2022
(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	$	411	$	(115)	$	296	$	638	$	(181)	$	457
Foreign currency translation adjustments	562		(34)		528		(1,698)		308		(1,390)
Unrealized loss in fair value of investments	(751)		159		(592)		(2,384)		326		(2,058)
Total other comprehensive income (loss)	222		10		232		(3,444)		453		(2,991)
Less: Other comprehensive income (loss) attributable to noncontrolling interests	401		—		401		(773)		—		(773)
Total other comprehensive loss attributable to Tutor Perini Corporation	$	(179)	$	10	$	(169)	$	(2,671)	$	453	$	(2,218)

	Six Months Ended June 30, 2023						Six Months Ended June 30, 2022
(in thousands)	Before-Tax Amount		Tax Expense		Net-of-Tax Amount		Before-Tax Amount		Tax (Expense) Benefit		Net-of-Tax Amount
Other comprehensive income (loss):
Defined benefit pension plan adjustments	$	826	$	(229)	$	597	$	1,277	$	(362)	$	915
Foreign currency translation adjustments	902		(124)		778		(1,442)		309		(1,133)
Unrealized gain (loss) in fair value of investments	934		(197)		737		(7,898)		1,636		(6,262)
Total other comprehensive income (loss)	2,662		(550)		2,112		(8,063)		1,583		(6,480)
Less: Other comprehensive income (loss) attributable to noncontrolling interests	554		—		554		(1,152)		—		(1,152)
Total other comprehensive income (loss) attributable to Tutor Perini Corporation	$	2,108	$	(550)	$	1,558	$	(6,911)	$	1,583	$	(5,328)

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, 2023 and 2022 were as follows:

	Three Months Ended June 30, 2023
(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, 2023	$	(32,336)	$	(7,010)	$	(5,964)	$	(45,310)
Other comprehensive income (loss) before reclassifications	—		90		(598)		(508)
Amounts reclassified from AOCI	296		—		43		339
Total other comprehensive income (loss)	296		90		(555)		(169)
Balance as of June 30, 2023	$	(32,040)	$	(6,920)	$	(6,519)	$	(45,479)
Attributable to Noncontrolling Interests:
Balance as of March 31, 2023	$	—	$	(780)	$	(797)	$	(1,577)
Other comprehensive income (loss)	—		438		(37)		401
Balance as of June 30, 2023	$	—	$	(342)	$	(834)	$	(1,176)

	Six Months Ended June 30, 2023
(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, 2022	$	(32,637)	$	(7,241)	$	(7,159)	$	(47,037)
Other comprehensive income before reclassifications	—		321		573		894
Amounts reclassified from AOCI	597		—		67		664
Total other comprehensive income	597		321		640		1,558
Balance as of June 30, 2023	$	(32,040)	$	(6,920)	$	(6,519)	$	(45,479)
Attributable to Noncontrolling Interests:
Balance as of December 31, 2022	$	—	$	(799)	$	(931)	$	(1,730)
Other comprehensive income	—		457		97		554
Balance as of June 30, 2023	$	—	$	(342)	$	(834)	$	(1,176)

	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 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, 2023 and 2022 were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Component of AOCI:
Defined benefit pension plan adjustments(a)	$	411	$	638	$	826	$	1,277
Income tax benefit(b)	(115)		(181)		(229)		(362)
Net of tax	$	296	$	457	$	597	$	915
Unrealized loss in fair value of investment adjustments(a)	$	55	$	31	$	85	$	42
Income tax benefit(b)	(12)		(7)		(18)		(9)
Net of tax	$	43	$	24	$	67	$	33

___________________________________________________________________________________________________

(a)Amounts 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, 2023

Segment Reporting [Abstract]

Schedule of 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, 2023 and 2022:

	Reportable Segments
(in thousands)	Civil		Building		Specialty Contractors		Total			Corporate			Consolidated Total
Three Months Ended June 30, 2023
Total revenue	$	555,553	$	321,933	$	136,323	$	1,013,809		$	—		$	1,013,809
Elimination of intersegment revenue	(1,430)		9,409		(37)		7,942			—			7,942
Revenue from external customers	$	554,123	$	331,342	$	136,286	$	1,021,751		$	—		$	1,021,751
Income (loss) from construction operations	$	105,407	$	(13,831)	$	(69,832)	$	21,744	(a)	$	(19,356)	(b)	$	2,388
Capital expenditures	$	9,643	$	1,458	$	256	$	11,357		$	1,470		$	12,827
Depreciation and amortization(c)	$	7,074	$	455	$	622	$	8,151		$	2,195		$	10,346
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)	(d)	$	(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

____________________________________________________________________________________________________

(a)During the three months ended June 30, 2023, the Company’s income (loss) from construction operations was impacted by favorable adjustments totaling $58.1 million ($46.1 million, or $0.89 per diluted share, after tax) resulting from changes in estimates due to improved performance on a Civil segment mass-transit project in California, $35.8 million ($26.0 million, or $0.50 per diluted share, after tax) of unfavorable non-cash adjustments due to changes in estimates on the Specialty Contractors segment’s electrical and mechanical scope of a transportation project in the Northeast associated with a change in the expected recovery on certain unapproved change orders, a non-cash charge of $24.7 million ($18.0 million, or $0.35 per diluted share, after tax) that resulted from an adverse legal ruling on a Specialty Contractors segment educational facilities project in New York and a $13.1 million ($10.2 million, or $0.20 per diluted share, after tax) unfavorable adjustment on a transportation project in the Northeast, split evenly between the Civil and Building segments, due to the settlement of certain change orders during project closeout.

(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, 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.

	Reportable Segments
(in thousands)	Civil		Building		Specialty Contractors		Total			Corporate			Consolidated Total
Six Months Ended June 30, 2023
Total revenue	$	933,777	$	551,224	$	333,071	$	1,818,072		$	—		$	1,818,072
Elimination of intersegment revenue	(29,784)		9,771		(8)		(20,021)			—			(20,021)
Revenue from external customers	$	903,993	$	560,995	$	333,063	$	1,798,051		$	—		$	1,798,051
Income (loss) from construction operations	$	123,419	$	(84,040)	$	(82,280)	$	(42,901)	(a)	$	(36,656)	(b)	$	(79,557)
Capital expenditures	$	24,708	$	3,475	$	700	$	28,883		$	1,740		$	30,623
Depreciation and amortization(c)	$	14,055	$	912	$	1,241	$	16,208		$	4,546		$	20,754
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)	(d)	$	(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

____________________________________________________________________________________________________

(a)During the six months ended June 30, 2023, the Company’s income (loss) from construction operations was impacted by an adverse legal ruling on a completed mixed-use project in New York, which resulted in a non-cash, pre-tax charge of $83.6 million ($60.1 million, or $1.16 per diluted share, after-tax), of which $72.2 million impacted the Building segment and $11.4 million impacted the Specialty Contractors segment, $35.8 million ($26.0 million, or $0.50 per diluted share, after tax) of unfavorable non-cash adjustments due to changes in estimates on the Specialty Contractors segment’s electrical and mechanical scope of a transportation project in the Northeast associated with a change in the expected recovery on certain unapproved change orders, net favorable adjustments of $30.1 million ($23.9 million, or $0.46 per diluted share, after tax) for a Civil segment mass-transit project in California that resulted from changes in estimates due to improved performance, a non-cash charge of $24.7 million ($18.0 million, or $0.35 per diluted share, after tax) that resulted from an adverse legal ruling on a Specialty Contractors segment educational facilities project in New York, and a $13.1 million ($10.2 million, or $0.20 per diluted share, after tax) unfavorable adjustment on a transportation project in the Northeast, split evenly between the Civil and Building segments, due to the settlement of certain change orders during project closeout.

