Separate Financial Information of Subsidiary Guarantors of Indebtedness (Tables)

12 Months Ended

Dec. 31, 2013

Separate Financial Information of Subsidiary Guarantors of Indebtedness

CONDENSED CONSOLIDATING BALANCE SHEET - DECEMBER 31, 2013

(in thousands)

	Tutor				Non-
	Perini		Guarantor		Guarantor					Total
	Corporation		Subsidiaries		Subsidiaries		Eliminations			Consolidated
ASSETS
Cash and cash equivalents	$	88,995	$	18,031	$	12,897	$	—		$	119,923
Restricted cash	18,833		8,040		15,721		—			42,594
Accounts receivable, including retainage	208,227		1,126,012		47,958		(90,951		)	1,291,246
Costs and estimated earnings in excess of billings	99,779		505,979		152		(32,662		)	573,248
Deferred income taxes	—		15,866		—		(7,626		)	8,240
Other current assets	37,605		26,234		24,462		(37,632		)	50,669
Total current assets	453,439		1,700,162		101,190		(168,871		)	2,085,920

Long-term investments	46,283		—		—		—			46,283
Property and equipment, net	77,562		415,993		4,570		—			498,125
Intercompany notes and receivables	—		428,190		—		(428,190		)	—
Other assets:
Goodwill	—		577,756		—		—			577,756
Intangible assets, net	—		113,740		—		—			113,740
Investment in subsidiaries	2,181,280		29		50		(2,181,359		)	—
Other	70,269		10,528		—		(5,183		)	75,614
Total assets	$	2,828,833	$	3,246,398	$	105,810	$	(2,783,603	)	$	3,397,438

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current maturities of long-term debt	$	50,578	$	64,080	$	—	$	—		$	114,658
Accounts payable, including retainage	162,292		677,997		6,039		(88,103		)	758,225
Billings in excess of costs and estimated earnings	90,267		177,285		34		—			267,586
Accrued expenses and other current liabilities	58,232		99,257		48,369		(47,841		)	158,017
Total current liabilities	361,369		1,018,619		54,442		(135,944		)	1,298,486

Long-term debt, less current maturities	575,356		84,053		—		(40,183		)	619,226
Deferred income taxes	107,448		6,885		—		—			114,333
Other long-term liabilities	114,677		3,181		—		—			117,858
Intercompany notes and advances payable	422,448		—		23,462		(445,910		)	—

Contingencies and commitments

Stockholders’ Equity	1,247,535		2,133,660		27,906		(2,161,566		)	1,247,535
Total liabilities and stockholders’ equity	$	2,828,833	$	3,246,398	$	105,810	$	(2,783,603	)	$	3,397,438

CONDENSED CONSOLIDATING BALANCE SHEET - DECEMBER 31, 2012

(in thousands)

	Tutor				Non-
	Perini		Guarantor		Guarantor					Total
	Corporation		Subsidiaries		Subsidiaries		Eliminations			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
Total assets	$	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

YEAR ENDED DECEMBER 31, 2013

(in thousands)

	Tutor						Non-
	Perini			Guarantor			Guarantor						Total
	Corporation			Subsidiaries			Subsidiaries			Eliminations			Consolidated

Revenues	$	680,440		$	3,315,608		$	—		$	179,624		$	4,175,672
Cost of operations	590,675			2,960,569			(22,100		)	179,624			3,708,768

Gross profit	89,765			355,039			22,100			—			466,904

General and administrative expenses	77,507			183,723			1,852			—			263,082

INCOME FROM CONSTRUCTION OPERATIONS	12,258			171,316			20,248			—			203,822

Equity in earnings of subsidiaries	122,875			—			—			(122,875		)	—
Other income (expense), net	(27,162		)	8,075			512			—			(18,575		)
Interest expense	(41,987		)	(3,645		)	—			—			(45,632		)

Income before income taxes	65,984			175,746			20,760			(122,875		)	139,615

Provision for Income Taxes	21,312			(65,852		)	(7,779		)	—			(52,319		)

