Separate Financial Information of Subsidiary Guarantors of Indebtedness (Tables)

3 Months Ended

Mar. 31, 2015

Separate Financial Information of Subsidiary Guarantors of Indebtedness [Abstract]

Condensed Consolidating Balance Sheet

					Non-
	Tutor Perini		Guarantor		Guarantor				Total
	Corporation		Subsidiaries		Subsidiaries		Eliminations		Consolidated
ASSETS
Cash and Cash Equivalents	$	71,938	$	49,241	$	24,779	$	—	$	145,958
Restricted Cash		3,369		4,991		35,733		—		44,093
Accounts Receivable		363,404		1,093,631		36,982		(99,897)		1,394,120
Costs and Estimated Earnings in Excess of Billings		85,124		771,851		152		(61,617)		795,510
Deferred Income Taxes		—		15,639		—		2,323		17,962
Other Current Assets		40,006		43,169		17,988		(26,796)		74,367
Total Current Assets		563,841		1,978,522		115,634		(185,987)		2,472,010
Long-term Investments
Property and Equipment, net		89,708		429,669		4,245		—		523,622
Intercompany Notes and Receivables		—		176,388		—		(176,388)		—
Other Assets:
Goodwill		—		585,006		—		—		585,006
Intangible Assets, net		—		99,311		—		—		99,311
Investment in Subsidiaries		2,160,682		19,516		50		(2,180,248)		—
Other		81,425		10,625		—		(5,519)		86,531
	$	2,895,656	$	3,299,037	$	119,929	$	(2,548,142)	$	3,766,480
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Maturities of Long-term Debt	$	34,733	$	52,867		—		—	$	87,600
Accounts Payable		188,282		730,611		1,420		(118,122)		802,191
Billings in Excess of Costs and Estimated Earnings		129,662		174,709		34		(18,363)		286,042
Accrued Expenses and Other Current Liabilities		24,689		85,045		59,531		(16,349)		152,916
Total Current Liabilities		377,366		1,043,232		60,985		(152,834)		1,328,749
Long-term Debt, less current maturities		740,095		96,166		—		(40,519)		795,742
Deferred Income Taxes		142,104		7,914		—		—		150,018
Other Long-term Liabilities		111,536		1,971		—		—		113,507
Intercompany Notes and Advances Payable		145,689		—		28,619		(174,308)		—
Contingencies and Commitments		—		—		—		—		—
Stockholders’ Equity		1,378,866		2,149,754		30,325		(2,180,481)		1,378,464
	$	2,895,656	$	3,299,037	$	119,929	$	(2,548,142)	$	3,766,480

CONDENSED CONSOLIDATING BALANCE SHEET - DECEMBER 31, 2014

(Unaudited-in thousands)

					Non-
	Tutor Perini		Guarantor		Guarantor				Total
	Corporation		Subsidiaries		Subsidiaries		Eliminations		Consolidated
ASSETS
Cash and Cash Equivalents	$	75,087	$	36,764	$	23,732	$	—	$	135,583
Restricted Cash		3,369		5,274		35,727		—		44,370
Accounts Receivable		299,427		1,246,635		37,064		(103,622)		1,479,504
Costs and Estimated Earnings in Excess of Billings		70,344		700,362		152		(44,456)		726,402
Deferred Income Taxes		—		15,639		—		2,323		17,962
Other Current Assets		39,196		42,750		24,397		(37,608)		68,735
Total Current Assets		487,423		2,047,424		121,072		(183,363)		2,472,556
Long-term Investments		—		—		—		—		—
Property and Equipment, net		92,413		430,876		4,313		—		527,602
Intercompany Notes and Receivables		—		122,401		—		(122,401)		—
Other Assets:
Goodwill		—		585,006		—		—		585,006
Intangible Assets, net		—		100,254		—		—		100,254
Investment in Subsidiaries		2,154,562		19,519		50		(2,174,131)		—
Other		83,503		9,847		—		(5,453)		87,897
	$	2,817,901	$	3,315,327	$	125,435	$	(2,485,348)	$	3,773,315
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Maturities of Long-term Debt	$	34,776	$	46,516	$	—	$	—	$	81,292
Accounts Payable		186,958		716,851		3,749		(109,384)		798,174
Billings in Excess of Costs and Estimated Earnings		139,020		185,807		2,672		(8,203)		319,296
Accrued Expenses and Other Current Liabilities		33,018		95,177		58,571		(26,952)		159,814
Total Current Liabilities		393,772		1,044,351		64,992		(144,539)		1,358,576
Long-term Debt, less current maturities		712,460		112,060		—		(40,453)		784,067
Deferred Income Taxes		142,457		7,914		—		—		150,371
Other Long-term Liabilities		112,899		1,897		—		—		114,796
Intercompany Notes and Advances Payable		90,373		—		35,619		(125,992)		—
Contingencies and Commitments
Stockholders’ Equity		1,365,939		2,149,105		24,824		(2,174,363)		1,365,505
	$	2,817,900	$	3,315,327	$	125,435	$	(2,485,347)	$	3,773,315