(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, 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.

Schedule of Reconciliation of Segment Results to Consolidated Income Before Income Taxes

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

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Income (loss) from construction operations	$	2,388	$	(90,554)	$	(79,557)	$	(100,461)
Other income, net	3,058		1,020		9,475		4,717
Interest expense	(22,016)		(16,204)		(43,529)		(32,696)
Loss before income taxes	$	(16,570)	$	(105,738)	$	(113,611)	$	(128,440)

Schedule of Total Assets for Reportable Segments

Total assets by segment were as follows:

(in thousands)	As of June 30, 2023		As of December 31, 2022
Civil	$	3,459,839	$	3,402,934
Building	909,226		898,816
Specialty Contractors	357,831		483,535
Corporate and other(a)	(258,381)		(242,485)
Total assets	$	4,468,515	$	4,542,800

____________________________________________________________________________________________________

(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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 1,021,751	$ 861,027	$ 1,798,051	$ 1,813,181
State and local agencies
Disaggregation of Revenue [Line Items]
Revenue	635,139	500,701	1,070,849	1,030,464
Federal agencies
Disaggregation of Revenue [Line Items]
Revenue	140,387	108,579	279,999	216,705
Private owners
Disaggregation of Revenue [Line Items]
Revenue	246,225	251,747	447,203	566,012
Civil
Disaggregation of Revenue [Line Items]
Revenue	554,123	403,622	903,993	794,417
Civil | State and local agencies
Disaggregation of Revenue [Line Items]
Revenue	403,013	319,411	616,440	633,253
Civil | Federal agencies
Disaggregation of Revenue [Line Items]
Revenue	98,711	62,991	194,695	113,685
Civil | Private owners
Disaggregation of Revenue [Line Items]
Revenue	52,399	21,220	92,858	47,479
Civil | Mass transit
Disaggregation of Revenue [Line Items]
Revenue	361,082	225,574	549,542	482,712
Civil | Military facilities
Disaggregation of Revenue [Line Items]
Revenue	83,811	60,355	169,378	110,149
Civil | Bridges
Disaggregation of Revenue [Line Items]
Revenue	51,326	85,073	81,971	126,320
Civil | Commercial and industrial sites
Disaggregation of Revenue [Line Items]
Revenue	29,089	11,694	51,593	23,604
Civil | Other
Disaggregation of Revenue [Line Items]
Revenue	28,815	20,926	51,509	51,632
Building
Disaggregation of Revenue [Line Items]
Revenue	331,342	266,941	560,995	597,589
Building | State and local agencies
Disaggregation of Revenue [Line Items]
Revenue	177,247	89,473	313,848	213,163
Building | Federal agencies
Disaggregation of Revenue [Line Items]
Revenue	47,090	42,402	88,825	88,500
Building | Private owners
Disaggregation of Revenue [Line Items]
Revenue	107,005	135,066	158,322	295,926
Building | Mass transit
Disaggregation of Revenue [Line Items]
Revenue	62,871	10,447	96,191	70,648
Building | Other
Disaggregation of Revenue [Line Items]
Revenue	14,029	12,655	(49,095)	20,951
Building | Municipal and government
Disaggregation of Revenue [Line Items]
Revenue	97,814	83,826	187,434	159,781
Building | Health care facilities
Disaggregation of Revenue [Line Items]
Revenue	55,839	50,277	106,256	85,837
Building | Education facilities
Disaggregation of Revenue [Line Items]
Revenue	54,420	31,176	102,497	61,036
Building | Commercial and industrial facilities
Disaggregation of Revenue [Line Items]
Revenue	16,026	49,309	54,297	88,395
Building | Hospitality and gaming
Disaggregation of Revenue [Line Items]
Revenue	16,979	24,077	36,585	100,995
Building | Sports and entertainment
Disaggregation of Revenue [Line Items]
Revenue	13,364	5,174	26,830	9,946
Specialty Contractors
Disaggregation of Revenue [Line Items]
Revenue	136,286	190,464	333,063	421,175
Specialty Contractors | State and local agencies
Disaggregation of Revenue [Line Items]
Revenue	54,879	91,817	140,561	184,048
Specialty Contractors | Federal agencies
Disaggregation of Revenue [Line Items]
Revenue	(5,414)	3,186	(3,521)	14,520
Specialty Contractors | Private owners
Disaggregation of Revenue [Line Items]
Revenue	86,821	95,461	196,023	222,607
Specialty Contractors | Mass transit
Disaggregation of Revenue [Line Items]
Revenue	4,973	75,395	52,518	194,422
Specialty Contractors | Other
Disaggregation of Revenue [Line Items]
Revenue	3,118	15,922	14,843	36,040
Specialty Contractors | Health care facilities
Disaggregation of Revenue [Line Items]
Revenue	14,048	6,382	23,579	14,957
Specialty Contractors | Commercial and industrial facilities
Disaggregation of Revenue [Line Items]
Revenue	53,583	36,444	107,810	66,301
Specialty Contractors | Multi-unit residential
Disaggregation of Revenue [Line Items]
Revenue	29,207	28,243	62,003	53,181
Specialty Contractors | Water
Disaggregation of Revenue [Line Items]
Revenue	20,147	13,972	48,481	35,419
Specialty Contractors | Federal government
Disaggregation of Revenue [Line Items]
Revenue	$ 11,210	$ 14,106	$ 23,829	$ 20,855

