XML 31 R21.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Separate Financial Information of Subsidiary Guarantors of Indebtedness
 6 Months Ended
Jun. 30, 2011
Separate Financial Information of Subsidiary Guarantors of Indebtedness [Abstract]  
Separate Financial Information of Subsidiary Guarantors of Indebtedness
 
(15)
Separate Financial Information of Subsidiary Guarantors of Indebtedness

As discussed in Note 10, the Company's obligation to pay principal and interest on its 7.625% Senior Notes due November 1, 2018, is guaranteed on a joint and several basis by substantially all of the Company's existing and future subsidiaries that guarantee obligations under the Company's Existing Agreement, with certain exceptions (the “Guarantors”).  The guarantees are full and unconditional and the Guarantors are 100%-owned by the Company.  Fisk and Anderson were added as Guarantors in May 2011.  The following supplemental condensed consolidating financial information reflects the summarized financial information of the Company as the issuer, the Guarantors and the Company's non-guarantor subsidiaries on a combined basis.

TUTOR PERINI CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

CONDENSED CONSOLIDATING BALANCE SHEET - JUNE 30, 2011 (UNAUDITED)
(In Thousands)

   
Tutor Perini Corporation
  
Guarantor Subsidiaries
  
Non-Guarantor Subsidiaries
  
Eliminations
  
Total Consolidated
 
ASSETS
               
Cash and Cash Equivalents
 $344,168  $54,145  $22,665  $-  $420,978 
Restricted Cash
  26,967   4,853   623   -   32,443 
Accounts Receivable
  109,174   916,670   63,484   (68,058)  1,021,270 
Costs and Estimated Earnings in Excess of Billings
  105,683   94,207   15,227   -   215,117 
Deferred Income Taxes
  3,516   298   7,626   -   11,440 
Other Current Assets
  20,177   17,150   24,762   (9,229)  52,860 
Total Current Assets
  609,685   1,087,323   134,387   (77,287)  1,754,108 
                      
Long-term Investments
  88,129   -   -   -   88,129 
Property and Equipment, net
  44,435   331,447   48,987   -   424,869 
Intercompany Notes and Receivables
  29,865   538,572   (8,843)  (559,594)  - 
Other Assets:
                    
Goodwill
  -   685,229   5,848   -   691,077 
Intangible Assets, net
  -   160,206   -   -   160,206 
Investment in Subsidiaries
  1,921,902   95   249   (1,922,246)  - 
Other
  11,871   7,991   1,106   -   20,968 
   $2,705,887  $2,810,863  $181,734  $(2,559,127) $3,139,357 
                      
LIABILITIES AND STOCKHOLDERS' EQUITY
                    
Current Maturities of Long-term Debt
 $2,427  $11,259  $18,727  $-  $32,413 
Accounts Payable
  32,099   645,453   20,684   (68,058)  630,178 
Billings in Excess of Costs and Estimated Earnings
  36,305   217,121   41,587   -   295,013 
Accrued Expenses
  4,550   72,097   29,693   (9,229)  97,111 
Total Current Liabilities
  75,381   945,930   110,691   (77,287)  1,054,715 
                      
Long-term Debt, less current maturities
  519,326   85,611   1,032   -   605,969 
Deferred Income Taxes
  77,407   503   5,688   -   83,598 
Other Long-term Liabilities
  42,732   5,308   -   -   48,040 
                      
Contingencies and Commitments
                    
                      
Intercompany Notes and Advances Payable
  644,006   (76,856)  (7,556)  (559,594)  - 
                      
Stockholders' Equity
  1,347,035   1,850,367   71,879   (1,922,246)  1,347,035 
                      
   $2,705,887  $2,810,863  $181,734  $(2,559,127) $3,139,357 

 
CONDENSED CONSOLIDATING BALANCE SHEET - DECEMBER 31, 2010
(In Thousands)

   
Tutor Perini Corporation
  
Guarantor Subsidiaries
  
Non-Guarantor Subsidiaries
  
Eliminations
  
Total Consolidated
 
ASSETS
               
Cash and Cash Equivalents
 $222,156  $220,086  $29,136  $-  $471,378 
Restricted Cash
  23,550   -   -   -   23,550 
Accounts Receivable
  116,718   802,059   643   (38,806)  880,614 
Costs and Estimated Earnings in Excess of Billings
  83,337   55,960   152   -   139,449 
Deferred Income Taxes
  3,515   222   -   -   3,737 
Other Current Assets
  9,833   22,784   9,993   (296)  42,314 
Total Current Assets
  459,109   1,101,111   39,924   (39,102)  1,561,042 
                      