Condensed Consolidating Statement of Operations

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

THREE MONTHS ENDED MARCH 31, 2015

(Unaudited-in thousands)

					Non-
	Tutor Perini		Guarantor		Guarantor				Total
	Corporation		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Revenues	$	236,292	$	885,103	$	4,291	$	(59,221)	$	1,066,465
Cost of Operations		209,833		825,094		—		(59,221)		975,706
Gross Profit		26,459		60,009		4,291		—		90,759
General and Administrative Expenses		25,035		45,166		474		—		70,675
INCOME FROM CONSTRUCTION OPERATIONS		1,424		14,843		3,817		—		20,084
Equity in Earnings of Subsidiaries		11,940		—		—		(11,940)		—
Other (Expense) Income, net		(2,068)		1,196		118		—		(754)
Interest Expense		(10,264)		(861)		—		—		(11,125)
Income (Loss) before Income Taxes		1,032		15,178		3,935		(11,940)		8,205
Benefit (Provision) for Income Taxes		4,094		(5,696)		(1,477)		—		(3,079)
NET INCOME (LOSS)	$	5,126	$	9,482	$	2,458	$	(11,940)	$	5,126
Other Comprehensive Income:
Other Comprehensive Income of Subsidiaries		(598)		—		—		598		—
Foreign currency translation		—		(588)		—		—		(588)
Change in fair value of investments		—		(10)		—		—		(10)
Change in fair value of interest rate swap		45		—		—		—		45
Total Other Comprehensive (Loss) Income		(553)		(598)		—		598		(553)
Total Comprehensive Income (Loss)	$	4,573	$	8,884	$	2,458	$	(11,342)	$	4,573

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

THREE MONTHS ENDED MARCH 31, 2014

(Unaudited-in thousands)

					Non-
	Tutor Perini		Guarantor		Guarantor				Total
	Corporation		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Revenues	$	226,847	$	763,636		—	$	(35,250)	$	955,233
Cost of Operations		193,814		697,908		(6,586)		(35,250)		849,886
Gross Profit		33,033		65,728		6,586		—		105,347
General and Administrative Expenses		17,795		45,620		435		—		63,850
(LOSS) INCOME FROM CONSTRUCTION OPERATIONS		15,238		20,108		6,151		—		41,497
Equity in Earnings of Subsidiaries		15,281		—		—		(15,281)		—
Other (Expense) Income, net		(4,095)		602		120		—		(3,373)
Interest Expense		(10,017)		(814)		—		—		(10,831)
Income (Loss) before Income Taxes		16,407		19,896		6,271		(15,281)		27,293
Provision for Income Taxes		(468)		(8,277)		(2,609)		—		(11,354)
NET INCOME (LOSS)	$	15,939	$	11,619	$	3,662	$	(15,281)	$	15,939
Other Comprehensive Income:
Other Comprehensive Income of Subsidiaries		(105)		—		—		105		—
Tax adjustment on minimum pension liability		—		—		—		—		—
Foreign currency translation		—		(286)		—		—		(286)
Change in fair value of investments		—		181		—		—		181
Change in fair value of interest rate swap		81		—		—		—		81
Total Other Comprehensive (Loss) Income		(24)		(105)		—		105		(24)
Total Comprehensive Income (Loss)	$	15,915	$	11,514	$	3,662	$	(15,176)	$	15,915

Condensed Consolidating Statement of Cash Flows

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

THREE MONTHS ENDED MARCH 31, 2015

(Unaudited-in thousands)