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Revenue (Schedule Of Revenue By Contract Type) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 1,021,751	$ 861,027	$ 1,798,051	$ 1,813,181
Adverse Legal Ruling Pertaining to Mixed-Use Project in New York
Disaggregation of Revenue [Line Items]
Loss contingency			83,600
Fixed price
Disaggregation of Revenue [Line Items]
Revenue	734,948	559,746	1,308,592	1,198,320
Guaranteed maximum price
Disaggregation of Revenue [Line Items]
Revenue	123,229	149,616	194,825	326,751
Unit price
Disaggregation of Revenue [Line Items]
Revenue	79,730	94,274	136,806	159,639
Cost plus fee and other
Disaggregation of Revenue [Line Items]
Revenue	83,844	57,391	157,828	128,471
Civil
Disaggregation of Revenue [Line Items]
Revenue	554,123	403,622	903,993	794,417
Civil | Fixed price
Disaggregation of Revenue [Line Items]
Revenue	488,343	337,414	799,716	674,407
Civil | Guaranteed maximum price
Disaggregation of Revenue [Line Items]
Revenue	(107)	301	(45)	594
Civil | Unit price
Disaggregation of Revenue [Line Items]
Revenue	58,662	72,210	91,674	122,720
Civil | Cost plus fee and other
Disaggregation of Revenue [Line Items]
Revenue	7,225	(6,303)	12,648	(3,304)
Building
Disaggregation of Revenue [Line Items]
Revenue	331,342	266,941	560,995	597,589
Building | Adverse Legal Ruling Pertaining to Mixed-Use Project in New York
Disaggregation of Revenue [Line Items]
Loss contingency			72,200
Building | Fixed price
Disaggregation of Revenue [Line Items]
Revenue	136,053	64,296	232,169	166,814
Building | Guaranteed maximum price
Disaggregation of Revenue [Line Items]
Revenue	125,070	145,954	194,848	317,463
Building | Unit price
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	33
Building | Cost plus fee and other
Disaggregation of Revenue [Line Items]
Revenue	70,219	56,691	133,978	113,279
Specialty Contractors
Disaggregation of Revenue [Line Items]
Revenue	136,286	190,464	333,063	421,175
Specialty Contractors | Adverse Legal Ruling Pertaining to Mixed-Use Project in New York
Disaggregation of Revenue [Line Items]
Loss contingency			11,400
Specialty Contractors | Fixed price
Disaggregation of Revenue [Line Items]
Revenue	110,552	158,036	276,707	357,099
Specialty Contractors | Guaranteed maximum price
Disaggregation of Revenue [Line Items]
Revenue	(1,734)	3,361	22	8,694
Specialty Contractors | Unit price
Disaggregation of Revenue [Line Items]
Revenue	21,068	22,064	45,132	36,886
Specialty Contractors | Cost plus fee and other
Disaggregation of Revenue [Line Items]
Revenue	$ 6,400	$ 7,003	$ 11,202	$ 18,496

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Revenue (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Net revenue recognized related to performance obligations satisfies (or partially satisfied) in prior periods	$ 3.1	$ 63.6	$ 108.3	$ 110.3
Civil
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations revenue amount	4,600.0	4,900.0	$ 4,600.0	4,900.0
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	2,400.0	2,200.0	$ 2,400.0	2,200.0
Specialty Contractors
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations revenue amount	$ 1,200.0	$ 1,300.0	$ 1,200.0	$ 1,300.0
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 (Schedule Of Contract Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Retention receivable	$ 557,358	$ 585,556
Costs and estimated earnings in excess of billings:
Claims	572,617	677,367
Unapproved change orders	576,253	601,681
Other unbilled costs and profits	75,793	98,480
Total costs and estimated earnings in excess of billings	1,224,663	1,377,528
Capitalized contract costs	52,798	49,441
Total contract assets	$ 1,834,819	$ 2,012,525

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Contract Assets and Liabilities (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Retainage receivable estimated by management to be collected beyond one year, percentage	58.00%		58.00%
Costs and estimated earnings in excess of billings	$ 625.8		$ 625.8
Capitalized contract costs amortized and recognized as expense	$ 9.0	$ 19.0	$ 19.8	$ 31.6
Retainage payable estimated by management to be remitted beyond one year, percentage	42.00%		42.00%
Liability revenue recognized from contract with customer	$ 439.5	$ 387.5	$ 564.4	$ 425.5

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Contract Assets and Liabilities (Schedule of Contract Liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Retention payable	$ 226,036	$ 246,562
Billings in excess of costs and estimated earnings	1,025,252	975,812
Total contract liabilities	$ 1,251,288	$ 1,222,374

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Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 263,545	$ 259,351
Restricted cash	10,914	14,480
Total cash, cash equivalents and restricted cash	274,459	273,831	$ 313,752	$ 211,396
Joint venture cash and cash equivalents
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	198,419	211,640
Cash and cash equivalents available for general corporate purposes
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 65,126	$ 47,711

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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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Net loss attributable to Tutor Perini Corporation	$ (37,534)	$ (63,003)	$ (86,730)	$ (84,637)
Weighted-average common shares outstanding, basic (in shares)	51,803	51,276	51,678	51,192
Effect of dilutive RSUs and stock options (in shares)	0	0	0	0
Weighted-average common shares outstanding, diluted (in shares)	51,803	51,276	51,678	51,192
Net loss attributable to Tutor Perini Corporation per common share: Basic (in dollars per share)	$ (0.72)	$ (1.23)	$ (1.68)	$ (1.65)
Net loss attributable to Tutor Perini Corporation per common share: Diluted (in dollars per share)	$ (0.72)	$ (1.23)	$ (1.68)	$ (1.65)
Anti-dilutive securities not included above (in shares)	3,163	3,398	3,010	3,415

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Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income tax (expense) benefit	$ 194	$ (43,718)	$ (47,918)	$ (47,607)
Effective tax rate	(1.20%)	(41.30%)	(42.20%)	(37.10%)
Deferred tax assets	$ 79,000		$ 79,000		$ 15,900

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Goodwill and Intangible Assets (Changes in Carrying Amount of Goodwill) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Goodwill [Line Items]
Gross goodwill as of December 31, 2022		$ 1,072,991
Accumulated impairment as of December 31, 2022		(867,848)
Goodwill [Roll Forward]
Balance at beginning of period	$ 205,143
Current year activity	0
Balance at end of period	205,143
Civil
Goodwill [Line Items]
Gross goodwill as of December 31, 2022		492,074
Accumulated impairment as of December 31, 2022		(286,931)
Goodwill [Roll Forward]
Balance at beginning of period	205,143
Current year activity	0
Balance at end of period	205,143
Building
Goodwill [Line Items]
Gross goodwill as of December 31, 2022		424,724
Accumulated impairment as of December 31, 2022		(424,724)
Goodwill [Roll Forward]
Balance at beginning of period	0
Current year activity	0
Balance at end of period	0
Specialty Contractors
Goodwill [Line Items]
Gross goodwill as of December 31, 2022		156,193
Accumulated impairment as of December 31, 2022		$ (156,193)
Goodwill [Roll Forward]
Balance at beginning of period	0
Current year activity	0
Balance at end of period	$ 0

