Separate Financial Information of Subsidiary Guarantors of Indebtedness (Tables)

6 Months Ended

Jun. 30, 2012

Separate Financial Information of Subsidiary Guarantors of Indebtedness [Abstract]

CONDENSED CONSOLIDATING BALANCE SHEET

CONDENSED CONSOLIDATING BALANCE SHEET - JUNE 30, 2012 (UNAUDITED)

(In Thousands)

	Tutor Perini Corporation		Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
ASSETS
Cash and Cash Equivalents	$	138,340	$	16,425	$	30,621		$	-		$	185,386
Restricted Cash		30,216		8,468		-			-			38,684
Accounts Receivable		123,223		1,122,420		5,162			(52,041	)		1,198,764
Costs and Estimated Earnings in Excess of Billings		96,140		296,926		152			(18,282	)		374,936
Deferred Income Taxes		-		15,381		-			(12,450	)		2,931
Other Current Assets		89,467		48,789		1,485			(38,057	)		101,684
Total Current Assets		477,386		1,508,409		37,420			(120,830	)		1,902,385
Long-term Investments		46,283		-		-			-			46,283
Property and Equipment, net		59,563		423,951		4,977			-			488,491
Intercompany Notes and Receivables		48,073		617,153		(13,429	)		(651,797	)		-
Other Assets:
Goodwill		-		570,646		-			-			570,646
Intangible Assets, net		-		133,715		-			-			133,715
Investment in Subsidiaries		2,025,111		132		50			(2,025,293	)		-
Other		32,312		9,132		20,375			(26,767	)		35,052
	$	2,688,728	$	3,263,138	$	49,393		$	(2,824,687	)	$	3,176,572
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Maturities of Long-term Debt	$	41,450	$	23,589	$	-		$	-		$	65,039
Accounts Payable		54,630		707,568		1,065			(70,323	)		692,940
Billings in Excess of Costs and Estimated Earnings		86,735		275,910		34			-			362,679
Accrued Expenses and Other Current Liabilities		110,227		98,284		32,088			(50,507	)		190,092
Total Current Liabilities		293,042		1,105,351		33,187			(120,830	)		1,310,750
Long-term Debt, less current maturities		531,120		118,954		-			(24,777	)		625,297
Deferred Income Taxes		53,210		7,761		-			(1,990	)		58,981
Other Long-term Liabilities		120,886		4,207		-			-			125,093
Contingencies and Commitments
Intercompany Notes and Advances Payable		634,019		16,702		1,076			(651,797	)		-
Stockholders' Equity		1,056,451		2,010,163		15,130			(2,025,293	)		1,056,451
	$	2,688,728	$	3,263,138	$	49,393		$	(2,824,687	)	$	3,176,572

CONDENSED CONSOLIDATING BALANCE SHEET - DECEMBER 31, 2011 (UNAUDITED)

(In Thousands)

	Tutor Perini Corporation		Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Total Consolidated
ASSETS
Cash and Cash Equivalents	$	134,936	$	52,492		$	16,812		$	-		$	204,240
Restricted Cash		26,985		8,452			-			-			35,437
Accounts Receivable		106,540		1,257,384			10,173			(99,066	)		1,275,031
Costs and Estimated Earnings in Excess of Billings		103,418		254,828			152			-			358,398
Deferred Income Taxes		-		-			-			-			-
Other Current Assets		53,513		48,218			2,767			(27,570	)		76,928
Total Current Assets		425,392		1,621,374			29,904			(126,636	)		1,950,034
Long-term Investments		62,311		-			-			-			62,311
Property and Equipment, net		49,343		436,921			5,113			-			491,377
Intercompany Notes and Receivables		9,232		705,371			(10,761	)		(703,842	)		-
Other Assets:
Goodwill		-		892,602			-			-			892,602
Intangible Assets, net		-		197,999			-			-			197,999
Investment in Subsidiaries		2,431,150		300			50			(2,431,500	)		-
Other		13,830		9,183			20,375			(24,584	)		18,804
	$	2,991,258	$	3,863,750		$	44,681		$	(3,286,562	)	$	3,613,127
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Maturities of Long-term Debt	$	36,105	$	23,854		$	-		$	-		$	59,959
Accounts Payable		40,072		844,664			55			(99,066	)		785,725
Billings in Excess of Costs and Estimated Earnings		58,877		325,371			34			-			384,282
Accrued Expenses and Other Current Liabilities		39,870		123,598			27,370			(27,570	)		163,268
Total Current Liabilities		174,924		1,317,487			27,459			(126,636	)		1,393,234
Long-term Debt, less current maturities		507,482		129,650			-			(24,584	)		612,548
Deferred Income Taxes		89,798		8,123			-			-			97,921
Other Long-term Liabilities		104,740		4,857			-			-			109,597
Contingencies and Commitments
Intercompany Notes and Advances Payable		714,487		(15,835	)		5,190			(703,842	)		-
Stockholders' Equity		1,399,827		2,419,468			12,032			(2,431,500	)		1,399,827
	$	2,991,258	$	3,863,750		$	44,681		$	(3,286,562	)	$	3,613,127

