Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 23, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | TUTOR PERINI Corp | ||
Entity Central Index Key | 77,543 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 829,622,621 | ||
Entity Common Stock, Shares Outstanding | 49,072,710 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract] | |||||||||||
REVENUE | $ 1,200,830 | $ 1,340,739 | $ 1,312,438 | $ 1,066,465 | $ 1,201,877 | $ 1,250,689 | $ 1,084,510 | $ 955,233 | $ 4,920,472 | $ 4,492,309 | $ 4,175,672 |
COST OF OPERATIONS | (4,564,219) | (3,986,867) | (3,708,768) | ||||||||
GROSS PROFIT | 66,673 | 100,201 | 98,620 | 90,759 | 129,723 | 140,841 | 129,531 | 105,347 | 356,253 | 505,442 | 466,904 |
General and administrative expenses | (250,840) | (263,752) | (263,082) | ||||||||
INCOME FROM CONSTRUCTION OPERATIONS | 15,474 | 38,974 | 30,881 | 20,084 | 64,396 | 70,354 | 65,443 | 41,497 | 105,413 | 241,690 | 203,822 |
Other income (expense), net | 12,453 | (9,536) | (18,575) | ||||||||
Interest expense | (44,027) | (44,716) | (45,632) | ||||||||
INCOME BEFORE INCOME TAXES | 11,687 | 33,955 | 19,992 | 8,205 | 53,917 | 58,616 | 47,612 | 27,293 | 73,839 | 187,438 | 139,615 |
Provision for income taxes | (28,547) | (79,502) | (52,319) | ||||||||
NET INCOME | $ 8,712 | $ 19,677 | $ 11,777 | $ 5,126 | $ 27,722 | $ 35,730 | $ 28,545 | $ 15,939 | $ 45,292 | $ 107,936 | $ 87,296 |
BASIC EARNINGS PER COMMON SHARE | $ 0.18 | $ 0.40 | $ 0.24 | $ 0.11 | $ 0.57 | $ 0.74 | $ 0.59 | $ 0.33 | $ 0.92 | $ 2.22 | $ 1.82 |
DILUTED EARNINGS PER COMMON SHARE | $ 0.18 | $ 0.40 | $ 0.24 | $ 0.10 | $ 0.56 | $ 0.73 | $ 0.58 | $ 0.33 | $ 0.91 | $ 2.20 | $ 1.80 |
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING: | |||||||||||
BASIC | 48,981 | 48,562 | 47,851 | ||||||||
DILUTED | 49,666 | 49,114 | 48,589 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) [Abstract] | |||||||||||
NET INCOME | $ 8,712 | $ 19,677 | $ 11,777 | $ 5,126 | $ 27,722 | $ 35,730 | $ 28,545 | $ 15,939 | $ 45,292 | $ 107,936 | $ 87,296 |
OTHER COMPREHENSIVE (LOSS) INCOME, NET OF TAX: | |||||||||||
Defined benefit pension plan adjustments | 2,026 | (8,155) | 10,910 | ||||||||
Foreign currency translation adjustment | (3,214) | (638) | (738) | ||||||||
Unrealized (loss) gain in fair value of investments | 766 | 205 | (555) | ||||||||
Unrealized gain in fair value of interest rate swap | (125) | 349 | 578 | ||||||||
Total other comprehensive (loss) income, net of tax | (547) | (8,239) | 10,195 | ||||||||
TOTAL COMPREHENSIVE INCOME | $ 44,745 | $ 99,697 | $ 97,491 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
CURRENT ASSETS: | ||
Cash, including cash equivalents of $1,696 and $12,044 | $ 75,452 | $ 135,583 |
Restricted cash | 45,853 | 44,370 |
Accounts receivable, including retainage of $484,255 and $382,891 | 1,473,615 | 1,479,504 |
Costs and estimated earnings in excess of billings | 905,175 | 726,402 |
Deferred income taxes | 26,306 | 17,962 |
Other current assets | 108,844 | 68,735 |
Total current assets | 2,635,245 | 2,472,556 |
PROPERTY AND EQUIPMENT, at cost: | ||
Land | 41,382 | 41,307 |
Building and improvements | 123,600 | 120,796 |
Construction equipment | 431,080 | 426,379 |
Other equipment | 181,940 | 159,148 |
Total property and equipment, gross | 778,002 | 747,630 |
Less - Accumulated depreciation | 254,477 | 220,028 |
Total property and equipment, net | 523,525 | 527,602 |
GOODWILL | 585,006 | 585,006 |
INTANGIBLE ASSETS, NET | 96,540 | 100,254 |
OTHER ASSETS | 202,125 | 87,897 |
TOTAL ASSETS | 4,042,441 | 3,773,315 |
CURRENT LIABILITIES: | ||
Current maturities of long-term debt | 88,917 | 81,292 |
Accounts payable, including retainage | 937,464 | 798,174 |
Billings in excess of costs and estimated earnings | 288,311 | 319,296 |
Accrued expenses and other current liabilities | 159,016 | 159,814 |
Total current liabilities | 1,473,708 | 1,358,576 |
LONG-TERM DEBT, less current maturities | 734,531 | 784,067 |
DEFERRED INCOME TAXES | 273,310 | 150,371 |
OTHER LONG-TERM LIABILITIES | 140,665 | 114,796 |
TOTAL LIABILITIES | $ 2,622,214 | $ 2,407,810 |
CONTINGENCIES AND COMMITMENTS (Note 7) | ||
STOCKHOLDERS' EQUITY: | ||
Preferred stock - authorized 1,000,000 shares ($1 par value), none issued | ||
Common stock - authorized 75,000,000 shares ($1 par value), issued and outstanding - 49,072,710 shares and 48,671,492 shares | $ 49,073 | $ 48,671 |
Additional paid-in capital | 1,035,516 | 1,025,941 |
Retained earnings | 377,803 | 332,511 |
Accumulated other comprehensive loss | (42,165) | (41,618) |
TOTAL STOCKHOLDERS' EQUITY | 1,420,227 | 1,365,505 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 4,042,441 | $ 3,773,315 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
CURRENT ASSETS: | ||
Cash, cash equivalents | $ 1,696 | $ 12,044 |
Accounts receivable, retainage | $ 484,255 | $ 382,891 |
STOCKHOLDERS' EQUITY: | ||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, par value | $ 1 | $ 1 |
Preferred stock, shares issued | 0 | 0 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, par value | $ 1 | $ 1 |
Common stock, shares issued | 49,072,710 | 48,671,492 |
Common stock, shares outstanding | 49,072,710 | 48,671,492 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | $ 45,292 | $ 107,936 | $ 87,296 |
Adjustments to reconcile net income to net cash from operating activities: | |||
Depreciation | 37,919 | 40,216 | 43,383 |
Amortization of intangible assets and debt issuance costs | 5,810 | 15,756 | 16,027 |
Share-based compensation expense | 9,477 | 18,615 | 6,623 |
Excess income tax benefit from share-based compensation | (186) | (787) | (1,148) |
Deferred income taxes | 22,214 | 21,460 | 9,009 |
Loss on sale of investments | 1,786 | ||
(Gain) loss on sale of property and equipment | (2,909) | 801 | 49 |
Other long-term liabilities | 28,912 | 3,074 | 23,107 |
Other non-cash items | (3,680) | 3,273 | (3,719) |
Changes in other components of working capital | (128,777) | (268,808) | (129,899) |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 14,072 | (56,678) | 50,728 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Acquisition of property and equipment excluding financed purchases | (35,912) | (75,013) | (42,360) |
Proceeds from sale of property and equipment | 4,980 | 5,335 | 2,663 |
Proceeds from sale of available-for-sale securities | 44,497 | ||
Change in restricted cash | (1,483) | (1,776) | (3,877) |
NET CASH USED IN INVESTING ACTIVITIES | (32,415) | (26,957) | (43,574) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from debt | 1,013,205 | 1,156,739 | 653,280 |
Repayment of debt | (1,054,371) | (1,026,349) | (676,795) |
Business acquisition-related payments | (26,430) | (31,038) | |
Excess income tax benefit from share-based compensation | 186 | 787 | 1,148 |
Issuance of common stock and effect of cashless exercise | (808) | (1,771) | (1,882) |
Debt issuance costs | (3,681) | ||
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES | (41,788) | 99,295 | (55,287) |
Net (decrease) increase in cash and cash equivalents | (60,131) | 15,660 | (48,133) |
Cash and cash equivalents at beginning of year | 135,583 | 119,923 | 168,056 |
Cash and cash equivalents at end of year | $ 75,452 | $ 135,583 | $ 119,923 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Total |
Balance at Dec. 31, 2012 | $ 47,556 | $ 1,002,603 | $ 137,279 | $ (43,574) | $ 1,143,864 |
Net income | 87,296 | 87,296 | |||
Other comprehensive (loss) income | 10,195 | 10,195 | |||
TOTAL COMPREHENSIVE INCOME | 97,491 | ||||
Tax effect of share-based compensation | (7) | (7) | |||
Share-based compensation expense | 6,623 | 6,623 | |||
Issuance of common stock, net | 865 | (1,301) | (436) | ||
Balance at Dec. 31, 2013 | 48,421 | 1,007,918 | 224,575 | (33,379) | 1,247,535 |
Net income | 107,936 | 107,936 | |||
Other comprehensive (loss) income | (8,239) | (8,239) | |||
TOTAL COMPREHENSIVE INCOME | 99,697 | ||||
Tax effect of share-based compensation | 786 | 786 | |||
Share-based compensation expense | 18,616 | 18,616 | |||
Issuance of common stock, net | 250 | (1,379) | (1,129) | ||
Balance at Dec. 31, 2014 | 48,671 | 1,025,941 | 332,511 | (41,618) | 1,365,505 |
Net income | 45,292 | 45,292 | |||
Other comprehensive (loss) income | (547) | (547) | |||
TOTAL COMPREHENSIVE INCOME | 44,745 | ||||
Tax effect of share-based compensation | (186) | (186) | |||
Share-based compensation expense | 9,477 | 9,477 | |||
Issuance of common stock, net | 402 | 284 | 686 | ||
Balance at Dec. 31, 2015 | $ 49,073 | $ 1,035,516 | $ 377,803 | $ (42,165) | $ 1,420,227 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. Summary of Significant Accounting Policies (a) Basis of Presentation The accompanying consolidated financial statements have been prepared in compliance with accounting principles generally accepted in the United States of America (“GAAP”) as codified in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”). (b) Principles of Consolidation The consolidated financial statements include the accounts of Tutor Perini Corporation and its wholly owned subsidiaries (the “Company”). The Company’s interests in construction joint ventures are accounted for using the proportionate consolidation method whereby the Company’s proportionate share of each joint venture’s assets, liabilities, revenue and cost of operations are included in the appropriate classifications in the consolidated financial statements. All intercompany transactions and balances have been eliminated in consolidation. (c) Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect reported amounts. These estimates are based on information available through the date of the issuance of the financial statements. Therefore, actual results could differ from those estimates. (d) Construction Contracts The Company and its affiliated entities recognize construction contract revenue using the percentage-of-completion method, based primarily on contract cost incurred to date compared to total estimated contract cost. Cost of revenue includes an allocation of depreciation and amortization. Pre-contract costs are expensed as incurred. Changes to total estimated contract cost or losses, if any, are recognized in the period in which they are determined. The Company generally provides limited warranties for work performed under its construction contracts with periods typically extending for a limited duration following substantial completion of the Company’s work on a project. Historically, warranty claims have not resulted in material costs incurred. The Company classifies construction-related receivables and payables that may be settled in periods exceeding one year from the balance sheet date as current, consistent with the length of time of its project operating cycle. For example: · Costs and estimated earnings in excess of billings represent the excess of contract costs and profits (or contract revenue) over the amount of contract billings to date and are classified as a current asset. · Billings in excess of costs and estimated earnings represent the excess of contract billings to date over the amount of contract costs and profits (or contract revenue) recognized to date and are classified as a current liability. Costs and estimated earnings in excess of billings result when either: 1) costs are incurred related to certain claims and unapproved change orders, or 2) the appropriate contract revenue amount has been recognized in accordance with the percentage-of-completion accounting method, but a portion of the revenue recorded cannot be billed currently due to the billing terms defined in the contract. Claims occur when there is a dispute regarding both a change in the scope of work and the price associated with that change. Unapproved change orders occur when there is a dispute regarding only the price associated with a change in scope of work. For both claims and unapproved change orders, the Company recognizes revenue, but not profit, when it is determined that recovery of incurred cost is probable and the amounts can be reliably estimated. For claims, these requirements are satisfied u nder ASC 605-35-25 when the contract or other evidence provides a legal basis for the claim, additional costs were caused by circumstances that were unforeseen at the contract date and not the result of deficiencies in the Company’s performance, claim-related costs are identifiable and considered reasonable in view of the work performed, and evidence supporting the claim or change order is objective and verifiable. Reported cost s and estimated earnings in excess of billings consists of the following As of December 31, (in thousands) 2015 2014 Claims $ 407,164 $ 311,949 Unapproved change orders 270,019 161,375 Other unbilled costs and profits 227,992 253,078 Total costs and estimated earnings in excess of billings $ 905,175 $ 726,402 The prerequisite for billing claims and unapproved change orders is the final resolution and agreement between the parties. The prerequisite for billing other unbilled costs and profits is provided in the defined billing terms of each of the applicable contracts. The amount of costs and estimated earnings in excess of billings as of December 31, 2015 estimated by management to be collected beyond one year is approximately $353.2 million. (e) Changes in Estimates The Company’s estimates of contract revenue and cost are highly detailed and many factors change during a contract performance period that result in a change to contract profitability. These factors include, but are not limited to, differing site conditions; availability of skilled contract labor; performance of major material suppliers and subcontractors; on-going subcontractor negotiations and buyout provisions; unusual weather conditions; changes in the timing of scheduled work; change orders; accuracy of the original bid estimate; changes in estimated labor productivity and costs based on experience to date; achievement of incentive-based income targets; and, the expected, or actual, resolution terms for claims. The factors that cause changes in estimates vary depending on the maturation of the project within its lifecycle. For example, in the ramp-up phase, these factors typically consist of revisions in anticipated project costs and during the peak and close-out phases, these factors include the impact of change orders and claims as well as additional revisions in remaining anticipated project costs. Generally, if the contract is at an early stage of completion, the current period impact is smaller than if the same change in estimate is made to the contract at a later stage of completion. Management focuses on evaluating the performance of contracts individually and uses the cumulative catch-up method to account for revisions in estimates. Material changes in estimates are disclosed in the notes to the consolidated financial statements. (f) Depreciation of Property and Equipment and Amortization of Long-Lived Intangible Assets Property and equipment and long-lived intangible assets are depreciated or amortized on a straight-line basis over their estimated useful lives ranging from three to forty years. (g) Recoverability of Long-Lived Assets Long-lived assets are reviewed for impairment whenever circumstances indicate that the future cash flows generated by the assets might be less than the assets’ net carrying value. In such circumstances, an impairment loss will be recognized by the amount the assets’ net carrying value exceeds their fair value. ( h ) Recoverability of Goodwill Goodwill is not amortized to earnings, but instead is reviewed for impairment at a reporting unit level annually, or more often if there are indicators between the annual review dates that signal that impairment is probable. The Civil, Building and Specialty Contractors segments each represent a reporting unit. We perform our annual quantitative impairment assessment during the fourth quarter of each year using a weighted average of an income and a market approach. The income approach is based on estimated future cash flows for each reporting unit, which then are discounted to their present value. The market approach is based on assumptions about how market data relates to the Company. The weighting of these two approaches is based on their individual correlation to the economics of each reporting unit. The quantitative assessment performed in 2015 resulted in an estimated fair value for each of our reporting units that exceeded their respective net book values; therefore, no impairment charge was necessary for 2015. ( i ) Recoverability of Non-Amortizable Trade Names Certain trade names have an estimated indefinite life and are not amortized to earnings, but instead are reviewed for impairment annually, or more often if there are indicators between the annual review dates that signal that impairment is probable. We perform our annual quantitative impairment assessment during the fourth quarter of each year using an income approach (relief from royalty method). The quantitative assessment performed in 2015 resulted in an estimated fair value for the non-amortizable trade names that exceeded their respective net book values; therefore, no impairment charge was necessary for 2015. ( j ) Income Taxes Deferred income tax assets and liabilities are recognized for the effects of temporary differences between the financial statement carrying amounts and the income tax basis of assets and liabilities using tax rates expected to be in effect when such differences reverse. Income tax positions must meet a more-likely-than-not threshold to be recognized. The Company recognizes interest and penalties related to uncertain tax positions as a component of the income tax provision. ( k ) Earnings Per Share Basic EPS is calculated by dividing net income by the weighted-average number of common shares outstanding during the period. Potentially dilutive securities include restricted stock units and stock options. Diluted EPS reflects the assumed exercise or conversion of all dilutive securities using the treasury stock method. The calculations of the basic and diluted EPS for the years ended December 31, 2015, 2014 and 2013 under the treasury stock method are presented below: Year Ended December 31, (in thousands, except per share data) 2015 2014 2013 Net income $ 45,292 $ 107,936 $ 87,296 Weighted-average common shares outstanding - basic 48,981 48,562 47,851 Effect of diluted stock options and unvested restricted stock 685 552 738 Weighted-average common shares outstanding - diluted 49,666 49,114 48,589 Net income (loss) per share: Basic $ 0.92 $ 2.22 $ 1.82 Diluted $ 0.91 $ 2.20 $ 1.80 Anti-dilutive securities not included above 1,372 9 860 ( l ) Cash and Cash Equivalents and Restricted Cash Cash equivalents include short-term, highly liquid investments with original maturities of three months or less when acquired. Cash and cash equivalents, as reported in the accompanying Consolidated Balance Sheets, consist of amounts held by the Company that are available for general purposes and the Company’s proportionate share of amounts held by construction joint ventures that are available only for joint venture-related uses, including future distributions to joint venture partners. Restricted cash is primarily held to secure insurance-related contingent obligations, such as insurance claim deductibles, in lieu of letters of credit. Cash and cash equivalents and restricted cash consisted of the following: As of December 31, (in thousands) 2015 2014 Cash and cash equivalents $ 18,409 $ 40,846 Company's share of joint venture cash and cash equivalents 57,043 94,737 Total cash and cash equivalents $ 75,452 $ 135,583 Restricted cash $ 45,853 $ 44,370 (m) Share-Based Compensation The Company’s long-term incentive plan allows the Company to grant share-based compensation awards in a variety of forms, including restricted stock units and stock options. Restricted stock units and stock options generally vest subject to service and/or performance requirements, with related compensation expense equal to the fair value of the award on the date of grant and recognized on a straight-line basis over the requisite service period. ( n ) Insurance Liabilities The Company typically utilizes third party insurance coverage subject to varying deductible levels with aggregate caps on losses retained. The Company assumes the risk for the amount of the deductible portion of the losses and liabilities primarily associated with workers’ compensation and general liability coverage. In addition, on certain projects, the Company assumes the risk for the amount of the deductible portion of losses that arise from any subcontractor defaults. Losses are accrued based upon the Company’s estimates of the aggregate liability for claims incurred using historical experience and certain actuarial assumptions followed in the insurance industry. The estimate of insurance liability within the deductible limits includes an estimate of incurred but not reported claims based on data compiled from historical experience. (o) Other Comprehensive Income (Loss) ASC 220, Comprehensive Income , establishes standards for reporting and displaying comprehensive income and its components in the consolidated financial statements. The Company reports the change in pension benefit plans assets/liabilities, cumulative foreign currency translation, change in fair value of investments and change in fair value of interest rate swap as components of accumulated other comprehensive loss (“AOCI”). The tax effects of the components of other comprehensive income (loss) are as follows: Year Ended December 31, 2015 2014 2013 (in thousands) Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount Other comprehensive income (loss): Defined benefit pension plan adjustments $ 31 $ 1,995 $ 2,026 $ (13,887) $ 5,732 $ (8,155) $ 18,675 $ (7,765) $ 10,910 Foreign currency translation adjustment (5,897) 2,683 (3,214) (1,086) 448 (638) (1,212) 474 (738) Unrealized gain (loss) in fair value of investments 1,123 (357) 766 346 (141) 205 (744) 189 (555) Unrealized gain (loss) in fair value of interest rate swap (37) (88) (125) 594 (245) 349 948 (370) 578 Total other comprehensive income (loss) $ (4,780) $ 4,233 $ (547) $ (14,033) $ 5,794 $ (8,239) $ 17,667 $ (7,472) $ 10,195 The changes in AOCI balances by component (after-tax) for the three years ended December 31, 2015 are as follows (1) : (in thousands) Defined Benefit Pension Plan Foreign Currency Translation Unrealized Gain (Loss) in Fair Value of Investments Unrealized Gain (Loss) in Fair Value of Interest Rate Swap Accumulated Other Comprehensive Income (Loss), Net Balance as of December 31, 2012 $ (43,023) $ (13) $ 240 $ (778) $ (43,574) Other comprehensive income (loss) 10,910 (738) (555) 578 10,195 Balance as of December 31, 2013 $ (32,113) $ (751) $ (315) $ (200) $ (33,379) Other comprehensive income (loss) (8,155) (638) 205 349 (8,239) Balance as of December 31, 2014 $ (40,268) $ (1,389) $ (110) $ 149 $ (41,618) Other comprehensive income (loss) 2,026 (3,214) 766 (125) (547) Balance as of December 31, 2015 $ (38,242) $ (4,603) $ 656 $ 24 $ (42,165) (1) There were no reclassifications from AOCI during the three years ended December 31, 2015. (p) New Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in ASC 605, Revenue Recognition . This ASU addresses when and how an entity should recognize revenue for the transfer of goods and/or services to customers. This ASU is effective for fiscal year and interim periods within those years beginning after December 15, 2017. The Company is currently evaluating the effect that the adoption of this ASU will have on its financial statements. In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810) , which amends the consolidation standard and updates the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. The amendment modifies the evaluation of whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities and affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships, among other provisions. This ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. The Company is currently evaluating the effect that the adoption of this ASU will have on its financial statements. In April 2015, the FASB issued ASU 2015-03, Interest – Imputation of Interest (Subtopic 835-30). This ASU requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. In August 2015, the FASB also issued ASU 2015-15, Interest—Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated With Line-of-Credit Arrangements — Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015, EITF Meeting . This update allows an entity to defer and present debt issuance costs related to line-of-credit arrangements as an asset and subsequently amortize the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. These ASUs are effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. The adoption of these ASUs is not expected to have a material impact on the Company’s financial statements. In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes (Subtopic 740-10). This ASU require entities to present all deferred tax assets and all deferred tax liabilities as noncurrent in a classified balance sheet. This ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. The Company had $26.3 million of current deferred tax assets and $24.9 million of current deferred tax liabilities as of December 31, 2015 , which will be presented as noncurrent upon adoption of this ASU. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic-842) which amends the existing guidance in ASC 840 Leases . This amendment requires the recognition of lease assets and lease liabilities by lessees for those leases currently classified as operating leases. Other significant provisions of the amendment include (i) defining the “lease term” to include the non-cancellable period together with periods for which there is a significant economic incentive for the lessee to extend or not terminate the lease; (ii) defining the initial lease liability to be recorded on the balance sheet to contemplate only those variable lease payments that depend on an index or that are in substance “fixed”; and (iii) a dual approach for determining whether lease expense is recognized on a straight-line or accelerated basis, depending on whether the lessee is expected to consume more than an insignificant portion of the lea sed asset’s economic benefits. This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is currently evaluating the effect that the adoption of this ASU will have on its financial statements. |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows | 12 Months Ended |
Dec. 31, 2015 | |
Consolidated Statement of Cash Flows [Abstract] | |
Consolidated Statement of Cash Flows | 2. Consolidated Statement of Cash Flows Below are t he changes in other components of working capital, as shown in the Consolidated Statement of Cash Flows , and the supplemental disclosure of cash paid for interest and income taxes, as well as non-cash transactions : Year Ended December 31, (in thousands) 2015 2014 2013 Decrease (Increase) in: Accounts receivable $ 4,734 $ (186,384) $ (62,991) Costs and estimated earnings in excess of billings (178,774) (153,153) (107,983) Other current assets (38,616) (17,450) 25,250 Increase (Decrease) in: Accounts payable 139,290 33,667 59,169 Billings in excess of costs and estimated earnings (30,985) 51,711 (36,835) Accrued expenses (24,426) 2,801 (6,509) Changes in other components of working capital $ (128,777) $ (268,808) $ (129,899) Cash paid during the year for: Interest $ 45,055 $ 45,236 $ 41,207 Income taxes $ 35,299 $ 75,494 $ 28,898 Non-cash transactions during the year for: Property and equipment acquired through financing arrangements not included in financing activities $ — $ 816 $ 16,689 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | 3. Fair Value Measurements The fair value hierarchy established by ASC 820, Fair Value Measurement , prioritizes the use of inputs used in valuation techniques into the following three levels: Level 1 — quoted prices in active markets for identical assets and liabilities Level 2 — inputs other than Level 1 inputs that are observable, either directly or indirectly Level 3 — unobservable inputs The following table presents, for each of the fair value hierarchy levels required under ASC 820, the Company’s assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2015 and 2014 : December 31, 2015 December 31, 2014 Fair Value Hierarchy Fair Value Hierarchy (in thousands) Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents (a) $ 75,452 $ 75,452 $ — $ — $ 135,583 $ 135,583 $ — $ — Restricted cash (a) 45,853 45,853 — — 44,370 44,370 — — Investments in lieu of customer retainage (b) 41,566 35,350 6,216 — 33,224 25,761 7,463 — Total $ 162,871 $ 156,655 $ 6,216 $ — $ 213,177 $ 205,714 $ 7,463 $ — Liabilities: Interest rate swap contract (c) $ 45 $ — $ 45 $ — $ 381 $ — $ 381 $ — Contingent consideration (d) — — — — 24,814 — — 24,814 Total $ 45 $ — $ 45 $ — $ 25,195 $ — $ 381 $ 24,814 (a) Cash, cash equivalents and restricted cash consist primarily of money market funds with original maturity dates of three months or less, for which fair value is determined through quoted market prices. (b) Investments in lieu of customer retainage are classified as accounts receivable and are comprised of money market funds, U.S. Treasury Notes and other municipal bonds, the majority of which are rated Aa3 or better. The fair values of the U.S. Treasury Notes and municipal bonds are obtained from readily-available pricing sources for comparable instruments, and as such, the Company has classified these assets as Level 2. (c) The Company values the interest rate swap liability utilizing a discounted cash flow model that takes into consideration forward interest rates observable in the market and the counterparty’s credit risk. (d) Represents earn-out payments for businesses acquired in 2011. The earn-out payments were estimated based on the projected operating results of the acquired businesses. The fair value of the earn-out payments was estimated by calculating their present value using discount rates ranging from 14% to 18% . The following is a summary of changes in Level 3 liabilities during 2015 and 2014 : Contingent (in thousands) Consideration Balance as of December 31, 2013 $ 46,022 Fair value adjustments included in other income (expense), net 5,592 Amount no longer subject to contingency (26,800) Balance as of December 31, 2014 $ 24,814 Fair value adjustments included in other income (expense), net (3,739) Amount no longer subject to contingency (21,075) Balance as of December 31, 2015 $ — Auction Rate (in thousands) Securities Balance as of December 31, 2013 $ 46,283 Purchases — Settlements (44,497) Realized loss included in other income (expense), net (1,786) Balance as of December 31, 2014 $ — On April 30, 2014, the Company sold all of its auction rate securities for approximately $44.5 million and recognized a loss of $1.8 million. The carrying amount of cash and cash equivalents approximates fair value due to the short-term nature of these items. The carrying values of receivables, payables, other amounts arising out of normal contract activities, including retainage, which may be settled beyond one year, are estimated to approximate fair value. Of the Company’s long-term debt, the fair values of the Senior Notes as of December 31, 2015 and 2014 were $305.6 million and $310.3 million, respectively, compared to the carrying values of $299.0 million and $298.8 million, respectively. The fair value of the S enior N otes was calculated using Level 1 inputs based on quoted prices in the active markets for the Senior Notes as of December 31, 2015 and 2014 . For other fixed rate debt, fair value is determined using Level 3 inputs based on discounted cash flows for the debt at the Company’s current incremental borrowing rate for similar types of debt. The estimated fair values of other fixed rate debt as of December 31, 2015 and 2014 were $121.7 million and $164.3 million, respectively, compared to the carrying amounts of $124.7 million and $162.3 million, respectively. The fair value of variable rate debt, which includes the Revolving Credit Facility and the Term Loan, approximated its carrying value of $399.7 million and $ 404.3 million as of December 31, 2015 and 2014 , respectively. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Other Intangible Assets [Abstract] | |