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Goodwill and Intangible Assets (Narrative) (Details) - USD ($)	3 Months Ended			6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill impairment charge		$ 0
Amortization expense	$ 600,000		$ 4,700,000	$ 1,118,000	$ 10,177,000
Estimated amortization expense, remainder of 2023	1,100,000			1,100,000
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, 2028	2,200,000			2,200,000
Estimated amortization expense, after year 2028	$ 6,900,000			6,900,000
Impairment of intangible assets				$ 0	$ 0

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Goodwill and Intangible Assets (Intangible Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Total intangible assets
Cost	$ 381,940	$ 381,940
Accumulated Amortization	(199,449)	(198,331)
Accumulated Impairment Charge	(113,067)	(113,067)
Carrying Value	69,424	70,542
Trade Names
Finite-Lived intangible assets
Cost	69,250	69,250
Accumulated Amortization	(27,004)	(25,886)
Accumulated Impairment Charge	(23,232)	(23,232)
Carrying Value	$ 19,014	$ 20,132
Weighted-Average Amortization Period	20 years	20 years
Customer relationships
Finite-Lived intangible assets
Cost	$ 39,800	$ 39,800
Accumulated Amortization	(23,155)	(23,155)
Accumulated Impairment Charge	(16,645)	(16,645)
Carrying Value	0	0
Construction contract backlog
Finite-Lived intangible assets
Cost	149,290	149,290
Accumulated Amortization	(149,290)	(149,290)
Carrying Value	0	0
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)
Finite-Lived intangible assets
Carrying Value	$ 0	$ 0

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Financial Commitments (Long-Term Debt) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total debt	$ 926,257	$ 958,439
Less: Current maturities	20,634	70,285
Long-term debt, net	905,623	888,154
Term Loan B
Debt Instrument [Line Items]
Total debt	359,110	404,169
Less: Current maturities		44,000
Equipment financing and mortgages
Debt Instrument [Line Items]
Total debt	42,194	48,681
Other indebtedness
Debt Instrument [Line Items]
Total debt	2,114	8,300
Revolving Credit Facility
Debt Instrument [Line Items]
Total debt	25,000	0
2017 Senior Notes | Senior Notes
Debt Instrument [Line Items]
Total debt	$ 497,839	$ 497,289

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Financial Commitments (Reconciliation of Outstanding Debt Balance to Reported Debt Balance) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total debt	$ 926,257	$ 958,439
Term Loan B
Debt Instrument [Line Items]
Outstanding Debt	369,279	415,438
Unamortized Discounts and Issuance Costs	(10,169)	(11,269)
Total debt	359,110	404,169
2017 Senior Notes | Senior Notes
Debt Instrument [Line Items]
Outstanding Debt	500,000	500,000
Unamortized Discounts and Issuance Costs	(2,161)	(2,711)
Total debt	$ 497,839	$ 497,289

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Financial Commitments (Narrative) (Details)			1 Months Ended	6 Months Ended
	May 02, 2023	Aug. 18, 2020 USD ($)	Oct. 31, 2022	Jun. 30, 2023 USD ($)	Apr. 01, 2023	Dec. 31, 2022 USD ($)	Sep. 30, 2022	Jan. 01, 2022	Apr. 20, 2017 USD ($)
Debt Instrument [Line Items]
Current maturities of long-term debt				$ 20,634,000		$ 70,285,000
Term Loan B
Debt Instrument [Line Items]
Current maturities of long-term debt						44,000,000
BMO Harris Bank
Debt Instrument [Line Items]
Applicable margin on overdue amounts (as a percent)		2.00%
BMO Harris Bank | Unsecured Debt
Debt Instrument [Line Items]
Fixed charge coverage ratio (maximum)		2.00
2020 Credit Agreement | BMO Harris Bank | Federal Funds Rate
Debt Instrument [Line Items]
Basis spread on variable rate		0.50%	0.50%
2020 Credit Agreement | BMO Harris Bank | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis point spread, 1 month interest period	0.11448%
Basis point spread, 3 month interest period	0.26161%
Basis point spread, 6 month interest period	0.42826%
Basis spread on variable rate		1.00%	1.00%
Debt instrument, basis spread on variable rate adjustment			0.10%
2020 Credit Agreement | BMO Harris Bank | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 425,000,000
Periodic payment principal percentage		0.25%
Term Loan B | BMO Harris Bank | Secured Overnight Financing Rate (SOFR) | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		4.50%
Term Loan B | BMO Harris Bank | Secured Overnight Financing Rate (SOFR) | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		4.75%
Term Loan B | BMO Harris Bank | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		3.50%
Term Loan B | BMO Harris Bank | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		3.75%
First Lien | BMO Harris Bank
Debt Instrument [Line Items]
Net leverage ratio (maximum)		1.35
2017 Senior Notes | Senior Notes | Private Placement
Debt Instrument [Line Items]
Face amount									$ 500,000,000
Interest rate									6.875%
Redemption price, change of control triggering event (as a percent)				101.00%
Revolving Credit Facility
Debt Instrument [Line Items]
Unamortized debt issuance costs				$ 1,800,000		$ 1,600,000
Revolving Credit Facility | BMO Harris Bank
Debt Instrument [Line Items]
Weighted-average annual interest rate on borrowings				11.78%
Remaining borrowing capacity				$ 150,000,000
Revolving Credit Facility | BMO Harris Bank | Secured Overnight Financing Rate (SOFR) | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		4.25%
Revolving Credit Facility | BMO Harris Bank | Secured Overnight Financing Rate (SOFR) | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		4.75%
Revolving Credit Facility | BMO Harris Bank | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		3.25%
Revolving Credit Facility | BMO Harris Bank | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		3.75%
Revolving Credit Facility | BMO Harris Bank | Net Leverage Ratio
Debt Instrument [Line Items]
Net leverage ratio (maximum)		2.75	2.75		2.25	3.50	2.25	2.25
Revolving Credit Facility | BMO Harris Bank | Net Leverage Ratio | Fiscal Quarter March 31, 2023
Debt Instrument [Line Items]
Net leverage ratio (maximum)				3.75
Revolving Credit Facility | BMO Harris Bank | Net Leverage Ratio | Fiscal Quarter June 30, 2023
Debt Instrument [Line Items]
Net leverage ratio (maximum)				3.00
Revolving Credit Facility | BMO Harris Bank | Net Leverage Ratio | Fiscal Quarter September 30, 2023
Debt Instrument [Line Items]
Net leverage ratio (maximum)				2.50
Revolving Credit Facility | BMO Harris Bank | Net Leverage Ratio | Fiscal Quarter December 31, 2023
Debt Instrument [Line Items]
Net leverage ratio (maximum)				2.25
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 Credit Agreement | BMO Harris Bank | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 175,000,000
Letters of Credit | 2020 Credit Agreement | BMO Harris Bank | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		75,000,000
Bridge Loan | 2020 Credit Agreement | BMO Harris Bank | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 10,000,000
Secured Debt | BMO Harris Bank | Unsecured Debt | Junior Lien
Debt Instrument [Line Items]
Total net leverage ratio (maximum)		3.50

