Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 21, 2018 | Jun. 30, 2017 | |
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, 2017 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 1,116,725,095 | ||
Entity Common Stock, Shares Outstanding | 49,791,010 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | tpc |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
REVENUE | $ 4,757,208 | $ 4,973,076 | $ 4,920,472 |
COST OF OPERATIONS | (4,302,803) | (4,515,886) | (4,564,219) |
GROSS PROFIT | 454,405 | 457,190 | 356,253 |
General and administrative expenses | (274,928) | (255,270) | (250,840) |
INCOME FROM CONSTRUCTION OPERATIONS | 179,477 | 201,920 | 105,413 |
Other income, net | 43,882 | 6,977 | 13,569 |
Interest expense | (69,384) | (59,782) | (45,143) |
INCOME BEFORE INCOME TAXES | 153,975 | 149,115 | 73,839 |
Income tax benefit (provision) | 569 | (53,293) | (28,547) |
NET INCOME | 154,544 | 95,822 | 45,292 |
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (6,162) | ||
NET INCOME ATTRIBUTABLE TO TUTOR PERINI CORPORATION | $ 148,382 | $ 95,822 | $ 45,292 |
BASIC EARNINGS PER COMMON SHARE | $ 2.99 | $ 1.95 | $ 0.92 |
DILUTED EARNINGS PER COMMON SHARE | $ 2.92 | $ 1.92 | $ 0.91 |
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING: | |||
BASIC | 49,647 | 49,150 | 48,981 |
DILUTED | 50,759 | 49,864 | 49,666 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | |||
NET INCOME | $ 154,544 | $ 95,822 | $ 45,292 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | |||
Defined benefit pension plan adjustments | 1,424 | (2,623) | 2,026 |
Foreign currency translation adjustments | 1,273 | (261) | (3,214) |
Unrealized gain (loss) in fair value of investments | (2) | (340) | 766 |
Unrealized loss in fair value of interest rate swap | (24) | (125) | |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 2,695 | (3,248) | (547) |
COMPREHENSIVE INCOME | 157,239 | 92,574 | 44,745 |
LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (6,162) | ||
COMPREHENSIVE INCOME ATTRIBUTABLE TO TUTOR PERINI CORPORATION | $ 151,077 | $ 92,574 | $ 44,745 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
CURRENT ASSETS: | ||
Cash, including cash equivalents of $1,481 and $15,302 ($53,067 and $0 related to VIEs) | $ 192,868 | $ 146,103 |
Restricted cash | 4,780 | 50,504 |
Restricted investments | 53,014 | |
Accounts receivable, including retainage of $535,939 and $569,391 (AR of $42,413 and $0 related to VIEs) | 1,801,656 | 1,743,300 |
Costs and estimated earnings in excess of billings | 932,758 | 831,826 |
Other current assets | 89,316 | 66,023 |
Total current assets | 3,074,392 | 2,837,756 |
PROPERTY AND EQUIPMENT: | ||
Land | 41,382 | 41,382 |
Building and improvements | 125,029 | 124,157 |
Construction equipment | 477,988 | 444,153 |
Other equipment | 182,288 | 181,717 |
Total property and equipment, gross | 826,687 | 791,409 |
Less accumulated depreciation | (359,188) | (313,783) |
Total property and equipment, net ($11,641 and $0 related to VIEs) | 467,499 | 477,626 |
GOODWILL | 585,006 | 585,006 |
INTANGIBLE ASSETS, NET | 89,454 | 92,997 |
OTHER ASSETS | 47,772 | 45,235 |
TOTAL ASSETS | 4,264,123 | 4,038,620 |
CURRENT LIABILITIES: | ||
Current maturities of long-term debt | 30,748 | 85,890 |
Accounts payable, including retainage of $261,820 and $258,294 (AP of $19,243 and $0 related to VIEs) | 961,791 | 994,016 |
Billings in excess of costs and estimated earnings ($120,952 and $0 related to VIEs) | 456,869 | 331,112 |
Accrued expenses and other current liabilities | 132,438 | 107,925 |
Total current liabilities | 1,581,846 | 1,518,943 |
LONG-TERM DEBT, less current maturities, net of unamortized discounts and debt issuance costs totaling $45,631 and $56,072 | 705,528 | 673,629 |
DEFERRED TAX LIABILITIES | 108,504 | 131,007 |
OTHER LONG-TERM LIABILITIES | 163,465 | 162,018 |
TOTAL LIABILITIES | 2,559,343 | 2,485,597 |
CONTINGENCIES AND COMMITMENTS (Note 6) | ||
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 49,781,010 and 49,211,353 shares | 49,781 | 49,211 |
Additional paid-in capital | 1,084,205 | 1,075,600 |
Retained earnings | 622,007 | 473,625 |
Accumulated other comprehensive loss | (42,718) | (45,413) |
Total stockholders' equity | 1,713,275 | 1,553,023 |
Noncontrolling interests | (8,495) | |
TOTAL EQUITY | 1,704,780 | 1,553,023 |
TOTAL LIABILITIES AND EQUITY | $ 4,264,123 | $ 4,038,620 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Cash, including cash equivalents | $ 192,868 | $ 146,103 |
Cash equivalents | 1,481 | 15,302 |
Accounts receivable | 1,801,656 | 1,743,300 |
Accounts receivable, retainage | 535,939 | 569,391 |
Total property and equipment, net ($11,641 and $0 related to VIEs) | 467,499 | 477,626 |
Accounts payable | 961,791 | 994,016 |
Contract payable retainage | 261,820 | 258,294 |