Goodwill and Other Intangible Assets | 4. Goodwill and Other Intangible Assets The following table presents the changes in the carrying amount of goodwill allocated to the Company’s reporting units for the periods presented: Specialty (in thousands) Civil Building Contractors Total Balance as of December 31, 2013 (a) $ 415,358 $ 13,455 $ 148,943 $ 577,756 2014 activity (b) — — 7,250 7,250 Balance as of December 31, 2014 (a) $ 415,358 $ 13,455 $ 156,193 $ 585,006 2015 activity — — — — Balance as of December 31, 2015 (a) $ 415,358 $ 13,455 $ 156,193 $ 585,006 (a) Balances presented include historical accumulated impairment of $76.7 million for the Civil segment and $411.3 million for the Building segment. (b) In the second quarter of 2014, the Company made an acquisition-related adjustment for a small fire protection systems contractor which was acquired in September 2013 . The following table presents the carrying value and accumulated amortization, as appropriate, of intangible assets other than goodwill for the periods presented : As of December 31, 2015 As of December 31, 2014 Gross Net Gross Net Carrying Accumulated Carrying Carrying Accumulated Carrying (in thousands) Value Amortization Value Value Amortization Value Trade names (non-amortizable) $ 50,410 $ N/A $ 50,410 $ 50,410 $ N/A $ 50,410 Trade names (amortizable) (a) 51,118 (11,316) 39,802 51,118 (8,829) 42,289 Customer relationships (a) 23,155 (16,827) 6,328 23,155 (15,600) 7,555 Total $ 124,683 $ (28,143) $ 96,540 $ 124,683 $ (24,429) $ 100,254 (a) The weighted-average amortization period for amortizable trade names and customer relationships is 20 years and 11 years, respectively. Amortization expense related to amortizable intangible assets for the years ended December 31, 2015 , 2014 and 2013 totaled $3.7 million, $13.5 million and $13.1 million, respectively. The amortization expense for the years ended December 31, 2014 and 2013 includes amortization of construction contract backlog, which was fully amortized as of December 31, 2014 . Future amortization expense related to amortizable intangible assets is as follows: Fiscal Year (in millions) 2016 $ 3.5 2017 3.5 2018 3.5 2019 3.5 2020 3.5 Thereafter 28.6 Total $ 46.1 |
Financial Commitments
Financial Commitments | 12 Months Ended |
Dec. 31, 2015 | |
Financial Commitments [Abstract] | |
Financial Commitments | 5. Financial Commitments Long- T erm Debt Long-term debt consists of the following: December 31, (in thousands) 2015 2014 Senior Notes ( $300,000 face, less unamortized discount of $933 and $1,223 ) $ 299,067 $ 298,777 Revolving Credit Facility 158,000 130,000 Term Loan 223,750 242,500 Equipment financing, mortgages and acquisition-related notes 133,288 183,202 Other indebtedness 9,343 10,880 Total debt 823,448 — 865,359 Less – current maturities (88,917) (81,292) Long-term debt, net $ 734,531 $ 784,067 Senior Notes In October 2010, the Company issued $300 million of 7.625% senior unsecured notes (the “Senior Notes”) due November 1, 2018, in a private offering exempt from the registration requirements of the Securities Act of 1933. The Company received net proceeds of $293.2 million from the issuance, after discounts and issuance costs. The Senior Notes pay interest semi-annually on May 1 and November 1 of each year. The Company may redeem these notes at a redemption price equal to 101.9 percent of their principal amount prior to October 31, 2016 and subsequently without a redemptio n premium. However, if a change of control triggering event occurs, as defined by the terms of the indenture, the Company is required to offer to redeem the notes at a redemption price equal to 101 percent of their principal amount. At the date of any redemption, any accrued and unpaid interest is also due. The Senior Notes are senior unsecured obligations of the Company and are guaranteed by substantially all of the Company’s existing and future subsidiaries that also guarantee obligations under the Company’s Credit Agreement as defined below . In addition, the indenture for the Senior Notes provides for customary events of default such as restrictions on the payment of dividends and share repurchases. Credit Agreement – Revolving Credit Facility and Term Loan In June 2014, the Company entered into a Sixth Amended and Restated Credit Agreement (the “Original Facility”), restructuring its former $300 million Revolving Credit Facility and $200 million Term Loan and providing for a $300 million revolving credit facility (the “Original Revolver") and a $250 million term loan (the “Original Term Loan”), both maturing on June 5, 2019. Principal on the Original Term Loan was originally payable on a quarterly basis beginning on September 30, 2014, with approximate aggregate principal payments for each year ending December 31, as follows: $7 million in 2014, $19 million in 2015, $26 million in 2016, $34 million in 2017, $41 million in 2018 and $123 million in 2019. The Company may repay all borrowings under the Original Facility at any time before maturity without penalty. Interest on the Original Revolver depended on how the Company utilized the facility to meet its liquidity needs. As a result, the interest rate could equal either Bank of America’s prime lending rate, plus an applicable margin, or the London Interbank Offered Rate (“LIBOR”), plus an applicable margin, ranging from either 1.25% to 2.00% or 2.25% to 3.00% , based on a pricing tier utilizing the Company’s consolidated leverage ratio. Similarly, the interest rate on the Original Term Loan was equal to LIBOR plus an applicable margin ranging from 1.25% to 2.00% . The Company also has an interest rate swap agreement with a notional amount of $25 million that effectively converted interest on $25 million of the debt from a variable rate to a fixed rate of 0.975% . The swap expires in June 2016, and there is no requirement under the Original Facility to enter into an additional swap agreement at that time. The Original Facility provides a sublimit for the issuance of letters of credit up to the aggregate amount of $150 million. The Original Facility also allowed the Company to either increase the Original Facility or establish one or more new term loan commitments (an accordion feature), up to an aggregate amount not to exceed $300 million. Amended Credit Agreement On February 26, 2016, we entered into Waiver and Amendment No. 1 (the “Amendment”) to the Original Facility (collectively, the “Credit Facility”) with Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer and a syndicate of other lenders. As a result of the Company’s financial results for the fiscal year ended December 31, 2015, which included the previously reported $23.9 million non-cash, pre-tax charge from an adverse ruling on the Brightwater litigation matter in the third quarter as well as $45.6 million of pre-tax charges in the third and fourth quarters for Five Star Electric, the Company was not in compliance with the required consolidated leverage ratio and consolidated fixed charge coverage ratio under the Original Facility, which are both calculated on a rolling four quarter basis. In the Amendment, the lenders waived these covenant violations and modified certain provisions of the Original Facility. The Credit Facility provides for a $300 million revolving credit facility (the “Revolver”) and a $250 million term loan (the “Term Loan”). As a result of the Amendment, both the Revolver and the Term Loan will now mature on May 1, 2018. The Term Loan principal payments have been modified to include certain additional principal payments which will be applied against the balloon payment (discussed below). Borrowings under the Revolver bear interest, based either on Bank of America’s prime lending rate, plus an applicable margin, or the London Interbank Offered Rate (“LIBOR”), plus an applicable margin. Borrowings under the Term Loan bear interest based on LIBOR plus an applicable margin. Under the terms of the Amendment, for so long as the Company’s consolidated leverage ratio is greater than 3.5 to 1.0, it will not be permitted to make LIBOR-based borrowings and will be subject to an increased interest rate on borrowings, with such rate being 100 basis points higher than the highest rate under the Original Facility while the Company’s consolidated leverage ratio is greater than 3.5 to 1.0 but not more than 4.0 to 1.0, and an additional 100 basis points higher while the Company’s consolidated leverage ratio is greater than 4.0 to 1.0. The Company also will be subject to increased commitment fees at these higher leverage ratio levels. In addition, until the Company’s consolidated leverage ratio goes below 3.5 to 1.0, LIBOR-based borrowings will convert to base rate borrowings. The Amendment provides for the exclusion of the impact of the Brightwater litigation matter from the calculation of the Company’s consolidated leverage ratio and consolidated fixed charge coverage ratio. Interest payments will be due on a monthly basis, rather than a quarterly basis. If the Company is in compliance with the leverage and fixed charge ratio covenants provided in the Original Facility as of December 31, 2016, interest payments will again be due on a quarterly basis thereafter. The Amendment also removes the accordion feature of the Original Facility, which would have allowed, as noted above, either an increase of $300 million in the Revolver or the establishment of one or more new term loan commitments. The Amendment also modifies several of the covenants in the Original Facility, including the Company’s maximum allowable consolidated leverage ratio to be at 4.25 :1.00 in the first quarter of 2016, stepping down to 4.0 :1.0 in the second and third quarters of 2016 and then returning to the Original Facility’s range of 3.25 :1.00 to 3.00 :1.00 beginning with the fourth quarter of 2016. The Credit Facility will continue to require the Company to maintain a minimum consolidated fixed charge coverage ratio of 1.25 :1.00. Other usual and customary covenants for credit facilities of this type (such as, restrictions on the payment of dividends and share repurchases) were included in the Original Facility (subject to certain modifications made in the Amendment), while the Amendment adds covenants regarding the Company’s liquidity, including a cap on the cash balance in the Company’s bank account and a weekly minimum liquidity requirement (based on specified available cash balances and availability under the Revolver). The Amendment also requires the Company to achieve certain quarterly cash collection milestones and increases the lenders’ collateral package. Beginning in the fourth quarter of 2016, the Company will be required to make quarterly principal payments towards the Term Loan balloon payment, based on a percentage of certain forecasted cash collections for the prior quarter, in addition to the scheduled amortization payments of the Original Facility. Substantially all of the Company’s subsidiaries unconditionally guarantee our obligations under the Credit Facility. The obligations under the Credit Facility are secured by a lien on substantially all real and personal property of the Company and its subsidiaries party thereto. Under the Amendment, the Company agreed to increase the lenders’ collateral package, including by pledging to the lenders (i) the equity interests of each direct domestic subsidiary of the Company and (ii) 65% of the stock of each material first-tier foreign restricted subsidiary of the Company. The Term Loan balance was $223.8 million at December 31, 2015. The next quarterly Term Loan payment under the Credit Facility is due and payable in March of 2016. We had $158.0 million of outstanding borrowings under our Revolver as of December 31, 2015 and $130.0 million of outstanding borrowings under our Revolver as of December 31, 2014. We utilized the Revolver for letters of credit in the amount of $0.2 million as of December 31, 2015 and $1.0 million under the Revolver as of December 31, 2014. Accordingly, as of December 31, 2015, we had $141.8 million available to borrow under the Revolver. There were no other material changes in our contractual debt obligations as of December 31, 2015. As of the filing date of this Form 10-K and giving effect to the Amendment, we are in compliance with the modified financial covenants under the Credit Facility. Equipment F inancing, M ortgages and A cquisition -R elated N ote s The Company has certain loans entered into for the purchase of specific property, plant and equipment and secured by the asset s purchased. The aggregate balance of equipment financing loans was approximately $70.6 million and $102.0 million at December 31, 2015 and 2014, respectively, with interest rates ranging from 2.12% to 4.85% with schedules calling for equal principal and interest payments over periods up to five years. The aggregate balance of transportation-equipment financing loans was approximately $45.0 million and $40.6 million at December 31, 2015 and 2014 , respectively, with interest rates ranging from a fixed 3.35% to LIBOR plus 3% and equal monthly installment payments over period s up to ten years and balloon payments of $12.4 million in 2021 and $6.15 million in 2022 on the remaining loans outstanding at December 31, 2015 . The aggregate balance of mortgage loans was approximately $17.7 million and $18.9 million at December 31, 2015 and 2014 , respectively, with interest rates based on LIBOR plus applicable margins up to 3% or prime less 1.0% , depending on the loan, and equal monthly installment payments over periods up to ten years with additional balloon payments of $ 5.6 million in 2016 , $2.6 million in 2018 and $6.7 million in 2023 . During 2011, the Company issued approximately $21.7 million of 5% promissory notes in conjunction with an acquisition. The Company paid all outstanding principal and accrued interest on these notes in 2015. The following table presents the future p rincipal payments required under all of the Company’s debt obligations , discussed above, including the terms of the Amendment. Fiscal Year (in thousands) 2016 $ 88,917 2017 124,008 2018 407,575 2019 169,790 2020 4,824 Thereafter 28,334 $ 823,448 Leases The Company leases certain construction equipment, vehicles and office space under non-cancelable operating leases. Future minimum rent payments under non-cancelable operating leases as of December 31, 2015 are as follows: Fiscal Year (in thousands) 2016 $ 26,819 2017 19,958 2018 15,478 2019 10,549 2020 8,923 Thereafter 24,927 Subtotal $ 106,654 Less - Sublease rental agreements (3,833) Total $ 102,821 Rental expense under operating leases of construction equipment, vehicles and office space was $17.4 million in 2015 , $24.4 million in 2014 and $ 18.5 million in 2013 . |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | 6 . Income Taxes Income before taxes is summarized as follows: Year Ended December 31, (in thousands) 2015 2014 2013 United States Operations $ 69,822 $ 170,517 $ 127,682 Foreign Operations $ 4,017 $ 16,921 $ 11,933 Total $ 73,839 $ 187,438 $ 139,615 The provision for income taxes is as follows: Year Ended December 31, (in thousands) 2015 2014 2013 Current expense: Federal $ 5,465 $ 45,074 $ 29,034 State (362) 11,174 9,018 Foreign 1,126 3,203 4,256 Total current 6,229 59,451 42,308 Deferred (benefit) expense: Federal 19,583 9,992 9,547 State 2,735 10,059 577 Foreign — — (113) Total deferred 22,318 20,051 10,011 Total provision $ 28,547 $ 79,502 $ 52,319 The following table is a reconciliation of the Company’s provision for income taxes at the statutory rates to the provision for income taxes at the Company’s effective rate. 2015 2014 2013 (dollars in thousands) Amount Rate Amount Rate Amount Rate Federal income expense at statutory tax rate $ 25,844 35.0 % $ 65,603 35.0 % $ 48,865 35.0 % State income taxes, net of federal tax benefit 1,250 1.7 10,367 5.5 6,236 4.5 Officers' compensation 2,900 3.9 3,657 2.0 1,732 1.2 Domestic Production Activities Deduction (1,499) (2.0) (5,170) (2.8) (3,641) (2.6) Impact of state tax rate changes on deferreds 2,435 3.3 3,245 1.7 — — Other (2,383) (3.2) 1,800 1.0 (873) (0.6) Provision for income taxes $ 28,547 38.7 % $ 79,502 42.4 % $ 52,319 37.5 % The Company’s provision for income taxes and effective tax rate for the year ended December 31, 2015 were significantly impacted by a favorable discrete item related to the reversal of FIN 48 reserves due to the resolution of certain state tax matters. The Company’s provision for income taxes and effective tax rate for the year ended December 31, 2014 were significantly impacted by a shift in revenue to projects in higher state tax jurisdictions , causing an increase in the state tax rate. The increase in state tax rate was applied to deferred tax balances , which further increased the effective rate. Higher non ‑deductible compensation expense also contributed to this increase. The following is a summary of the significant components of the deferred tax assets and liabilities: December 31, (in thousands) 2015 2014 Deferred Tax Assets Timing of expense recognition $ 58,048 $ 47,017 Net operating losses 3,564 2,188 Other, net 114,225 6,980 Deferred tax assets 175,837 56,185 Valuation allowance (460) (1,369) Net deferred tax assets 175,377 54,816 Deferred Tax Liabilities Intangible assets, due primarily to purchase accounting (99,549) (26,094) Fixed assets, due primarily to purchase accounting (101,022) (90,886) Construction contract accounting (7,530) (6,854) Joint ventures - construction (27,604) (30,654) Other (62,494) (10,012) Deferred tax liabilities (298,199) (164,500) Net deferred tax liability $ (122,822) $ (109,684) T h e n et d e f e rr ed tax lia b ili t y i s cla ss i f ied i n t h e C o ns o li d at e d B ala n ce S h eets b a s ed o n w h en t h e f u t u r e tax b e n e f it or e x p e ns e is e x p ected to b e r e alized as f o ll o w s : December 31, (in thousands) 2015 2014 Current deferred tax asset $ 26,306 $ 17,962 Long-term deferred tax asset 149,071 36,854 Current deferred tax liability (24,889) (14,129) Long-term deferred tax liability (273,310) (150,371) Net deferred tax liability $ (122,822) $ (109,684) T he Company had a valuation allowance of $0.5 million and $1.4 million as of December 31, 2015 and 2014, respectively, for federal and state capital loss carryforwards as the ultimate utilization of this item was not likely. The Company has not provided for deferred income taxes or foreign withholding tax on basis differences in its non-U.S. subsidiaries that result from undistributed earnings aggregating $12.1 million which the Company has the intent and the ability to reinvest in its foreign operations. Generally, the U.S. income taxes imposed upon repatriation of undistributed earnings would be reduced by foreign tax credits from foreign income taxes paid on the earnings. Determination of the deferred income tax liability on these basis differences is not reasonably estimable because such liability, if any, is dependent on circumstances existing if and when remittance occurs. The Company’s policy is to record interest and penalties on unrecognized tax benefits as an element of income tax expense. The cumulative amounts related to interest and penalties are added to the total unrecognized tax liabilities on the balance sheet. The total amount of gross unrecognized tax benefits as of December 31, 2015 that, if recognized, would affect the effective tax rate is $3.6 million. During 2014 , the Company recognized a net increase of $2.2 million in liabilities. The amount of gross unrecognized tax benefits as of December 31, 2014 was $7.6 million. During 2013, the Company recognized a net increase of $1.4 million in liabilities. The amount of gross unrecognized tax benefits as of December 31, 2013 was $5.5 million in liabilities . The Company does not expect any significant release of unrecognized tax benefits within the next twelve months. The Company accounts for its uncertain tax positions in accordance with GAAP. A reconciliation of the beginning and ending amounts of these tax benefits for the two years ended December 31, 2015 is as follows: As of December 31, (in thousands) 2015 2014 2013 Beginning balance $ 7,636 $ 5,459 $ 4,023 Change in tax positions of prior years (3,073) 426 182 Change in tax positions of current year 169 2,929 1,254 Reduction in tax positions for statute expirations (1,120) (1,178) — Ending Balance $ 3,612 $ 7,636 $ 5,459 We conduct business internationally and, as a result, one or more of our subsidiaries files income tax returns in U.S. federal, U.S. state and certain foreign jurisdictions. Accordingly, in the normal course of business, we are subject to examination by taxing authorities principally throughout the United States, Guam and Canada. We are no longer under examination by the taxing authority regarding any U.S. federal income tax returns for years before 2011 while the years open for examination under various state and local jurisdictions vary. |
Contingencies and Commitments
Contingencies and Commitments | 12 Months Ended |
Dec. 31, 2015 | |
Contingencies and Commitments [Abstract] | |
Contingencies and Commitments | 7. Contingencies and Commitments The Company and certain of its subsidiaries are involved in litigation and are contingently liable for commitments and performance guarantees arising in the ordinary course of business. The Company and certain of its customer s have made claims arising from the performance under their contracts. The Company recognizes certain significant claims for recovery of incurred cost when it is probable that the claim will result in additional contract revenue and when the amount of the claim can be reliably estimated. These assessments require judgments concerning matters such as litigation developments and outcomes, the anticipated outcome of negotiations, the number of future claims and the cost of both pending and future claims. In addition, because most contingencies are resolved over long periods of time, liabilities may change in the future due to various factors. Several matters are in the litigation and dispute resolution process and represent contingent losses or gains to the Company. The following discussion provides a background and current status of the more significant matters. Tutor-Saliba-Perini Joint Venture vs. Los Angeles MTA Matter During 1995, Tutor-Saliba-Perini (“Joint Venture”) filed a complaint in the Superior Court of the State of California for the County of Los Angeles against the Los Angeles County Metropolitan Transportation Authority (“LAMTA”), seeking to recover costs for extra work required by LAMTA in connection with the construction of certain tunnel and station projects, all of which were completed by 1996. In 1999, LAMTA countered with civil claims under the California False Claims Act against the Joint Venture, Tutor-Saliba and Perini Corporation jointly and severally (together, “TSP”), and obtained a judgment that was reversed on appeal and remanded for retrial before a different judge. Between 2005 and 2010, the court granted certain Joint Venture motions and LAMTA capitulated on others, which reduced the number of false claims LAMTA may seek and limited LAMTA’s claims for damages and penalties. In September 2010, LAMTA dismissed its remaining claims and agreed to pay the entire amount of the Joint Venture’s remaining claims plus interest. In the remanded proceedings, the Court subsequently entered judgment in favor of TSP and against LAMTA in the amount of $3.0 million after deducting $0.5 million, representing the tunnel handrail verdict plus accrued interest against TSP. The parties filed post-trial motions for costs and fees. The Court ruled that TSP’s sureties could recover costs, LAMTA could recover costs for the tunnel handrail trial and no party could recover attorneys’ fees. TSP appealed the false claims jury verdict on the tunnel handrail claim and other issues, including the denial of TSP’s and its sureties’ request for attorneys’ fees. LAMTA subsequently filed its cross-appeal. In June 2014, the Court of Appeal issued its decision reversing judgment on the People’s Unfair Competition claim and reversing the denial of TSP’s Sureties’ request for attorney’s fees and affirming the remainder of the judgment. In January 2015, payment was made by LAMTA in the amount of $3.8 million in settlement of all outstanding issues except for the attorney’s fees for TSP’s Sureties. On May 1, 2015, TSP’s Surety’s motions for attorney’s fees were heard, and the Court issued its written ruling on May 5, 2015 in favor of TSP’s Sureties for a total award of $2.1 million. The Court denied adding interest onto these amounts. On June 26, 2015, payment was made by LAMTA for these amounts, which was received by TSP. Based on the Court’s decision, the Company wrote off the remaining booked position, which was immaterial to its consolidated financial statements. On June 23, 2015, TSP’s Sureties filed a Notice of Appeal challenging the amount awarded to seek an increase. The appeal remains pending while the Court prepares the trial record for the Court of Appeal . However, the Company does not expect the ultimate resolution of this matter to have a material effect on its consolidated financial statements. Long Island Expressway/Cross Island Parkway Matter The Company reconstructed the Long Island Expressway/Cross Island Parkway Interchange project for the New York State Department of Transportation (the “NYSDOT”). The $130 million project was substantially completed in January 2004 and was accepted by the NYSDOT as finally complete in February 2006. The Company incurred significant added costs in completing its work and suffered extended schedule costs due to numerous design errors, undisclosed utility conflicts, lack of coordination with local agencies and other interferences for which the Company believes the NYSDOT is responsible. In March 2011, the Company filed its claim and complaint with the New York State Court of Claims and served to the New York State Attorney General’s Office, seeking damages in the amount of $53.8 million. In May 2011, the NYSDOT filed a motion to dismiss the Company’s claim on the grounds that the Company had not provided required documentation for project closeout and filing of a claim. In September 2011, the Company reached agreement on final payment with the Comptroller’s Office on behalf of the NYSDOT which resulted in an amount of $0.5 million payable to the Company and formally closed out the project allowing the Company to re-file it s claim. The Company re-filed its claim in the amount of $53.8 million with the NYSDOT in February 2012 and with the Court of Claims in March 2012. In May 2012, the NYSDOT served its answer and counterclaims in the amount of $151 million alleging fraud in the inducement and punitive damages related to disadvantaged business enterprise (“DBE”) requirements for the project. The Court subsequently ruled that NYSDOT’s counterclaims may only be asserted as a defense and offset to the Company’s claims and not as affirmative claims. In November 2014, the Appellate Division First Department affirmed the dismissal of the City’s affirmative defenses and counterclaims based on DBE fraud. The Company does not expect the counterclaims to have any material effect on its consolidated financial statements. Management has made an estimate of the total anticipated recovery on this project, and such estimate is included in revenue recorded to date. To the extent new facts become known or the final recovery included in the claim settlement varies from the estimate, the impact of the change will be reflected in the consolidated financial statements at that time. Fontainebleau Matter Desert Mechanical Inc. (“DMI”) and Fisk Electric Company (“Fisk”), wholly owned subsidiaries of the Company, were subcontractors on the Fontainebleau Project in Las Vegas (“Fontainebleau”), a hotel/casino complex with approximately 3,800 rooms. In June 2009, Fontainebleau filed for bankruptcy protection, under Chapter 11 of the U.S. Bankruptcy Code, in the Southern District of Florida. Fontainebleau is headquartered in Miami, Florida. DMI and Fisk filed liens in Nevada for approximately $44 million, representing unreimbursed costs to date and lost profits, including anticipated profits. Other unaffiliated subcontractors have also filed liens. In June 2009, DMI filed suit against Turnberry West Construction, Inc., the general contractor, in the 8th Judicial District Court, Clark County, Nevada, and in May 2010, the court entered an order in favor of DMI for approximately $45 million. In January 2010, the Bankruptcy Court approved the sale of the property to Icahn Nevada Gaming Acquisition, LLC, and this transaction closed in February 2010. As a result of a July 2010 ruling relating to certain priming liens, there was approximately $125 million set aside from this sale, which is available for distribution to satisfy the creditor claims based on seniority. At that time, the total estimated sustainable lien amount was approximately $350 million. The project lender filed suit against the mechanic’s lien claimants, including DMI and Fisk, alleging that certain mechanic’s liens are invalid and that all mechanic’s liens are subordinate to the lender’s claims against the property. The Nevada Supreme Court ruled in October 2012 in an advisory opinion at the request of the Bankruptcy Court that lien priorities would be determined in favor of the mechanic lien holders under Nevada law. In October 2013, a settlement was reached by and among the Statutory Lienholders and the other interested parties. The agreed upon settlement has not had an impact on the Company’s recorded accounting position as of the year ended December 31, 2015 . The execution of that settlement agreement continues under the supervision of a mediator appointed by the Bankruptcy Court. Management has made an estimate of the total anticipated recovery on this project, and such estimate is included in revenue recorded to date. To the extent new facts become known or the final recovery included in the claim settlement varies from the estimate, the impact of the change will be reflected in the financial statements at that time. Honeywell Street/Queens Boulevard Bridges Matter In 1999, the Company was awarded a contract for reconstruction of the Honeywell Street/Queens Boulevard Bridges project for the City of New York (the “City”). In June 2003, after substantial completion of the project, the Company initiated an action to recover $8.8 million in claims against the City on behalf of itself and its subcontractors. In March 2010, the City filed counterclaims for $74.6 million and other relief, alleging fraud in connection with the DBE requirements for the project. In May 2010, the Company served the City with its response to the City’s counterclaims and affirmative defenses. In August 2013, the Court granted the Company’s motion to dismiss the City’s affirmative defenses and counterclaims relating to fraud. In September 2013, the City filed a Notice of Appeal to the Court’s decision; said appeal was dismissed by the Appellate Court in November 2014. Discovery is ongoing and is expected to conclude in early 2016. The Company does not expect ultimate resolution of this matter to have any material effect on its consolidated financial statements. Westgate Planet Hollywood Matter Tutor-Saliba Corporation (“TSC”), a wholly owned subsidiary of the Company, contracted to construct a time share development project in Las Vegas which was substantially completed in December 2009. The Company’s claims against the owner, Westgate Planet Hollywood Las Vegas, LLC (“WPH”), relate to unresolved owner change orders and other claims. The Company filed a lien on the project in the amount of $23.2 million, and filed its complaint with the District Court, Clark County, Nevada. Several subcontractors have also recorded liens, some of which have been released by bonds and some of which have been released as a result of subsequent payment. WPH has posted a mechanic’s lien release bond for $22.3 million. WPH filed a cross-complaint alleging non-conforming and defective work for approximately $51 million, primarily related to alleged defects, misallocated costs, and liquidated damages. WPH revised the amount of their counterclaims to approximately $45 million. Following multiple post-trial motions, final judgment was entered in this matter on March 20, 2014. TSC was awarded total judgment in the amount of $19.7 million on its breach of contract claim, which includes an award of interest up through the date of judgment, plus attorney’s fees and costs. WPH has paid $0.6 million of that judgment. WPH was awarded total judgment in the amount of $3.1 million on its construction defect claims, which includes interest up through the date of judgment. The awards are not offsetting. WPH and its Sureties have filed a notice of appeal. TSC has filed a notice of appeal on the defect award. In July 2014, the Court ordered WPH to post an additional supersedeas bond on appeal, in the amount of $1.7 million, in addition to the lien release bond of $22.3 million, which increases the security up to $24.0 million. The Nevada Supreme Court is anticipated to rule on this matter during the first quarter of 2016. The Company does not expect ultimate resolution of this matter to have any material effect on its consolidated financial statements. Management has made an estimate of the total anticipated recovery on this project and such estimate is included in revenue recorded to date. To the extent new facts become known or the final recovery included in the claim settlement varies from the estimate, the impact of the change will be reflected in the financial statements at that time. Brightwater Matter In 2006, the Department of Natural Resources and Parks Wastewater Treatment Division of King County (“King County”), as Owner, and Vinci Construction Grands Projects/Parsons RCI/Frontier-Kemper, Joint Venture (“VPFK”), as Contractor, entered into a contract to construct the Brightwater Conveyance System and tunnel sections in Washington State. Frontier-Kemper, a 20% minority partner in the joint venture, is a wholly owned subsidiary of the Company that was acquired in June 2011. In April 2010, King County filed a lawsuit alleging damages in the amount of $74 million, plus costs, for VPFK’s failure to complete specified components of the project in the King County Superior Court, State of Washington. Shortly thereafter, VPFK filed a counterclaim in the amount of approximately $75 million, seeking reimbursement for additional costs incurred as a result of differing site conditions, King County’s defective specifications, and for damages sustained on VPFK’s tunnel boring machines (“TBM”), and increased costs as a result of hyperbaric interventions. VPFK’s claims were presented to a Dispute Resolution Board who generally found that King County was liable to VPFK for VPFK’s claims for encountering differing site conditions, including damages to the TBM, but not on claims related to defective design specifications. From June through August 2012, each party filed several motions for summary judgment on certain claims and requests in preparation for trial, which were heard and ruled upon by the Court. The Court granted and denied various requests of each party related to evidence and damages. In December 2012, a jury verdict was received in favor of King County in the amount of $155.8 million and a verdict in favor of VPFK in the amount of $26.3 million. In late April 2013, the Court ruled on post-trial motions and ordered VPFK’s sureties to pay King County’s attorneys’ fees and costs in the amount of $14.7 million. All other motions were denied. On May 7, 2013, VPFK paid the full verdict amount and the associated fees, thus terminating any interest on the judgment. VPFK’s notice of appeal was filed on May 31, 2013. King County has appealed approximately $17.0 million of the verdict award in VPFK’s favor and VPFK’s sureties have appealed the Court’s order granting King County’s request for legal fees and costs. Oral argument was held on March 9, 2015. The Company received notice on November 9, 2015, that the Court of Appeals of the State of Washington filed their decision that day, which affirmed the trial court’s judgment and denied the appeals brought forth by both VPFK and King County. Management booked the impact of this judgment during the third quarter of 2015, resulting in a non-cash, pre-tax charge of $23.9 million. The Court granted King County’s request for recovery of reasonable attorney fees and appellate costs but did not quantify an amount. The Company does not expect the award of attorney fees, while not specifically determinable, to have a material financial impact on its consolidated financial statements. 