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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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Debt Instrument [Line Items]
Other interest	$ 364	$ 479	$ 785	$ 940
Total cash interest expense	21,015	15,288	41,524	30,879
Total non-cash interest expense	1,001	916	2,005	1,817
Total interest expense	22,016	16,204	43,529	32,696
Term Loan B
Debt Instrument [Line Items]
Cash interest expense	9,250	6,085	18,999	12,118
Total non-cash interest expense	$ 529	516	$ 1,100	1,021
Effective interest rates	10.84%		10.84%
Revolving Credit Facility
Debt Instrument [Line Items]
Cash interest expense	$ 2,807	130	$ 4,552	633
Total non-cash interest expense	195	141	355	283
2017 Senior Notes | Senior Notes
Debt Instrument [Line Items]
Cash interest expense	8,594	8,594	17,188	17,188
Total non-cash interest expense	$ 277	$ 259	$ 550	$ 513
Effective interest rates	7.13%		7.13%

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Leases (Narrative) (Details)	Jun. 30, 2023
Minimum
Lessee, Lease, Description [Line Items]
Operating lease, remaining lease terms	1 year
Maximum
Lessee, Lease, Description [Line Items]
Operating lease, remaining lease terms	15 years

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Leases (Components Of Lease Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Lessee, Lease, Description [Line Items]
Operating lease expense	$ 3,387	$ 3,912	$ 6,861	$ 8,069
Short-term lease expense	12,692	12,991	26,611	27,435
Lease expense, gross	16,079	16,903	33,472	35,504
Less: Sublease income	198	190	392	380
Total lease expense	$ 15,881	$ 16,713	$ 33,080	$ 35,124
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, 2023	Dec. 31, 2022
ASSETS
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	OTHER ASSETS	OTHER ASSETS
Right-of-use assets	$ 47,692	$ 50,825
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	$ 5,710	$ 6,709
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Long-term lease liabilities	$ 47,154	$ 49,176
Total lease liabilities	$ 52,864	$ 55,885
Weighted-average remaining lease term	11 years	11 years
Weighted-average discount rate	11.90%	11.77%

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Leases (Supplemental Cash Flow And Other Information Related To Leases) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities	$ (6,807)	$ (7,717)
Right-of-use assets obtained in exchange for lease liabilities	$ 807	$ 7,887

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Leases (Maturity Of Leases Liabilities On An Undiscounted Basis) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Leases [Abstract]
2023 (excluding the six months ended June 30, 2023)	$ 5,956
2024	10,224
2025	9,109
2026	7,556
2027	6,770
Thereafter	58,094
Total lease payments	97,709
Less: Imputed interest	44,845
Total	$ 52,864	$ 55,885

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Commitments and Contingencies (Details) - USD ($) $ in Millions						1 Months Ended				3 Months Ended		6 Months Ended
	Oct. 18, 2022	Jan. 27, 2020	Dec. 13, 2019	Jun. 04, 2019	Feb. 26, 2015	Mar. 31, 2018	Mar. 31, 2016	Jun. 30, 2015	Aug. 31, 2013	Mar. 31, 2023	Dec. 31, 2019	Jun. 30, 2023	Jul. 02, 2018
Alaskan Way Viaduct Matter
Contingencies and Commitments
Ownership percentage in joint venture												45.00%
Value of claim filed							$ 57.2	$ 532.0
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
Settlement on judgment											$ 57.2
Loss contingency, damages paid, value	$ 34.6
George Washington Bridge Bus Station Matter
Contingencies and Commitments
Value of claim filed		$ 113.0			$ 30.0
Value of project									$ 100.0
Court issued writ of attachment amount				$ 23.0
Proof of claim amount			$ 113.0
Pre-tax charge to income (loss) from construction operations										$ 83.6
Value of damages seeking													$ 113.0
George Washington Bridge Bus Station Matter | Tutor Perini Building Corp
Contingencies and Commitments
Value of claim filed						$ 113.0
George Washington Bridge Bus Station Matter | George Washington Bridge Bus Station Development Venture, LLC
Contingencies and Commitments
Value of claim filed						4.8
Value of counterclaim filed in excess of						29.0
George Washington Bridge Bus Station Matter | Return Of Retainage By Developer
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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for grant (in shares)	593,685		593,685
Costs for share-based payment arrangements	$ 2.6	$ 1.4	$ 5.6	$ 4.8
Unamortized share-based compensation expense	18.7		$ 18.7
Weighted average period over which unrecognized compensation cost is expected to be recognized			2 years
Reduction in incremental cost	(0.5)		$ (0.5)
Modification of fair value, incremental cost			$ 0.4
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units granted (in shares)			590,188	375,769
Weighted-average fair values per share (in dollars per share)			$ 8.66	$ 10.53
Cash-settled Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units granted (in shares)			901,541	315,768
Weighted-average fair values per share (in dollars per share)			$ 11.18	$ 14.89
Cash-settled Service-Based Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units granted (in shares)			90,000
Weighted-average fair values per share (in dollars per share)			$ 8.98
Unrestricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units granted (in shares)			302,112	165,030
Weighted-average fair values per share (in dollars per share)			$ 5.66	$ 10.63
Restricted Stock Units, Guaranteed Minimum Payouts
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Liabilities recognized for restricted stock grants	$ 5.0		$ 5.0		$ 2.1
Cash used to settle liabilities			$ 0.2	$ 2.6

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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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Summary of net periodic benefit cost
Interest cost	$ 969	$ 647	$ 1,938	$ 1,293
Service cost	255	240	510	480
Expected return on plan assets	(979)	(973)	(1,957)	(1,946)
Recognized net actuarial losses	413	638	826	1,277
Net periodic benefit cost	$ 658	$ 552	$ 1,317	$ 1,104

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Employee Pension Plans (Narrative) (Details) $ in Millions	Jun. 30, 2023 USD ($)
Pension Plan Assets
Expected future employer contribution, current year	$ 1.3

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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, 2023	Dec. 31, 2022
Assets:
Cash and cash equivalents maturity period (maximum)	3 months
Fair value measured on a recurring basis
Assets:
Cash and cash equivalents	$ 263,545	$ 259,351
Restricted cash	10,914	14,480
Restricted investments	97,293	91,556
Investments in lieu of retention	92,214	88,328
Total	463,966	453,715
Fair value measured on a recurring basis | Level 1
Assets:
Cash and cash equivalents	263,545	259,351
Restricted cash	10,914	14,480
Restricted investments	0	0
Investments in lieu of retention	17,917	20,100
Total	292,376	293,931
Fair value measured on a recurring basis | Level 2
Assets:
Cash and cash equivalents	0	0
Restricted cash	0	0
Restricted investments	97,293	91,556
Investments in lieu of retention	74,297	68,228
Total	171,590	159,784
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 retention	0	0
Total	0	0
Debt Securities | Fair value measured on a recurring basis | Level 2
Assets:
Investments in lieu of retention	74,300	68,200
Money Market Funds | Fair value measured on a recurring basis | Level 1
Assets:
Investments in lieu of retention	$ 17,900	$ 20,100