Long-term Investments
  88,129   -   -   -   88,129 
Property and Equipment, net
  44,065   312,965   5,407   -   362,437 
Intercompany Notes and Receivables
  (4,331)  565,701   (5,196)  (556,174)  - 
Other Assets:
                    
Goodwill
  -   621,920   -   -   621,920 
Intangible Assets, net
  -   132,551   -   -   132,551 
Investment in Subsidiaries
  1,696,321   -   -   (1,696,321)  - 
Other
  8,015   4,751   375   -   13,141 
   $2,291,308  $2,738,999  $40,510  $(2,291,597) $2,779,220 
                      
LIABILITIES AND STOCKHOLDERS' EQUITY
                    
Current Maturities of Long-term Debt
 $6,198  $15,136  $-  $-  $21,334 
Accounts Payable
  48,139   643,462   747   (38,806)  653,542 
Billings in Excess of Costs and Estimated Earnings
  20,424   179,293   33   -   199,750 
Accrued Expenses
  17,880   60,267   15,637   (296)  93,488 
Total Current Liabilities
  92,641   898,158   16,417   (39,102)  968,114 
                      
Long-term Debt, less current maturities
  316,113   58,237   -   -   374,350 
Deferred Income Taxes
  78,525   557   -   -   79,082 
Other Long-term Liabilities
  36,121   8,559   -   -   44,680 
                      
Contingencies and Commitments
                    
                      
Intercompany Notes and Advances Payable
  454,914   86,188   15,072   (556,174)  - 
                      
Stockholders' Equity
  1,312,994   1,687,300   9,021   (1,696,321)  1,312,994 
                      
   $2,291,308  $2,738,999  $40,510  $(2,291,597) $2,779,220 
 
 
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (UNAUDITED)
THREE MONTHS ENDED JUNE 30, 2011
(In Thousands)

   
Tutor Perini Corporation
  
Guarantor Subsidiaries
  
Non-Guarantor Subsidiaries
  
Eliminations
  
Total Consolidated
 
                 
Revenues
 $67,629  $763,017  $13,526  $(24,314) $819,858 
Cost of Operations
  57,737   691,348   7,877   (24,314)  732,648 
                      
Gross Profit
  9,892   71,669   5,649   -   87,210 
                      
General and Administrative Expenses
  15,247   33,540   1,388   -   50,175 
                      
INCOME (LOSS) FROM CONSTRUCTION OPERATIONS
  (5,355)  38,129   4,261   -   37,035 
                      
Equity in Earnings of Subsidiaries
  27,297   -   -   (27,297)  - 
Other Income (Expense), net
  77   1,106   49   -   1,232 
Interest Expense
  (6,693)  (521)  (38)  -   (7,252)
                      
Income before Income Taxes
  15,326   38,714   4,272   (27,297)  31,015 
                      
(Provision) Credit for Income Taxes
  4,368   (14,130)  (1,559)  -   (11,321)
                      
NET INCOME
 $19,694  $24,584  $2,713  $(27,297) $19,694 

 
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (UNAUDITED)
THREE MONTHS ENDED JUNE 30, 2010
(In Thousands)

   
Tutor Perini Corporation
  
Guarantor Subsidiaries
  
Non-Guarantor Subsidiaries
  
Eliminations
  
Total Consolidated
 
                 
Revenues
 $156,802  $784,290  $(6) $(26,710) $914,376 
Cost of Operations
  125,328   720,319   (3,473)  (26,710)  815,464 
                      
Gross Profit
  31,474   63,971   3,467   -   98,912 
                      
General and Administrative Expenses
  14,315   28,511   235   -   43,061 
                      
INCOME FROM CONSTRUCTION OPERATIONS
  17,159   35,460   3,232   -   55,851 
                      
Equity in Earnings of Subsidiaries
  20,955   -   -   (20,955)  - 
Other Income (Expense), net
  2,122   (3,225)  1   -   (1,102)
Interest Expense
  (773)  (2,351)  (120)  -   (3,244)
                      
Income before Income Taxes
  39,463   29,884   3,113   (20,955)  51,505 
                      
Provision for Income Taxes
  (6,738)  (10,911)  (1,131)  -   (18,780)
                      
NET INCOME
 $32,725  $18,973  $1,982  $(20,955) $32,725 
 
 
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (UNAUDITED)
SIX MONTHS ENDED JUNE 30, 2011
(In Thousands)