156 Stations Matter In December 2003, Five Star Electric Corporation (“FSE”), a wholly owned subsidiary of the Company, entered into an agreement with the Prime Contractor Transit Technologies, L.L.C . , a Consortium member of Siemens Transportation Transit Technologies, L.L.C . , to assist in the installation of new public address and customer information screens system for each of the 156 stations for the New York City Transit Authority as the owner. In June 2012, an arbitration panel awarded FSE a total of approximately $11.9 million. Subsequently, the Court affirmed FSE’s position ; however, it decided that only $8.5 million of the total arbitration award of $11.9 million can be recovered against the payment bond. In December 2014, FSE filed its reply for the motion for re-argument with regard to the reduction in recoverable costs against the payment bond. This matter was fully settled in April 2015 and payment was received. The settlement amount was consistent with the Company’s recorded position and, accordingly, the settlement did not have a material impact on the Company’s consolidated financial statements. U.S. Department of Commerce, National Oceanic and Atmospheric Administration Matter Rudolph and Sletten, Inc. (“R&S”), a wholly owned subsidiary of the Company, entered into a contract with the United States Department of Commerce, National Oceanic and Atmospheric Administration (“NOAA”) for the construction of a 287,000 square-foot facility for NOAA’s Southwest Fisheries Science Center Replacement Headquarters and Laboratory in La Jolla, California. The contract work began on May 24, 2010, and was substantially completed in September 2012. R&S incurred significant additional costs as a result of a design that contained errors and omissions, NOAA’s unwillingness to correct design flaws in a timely fashion and a refusal to negotiate the time and pricing associated with change order work. R&S has filed three certified claims against NOAA for contract adjustments related to the unresolved Owner change orders, delays, design deficiencies and other claims. The First Certified Claim was submitted on August 20, 2013, in the amount of $26.8 million ("First Certified Claim") and the Second Certified Claim was submitted on October 30, 2013, in the amount of $2.6 million ("Second Certified Claim") and the Third Certified Claim was submitted on October 1, 2014 in the amount of $0.7 million (“Third Certified Claim”). NOAA requested an extension to issue a decision on the First Certified Claim and on the Third Certified Claim, but did not request an extension of time to review the Second Certified Claim. On January 6, 2014, R&S filed suit in the United States Federal Court of Claims on the Second Certified Claim plus interest and attorney's fees and costs. This was followed by a submission of a lawsuit on the First Certified Claim on July 31, 2014. In February 2015 , the Court denied NOAA’s motion to dismiss the Second Certified Claim. In March 2015 , the Contracting Officer issued decisions on all Claims accepting a total of approximately $1.0 million of claims and denying approximately $29.5 million of claims. On April 14, 2015, the Court consolidated the cases and has commenced discovery through mid- 2016. No trial date has been set. Management has made an estimate of the total anticipated recovery on this project, and such estimate is included in revenue recorded to date. To the extent new facts become known or the final recovery included in the claim settlement varies from the estimate, the impact of the change will be reflected in the financial statements at that time. Five Star Electric Matter In the third quarter of 2015 , Five Star Electric Corp ("Five Star"), a subsidiary of the Company that was acquired in 2011, entered into a tolling agreement related to an ongoing investigation being conducted by the United States Attorney for the Eastern District of New York (“USAO EDNY”). The tolling agreement extended the statute of limitations to avoid the expiration of any unexpired statute of limitations while the investigation is pending. Five Star has been cooperating with the USAO EDNY since late June 2014, when it was first made aware of the investigation, and has been providing information related to its use of certain minority-owned, women-owned, small and disadvantaged business enterprises and, in addition, most recently information regarding certain of Five Star’s employee compensation, benefit and tax practices. The investigation covers the period of 2005-2014. The Company cannot predict the ultimate outcome of the investigation and cannot accurately estimate any potential liability that Five Star or the Company may incur or the impact of the results of the investigation on Five Star or the Company. Alaskan Way Viaduct Matter In January 2011, Seattle Tunnel Partners (“STP”), a joint venture between Dragados USA, Inc. and the Company, entered into a design-build contract with the Washington State Department of Transportation ("WSDOT") for the construction of a large diameter bored tunnel in downtown Seattle, King County, Washington to replace the Alaskan Way Viaduct, also known as State Route 99. The construction of the large diameter bored tunnel requires the use of a tunnel boring machine (“TBM”). In December 2013, the TBM struck a steel pipe, installed by WSDOT as a well casing for an exploratory well. The TBM was damaged and was required to be shut down for repair. STP has asserted that the steel pipe casing was a differing site condition that WSDOT failed to properly disclose. The Disputes Review Board mandated by the contract to hear disputes issued a decision finding the steel casing was a Type I differing site condition. WSDOT has not accepted that finding. The TBM is insured under a Builder’s Risk Insurance Policy (“the Policy”) with Great Lakes Reinsurance (UK) PLC and a consortium of other insurers (the “Insurers”). STP submitted the claims to the insurer and requested interim payments under the Policy. The Insurers refused to pay and denied coverage. In June 2015, STP filed a lawsuit in the King County Superior Court, State of Washington seeking declaratory relief concerning contract interpretation as well as damages as a result of the Insurers’ breach of its obligations under the terms of the Policy, and added WSDOT as a defendant since WSDOT is an insured under the Policy and had filed its own claim for damages. In August 2015, the Insurers filed a complaint in the Supreme Court, State of New York County seeking declaratory relief concerning contract interpretation. The Court in New York has stayed the Insurers’ lawsuit pending a decision from the Washington State Court. In October 2015, WSDOT filed a complaint against STP in the King County Superior Court, State of Washington for breach of contract and declaratory relief concerning contract interpretation. As of December 2015, the Company has concluded that the potential for a material adverse financial impact due to the Insurer’s and WSDOT’s respective legal actions are neither probable nor remote. Management has made an estimate of the total anticipated recovery on this project and such estimate is included in revenue recorded to date. To the extent new facts become known or the final recovery included in the claim settlement varies from the estimate, the impact of the change will be reflected in the financial statements at that time. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Share-Based Compensation [Abstract] | |
Share-Based Compensation | 8. Share-Based Compensation The Company’s executive share-based compensation plan provides for various types of share-based grants, including restricted stock units and stock options. Restricted stock units give the holder the right to exchange their restricted stock units for shares of the Company’s common stock on a one -for- one basis. Stock options give the holder the right to purchase shar es of the Company’s common stock at an exercise price equal to the fair value of the Company’s common stock on the date of the stock option’s award. Awards are usually subject to certain service and performance conditions and may not be sold or otherwise transferred until those restrictions have been satisfied. The term for stock options is limited to 10 years from the date of grant. As of December 31, 2015 , there were 489,022 shares available to be granted under the Company’s share-based compensation plan. Many of the awards under the plan allow for the fractional earning of the entire award based on achieving separate vesting criteria for separate performance periods . The Company accounts for each fractional portion of these awards as a separate grant, with the grant date established at the date when the performance target for a given period is set and communicated to the grantee . A s of December 31, 2015 , there were 754,500 restricted stock units and 722,000 stock options that have been awarded, but are not yet granted. The following table summarizes restricted stock unit and stock option activity: Restricted Stock Units Stock Options Weighted-Average Grant Date Weighted-Average Fair Value Exercise/(Strike) Number Per Share Number Price Per Share Outstanding as of December 31, 2012 1,141,666 $ 18.12 1,315,465 $ 18.91 Granted 246,668 19.87 200,000 20.80 Expired or forfeited (176,667) 13.66 (140,000) 13.04 Vested/exercised (849,999) 19.91 (80,465) 13.16 Outstanding as of December 31, 2013 361,668 $ 17.30 1,295,000 $ 20.20 Granted 996,597 27.10 714,000 18.40 Expired or forfeited (20,000) 24.77 - - Vested/exercised (281,668) 16.76 (20,000) 12.54 Outstanding as of December 31, 2014 1,056,597 $ 26.54 1,989,000 $ 19.63 Granted 321,500 23.07 259,000 16.07 Expired or forfeited (281,560) 23.89 (250,000) 15.97 Vested/exercised (370,940) 27.07 - - Outstanding as of December 31, 2015 725,597 $ 25.28 1,998,000 $ 19.62 The fair value of restricted stock units that vested during 2015 , 2014 and 2013 was approximately $8.0 million, $8.0 million and $17.5 million, respectively. The aggregate intrinsic value, representing the difference between the market value on the date of exercise and the option price of the stock options exercised during 2014 and 2013 was $0.3 million and $0.6 million, respectively. As of December 31, 2015 , the balance of unamortized restricted stock and stock option expense was $7.5 million and $1.9 million, respectively, which will be recognized over weighted-average periods of 1.6 years for restricted stock units and 1.4 years for stock options. The 1,998,000 outstanding stock options as of December 31, 2015 had an intrinsic value of $3.0 million and a weighted-average remaining contractual life of 4.9 years . O f those outstanding options : 1) 1,485,000 were exercisable with an intrinsic value of $1.6 million, a weighted-average exercise price of $19.57 per share and a weighted-average remaining contractual life of 4.0 years; and 2) 513,000 have been granted but have not vested, of which 483,000 are expected to vest and have an intrinsic value of $1.3 m illion, a weighted-average exercise price of $19.27 and a weighted-average remaining contractual life of 7.3 years. The fair value on the grant date and the significant assumptions used in the Black-Scholes option-pricing model are as follows: For the Years Ended December 31, 2015 2014 2013 Total stock options granted 259,000 714,000 200,000 Weighted-average grant date fair value $ 12.48 $ 17.69 $ 7.90 Weighted-average assumptions: Risk-Free Rate 1.3 % 1.8 % 0.8 % Expected life of options (a) 4.7 5.7 4.1 Expected volatility (b) 45.5 % 50.6 % 51.2 % Expected quarterly dividends $ — $ — $ — (a) Calculated using the simplified method due to the terms of the stock options and the limited pool of grantees. (b) Calculated using historical volatility of the Company’s common stock over periods commensurate with the expected life of the option. The Company recognized, as part of general and administrative expense, cost for stock-based payment arrangements of $9.5 million, $18.6 million and $6.6 million for the years ended December 31, 2015 , 2014 and 2013 , respectively, with related tax benefits for those years of $4.0 million, $7.5 million and $2.6 million, respectively. |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2015 | |
Business Segments [Abstract] | |
Business Segments | 9. Business Segments The Company offers general contracting, pre-construction planning and comprehensive project management services, including planning and scheduling of the manpower, equipment, materials and subcontractors required for the timely completion of a project in accordance with the terms and specifications contained in a construction contract. The Company also offers self-performed construction services, including site work, concrete forming and placement, steel erection, electrical, mechanical, plumbing and HVAC. Our business is conducted through three se gments: Civil, Building and Specialty Contractors, as described further below. These segments are determined based on how the Company’s Chairman and Chief Executive Officer (chief operating decision maker) aggregates business units when evaluating performance and allocating resources. The Civil segment specializes in public works construction and the repair, replacement and reconstruction of infrastructure. The civil contracting services include construction and rehabilitation of highways, bridges, mass-transit systems, and water management and wastewater treatment facilities. The Building segment has significant experience providing services to a number of specialized building markets for private and public works customers, including the high-rise residential, hospitality and gaming, transportation, health care , commercial and government offices, sports and entertainment, education, correctional facilities, biotech, pharmaceutical, industrial and high-tech markets. The Specialty Contractors segment specializes in electrical, mechanical, plumbing, HVAC, fire protection systems and pneumatically placed concrete for a full range of civil and building construction projects in the industrial, commercial, hospitality and gaming, and mass-transit end markets. This segment provides unique strengthens and capabilities which position the Company as a full-service contractor with greater control over scheduled work, project delivery and risk management. The following tables set forth certain reportable segment information relating to the Company’s operations for the years ended December 31, 2015 , 2014 and 2013 . Reportable Segments Specialty Segment Consolidated (in thousands) Civil Building Contractors Total Corporate Total 2015 Total Revenue $ 2,005,193 $ 1,900,492 $ 1,228,030 $ 5,133,715 $ — $ 5,133,715 Elimination of intersegment revenue (115,286) (97,957) — (213,243) — (213,243) Revenue from external customers $ 1,889,907 $ 1,802,535 $ 1,228,030 $ 4,920,472 $ — $ 4,920,472 Income from construction operations: Before litigation-related charge $ 169,073 $ (1,240) $ 15,682 $ 183,515 $ (54,242) (a) $ 129,273 Litigation-related charge (b) (23,860) — — (23,860) — (23,860) Total $ 145,213 $ (1,240) $ 15,682 $ 159,655 $ (54,242) $ 105,413 Capital Expenditures $ 8,383 $ 2,877 $ 1,193 $ 12,453 $ 23,459 $ 35,912 2014 Total Revenue $ 1,730,468 $ 1,558,431 $ 1,301,328 $ 4,590,227 $ — $ 4,590,227 Elimination of intersegment revenue (43,324) (54,594) — (97,918) — (97,918) Revenue from external customers $ 1,687,144 $ 1,503,837 $ 1,301,328 $ 4,492,309 $ — $ 4,492,309 Income from construction operations 220,554 24,697 50,998 296,249 (54,559) (a) 241,690 Capital Expenditures $ 65,377 $ 735 $ 6,974 $ 73,086 $ 1,927 $ 75,013 2013 Total Revenue $ 1,519,370 $ 1,622,705 $ 1,182,844 $ 4,324,919 $ — $ 4,324,919 Elimination of intersegment revenue (77,954) (70,726) (567) (149,247) — (149,247) Revenue from external customers $ 1,441,416 $ 1,551,979 $ 1,182,277 $ 4,175,672 $ — $ 4,175,672 Income from construction operations 177,667 24,579 49,008 251,254 (47,432) (a) 203,822 Capital Expenditures $ 32,489 $ 1,666 $ 4,137 $ 38,292 $ 6,999 $ 45,291 (a) Consists primarily of corporate general and administrative expenses. (b) The Company recorded a non-cash, pre-tax charge of $23.9 million for an adverse appellate court decision related to a long-standing litigation matter for which the Company, as part of a 2011 acquisition, assumed liability as a minority partner in a joint venture for a project that had already been completed. (For further information, refer to the Brightwater Matter discussion in Note 7.) During the year ended December 31, 2015 , the Company recorded unfavorable adjustments totaling $45.6 million in income from construction operations ( $0.53 in diluted EPS) related to various Five Star Electric projects in New York, none of which were individually material. Most of these projects are complete or nearing completion. In addition, there were unfavorable adjustments to the estimated cost to complete a Building segment project, which has been completed and resulted in a decrease of $24.3 million in income from construction operations ( $0.28 in diluted EPS) . Furthermore , the Company recorded a non-cash litigation-related charge for the Brightwater Matter, which resulted in a $23.9 million in income from construction operations ( $0.28 in diluted EPS), as discussed in Note 7. Finally , the Company recorded favorable adjustments for a Civil segment runway reconstruction project, which resulted in an increase of $13.7 million in income from construction operations ( $0.16 in diluted EPS) . During the year ended December 31, 2014, the Company's income from construction operations was positively impacted by changes in the estimated recoveries on two Civil segment projects and a Building segment hospitality and gaming project. These changes in estimates were driven by changes in cost recovery assumptions based on legal rulings pertaining to the Civil segment projects, as well as agreements reached with a customer regarding the Building segment hospitality and gaming project. The Building project change in estimate resulted in an $11.4 million increase in income from construction operations ( $0.14 in diluted EPS) . With respect to the two Civil segment projects, there was a n increase of $25.9 million in income from construction operations ( $0.30 in diluted EPS) and a $9.4 million decrease in income from construction operations ( $0.11 in diluted EPS) . During the year ended December 31, 2013, the Company’s income from construction operations was increased by $13.8 million ( $0.18 in diluted EPS) because of changes in the estimated recovery on a Building segment hospitality and gaming project. These changes were a result of changes in facts and circumstances that occurred during 2013. The above were the only changes in estimates considered individually material to the Company’s results of operations during the periods presented herein. The following table sets forth the total assets for the reportable segments as of December 31, 2015 and 2014. December 31, (in thousands) 2015 2014 Building $ 798,022 $ 680,933 Civil 1,964,674 1,814,170 Specialty Contractors 863,242 775,162 Corporate and other (a) 416,503 503,050 Total Assets $ 4,042,441 $ 3,773,315 (a) Consists principally of cash and cash equivalents and corporate transportation equipment. Geographic Information Information concerning principal geographic areas is as follows: Year Ended December 31, (in thousands) 2015 2014 2013 Revenue United States $ 4,694,165 $ 4,323,471 $ 4,000,380 Foreign and U.S. territories 226,307 168,838 175,292 Total $ 4,920,472 $ 4,492,309 $ 4,175,672 Income (loss) from construction operations United States $ 128,869 $ 268,566 $ 238,989 Foreign and U.S. territories 30,786 27,683 12,265 Corporate (54,242) (54,559) (47,432) Total $ 105,413 $ 241,690 $ 203,822 Income from construction operations has been allocated geographically based on the location of the job site. December 31, (in thousands) 2015 2014 Assets United States $ 3,868,449 $ 3,612,997 Foreign and U.S. territories 173,992 160,318 Total Assets $ 4,042,441 $ 3,773,315 Reconciliation of Segment Information to Consolidated Amounts The following table reconciles segment results to the consolidated income before income taxes for the years ended December 31, 2015, 2014 and 2013. Year Ended December 31, (in thousands) 2015 2014 2013 Income from construction operations $ 105,413 $ 241,690 $ 203,822 Other income (expense), net 12,453 (9,536) (18,575) Interest expense (44,027) (44,716) (45,632) Income before income taxes $ 73,839 $ 187,438 $ 139,615 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | 10. Employee Benefit Plans Defined Benefit Pension Plan The Company has a defined benefit pension plan that covers certain of its executive, professional, administrative and clerical employees, subject to certain specified service requirements. The plan is noncontributory and benefits are based on an employee’s years of service and “final average earnings , ” as defined by the plan . The plan provides reduced benefits for early retirement and takes into account offsets for social security benefits. The Company also has an unfunded supplemental retirement plan (“Benefit Equalization Plan”) for certain employees whose benefits under the defined benefit pension plan were reduced because of compensation limitations under federal tax laws. Effective June 1, 2004, all benefit accruals under the Company’s pension plan and Benefit Equalization Plan were frozen; however, the current vested benefit was preserved. Pension disclosure as presented below includes aggregated amounts for both of the Company’s plans, except where otherwise indicated. The Company historically has used the date of its fiscal year-end as its measurement date to determine the funded status of the plan. The long-term investment goals of our plan are to manage the assets in accordance with the legal requirements of all applicable laws; produce investment returns which maximize return within reasonable and prudent levels of risks; and achieve a fully funded status with regard to current pension liabilities. Some risk must be assumed in order to achieve the investment goals. Investments with the ability to withstand short and intermediate term variability are considered and some interim fluctuations in market value and rates of return are tolerated in order to achieve the plan’s longer-term objectives. The plan’s assets are managed by a third-party investment manager. The investment manager is limited to pursuing the investment strategies regarding asset mix and purchases and sales of securities within the parameters defined in the Investment Objectives & Policy Statement and investment management agreement. Investment performance and risk is measured and monitored on an ongoing basis through quarterly investment meetings. A summary of net periodic benefit cost is as follows: Year Ended December 31, (in thousands) 2015 2014 2013 Interest cost $ 4,055 $ 4,144 $ 3,710 Expected return on plan assets (5,021) (4,797) (4,509) Recognized net actuarial losses 1,869 4,385 6,330 Net periodic benefit cost $ 903 $ 3,732 $ 5,531 Actuarial assumptions used to determine net cost: Discount rate 3.75 % 4.47 % 3.58 % Expected return on assets 6.50 % 6.75 % 6.75 % Rate of increase in compensation n.a. n.a. n.a. The target asset allocation for the Company’s pension plan by asset category for 2016 and the actual asset allocation a s of December 31, 2015 and 2014 by asset category are as follows: Percentage of Plan Assets as of December 31, Target Allocation Actual Allocation Asset Category 2016 2015 2014 Cash 5 % 4 % 6 % Equity securities: Domestic 65 61 63 International 25 30 26 Fixed income securities 5 5 5 Total 100 % 100 % 100 % As of December 31, 2015 and 2014 , plan assets included approximately $ 44.1 million and $ 45.5 million, respectively, of investments in hedge funds which do not have readily determinable fair values. The underlying holdings of the funds are comprised of a combination of assets for which the estimate of fair value is determined using information provided by fund managers. The Company expects to contribute approximately $1.8 million to its defined benefit pension plan in 2016. Future benefit payments under the plans are estimated as follows: Year ended December 31, (in thousands) 2016 $ 6,399 2017 6,439 2018 6,601 2019 6,687 2020 6,720 Thereafter 33,510 $ 66,356 The following tables provide a reconciliation of the changes in the fair value of plan assets and plan benefit obligations during 2015 and 2014 , and a summary of the funded status as of December 31, 2015 and 2014 Year Ended December 31, (in thousands) 2015 2014 Change in Fair Value of Plan Assets Balance at beginning of year $ 75,956 $ 72,617 Actual return on plan assets (984) 3,711 Company contribution 2,900 5,213 Benefit payments (5,576) (5,585) Balance at end of year $ 72,296 $ 75,956 Year Ended December 31, (in thousands) 2015 2014 Change in Benefit Obligations Balance at beginning of year $ 110,923 $ 95,178 Interest cost 4,055 4,144 Assumption change (gain) loss (3,838) 17,054 Actuarial loss 378 132 Benefit payments (5,576) (5,585) Balance at end of year $ 105,942 $ 110,923 As of December 31, (in thousands) 2015 2014 Funded status $ (33,646) $ (34,967) Amounts recognized in Consolidated Balance Sheets consist of: Current liabilities $ (218) $ (218) Long-term liabilities (33,428) (34,749) Net amount recognized in Consolidated Balance Sheets $ (33,646) $ (34,967) Year Ended December 31, (in thousands) 2015 2014 Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive loss: Net actuarial loss $ (56,824) $ (56,147) Accumulated other comprehensive loss (56,824) (56,147) Cumulative Company contributions in excess of net periodic benefit cost 23,178 21,180 Net amount recognized in Consolidated Balance Sheets $ (33,646) $ (34,967) The net actuarial gain arising during the period, netted against the amortization of the previously existing actuarial loss resulted in a net other comprehensive loss of $0.7 million in 2015 and $13.9 million in 2014 , and a net comprehensive gain of $18.7 million in 2013 . The estimated amount of the net accumulated loss that will be amortized from accumulated other comprehensive loss into net period benefit cost in 2016 is $1.7 million. Year Ended December 31, 2015 2014 Actuarial assumptions used to determine benefit obligation: Discount rate 4.10 % 3.75 % Rate of increase in compensation n.a. n.a. Measurement date December 31 December 31 The expected long-term rate of return on assets assumption was 6.5% for 2015 and 6.75% for 2014 . The expected long-term rate of return on assets assumption was developed considering forward looking capital market assumptions and historical return expectations for each asset class assuming the Company’s target asset allocation and full availability of invested assets. Plan assets are measured at fair value. The following provides a description of the valuation techniques employed for each major asset class: Corporate equities are valued at the closing price reported on the active market on which the individual securities are purchased. Registered investment companies are public investment vehicles valued using the Net Asset Value (NAV) of shares held by the plan at year-end. The NAV is a quoted price in an active market and classified within Level 1 of the valuation hierarchy. Closely held funds held by the plan, which are only available through private offerings, do not have readily determinable fair values. Estimates of fair value of these funds are determined using the information provided by the fund managers and it is generally based on the net asset value per share or its equivalent. Corporate bonds are valued based on market values quoted by dealers who are market makers in these securities, and by independent pricing services which use multiple valuation techniques that incorporate available market information and proprietary valuation models using market characteristics, such as benchmark yield curve, coupon rates, credit spreads, estimated default rates and other features. The following table sets forth the plan assets at fair value in accordance with the fair value hierarchy described in Note 3 : As of December 31, 2015 As of December 31, 2014 Fair Value Hierarchy Fair Value Hierarchy (in thousands) Level 1 Level 2 Level 3 Total Value Level 1 Level 2 Level 3 Total Value Cash and cash equivalents $ 2,654 $ — $ — $ 2,654 $ 4,693 $ — $ — $ 4,693 Fixed Income 4,029 — — 4,029 3,824 — — 3,824 Equities 6,566 — — 6,566 7,676 — — 7,676 Mutual Funds 6,994 — — 6,994 6,550 — — 6,550 Equity Partnerships — 7,920 — 7,920 — 7,723 — 7,723 Hedge Fund Investments: Cash 324 — — 324 1,010 — — 1,010 