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Fair Value Measurements (Available for Sale) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amortized Cost	$ 180,748	$ 169,876
Unrealized Gains	202	180
Unrealized Losses	(9,360)	(10,272)
Fair Value	171,590	159,784
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Less than 12 Months, Fair Value	59,065	88,007
Less than 12 Months, Unrealized Losses	(621)	(3,199)
12 Months or Greater, Fair Value	110,502	67,173
12 Months or Greater, Unrealized Losses	(8,739)	(7,073)
Total, Fair Value	169,567	155,180
Total, Unrealized Losses	(9,360)	(10,272)
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Fair Value [Abstract]
Amortized Cost, Due within one year	28,601
Fair Value, Due within one year	28,095
Amortized Cost, Due after one year through five years	141,769
Fair Value, Due after one year through five years	134,459
Amortized Cost, Due after five years	10,378
Fair Value, Due after five years	9,036
Restricted investments:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amortized Cost	103,317	98,090
Unrealized Gains	0	14
Unrealized Losses	(6,024)	(6,548)
Fair Value	97,293	91,556
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Less than 12 Months, Fair Value	32,366	53,454
Less than 12 Months, Unrealized Losses	(322)	(2,356)
12 Months or Greater, Fair Value	63,926	34,782
12 Months or Greater, Unrealized Losses	(5,702)	(4,192)
Total, Fair Value	96,292	88,236
Total, Unrealized Losses	(6,024)	(6,548)
Investments in lieu of retention:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amortized Cost	77,431	71,786
Unrealized Gains	202	166
Unrealized Losses	(3,336)	(3,724)
Fair Value	74,297	68,228
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Less than 12 Months, Fair Value	26,699	34,553
Less than 12 Months, Unrealized Losses	(299)	(843)
12 Months or Greater, Fair Value	46,576	32,391
12 Months or Greater, Unrealized Losses	(3,037)	(2,881)
Total, Fair Value	73,275	66,944
Total, Unrealized Losses	(3,336)	(3,724)
Corporate debt securities | Restricted investments:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amortized Cost	64,151	53,452
Unrealized Gains	0	1
Unrealized Losses	(3,350)	(3,550)
Fair Value	60,801	49,903
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Less than 12 Months, Fair Value	23,921	23,559
Less than 12 Months, Unrealized Losses	(227)	(733)
12 Months or Greater, Fair Value	35,880	25,842
12 Months or Greater, Unrealized Losses	(3,123)	(2,817)
Total, Fair Value	59,801	49,401
Total, Unrealized Losses	(3,350)	(3,550)
Corporate debt securities | Investments in lieu of retention:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amortized Cost	76,611	70,968
Unrealized Gains	0	1
Unrealized Losses	(3,336)	(3,724)
Fair Value	73,275	67,245
U.S. government agency securities | Restricted investments:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amortized Cost	30,126	34,920
Unrealized Gains	0	13
Unrealized Losses	(1,534)	(1,688)
Fair Value	28,592	33,245
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Less than 12 Months, Fair Value	8,097	24,834
Less than 12 Months, Unrealized Losses	(90)	(939)
12 Months or Greater, Fair Value	20,494	5,593
12 Months or Greater, Unrealized Losses	(1,444)	(749)
Total, Fair Value	28,591	30,427
Total, Unrealized Losses	(1,534)	(1,688)
Municipal bonds | Restricted investments:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amortized Cost	8,538	9,211
Unrealized Gains	0	0
Unrealized Losses	(1,087)	(1,257)
Fair Value	7,451	7,954
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Less than 12 Months, Fair Value	348	4,998
Less than 12 Months, Unrealized Losses	(5)	(672)
12 Months or Greater, Fair Value	7,103	2,956
12 Months or Greater, Unrealized Losses	(1,082)	(585)
Total, Fair Value	7,451	7,954
Total, Unrealized Losses	(1,087)	(1,257)
Municipal bonds | Investments in lieu of retention:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amortized Cost	820	818
Unrealized Gains	202	165
Unrealized Losses	0	0
Fair Value	1,022	983
Corporate certificates of deposit | Restricted investments:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amortized Cost	502	507
Unrealized Gains	0	0
Unrealized Losses	(53)	(53)
Fair Value	449	454
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Less than 12 Months, Fair Value	0	63
Less than 12 Months, Unrealized Losses	0	(12)
12 Months or Greater, Fair Value	449	391
12 Months or Greater, Unrealized Losses	(53)	(41)
Total, Fair Value	449	454
Total, Unrealized Losses	$ (53)	$ (53)

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Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Senior Notes | 2017 Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	$ 421.3	$ 439.7
Term Loan B
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	$ 330.5	$ 389.5

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Variable Interest Entities (VIEs) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Variable Interest Entity [Line Items]
Assets, current	$ 3,546,169		$ 3,546,169		$ 3,678,771
Liabilities, current	1,956,141		1,956,141		1,967,527
Revenue	$ 1,021,751	$ 861,027	$ 1,798,051	$ 1,813,181
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%
Related Party | Purple Line Extension Section 2 And Section 3
Variable Interest Entity [Line Items]
Revenue			$ 2,800,000
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
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	$ 600		$ 600		400
Liabilities, current	200		200
VIEs
Variable Interest Entity [Line Items]
Assets, current	500,400		500,400		527,300
Liabilities, current	541,300		541,300		567,300
Assets, noncurrent	$ 31,900		$ 31,900		$ 22,400

