Separate Financial Information of Subsidiary Guarantors of Indebtedness (Tables)

6 Months Ended

Jun. 30, 2013

Separate Financial Information of Subsidiary Guarantors of Indebtedness

Condensed Consolidating Balance Sheet

CONDENSED CONSOLIDATING BALANCE SHEET — JUNE 30, 2013 (UNAUDITED)

(in thousands)

	Tutor Perini Corporation		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Total Consolidated
ASSETS
Cash and Cash Equivalents	$	90,096	$	36,766	$	15,816	$	—		$	142,678
Restricted Cash	23,441		7,869		15,709		—			47,019
Accounts Receivable	206,688		1,275,041		46,915		(139,133		)	1,389,511
Costs and Estimated Earnings in Excess of Billings	86,353		444,365		152		(25,959		)	504,911
Deferred Income Taxes	—		15,527		—		(6,075		)	9,452
Other Current Assets	64,016		21,953		2,829		(34,984		)	53,814
Total Current Assets	470,594		1,801,521		81,421		(206,151		)	2,147,385
Long-term Investments	46,283		—		—		—			46,283
Property and Equipment, net	78,755		407,996		4,706		—			491,457
Intercompany Notes and Receivables	—		393,739		—		(393,739		)	—
Other Assets:
Goodwill	—		570,646		—		—			570,646
Intangible Assets, net	—		120,281		—		—			120,281
Investment in Subsidiaries	2,107,612		1		50		(2,107,663		)	—
Other	75,938		10,541		—		(5,047		)	81,432
	$	2,779,182	$	3,304,725	$	86,177	$	(2,712,600	)	$	3,457,484
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Maturities of Long-term Debt	$	45,079	$	63,055	$	—	$	—		$	108,134
Accounts Payable	127,067		771,777		54		(138,386		)	760,512
Billings in Excess of Costs and Estimated Earnings	115,646		190,711		34		—			306,391
Accrued Expenses and Other Current Liabilities	71,432		96,902		44,741		(32,530		)	180,545
Total Current Liabilities	359,224		1,122,445		44,829		(170,916		)	1,355,582
Long-term Debt, less current maturities	633,116		82,573		—		(40,047		)	675,642
Deferred Income Taxes	102,139		7,761		—		—			109,900
Other Long-term Liabilities	132,142		3,363		—		—			135,505
Intercompany Notes and Advances Payable	371,706		—		21,995		(393,701		)	—
Contingencies and Commitments
Stockholders’ Equity	1,180,855		2,088,583		19,353		(2,107,936		)	1,180,855
	$	2,779,182	$	3,304,725	$	86,177	$	(2,712,600	)	$	3,457,484

CONDENSED CONSOLIDATING BALANCE SHEET - DECEMBER 31, 2012

(in thousands)

	Tutor Perini Corporation		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Total Consolidated
ASSETS
Cash and Cash Equivalents	$	64,663	$	74,385	$	29,008	$	—		$	168,056
Restricted Cash	30,236		8,481		—		—			38,717
Accounts Receivable	177,856		1,121,098		1,088		(75,429		)	1,224,613
Costs and Estimated Earnings in Excess of Billings	111,821		377,132		152		(24,103		)	465,002
Deferred Income Taxes	—		15,823		—		(5,752		)	10,071
Other Current Assets	26,461		49,993		2,891		(3,957		)	75,388
Total Current Assets	411,037		1,646,912		33,139		(109,241		)	1,981,847
Long-term Investments	46,283		—		—		—			46,283
Property and Equipment, net	64,248		416,006		4,841		—			485,095
Intercompany Notes and Receivables	—		493,277		—		(493,277		)	—
Other Assets:
Goodwill	—		570,646		—		—			570,646
Intangible Assets, net	—		126,821		—		—			126,821
Investment in Subsidiaries	2,122,116		134		50		(2,122,300		)	—
Other	81,198		9,058		35,375		(39,913		)	85,718
	$	2,724,882	$	3,262,854	$	73,405	$	(2,764,731	)	$	3,296,410
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Maturities of Long-term Debt	$	42,589	$	25,121	$	—	$	—		$	67,710
Accounts Payable	97,834		698,015		156		(99,532		)	696,473
Billings in Excess of Costs and Estimated Earnings	95,657		206,070		34		—			301,761
Accrued Expenses and Other Current Liabilities	30,545		108,589		38,901		(9,709		)	168,326
Total Current Liabilities	266,625		1,037,795		39,091		(109,241		)	1,234,270
Long-term Debt, less current maturities	603,371		105,922		—		(39,913		)	669,380
Deferred Income Taxes	102,138		7,762		—		—			109,900
Other Long-term Liabilities	134,874		4,122		—		—			138,996
Intercompany Notes and Advances Payable	474,010		—		19,267		(493,277		)	—
Contingencies and Commitments
Stockholders’ Equity	1,143,864		2,107,253		15,047		(2,122,300		)	1,143,864
	$	2,724,882	$	3,262,854	$	73,405	$	(2,764,731	)	$	3,296,410