   
Tutor Perini Corporation
  
Guarantor Subsidiaries
  
Non-Guarantor Subsidiaries
  
Eliminations
  
Total Consolidated
 
                 
Revenues
 $152,987  $1,309,511  $13,526  $(40,877) $1,435,147 
Cost of Operations
  128,653   1,192,048   5,650   (40,877)  1,285,474 
                      
Gross Profit
  24,334   117,463   7,876   -   149,673 
                      
General and Administrative Expenses
  30,564   61,782   1,779   -   94,125 
                      
INCOME (LOSS) FROM CONSTRUCTION OPERATIONS
  (6,230)  55,681   6,097   -   55,548 
                      
Equity in Earnings of Subsidiaries
  38,343   -   -   (38,343)  - 
Other Income (Expense), net
  1,103   (380)  62   -   785 
Interest Expense
  (13,329)  (1,040)  (38)  -   (14,407)
                      
Income before Income Taxes
  19,887   54,261   6,121   (38,343)  41,926 
                      
(Provision) Credit for Income Taxes
  6,736   (19,805)  (2,234)  -   (15,303)
                      
NET INCOME
 $26,623  $34,456  $3,887  $(38,343) $26,623 

 
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (UNAUDITED)
SIX MONTHS ENDED JUNE 30, 2010
(In Thousands)

   
Tutor Perini Corporation
  
Guarantor Subsidiaries
  
Non-Guarantor Subsidiaries
  
Eliminations
  
Total Consolidated
 
                 
Revenues
 $245,323  $1,601,927  $-  $(67,799) $1,779,451 
Cost of Operations
  201,458   1,477,579   (6,832)  (67,799)  1,604,406 
                      
Gross Profit
  43,865   124,348   6,832   -   175,045 
                      
General and Administrative Expenses
  27,739   56,838   460   -   85,037 
                      
INCOME FROM CONSTRUCTION OPERATIONS
  16,126   67,510   6,372   -   90,008 
                      
Equity in Earnings of Subsidiaries
  43,169   -   -   (43,169)  - 
Other Income (Expense), net
  1,973   (2,731)  1   -   (757)
Interest Expense
  (1,593)  (2,928)  (244)  -   (4,765)
                      
Income before Income Taxes
  59,675   61,851   6,129   (43,169)  84,486 
                      
Provision for Income Taxes
  (6,017)  (22,579)  (2,232)  -   (30,828)
                      
NET INCOME
 $53,658  $39,272  $3,897  $(43,169) $53,658 
 
 
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED)
SIX MONTHS ENDED JUNE 30, 2011
(In Thousands)

   
Tutor Perini Corporation
  
Guarantor Subsidiaries
  
Non- Guarantor Subsidiaries
  
Eliminations
  
Total Consolidated
 
                 
Cash Flows from Operating Activities:
               
Net income
 $26,623  $34,456  $3,887  $(38,343) $26,623 
Adjustments to reconcile net income to net cash from operating activities:
                    
Depreciation and amortization
  2,694   13,788   503   -   16,985 
Equity in earnings of subsidiaries
  (38,343)  -   -   38,343   - 
Stock-based compensation expense
  7,085   -   -   -   7,085 
Excess income tax benefit from stock-based compensation
  (18)  -   -   -   (18)
Deferred income taxes
  (1,149)  (126)  -   -   (1,275)
Loss on sale of equipment
  -   146   -   -   146 
Other long-term liabilities
  (89)  (3,234)  -   -   (3,323)
Other non-cash items
  (570)  (136)  (693)  -   (1,399)
Changes in other components of working capital
  (38,617)  (94,577)  994   -   (132,200)
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES
 $(42,384) $(49,683) $4,691  $-  $(87,376)
                      
Cash Flows from Investing Activities:
                    
Acquisitions, net of cash balance acquired
  (161,711)  -   -   -   (161,711)
Business acquisition related payments
  (3,000)  -   -   -   (3,000)
Acquisition of property and equipment
  (1,877)  (19,207)  (1,087)  -   (22,171)
Proceeds from sale of property and equipment
  20   3,360   42   -   3,422 
Proceeds from sale of available-for-sale securities
  -   7,388   -   -   7,388 
Change in restricted cash
  (3,417)  (403)  (2)  -   (3,822)
Investment in other activities
  (2,725)  -   -   -   (2,725)
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES
 $(172,710) $(8,862) $(1,047) $-  $(182,619)
                      