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Changes in Equity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Attributable to Tutor Perini Corporation:
Balance at the beginning of the period	$ 1,389,707	$ 1,646,521	$ 1,441,984	$ 1,673,720
Net income (loss)	(16,764)	(62,020)	(65,693)	(80,833)
Other comprehensive income (loss)	232	(2,991)	2,112	(6,480)
Share-based compensation	1,635	3,278	3,030	5,002
Issuance of common stock, net	141	158	18	76
Contributions from noncontrolling interests			2,000	961
Distributions to noncontrolling interests	(6,750)	(17,000)	(15,250)	(24,500)
Balance at the end of the period	1,368,201	1,567,946	1,368,201	1,567,946
Common Stock
Attributable to Tutor Perini Corporation:
Balance at the beginning of the period	51,645	51,200	51,521	51,096
Issuance of common stock, net	325	158	449	262
Balance at the end of the period	51,970	51,358	51,970	51,358
Additional Paid-in Capital
Attributable to Tutor Perini Corporation:
Balance at the beginning of the period	1,142,081	1,134,688	1,140,933	1,133,150
Share-based compensation	1,635	3,278	3,030	5,002
Issuance of common stock, net	(184)		(431)	(186)
Balance at the end of the period	1,143,532	1,137,966	1,143,532	1,137,966
Retained Earnings
Attributable to Tutor Perini Corporation:
Balance at the beginning of the period	255,105	492,676	304,301	514,310
Net income (loss)	(37,534)	(63,003)	(86,730)	(84,637)
Balance at the end of the period	217,571	429,673	217,571	429,673
Accumulated Other Comprehensive Loss
Attributable to Tutor Perini Corporation:
Balance at the beginning of the period	(45,310)	(46,745)	(47,037)	(43,635)
Other comprehensive income (loss)	(169)	(2,218)	1,558	(5,328)
Balance at the end of the period	(45,479)	(48,963)	(45,479)	(48,963)
Noncontrolling Interests
Attributable to Tutor Perini Corporation:
Balance at the beginning of the period	(13,814)	14,702	(7,734)	18,799
Net income (loss)	20,770	983	21,037	3,804
Other comprehensive income (loss)	401	(773)	554	(1,152)
Contributions from noncontrolling interests			2,000	961
Distributions to noncontrolling interests	(6,750)	(17,000)	(15,250)	(24,500)
Balance at the end of the period	$ 607	$ (2,088)	$ 607	$ (2,088)

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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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total other comprehensive income (loss), Before-Tax Amount	$ 222	$ (3,444)	$ 2,662	$ (8,063)
Total other comprehensive income (loss), Tax (Expense) Benefit	10	453	(550)	1,583
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX	232	(2,991)	2,112	(6,480)
Defined benefit pension plan adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total other comprehensive income (loss), Before-Tax Amount	411	638	826	1,277
Total other comprehensive income (loss), Tax (Expense) Benefit	(115)	(181)	(229)	(362)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX	296	457	597	915
Foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total other comprehensive income (loss), Before-Tax Amount	562	(1,698)	902	(1,442)
Total other comprehensive income (loss), Tax (Expense) Benefit	(34)	308	(124)	309
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX	528	(1,390)	778	(1,133)
Unrealized gain (loss) in fair value of investments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total other comprehensive income (loss), Before-Tax Amount	(751)	(2,384)	934	(7,898)
Total other comprehensive income (loss), Tax (Expense) Benefit	159	326	(197)	1,636
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX	(592)	(2,058)	737	(6,262)
Less: Other comprehensive income (loss) attributable to noncontrolling interests
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total other comprehensive income (loss), Before-Tax Amount	401	(773)	554	(1,152)
Total other comprehensive income (loss), Tax (Expense) Benefit	0	0	0	0
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX	401	(773)	554	(1,152)
Total other comprehensive income (loss) attributable to Tutor Perini Corporation
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total other comprehensive income (loss), Before-Tax Amount	(179)	(2,671)	2,108	(6,911)
Total other comprehensive income (loss), Tax (Expense) Benefit	10	453	(550)	1,583
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX	$ (169)	$ (2,218)	$ 1,558	$ (5,328)

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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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Attributable to Tutor Perini Corporation:
Balance at the beginning of the period			$ 1,449,718
Balance at the beginning of the period, noncontrolling interests			(7,734)
Other comprehensive income (loss) before reclassifications	$ (508)	$ (2,699)	894	$ (6,276)
Amounts reclassified from AOCI	339	481	664	948
Total other comprehensive income (loss)	(169)	(2,218)	1,558	(5,328)
Other comprehensive income (loss)	401	(773)	554	(1,152)
Balance at the end of the period, noncontrolling interests	607		607
Balance at the end of the period	1,367,594		1,367,594
Defined Benefit Pension Plan
Attributable to Tutor Perini Corporation:
Balance at the beginning of the period	(32,336)	(37,408)	(32,637)	(37,866)
Other comprehensive income (loss) before reclassifications	0	0	0	0
Amounts reclassified from AOCI	296	457	597	915
Total other comprehensive income (loss)	296	457	597	915
Balance at the end of the period	(32,040)	(36,951)	(32,040)	(36,951)
Foreign Currency Translation
Attributable to Tutor Perini Corporation:
Balance at the beginning of the period	(7,010)	(5,796)	(7,241)	(5,787)
Other comprehensive income (loss) before reclassifications	90	(772)	321	(781)
Amounts reclassified from AOCI	0	0	0	0
Total other comprehensive income (loss)	90	(772)	321	(781)
Balance at the end of the period	(6,920)	(6,568)	(6,920)	(6,568)
Unrealized Gain (Loss) in Fair Value of Investments, Net
Attributable to Tutor Perini Corporation:
Balance at the beginning of the period	(5,964)	(3,541)	(7,159)	18
Other comprehensive income (loss) before reclassifications	(598)	(1,927)	573	(5,495)
Amounts reclassified from AOCI	43	24	67	33
Total other comprehensive income (loss)	(555)	(1,903)	640	(5,462)
Balance at the end of the period	(6,519)	(5,444)	(6,519)	(5,444)
Accumulated Other Comprehensive Income (Loss)
Attributable to Tutor Perini Corporation:
Balance at the beginning of the period	(45,310)	(46,745)	(47,037)	(43,635)
Balance at the end of the period	(45,479)	(48,963)	(45,479)	(48,963)
AOCI Attributable to Noncontrolling Interest
Attributable to Tutor Perini Corporation:
Balance at the beginning of the period, noncontrolling interests	(1,577)	163	(1,730)	542
Balance at the end of the period, noncontrolling interests	(1,176)	(610)	(1,176)	(610)
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)	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	(780)	808	(799)	542
Other comprehensive income (loss)	438	(618)	457	(352)
Balance at the end of the period, noncontrolling interests	(342)	190	(342)	190
Unrealized Gain (Loss) in Fair Value of Investments, Net
Attributable to Tutor Perini Corporation:
Balance at the beginning of the period, noncontrolling interests	(797)	(645)	(931)	0
Other comprehensive income (loss)	(37)	(155)	97	(800)
Balance at the end of the period, noncontrolling interests	$ (834)	$ (800)	$ (834)	$ (800)