NET INCOME (LOSS)	$	87,296		$	109,894		$	12,981		$	(122,875	)	$	87,296

Other Comprehensive Income:
Other Comprehensive Income of Subsidiaries	(1,293		)	—			—			1,293			—
Change in pension benefit plans assets/liabilities	10,910			—			—			—			10,910
Foreign currency translation	—			(738		)	—			—			(738		)
Change in fair value of investments	—			(555		)	—			—			(555		)
Change in fair value of interest rate swap	578			—			—			—			578
Total other comprehensive income (loss)	10,195			(1,293		)	—			1,293			10,195

Total Comprehensive Income (Loss)	$	97,491		$	108,601		$	12,981		$	(121,582	)	$	97,491

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

YEAR ENDED DECEMBER 31, 2012

(in thousands)

	Tutor						Non-
	Perini			Guarantor			Guarantor						Total
	Corporation			Subsidiaries			Subsidiaries			Eliminations			Consolidated

Revenues	$	429,926		$	3,769,814		$	—		$	(88,269	)	$	4,111,471
Cost of operations	375,914			3,421,877			(13,183		)	(88,269		)	3,696,339

Gross profit	54,012			347,937			13,183			—			415,132

General and administrative expenses	71,983			186,831			1,555			—			260,369
Goodwill and intangible assets impairment	—			376,574			—			—			376,574

INCOME FROM CONSTRUCTION OPERATIONS	(17,971		)	(215,468		)	11,628			—			(221,811		)

Equity in earnings of subsidiaries	(225,100		)	—			—			225,100			—
Other income (expense), net	(2,603		)	382			364			—			(1,857		)
Interest expense	(40,067		)	(4,107		)	—			—			(44,174		)

Income before income taxes	(285,741		)	(219,193		)	11,992			225,100			(267,842		)

Provision for Income Taxes	20,341			(13,155		)	(4,744		)	—			2,442

NET INCOME (LOSS)	$	(265,400	)	$	(232,348	)	$	7,248		$	225,100		$	(265,400	)

Other Comprehensive Income:
Other comprehensive income of subsidiaries	620			—			—			(620		)	—
Tax adjustment on minimum pension liability	(1,610		)	—			—			—			(1,610		)
Foreign currency translation	—			382			—			—			382
Change in fair value of investments	—			238			—			—			238
Change in fair value of interest rate swap	(974		)	—			—			—			(974		)
Realized loss on sale of investments recorded in net income (loss)	2,005			—			—			—			2,005
Total other comprehensive income (loss)	41			620			—			(620		)	41

Total Comprehensive Income (Loss)	$	(265,359	)	$	(231,728	)	$	7,248		$	224,480		$	(265,359	)

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

YEAR ENDED DECEMBER 31, 2011

(in thousands)

	Tutor						Non-
	Perini			Guarantor			Guarantor						Total
	Corporation			Subsidiaries			Subsidiaries			Eliminations			Consolidated

Revenues	$	300,791		$	3,630,262		$	—		$	(214,736	)	$	3,716,317
Cost of operations	260,251			3,288,739			(13,278		)	(214,736		)	3,320,976

Gross profit	40,540			341,523			13,278			—			395,341

General and administrative expenses	64,472			160,926			1,567			—			226,965

INCOME FROM CONSTRUCTION OPERATIONS	(23,932		)	180,597			11,711			—			168,376

Equity in earnings of subsidiaries	118,521			—			—			(118,521		)	—
Other income (expense), net	5,292			(919		)	48			—			4,421
Interest expense	(32,741		)	(3,009		)	—			—			(35,750		)

Income before income taxes	67,140			176,669			11,759			(118,521		)	137,047

Provision for Income Taxes	19,008			(65,544		)	(4,363		)	—			(50,899		)

NET INCOME (LOSS)	$	86,148		$	111,125		$	7,396		$	(118,521	)	$	86,148

Other Comprehensive Income:
Other comprehensive income of subsidiaries	(534		)	—			—			534			—
Tax adjustment on minimum pension liability	(7,041		)	—			—			—			(7,041		)
Foreign currency translation	—			(733		)	—			—			(733		)
Change in fair value of investments	—			199			—			—			199
Total other comprehensive income (loss)	(7,575		)	(534		)	—			534			(7,575		)