Long-Short Equity Fund — 12,640 16,370 29,010 — 15,878 12,755 28,633 Event-Driven Fund — 3,618 6,984 10,602 — 3,471 9,562 13,033 Distressed Credit — — 935 935 — — 1,320 1,320 Multi-Strategy Fund — — 1,262 1,262 — — 1,494 1,494 Private Credit — — 2,000 2,000 — — — — Total $ 20,567 $ 24,178 $ 27,551 $ 72,296 $ 23,753 $ 27,072 $ 25,131 $ 75,956 Fund strategies seek to capitalize on inefficiencies identified across different asset classes or markets. Hedge fund strategy types include long-short, event - driven, multi-strategy and distressed credit. Generally , the redemption of the Company’s hedge fund investments is subject to certain notice-period requirements and , as such , the Company has classified these assets as Level 3 assets. The table below sets forth a summary of changes in the fair value of the Level 3 assets: Changes in Fair Value of Level 3 Assets Long-Short Event-Driven Distressed Multi-Strategy (in thousands) Equity Fund Fund Credit Fund Private Credit Total Balance, December 31, 2013 $ 10,863 $ 8,863 $ 2,199 $ 1,799 $ — $ 23,724 Realized gains — — 13 3 — 16 Unrealized gains 843 505 57 59 — 1,464 Purchases 1,049 16 5 6 — 1,076 Sales — (2,512) (954) (373) — (3,839) Reclassified to Level 3 (a) — 2,690 — — — 2,690 Balance, December 31, 2014 $ 12,755 $ 9,562 $ 1,320 $ 1,494 $ — $ 25,131 Realized gains (50) (16) (7) (9) — (82) Unrealized gains 581 (585) (28) (38) — (70) Purchases 5,631 — — 225 2,642 8,498 Sales (2,547) (1,977) (350) (410) (642) (5,926) Balance, December 31, 2015 $ 16,370 $ 6,984 $ 935 $ 1,262 $ 2,000 $ 27,551 (a) The transfer of $2.7 million from Level 2 to Level 3 was comprised of certain hedge funds that were moved due to liquidity. The Company’s plans have benefit obligations in excess of the fair value of the plans’ assets. The following table provides information relating to each of the plans’ benefit obligations compared to the fair value of its assets: As of December 31, 2015 As of December 31, 2014 Benefit Benefit Pension Equalization Pension Equalization (in thousands) Plan Plan Total Plan Plan Total Projected benefit obligation $ 102,495 $ 3,447 $ 105,942 $ 107,570 $ 3,353 $ 110,923 Accumulated benefit obligation 102,495 3,447 105,942 107,570 3,353 110,923 Fair value of plan assets 72,296 — 72,296 75,956 — 75,956 Projected benefit obligation greater than fair value of plan assets $ 30,199 $ 3,447 $ 33,646 $ 31,614 $ 3,353 $ 34,967 Accumulated benefit obligation greater than fair value of plan assets $ 30,199 $ 3,447 $ 33,646 $ 31,614 $ 3,353 $ 34,967 Section 401(k) Plans The Company has several contributory Section 401(k) plans which cover its executive, professional, administrative and clerical employees, subject to certain specified service requirements. The 401(k) expense provision was $4.0 million in 2015 , $3.6 million in 2014 and $3.8 million in 2013 . The Company’s contribution is based on a non-discretionary match of employees’ contributions, as defined by each plan . Cash-Based Compensation Plans The Company has multiple cash-based compensation plans and a share-based incentive compensation plan for key employees , which are generally based on the Company’s achievement of a certain level of profit. For information on the Company’s share-based incentive compensation plan, see Note 8 . Multiemployer Plans In addition to the Company ’s defined benefit pension and contribution plans discussed above, the C ompany participates in multiemployer pension plans for its union construction employees. Contributions are based on the hours worked by employees covered under various collective bargaining agreements. Under the Employee Retirement Income Security Act, a contributor to a multiemployer plan is only liable for its proportionate share of a plan’s unfunded vested liability upon termination, or withdrawal from, a plan. The Company currently has no intention of withdrawing from any of the multiemployer pension plans in which it participates and , therefore , has not recognized a liability for its proportionate share of any unfunded vested liabilities associated with these plans. The following tables summarize key information for the plans that the Company had significant involvement with during the years ended December 31, 2015 , 2014 and 201 3 . Expiration FIP/RP Date of Pension Protections Act Status Company Contributions Collective EIN/Pension Zone Status Pending Or (amounts in millions) Surcharge Bargaining Pension Fund Plan Number 2015 2014 Implemented 2015 2014 2013 Imposed Agreement Pension, Hospitalization and Benefit Plan of the Electrical Industry - Pension Trust Account 13-6123601/ 001 Green Green No 13.6 (a) 11.8 (a) 13.4 (a) No 5/31/2016 Steamfitters Industry Pension Fund 13-6149680/ 001 Green Yellow No 6.2 (a) 5.1 (a) 4.3 (a) No 6/30/2017 Excavators Union Local 731 Pension Fund 13-1809825/ 002 Green Green No 7.1 5.3 3.2 No 6/30/2016 Local 147 Construction Workers Retirement Fund 13-6528181 Green Green No 5.6 (a) 1.3 0.2 No 6/30/2018 Iron Workers Locals 40,361 & 417 Pension Fund 51-6102576/ 001 Yellow Yellow Implemented 5.2 (a) 0.7 0.5 No 6/30/2020 New York City District Council of Carpenters Pension Plan 51-0174276/ 001 Green (b) Green No 3.1 2.6 1.6 No 6/30/2016 (a) These amounts exceeded 5% of the respective total plan contributions. (b) Pension Protection Act zone status is as of July 1, 2015 and 2014, respectively. In addition to the individually significant plans described above, the Company also contributed approximately $40.6 million in 2015 , $32.7 million in 2014 and $31.4 million in 2013 to other multiemployer pension plans. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 11. Related Party Transactions The Company leases certain facilities from an entity owned by Ronald N. Tutor, the Company’s Chairman and Chief Executive Officer , at market lease rates . Under these leases the Company paid $ 2.7 million , $2.4 million and $2.5 million for the years ended December 31, 2015 , 2014 and 2013 , respectively, and recognized expense of $3.2 million for the year ended December 31, 2015 and $2.5 million for both the years ended December 31, 2014 and 2013. Raymond R. Oneglia, Vice Chairman of O&G Industries, Inc. (“O&G”), is a director of the Company, and O&G owns 500,000 shares of the Company’s common stock. The Company and O&G formed a joint venture to provide contracting services for a highway construction project. O&G provides equipment and service s to the joint venture on customary trade terms. The joint venture paid O&G $10.7 million, $7.0 million and $6.9 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. The Company has a 30% percent interest in the joint venture, which it accounts for using the proportionate consolidation method. Peter Arkley, Senior Managing Director, Construction Services Group, of Alliant Insurance Services, Inc. (“Alliant”), is a director of the Company. The Company uses Alliant for various insurance related services. The Company paid Alliant $9.8 million, $14.2 million and $9.5 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. The Company owed Alliant $7.5 million and $4.0 million as of December 31, 2015 and 2014 , respectively, for services rendered. |
Unaudited Quarterly Financial D
Unaudited Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2015 | |
Unaudited Quarterly Financial Data [Abstract] | |
Unaudited Quarterly Financial Data | 12. Unaudited Quarterly Financial Data The following table presents selected unaudited quarterly financial data for each full quarterly period of 2015 and 2014 : (in thousands, except per share amounts) First Second Third Fourth Year Ended December 31, 2015 Quarter Quarter Quarter Quarter Revenues $ 1,066,465 $ 1,312,438 $ 1,340,739 $ 1,200,830 Gross profit 90,759 98,620 100,201 66,673 Income from construction operations 20,084 30,881 38,974 15,474 Income before income taxes 8,205 19,992 33,955 11,687 Net income 5,126 11,777 19,677 8,712 Earnings per share: Basic $ 0.11 $ 0.24 $ 0.40 $ 0.18 Diluted (a) 0.10 0.24 0.40 0.18 First Second Third Fourth Year Ended December 31, 2014 Quarter Quarter Quarter Quarter Revenues $ 955,233 $ 1,084,510 $ 1,250,689 $ 1,201,877 Gross profit 105,347 129,531 140,841 129,723 Income from construction operations 41,497 65,443 70,354 64,396 Income before income taxes 27,293 47,612 58,616 53,917 Net income 15,939 28,545 35,730 27,722 Earnings per share: Basic $ 0.33 $ 0.59 $ 0.74 $ 0.57 Diluted (b) 0.33 0.58 0.73 0.56 |
Separate Financial Information
Separate Financial Information of Subsidiary Guarantors of Indebtedness | 12 Months Ended |
Dec. 31, 2015 | |
Separate Financial Information of Subsidiary Guarantors of Indebtedness [Abstract] | |
Separate Financial Information of Subsidiary Guarantors of Indebtedness | 1 3. Separate Financial Information of Subsidiary Guarantors of Indebtedness As discussed in Note 5, the Company’s obligation to pay principal and interest on its 7.625% senior unsecured 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 Credit Agreement (the “Guarantors”). The guarantees are full and unconditional and the Guarantors are 100% -owned by the Company. The following supplemental condensed consolidating financial information reflects the summarized financial information of the Company as the issuer of the senior unsecured notes, the Guarantors and the Company’s non-guarantor subsidiaries on a combined basis. CONDENSED CONSOLIDATING BALANCE SHEET - DECEMBER 31, 2015 (in thousands) Non- Tutor Perini Guarantor Guarantor Total Corporation Subsidiaries Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents $ 47,196 $ 26,892 $ 1,364 $ — $ 75,452 Restricted cash 3,369 3,283 39,201 — 45,853 Accounts receivable 358,437 1,179,919 82,004 (146,745) 1,473,615 Costs and estimated earnings in excess of billings 114,580 868,026 152 (77,583) 905,175 Deferred income taxes 2,255 21,356 2,695 — 26,306 Other current assets 60,119 48,482 11,662 (11,419) 108,844 Total current assets $ 585,956 $ 2,147,958 $ 137,078 $ (235,747) $ 2,635,245 Long-term investments $ — $ — $ — $ — $ — Property and equipment, net 105,306 414,143 4,076 — 523,525 Intercompany notes and receivables — 148,637 — (148,637) — Other assets: Goodwill — 585,006 — — 585,006 Intangible assets, net — 96,540 — — 96,540 Investment in subsidiaries 1,962,983 — — (1,962,983) — Other 64,486 128,094 15,268 (5,723) 202,125 $ 2,718,731 $ 3,520,378 $ 156,422 $ (2,353,090) $ 4,042,441 LIABILITIES AND STOCKHOLDERS’ EQUITY Current maturities of long-term debt $ 107,283 $ 41,634 $ — $ (60,000) $ 88,917 Accounts payable 211,679 890,268 3,222 (167,705) 937,464 Billings in excess of costs and estimated earnings 89,303 203,003 1,716 (5,711) 288,311 Accrued expenses and other current liabilities 6,145 115,392 39,810 (2,331) 159,016 Total Current Liabilities $ 414,410 $ 1,250,297 $ 44,748 $ (235,747) $ 1,473,708 Long-term debt, less current maturities 659,433 80,821 — (5,723) 734,531 Deferred income taxes — 273,310 — — 273,310 Other long-term liabilities 106,588 3,278 30,799 — 140,665 Intercompany notes and advances payable 118,073 — 30,564 (148,637) — Contingencies and commitments — — — — — Stockholders’ equity 1,420,227 1,912,672 50,311 (1,962,983) 1,420,227 $ 2,718,731 $ 3,520,378 $ 156,422 $ (2,353,090) $ 4,042,441 CONDENSED CONSOLIDATING BALANCE SHEET - DECEMBER 31, 2014 (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 YEAR ENDED DECEMBER 31, 2015 (in thousands) Non- Tutor Perini Guarantor Guarantor Total Corporation Subsidiaries Subsidiaries Eliminations Consolidated Revenue $ 1,064,723 $ 4,104,871 $ 13,405 $ (262,527) $ 4,920,472 Cost of operations (918,322) (3,908,424) — 262,527 (4,564,219) Gross profit $ 146,401 $ 196,447 $ 13,405 $ — $ 356,253 General and administrative expenses (77,806) (171,153) (1,881) — (250,840) INCOME FROM CONSTRUCTION OPERATIONS $ 68,595 $ 25,294 $ 11,524 $ — $ 105,413 Equity in earnings of subsidiaries 23,367 — — (23,367) — Other income, net 8,155 3,745 553 — 12,453 Interest expense (41,007) (3,020) — — (44,027) Income (Loss) before income taxes 59,110 26,019 12,077 (23,367) 73,839 Provision for income taxes (13,818) (10,060) (4,669) — (28,547) NET INCOME (LOSS) $ 45,292 $ 15,959 $ 7,408 $ (23,367) $ 45,292 Other comprehensive income: Other comprehensive income of subsidiaries (2,448) — — 2,448 — Change in pension benefit plans assets/liabilities 2,026 — — — 2,026 Foreign currency translation — (3,214) — — (3,214) Change in fair value of investments — 766 — — 766 Change in fair value of interest rate swap (125) — — — (125) Total other comprehensive (loss) income (547) (2,448) — 2,448 (547) Total comprehensive income (loss) $ 44,745 $ 13,511 $ 7,408 $ (20,919) $ 44,745 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31, 2014 (in thousands) Non- Tutor Perini Guarantor Guarantor Total Corporation Subsidiaries Subsidiaries Eliminations Consolidated Revenue $ 959,010 $ 3,690,075 $ — $ (156,776) $ 4,492,309 Cost of operations (808,285) (3,353,098) 17,740 156,776 (3,986,867) Gross profit 150,725 336,977 17,740 — 505,442 General and administrative expenses (80,151) (181,714) (1,887) — (263,752) INCOME FROM CONSTRUCTION OPERATIONS 70,574 155,263 15,853 — 241,690 Equity in earnings of subsidiaries 95,501 — — (95,501) — Other (expense) income, net (8,322) (1,705) 491 — (9,536) Interest expense (40,658) (4,058) — — (44,716) Income (Loss) before income taxes 117,095 149,500 16,344 (95,501) 187,438 Provision for income taxes (9,159) (63,411) (6,932) — (79,502) NET INCOME (LOSS) $ 107,936 $ 86,089 $ 9,412 $ (95,501) $ 107,936 Other comprehensive income: Other comprehensive income of subsidiaries (433) — — 433 — Change in pension benefit plans assets/liabilities (8,155) — — — (8,155) Foreign currency translation — (638) — — (638) Change in fair value of investments — 205 — — 205 Change in fair value of interest rate swap 349 — — — 349 Total other comprehensive income (loss) (8,239) (433) — 433 (8,239) Total comprehensive income (loss) $ 99,697 $ 85,656 $ 9,412 $ (95,068) $ 99,697 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31, 2013 (in thousands) Non- Tutor Perini Guarantor Guarantor Total Corporation Subsidiaries Subsidiaries Eliminations Consolidated Revenue $ 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 (expense) income, net (27,162) 8,075 512 — (18,575) Interest expense (41,987) (3,645) — — (45,632) Income (Loss) before income taxes 65,984 175,746 20,760 (122,875) 139,615 Benefit (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 (loss) income 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 CASH FLOWS YEAR ENDED DECEMBER 31, 2015 (in thousands) Non- Tutor Perini Guarantor Guarantor Total Corporation Subsidiaries Subsidiaries Eliminations Consolidated Cash Flows from Operating Activities: Net income (loss) $ 45,292 $ 15,959 $ 7,408 $ (23,367) $ 45,292 Adjustments to reconcile net income to net cash from operating activities: Depreciation and amortization 10,707 32,746 276 — 43,729 Equity in earnings of subsidiaries (23,367) — — 23,367 — share-based compensation expense 9,477 — — — 9,477 Excess income tax benefit from share-based compensation (186) — — — (186) Adjustment interest rate swap to fair value (224) 224 — — — Deferred income taxes 1,399 36,083 (15,268) — 22,214 (Gain) loss on sale of property and equipment 82 (2,991) — — (2,909) Other long-term liabilities (3,157) 32,069 — — 28,912 Other non-cash items (248) (3,432) — — (3,680) Changes in other components of working capital (154,300) 49,868 (24,345) — (128,777) NET CASH (USED) PROVIDED BY OPERATING ACTIVITIES $ (114,525) $ 160,526 $ (31,929) $ — $ 14,072 Cash Flows from Investing Activities: Acquisition of property and equipment excluding financed purchases (21,587) (14,286) (39) — (35,912) Proceeds from sale of property and equipment — 4,980 — — 4,980 (Increase) decrease in intercompany advances — (102,763) — 102,763 — Change in restricted cash — 1,991 (3,474) — (1,483) NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES $ (21,587) $ (110,078) $ (3,513) $ 102,763 $ (32,415) Cash Flows from Financing Activities: Proceeds from debt 981,855 31,350 — — 1,013,205 Repayment of debt (962,701) (91,670) — — (1,054,371) Excess income tax benefit from share-based compensation 186 — — — 186 Issuance of common stock and effect of cashless exercise (808) — — — (808) Increase (decrease) in intercompany advances 89,689 — 13,074 (102,763) — NET CASH (USED) PROVIDED BY FINANCING ACTIVITIES $ 108,221 $ (60,320) $ 13,074 $ (102,763) $ (41,788) Net (Decrease) Increase in Cash and Cash Equivalents (27,891) (9,872) (22,368) — (60,131) Cash and Cash Equivalents at Beginning of Year 75,087 36,764 23,732 — 135,583 Cash and Cash Equivalents at End of Period $ 47,196 $ 26,892 $ 1,364 $ — $ 75,452 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS YEAR ENDED DECEMBER 31, 2014 (in thousands) Non- Tutor Perini Guarantor Guarantor Total Corporation Subsidiaries Subsidiaries Eliminations Consolidated Cash Flows from Operating Activities: Net income (loss) $ 107,936 $ 86,089 $ 9,412 $ (95,501) $ 107,936 Adjustments to reconcile net income to net cash from operating activities: Depreciation and amortization 4,592 51,109 271 — 55,972 Equity in earnings of subsidiaries (95,501) — — 95,501 — share-based compensation expense 19,256 (641) — — 18,615 Excess income tax benefit from share-based compensation (787) — — (787) Deferred income taxes 39,186 (17,726) — — 21,460 (Gain) loss on sale of investments 1,786 — — — 1,786 (Gain) loss on sale of property and equipment 833 (32) — — 801 Other long-term liabilities 20,221 (17,147) — — 3,074 Other non-cash items (7,029) 10,302 — — 3,273 Changes in other components of working capital (26,100) (264,203) 21,495 — (268,808) NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES $ 64,393 $ (152,249) $ 31,178 $ — $ (56,678) Cash Flows from Investing Activities: Acquisition of property and equipment (17,626) (57,387) — — (75,013) Proceeds from sale of property and equipment (784) 6,119 — — 5,335 Proceeds from sale of available-for-sale securities 44,497 — — — 44,497 Change in restricted cash 15,464 2,766 (20,006) — (1,776) NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES $ 41,551 $ (48,502) $ (20,006) $ — $ (26,957) Cash Flows from Financing Activities: Proceeds from debt 1,078,932 77,807 — — 1,156,739 Repayment of debt (957,830) (68,519) — — (1,026,349) Business acquisition related payments (26,430) — — — (26,430) Excess income tax benefit from share-based compensation 787 — — — 787 Issuance of common stock and effect of cashless exercise (1,772) 1 — — (1,771) Debt issuance costs (3,681) — — — (3,681) Increase (decrease) in intercompany advances (209,858) 210,195 (337) — — NET CASH (USED) PROVIDED BY FINANCING ACTIVITIES $ (119,852) $ 219,484 $ (337) $ — $ 99,295 Net Increase (Decrease) in Cash and Cash Equivalents (13,908) 18,733 10,835 — 15,660 Cash and Cash Equivalents at Beginning of Year 88,995 18,031 12,897 — 119,923 Cash and Cash Equivalents at End of Period $ 75,087 $ 36,764 $ 23,732 $ — $ 135,583 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS YEAR ENDED DECEMBER 31, 2013 (in thousands) Non- Tutor Perini Guarantor Guarantor Total Corporation Subsidiaries Subsidiaries Eliminations Consolidated Cash Flows from Operating Activities: Net income (loss) $ 87,296 $ 109,894 $ 12,981 $ (122,875) $ 87,296 Adjustments to reconcile net 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 — share-based compensation expense 6,623 — — — 6,623 Excess income tax benefit from share-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 long-term liabilities 24,359 (1,252) — — 23,107 Other non-cash items (4,341) 622 — — (3,719) 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 share-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 (USED) PROVIDED 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 Period $ 88,995 $ 18,031 $ 12,897 $ — $ 119,923 |
Summary of Significant Accoun21
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of Presentation | (a) Basis of Presentation The accompanying consolidated financial statements have been prepared in compliance with accounting principles generally accepted in the United States of America (“GAAP”) as codified in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”). |
Principles of Consolidation | (b) Principles of Consolidation The consolidated financial statements include the accounts of Tutor Perini Corporation and its wholly owned subsidiaries (the “Company”). The Company’s interests in construction joint ventures are accounted for using the proportionate consolidation method whereby the Company’s proportionate share of each joint venture’s assets, liabilities, revenue and cost of operations are included in the appropriate classifications in the consolidated financial statements. All intercompany transactions and balances have been eliminated in consolidation. |
Use of Estimates | (c) Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect reported amounts. These estimates are based on information available through the date of the issuance of the financial statements. Therefore, actual results could differ from those estimates. |
Construction Contracts | (d) Construction Contracts The Company and its affiliated entities recognize construction contract revenue using the percentage-of-completion method, based primarily on contract cost incurred to date compared to total estimated contract cost. Cost of revenue includes an allocation of depreciation and amortization. Pre-contract costs are expensed as incurred. Changes to total estimated contract cost or losses, if any, are recognized in the period in which they are determined. The Company generally provides limited warranties for work performed under its construction contracts with periods typically extending for a limited duration following substantial completion of the Company’s work on a project. Historically, warranty claims have not resulted in material costs incurred. The Company classifies construction-related receivables and payables that may be settled in periods exceeding one year from the balance sheet date as current, consistent with the length of time of its project operating cycle. For example: · Costs and estimated earnings in excess of billings represent the excess of contract costs and profits (or contract revenue) over the amount of contract billings to date and are classified as a current asset. · Billings in excess of costs and estimated earnings represent the excess of contract billings to date over the amount of contract costs and profits (or contract revenue) recognized to date and are classified as a current liability. Costs and estimated earnings in excess of billings result when either: 1) costs are incurred related to certain claims and unapproved change orders, or 2) the appropriate contract revenue amount has been recognized in accordance with the percentage-of-completion accounting method, but a portion of the revenue recorded cannot be billed currently due to the billing terms defined in the contract. Claims occur when there is a dispute regarding both a change in the scope of work and the price associated with that change. Unapproved change orders occur when there is a dispute regarding only the price associated with a change in scope of work. For both claims and unapproved change orders, the Company recognizes revenue, but not profit, when it is determined that recovery of incurred cost is probable and the amounts can be reliably estimated. For claims, these requirements are satisfied u nder ASC 605-35-25 when the contract or other evidence provides a legal basis for the claim, additional costs were caused by circumstances that were unforeseen at the contract date and not the result of deficiencies in the Company’s performance, claim-related costs are identifiable and considered reasonable in view of the work performed, and evidence supporting the claim or change order is objective and verifiable. Reported cost s and estimated earnings in excess of billings consists of the following As of December 31, (in thousands) 2015 2014 Claims $ 407,164 $ 311,949 Unapproved change orders 270,019 161,375 Other unbilled costs and profits 227,992 253,078 Total costs and estimated earnings in excess of billings $ 905,175 $ 726,402 The prerequisite for billing claims and unapproved change orders is the final resolution and agreement between the parties. The prerequisite for billing other unbilled costs and profits is provided in the defined billing terms of each of the applicable contracts. The amount of costs and estimated earnings in excess of billings as of December 31, 2015 estimated by management to be collected beyond one year is approximately $353.2 million. |
Changes In Estimates | (e) Changes in Estimates The Company’s estimates of contract revenue and cost are highly detailed and many factors change during a contract performance period that result in a change to contract profitability. These factors include, but are not limited to, differing site conditions; availability of skilled contract labor; performance of major material suppliers and subcontractors; on-going subcontractor negotiations and buyout provisions; unusual weather conditions; changes in the timing of scheduled work; change orders; accuracy of the original bid estimate; changes in estimated labor productivity and costs based on experience to date; achievement of incentive-based income targets; and, the expected, or actual, resolution terms for claims. The factors that cause changes in estimates vary depending on the maturation of the project within its lifecycle. For example, in the ramp-up phase, these factors typically consist of revisions in anticipated project costs and during the peak and close-out phases, these factors include the impact of change orders and claims as well as additional revisions in remaining anticipated project costs. Generally, if the contract is at an early stage of completion, the current period impact is smaller than if the same change in estimate is made to the contract at a later stage of completion. Management focuses on evaluating the performance of contracts individually and uses the cumulative catch-up method to account for revisions in estimates. Material changes in estimates are disclosed in the notes to the consolidated financial statements. |
Depreciation of Property and Equipment and Amortization of Long-Lived Intangible Assets | (f) Depreciation of Property and Equipment and Amortization of Long-Lived Intangible Assets Property and equipment and long-lived intangible assets are depreciated or amortized on a straight-line basis over their estimated useful lives ranging from three to forty years. |
Recoverability of Long-Lived Assets | (g) Recoverability of Long-Lived Assets Long-lived assets are reviewed for impairment whenever circumstances indicate that the future cash flows generated by the assets might be less than the assets’ net carrying value. In such circumstances, an impairment loss will be recognized by the amount the assets’ net carrying value exceeds their fair value. |
Recoverability of Goodwill | ( h ) Recoverability of Goodwill Goodwill is not amortized to earnings, but instead is reviewed for impairment at a reporting unit level annually, or more often if there are indicators between the annual review dates that signal that impairment is probable. The Civil, Building and Specialty Contractors segments each represent a reporting unit. We perform our annual quantitative impairment assessment during the fourth quarter of each year using a weighted average of an income and a market approach. The income approach is based on estimated future cash flows for each reporting unit, which then are discounted to their present value. The market approach is based on assumptions about how market data relates to the Company. The weighting of these two approaches is based on their individual correlation to the economics of each reporting unit. The quantitative assessment performed in 2015 resulted in an estimated fair value for each of our reporting units that exceeded their respective net book values; therefore, no impairment charge was necessary for 2015. |
Recoverability of Non-Amortizable Trade Names | ( i ) Recoverability of Non-Amortizable Trade Names Certain trade names have an estimated indefinite life and are not amortized to earnings, but instead are reviewed for impairment annually, or more often if there are indicators between the annual review dates that signal that impairment is probable. We perform our annual quantitative impairment assessment during the fourth quarter of each year using an income approach (relief from royalty method). The quantitative assessment performed in 2015 resulted in an estimated fair value for the non-amortizable trade names that exceeded their respective net book values; therefore, no impairment charge was necessary for 2015. |
Income Taxes | ( j ) Income Taxes Deferred income tax assets and liabilities are recognized for the effects of temporary differences between the financial statement carrying amounts and the income tax basis of assets and liabilities using tax rates expected to be in effect when such differences reverse. Income tax positions must meet a more-likely-than-not threshold to be recognized. The Company recognizes interest and penalties related to uncertain tax positions as a component of the income tax provision. |
Earnings Per Share | ( k ) Earnings Per Share Basic EPS is calculated by dividing net income by the weighted-average number of common shares outstanding during the period. Potentially dilutive securities include restricted stock units and stock options. Diluted EPS reflects the assumed exercise or conversion of all dilutive securities using the treasury stock method. The calculations of the basic and diluted EPS for the years ended December 31, 2015, 2014 and 2013 under the treasury stock method are presented below: Year Ended December 31, (in thousands, except per share data) 2015 2014 2013 Net income $ 45,292 $ 107,936 $ 87,296 Weighted-average common shares outstanding - basic 48,981 48,562 47,851 Effect of diluted stock options and unvested restricted stock 685 552 738 Weighted-average common shares outstanding - diluted 49,666 49,114 48,589 Net income (loss) per share: Basic $ 0.92 $ 2.22 $ 1.82 Diluted $ 0.91 $ 2.20 $ 1.80 Anti-dilutive securities not included above 1,372 9 860 |
Cash and Cash Equivalents and Restricted Cash | ( l ) Cash and Cash Equivalents and Restricted Cash Cash equivalents include short-term, highly liquid investments with original maturities of three months or less when acquired. Cash and cash equivalents, as reported in the accompanying Consolidated Balance Sheets, consist of amounts held by the Company that are available for general purposes and the Company’s proportionate share of amounts held by construction joint ventures that are available only for joint venture-related uses, including future distributions to joint venture partners. Restricted cash is primarily held to secure insurance-related contingent obligations, such as insurance claim deductibles, in lieu of letters of credit. Cash and cash equivalents and restricted cash consisted of the following: As of December 31, (in thousands) 2015 2014 Cash and cash equivalents $ 18,409 $ 40,846 Company's share of joint venture cash and cash equivalents 57,043 94,737 Total cash and cash equivalents $ 75,452 $ 135,583 Restricted cash $ 45,853 $ 44,370 |
Share-Based Compensation | (m) Share-Based Compensation The Company’s long-term incentive plan allows the Company to grant share-based compensation awards in a variety of forms, including restricted stock units and stock options. Restricted stock units and stock options generally vest subject to service and/or performance requirements, with related compensation expense equal to the fair value of the award on the date of grant and recognized on a straight-line basis over the requisite service period. |
Insurance Liabilities | ( n ) Insurance Liabilities The Company typically utilizes third party insurance coverage subject to varying deductible levels with aggregate caps on losses retained. The Company assumes the risk for the amount of the deductible portion of the losses and liabilities primarily associated with workers’ compensation and general liability coverage. In addition, on certain projects, the Company assumes the risk for the amount of the deductible portion of losses that arise from any subcontractor defaults. Losses are accrued based upon the Company’s estimates of the aggregate liability for claims incurred using historical experience and certain actuarial assumptions followed in the insurance industry. The estimate of insurance liability within the deductible limits includes an estimate of incurred but not reported claims based on data compiled from historical experience. |