					Non-
	Tutor Perini		Guarantor		Guarantor				Total
	Corporation		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Cash Flows from Operating Activities:
Net income (loss)	$	5,126	$	9,482	$	2,458	$	(11,940)	$	5,126
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization		5,223		5,303		68		—		10,594
Equity in earnings of subsidiaries		(11,940)		—		—		11,940		—
Stock-based compensation expense		9,159		—		—		—		9,159
Deferred income taxes		(24,392)		24,392		—		—		—
(Gain) loss on sale of investments		(17)		17		—		—		—
(Gain) loss on sale of property and equipment		17		(293)		—		—		(276)
Other long-term liabilities		(1,288)		3,669		—		—		2,381
Other non-cash items		1,176		(3,403)		—		—		(2,227)
Changes in other components of working capital		(73,266)		43,701		2,484		—		(27,081)
NET CASH (USED) PROVIDED BY OPERATING ACTIVITIES		(90,202)		82,868		5,010		—		(2,324)
Cash Flows from Investing Activities:
Acquisition of property and equipment excluding financed purchases		(729)		(4,962)		—		—		(5,691)
Proceeds from sale of property and equipment		—		798		—		—		798
Increase (decrease) in intercompany advances		—		(57,146)		—		57,146		—
Change in restricted cash		—		283		(6)		—		277
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES		(729)		(61,027)		(6)		57,146		(4,616)
Cash Flows from Financing Activities:
Proceeds from debt		280,200		—		—		—		280,200
Repayment of debt		(252,748)		(9,364)		—		—		(262,112)
Issuance of common stock and effect of cashless exercise		(773)		—		—		—		(773)
Increase (decrease) in intercompany advances		61,103		—		(3,957)		(57,146)		—
NET CASH (USED) PROVIDED BY FINANCING ACTIVITIES		87,782		(9,364)		(3,957)		(57,146)		17,315
Net (Decrease) Increase in Cash and Cash Equivalents		(3,149)		12,477		1,047		—		10,375
Cash and Cash Equivalents at Beginning of Year		75,087		36,764		23,732		—		135,583
Cash and Cash Equivalents at End of Period	$	71,938	$	49,241	$	24,779	$	—	$	145,958

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

THREE MONTHS ENDED MARCH 31, 2014

(Unaudited-in thousands)

					Non-
	Tutor Perini		Guarantor		Guarantor					Total
	Corporation		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Cash Flows from Operating Activities:
Net income (loss)	$	15,939	$	11,619	$	3,662	$	(15,281)		$	15,939
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization		1,780		12,947		(68)		—			14,659
Equity in earnings of subsidiaries		(15,281)		—		—		15,281			—
Stock-based compensation expense		5,316		113		—		—			5,429
Excess income tax benefit from stock-based compensation		—		—		—		—			—
Deferred income taxes		4,624		(4,579)		—		—			45
(Gain) loss on sale of property and equipment		427		—		—		—			427
Other long-term liabilities		2,886		608		—		—			3,494
Other non-cash items		855		(1,282)		—		—			(427)
Changes in other components of working capital		(48,652)		(37,991)		5,947		—			(80,696)
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES		(32,106)		(18,565)		9,541		—			(41,130)
Cash Flows from Investing Activities:
Acquisition of property and equipment excluding financed purchases		(4,041)		(4,311)		—		—			(8,352)
Proceeds from sale of property and equipment		(427)		1,844		—		—			1,417
Change in restricted cash		15,465		(664)		(15,476)		—			(675)
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES		10,997		(3,131)		(15,476)		—			(7,610)
Cash Flows from Financing Activities:
Proceeds from debt		250,656		(72,618)		—		—			178,038
Repayment of debt		(179,032)		65,481		—		—			(113,551)
Business acquisition related payments		—		(1,031)		—		—			(1,031)
Excess income tax benefit from stock-based compensation		—		—		—		—			—
Issuance of common stock and effect of cashless exercise		(1,575)		—		—		—			(1,575)
Increase (decrease) in intercompany advances		(63,312)		60,771		2,541		—			—
NET CASH (USED) PROVIDED BY FINANCING ACTIVITIES		6,737		52,603		2,541		—			61,881
Net Increase (Decrease) in Cash and Cash Equivalents		(14,372)		30,907		(3,394)		—			13,141
Cash and Cash Equivalents at Beginning of Year		88,995		18,031		12,897		—			119,923
Cash and Cash Equivalents at End of Period	$	74,623	$	48,938	$	9,503	$	—		$	133,064