Total Comprehensive Income (Loss)	$	78,573		$	110,591		$	7,396		$	(117,987	)	$	78,573

Condensed Consolidating Statement of Cash Flows

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

YEAR ENDED DECEMBER 31, 2013

(in thousands)

	Tutor						Non-
	Perini			Guarantor			Guarantor						Total
	Corporation			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Cash Flows from Operating Activities:
Net (loss) income	$	87,296		$	109,894		$	12,981		$	(122,875	)	$	87,296
Adjustments to reconcile net (loss) income to net cash from operating activities:
Depreciation and amortization	10,893			48,246			271			—			59,410
Equity in earnings of subsidiaries	(122,875		)	—			—			122,875			—
Stock-based compensation expense	6,623			—			—			—			6,623
Excess income tax benefit from stock-based compensation	(1,148		)	—			—			—			(1,148		)
Deferred income taxes	921			8,088			—			—			9,009
(Gain) loss on sale of property and equipment	—			49			—			—			49
Other non-cash items	(4,341		)	622			—			—			(3,719		)
Other long-term liabilities	24,359			(1,252		)	—			—			23,107
Changes in other components of working capital	72,359			(184,543		)	(17,715		)	—			(129,899		)
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES	74,087			(18,896		)	(4,463		)	—			50,728

Cash Flows from Investing Activities:
Acquisition of property and equipment	(21,267		)	(21,093		)	—			—			(42,360		)
Proceeds from sale of property and equipment	6			2,657			—			—			2,663
Change in restricted cash	11,403			441			(15,721		)	—			(3,877		)
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES	(9,858		)	(17,995		)	(15,721		)	—			(43,574		)

Cash Flows from Financing Activities:
Proceeds from debt	627,520			25,760			—			—			653,280
Repayment of debt	(647,795		)	(29,000		)	—			—			(676,795		)
Business acquisition related payments	(31,038		)	—			—			—			(31,038		)
Excess income tax benefit from stock-based compensation	1,148			—			—			—			1,148
Issuance of common stock and effect of cashless exercise	(1,882		)	—			—			—			(1,882		)
Increase (decrease) in intercompany advances	12,150			(16,223		)	4,073			—			—
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES	(39,897		)	(19,463		)	4,073			—			(55,287		)

Net Increase (Decrease) in Cash and Cash Equivalents	24,332			(56,354		)	(16,111		)	—			(48,133		)
Cash and Cash Equivalents at Beginning of Year	64,663			74,385			29,008			—			168,056
Cash and Cash Equivalents at End of Year	$	88,995		$	18,031		$	12,897		$	—		$	119,923

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

YEAR ENDED DECEMBER 31, 2012

(in thousands)

	Tutor						Non-
	Perini			Guarantor			Guarantor						Total
	Corporation			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Cash Flows from Operating Activities:
Net (loss) income	$	(265,400	)	$	(232,348	)	$	7,248		$	225,100		$	(265,400	)
Adjustments to reconcile net (loss) income to net cash from operating activities:
Goodwill and intangible assets impairment	—			376,574			—			—			376,574
Depreciation and amortization	5,373			55,812			272			—			61,457
Equity in earnings of subsidiaries	225,100			—			—			(225,100		)	—
Stock-based compensation expense	9,470			—			—			—			9,470
Adjustment of interest rate swap to fair value	264			—			—			—			264
Deferred income taxes	(20,220		)	(5,386		)	—			—			(25,606		)
Loss on sale of investments	2,699			—			—			—			2,699
Loss on sale of property and equipment	—			316			—			—			316
Other non-cash items	(228		)	376			—			—			148
Other long-term liabilities	(2,518		)	(2,586		)	—			—			(5,104		)
Changes in other components of working capital	25,251			(268,525		)	20,593			—			(222,681		)
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES	(20,209		)	(75,767		)	28,113			—			(67,863		)