Other Comprehensive Income (Loss) | (o) Other Comprehensive Income (Loss) ASC 220, Comprehensive Income , establishes standards for reporting and displaying comprehensive income and its components in the consolidated financial statements. The Company reports the change in pension benefit plans assets/liabilities, cumulative foreign currency translation, change in fair value of investments and change in fair value of interest rate swap as components of accumulated other comprehensive loss (“AOCI”). The tax effects of the components of other comprehensive income (loss) are as follows: Year Ended December 31, 2015 2014 2013 (in thousands) Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount Other comprehensive income (loss): Defined benefit pension plan adjustments $ 31 $ 1,995 $ 2,026 $ (13,887) $ 5,732 $ (8,155) $ 18,675 $ (7,765) $ 10,910 Foreign currency translation adjustment (5,897) 2,683 (3,214) (1,086) 448 (638) (1,212) 474 (738) Unrealized gain (loss) in fair value of investments 1,123 (357) 766 346 (141) 205 (744) 189 (555) Unrealized gain (loss) in fair value of interest rate swap (37) (88) (125) 594 (245) 349 948 (370) 578 Total other comprehensive income (loss) $ (4,780) $ 4,233 $ (547) $ (14,033) $ 5,794 $ (8,239) $ 17,667 $ (7,472) $ 10,195 The changes in AOCI balances by component (after-tax) for the three years ended December 31, 2015 are as follows (1) : (in thousands) Defined Benefit Pension Plan Foreign Currency Translation Unrealized Gain (Loss) in Fair Value of Investments Unrealized Gain (Loss) in Fair Value of Interest Rate Swap Accumulated Other Comprehensive Income (Loss), Net Balance as of December 31, 2012 $ (43,023) $ (13) $ 240 $ (778) $ (43,574) Other comprehensive income (loss) 10,910 (738) (555) 578 10,195 Balance as of December 31, 2013 $ (32,113) $ (751) $ (315) $ (200) $ (33,379) Other comprehensive income (loss) (8,155) (638) 205 349 (8,239) Balance as of December 31, 2014 $ (40,268) $ (1,389) $ (110) $ 149 $ (41,618) Other comprehensive income (loss) 2,026 (3,214) 766 (125) (547) Balance as of December 31, 2015 $ (38,242) $ (4,603) $ 656 $ 24 $ (42,165) (1) There were no reclassifications from AOCI during the three years ended December 31, 2015. |
New Accounting Pronouncements | (p) New Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in ASC 605, Revenue Recognition . This ASU addresses when and how an entity should recognize revenue for the transfer of goods and/or services to customers. This ASU is effective for fiscal year and interim periods within those years beginning after December 15, 2017. The Company is currently evaluating the effect that the adoption of this ASU will have on its financial statements. In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810) , which amends the consolidation standard and updates the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. The amendment modifies the evaluation of whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities and affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships, among other provisions. This ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. The Company is currently evaluating the effect that the adoption of this ASU will have on its financial statements. In April 2015, the FASB issued ASU 2015-03, Interest – Imputation of Interest (Subtopic 835-30). This ASU requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. In August 2015, the FASB also issued ASU 2015-15, Interest—Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated With Line-of-Credit Arrangements — Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015, EITF Meeting . This update allows an entity to defer and present debt issuance costs related to line-of-credit arrangements as an asset and subsequently amortize the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. These ASUs are effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. The adoption of these ASUs is not expected to have a material impact on the Company’s financial statements. In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes (Subtopic 740-10). This ASU require entities to present all deferred tax assets and all deferred tax liabilities as noncurrent in a classified balance sheet. This ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. The Company had $26.3 million of current deferred tax assets and $24.9 million of current deferred tax liabilities as of December 31, 2015 , which will be presented as noncurrent upon adoption of this ASU. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic-842) which amends the existing guidance in ASC 840 Leases . This amendment requires the recognition of lease assets and lease liabilities by lessees for those leases currently classified as operating leases. Other significant provisions of the amendment include (i) defining the “lease term” to include the non-cancellable period together with periods for which there is a significant economic incentive for the lessee to extend or not terminate the lease; (ii) defining the initial lease liability to be recorded on the balance sheet to contemplate only those variable lease payments that depend on an index or that are in substance “fixed”; and (iii) a dual approach for determining whether lease expense is recognized on a straight-line or accelerated basis, depending on whether the lessee is expected to consume more than an insignificant portion of the lea sed asset’s economic benefits. This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is currently evaluating the effect that the adoption of this ASU will have on its financial statements. |
Summary of Significant Accoun22
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Costs and Estimated Earnings in Excess of Billings | As of December 31, (in thousands) 2015 2014 Claims $ 407,164 $ 311,949 Unapproved change orders 270,019 161,375 Other unbilled costs and profits 227,992 253,078 Total costs and estimated earnings in excess of billings $ 905,175 $ 726,402 |
Calculations of Basic and Diluted EPS | Year Ended December 31, (in thousands, except per share data) 2015 2014 2013 Net income $ 45,292 $ 107,936 $ 87,296 Weighted-average common shares outstanding - basic 48,981 48,562 47,851 Effect of diluted stock options and unvested restricted stock 685 552 738 Weighted-average common shares outstanding - diluted 49,666 49,114 48,589 Net income (loss) per share: Basic $ 0.92 $ 2.22 $ 1.82 Diluted $ 0.91 $ 2.20 $ 1.80 Anti-dilutive securities not included above 1,372 9 860 |
Cash and Cash Equivalents and Restricted Cash | As of December 31, (in thousands) 2015 2014 Cash and cash equivalents $ 18,409 $ 40,846 Company's share of joint venture cash and cash equivalents 57,043 94,737 Total cash and cash equivalents $ 75,452 $ 135,583 Restricted cash $ 45,853 $ 44,370 |
Tax Effects of Componenets of Other Comprehensive Income (Loss) | Year Ended December 31, 2015 2014 2013 (in thousands) Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount Other comprehensive income (loss): Defined benefit pension plan adjustments $ 31 $ 1,995 $ 2,026 $ (13,887) $ 5,732 $ (8,155) $ 18,675 $ (7,765) $ 10,910 Foreign currency translation adjustment (5,897) 2,683 (3,214) (1,086) 448 (638) (1,212) 474 (738) Unrealized gain (loss) in fair value of investments 1,123 (357) 766 346 (141) 205 (744) 189 (555) Unrealized gain (loss) in fair value of interest rate swap (37) (88) (125) 594 (245) 349 948 (370) 578 Total other comprehensive income (loss) $ (4,780) $ 4,233 $ (547) $ (14,033) $ 5,794 $ (8,239) $ 17,667 $ (7,472) $ 10,195 |
Changes in AOCI Balances by Component | (in thousands) Defined Benefit Pension Plan Foreign Currency Translation Unrealized Gain (Loss) in Fair Value of Investments Unrealized Gain (Loss) in Fair Value of Interest Rate Swap Accumulated Other Comprehensive Income (Loss), Net Balance as of December 31, 2012 $ (43,023) $ (13) $ 240 $ (778) $ (43,574) Other comprehensive income (loss) 10,910 (738) (555) 578 10,195 Balance as of December 31, 2013 $ (32,113) $ (751) $ (315) $ (200) $ (33,379) Other comprehensive income (loss) (8,155) (638) 205 349 (8,239) Balance as of December 31, 2014 $ (40,268) $ (1,389) $ (110) $ 149 $ (41,618) Other comprehensive income (loss) 2,026 (3,214) 766 (125) (547) Balance as of December 31, 2015 $ (38,242) $ (4,603) $ 656 $ 24 $ (42,165) (1) There were no reclassifications from AOCI during the three years ended December 31, 2015. |
Consolidated Statement of Cas23
Consolidated Statement of Cash Flows (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Consolidated Statement of Cash Flows [Abstract] | |
Changes in Operating Assets and Liabilities | Year Ended December 31, (in thousands) 2015 2014 2013 Decrease (Increase) in: Accounts receivable $ 4,734 $ (186,384) $ (62,991) Costs and estimated earnings in excess of billings (178,774) (153,153) (107,983) Other current assets (38,616) (17,450) 25,250 Increase (Decrease) in: Accounts payable 139,290 33,667 59,169 Billings in excess of costs and estimated earnings (30,985) 51,711 (36,835) Accrued expenses (24,426) 2,801 (6,509) Changes in other components of working capital $ (128,777) $ (268,808) $ (129,899) Cash paid during the year for: Interest $ 45,055 $ 45,236 $ 41,207 Income taxes $ 35,299 $ 75,494 $ 28,898 Non-cash transactions during the year for: Property and equipment acquired through financing arrangements not included in financing activities $ — $ 816 $ 16,689 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Measurements [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | December 31, 2015 December 31, 2014 Fair Value Hierarchy Fair Value Hierarchy (in thousands) Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents (a) $ 75,452 $ 75,452 $ — $ — $ 135,583 $ 135,583 $ — $ — Restricted cash (a) 45,853 45,853 — — 44,370 44,370 — — Investments in lieu of customer retainage (b) 41,566 35,350 6,216 — 33,224 25,761 7,463 — Total $ 162,871 $ 156,655 $ 6,216 $ — $ 213,177 $ 205,714 $ 7,463 $ — Liabilities: Interest rate swap contract (c) $ 45 $ — $ 45 $ — $ 381 $ — $ 381 $ — Contingent consideration (d) — — — — 24,814 — — 24,814 Total $ 45 $ — $ 45 $ — $ 25,195 $ — $ 381 $ 24,814 (a) Cash, cash equivalents and restricted cash consist primarily of money market funds with original maturity dates of three months or less, for which fair value is determined through quoted market prices. (b) Investments in lieu of customer retainage are classified as accounts receivable and are comprised of money market funds, U.S. Treasury Notes and other municipal bonds, the majority of which are rated Aa3 or better. The fair values of the U.S. Treasury Notes and municipal bonds are obtained from readily-available pricing sources for comparable instruments, and as such, the Company has classified these assets as Level 2. (c) The Company values the interest rate swap liability utilizing a discounted cash flow model that takes into consideration forward interest rates observable in the market and the counterparty’s credit risk. |
Changes in Level 3 Liabilities Measured at Fair Value on Recurring Basis | Contingent (in thousands) Consideration Balance as of December 31, 2013 $ 46,022 Fair value adjustments included in other income (expense), net 5,592 Amount no longer subject to contingency (26,800) Balance as of December 31, 2014 $ 24,814 Fair value adjustments included in other income (expense), net (3,739) Amount no longer subject to contingency (21,075) Balance as of December 31, 2015 $ — Auction Rate (in thousands) Securities Balance as of December 31, 2013 $ 46,283 Purchases — Settlements (44,497) Realized loss included in other income (expense), net (1,786) Balance as of December 31, 2014 $ — |
Goodwill and Other Intangible25
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Other Intangible Assets [Abstract] | |
Changes in Carrying Amount of Goodwill | Specialty (in thousands) Civil Building Contractors Total Balance as of December 31, 2013 (a) $ 415,358 $ 13,455 $ 148,943 $ 577,756 2014 activity (b) — — 7,250 7,250 Balance as of December 31, 2014 (a) $ 415,358 $ 13,455 $ 156,193 $ 585,006 2015 activity — — — — Balance as of December 31, 2015 (a) $ 415,358 $ 13,455 $ 156,193 $ 585,006 (a) Balances presented include historical accumulated impairment of $76.7 million for the Civil segment and $411.3 million for the Building segment. (b) In the second quarter of 2014, the Company made an acquisition-related adjustment for a small fire protection systems contractor which was acquired in September 2013 . |
Intangible Assets | As of December 31, 2015 As of December 31, 2014 Gross Net Gross Net Carrying Accumulated Carrying Carrying Accumulated Carrying (in thousands) Value Amortization Value Value Amortization Value Trade names (non-amortizable) $ 50,410 $ N/A $ 50,410 $ 50,410 $ N/A $ 50,410 Trade names (amortizable) (a) 51,118 (11,316) 39,802 51,118 (8,829) 42,289 Customer relationships (a) 23,155 (16,827) 6,328 23,155 (15,600) 7,555 Total $ 124,683 $ (28,143) $ 96,540 $ 124,683 $ (24,429) $ 100,254 (a) The weighted-average amortization period for amortizable trade names and customer relationships is 20 years and 11 years, respectively. |
Future Amortization Expense | Fiscal Year (in millions) 2016 $ 3.5 2017 3.5 2018 3.5 2019 3.5 2020 3.5 Thereafter 28.6 Total $ 46.1 |
Financial Commitments (Tables)
Financial Commitments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Financial Commitments [Abstract] | |
Long-Term Debt | December 31, (in thousands) 2015 2014 Senior Notes ( $300,000 face, less unamortized discount of $933 and $1,223 ) $ 299,067 $ 298,777 Revolving Credit Facility 158,000 130,000 Term Loan 223,750 242,500 Equipment financing, mortgages and acquisition-related notes 133,288 183,202 Other indebtedness 9,343 10,880 Total debt 823,448 — 865,359 Less – current maturities (88,917) (81,292) Long-term debt, net $ 734,531 $ 784,067 |
Principal Payments of Long-Term Debt | Fiscal Year (in thousands) 2016 $ 88,917 2017 124,008 2018 407,575 2019 169,790 2020 4,824 Thereafter 28,334 $ 823,448 |
Future Minimum Rent Payments under Non-Cancelable Operating Leases | Fiscal Year (in thousands) 2016 $ 26,819 2017 19,958 2018 15,478 2019 10,549 2020 8,923 Thereafter 24,927 Subtotal $ 106,654 Less - Sublease rental agreements (3,833) Total $ 102,821 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
Income Before Taxes | Year Ended December 31, (in thousands) 2015 2014 2013 United States Operations $ 69,822 $ 170,517 $ 127,682 Foreign Operations $ 4,017 $ 16,921 $ 11,933 Total $ 73,839 $ 187,438 $ 139,615 |
Provision for Income Taxes | Year Ended December 31, (in thousands) 2015 2014 2013 Current expense: Federal $ 5,465 $ 45,074 $ 29,034 State (362) 11,174 9,018 Foreign 1,126 3,203 4,256 Total current 6,229 59,451 42,308 Deferred (benefit) expense: Federal 19,583 9,992 9,547 State 2,735 10,059 577 Foreign — — (113) Total deferred 22,318 20,051 10,011 Total provision $ 28,547 $ 79,502 $ 52,319 |
Reconciliation of Provision for Income Taxes | 2015 2014 2013 (dollars in thousands) Amount Rate Amount Rate Amount Rate Federal income expense at statutory tax rate $ 25,844 35.0 % $ 65,603 35.0 % $ 48,865 35.0 % State income taxes, net of federal tax benefit 1,250 1.7 10,367 5.5 6,236 4.5 Officers' compensation 2,900 3.9 3,657 2.0 1,732 1.2 Domestic Production Activities Deduction (1,499) (2.0) (5,170) (2.8) (3,641) (2.6) Impact of state tax rate changes on deferreds 2,435 3.3 3,245 1.7 — — Other (2,383) (3.2) 1,800 1.0 (873) (0.6) Provision for income taxes $ 28,547 38.7 % $ 79,502 42.4 % $ 52,319 37.5 % |
Significant Components of Deferred Tax Assets and Liabilities | The following is a summary of the significant components of the deferred tax assets and liabilities: December 31, (in thousands) 2015 2014 Deferred Tax Assets Timing of expense recognition $ 58,048 $ 47,017 Net operating losses 3,564 2,188 Other, net 114,225 6,980 Deferred tax assets 175,837 56,185 Valuation allowance (460) (1,369) Net deferred tax assets 175,377 54,816 Deferred Tax Liabilities Intangible assets, due primarily to purchase accounting (99,549) (26,094) Fixed assets, due primarily to purchase accounting (101,022) (90,886) Construction contract accounting (7,530) (6,854) Joint ventures - construction (27,604) (30,654) Other (62,494) (10,012) Deferred tax liabilities (298,199) (164,500) Net deferred tax liability $ (122,822) $ (109,684) T h e n et d e f e rr ed tax lia b ili t y i s cla ss i f ied i n t h e C o ns o li d at e d B ala n ce S h eets b a s ed o n w h en t h e f u t u r e tax b e n e f it or e x p e ns e is e x p ected to b e r e alized as f o ll o w s : December 31, (in thousands) 2015 2014 Current deferred tax asset $ 26,306 $ 17,962 Long-term deferred tax asset 149,071 36,854 Current deferred tax liability (24,889) (14,129) Long-term deferred tax liability (273,310) (150,371) Net deferred tax liability $ (122,822) $ (109,684) |
Reconciliation of Gross Unrecognized Tax Benefit | As of December 31, (in thousands) 2015 2014 2013 Beginning balance $ 7,636 $ 5,459 $ 4,023 Change in tax positions of prior years (3,073) 426 182 Change in tax positions of current year 169 2,929 1,254 Reduction in tax positions for statute expirations (1,120) (1,178) — Ending Balance $ 3,612 $ 7,636 $ 5,459 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Share-Based Compensation [Abstract] | |
Summary of Restricted Stock Unit and Stock Option Activity | Restricted Stock Units Stock Options Weighted-Average Grant Date Weighted-Average Fair Value Exercise/(Strike) Number Per Share Number Price Per Share Outstanding as of December 31, 2012 1,141,666 $ 18.12 1,315,465 $ 18.91 Granted 246,668 19.87 200,000 20.80 Expired or forfeited (176,667) 13.66 (140,000) 13.04 Vested/exercised (849,999) 19.91 (80,465) 13.16 Outstanding as of December 31, 2013 361,668 $ 17.30 1,295,000 $ 20.20 Granted 996,597 27.10 714,000 18.40 Expired or forfeited (20,000) 24.77 - - Vested/exercised (281,668) 16.76 (20,000) 12.54 Outstanding as of December 31, 2014 1,056,597 $ 26.54 1,989,000 $ 19.63 Granted 321,500 23.07 259,000 16.07 Expired or forfeited (281,560) 23.89 (250,000) 15.97 Vested/exercised (370,940) 27.07 - - Outstanding as of December 31, 2015 725,597 $ 25.28 1,998,000 $ 19.62 |
Weighted-Average Assumptions Used in Estimating Grant Date Fair Values of Stock Option Awards | For the Years Ended December 31, 2015 2014 2013 Total stock options granted 259,000 714,000 200,000 Weighted-average grant date fair value $ 12.48 $ 17.69 $ 7.90 Weighted-average assumptions: Risk-Free Rate 1.3 % 1.8 % 0.8 % Expected life of options (a) 4.7 5.7 4.1 Expected volatility (b) 45.5 % 50.6 % 51.2 % Expected quarterly dividends $ — $ — $ — (a) Calculated using the simplified method due to the terms of the stock options and the limited pool of grantees. (b) Calculated using historical volatility of the Company’s common stock over periods commensurate with the expected life of the option. |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Segments [Abstract] | |
Reportable Segments | Reportable Segments Specialty Segment Consolidated (in thousands) Civil Building Contractors Total Corporate Total 2015 Total Revenue $ 2,005,193 $ 1,900,492 $ 1,228,030 $ 5,133,715 $ — $ 5,133,715 Elimination of intersegment revenue (115,286) (97,957) — (213,243) — (213,243) Revenue from external customers $ 1,889,907 $ 1,802,535 $ 1,228,030 $ 4,920,472 $ — $ 4,920,472 Income from construction operations: Before litigation-related charge $ 169,073 $ (1,240) $ 15,682 $ 183,515 $ (54,242) (a) $ 129,273 Litigation-related charge (b) (23,860) — — (23,860) — (23,860) Total $ 145,213 $ (1,240) $ 15,682 $ 159,655 $ (54,242) $ 105,413 Capital Expenditures $ 8,383 $ 2,877 $ 1,193 $ 12,453 $ 23,459 $ 35,912 2014 Total Revenue $ 1,730,468 $ 1,558,431 $ 1,301,328 $ 4,590,227 $ — $ 4,590,227 Elimination of intersegment revenue (43,324) (54,594) — (97,918) — (97,918) Revenue from external customers $ 1,687,144 $ 1,503,837 $ 1,301,328 $ 4,492,309 $ — $ 4,492,309 Income from construction operations 220,554 24,697 50,998 296,249 (54,559) (a) 241,690 Capital Expenditures $ 65,377 $ 735 $ 6,974 $ 73,086 $ 1,927 $ 75,013 2013 Total Revenue $ 1,519,370 $ 1,622,705 $ 1,182,844 $ 4,324,919 $ — $ 4,324,919 Elimination of intersegment revenue (77,954) (70,726) (567) (149,247) — (149,247) Revenue from external customers $ 1,441,416 $ 1,551,979 $ 1,182,277 $ 4,175,672 $ — $ 4,175,672 Income from construction operations 177,667 24,579 49,008 251,254 (47,432) (a) 203,822 Capital Expenditures $ 32,489 $ 1,666 $ 4,137 $ 38,292 $ 6,999 $ 45,291 (a) Consists primarily of corporate general and administrative expenses. (b) The Company recorded a non-cash, pre-tax charge of $23.9 million for an adverse appellate court decision related to a long-standing litigation matter for which the Company, as part of a 2011 acquisition, assumed liability as a minority partner in a joint venture for a project that had already been completed. (For further information, refer to the Brightwater Matter discussion in Note 7.) |
Total Assets for Reportable Segments | December 31, (in thousands) 2015 2014 Building $ 798,022 $ 680,933 Civil 1,964,674 1,814,170 Specialty Contractors 863,242 775,162 Corporate and other (a) 416,503 503,050 Total Assets $ 4,042,441 $ 3,773,315 (a) Consists principally of cash and cash equivalents and corporate transportation equipment. |
Principal Geographical Areas | Year Ended December 31, (in thousands) 2015 2014 2013 Revenue United States $ 4,694,165 $ 4,323,471 $ 4,000,380 Foreign and U.S. territories 226,307 168,838 175,292 Total $ 4,920,472 $ 4,492,309 $ 4,175,672 Income (loss) from construction operations United States $ 128,869 $ 268,566 $ 238,989 Foreign and U.S. territories 30,786 27,683 12,265 Corporate (54,242) (54,559) (47,432) Total $ 105,413 $ 241,690 $ 203,822 |
Income from Construction Operations Allocated Geographically Based on Location of Job Site | December 31, (in thousands) 2015 2014 Assets United States $ 3,868,449 $ 3,612,997 Foreign and U.S. territories 173,992 160,318 Total Assets $ 4,042,441 $ 3,773,315 |
Reconciliation of Segment Results to Consolidated Income Before Income Taxes | Year Ended December 31, (in thousands) 2015 2014 2013 Income from construction operations $ 105,413 $ 241,690 $ 203,822 Other income (expense), net 12,453 (9,536) (18,575) Interest expense (44,027) (44,716) (45,632) Income before income taxes $ 73,839 $ 187,438 $ 139,615 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Employee Benefit Plans [Abstract] | |
Summary of Net Periodic Benefit Cost | Year Ended December 31, (in thousands) 2015 2014 2013 Interest cost $ 4,055 $ 4,144 $ 3,710 Expected return on plan assets (5,021) (4,797) (4,509) Recognized net actuarial losses 1,869 4,385 6,330 Net periodic benefit cost $ 903 $ 3,732 $ 5,531 Actuarial assumptions used to determine net cost: Discount rate 3.75 % 4.47 % 3.58 % Expected return on assets 6.50 % 6.75 % 6.75 % Rate of increase in compensation n.a. n.a. n.a. |
Target and Actual Asset Allocation for Pension Plan by Asset Category | Percentage of Plan Assets as of December 31, Target Allocation Actual Allocation Asset Category 2016 2015 2014 Cash 5 % 4 % 6 % Equity securities: Domestic 65 61 63 International 25 30 26 Fixed income securities 5 5 5 Total 100 % 100 % 100 % |
Future Benefit Payments Under the Plans | Year ended December 31, (in thousands) 2016 $ 6,399 2017 6,439 2018 6,601 2019 6,687 2020 6,720 Thereafter 33,510 $ 66,356 |
Reconciliation of Changes in Fair Value of Plan Assets, Plan Benefit Obligations and Funded Status | Year Ended December 31, (in thousands) 2015 2014 Change in Fair Value of Plan Assets Balance at beginning of year $ 75,956 $ 72,617 Actual return on plan assets (984) 3,711 Company contribution 2,900 5,213 Benefit payments (5,576) (5,585) Balance at end of year $ 72,296 $ 75,956 Year Ended December 31, (in thousands) 2015 2014 Change in Benefit Obligations Balance at beginning of year $ 110,923 $ 95,178 Interest cost 4,055 4,144 Assumption change (gain) loss (3,838) 17,054 Actuarial loss 378 132 Benefit payments (5,576) (5,585) Balance at end of year $ 105,942 $ 110,923 |
Net Amount Recognized in Consolidated Balance Sheets | As of December 31, (in thousands) 2015 2014 Funded status $ (33,646) $ (34,967) Amounts recognized in Consolidated Balance Sheets consist of: Current liabilities $ (218) $ (218) Long-term liabilities (33,428) (34,749) Net amount recognized in Consolidated Balance Sheets $ (33,646) $ (34,967) |
Amounts Not Yet Reflected in Net Periodic Benefit Cost and Included in Accumulated Other Comprehensive Loss | Year Ended December 31, (in thousands) 2015 2014 Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive loss: Net actuarial loss $ (56,824) $ (56,147) Accumulated other comprehensive loss (56,824) (56,147) Cumulative Company contributions in excess of net periodic benefit cost 23,178 21,180 Net amount recognized in Consolidated Balance Sheets $ (33,646) $ (34,967) |
Actuarial Assumptions Used to Determine Benefit Obligation | Year Ended December 31, 2015 2014 Actuarial assumptions used to determine benefit obligation: Discount rate 4.10 % 3.75 % Rate of increase in compensation n.a. n.a. Measurement date December 31 December 31 |
Plan Assets at Fair Value | As of December 31, 2015 As of December 31, 2014 Fair Value Hierarchy Fair Value Hierarchy (in thousands) Level 1 Level 2 Level 3 Total Value Level 1 Level 2 Level 3 Total Value Cash and cash equivalents $ 2,654 $ — $ — $ 2,654 $ 4,693 $ — $ — $ 4,693 Fixed Income 4,029 — — 4,029 3,824 — — 3,824 Equities 6,566 — — 6,566 7,676 — — 7,676 Mutual Funds 6,994 — — 6,994 6,550 — — 6,550 Equity Partnerships — 7,920 — 7,920 — 7,723 — 7,723 Hedge Fund Investments: Cash 324 — — 324 1,010 — — 1,010 Long-Short Equity Fund — 12,640 16,370 29,010 — 15,878 12,755 28,633 Event-Driven Fund — 3,618 6,984 10,602 — 3,471 9,562 13,033 Distressed Credit — — 935 935 — — 1,320 1,320 Multi-Strategy Fund — — 1,262 1,262 — — 1,494 1,494 Private Credit — — 2,000 2,000 — — — — Total $ 20,567 $ 24,178 $ 27,551 $ 72,296 $ 23,753 $ 27,072 $ 25,131 $ 75,956 |
Summary of Changes in Fair Value of Level 3 Plan Assets | Changes in Fair Value of Level 3 Assets Long-Short Event-Driven Distressed Multi-Strategy (in thousands) Equity Fund Fund Credit Fund Private Credit Total Balance, December 31, 2013 $ 10,863 $ 8,863 $ 2,199 $ 1,799 $ — $ 23,724 Realized gains — — 13 3 — 16 Unrealized gains 843 505 57 59 — 1,464 Purchases 1,049 16 5 6 — 1,076 Sales — (2,512) (954) (373) — (3,839) Reclassified to Level 3 (a) — 2,690 — — — 2,690 Balance, December 31, 2014 $ 12,755 $ 9,562 $ 1,320 $ 1,494 $ — $ 25,131 Realized gains (50) (16) (7) (9) — (82) Unrealized gains 581 (585) (28) (38) — (70) Purchases 5,631 — — 225 2,642 8,498 Sales (2,547) (1,977) (350) (410) (642) (5,926) Balance, December 31, 2015 $ 16,370 $ 6,984 $ 935 $ 1,262 $ 2,000 $ 27,551 (a) The transfer of $2.7 million from Level 2 to Level 3 was comprised of certain hedge funds that were moved due to liquidity. |
Benefit Obligations in Excess of Fair Value of Plans' Assets | As of December 31, 2015 As of December 31, 2014 Benefit Benefit Pension Equalization Pension Equalization (in thousands) Plan Plan Total Plan Plan Total Projected benefit obligation $ 102,495 $ 3,447 $ 105,942 $ 107,570 $ 3,353 $ 110,923 Accumulated benefit obligation 102,495 3,447 105,942 107,570 3,353 110,923 Fair value of plan assets 72,296 — 72,296 75,956 — 75,956 Projected benefit obligation greater than fair value of plan assets $ 30,199 $ 3,447 $ 33,646 $ 31,614 $ 3,353 $ 34,967 Accumulated benefit obligation greater than fair value of plan assets $ 30,199 $ 3,447 $ 33,646 $ 31,614 $ 3,353 $ 34,967 |
Key Information for the Plans | Expiration FIP/RP Date of Pension Protections Act Status Company Contributions Collective EIN/Pension Zone Status Pending Or (amounts in millions) Surcharge Bargaining Pension Fund Plan Number 2015 2014 Implemented 2015 2014 2013 Imposed Agreement Pension, Hospitalization and Benefit Plan of the Electrical Industry - Pension Trust Account 13-6123601/ 001 Green Green No 13.6 (a) 11.8 (a) 13.4 (a) No 5/31/2016 Steamfitters Industry Pension Fund 13-6149680/ 001 Green Yellow No 6.2 (a) 5.1 (a) 4.3 (a) No 6/30/2017 Excavators Union Local 731 Pension Fund 13-1809825/ 002 Green Green No 7.1 5.3 3.2 No 6/30/2016 Local 147 Construction Workers Retirement Fund 13-6528181 Green Green No 5.6 (a) 1.3 0.2 No 6/30/2018 Iron Workers Locals 40,361 & 417 Pension Fund 51-6102576/ 001 Yellow Yellow Implemented 5.2 (a) 0.7 0.5 No 6/30/2020 New York City District Council of Carpenters Pension Plan 51-0174276/ 001 Green (b) Green No 3.1 2.6 1.6 No 6/30/2016 (a) These amounts exceeded 5% of the respective total plan contributions. (b) Pension Protection Act zone status is as of July 1, 2015 and 2014, respectively. |
Unaudited Quarterly Financial31
Unaudited Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Unaudited Quarterly Financial Data [Abstract] | |
Unaudited Quarterly Selected Financial Data | First Second Third Fourth Year Ended December 31, 2015 Quarter Quarter Quarter Quarter Revenues $ 1,066,465 $ 1,312,438 $ 1,340,739 $ 1,200,830 Gross profit 90,759 98,620 100,201 66,673 Income from construction operations 20,084 30,881 38,974 15,474 Income before income taxes 8,205 19,992 33,955 11,687 Net income 5,126 11,777 19,677 8,712 Earnings per share: Basic $ 0.11 $ 0.24 $ 0.40 $ 0.18 Diluted (a) 0.10 0.24 0.40 0.18 First Second Third Fourth Year Ended December 31, 2014 Quarter Quarter Quarter Quarter Revenues $ 955,233 $ 1,084,510 $ 1,250,689 $ 1,201,877 Gross profit 105,347 129,531 140,841 129,723 Income from construction operations 41,497 65,443 70,354 64,396 Income before income taxes 27,293 47,612 58,616 53,917 Net income 15,939 28,545 35,730 27,722 Earnings per share: Basic $ 0.33 $ 0.59 $ 0.74 $ 0.57 Diluted (b) 0.33 0.58 0.73 0.56 |
Separate Financial Informatio32
Separate Financial Information of Subsidiary Guarantors of Indebtedness (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Separate Financial Information of Subsidiary Guarantors of Indebtedness [Abstract] | |