Condensed Consolidating Statement of Operations

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (UNAUDITED)

THREE MONTHS ENDED JUNE 30, 2013

(in thousands)

	Tutor Perini Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Revenues	$	141,795		$	948,071		$	—		$	(36,801	)	$	1,053,065
Cost of Operations	122,423			865,284			(3,796		)	(36,801		)	947,110
Gross Profit	19,372			82,787			3,796			—			105,955
General and Administrative Expenses	19,328			46,677			476			—			66,481
INCOME (LOSS) FROM CONSTRUCTION OPERATIONS	44			36,110			3,320			—			39,474
Equity in Earnings of Subsidiaries	24,440			—			—			(24,440		)	—
Other Income (Expense), net	(4,314		)	955			125			—			(3,234		)
Interest Expense	(10,300		)	(783		)	—			—			(11,083		)
Income (loss) before Income Taxes	9,870			36,282			3,445			(24,440		)	25,157
(Provision) Credit for Income Taxes	5,608			(13,961		)	(1,326		)	—			(9,679		)
NET (LOSS) INCOME	$	15,478		$	22,321		$	2,119		$	(24,440	)	$	15,478
Other Comprehensive Income:
Other Comprehensive Income of Subsidiaries	(395		)	—			—			395			—
Foreign currency translation	—			(43		)	—			—			(43		)
Change in fair value of investments	—			(352		)	—			—			(352		)
Change in fair value of interest rate swap	292			—			—			—			292
Total Other Comprehensive Loss	(103		)	(395		)	—			395			(103		)
Total Comprehensive Income	$	15,375		$	21,926		$	2,119		$	(24,045	)	$	15,375

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (UNAUDITED)

THREE MONTHS ENDED JUNE 30, 2012

(in thousands)

	Tutor Perini Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Revenues	$	94,440		$	906,260		$	—		$	(15,354	)	$	985,346
Cost of Operations	83,035			834,481			(3,877		)	(15,354		)	898,285
Gross Profit	11,405			71,779			3,877			—			87,061
General and Administrative Expenses	16,830			47,330			501			—			64,661
Goodwill and Intangible Assets Impairment	—			376,574			—			—			376,574
INCOME (LOSS) FROM CONSTRUCTION OPERATIONS	(5,425		)	(352,125		)	3,376			—			(354,174		)
Equity in Earnings of Subsidiaries	(339,844		)	—			—			339,844			—
Other Income (Expense), net	535			331			216			—			1,082
Interest Expense	(9,613		)	(990		)	—			—			(10,603		)
Income (loss) before Income Taxes	(354,347		)	(352,784		)	3,592			339,844			(363,695		)
(Provision) Credit for Income Taxes	5,924			10,828			(1,480		)	—			15,272
NET (LOSS) INCOME	$	(348,423	)	$	(341,956	)	$	2,112		$	339,844		$	(348,423	)
Other Comprehensive Income:
Other Comprehensive Income of Subsidiaries	(261		)	—			—			261			—
Foreign currency translation	—			(266		)	—			—			(266		)
Change in fair value of investments	—			5			—			—			5
Change in fair value of interest rate swap	(334		)	—			—			—			(334		)
Total Other Comprehensive Loss	(595		)	(261		)	—			261			(595		)
Total Comprehensive Income	$	(349,018	)	$	(342,217	)	$	2,112		$	340,105		$	(349,018	)

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (UNAUDITED)