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (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
(LOSS) INCOME 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	)
(Loss) Income before Income Taxes		(354,347	)		(352,784	)		3,592			339,844			(363,695	)
Benefit (Provision) for Income Taxes		5,924			10,828			(1,480	)		-			15,272
(LOSS) NET 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	)
Realized loss on sale of investments recorded in Net (Loss) Income		-			-			-			-			-
Total Other Comprehensive Income		(595	)		(261	)		-			261			(595	)
Total Comprehensive Income	$	(349,018	)	$	(342,217	)	$	2,112		$	340,105		$	(349,018	)

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (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
(LOSS) INCOME 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 (Loss) before Income Taxes		15,326			38,714			4,272			(27,297	)		31,015
Benefit (Provision) for Income Taxes		4,368			(14,130	)		(1,559	)		-			(11,321	)
NET(LOSS) INCOME	$	19,694		$	24,584		$	2,713		$	(27,297	)	$	19,694
Other Comprehensive Income:
Other Comprehensive Income of Subsidiaries		45			-			-			(45	)		-
Foreign currency translation		-			45			-			-			45
Total Other Comprehensive Income		45			45			-			(45	)		45
Total Comprehensive Income	$	19,739		$	24,629		$	2,713		$	(27,342	)	$	19,739

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (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
(LOSS) INCOME 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	)
(Loss) Income before Income Taxes		(361,428	)		(328,188	)		7,182			322,312			(360,122	)
Benefit (Provision) for Income Taxes		11,802			1,531			(2,837	)		-			10,496
(LOSS) NET 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 (Loss) Income		2,005			-			-			-			2,005
Total Other Comprehensive Income		1,250			264			-			(264	)		1,250
Total Comprehensive Income	$	(348,376	)	$	(326,393	)	$	4,345		$	322,048		$	(348,376	)

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (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
(LOSS) INCOME 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 (Loss) before Income Taxes		19,887			54,261			6,121			(38,343	)		41,926
Benefit (Provision) for Income Taxes		6,736			(19,805	)		(2,234	)		-			(15,303	)
NET (LOSS) INCOME	$	26,623		$	34,456		$	3,887		$	(38,343	)	$	26,623
Other Comprehensive Income:
Other Comprehensive Income of Subsidiaries		89			-			-			(89	)		-
Foreign currency translation		-			89			-			-			89
Total Other Comprehensive Income		89			89			-			(89	)		89
Total Comprehensive Income	$	26,712		$	34,545		$	3,887		$	(38,432	)	$	26,712

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

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	)
(Gain) Loss on sale of equipment		-			530			-			-			530
Loss on sale of investments		2,699			-			-			-			2,699
Other long-term liabilities		(1,483	)		(2,523	)		-			-			(4,006	)
Other non-cash items		322			195			-			-			517
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

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		(1,185	)		(3,234	)		-			-			(4,419	)
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	$	(43,480	)	$	(49,683	)	$	4,691		$	-		$	(88,472	)
Cash Flows from Investing Activities:
Acquisitions, net of cash balance acquired		(161,711	)		-			-			-			(161,711	)
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	$	(169,710	)	$	(8,862	)	$	(1,047	)	$	-		$	(179,619	)
Cash Flows from Financing Activities:
Proceeds from debt		207,275			50,900			-			-			258,175
Repayment of debt		(7,939	)		(28,682	)		-			-			(36,621	)
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		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	$	335,202		$	(107,396	)	$	(10,115	)	$	-		$	217,691
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