Condensed Consolidating Balance Sheet | CONDENSED CONSOLIDATING BALANCE SHEET - DECEMBER 31, 2015 (in thousands) Non- Tutor Perini Guarantor Guarantor Total Corporation Subsidiaries Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents $ 47,196 $ 26,892 $ 1,364 $ — $ 75,452 Restricted cash 3,369 3,283 39,201 — 45,853 Accounts receivable 358,437 1,179,919 82,004 (146,745) 1,473,615 Costs and estimated earnings in excess of billings 114,580 868,026 152 (77,583) 905,175 Deferred income taxes 2,255 21,356 2,695 — 26,306 Other current assets 60,119 48,482 11,662 (11,419) 108,844 Total current assets $ 585,956 $ 2,147,958 $ 137,078 $ (235,747) $ 2,635,245 Long-term investments $ — $ — $ — $ — $ — Property and equipment, net 105,306 414,143 4,076 — 523,525 Intercompany notes and receivables — 148,637 — (148,637) — Other assets: Goodwill — 585,006 — — 585,006 Intangible assets, net — 96,540 — — 96,540 Investment in subsidiaries 1,962,983 — — (1,962,983) — Other 64,486 128,094 15,268 (5,723) 202,125 $ 2,718,731 $ 3,520,378 $ 156,422 $ (2,353,090) $ 4,042,441 LIABILITIES AND STOCKHOLDERS’ EQUITY Current maturities of long-term debt $ 107,283 $ 41,634 $ — $ (60,000) $ 88,917 Accounts payable 211,679 890,268 3,222 (167,705) 937,464 Billings in excess of costs and estimated earnings 89,303 203,003 1,716 (5,711) 288,311 Accrued expenses and other current liabilities 6,145 115,392 39,810 (2,331) 159,016 Total Current Liabilities $ 414,410 $ 1,250,297 $ 44,748 $ (235,747) $ 1,473,708 Long-term debt, less current maturities 659,433 80,821 — (5,723) 734,531 Deferred income taxes — 273,310 — — 273,310 Other long-term liabilities 106,588 3,278 30,799 — 140,665 Intercompany notes and advances payable 118,073 — 30,564 (148,637) — Contingencies and commitments — — — — — Stockholders’ equity 1,420,227 1,912,672 50,311 (1,962,983) 1,420,227 $ 2,718,731 $ 3,520,378 $ 156,422 $ (2,353,090) $ 4,042,441 CONDENSED CONSOLIDATING BALANCE SHEET - DECEMBER 31, 2014 (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 YEAR ENDED DECEMBER 31, 2015 (in thousands) Non- Tutor Perini Guarantor Guarantor Total Corporation Subsidiaries Subsidiaries Eliminations Consolidated Revenue $ 1,064,723 $ 4,104,871 $ 13,405 $ (262,527) $ 4,920,472 Cost of operations (918,322) (3,908,424) — 262,527 (4,564,219) Gross profit $ 146,401 $ 196,447 $ 13,405 $ — $ 356,253 General and administrative expenses (77,806) (171,153) (1,881) — (250,840) INCOME FROM CONSTRUCTION OPERATIONS $ 68,595 $ 25,294 $ 11,524 $ — $ 105,413 Equity in earnings of subsidiaries 23,367 — — (23,367) — Other income, net 8,155 3,745 553 — 12,453 Interest expense (41,007) (3,020) — — (44,027) Income (Loss) before income taxes 59,110 26,019 12,077 (23,367) 73,839 Provision for income taxes (13,818) (10,060) (4,669) — (28,547) NET INCOME (LOSS) $ 45,292 $ 15,959 $ 7,408 $ (23,367) $ 45,292 Other comprehensive income: Other comprehensive income of subsidiaries (2,448) — — 2,448 — Change in pension benefit plans assets/liabilities 2,026 — — — 2,026 Foreign currency translation — (3,214) — — (3,214) Change in fair value of investments — 766 — — 766 Change in fair value of interest rate swap (125) — — — (125) Total other comprehensive (loss) income (547) (2,448) — 2,448 (547) Total comprehensive income (loss) $ 44,745 $ 13,511 $ 7,408 $ (20,919) $ 44,745 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31, 2014 (in thousands) Non- Tutor Perini Guarantor Guarantor Total Corporation Subsidiaries Subsidiaries Eliminations Consolidated Revenue $ 959,010 $ 3,690,075 $ — $ (156,776) $ 4,492,309 Cost of operations (808,285) (3,353,098) 17,740 156,776 (3,986,867) Gross profit 150,725 336,977 17,740 — 505,442 General and administrative expenses (80,151) (181,714) (1,887) — (263,752) INCOME FROM CONSTRUCTION OPERATIONS 70,574 155,263 15,853 — 241,690 Equity in earnings of subsidiaries 95,501 — — (95,501) — Other (expense) income, net (8,322) (1,705) 491 — (9,536) Interest expense (40,658) (4,058) — — (44,716) Income (Loss) before income taxes 117,095 149,500 16,344 (95,501) 187,438 Provision for income taxes (9,159) (63,411) (6,932) — (79,502) NET INCOME (LOSS) $ 107,936 $ 86,089 $ 9,412 $ (95,501) $ 107,936 Other comprehensive income: Other comprehensive income of subsidiaries (433) — — 433 — Change in pension benefit plans assets/liabilities (8,155) — — — (8,155) Foreign currency translation — (638) — — (638) Change in fair value of investments — 205 — — 205 Change in fair value of interest rate swap 349 — — — 349 Total other comprehensive income (loss) (8,239) (433) — 433 (8,239) Total comprehensive income (loss) $ 99,697 $ 85,656 $ 9,412 $ (95,068) $ 99,697 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31, 2013 (in thousands) Non- Tutor Perini Guarantor Guarantor Total Corporation Subsidiaries Subsidiaries Eliminations Consolidated Revenue $ 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 (expense) income, net (27,162) 8,075 512 — (18,575) Interest expense (41,987) (3,645) — — (45,632) Income (Loss) before income taxes 65,984 175,746 20,760 (122,875) 139,615 Benefit (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 (loss) income 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 Cash Flows | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS YEAR ENDED DECEMBER 31, 2015 (in thousands) Non- Tutor Perini Guarantor Guarantor Total Corporation Subsidiaries Subsidiaries Eliminations Consolidated Cash Flows from Operating Activities: Net income (loss) $ 45,292 $ 15,959 $ 7,408 $ (23,367) $ 45,292 Adjustments to reconcile net income to net cash from operating activities: Depreciation and amortization 10,707 32,746 276 — 43,729 Equity in earnings of subsidiaries (23,367) — — 23,367 — share-based compensation expense 9,477 — — — 9,477 Excess income tax benefit from share-based compensation (186) — — — (186) Adjustment interest rate swap to fair value (224) 224 — — — Deferred income taxes 1,399 36,083 (15,268) — 22,214 (Gain) loss on sale of property and equipment 82 (2,991) — — (2,909) Other long-term liabilities (3,157) 32,069 — — 28,912 Other non-cash items (248) (3,432) — — (3,680) Changes in other components of working capital (154,300) 49,868 (24,345) — (128,777) NET CASH (USED) PROVIDED BY OPERATING ACTIVITIES $ (114,525) $ 160,526 $ (31,929) $ — $ 14,072 Cash Flows from Investing Activities: Acquisition of property and equipment excluding financed purchases (21,587) (14,286) (39) — (35,912) Proceeds from sale of property and equipment — 4,980 — — 4,980 (Increase) decrease in intercompany advances — (102,763) — 102,763 — Change in restricted cash — 1,991 (3,474) — (1,483) NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES $ (21,587) $ (110,078) $ (3,513) $ 102,763 $ (32,415) Cash Flows from Financing Activities: Proceeds from debt 981,855 31,350 — — 1,013,205 Repayment of debt (962,701) (91,670) — — (1,054,371) Excess income tax benefit from share-based compensation 186 — — — 186 Issuance of common stock and effect of cashless exercise (808) — — — (808) Increase (decrease) in intercompany advances 89,689 — 13,074 (102,763) — NET CASH (USED) PROVIDED BY FINANCING ACTIVITIES $ 108,221 $ (60,320) $ 13,074 $ (102,763) $ (41,788) Net (Decrease) Increase in Cash and Cash Equivalents (27,891) (9,872) (22,368) — (60,131) Cash and Cash Equivalents at Beginning of Year 75,087 36,764 23,732 — 135,583 Cash and Cash Equivalents at End of Period $ 47,196 $ 26,892 $ 1,364 $ — $ 75,452 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS YEAR ENDED DECEMBER 31, 2014 (in thousands) Non- Tutor Perini Guarantor Guarantor Total Corporation Subsidiaries Subsidiaries Eliminations Consolidated Cash Flows from Operating Activities: Net income (loss) $ 107,936 $ 86,089 $ 9,412 $ (95,501) $ 107,936 Adjustments to reconcile net income to net cash from operating activities: Depreciation and amortization 4,592 51,109 271 — 55,972 Equity in earnings of subsidiaries (95,501) — — 95,501 — share-based compensation expense 19,256 (641) — — 18,615 Excess income tax benefit from share-based compensation (787) — — (787) Deferred income taxes 39,186 (17,726) — — 21,460 (Gain) loss on sale of investments 1,786 — — — 1,786 (Gain) loss on sale of property and equipment 833 (32) — — 801 Other long-term liabilities 20,221 (17,147) — — 3,074 Other non-cash items (7,029) 10,302 — — 3,273 Changes in other components of working capital (26,100) (264,203) 21,495 — (268,808) NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES $ 64,393 $ (152,249) $ 31,178 $ — $ (56,678) Cash Flows from Investing Activities: Acquisition of property and equipment (17,626) (57,387) — — (75,013) Proceeds from sale of property and equipment (784) 6,119 — — 5,335 Proceeds from sale of available-for-sale securities 44,497 — — — 44,497 Change in restricted cash 15,464 2,766 (20,006) — (1,776) NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES $ 41,551 $ (48,502) $ (20,006) $ — $ (26,957) Cash Flows from Financing Activities: Proceeds from debt 1,078,932 77,807 — — 1,156,739 Repayment of debt (957,830) (68,519) — — (1,026,349) Business acquisition related payments (26,430) — — — (26,430) Excess income tax benefit from share-based compensation 787 — — — 787 Issuance of common stock and effect of cashless exercise (1,772) 1 — — (1,771) Debt issuance costs (3,681) — — — (3,681) Increase (decrease) in intercompany advances (209,858) 210,195 (337) — — NET CASH (USED) PROVIDED BY FINANCING ACTIVITIES $ (119,852) $ 219,484 $ (337) $ — $ 99,295 Net Increase (Decrease) in Cash and Cash Equivalents (13,908) 18,733 10,835 — 15,660 Cash and Cash Equivalents at Beginning of Year 88,995 18,031 12,897 — 119,923 Cash and Cash Equivalents at End of Period $ 75,087 $ 36,764 $ 23,732 $ — $ 135,583 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS YEAR ENDED DECEMBER 31, 2013 (in thousands) Non- Tutor Perini Guarantor Guarantor Total Corporation Subsidiaries Subsidiaries Eliminations Consolidated Cash Flows from Operating Activities: Net income (loss) $ 87,296 $ 109,894 $ 12,981 $ (122,875) $ 87,296 Adjustments to reconcile net 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 — share-based compensation expense 6,623 — — — 6,623 Excess income tax benefit from share-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 long-term liabilities 24,359 (1,252) — — 23,107 Other non-cash items (4,341) 622 — — (3,719) 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 share-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 (USED) PROVIDED 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 Period $ 88,995 $ 18,031 $ 12,897 $ — $ 119,923 |
Summary of Significant Accoun33
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Costs and estimated earnings in excess of billings beyond one year | $ 353,200 | |
Indefinite lived intangible assets impairment charge | 0 | |
Current deferred tax asset | 26,306 | $ 17,962 |
Current deferred tax liabilities | $ 24,900 | |
Minimum [Member] | ||
Estimated useful lives | 3 years | |
Maximum [Member] | ||
Estimated useful lives | 40 years |
Summary of Significant Accoun34
Summary of Significant Accounting Policies (Costs and Estimated Earnings in Excess of Billings) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Summary of Significant Accounting Policies [Abstract] | ||
Claims | $ 407,164 | $ 311,949 |
Unapproved change orders | 270,019 | 161,375 |
Other unbilled costs and profits | 227,992 | 253,078 |
Total costs and estimated earnings in excess of billings | $ 905,175 | $ 726,402 |
Summary of Significant Accoun35
Summary of Significant Accounting Policies (Calculations of Basic and Diluted EPS) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Summary of Significant Accounting Policies [Abstract] | |||||||||||
Net income | $ 8,712 | $ 19,677 | $ 11,777 | $ 5,126 | $ 27,722 | $ 35,730 | $ 28,545 | $ 15,939 | $ 45,292 | $ 107,936 | $ 87,296 |
Weighted-average common shares outstanding - basic | 48,981 | 48,562 | 47,851 | ||||||||
Effect of diluted stock options and unvested restricted stock | 685 | 552 | 738 | ||||||||
Weighted-average common shares outstanding - diluted | 49,666 | 49,114 | 48,589 | ||||||||
Net income (loss) per share: Basic | $ 0.18 | $ 0.40 | $ 0.24 | $ 0.11 | $ 0.57 | $ 0.74 | $ 0.59 | $ 0.33 | $ 0.92 | $ 2.22 | $ 1.82 |
Net income (loss) per share: Diluted | $ 0.18 | $ 0.40 | $ 0.24 | $ 0.10 | $ 0.56 | $ 0.73 | $ 0.58 | $ 0.33 | $ 0.91 | $ 2.20 | $ 1.80 |
Anti-dilutive securities not included above | 1,372 | 9 | 860 |
Summary of Significant Accoun36
Summary of Significant Accounting Policies (Cash and Cash Equivalents and Restricted Cash) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Total cash and cash equivalents | $ 75,452 | $ 135,583 | $ 119,923 | $ 168,056 |
Restricted cash | 45,853 | 44,370 | ||
Corporate [Member] | ||||
Total cash and cash equivalents | 18,409 | 40,846 | ||
Joint Venture [Member] | ||||
Total cash and cash equivalents | $ 57,043 | $ 94,737 |
Summary of Significant Accoun37
Summary of Significant Accounting Policies (Tax Effects of Componenets of Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Summary of Significant Accounting Policies [Abstract] | |||
Defined benefit pension plan adjustments, Before-Tax Amount | $ 31 | $ (13,887) | $ 18,675 |
Defined benefit pension plan adjustments, Tax (Expense) Benefit | 1,995 | 5,732 | (7,765) |
Defined benefit pension plan adjustments, Net-of-Tax Amount | 2,026 | (8,155) | 10,910 |
Foreign currency translation adjustment, Before-Tax Amount | (5,897) | (1,086) | (1,212) |
Foreign currency translation adjustment, Tax (Expense) Benefit | 2,683 | 448 | 474 |
Foreign currency translation adjustment, Net-of-Tax Amount | (3,214) | (638) | (738) |
Unrealized gain (loss) in fair value of investments, Before-Tax Amount | 1,123 | 346 | (744) |
Unrealized gain (loss) in fair value of investments, Tax (Expense) Benefit | (357) | (141) | 189 |
Unrealized gain (loss) in fair value of investments, Net-of-Tax Amount | 766 | 205 | (555) |
Unrealized gain (loss) in fair value of interest rate swap, Before-Tax Amount | (37) | 594 | 948 |
Unrealized gain (loss) in fair value of interest rate swap, Tax (Expense) Benefit | (88) | (245) | (370) |
Unrealized gain (loss) in fair value of interest rate swap, Net-of-Tax Amount | (125) | 349 | 578 |
Total other comprehensive (loss) income, Before-Tax Amount | (4,780) | (14,033) | 17,667 |
Total other comprehensive (loss) income, Tax (Expense) Benefit | 4,233 | 5,794 | (7,472) |
Total other comprehensive (loss) income, net of tax | $ (547) | $ (8,239) | $ 10,195 |
Summary of Significant Accoun38
Summary of Significant Accounting Policies (Changes in AOCI Balances by Component) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Balance | $ 1,365,505 | $ 1,247,535 | $ 1,143,864 |
Other comprehensive (loss) income | (547) | (8,239) | 10,195 |
Balance | 1,420,227 | 1,365,505 | 1,247,535 |
Accumulated Other Comprehensive (Loss) Income [Member] | |||
Balance | (41,618) | (33,379) | (43,574) |
Other comprehensive (loss) income | (547) | (8,239) | 10,195 |
Balance | (42,165) | (41,618) | (33,379) |
Defined Benefit Pension Plan [Member] | |||
Balance | (40,268) | (32,113) | (43,023) |
Other comprehensive (loss) income | 2,026 | (8,155) | 10,910 |
Balance | (38,242) | (40,268) | (32,113) |
Foreign Currency Translation [Member] | |||
Balance | (1,389) | (751) | (13) |
Other comprehensive (loss) income | (3,214) | (638) | (738) |
Balance | (4,603) | (1,389) | (751) |
Unrealized Gain (Loss) In Fair Value Of Investments [Member] | |||
Balance | (110) | (315) | 240 |
Other comprehensive (loss) income | 766 | 205 | (555) |
Balance | 656 | (110) | (315) |
Unrealized Gain (Loss) In Fair Value Of Interest Rate Swap [Member] | |||
Balance | 149 | (200) | (778) |
Other comprehensive (loss) income | (125) | 349 | 578 |
Balance | $ 24 | $ 149 | $ (200) |
Consolidated Statement of Cas39
Consolidated Statement of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Consolidated Statement of Cash Flows [Abstract] | |||
Accounts receivable | $ 4,734 | $ (186,384) | $ (62,991) |
Costs and estimated earnings in excess of billings | (178,774) | (153,153) | (107,983) |
Other current assets | (38,616) | (17,450) | 25,250 |
Accounts payable | 139,290 | 33,667 | 59,169 |
Billings in excess of costs and estimated earnings | (30,985) | 51,711 | (36,835) |
Accrued expenses | (24,426) | 2,801 | (6,509) |
Decrease in cash due to changes in operating assets and liabilities | (128,777) | (268,808) | (129,899) |
Interest | 45,055 | 45,236 | 41,207 |
Income taxes | $ 35,299 | 75,494 | 28,898 |
Property and equipment acquired through financing arrangements not included in financing activities | $ 816 | $ 16,689 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2015 | |
ARS [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Sale of ARS | $ 44,497 | |
Loss on investment | (1,786) | |
Fair Value [Member] | Senior Unsecured Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | 310,300 | $ 305,600 |
Fair Value [Member] | Other Fixed Rate Debt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | 164,300 | 121,700 |
Fair Value [Member] | Variable Rate Debt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | 404,300 | 399,700 |
Carrying Value [Member] | Senior Unsecured Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | 298,800 | 299,000 |
Carrying Value [Member] | Other Fixed Rate Debt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | 162,300 | 124,700 |
Carrying Value [Member] | Variable Rate Debt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | $ 404,300 | $ 399,700 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities Measured at Fair Value on Recurring Basis)(Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Assets: | ||
Restricted cash | $ 45,853 | $ 44,370 |
Recurring [Member] | ||
Assets: | ||
Cash and cash equivalents | 75,452 | 135,583 |
Restricted cash | 45,853 | 44,370 |
Investments in lieu of customer retainage | 41,566 | 33,224 |
Total | 162,871 | 213,177 |
Liabilities: | ||
Interest rate swap contract | 45 | 381 |
Contingent consideration | 24,814 | |
Total | 45 | 25,195 |
Recurring [Member] | Level 1 [Member] | ||
Assets: | ||
Cash and cash equivalents | 75,452 | 135,583 |
Restricted cash | 45,853 | 44,370 |
Investments in lieu of customer retainage | 35,350 | 25,761 |
Total | 156,655 | 205,714 |
Recurring [Member] | Level 2 [Member] | ||
Assets: | ||
Investments in lieu of customer retainage | 6,216 | 7,463 |
Total | 6,216 | 7,463 |
Liabilities: | ||
Interest rate swap contract | 45 | 381 |
Total | $ 45 | 381 |
Recurring [Member] | Level 3 [Member] | ||
Assets: | ||
Cash and cash equivalents | ||
Restricted cash | ||
Investments in lieu of customer retainage | ||
Total | ||
Liabilities: | ||
Interest rate swap contract | ||
Contingent consideration | 24,814 | |
Total | $ 24,814 | |
Minimum [Member] | Contingent Consideration [Member] | ||
Liabilities: | ||
Fair value inputs, discount rate (in hundredths) | 14.00% | |
Maximum [Member] | Contingent Consideration [Member] | ||
Liabilities: | ||
Fair value inputs, discount rate (in hundredths) | 18.00% |
Fair Value Measurements (Change
Fair Value Measurements (Changes in Level 3 Liabilities Measured at Fair Value on Recurring Basis) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
ARS [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | $ 46,283 | |
Amount no longer subject to contingency / Settlements | (44,497) | |
Realized loss included in other income (expense), net | (1,786) | |
Contingent Consideration [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | $ 24,814 | 46,022 |
Fair value adjustments included in other income (expense), net | (3,739) | 5,592 |
Amount no longer subject to contingency / Settlements | $ (21,075) | (26,800) |
Ending balance | $ 24,814 |
Goodwill and Other Intangible43
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill and Other Intangible Assets [Abstract] | |||
Amortization expense | $ 3.7 | $ 13.5 | $ 13.1 |
Goodwill and Other Intangible44
Goodwill and Other Intangible Assets (Changes in Carrying Amount of Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Balance at beginning of period | $ 585,006 | $ 577,756 | |
Activity | 7,250 | ||
Balance at end of period | $ 585,006 | 585,006 | |
Civil [Member] | |||
Balance at beginning of period | 415,358 | 415,358 | |
Accumulated Impairment | $ 76,700 | 76,700 | $ 76,700 |
Activity | |||
Balance at end of period | $ 415,358 | 415,358 | |
Building [Member] | |||
Balance at beginning of period | 13,455 | 13,455 | |
Accumulated Impairment | $ 411,300 | 411,300 | $ 411,300 |
Activity | |||
Balance at end of period | $ 13,455 | 13,455 | |
Specialty Contractors [Member] | |||
Balance at beginning of period | $ 156,193 | 148,943 | |
Activity | 7,250 | ||
Balance at end of period | $ 156,193 | $ 156,193 |
Goodwill and Other Intangible45
Goodwill and Other Intangible Assets (Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived intangible assets | ||
Net Carrying Value | $ 46,100 | |
Total intangible assets | ||
Gross Carrying Value | 124,683 | $ 124,683 |
Accumulated Amortization | (28,143) | (24,429) |
Net Carrying Value | 96,540 | 100,254 |
Trade Names [Member] | ||
Finite-Lived intangible assets | ||
Gross Carrying Value | 51,118 | 51,118 |
Accumulated Amortization | (11,316) | (8,829) |
Net Carrying Value | $ 39,802 | 42,289 |
Weighted Average Amortization Period | 20 years | |
Customer Relationships [Member] | ||
Finite-Lived intangible assets | ||
Gross Carrying Value | $ 23,155 | 23,155 |
Accumulated Amortization | (16,827) | (15,600) |
Net Carrying Value | $ 6,328 | 7,555 |
Weighted Average Amortization Period | 11 years | |
Trade Names [Member] | ||
Indefinite-lived intangible assets | ||
Gross Carrying Value | $ 50,410 | 50,410 |
Net Carrying Value | $ 50,410 | $ 50,410 |
Goodwill and Other Intangible46
Goodwill and Other Intangible Assets (Future Amortization Expense) (Details) $ in Millions | Dec. 31, 2015USD ($) |
Goodwill and Other Intangible Assets [Abstract] | |
2,016 | $ 3.5 |
2,017 | 3.5 |
2,018 | 3.5 |
2,019 | 3.5 |
2,020 | 3.5 |
Thereafter | 28.6 |
Net Carrying Value | $ 46.1 |
Financial Commitments (Narrativ
Financial Commitments (Narrative) (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Sep. 30, 2016 | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Amended Credit Agreement [Abstract] | ||||||||||||||
Operating Income (Loss) | $ 15,474,000 | $ 38,974,000 | $ 30,881,000 | $ 20,084,000 | $ 64,396,000 | $ 70,354,000 | $ 65,443,000 | $ 41,497,000 | $ 105,413,000 | $ 241,690,000 | $ 203,822,000 | |||
Loan outstanding | 823,448,000 | 865,359,000 | 823,448,000 | 865,359,000 | ||||||||||
Equipment Financing, Mortgages And Acquisition-Related Notes [Abstract] | ||||||||||||||
Loan outstanding | 823,448,000 | 865,359,000 | 823,448,000 | 865,359,000 | ||||||||||
Operating leases, rent expense | ||||||||||||||
Operating leases, rent expense | 17,400,000 | 24,400,000 | $ 18,500,000 | |||||||||||
Senior Unsecured Notes [Member] | ||||||||||||||
Senior Notes [Abstract] | ||||||||||||||
Face amount | $ 300,000,000 | 300,000,000 | $ 300,000,000 | 300,000,000 | ||||||||||
Interest rate (as a percent) | 7.625% | 7.625% | ||||||||||||
Net proceeds from the issuance, after discounts and issuance costs | $ 293,200,000 | |||||||||||||
Redemption price | 101.90% | |||||||||||||
Redemption price, change of control triggering event (as a percent) | 101.00% | |||||||||||||
Credit Agreement - Revolving Credit Facility And Term Loan [Abstract] | ||||||||||||||
Face amount | $ 300,000,000 | 300,000,000 | $ 300,000,000 | 300,000,000 | ||||||||||
Amended Credit Agreement [Abstract] | ||||||||||||||
Face amount | 300,000,000 | 300,000,000 | 300,000,000 | 300,000,000 | ||||||||||
Loan outstanding | 299,067,000 | 298,777,000 | 299,067,000 | 298,777,000 | ||||||||||
Equipment Financing, Mortgages And Acquisition-Related Notes [Abstract] | ||||||||||||||
Loan outstanding | 299,067,000 | 298,777,000 | 299,067,000 | 298,777,000 | ||||||||||
Former Term Loan [Member] | ||||||||||||||
Senior Notes [Abstract] | ||||||||||||||
Face amount | 200,000,000 | 200,000,000 | ||||||||||||
Credit Agreement - Revolving Credit Facility And Term Loan [Abstract] | ||||||||||||||
Face amount | 200,000,000 | 200,000,000 | ||||||||||||
Amended Credit Agreement [Abstract] | ||||||||||||||
Face amount | 200,000,000 | 200,000,000 | ||||||||||||
Original Term Loan [Member] | ||||||||||||||
Senior Notes [Abstract] | ||||||||||||||
Face amount | 250,000,000 | 250,000,000 | ||||||||||||
Credit Agreement - Revolving Credit Facility And Term Loan [Abstract] | ||||||||||||||
Face amount | 250,000,000 | 250,000,000 | ||||||||||||
2,014 | 7,000,000 | 7,000,000 | ||||||||||||
2,015 | 19,000,000 | 19,000,000 | ||||||||||||
2,016 | 26,000,000 | 26,000,000 | ||||||||||||
2,017 | 34,000,000 | 34,000,000 | ||||||||||||
2,018 | 41,000,000 | 41,000,000 | ||||||||||||
2,019 | 123,000,000 | 123,000,000 | ||||||||||||
Amended Credit Agreement [Abstract] | ||||||||||||||
Face amount | 250,000,000 | 250,000,000 | ||||||||||||
Term Loan [Member] | ||||||||||||||
Amended Credit Agreement [Abstract] | ||||||||||||||
Loan outstanding | 223,750,000 | 242,500,000 | 223,750,000 | 242,500,000 | ||||||||||
Equipment Financing, Mortgages And Acquisition-Related Notes [Abstract] | ||||||||||||||
Loan outstanding | 223,750,000 | 242,500,000 | 223,750,000 | 242,500,000 | ||||||||||
Equipment Financing Loans [Member] | ||||||||||||||
Amended Credit Agreement [Abstract] | ||||||||||||||
Loan outstanding | 70,600,000 | 102,000,000 | 70,600,000 | 102,000,000 | ||||||||||
Equipment Financing, Mortgages And Acquisition-Related Notes [Abstract] | ||||||||||||||
Loan outstanding | $ 70,600,000 | 102,000,000 | $ 70,600,000 | 102,000,000 | ||||||||||
Term of debt | 5 years | |||||||||||||
Transportation-Equipment Financing Loans [Member] | ||||||||||||||
Senior Notes [Abstract] | ||||||||||||||
Interest rate (as a percent) | 3.35% | 3.35% | ||||||||||||
Amended Credit Agreement [Abstract] | ||||||||||||||
Loan outstanding | $ 45,000,000 | 40,600,000 | $ 45,000,000 | 40,600,000 | ||||||||||
Equipment Financing, Mortgages And Acquisition-Related Notes [Abstract] | ||||||||||||||
Loan outstanding | 45,000,000 | 40,600,000 | $ 45,000,000 | 40,600,000 | ||||||||||
Term of debt | 10 years | |||||||||||||
Transportation-Equipment Financing Loans Ballon Payment 2021 [Member] | ||||||||||||||
Equipment Financing, Mortgages And Acquisition-Related Notes [Abstract] | ||||||||||||||
Balloon payments | 12,400,000 | $ 12,400,000 | ||||||||||||
Transportation-Equipment Financing Loans Ballon Payment 2022 [Member] | ||||||||||||||
Equipment Financing, Mortgages And Acquisition-Related Notes [Abstract] | ||||||||||||||
Balloon payments | 6,150,000 | 6,150,000 | ||||||||||||
Mortgages [Member] | ||||||||||||||
Amended Credit Agreement [Abstract] | ||||||||||||||
Loan outstanding | 17,700,000 | 18,900,000 | 17,700,000 | 18,900,000 | ||||||||||
Equipment Financing, Mortgages And Acquisition-Related Notes [Abstract] | ||||||||||||||
Loan outstanding | 17,700,000 | 18,900,000 | $ 17,700,000 | 18,900,000 | ||||||||||
Term of debt | 10 years | |||||||||||||
Mortgages Balloon Payment in 2016 [Member] | ||||||||||||||
Equipment Financing, Mortgages And Acquisition-Related Notes [Abstract] | ||||||||||||||
Balloon payments | 5,600,000 | $ 5,600,000 | ||||||||||||
Mortgages Balloon Payment in 2018 [Member] | ||||||||||||||
Equipment Financing, Mortgages And Acquisition-Related Notes [Abstract] | ||||||||||||||
Balloon payments | 2,600,000 | 2,600,000 | ||||||||||||
Mortgages Balloon Payment in 2023 [Member] | ||||||||||||||
Equipment Financing, Mortgages And Acquisition-Related Notes [Abstract] | ||||||||||||||
Balloon payments | $ 6,700,000 | $ 6,700,000 | ||||||||||||
Promissory Note [Member] | ||||||||||||||
Senior Notes [Abstract] | ||||||||||||||
Interest rate (as a percent) | 5.00% | 5.00% | ||||||||||||
Equipment Financing, Mortgages And Acquisition-Related Notes [Abstract] | ||||||||||||||
Promissory notes | $ 21,700,000 | |||||||||||||
Minimum [Member] | Equipment Financing Loans [Member] | ||||||||||||||
Equipment Financing, Mortgages And Acquisition-Related Notes [Abstract] | ||||||||||||||
Interest rate, minimum (as a percent) | 2.12% | |||||||||||||
Maximum [Member] | Equipment Financing Loans [Member] | ||||||||||||||
Equipment Financing, Mortgages And Acquisition-Related Notes [Abstract] | ||||||||||||||
Interest rate, maximum (as a percent) | 4.85% | |||||||||||||
Prime Rate [Member] | Mortgages [Member] | ||||||||||||||
Credit Agreement - Revolving Credit Facility And Term Loan [Abstract] | ||||||||||||||
Basis points added to reference rate (as a percent) | 1.00% | |||||||||||||
LIBOR [Member] | Transportation-Equipment Financing Loans [Member] | ||||||||||||||
Credit Agreement - Revolving Credit Facility And Term Loan [Abstract] | ||||||||||||||
Basis points added to reference rate (as a percent) | 3.00% | |||||||||||||
LIBOR [Member] | Mortgages [Member] | ||||||||||||||
Credit Agreement - Revolving Credit Facility And Term Loan [Abstract] | ||||||||||||||
Basis points added to reference rate (as a percent) | 3.00% | |||||||||||||
LIBOR [Member] | Minimum [Member] | Original Term Loan [Member] | ||||||||||||||
Credit Agreement - Revolving Credit Facility And Term Loan [Abstract] | ||||||||||||||
Basis points added to reference rate (as a percent) | 1.25% | |||||||||||||
LIBOR [Member] | Maximum [Member] | Original Term Loan [Member] | ||||||||||||||
Credit Agreement - Revolving Credit Facility And Term Loan [Abstract] | ||||||||||||||
Basis points added to reference rate (as a percent) | 2.00% | |||||||||||||
Original Facility [Member] | ||||||||||||||
Amended Credit Agreement [Abstract] | ||||||||||||||
Revolver optional increase removed by amendment | $ 300,000,000 | |||||||||||||
Percentage of foreign restricted subsidiary stock pledged as collateral | 65.00% | |||||||||||||
Original Facility [Member] | Amendment Terms Based On Leverage Ratio Greater Than 3.5 to 1.0 [Member] | ||||||||||||||
Amended Credit Agreement [Abstract] | ||||||||||||||
Leverage ratio, Required | 3.5 | |||||||||||||
Maximum adjustment to Applicable Rate (as a percent) | 1.00% | 1.00% | ||||||||||||
Original Facility [Member] | Amendment Terms Based On Leverage Ratio Greater Than 4.0 to 1.0 [Member] | ||||||||||||||
Amended Credit Agreement [Abstract] | ||||||||||||||
Leverage ratio, Required | 4 | |||||||||||||
Maximum adjustment to Applicable Rate (as a percent) | 1.00% | 1.00% | ||||||||||||
Original Facility [Member] | Term Loan [Member] | ||||||||||||||
Senior Notes [Abstract] | ||||||||||||||
Face amount | $ 250,000,000 | $ 250,000,000 | ||||||||||||
Credit Agreement - Revolving Credit Facility And Term Loan [Abstract] | ||||||||||||||
Face amount | 250,000,000 | 250,000,000 | ||||||||||||
Amended Credit Agreement [Abstract] | ||||||||||||||
Face amount | 250,000,000 | $ 250,000,000 | ||||||||||||
Original Facility [Member] | Minimum [Member] | ||||||||||||||
Amended Credit Agreement [Abstract] | ||||||||||||||
Fixed charge coverage ratio, Required | 1.25 | |||||||||||||
Original Facility [Member] | Minimum [Member] | Scenario, Plan [Member] | ||||||||||||||
Amended Credit Agreement [Abstract] | ||||||||||||||
Leverage ratio, Required | 3 | |||||||||||||
Original Facility [Member] | Maximum [Member] | Scenario, Plan [Member] | ||||||||||||||
Amended Credit Agreement [Abstract] | ||||||||||||||
Leverage ratio, Required | 3.25 | 4.25 | 4 | |||||||||||
Former Revolver [Member] | ||||||||||||||
Credit Agreement - Revolving Credit Facility And Term Loan [Abstract] | ||||||||||||||
Maximum borrowing capacity | 300,000,000 | $ 300,000,000 | ||||||||||||
Amended Credit Agreement [Abstract] | ||||||||||||||
Maximum borrowing capacity | 300,000,000 | 300,000,000 | ||||||||||||
Original Revolver [Member] | ||||||||||||||
Credit Agreement - Revolving Credit Facility And Term Loan [Abstract] | ||||||||||||||
Maximum borrowing capacity | 300,000,000 | 300,000,000 | ||||||||||||
Amended Credit Agreement [Abstract] | ||||||||||||||
Maximum borrowing capacity | 300,000,000 | 300,000,000 | ||||||||||||
Outstanding borrowings | 158,000,000 | 130,000,000 | 158,000,000 | 130,000,000 | ||||||||||
Available borrowing capacity | 141,800,000 | $ 141,800,000 | ||||||||||||
Original Revolver [Member] | Prime Rate [Member] | Minimum [Member] | ||||||||||||||
Credit Agreement - Revolving Credit Facility And Term Loan [Abstract] | ||||||||||||||
Basis points added to reference rate (as a percent) | 1.25% | |||||||||||||
Original Revolver [Member] | Prime Rate [Member] | Maximum [Member] | ||||||||||||||
Credit Agreement - Revolving Credit Facility And Term Loan [Abstract] | ||||||||||||||
Basis points added to reference rate (as a percent) | 2.00% | |||||||||||||
Original Revolver [Member] | LIBOR [Member] | Minimum [Member] | ||||||||||||||
Credit Agreement - Revolving Credit Facility And Term Loan [Abstract] | ||||||||||||||
Basis points added to reference rate (as a percent) | 2.25% | |||||||||||||
Original Revolver [Member] | LIBOR [Member] | Maximum [Member] | ||||||||||||||
Credit Agreement - Revolving Credit Facility And Term Loan [Abstract] | ||||||||||||||
Basis points added to reference rate (as a percent) | 3.00% | |||||||||||||
Letters Of Credit [Member] | ||||||||||||||
Credit Agreement - Revolving Credit Facility And Term Loan [Abstract] | ||||||||||||||
Maximum borrowing capacity | 150,000,000 | $ 150,000,000 | ||||||||||||
Amended Credit Agreement [Abstract] | ||||||||||||||
Maximum borrowing capacity | 150,000,000 | 150,000,000 | ||||||||||||
Letters of credit outstanding | 200,000 | $ 1,000,000 | 200,000 | $ 1,000,000 | ||||||||||
Revolver [Member] | ||||||||||||||
Credit Agreement - Revolving Credit Facility And Term Loan [Abstract] | ||||||||||||||
Maximum borrowing capacity | 300,000,000 | 300,000,000 | ||||||||||||
Amended Credit Agreement [Abstract] | ||||||||||||||
Maximum borrowing capacity | 300,000,000 | 300,000,000 | ||||||||||||
Swap [Member] | Original Facility [Member] | ||||||||||||||
Credit Agreement - Revolving Credit Facility And Term Loan [Abstract] | ||||||||||||||
Notional amount | $ 25,000,000 | $ 25,000,000 | ||||||||||||
Derivative, fixed interest rate | 0.975% | 0.975% | ||||||||||||
Brightwater Matter [Member] | ||||||||||||||
Amended Credit Agreement [Abstract] | ||||||||||||||
Pre-tax charge | $ 23,900,000 | |||||||||||||
Brightwater Matter [Member] | Unfavorable Adjustments [Member] | ||||||||||||||
Amended Credit Agreement [Abstract] | ||||||||||||||
Operating Income (Loss) | $ (23,900,000) | |||||||||||||
Five Star Electric [Member] | Unfavorable Adjustments [Member] | ||||||||||||||
Amended Credit Agreement [Abstract] | ||||||||||||||
Operating Income (Loss) | $ (45,600,000) |
Financial Commitments (Long-Ter
Financial Commitments (Long-Term Debt) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Total debt | $ 823,448,000 | $ 865,359,000 |
Less - current maturities | (88,917,000) | (81,292,000) |
Long-term debt, net | 734,531,000 | 784,067,000 |
Senior Unsecured Notes [Member] | ||
Debt Instrument [Line Items] | ||
Face amount | 300,000,000 | 300,000,000 |
Unamortized discount | 933,000 | 1,223,000 |
Total debt | 299,067,000 | 298,777,000 |