SIX MONTHS ENDED JUNE 30, 2013

(in thousands)

	Tutor Perini Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Revenues	$	281,572		$	1,869,484		$	—		$	(105,063	)	$	2,045,993
Cost of Operations	247,512			1,705,104			(7,872		)	(105,063		)	1,839,681
Gross Profit	34,060			164,380			7,872			—			206,312
General and Administrative Expenses	38,105			91,708			946			—			130,759
INCOME (LOSS) FROM CONSTRUCTION OPERATIONS	(4,045		)	72,672			6,926			—			75,553
Equity in Earnings of Subsidiaries	48,796			—			—			(48,796		)	—
Other Income (Expense), net	(5,123		)	811			251			—			(4,061		)
Interest Expense	(20,845		)	(1,574		)	—			—			(22,419		)
Income (loss) before Income Taxes	18,783			71,909			7,177			(48,796		)	49,073
(Provision) Credit for Income Taxes	11,495			(27,541		)	(2,749		)	—			(18,795		)
NET (LOSS) INCOME	$	30,278		$	44,368		$	4,428		$	(48,796	)	$	30,278
Other Comprehensive Income:
Other Comprehensive Income of Subsidiaries	(480		)	—			—			480			—
Foreign currency translation	—			(229		)	—			—			(229		)
Change in fair value of investments	—			(251		)	—			—			(251		)
Change in fair value of interest rate swap	460			—			—			—			460
Total Other Comprehensive Loss	(20		)	(480		)	—			480			(20		)
Total Comprehensive Income	$	30,258		$	43,888		$	4,428		$	(48,316	)	$	30,258

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (UNAUDITED)

SIX MONTHS ENDED JUNE 30, 2012

(in thousands)

	Tutor Perini Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Revenues	$	163,565		$	1,767,955		$	—		$	(33,640	)	$	1,897,880
Cost of Operations	145,729			1,620,375			(7,804		)	(33,640		)	1,724,660
Gross Profit	17,836			147,580			7,804			—			173,220
General and Administrative Expenses	35,739			97,048			1,070			—			133,857
Goodwill and Intangible Assets Impairment	—			376,574			—			—			376,574
INCOME (LOSS) FROM CONSTRUCTION OPERATIONS	(17,903		)	(326,042		)	6,734			—			(337,211		)
Equity in Earnings of Subsidiaries	(322,312		)	—			—			322,312			—
Other Income (Expense), net	(1,529		)	(145		)	448			—			(1,226		)
Interest Expense	(19,684		)	(2,001		)	—			—			(21,685		)
Income (loss) before Income Taxes	(361,428		)	(328,188		)	7,182			322,312			(360,122		)
(Provision) Credit for Income Taxes	11,802			1,531			(2,837		)	—			10,496
NET (LOSS) INCOME	$	(349,626	)	$	(326,657	)	$	4,345		$	322,312		$	(349,626	)
Other Comprehensive Income:
Other Comprehensive Income of Subsidiaries	264			—			—			(264		)	—
Foreign currency translation	—			57			—			—			57
Change in fair value of investments	—			207			—			—			207
Change in fair value of interest rate swap	(1,019		)	—			—			—			(1,019		)
Realized loss on sale of investments recorded in net income (loss)	2,005			—			—			—			2,005
Total Other Comprehensive Loss	1,250			264			—			(264		)	1,250
Total Comprehensive Income	$	(348,376	)	$	(326,393	)	$	4,345		$	322,048		$	(348,376	)

Condensed Consolidating Statement of Cash Flows

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED)

SIX MONTHS ENDED JUNE 30, 2013

(in thousands)