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Other Comprehensive Income (Loss) (AOCI Reclassifications) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Defined benefit pension plan adjustments/Unrealized loss in fair value of investment adjustments	$ (3,058)	$ (1,020)	$ (9,475)	$ (4,717)
Income tax benefit	194	(43,718)	(47,918)	(47,607)
Net of tax	37,534	63,003	86,730	84,637
Defined benefit pension plan adjustments | Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Defined benefit pension plan adjustments/Unrealized loss in fair value of investment adjustments	411	638	826	1,277
Income tax benefit	(115)	(181)	(229)	(362)
Net of tax	296	457	597	915
Unrealized loss in fair value of investment adjustments | Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Defined benefit pension plan adjustments/Unrealized loss in fair value of investment adjustments	55	31	85	42
Income tax benefit	(12)	(7)	(18)	(9)
Net of tax	$ 43	$ 24	$ 67	$ 33

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Business Segments (Narrative) (Details) - segment	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Segment Reporting [Abstract]
Number of reportable segments		3
Revenue Benchmark | Customer Concentration Risk | Civil, Building, And Specialty Contractors
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	15.80%	17.40%

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Business Segments (Reportable Segments) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Revenue	$ 1,021,751	$ 861,027	$ 1,798,051	$ 1,813,181
Income (loss) from construction operations	2,388	(90,554)	(79,557)	(100,461)
Capital expenditures	12,827	16,817	30,623	28,845
Depreciation and amortization	10,346	18,283	20,754	38,521
Adverse Legal Ruling Pertaining to Mixed-Use Project in New York
Segment Reporting Information [Line Items]
Loss contingency			83,600
Loss contingency, after tax			$ 60,100
Loss contingency, after tax, diluted (in dollars per share)			$ 1.16
Operating Segments
Segment Reporting Information [Line Items]
Revenue	1,013,809	906,235	$ 1,818,072	1,953,819
Income (loss) from construction operations	21,744	(76,565)	(42,901)	(71,962)
Capital expenditures	11,357	16,522	28,883	28,337
Depreciation and amortization	8,151	15,923	16,208	33,826
Intersegment Eliminations
Segment Reporting Information [Line Items]
Revenue	7,942	(45,208)	(20,021)	(140,638)
Corporate
Segment Reporting Information [Line Items]
Revenue	0	0	0	0
Income (loss) from construction operations	(19,356)	(13,989)	(36,656)	(28,499)
Capital expenditures	1,470	295	1,740	508
Depreciation and amortization	2,195	2,360	4,546	4,695
Civil
Segment Reporting Information [Line Items]
Revenue	554,123	403,622	903,993	794,417
Civil | Unfavorable Legal Ruling Pertaining to Mass-Transit Project in California
Segment Reporting Information [Line Items]
Favorable arbitration	58,100
Favorable arbitration, after tax	$ 46,100
Favorable arbitration, after tax, diluted (in dollars per share)	$ 0.89
Loss contingency			(30,100)	29,100
Loss contingency, after tax			$ (23,900)	$ 22,900
Loss contingency, after tax, diluted (in dollars per share)			$ (0.46)	$ 0.45
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 New York
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 | Operating Segments
Segment Reporting Information [Line Items]
Revenue	$ 555,553	$ 453,215	$ 933,777	$ 913,957
Income (loss) from construction operations	105,407	(9,767)	123,419	(10,734)
Capital expenditures	9,643	15,656	24,708	26,831
Depreciation and amortization	7,074	15,025	14,055	32,025
Civil | Intersegment Eliminations
Segment Reporting Information [Line Items]
Revenue	(1,430)	(49,593)	(29,784)	(119,540)
Building
Segment Reporting Information [Line Items]
Revenue	331,342	266,941	560,995	597,589
Building | Adverse Legal Ruling Pertaining to Mixed-Use Project in New York
Segment Reporting Information [Line Items]
Loss contingency			72,200
Building | Operating Segments
Segment Reporting Information [Line Items]
Revenue	321,933	262,556	551,224	618,534
Income (loss) from construction operations	(13,831)	(67)	(84,040)	9,397
Capital expenditures	1,458	50	3,475	52
Depreciation and amortization	455	390	912	791
Building | Intersegment Eliminations
Segment Reporting Information [Line Items]
Revenue	9,409	4,385	9,771	(20,945)
Specialty Contractors
Segment Reporting Information [Line Items]
Revenue	136,286	190,464	333,063	421,175
Specialty Contractors | Unfavorable Adjustment due to Changes in Estimates on Transportation Project in the Northeast
Segment Reporting Information [Line Items]
Loss contingency	35,800		35,800
Loss contingency, after tax	$ 26,000		$ 26,000
Loss contingency, after tax, diluted (in dollars per share)	$ 0.50		$ 0.50
Specialty Contractors | Unfavorable Adjustment due to Educational Facilities Project in New York
Segment Reporting Information [Line Items]
Loss contingency	$ 24,700		$ 24,700
Loss contingency, after tax	$ 18,000		$ 18,000
Loss contingency, after tax, diluted (in dollars per share)	$ 0.35		$ 0.35
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 | Legal Appeal due to Electrical Project in New York
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 | Adverse Legal Ruling Pertaining to Mixed-Use Project in New York
Segment Reporting Information [Line Items]
Loss contingency			$ 11,400
Specialty Contractors | Operating Segments
Segment Reporting Information [Line Items]
Revenue	$ 136,323	$ 190,464	333,071	$ 421,328
Income (loss) from construction operations	(69,832)	(66,731)	(82,280)	(70,625)
Capital expenditures	256	816	700	1,454
Depreciation and amortization	622	508	1,241	1,010
Specialty Contractors | Intersegment Eliminations
Segment Reporting Information [Line Items]
Revenue	(37)	$ 0	(8)	(153)
Civil and Building | Unfavorable Adjustment due to Changes in Estimates on Transportation Project in the Northeast
Segment Reporting Information [Line Items]
Loss contingency	13,100		13,100	14,600
Loss contingency, after tax	$ 10,200		$ 10,200	$ 11,200
Loss contingency, after tax, diluted (in dollars per share)	$ 0.20		$ 0.20	$ 0.22

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Business Segments (Reconciliation Of Segment Results To Consolidated Loss Before Income Taxes) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting [Abstract]
Income (loss) from construction operations	$ 2,388	$ (90,554)	$ (79,557)	$ (100,461)
Other income, net	3,058	1,020	9,475	4,717
Interest expense	(22,016)	(16,204)	(43,529)	(32,696)
LOSS BEFORE INCOME TAXES	$ (16,570)	$ (105,738)	$ (113,611)	$ (128,440)

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Business Segments (Total Assets For Reportable Segments) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total assets	$ 4,468,515	$ 4,542,800
Corporate and other
Segment Reporting Information [Line Items]
Total assets	(258,381)	(242,485)
Civil | Operating Segments
Segment Reporting Information [Line Items]
Total assets	3,459,839	3,402,934
Building | Operating Segments
Segment Reporting Information [Line Items]
Total assets	909,226	898,816
Specialty Contractors | Operating Segments
Segment Reporting Information [Line Items]
Total assets	$ 357,831	$ 483,535