Original Revolver [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 158,000,000 | 130,000,000 |
Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 223,750,000 | 242,500,000 |
Equipment Financing, Mortgages And Acquisition-Related Notes [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 133,288,000 | 183,202,000 |
Other Indebtedness [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | $ 9,343,000 | $ 10,880,000 |
Financial Commitments (Principa
Financial Commitments (Principal Payments of Long-Term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financial Commitments [Abstract] | ||
2,016 | $ 88,917 | |
2,017 | 124,008 | |
2,018 | 407,575 | |
2,019 | 169,790 | |
2,020 | 4,824 | |
Thereafter | 28,334 | |
Total debt | $ 823,448 | $ 865,359 |
Financial Commitments (Future M
Financial Commitments (Future Minimum Rent Payments under Non-Cancelable Operating Leases) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Financial Commitments [Abstract] | |
2,016 | $ 26,819 |
2,017 | 19,958 |
2,018 | 15,478 |
2,019 | 10,549 |
2,020 | 8,923 |
Thereafter | 24,927 |
Subtotal | 106,654 |
Less - Sublease rental agreements | (3,833) |
Total | $ 102,821 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2012 | |
Income Taxes [Abstract] | ||||
Valuation allowance | $ 1,369 | $ 460 | ||
Unremitted earnings of foreign subsidiaries | 12,100 | |||
Net increase in unrecognized tax benefit | 2,200 | $ 1,400 | ||
Gross unrecognized tax benefits | $ 7,636 | $ 5,459 | $ 3,612 | $ 4,023 |
Income Taxes (Summary of Income
Income Taxes (Summary of Income Before Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Abstract] | |||||||||||
United States Operations | $ 69,822 | $ 170,517 | $ 127,682 | ||||||||
Foreign Operations | 4,017 | 16,921 | 11,933 | ||||||||
INCOME BEFORE INCOME TAXES | $ 11,687 | $ 33,955 | $ 19,992 | $ 8,205 | $ 53,917 | $ 58,616 | $ 47,612 | $ 27,293 | $ 73,839 | $ 187,438 | $ 139,615 |
Income Taxes (Provision for Inc
Income Taxes (Provision for Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current expense: | |||
Federal | $ 5,465 | $ 45,074 | $ 29,034 |
State | (362) | 11,174 | 9,018 |
Foreign | 1,126 | 3,203 | 4,256 |
Total current | 6,229 | 59,451 | 42,308 |
Deferred (benefit) expense: | |||
Federal | 19,583 | 9,992 | 9,547 |
State | 2,735 | 10,059 | 577 |
Foreign | (113) | ||
Total deferred | 22,318 | 20,051 | 10,011 |
Total provision | $ 28,547 | $ 79,502 | $ 52,319 |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Provision for Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation of Provision for Income Taxes | |||
Federal income expense at statutory tax rate | $ 25,844 | $ 65,603 | $ 48,865 |
State income taxes, net of federal tax benefit | 1,250 | 10,367 | 6,236 |
Officers' compensation | 2,900 | 3,657 | 1,732 |
Domestic Production Activities Deduction | (1,499) | (5,170) | (3,641) |
Impact of state tax rate changes on deferreds | 2,435 | 3,245 | |
Other | (2,383) | 1,800 | (873) |
Total provision | $ 28,547 | $ 79,502 | $ 52,319 |
Reconciliation of Effective Income Tax Rate | |||
Federal income expense at statutory tax rate (in hundredths) | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal tax benefit (in hundredths) | 1.70% | 5.50% | 4.50% |
Officers' compensation (in hundredths) | 3.90% | 2.00% | 1.20% |
Domestic Production Activities Deduction (in hundredths) | (2.00%) | (2.80%) | (2.60%) |
Impact of state tax rate changes on deferreds (in hundredths) | 3.30% | 1.70% | |
Other (in hundredths) | (3.20%) | 1.00% | (0.60%) |
Total (benefit) provision (in hundredths) | 38.70% | 42.40% | 37.50% |
Income Taxes (Significant Compo
Income Taxes (Significant Components of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred Tax Assets | ||
Timing of expense recognition | $ 58,048 | $ 47,017 |
Net operating losses | 3,564 | 2,188 |
Other, net | 114,225 | 6,980 |
Deferred tax assets | 175,837 | 56,185 |
Valuation Allowance | (460) | (1,369) |
Net deferred tax assets | 175,377 | 54,816 |
Deferred Tax Liabilities | ||
Intangible assets, due primarily to purchase accounting | (99,549) | (26,094) |
Fixed assets, due primarily to purchase accounting | (101,022) | (90,886) |
Construction contract accounting | (7,530) | (6,854) |
Joint ventures - construction | (27,604) | (30,654) |
Other | (62,494) | (10,012) |
Deferred tax liabilities | (298,199) | (164,500) |
Net deferred tax liabilities | (122,822) | (109,684) |
Net Deferred Tax Liability | ||
Current deferred tax asset | 26,306 | 17,962 |
Long-term deferred tax asset | 149,071 | 36,854 |
Current deferred tax liability | (24,889) | (14,129) |
Long-term deferred tax liability | (273,310) | (150,371) |
Net deferred tax liabilities | $ (122,822) | $ (109,684) |
Income Taxes (Reconciliation 56
Income Taxes (Reconciliation of Gross Unrecognized Tax Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation of gross unrecognized tax benefits | |||
Gross unrecognized tax benefit balance at beginning of year | $ 7,636 | $ 5,459 | $ 4,023 |
Change in tax positions of prior years | (3,073) | 426 | 182 |
Change in tax positions of current year | 169 | 2,929 | 1,254 |
Reduction in tax positions for statute expirations | (1,120) | (1,178) | |
Gross unrecognized tax benefit balance at end of year | $ 3,612 | $ 7,636 | $ 5,459 |
Contingencies and Commitments (
Contingencies and Commitments (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015USD ($) | Jan. 31, 2015USD ($) | Oct. 31, 2014USD ($) | Oct. 31, 2013USD ($) | Aug. 31, 2013USD ($) | Apr. 30, 2013USD ($) | Jun. 30, 2012USD ($) | Mar. 31, 2011USD ($) | Apr. 30, 2010USD ($) | Jun. 30, 2003USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2003item | Dec. 31, 2015USD ($)ft² | Dec. 31, 2014USD ($) | Dec. 31, 2013claim | Dec. 31, 2012USD ($) | Dec. 31, 2010USD ($) | Dec. 31, 2009property | Mar. 09, 2015USD ($) | May. 31, 2012USD ($) | Sep. 30, 2011USD ($) | Jul. 31, 2010USD ($) | May. 31, 2010USD ($) | Mar. 31, 2010USD ($) | Jun. 30, 2009USD ($) | Feb. 28, 2006USD ($) | |
Contingencies and Commitments | ||||||||||||||||||||||||||
Contract receivables | $ 1,473,615 | $ 1,479,504 | ||||||||||||||||||||||||
Tutor-Saliba-Perini Joint Venture vs. Los Angeles MTA Matter | ||||||||||||||||||||||||||
Contingencies and Commitments | ||||||||||||||||||||||||||
Judgment in favor of TSP | $ 3,000 | |||||||||||||||||||||||||
Tunnel handrail verdict against TSP | 500 | |||||||||||||||||||||||||
Settlement on judgment | $ 2,100 | |||||||||||||||||||||||||
Settlement receipt | $ 3,800 | |||||||||||||||||||||||||
Long Island Expressway/Cross Island Parkway Matter | ||||||||||||||||||||||||||
Contingencies and Commitments | ||||||||||||||||||||||||||
Estimated value of project completed in Feb. 2006 | $ 130,000 | |||||||||||||||||||||||||
Value of claim filed | $ 53,800 | |||||||||||||||||||||||||
Amount receivable as per final agreement | $ 500 | |||||||||||||||||||||||||
Value of counterclaim filed | $ 151,000 | |||||||||||||||||||||||||
Fontainebleau Matter | ||||||||||||||||||||||||||
Contingencies and Commitments | ||||||||||||||||||||||||||
Number of rooms in hotel/casino complex | property | 3,800 | |||||||||||||||||||||||||
Total outstanding liens on property, including subcontractors' liens | $ 44,000 | |||||||||||||||||||||||||
Amount of court order in favor of plaintiff | $ 45,000 | |||||||||||||||||||||||||
Amount set aside from approved sale for distribution to satisfy creditor claims | $ 125,000 | |||||||||||||||||||||||||
Estimated sustainable lien amount | $ 350,000 | |||||||||||||||||||||||||
Honeywell Street/Queens Boulevard Bridges Matter | ||||||||||||||||||||||||||
Contingencies and Commitments | ||||||||||||||||||||||||||
Value of claim filed | $ 8,800 | |||||||||||||||||||||||||
Value of counterclaim filed | $ 74,600 | |||||||||||||||||||||||||
Westgate Planet Hollywood Matter | ||||||||||||||||||||||||||
Contingencies and Commitments | ||||||||||||||||||||||||||
Settlement on judgment | 19,700 | |||||||||||||||||||||||||
Value of counterclaim filed | 45,000 | |||||||||||||||||||||||||
Total outstanding liens on property, including subcontractors' liens | 23,200 | |||||||||||||||||||||||||
Settlement receipt | 600 | |||||||||||||||||||||||||
Value of mechanic's lien release bond | 22,300 | 22,300 | ||||||||||||||||||||||||
Value of cross complaint filed | $ 51,000 | |||||||||||||||||||||||||
Damages awarded to WPH which are anticipated to be paid by the OCIP carrier | 3,100 | |||||||||||||||||||||||||
Additional supersedeas bond | 1,700 | |||||||||||||||||||||||||
Total value of security | $ 24,000 | |||||||||||||||||||||||||
Brightwater Matter [Member] | ||||||||||||||||||||||||||
Contingencies and Commitments | ||||||||||||||||||||||||||
Ownership percentage in joint venture | 20.00% | |||||||||||||||||||||||||
Value of claim filed | $ 74,000 | |||||||||||||||||||||||||
Value of counterclaim filed | $ 75,000 | |||||||||||||||||||||||||
Verdict awarded by jury | $ 155,800 | |||||||||||||||||||||||||
Damages awarded | $ 26,300 | |||||||||||||||||||||||||
Attorney's fees to be paid by VPFK | $ 14,700 | |||||||||||||||||||||||||
Appealed verdict award | $ 17,000 | |||||||||||||||||||||||||
Pre-tax charge | $ 23,900 | |||||||||||||||||||||||||
156 Stations Matter | ||||||||||||||||||||||||||
Contingencies and Commitments | ||||||||||||||||||||||||||
Settlement on judgment | $ 11,900 | |||||||||||||||||||||||||
Settlement receipt | $ 8,500 | |||||||||||||||||||||||||
Number of stations for the New York City Transit Authority | item | 156 | |||||||||||||||||||||||||
U.S. Department of Commerce, National Oceanic and Atmospheric Administration Matter [Member] | ||||||||||||||||||||||||||
Contingencies and Commitments | ||||||||||||||||||||||||||
Settlement on judgment | $ 1,000 | |||||||||||||||||||||||||
Value of claim filed | $ 700 | $ 2,600 | $ 26,800 | |||||||||||||||||||||||
Square footage of facility | ft² | 287,000 | |||||||||||||||||||||||||
Certified claims filed | claim | 3 | |||||||||||||||||||||||||
Total awards denied | $ 29,500 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of restricted stock units that vested during period | $ 8,000 | $ 8,000 | $ 17,500 |
Aggregate intrinsic value | 300 | 600 | |
Restricted stock expense | 7,500 | ||
Stock option expense | $ 1,900 | ||
Weighted average remaining contractual term of outstanding stock options | 4 years | ||
Number of vested and exercisable stock options (in shares) | 1,485,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 1,600 | ||
Vested and exercisable stock options, weighted average exercise price (in dollars per share) | $ 19.57 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 4 years | ||
Share-based compensation expense | $ 9,477 | 18,615 | 6,623 |
Share based compensation, tax benefits | $ 4,000 | $ 7,500 | $ 2,600 |
Total stock options granted | 259,000 | 714,000 | 200,000 |
Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares of common stock exchanged for each award | 1 | ||
Number of shares available for future grant (in shares) | 754,500 | ||
Weighted average period over which unrecognized compensation cost is expected to be recognized | 1 year 7 months 6 days | ||
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | $ 23.07 | $ 27.10 | $ 19.87 |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares of common stock exchanged for each award | 1 | ||
Term of Stock Options | 10 years | ||
Number of shares authorized for grant | 489,022 | ||
Number of shares available for future grant (in shares) | 722,000 | ||
Weighted average period over which unrecognized compensation cost is expected to be recognized | 1 year 4 months 24 days | ||
Total granted and outstanding (in shares) | 1,998,000 | ||
Intrinsic value of outstanding stock options | $ 3,000 | ||
Weighted average remaining contractual term of outstanding stock options | 4 years 10 months 24 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 4 years 10 months 24 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 513,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Granted In Period, Expected To Vest | 483,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Total Intrinsic Value | $ 1,300 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 19.27 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Granted In Period, Weighted Average Remaining Contractual Term | 7 years 3 months 18 days | ||
Granted, Grant Date Fair Value (in dollars per share) | $ 16.07 | $ 18.40 | $ 20.80 |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary of Restricted Stock Unit and Stock Option Activity) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restricted Stock Units [Member] | |||
RSUs Number of Shares | |||
Outstanding, beginning of period (in shares) | 1,056,597 | 361,668 | 1,141,666 |
Granted (in shares) | 321,500 | 996,597 | 246,668 |
Expired or canceled (in shares) | (281,560) | (20,000) | (176,667) |
Vested/exercised (in shares) | (370,940) | (281,668) | (849,999) |
Outstanding, end of period (in shares) | 725,597 | 1,056,597 | 361,668 |
Weighted Average Grant Date Fair Value | |||
Outstanding, beginning of period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 26.54 | $ 17.30 | $ 18.12 |
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | 23.07 | 27.10 | 19.87 |
Expired or canceled, Weighted Average Grant Date Fair Value (in dollars per share) | 23.89 | 24.77 | 13.66 |
Vested/exercised, Weighted Average Grant Date Fair Value (in dollars per share) | 27.07 | 16.76 | 19.91 |
Outstanding, end of period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 25.28 | $ 26.54 | $ 17.30 |
Stock Options [Member] | |||
Stock Options Number of Shares | |||
Outstanding, beginning of period (in shares) | 1,989,000 | 1,295,000 | 1,315,465 |
Granted (in shares) | 259,000 | 714,000 | 200,000 |
Expired or canceled (in shares) | (250,000) | (140,000) | |
Vested/exercised (in shares) | (20,000) | (80,465) | |
Outstanding, end of period (in shares) | 1,998,000 | 1,989,000 | 1,295,000 |
Weighted-Average Grant Date Fair Value | |||
Outstanding, beginning of period, Grant Date Fair Value (in dollars per share) | $ 19.63 | $ 20.20 | $ 18.91 |
Granted, Grant Date Fair Value (in dollars per share) | 16.07 | 18.40 | 20.80 |
Expired or canceled, Grant Date Fair Value (in dollars per share) | 15.97 | 13.04 | |
Vested/exercised, Grant Date Fair Value (in dollars per share) | 12.54 | 13.16 | |
Outstanding, end of period, Grant Date Fair Value (in dollars per share) | $ 19.62 | $ 19.63 | $ 20.20 |
Stock-Based Compensation (Weigh
Stock-Based Compensation (Weighted-Average Assumptions Used in Estimating Grant Date Fair Values of Stock Option Awards) (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Key assumptions used in estimating the grant date fair values of stock option awards granted | ||||
Total stock options granted | 259,000 | 714,000 | 200,000 | |
Weighted-average grant date fair value | $ 12.48 | $ 17.69 | $ 7.90 | |
Risk-Free Rate (as a percent) | 1.30% | 1.80% | 0.80% | |
Expected life of options | [1] | 4 years 8 months 12 days | 5 years 8 months 12 days | 4 years 1 month 6 days |
Expected volatility (as a percent) | 45.50% | 50.60% | 51.20% | |
[1] | Calculated using the simplified method due to the terms of the stock options and the limited pool of grantees.Calculated using historical volatility of the Company's common stock over periods commensurate with the expected life of the option. |
Business Segments (Narrative) (
Business Segments (Narrative) (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015USD ($)$ / shares | Sep. 30, 2015USD ($)$ / shares | Jun. 30, 2015USD ($)$ / shares | Mar. 31, 2015USD ($)$ / shares | Dec. 31, 2014USD ($)$ / shares | Sep. 30, 2014USD ($)$ / shares | Jun. 30, 2014USD ($)$ / shares | Mar. 31, 2014USD ($)$ / shares | Dec. 31, 2015USD ($)segment$ / shares | Dec. 31, 2014USD ($)item$ / shares | Dec. 31, 2013USD ($)$ / shares | |
Segment Reporting Information [Line Items] | |||||||||||
Number of basic segments | segment | 3 | ||||||||||
Income from construction operations | $ 15,474 | $ 38,974 | $ 30,881 | $ 20,084 | $ 64,396 | $ 70,354 | $ 65,443 | $ 41,497 | $ 105,413 | $ 241,690 | $ 203,822 |
DILUTED EARNINGS PER COMMON SHARE | $ / shares | $ 0.18 | $ 0.40 | $ 0.24 | $ 0.10 | $ 0.56 | $ 0.73 | $ 0.58 | $ 0.33 | $ 0.91 | $ 2.20 | $ 1.80 |
Tutor Perini Corporation [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income from construction operations | $ 68,595 | $ 70,574 | $ 12,258 | ||||||||
Building [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Number of projects | item | 1 | ||||||||||
Income from construction operations | (1,240) | $ 24,697 | 24,579 | ||||||||
Building [Member] | Unfavorable Adjustments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income from construction operations | $ (24,300) | ||||||||||
DILUTED EARNINGS PER COMMON SHARE | $ / shares | $ (0.28) | ||||||||||
Building [Member] | Favorable Adjustments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income from construction operations | $ 11,400 | $ 13,800 | |||||||||
DILUTED EARNINGS PER COMMON SHARE | $ / shares | $ 0.14 | $ 0.18 | |||||||||
Civil [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Number of projects | item | 2 | ||||||||||
Income from construction operations | $ 145,213 | $ 220,554 | $ 177,667 | ||||||||
Civil [Member] | Unfavorable Adjustments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income from construction operations | $ (9,400) | ||||||||||
DILUTED EARNINGS PER COMMON SHARE | $ / shares | $ (0.11) | ||||||||||
Civil [Member] | Favorable Adjustments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income from construction operations | $ 13,700 | $ 25,900 | |||||||||
DILUTED EARNINGS PER COMMON SHARE | $ / shares | $ 0.16 | $ 0.30 | |||||||||
Specialty Contractors [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income from construction operations | $ 15,682 | $ 50,998 | $ 49,008 | ||||||||
Five Star Electric [Member] | Unfavorable Adjustments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income from construction operations | $ (45,600) | ||||||||||
DILUTED EARNINGS PER COMMON SHARE | $ / shares | $ (0.53) | ||||||||||
Brightwater Matter [Member] | Unfavorable Adjustments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income from construction operations | $ (23,900) | ||||||||||
DILUTED EARNINGS PER COMMON SHARE | $ / shares | $ (0.28) |
Business Segments (Reportable S
Business Segments (Reportable Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||
Business Segments | ||||||||||||||
Revenues | $ 1,200,830 | $ 1,340,739 | $ 1,312,438 | $ 1,066,465 | $ 1,201,877 | $ 1,250,689 | $ 1,084,510 | $ 955,233 | $ 4,920,472 | $ 4,492,309 | $ 4,175,672 | |||
Before litigation-related charge | 129,273 | |||||||||||||
Litigation-related charge | [1] | (23,860) | ||||||||||||
INCOME FROM CONSTRUCTION OPERATIONS | 15,474 | 38,974 | $ 30,881 | $ 20,084 | 64,396 | $ 70,354 | $ 65,443 | $ 41,497 | 105,413 | 241,690 | 203,822 | |||
Capital Expenditures | 35,912 | 75,013 | 45,291 | |||||||||||
Assets | 4,042,441 | 3,773,315 | 4,042,441 | 3,773,315 | ||||||||||
External and Intersegment Customers [Member] | ||||||||||||||
Business Segments | ||||||||||||||
Revenues | 5,133,715 | 4,590,227 | 4,324,919 | |||||||||||
Intersegment Elimination [Member] | ||||||||||||||
Business Segments | ||||||||||||||
Revenues | (213,243) | (97,918) | (149,247) | |||||||||||
Civil [Member] | ||||||||||||||
Business Segments | ||||||||||||||
Revenues | 1,889,907 | 1,687,144 | 1,441,416 | |||||||||||
Before litigation-related charge | 169,073 | |||||||||||||
Litigation-related charge | [1] | (23,860) | ||||||||||||
INCOME FROM CONSTRUCTION OPERATIONS | 145,213 | 220,554 | 177,667 | |||||||||||
Capital Expenditures | 8,383 | 65,377 | 32,489 | |||||||||||
Assets | 1,964,674 | 1,814,170 | 1,964,674 | 1,814,170 | ||||||||||
Civil [Member] | External and Intersegment Customers [Member] | ||||||||||||||
Business Segments | ||||||||||||||
Revenues | 2,005,193 | 1,730,468 | 1,519,370 | |||||||||||
Civil [Member] | Intersegment Elimination [Member] | ||||||||||||||
Business Segments | ||||||||||||||
Revenues | (115,286) | (43,324) | (77,954) | |||||||||||
Building [Member] | ||||||||||||||
Business Segments | ||||||||||||||
Revenues | 1,802,535 | 1,503,837 | 1,551,979 | |||||||||||
Before litigation-related charge | (1,240) | |||||||||||||
INCOME FROM CONSTRUCTION OPERATIONS | (1,240) | 24,697 | 24,579 | |||||||||||
Capital Expenditures | 2,877 | 735 | 1,666 | |||||||||||
Assets | 798,022 | 680,933 | 798,022 | 680,933 | ||||||||||
Building [Member] | External and Intersegment Customers [Member] | ||||||||||||||
Business Segments | ||||||||||||||
Revenues | 1,900,492 | 1,558,431 | 1,622,705 | |||||||||||
Building [Member] | Intersegment Elimination [Member] | ||||||||||||||
Business Segments | ||||||||||||||
Revenues | (97,957) | (54,594) | (70,726) | |||||||||||
Specialty Contractors [Member] | ||||||||||||||
Business Segments | ||||||||||||||
Revenues | 1,228,030 | 1,301,328 | 1,182,277 | |||||||||||
Before litigation-related charge | 15,682 | |||||||||||||
INCOME FROM CONSTRUCTION OPERATIONS | 15,682 | 50,998 | 49,008 | |||||||||||
Capital Expenditures | 1,193 | 6,974 | 4,137 | |||||||||||
Assets | $ 863,242 | $ 775,162 | 863,242 | 775,162 | ||||||||||
Specialty Contractors [Member] | External and Intersegment Customers [Member] | ||||||||||||||
Business Segments | ||||||||||||||
Revenues | 1,228,030 | 1,301,328 | 1,182,844 | |||||||||||
Specialty Contractors [Member] | Intersegment Elimination [Member] | ||||||||||||||
Business Segments | ||||||||||||||
Revenues | (567) | |||||||||||||
Operating Segment [Member] | ||||||||||||||
Business Segments | ||||||||||||||
Revenues | 4,920,472 | 4,492,309 | 4,175,672 | |||||||||||
Before litigation-related charge | 183,515 | |||||||||||||
Litigation-related charge | [1] | (23,860) | ||||||||||||
INCOME FROM CONSTRUCTION OPERATIONS | 159,655 | 296,249 | 251,254 | |||||||||||
Capital Expenditures | 12,453 | 73,086 | 38,292 | |||||||||||
Operating Segment [Member] | External and Intersegment Customers [Member] | ||||||||||||||
Business Segments | ||||||||||||||
Revenues | 5,133,715 | 4,590,227 | 4,324,919 | |||||||||||
Operating Segment [Member] | Intersegment Elimination [Member] | ||||||||||||||
Business Segments | ||||||||||||||
Revenues | (213,243) | (97,918) | (149,247) | |||||||||||
Corporate Segment [Member] | ||||||||||||||
Business Segments | ||||||||||||||
Before litigation-related charge | [2] | (54,242) | ||||||||||||
INCOME FROM CONSTRUCTION OPERATIONS | (54,242) | (54,559) | [2] | (47,432) | [2] | |||||||||
Capital Expenditures | $ 23,459 | $ 1,927 | $ 6,999 | |||||||||||
Brightwater Matter [Member] | ||||||||||||||
Business Segments | ||||||||||||||
Pre-tax charge | $ 23,900 | |||||||||||||
[1] | The Company recorded a non-cash, pre-tax charge of $23.9 million for an adverse appellate court decision related to a long-standing litigation matter for which the Company, as part of a 2011 acquisition, assumed liability as a minority partner in a joint venture for a project that had already been completed. (For further information, refer to the Brightwater Matter discussion in Note 7.) | |||||||||||||
[2] | Consists primarily of corporate general and administrative expenses. |
Business Segments (Principal Ge
Business Segments (Principal Geographical Areas) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Principal Geographical Areas Information | ||||||||||||
Revenues | $ 1,200,830 | $ 1,340,739 | $ 1,312,438 | $ 1,066,465 | $ 1,201,877 | $ 1,250,689 | $ 1,084,510 | $ 955,233 | $ 4,920,472 | $ 4,492,309 | $ 4,175,672 | |
Income (loss) from construction operations | 15,474 | $ 38,974 | $ 30,881 | $ 20,084 | 64,396 | $ 70,354 | $ 65,443 | $ 41,497 | 105,413 | 241,690 | 203,822 | |
Assets | 4,042,441 | 3,773,315 | 4,042,441 | 3,773,315 | ||||||||
Corporate [Member] | ||||||||||||
Principal Geographical Areas Information | ||||||||||||
Income (loss) from construction operations | (54,242) | (54,559) | (47,432) | |||||||||
Assets | [1] | 416,503 | 503,050 | 416,503 | 503,050 | |||||||
United States [Member] | ||||||||||||
Principal Geographical Areas Information | ||||||||||||
Revenues | 4,694,165 | 4,323,471 | 4,000,380 | |||||||||
Income (loss) from construction operations | 128,869 | 268,566 | 238,989 | |||||||||
Assets | 3,868,449 | 3,612,997 | 3,868,449 | 3,612,997 | ||||||||
Foreign and U.S. Territories [Member] | ||||||||||||
Principal Geographical Areas Information | ||||||||||||
Revenues | 226,307 | 168,838 | 175,292 | |||||||||
Income (loss) from construction operations | 30,786 | 27,683 | $ 12,265 | |||||||||
Assets | $ 173,992 | $ 160,318 | $ 173,992 | $ 160,318 | ||||||||
[1] | Consists principally of cash and cash equivalents and corporate transportation equipment. |
Business Segments (Reconciliati
Business Segments (Reconciliation of Segment Results to Consolidated Income Before Income Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Business Segments [Abstract] | |||||||||||
Income from construction operations | $ 15,474 | $ 38,974 | $ 30,881 | $ 20,084 | $ 64,396 | $ 70,354 | $ 65,443 | $ 41,497 | $ 105,413 | $ 241,690 | $ 203,822 |
Other income (expense), net | 12,453 | (9,536) | (18,575) | ||||||||
Interest expense | (44,027) | (44,716) | (45,632) | ||||||||
INCOME BEFORE INCOME TAXES | $ 11,687 | $ 33,955 | $ 19,992 | $ 8,205 | $ 53,917 | $ 58,616 | $ 47,612 | $ 27,293 | $ 73,839 | $ 187,438 | $ 139,615 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension Plan Assets | |||
Expected contributions to the defined benefit pension plan in 2016 | $ 1.8 | ||
Expense provision for 401 (k) plans | 4 | $ 3.6 | $ 3.8 |
Hedge Funds [Member] | |||
Pension Plan Assets | |||
Investments in hedge funds which do not have readily determinable fair values | 44.1 | 45.5 | |
Employee Pension Plans [Member] | |||
Pension Plan Assets | |||
Other comprehensive gain (loss) | 0.7 | $ 13.9 | $ 18.7 |
Amount to be amortized from other comprehensive loss into cost in 2016 | $ 1.7 | ||
Expected return on assets (as a percent) | 6.50% | 6.75% | 6.75% |
Other Multiemployer Pension Plans [Member] | |||
Pension Plan Assets | |||
Multiemployer Plan, Period Contributions | $ 40.6 | $ 32.7 | $ 31.4 |
Employee Benefit Plans (Summary
Employee Benefit Plans (Summary of Net Periodic Benefit Cost and Actuarial Assumptions Used to Determine Net Cost) (Details) - Employee Pension Plans [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Summary of net periodic benefit cost | |||
Interest cost on projected benefit obligation | $ 4,055 | $ 4,144 | $ 3,710 |
Return on plan assets | (5,021) | (4,797) | (4,509) |
Recognized net actuarial loss | 1,869 | 4,385 | 6,330 |
Net periodic benefit cost | $ 903 | $ 3,732 | $ 5,531 |
Actuarial Assumptions Used to Determine Net Cost | |||
Discount rate (as a percent) | 3.75% | 4.47% | 3.58% |
Expected return on assets (as a percent) | 6.50% | 6.75% | 6.75% |
Employee Benefit Plans (Target
Employee Benefit Plans (Target and Actual Asset Allocation for Pension Plan by Asset Category) (Details) - Employee Pension Plans [Member] | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Pension Plan Assets | ||
Target asset allocation (as a percent) | 100.00% | |
Actual asset allocation (as a percent) | 100.00% | 100.00% |
Cash [Member] | ||
Pension Plan Assets | ||
Target asset allocation (as a percent) | 5.00% | |
Actual asset allocation (as a percent) | 4.00% | 6.00% |
Equity Securities: Domestic [Member] | ||
Pension Plan Assets | ||
Target asset allocation (as a percent) | 65.00% | |
Actual asset allocation (as a percent) | 61.00% | 63.00% |
Equity Securities: International [Member] | ||
Pension Plan Assets | ||
Target asset allocation (as a percent) | 25.00% | |
Actual asset allocation (as a percent) | 30.00% | 26.00% |
Fixed Income Securities [Member] | ||
Pension Plan Assets | ||
Target asset allocation (as a percent) | 5.00% | |
Actual asset allocation (as a percent) | 5.00% | 5.00% |
Employee Benefit Plans (Future
Employee Benefit Plans (Future Benefit Payments Under Defined Benefit Pension Plan) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Future Benefit Payments | |
2,016 | $ 6,399 |
2,017 | 6,439 |
2,018 | 6,601 |
2,019 | 6,687 |
2,020 | 6,720 |
Thereafter | 33,510 |
Total future benefit payments | $ 66,356 |
Employee Benefit Plans (Changes
Employee Benefit Plans (Changes in Fair Value of Plan Assets and Plan Benefit Obligations and Funded Status of Plan) (Details) - Employee Pension Plans [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Change in Fair Value of Plan Assets | |||
Balance at beginning of year | $ 75,956 | $ 72,617 | |
Actual return on plan assets | (984) | 3,711 | |
Company contribution | 2,900 | 5,213 | |
Benefit payments | (5,576) | (5,585) | |
Balance at end of year | 72,296 | 75,956 | $ 72,617 |
Change in Benefit Obligations | |||
Balance at beginning of year | 110,923 | 95,178 | |
Interest cost | 4,055 | 4,144 | 3,710 |
Assumption change loss (gain) | (3,838) | 17,054 | |
Actuarial loss | 378 | 132 | |
Benefit payments | (5,576) | (5,585) | |
Balance at end of year | $ 105,942 | $ 110,923 | $ 95,178 |
Employee Benefit Plans (Amounts
Employee Benefit Plans (Amounts Recognized in Consolidated Balance Sheets) (Details) - Employee Pension Plans [Member] - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Funded Status | ||
Funded status at end of year | $ (33,646) | $ (34,967) |
Amounts recognized in Consolidated Balance Sheets consist of: | ||
Current liabilities | (218) | (218) |
Long-term liabilities | (33,428) | (34,749) |
Net amount recognized in Consolidated Balance Sheets | $ (33,646) | $ (34,967) |
Employee Benefit Plans (Amoun71
Employee Benefit Plans (Amounts Not Yet Reflected in Net Periodic Benefit Cost and Included in Accumulated Other Comprehensive Loss) (Details) - Employee Pension Plans [Member] - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive loss: | ||
Net actuarial loss | $ (56,824) | $ (56,147) |
Accumulated other comprehensive loss | (56,824) | (56,147) |
Cumulative Company contributions in excess of net periodic benefit cost | 23,178 | 21,180 |
Net amount recognized in Consolidated Balance Sheets | $ (33,646) | $ (34,967) |
Employee Benefit Plans (Actuari
Employee Benefit Plans (Actuarial Assumptions Used to Determine Benefit Obligation) (Details) - Employee Pension Plans [Member] | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Actuarial assumptions used to determine benefit obligation | ||
Discount rate (as a percent) | 4.10% | 3.75% |
Measurement date | December 31 | December 31 |
Employee Benefit Plans (Plan As
Employee Benefit Plans (Plan Assets at Fair Value) (Details) - Employee Pension Plans [Member] - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 72,296 | $ 75,956 | $ 72,617 |
Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 20,567 | 23,753 | |
Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 24,178 | 27,072 | |
Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 27,551 | 25,131 | 23,724 |
Cash And Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,654 | 4,693 | |
Cash And Cash Equivalents [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,654 | 4,693 | |
Fixed Income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4,029 | 3,824 | |
Fixed Income [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4,029 | 3,824 | |
Equities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6,566 | 7,676 | |
Equities [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6,566 | 7,676 | |
Mutual Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6,994 | 6,550 | |
Mutual Funds [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6,994 | 6,550 | |
Equity Partnerships [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 7,920 | 7,723 | |
Equity Partnerships [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 7,920 | 7,723 | |
Hedge Fund Investments: Cash [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 324 | 1,010 | |
Hedge Fund Investments: Cash [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 324 | 1,010 | |
Hedge Fund Investments: Long-Short Equity Fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 29,010 | 28,633 | |
Hedge Fund Investments: Long-Short Equity Fund [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 12,640 | 15,878 | |
Hedge Fund Investments: Long-Short Equity Fund [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 16,370 | 12,755 | 10,863 |
Hedge Fund Investments: Event Driven Fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 10,602 | 13,033 | |
Hedge Fund Investments: Event Driven Fund [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3,618 | 3,471 | |