	Tutor Perini Corporation			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Total Consolidated
Cash Flows from Operating Activities:
Net (loss) income	$	30,278		$	44,368		$	4,428		$	(48,796	)	$	30,278
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	3,230			24,201			135			—			27,566
Equity in earnings of subsidiaries	(48,796		)	—			—			48,796			—
Stock-based compensation expense	4,624			—			—			—			4,624
Excess income tax benefit from stock-based compensation	(358		)	—			—			—			(358		)
Deferred income taxes	235			265			—			—			500
(Gain) loss on sale of property and equipment	(180		)	—			—			—			(180		)
Other non-cash items	864			(975		)	—			—			(111		)
Other long-term liabilities	9,204			(755		)	—			—			8,449
Changes in other components of working capital	41,842			(111,153		)	(40,027		)	—			(109,338		)
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES	$	40,943		$	(44,049	)	$	(35,464	)	$	—		$	(38,570	)
Cash Flows from Investing Activities:
Acquisition of property and equipment	(16,299		)	(11,828		)	—			—			(28,127		)
Proceeds from sale of property and equipment	186			2,173			—			—			2,359
Change in restricted cash	6,795			612			(15,709		)	—			(8,302		)
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES	$	(9,318	)	$	(9,043	)	$	(15,709	)	$	—		$	(34,070	)
Cash Flows from Financing Activities:
Proceeds from debt	395,365			26,185			—			—			421,550
Repayment of debt	(363,252		)	(11,735		)	—			—			(374,987		)
Excess income tax benefit from stock-based compensation	358			—			—			—			358
Issuance of common stock and effect of cashless exercise	341			—			—			—			341
Increase (decrease) in intercompany advances	(39,004		)	1,023			37,981			—			—
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES	$	(6,192	)	$	15,473		$	37,981		$	—		$	47,262
Net Increase (Decrease) in Cash and Cash Equivalents	25,433			(37,619		)	(13,192		)	—			(25,378		)
Cash and Cash Equivalents at Beginning of Year	64,663			74,385			29,008			—			168,056
Cash and Cash Equivalents at End of Period	$	90,096		$	36,766		$	15,816		$	—		$	142,678

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED)

SIX MONTHS ENDED JUNE 30, 2012

(in thousands)

	Tutor Perini Corporation			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Total Consolidated
Cash Flows from Operating Activities:
Net (loss) income	$	(349,626	)	$	(326,657	)	$	4,345		$	322,312		$	(349,626	)
Adjustments to reconcile net income to net cash from operating activities:
Goodwill and intangible assets impairment	—			376,574			—			—			376,574
Depreciation and amortization	2,130			29,840			136			—			32,106
Equity in earnings of subsidiaries	322,312			—			—			(322,312		)	—
Stock-based compensation expense	5,074			—			—			—			5,074
Deferred income taxes	(38,696		)	(3,725		)	—			—			(42,421		)
Adjustment of interest rate swap to fair value	264			—			—			—			264
Loss on sale of investments	2,699			—			—			—			2,699
(Gain) Loss on sale of property and equipment	—			530			—			—			530
Other non-cash items	58			195			—			—			253
Other long-term liabilities	(1,483		)	(2,523		)	—			—			(4,006		)
Changes in other components of working capital	55,269			(120,604		)	12,021			—			(53,314		)
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES	$	(1,999	)	$	(46,370	)	$	16,502		$	—		$	(31,867	)
Cash Flows from Investing Activities:
Acquisition of property and equipment	(8,500		)	(13,288		)	—			—			(21,788		)
Proceeds from sale of property and equipment	304			9,310			—			—			9,614
Investments in available-for-sale securities	—			(535		)	—			—			(535		)
Proceeds from sale of available-for-sale securities	16,553			—			—			—			16,553
Change in restricted cash	(3,231		)	(16		)	—			—			(3,247		)
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES	$	5,126		$	(4,529	)	$	—		$	—		$	597
Cash Flows from Financing Activities:
Proceeds from debt	306,538			44			—			—			306,582
Repayment of debt	(277,668		)	(13,249		)	—			—			(290,917		)
Business acquisition related payments	(2,932		)	—			—			—			(2,932		)
Issuance of common stock and effect of cashless exercise	(307		)	—			—			—			(307		)
Debt issuance costs	(10		)	—			—			—			(10		)
Increase (decrease) in intercompany advances	(25,344		)	28,037			(2,693		)	—			—
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES	$	277		$	14,832		$	(2,693	)	$	—		$	12,416
Net Increase (Decrease) in Cash and Cash Equivalents	3,404			(36,067		)	13,809			—			(18,854		)
Cash and Cash Equivalents at Beginning of Year	134,936			52,492			16,812			—			204,240
Cash and Cash Equivalents at End of Period	$	138,340		$	16,425		$	30,621		$	—		$	185,386