Cash Flows from Investing Activities:
Acquisition of property and equipment	(15,041		)	(26,311		)	—			—			(41,352		)
Proceeds from sale of property and equipment	364			11,395			—			—			11,759
Investment in available-for-sale securities	—			(535		)	—			—			(535		)
Proceeds from sale of available-for-sale securities	16,553			—			—			—			16,553
Change in restricted cash	(3,251		)	(29		)	—			—			(3,280		)
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES	(1,375		)	(15,480		)	—			—			(16,855		)

Cash Flows from Financing Activities:
Proceeds from debt	688,425			—			—			—			688,425
Repayment of debt	(601,282		)	(24,840		)	—			—			(626,122		)
Business acquisition related payments	(11,462		)	—			—			—			(11,462		)
Issuance of common stock and effect of cashless exercise	(308		)	—			—			—			(308		)
Debt issuance costs	(1,999		)	—			—			—			(1,999		)
Increase (decrease) in intercompany advances	(122,063		)	137,980			(15,917		)	—			—
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES	(48,689		)	113,140			(15,917		)	—			48,534

Net Increase (Decrease) in Cash and Cash Equivalents	(70,273		)	21,893			12,196			—			(36,184		)
Cash and Cash Equivalents at Beginning of Year	134,936			52,492			16,812			—			204,240
Cash and Cash Equivalents at End of Year	$	64,663		$	74,385		$	29,008		$	—		$	168,056

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

YEAR ENDED DECEMBER 31, 2011

(in thousands)

	Tutor						Non-
	Perini			Guarantor			Guarantor						Total
	Corporation			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Cash Flows from Operating Activities:
Net income	$	86,148		$	111,125		$	7,396		$	(118,521	)	$	86,148
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	6,143			41,194			294			—			47,631
Equity in earnings of subsidiaries	(118,521		)	—			—			118,521			—
Stock-based compensation expense	8,818			—			—			—			8,818
Adjustment of investments to fair value	4,750			—			—			—			4,750
Excess income tax benefit from stock-based compensation	(18		)	—			—			—			(18		)
Deferred income taxes	8,054			2,800			—			—			10,854
Loss on sale of investments	10			—			—			—			10
(Gain) loss on sale of property and equipment	(142		)	(584		)	—			—			(726		)
Gain on bargain purchase	(47		)	—			—			—			(47		)
Other non-cash items	(659		)	58			—			—			(601		)
Other long-term liabilities	(9,964		)	(3,855		)	—			—			(13,819		)
Changes in other components of working capital	(18,898		)	(164,460		)	8,738			—			(174,620		)
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES	(34,326		)	(13,722		)	16,428			—			(31,620		)

Cash Flows from Investing Activities:
Acquisition, net of cash balance acquired	(341,898		)	—			—			—			(341,898		)
Acquisition of property and equipment	(24,549		)	(42,198		)	—			—			(66,747		)
Proceeds from sale of property and equipment	20			10,029			—			—			10,049
Proceeds from sale of available-for-sale securities	21,200			8,991			—			—			30,191
Change in restricted cash	(3,435		)	(3,381		)	—			—			(6,816		)
NET CASH USED BY INVESTING ACTIVITIES	(348,662		)	(26,559		)	—			—			(375,221		)

Cash Flows from Financing Activities:
Proceeds from debt	599,832			101,921			—			—			701,753
Repayment of debt	(488,592		)	(66,377		)	—			—			(554,969		)
Business acquisition related payments	(1,904		)	—			—						(1,904		)
Excess income tax benefit from stock-based compensation	18			—			—			—			18
Issuance of common stock and effect of cashless exercise	(191		)	—			—			—			(191		)
Debt issuance costs	(5,004		)	—			—			—			(5,004		)
Increase (decrease) in intercompany advances	191,609			(162,857		)	(28,752		)	—			—
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES	295,768			(127,313		)	(28,752		)	—			139,703

Net Decrease in Cash and Cash Equivalents	(87,220		)	(167,594		)	(12,324		)	—			(267,138		)
Cash and Cash Equivalents at Beginning of Year	222,156			220,086			29,136			—			471,378
Cash and Cash Equivalents at End of Year	$	134,936		$	52,492		$	16,812		$	—		$	204,240