Hedge Fund Investments: Event Driven Fund [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6,984 | 9,562 | 8,863 |
Hedge Fund Investment: Distressed Credit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 935 | 1,320 | |
Hedge Fund Investment: Distressed Credit [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 935 | 1,320 | 2,199 |
Hedge Fund Investments: Multi-Strategy Fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,262 | 1,494 | |
Hedge Fund Investments: Multi-Strategy Fund [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,262 | $ 1,494 | $ 1,799 |
Hedge Fund Investments: Private Credit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,000 | ||
Hedge Fund Investments: Private Credit [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 2,000 |
Employee Benefit Plans (Summa74
Employee Benefit Plans (Summary of Changes in the Fair Value of the Level 3 Plan Assets) (Details) - Employee Pension Plans [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Change in Fair Value of Plan Assets | |||
Balance at beginning of year | $ 75,956 | $ 72,617 | |
Balance at end of year | 72,296 | 75,956 | |
Level 3 [Member] | |||
Change in Fair Value of Plan Assets | |||
Balance at beginning of year | 25,131 | 23,724 | |
Realized gains (losses) | (82) | 16 | |
Unrealized gains (losses) | (70) | 1,464 | |
Purchases | 8,498 | 1,076 | |
Sales | (5,926) | (3,839) | |
Reclassified to Level 3 | [1] | 2,690 | |
Balance at end of year | 27,551 | 25,131 | |
Hedge Fund Investments: Long-Short Equity Fund [Member] | |||
Change in Fair Value of Plan Assets | |||
Balance at beginning of year | 28,633 | ||
Balance at end of year | 29,010 | 28,633 | |
Hedge Fund Investments: Long-Short Equity Fund [Member] | Level 3 [Member] | |||
Change in Fair Value of Plan Assets | |||
Balance at beginning of year | 12,755 | 10,863 | |
Realized gains (losses) | (50) | ||
Unrealized gains (losses) | 581 | 843 | |
Purchases | 5,631 | 1,049 | |
Sales | (2,547) | ||
Balance at end of year | 16,370 | 12,755 | |
Hedge Fund Investments: Event Driven Fund [Member] | |||
Change in Fair Value of Plan Assets | |||
Balance at beginning of year | 13,033 | ||
Balance at end of year | 10,602 | 13,033 | |
Hedge Fund Investments: Event Driven Fund [Member] | Level 3 [Member] | |||
Change in Fair Value of Plan Assets | |||
Balance at beginning of year | 9,562 | 8,863 | |
Realized gains (losses) | (16) | ||
Unrealized gains (losses) | (585) | 505 | |
Purchases | 16 | ||
Sales | (1,977) | (2,512) | |
Reclassified to Level 3 | [1] | 2,690 | |
Balance at end of year | 6,984 | 9,562 | |
Hedge Fund Investment: Distressed Credit [Member] | |||
Change in Fair Value of Plan Assets | |||
Balance at beginning of year | 1,320 | ||
Balance at end of year | 935 | 1,320 | |
Hedge Fund Investment: Distressed Credit [Member] | Level 3 [Member] | |||
Change in Fair Value of Plan Assets | |||
Balance at beginning of year | 1,320 | 2,199 | |
Realized gains (losses) | (7) | 13 | |
Unrealized gains (losses) | (28) | 57 | |
Purchases | 5 | ||
Sales | (350) | (954) | |
Balance at end of year | 935 | 1,320 | |
Hedge Fund Investments: Multi-Strategy Fund [Member] | |||
Change in Fair Value of Plan Assets | |||
Balance at beginning of year | 1,494 | ||
Balance at end of year | 1,262 | 1,494 | |
Hedge Fund Investments: Multi-Strategy Fund [Member] | Level 3 [Member] | |||
Change in Fair Value of Plan Assets | |||
Balance at beginning of year | 1,494 | 1,799 | |
Realized gains (losses) | (9) | 3 | |
Unrealized gains (losses) | (38) | 59 | |
Purchases | 225 | 6 | |
Sales | (410) | (373) | |
Balance at end of year | 1,262 | $ 1,494 | |
Hedge Fund Investments: Private Credit [Member] | |||
Change in Fair Value of Plan Assets | |||
Balance at end of year | 2,000 | ||
Hedge Fund Investments: Private Credit [Member] | Level 3 [Member] | |||
Change in Fair Value of Plan Assets | |||
Purchases | 2,642 | ||
Sales | (642) | ||
Balance at end of year | $ 2,000 | ||
[1] | The transfer of $2.7 million from Level 2 to Level 3 was comprised of certain hedge funds that were moved due to liquidity. |
Employee Benefit Plans (Benefit
Employee Benefit Plans (Benefit Obligations in Excess of the Fair Value of Plan Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Employee Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | $ 105,942 | $ 110,923 | $ 95,178 |
Accumulated benefit obligation | 105,942 | 110,923 | |
Fair value of plan assets | 72,296 | 75,956 | $ 72,617 |
Projected benefit obligation greater than fair value of plan assets | 33,646 | 34,967 | |
Accumulated benefit obligation greater than fair value of plan assets | 33,646 | 34,967 | |
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | 102,495 | 107,570 | |
Accumulated benefit obligation | 102,495 | 107,570 | |
Fair value of plan assets | 72,296 | 75,956 | |
Projected benefit obligation greater than fair value of plan assets | 30,199 | 31,614 | |
Accumulated benefit obligation greater than fair value of plan assets | 30,199 | 31,614 | |
Benefit Equalization Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | 3,447 | 3,353 | |
Accumulated benefit obligation | 3,447 | 3,353 | |
Projected benefit obligation greater than fair value of plan assets | 3,447 | 3,353 | |
Accumulated benefit obligation greater than fair value of plan assets | $ 3,447 | $ 3,353 |
Employee Benefit Plans (Multiem
Employee Benefit Plans (Multiemployer Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Pension, Hospitalization and Benefit Plan of the Electrical Industry - Pension Trust Account [Member] | |||||
Multiemployer Plans [Line Items] | |||||
EIN | 136,123,601 | ||||
Pension Plan Number | 1 | ||||
Pension Protections Act Zone Status | Green | Green | |||
FIP/RP Status Pending or Implemented | No | ||||
Company Contributions | [1] | $ 13.6 | $ 11.8 | $ 13.4 | |
Surcharge Imposed | No | ||||
Expiration Date of Collective Bargaining Arrangement | May 31, 2016 | ||||
Steamfitters Industry Pension Fund [Member] | |||||
Multiemployer Plans [Line Items] | |||||
EIN | 136,149,680 | ||||
Pension Plan Number | 1 | ||||
Pension Protections Act Zone Status | Green | Yellow | |||
FIP/RP Status Pending or Implemented | No | ||||
Company Contributions | [1] | $ 6.2 | $ 5.1 | 4.3 | |
Surcharge Imposed | No | ||||
Expiration Date of Collective Bargaining Arrangement | Jun. 30, 2017 | ||||
Excavators Union Local 731 Pension Fund [Member] | |||||
Multiemployer Plans [Line Items] | |||||
EIN | 131,809,825 | ||||
Pension Plan Number | 2 | ||||
Pension Protections Act Zone Status | Green | Green | |||
FIP/RP Status Pending or Implemented | No | ||||
Company Contributions | $ 7.1 | $ 5.3 | 3.2 | ||
Surcharge Imposed | No | ||||
Expiration Date of Collective Bargaining Arrangement | Jun. 30, 2016 | ||||
Local 147 Construction Workers Retirement Fund [Member] | |||||
Multiemployer Plans [Line Items] | |||||
EIN | 136,528,181 | ||||
Pension Protections Act Zone Status | Green | Green | |||
FIP/RP Status Pending or Implemented | No | ||||
Company Contributions | $ 5.6 | [1] | $ 1.3 | 0.2 | |
Surcharge Imposed | No | ||||
Expiration Date of Collective Bargaining Arrangement | Jun. 30, 2018 | ||||
Iron Workers Locals 40,361 & 417 Pension Fund [Member] | |||||
Multiemployer Plans [Line Items] | |||||
EIN | 516,102,576 | ||||
Pension Plan Number | 1 | ||||
Pension Protections Act Zone Status | Yellow | Yellow | |||
FIP/RP Status Pending or Implemented | Implemented | ||||
Company Contributions | $ 5.2 | [1] | $ 0.7 | 0.5 | |
Surcharge Imposed | No | ||||
Expiration Date of Collective Bargaining Arrangement | Jun. 30, 2020 | ||||
New York City District Council of Carpenters Pension Plan [Member] | |||||
Multiemployer Plans [Line Items] | |||||
EIN | 510,174,276 | ||||
Pension Plan Number | 1 | ||||
Pension Protections Act Zone Status | Green | [2] | Green | ||
FIP/RP Status Pending or Implemented | No | ||||
Company Contributions | $ 3.1 | $ 2.6 | $ 1.6 | ||
Surcharge Imposed | No | ||||
Expiration Date of Collective Bargaining Arrangement | Jun. 30, 2016 | ||||
Multiemployer Pension Plans | Pension, Hospitalization and Benefit Plan of the Electrical Industry - Pension Trust Account [Member] | |||||
Multiemployer Plans [Line Items] | |||||
Exceeded percentage of total contributions | 5.00% | 5.00% | 5.00% | ||
Multiemployer Pension Plans | Steamfitters Industry Pension Fund [Member] | |||||
Multiemployer Plans [Line Items] | |||||
Exceeded percentage of total contributions | 5.00% | 5.00% | 5.00% | ||
Multiemployer Pension Plans | Local 147 Construction Workers Retirement Fund [Member] | |||||
Multiemployer Plans [Line Items] | |||||
Exceeded percentage of total contributions | 5.00% | ||||
Multiemployer Pension Plans | Iron Workers Locals 40,361 & 417 Pension Fund [Member] | |||||
Multiemployer Plans [Line Items] | |||||
Exceeded percentage of total contributions | 5.00% | ||||
[1] | These amounts exceeded 5% of the respective total plan contributions. | ||||
[2] | Pension Protection Act zone status is as of July 1, 2015 and 2014, respectively. |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Related party transactions | |||
Lease expense | $ 2.7 | $ 2.4 | $ 2.5 |
Expenses incurred with related party | $ 3.2 | 2.5 | 2.5 |
O&G [Member] | |||
Related party transactions | |||
Ownership percentage in joint venture | 30.00% | ||
Expenses incurred with related party | $ 10.7 | 7 | 6.9 |
Number of Company's shares of common stock held by related party joint venture partner (in shares) | 500,000 | ||
Alliant [Member] | |||
Related party transactions | |||
Insurance expense | $ 9.8 | 14.2 | $ 9.5 |
Owed to related party | $ 7.5 | $ 4 |
Unaudited Quarterly Financial78
Unaudited Quarterly Financial Data (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015USD ($)$ / shares | Sep. 30, 2015USD ($)$ / shares | Jun. 30, 2015USD ($)$ / shares | Mar. 31, 2015USD ($)$ / shares | Dec. 31, 2014USD ($)$ / shares | Sep. 30, 2014USD ($)$ / shares | Jun. 30, 2014USD ($)$ / shares | Mar. 31, 2014USD ($)$ / shares | Dec. 31, 2015USD ($)segment$ / shares | Dec. 31, 2014USD ($)$ / shares | Dec. 31, 2013USD ($)$ / shares | |
Quarterly Financial Data [Line Items] | |||||||||||
Revenues | $ 1,200,830 | $ 1,340,739 | $ 1,312,438 | $ 1,066,465 | $ 1,201,877 | $ 1,250,689 | $ 1,084,510 | $ 955,233 | $ 4,920,472 | $ 4,492,309 | $ 4,175,672 |
Gross profit | 66,673 | 100,201 | 98,620 | 90,759 | 129,723 | 140,841 | 129,531 | 105,347 | 356,253 | 505,442 | 466,904 |
Income from construction operations | 15,474 | 38,974 | 30,881 | 20,084 | 64,396 | 70,354 | 65,443 | 41,497 | 105,413 | 241,690 | 203,822 |
Income before income taxes | 11,687 | 33,955 | 19,992 | 8,205 | 53,917 | 58,616 | 47,612 | 27,293 | 73,839 | 187,438 | 139,615 |
Net income | $ 8,712 | $ 19,677 | $ 11,777 | $ 5,126 | $ 27,722 | $ 35,730 | $ 28,545 | $ 15,939 | $ 45,292 | $ 107,936 | $ 87,296 |
Earnings per share: | |||||||||||
Net income (loss) per share: Basic | $ / shares | $ 0.18 | $ 0.40 | $ 0.24 | $ 0.11 | $ 0.57 | $ 0.74 | $ 0.59 | $ 0.33 | $ 0.92 | $ 2.22 | $ 1.82 |
Diluted (in dollars per share) | $ / shares | $ 0.18 | $ 0.40 | $ 0.24 | $ 0.10 | $ 0.56 | $ 0.73 | $ 0.58 | $ 0.33 | $ 0.91 | $ 2.20 | $ 1.80 |
Number of Operating Segments | segment | 3 |
Separate Financial Informatio79
Separate Financial Information of Subsidiary Guarantors of Indebtedness (Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
CONDENSED CONSOLIDATING BALANCE SHEET | ||||
Ownership interest in guarantors (as a percent) | 100.00% | |||
ASSETS | ||||
Cash and cash equivalents | $ 75,452 | $ 135,583 | $ 119,923 | $ 168,056 |
Restricted cash | 45,853 | 44,370 | ||
Accounts receivable | 1,473,615 | 1,479,504 | ||
Costs and estimated earnings in excess of billings | 905,175 | 726,402 | ||
Deferred income taxes | 26,306 | 17,962 | ||
Other current assets | 108,844 | 68,735 | ||
Total current assets | $ 2,635,245 | $ 2,472,556 | ||
Long-term investments | ||||
Property and equipment, net | $ 523,525 | $ 527,602 | ||
Other assets: | ||||
Goodwill | 585,006 | 585,006 | 577,756 | |
Intangible assets, net | 96,540 | 100,254 | ||
Other | 202,125 | 87,897 | ||
TOTAL ASSETS | 4,042,441 | 3,773,315 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Current maturities of long-term debt | 88,917 | 81,292 | ||
Accounts payable | 937,464 | 798,174 | ||
Billings in excess of costs and estimated earnings | 288,311 | 319,296 | ||
Accrued expenses and other current liabilities | 159,016 | 159,814 | ||
Total current liabilities | 1,473,708 | 1,358,576 | ||
Long-term debt, less current maturities | 734,531 | 784,067 | ||
Deferred income taxes | 273,310 | 150,371 | ||
Other long-term liabilities | $ 140,665 | $ 114,796 | ||
Contingencies and commitments | ||||
Stockholders' Equity | $ 1,420,227 | $ 1,365,505 | 1,247,535 | 1,143,864 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 4,042,441 | 3,773,315 | ||
Eliminations [Member] | ||||
ASSETS | ||||
Accounts receivable | (146,745) | (103,622) | ||
Costs and estimated earnings in excess of billings | (77,583) | (44,456) | ||
Deferred income taxes | 2,323 | |||
Other current assets | (11,419) | (37,608) | ||
Total current assets | $ (235,747) | $ (183,363) | ||
Long-term investments | ||||
Intercompany notes and receivables | $ (148,637) | $ (122,401) | ||
Other assets: | ||||
Investment in subsidiaries | (1,962,983) | (2,174,131) | ||
Other | (5,723) | (5,453) | ||
TOTAL ASSETS | (2,353,090) | (2,485,348) | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Current maturities of long-term debt | (60,000) | |||
Accounts payable | (167,705) | (109,384) | ||
Billings in excess of costs and estimated earnings | (5,711) | (8,203) | ||
Accrued expenses and other current liabilities | (2,331) | (26,952) | ||
Total current liabilities | (235,747) | (144,539) | ||
Long-term debt, less current maturities | (5,723) | (40,453) | ||
Intercompany notes and advances payable | $ (148,637) | $ (125,992) | ||
Contingencies and commitments | ||||
Stockholders' Equity | $ (1,962,983) | $ (2,174,363) | ||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | (2,353,090) | (2,485,347) | ||
Tutor Perini Corporation [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 47,196 | 75,087 | 88,995 | 64,663 |
Restricted cash | 3,369 | 3,369 | ||
Accounts receivable | 358,437 | 299,427 | ||
Costs and estimated earnings in excess of billings | 114,580 | 70,344 | ||
Deferred income taxes | 2,255 | |||
Other current assets | 60,119 | 39,196 | ||
Total current assets | $ 585,956 | $ 487,423 | ||
Long-term investments | ||||
Property and equipment, net | $ 105,306 | $ 92,413 | ||
Other assets: | ||||
Investment in subsidiaries | 1,962,983 | 2,154,562 | ||
Other | 64,486 | 83,503 | ||
TOTAL ASSETS | 2,718,731 | 2,817,901 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Current maturities of long-term debt | 107,283 | 34,776 | ||
Accounts payable | 211,679 | 186,958 | ||
Billings in excess of costs and estimated earnings | 89,303 | 139,020 | ||
Accrued expenses and other current liabilities | 6,145 | 33,018 | ||
Total current liabilities | 414,410 | 393,772 | ||
Long-term debt, less current maturities | 659,433 | 712,460 | ||
Deferred income taxes | 142,457 | |||
Other long-term liabilities | 106,588 | 112,899 | ||
Intercompany notes and advances payable | $ 118,073 | $ 90,373 | ||
Contingencies and commitments | ||||
Stockholders' Equity | $ 1,420,227 | $ 1,365,939 | ||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 2,718,731 | 2,817,900 | ||
Guarantor Subsidiaries [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 26,892 | 36,764 | 18,031 | 74,385 |
Restricted cash | 3,283 | 5,274 | ||
Accounts receivable | 1,179,919 | 1,246,635 | ||
Costs and estimated earnings in excess of billings | 868,026 | 700,362 | ||
Deferred income taxes | 21,356 | 15,639 | ||
Other current assets | 48,482 | 42,750 | ||
Total current assets | $ 2,147,958 | $ 2,047,424 | ||
Long-term investments | ||||
Property and equipment, net | $ 414,143 | $ 430,876 | ||
Intercompany notes and receivables | 148,637 | 122,401 | ||
Other assets: | ||||
Goodwill | 585,006 | 585,006 | ||
Intangible assets, net | 96,540 | 100,254 | ||
Investment in subsidiaries | 19,519 | |||
Other | 128,094 | 9,847 | ||
TOTAL ASSETS | 3,520,378 | 3,315,327 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Current maturities of long-term debt | 41,634 | 46,516 | ||
Accounts payable | 890,268 | 716,851 | ||
Billings in excess of costs and estimated earnings | 203,003 | 185,807 | ||
Accrued expenses and other current liabilities | 115,392 | 95,177 | ||
Total current liabilities | 1,250,297 | 1,044,351 | ||
Long-term debt, less current maturities | 80,821 | 112,060 | ||
Deferred income taxes | 273,310 | 7,914 | ||
Other long-term liabilities | $ 3,278 | $ 1,897 | ||
Contingencies and commitments | ||||
Stockholders' Equity | $ 1,912,672 | $ 2,149,105 | ||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 3,520,378 | 3,315,327 | ||
Non-Guarantor Subsidiaries [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 1,364 | 23,732 | $ 12,897 | $ 29,008 |
Restricted cash | 39,201 | 35,727 | ||
Accounts receivable | 82,004 | 37,064 | ||
Costs and estimated earnings in excess of billings | 152 | 152 | ||
Deferred income taxes | 2,695 | |||
Other current assets | 11,662 | 24,397 | ||
Total current assets | $ 137,078 | $ 121,072 | ||
Long-term investments | ||||
Property and equipment, net | $ 4,076 | $ 4,313 | ||
Other assets: | ||||
Investment in subsidiaries | 50 | |||
Other | 15,268 | |||
TOTAL ASSETS | 156,422 | 125,435 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Accounts payable | 3,222 | 3,749 | ||
Billings in excess of costs and estimated earnings | 1,716 | 2,672 | ||
Accrued expenses and other current liabilities | 39,810 | 58,571 | ||
Total current liabilities | 44,748 | 64,992 | ||
Other long-term liabilities | 30,799 | |||
Intercompany notes and advances payable | $ 30,564 | $ 35,619 | ||
Contingencies and commitments | ||||
Stockholders' Equity | $ 50,311 | $ 24,824 | ||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 156,422 | $ 125,435 | ||
Senior Unsecured Notes [Member] | ||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||
Interest rate (as a percent) | 7.625% | |||
Maturity date | Nov. 1, 2018 |
Separate Financial Informatio80
Separate Financial Information of Subsidiary Guarantors of Indebtedness (Condensed Consolidating Statement of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||
REVENUE | $ 1,200,830 | $ 1,340,739 | $ 1,312,438 | $ 1,066,465 | $ 1,201,877 | $ 1,250,689 | $ 1,084,510 | $ 955,233 | $ 4,920,472 | $ 4,492,309 | $ 4,175,672 |
COST OF OPERATIONS | (4,564,219) | (3,986,867) | (3,708,768) | ||||||||
GROSS PROFIT | 66,673 | 100,201 | 98,620 | 90,759 | 129,723 | 140,841 | 129,531 | 105,347 | 356,253 | 505,442 | 466,904 |
General and administrative expenses | (250,840) | (263,752) | (263,082) | ||||||||
INCOME FROM CONSTRUCTION OPERATIONS | 15,474 | 38,974 | 30,881 | 20,084 | 64,396 | 70,354 | 65,443 | 41,497 | 105,413 | 241,690 | 203,822 |
Other income (expense), net | 12,453 | (9,536) | (18,575) | ||||||||
Interest expense | (44,027) | (44,716) | (45,632) | ||||||||
INCOME BEFORE INCOME TAXES | 11,687 | 33,955 | 19,992 | 8,205 | 53,917 | 58,616 | 47,612 | 27,293 | 73,839 | 187,438 | 139,615 |
Provision for Income Taxes | (28,547) | (79,502) | (52,319) | ||||||||
NET INCOME | $ 8,712 | $ 19,677 | $ 11,777 | $ 5,126 | $ 27,722 | $ 35,730 | $ 28,545 | $ 15,939 | 45,292 | 107,936 | 87,296 |
Other Comprehensive Income: | |||||||||||
Change in pension benefit plans assets/liabilities | 2,026 | (8,155) | 10,910 | ||||||||
Foreign currency translation | (3,214) | (638) | (738) | ||||||||
Change in fair value of investments | 766 | 205 | (555) | ||||||||
Change in fair value of interest rate swap | (125) | 349 | 578 | ||||||||
Total other comprehensive (loss) income, net of tax | (547) | (8,239) | 10,195 | ||||||||
TOTAL COMPREHENSIVE INCOME | 44,745 | 99,697 | 97,491 | ||||||||
Eliminations [Member] | |||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||
REVENUE | (262,527) | (156,776) | 179,624 | ||||||||
COST OF OPERATIONS | 262,527 | 156,776 | (179,624) | ||||||||
Equity in earnings of subsidiaries | (23,367) | (95,501) | (122,875) | ||||||||
INCOME BEFORE INCOME TAXES | (23,367) | (95,501) | (122,875) | ||||||||
NET INCOME | (23,367) | (95,501) | (122,875) | ||||||||
Other Comprehensive Income: | |||||||||||
Other comprehensive income of subsidiaries | 2,448 | 433 | 1,293 | ||||||||
Total other comprehensive (loss) income, net of tax | 2,448 | 433 | 1,293 | ||||||||
TOTAL COMPREHENSIVE INCOME | (20,919) | (95,068) | (121,582) | ||||||||
Tutor Perini Corporation [Member] | |||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||
REVENUE | 1,064,723 | 959,010 | 680,440 | ||||||||
COST OF OPERATIONS | (918,322) | (808,285) | (590,675) | ||||||||
GROSS PROFIT | 146,401 | 150,725 | 89,765 | ||||||||
General and administrative expenses | (77,806) | (80,151) | (77,507) | ||||||||
INCOME FROM CONSTRUCTION OPERATIONS | 68,595 | 70,574 | 12,258 | ||||||||
Equity in earnings of subsidiaries | 23,367 | 95,501 | 122,875 | ||||||||
Other income (expense), net | 8,155 | (8,322) | (27,162) | ||||||||
Interest expense | (41,007) | (40,658) | (41,987) | ||||||||
INCOME BEFORE INCOME TAXES | 59,110 | 117,095 | 65,984 | ||||||||
Provision for Income Taxes | (13,818) | (9,159) | 21,312 | ||||||||
NET INCOME | 45,292 | 107,936 | 87,296 | ||||||||
Other Comprehensive Income: | |||||||||||
Other comprehensive income of subsidiaries | (2,448) | (433) | (1,293) | ||||||||
Change in pension benefit plans assets/liabilities | 2,026 | (8,155) | 10,910 | ||||||||
Change in fair value of interest rate swap | (125) | 349 | 578 | ||||||||
Total other comprehensive (loss) income, net of tax | (547) | (8,239) | 10,195 | ||||||||
TOTAL COMPREHENSIVE INCOME | 44,745 | 99,697 | 97,491 | ||||||||
Guarantor Subsidiaries [Member] | |||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||
REVENUE | 4,104,871 | 3,690,075 | 3,315,608 | ||||||||
COST OF OPERATIONS | (3,908,424) | (3,353,098) | (2,960,569) | ||||||||
GROSS PROFIT | 196,447 | 336,977 | 355,039 | ||||||||
General and administrative expenses | (171,153) | (181,714) | (183,723) | ||||||||
INCOME FROM CONSTRUCTION OPERATIONS | 25,294 | 155,263 | 171,316 | ||||||||
Other income (expense), net | 3,745 | (1,705) | 8,075 | ||||||||
Interest expense | (3,020) | (4,058) | (3,645) | ||||||||
INCOME BEFORE INCOME TAXES | 26,019 | 149,500 | 175,746 | ||||||||
Provision for Income Taxes | (10,060) | (63,411) | (65,852) | ||||||||
NET INCOME | 15,959 | 86,089 | 109,894 | ||||||||
Other Comprehensive Income: | |||||||||||
Foreign currency translation | (3,214) | (638) | (738) | ||||||||
Change in fair value of investments | 766 | 205 | (555) | ||||||||
Total other comprehensive (loss) income, net of tax | (2,448) | (433) | (1,293) | ||||||||
TOTAL COMPREHENSIVE INCOME | 13,511 | 85,656 | 108,601 | ||||||||
Non-Guarantor Subsidiaries [Member] | |||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||
REVENUE | 13,405 | ||||||||||
COST OF OPERATIONS | 17,740 | 22,100 | |||||||||
GROSS PROFIT | 13,405 | 17,740 | 22,100 | ||||||||
General and administrative expenses | (1,881) | (1,887) | (1,852) | ||||||||
INCOME FROM CONSTRUCTION OPERATIONS | 11,524 | 15,853 | 20,248 | ||||||||
Other income (expense), net | 553 | 491 | 512 | ||||||||
INCOME BEFORE INCOME TAXES | 12,077 | 16,344 | 20,760 | ||||||||
Provision for Income Taxes | (4,669) | (6,932) | (7,779) | ||||||||
NET INCOME | 7,408 | 9,412 | 12,981 | ||||||||
Other Comprehensive Income: | |||||||||||
TOTAL COMPREHENSIVE INCOME | $ 7,408 | $ 9,412 | $ 12,981 |
Separate Financial Informatio81
Separate Financial Information of Subsidiary Guarantors of Indebtedness (Condensed Consolidating Statement of Cash Flows) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash Flows from Operating Activities: | |||||||||||
Net (loss) income | $ 8,712 | $ 19,677 | $ 11,777 | $ 5,126 | $ 27,722 | $ 35,730 | $ 28,545 | $ 15,939 | $ 45,292 | $ 107,936 | $ 87,296 |
Adjustments to reconcile net income to net cash from operating activities: | |||||||||||
Depreciation and amortization | 43,729 | 55,972 | 59,410 | ||||||||
Share-based compensation expense | 9,477 | 18,615 | 6,623 | ||||||||
Excess income tax benefit from share-based compensation | (186) | (787) | (1,148) | ||||||||
Deferred income taxes | 22,214 | 21,460 | 9,009 | ||||||||
(Gain) loss on sale of investments | 1,786 | ||||||||||
(Gain) loss on sale of property and equipment | (2,909) | 801 | 49 | ||||||||
Other long-term liabilities | 28,912 | 3,074 | 23,107 | ||||||||
Other non-cash items | (3,680) | 3,273 | (3,719) | ||||||||
Changes in other components of working capital | (128,777) | (268,808) | (129,899) | ||||||||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 14,072 | (56,678) | 50,728 | ||||||||
Cash Flows from Investing Activities: | |||||||||||
Acquisition of property and equipment excluding financed purchases | (35,912) | (75,013) | (42,360) | ||||||||
Proceeds from sale of property and equipment | 4,980 | 5,335 | 2,663 | ||||||||
Proceeds from sale of available-for-sale securities | 44,497 | ||||||||||
Change in restricted cash | (1,483) | (1,776) | (3,877) | ||||||||
NET CASH USED IN INVESTING ACTIVITIES | (32,415) | (26,957) | (43,574) | ||||||||
Cash Flows from Financing Activities: | |||||||||||
Proceeds from debt | 1,013,205 | 1,156,739 | 653,280 | ||||||||
Repayment of debt | (1,054,371) | (1,026,349) | (676,795) | ||||||||
Business acquisition-related payments | (26,430) | (31,038) | |||||||||
Excess income tax benefit from share-based compensation | 186 | 787 | 1,148 | ||||||||
Issuance of common stock and effect of cashless exercise | (808) | (1,771) | (1,882) | ||||||||
Debt issuance costs | (3,681) | ||||||||||
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES | (41,788) | 99,295 | (55,287) | ||||||||
Net (decrease) increase in cash and cash equivalents | (60,131) | 15,660 | (48,133) | ||||||||
Cash and cash equivalents at beginning of year | 135,583 | 119,923 | 135,583 | 119,923 | 168,056 | ||||||
Cash and cash equivalents at end of year | 75,452 | 135,583 | 75,452 | 135,583 | 119,923 | ||||||
Eliminations [Member] | |||||||||||
Cash Flows from Operating Activities: | |||||||||||
Net (loss) income | (23,367) | (95,501) | (122,875) | ||||||||
Adjustments to reconcile net income to net cash from operating activities: | |||||||||||
Equity in earnings of subsidiaries | 23,367 | 95,501 | 122,875 | ||||||||
Cash Flows from Investing Activities: | |||||||||||
(Increase) decrease in intercompany advances | 102,763 | ||||||||||
NET CASH USED IN INVESTING ACTIVITIES | 102,763 | ||||||||||
Cash Flows from Financing Activities: | |||||||||||
Increase (decrease) in intercompany advances | (102,763) | ||||||||||
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES | (102,763) | ||||||||||
Tutor Perini Corporation [Member] | |||||||||||
Cash Flows from Operating Activities: | |||||||||||
Net (loss) income | 45,292 | 107,936 | 87,296 | ||||||||
Adjustments to reconcile net income to net cash from operating activities: | |||||||||||
Depreciation and amortization | 10,707 | 4,592 | 10,893 | ||||||||
Equity in earnings of subsidiaries | (23,367) | (95,501) | (122,875) | ||||||||
Share-based compensation expense | 9,477 | 19,256 | 6,623 | ||||||||
Excess income tax benefit from share-based compensation | (186) | (787) | (1,148) | ||||||||
Adjustment interest rate swap to fair value | (224) | ||||||||||
Deferred income taxes | 1,399 | 39,186 | 921 | ||||||||
(Gain) loss on sale of investments | 1,786 | ||||||||||
(Gain) loss on sale of property and equipment | 82 | 833 | |||||||||
Other long-term liabilities | (3,157) | 20,221 | 24,359 | ||||||||
Other non-cash items | (248) | (7,029) | (4,341) | ||||||||
Changes in other components of working capital | (154,300) | (26,100) | 72,359 | ||||||||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | (114,525) | 64,393 | 74,087 | ||||||||
Cash Flows from Investing Activities: | |||||||||||
Acquisition of property and equipment excluding financed purchases | (21,587) | (17,626) | (21,267) | ||||||||
Proceeds from sale of property and equipment | (784) | 6 | |||||||||
Proceeds from sale of available-for-sale securities | 44,497 | ||||||||||
Change in restricted cash | 15,464 | 11,403 | |||||||||
NET CASH USED IN INVESTING ACTIVITIES | (21,587) | 41,551 | (9,858) | ||||||||
Cash Flows from Financing Activities: | |||||||||||
Proceeds from debt | 981,855 | 1,078,932 | 627,520 | ||||||||
Repayment of debt | (962,701) | (957,830) | (647,795) | ||||||||
Business acquisition-related payments | (26,430) | (31,038) | |||||||||
Excess income tax benefit from share-based compensation | 186 | 787 | 1,148 | ||||||||
Issuance of common stock and effect of cashless exercise | (808) | (1,772) | (1,882) | ||||||||
Debt issuance costs | (3,681) | ||||||||||
Increase (decrease) in intercompany advances | 89,689 | (209,858) | 12,150 | ||||||||
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES | 108,221 | (119,852) | (39,897) | ||||||||
Net (decrease) increase in cash and cash equivalents | (27,891) | (13,908) | 24,332 | ||||||||
Cash and cash equivalents at beginning of year | 75,087 | 88,995 | 75,087 | 88,995 | 64,663 | ||||||
Cash and cash equivalents at end of year | 47,196 | 75,087 | 47,196 | 75,087 | 88,995 | ||||||
Guarantor Subsidiaries [Member] | |||||||||||
Cash Flows from Operating Activities: | |||||||||||
Net (loss) income | 15,959 | 86,089 | 109,894 | ||||||||
Adjustments to reconcile net income to net cash from operating activities: | |||||||||||
Depreciation and amortization | 32,746 | 51,109 | 48,246 | ||||||||
Share-based compensation expense | (641) | ||||||||||
Adjustment interest rate swap to fair value | 224 | ||||||||||
Deferred income taxes | 36,083 | (17,726) | 8,088 | ||||||||
(Gain) loss on sale of property and equipment | (2,991) | (32) | 49 | ||||||||
Other long-term liabilities | 32,069 | (17,147) | (1,252) | ||||||||
Other non-cash items | (3,432) | 10,302 | 622 | ||||||||
Changes in other components of working capital | 49,868 | (264,203) | (184,543) | ||||||||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 160,526 | (152,249) | (18,896) | ||||||||
Cash Flows from Investing Activities: | |||||||||||
Acquisition of property and equipment excluding financed purchases | (14,286) | (57,387) | (21,093) | ||||||||
Proceeds from sale of property and equipment | 4,980 | 6,119 | 2,657 | ||||||||
(Increase) decrease in intercompany advances | (102,763) | ||||||||||
Change in restricted cash | 1,991 | 2,766 | 441 | ||||||||
NET CASH USED IN INVESTING ACTIVITIES | (110,078) | (48,502) | (17,995) | ||||||||
Cash Flows from Financing Activities: | |||||||||||
Proceeds from debt | 31,350 | 77,807 | 25,760 | ||||||||
Repayment of debt | (91,670) | (68,519) | (29,000) | ||||||||
Issuance of common stock and effect of cashless exercise | 1 | ||||||||||
Increase (decrease) in intercompany advances | 210,195 | (16,223) | |||||||||
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES | (60,320) | 219,484 | (19,463) | ||||||||
Net (decrease) increase in cash and cash equivalents | (9,872) | 18,733 | (56,354) | ||||||||
Cash and cash equivalents at beginning of year | 36,764 | 18,031 | 36,764 | 18,031 | 74,385 | ||||||
Cash and cash equivalents at end of year | 26,892 | 36,764 | 26,892 | 36,764 | 18,031 | ||||||
Non-Guarantor Subsidiaries [Member] | |||||||||||
Cash Flows from Operating Activities: | |||||||||||
Net (loss) income | 7,408 | 9,412 | 12,981 | ||||||||
Adjustments to reconcile net income to net cash from operating activities: | |||||||||||
Depreciation and amortization | 276 | 271 | 271 | ||||||||
Deferred income taxes | (15,268) | ||||||||||
Changes in other components of working capital | (24,345) | 21,495 | (17,715) | ||||||||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | (31,929) | 31,178 | (4,463) | ||||||||
Cash Flows from Investing Activities: | |||||||||||
Acquisition of property and equipment excluding financed purchases | (39) | ||||||||||
Change in restricted cash | (3,474) | (20,006) | (15,721) | ||||||||
NET CASH USED IN INVESTING ACTIVITIES | (3,513) | (20,006) | (15,721) | ||||||||
Cash Flows from Financing Activities: | |||||||||||
Increase (decrease) in intercompany advances | 13,074 | (337) | 4,073 | ||||||||
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES | 13,074 | (337) | 4,073 | ||||||||
Net (decrease) increase in cash and cash equivalents | (22,368) | 10,835 | (16,111) | ||||||||
Cash and cash equivalents at beginning of year | $ 23,732 | $ 12,897 | 23,732 | 12,897 | 29,008 | ||||||
Cash and cash equivalents at end of year | $ 1,364 | $ 23,732 | $ 1,364 | $ 23,732 | $ 12,897 |