Cash Flows from Financing Activities:
                    
Proceeds from debt
  207,275   50,900   -   -   258,175 
Repayment of debt
  (7,939)  (28,682)  -   -   (36,621)
Excess income tax benefit from stock-based compensation
  18       -   -   18 
Issuance of Common Stock and effect of cashless exercise
  256       -   -   256 
Debt issuance costs
  (2,233)      -   -   (2,233)
Increase (decrease) in intercompany advances
  139,729   (129,614)  (10,115)  -   - 
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES
 $337,106  $(107,396) $(10,115) $-  $219,595 
                      
Net Increase (Decrease) in Cash and Cash Equivalents
  122,012   (165,941)  (6,471)  -   (50,400)
Cash and Cash Equivalents at Beginning of Year
  222,156   220,086   29,136   -   471,378 
Cash and Cash Equivalents at End of Period
 $344,168  $54,145  $22,665  $-  $420,978 
             
 
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED)
SIX MONTHS ENDED JUNE 30, 2010
(In Thousands)

   
Tutor Perini Corporation
   
Guarantor Subsidiaries
   
Non- Guarantor Subsidiaries
   
Eliminations
   
Total Consolidated
 
Cash Flows from Operating Activities:
                        
Net income
 
$
53,658
   
$
39,272
   
$
3,897
   
$
(43,169
)
 
$
53,658
 
Adjustments to reconcile net income to net cash from operating activities:
                                       
Depreciation and amortization
   
2,760
     
12,971
     
158
     
-
     
15,889
 
Equity in earnings of subsidiaries
   
(43,169
)
   
-
     
-
     
43,169
     
-
 
Stock-based compensation expense
   
7,477
     
-
     
-
     
-
     
7,477
 
Deferred income taxes
   
(2,125
)
   
1
     
-
     
-
     
(2,124
)
Loss on sale of equipment
   
2
     
432
     
-
     
-
     
434
 
Other long-term liabilities
   
(249
)
   
(2,828
)
   
-
     
-
     
(3,077
)
Other non-cash items
   
182
     
-
     
-
     
-
     
182
 
Changes in other components of working capital
   
3,659
     
(55,296
)
   
(8,118
)
   
-
     
(59,755
)
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES
 
$
22,195
   
$
(5,448
)
 
$
(4,063
)
 
$
-
   
$
12,684
 
                                         
Cash Flows from Investing Activities:
                                       
Business acquisition related payments
   
(3,000
)
   
(3,734
)
   
-
     
-
     
(6,734
)
Acquisition of property and equipment
   
(394
)
   
(7,894
)
   
(221
)
   
-
     
(8,509
)
Proceeds from sale of property and equipment
   
5
     
803
     
-
     
-
     
808
 
Proceeds from sale of available-for-sale securities
   
525
     
-
     
-
     
-
     
525
 
Increase in Restricted Cash
   
(23,523
)
   
-
     
-
     
-
     
(23,523
)
Investment in other activities
   
-
     
104
     
(250
)
   
-
     
(146
)
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES
 
$
(26,387
)
 
$
(10,721
)
 
$
(471
)
 
$
-
   
$
(37,579
)
                                         
Cash Flows from Financing Activities:
                                       
Proceeds from debt
   
2,564
     
6,160
     
-
     
-
     
8,724
 
Repayment of debt
   
(4,248
)
   
(11,775
)
   
(158
)
   
-
     
(16,181
)
Common stock repurchased under share repurchase program
   
(11,200
)
   
-
     
-
     
-
     
(11,200
)
Issuance of common stock and effect of cashless exercise
   
63
     
-
     
-
     
-
     
63
 
Debt issuance costs
   
(1,608
)
   
-
     
-
     
-
     
(1,608
)
Increase (decrease) in intercompany advances
   
(89,963
)
   
87,338
     
2,625
     
-
     
-
 
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES
 
$
(104,392
)
 
$
81,723
   
$
2,467
   
$
-
   
$
(20,202
)
                                         
Net Increase (Decrease) in Cash and Cash Equivalents
   
(108,584
)
   
65,554
     
(2,067
)
   
-
     
(45,097
)
Cash and Cash Equivalents at Beginning of Year
   
266,171
     
58,388
     
23,750
     
-
     
348,309
 
Cash and Cash Equivalents at End of Period
 
$
157,587
   
$
123,942
   
$
21,683
   
$
-
   
$
303,212