Billings in excess of costs and estimated earnings | 456,869 | 331,112 |
Unamortized discount and debt issuance cost | $ 45,631 | $ 56,072 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, shares issued | 0 | 0 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares issued | 49,781,010 | 49,211,353 |
Common stock, shares outstanding | 49,781,010 | 49,211,353 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Cash, including cash equivalents | $ 53,067 | $ 0 |
Accounts receivable | 42,413 | 0 |
Total property and equipment, net ($11,641 and $0 related to VIEs) | 11,641 | 0 |
Accounts payable | 19,243 | 0 |
Billings in excess of costs and estimated earnings | $ 120,952 | $ 0 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash Flows from Operating Activities: | |||
Net income | $ 154,544 | $ 95,822 | $ 45,292 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 48,387 | 63,759 | 37,919 |
Amortization of intangible assets | 3,543 | 3,543 | 3,715 |
Share-based compensation expense | 21,174 | 13,423 | 9,477 |
Excess income tax benefit from share-based compensation | (269) | (186) | |
Change in debt discounts and deferred debt issuance costs | 17,595 | 10,968 | 2,095 |
Deferred income taxes | (23,096) | (10,169) | 22,214 |
Loss (gain) on sale of property and equipment | 1,131 | 453 | (2,909) |
Changes in other components of working capital | (60,214) | (90,530) | (128,777) |
Other long-term liabilities | 3,656 | 28,210 | 28,912 |
Other | (3,170) | (1,874) | (3,680) |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 163,550 | 113,336 | 14,072 |
Cash Flows from Investing Activities: | |||
Acquisition of property and equipment | (30,280) | (15,743) | (35,912) |
Proceeds from sale of property and equipment | 2,744 | 1,899 | 4,980 |
Investments in securities, restricted | (54,504) | ||
Investments in securities | (6,463) | ||
Proceeds from maturities of investments in securities | 1,370 | ||
Change in restricted cash | 45,724 | (4,651) | (1,483) |
NET CASH USED IN INVESTING ACTIVITIES | (41,409) | (18,495) | (32,415) |
Cash Flows from Financing Activities: | |||
Proceeds from debt | 2,161,384 | 1,353,895 | 1,013,205 |
Repayment of debt | (2,195,068) | (1,562,684) | (1,054,371) |
Issuance of convertible notes | 200,000 | ||
Debt issuance and extinguishment costs | (15,266) | (15,086) | |
Cash payments related to share-based compensation | (11,769) | (584) | (808) |
Excess income tax benefit from share-based compensation | 269 | 186 | |
Distributions paid to noncontrolling interests | (17,499) | ||
Contributions from noncontrolling interests | 2,842 | ||
NET CASH USED IN FINANCING ACTIVITIES | (75,376) | (24,190) | (41,788) |
Net increase (decrease) in cash and cash equivalents | 46,765 | 70,651 | (60,131) |
Cash and cash equivalents at beginning of year | 146,103 | 75,452 | 135,583 |
Cash and cash equivalents at end of year | $ 192,868 | $ 146,103 | $ 75,452 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Noncontrolling Interests [Member] | Total |
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 income (loss) | (547) | (547) | ||||
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 | |
Net income | 95,822 | 95,822 | ||||
Other comprehensive income (loss) | (3,248) | (3,248) | ||||
Tax effect of share-based compensation | (457) | (457) | ||||
Share-based compensation expense | 13,423 | 13,423 | ||||
Issuance of common stock, net | 138 | 676 | 814 | |||
Convertible note proceeds allocated to conversion option, net | 26,442 | 26,442 | ||||
Balance at Dec. 31, 2016 | 49,211 | 1,075,600 | 473,625 | (45,413) | 1,553,023 | |
Net income | 148,382 | $ 6,162 | 154,544 | |||
Other comprehensive income (loss) | 2,695 | 2,695 | ||||
Share-based compensation expense | 20,877 | 20,877 | ||||
Issuance of common stock, net | 570 | (12,272) | (11,702) | |||
Contributions from noncontrolling interests | 2,842 | 2,842 | ||||
Distributions to noncontrolling interests | (17,499) | (17,499) | ||||
Balance at Dec. 31, 2017 | $ 49,781 | $ 1,084,205 | $ 622,007 | $ (42,718) | $ (8,495) | $ 1,704,780 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
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 occasionally forms joint ventures with unrelated third parties for the execution of single contracts or projects. The Company assesses its joint ventures at inception to determine if they meet the qualifications of a variable interest entity (“VIE”) in accordance with ASC 810, Consolidation (“ASC 810”). If a joint venture is a VIE and the Company is the primary beneficiary, the joint venture is fully consolidated (See Note 11 below). For construction joint ventures that do not need to be consolidated, the Company accounts for its interest in the joint ventures using the proportionate consolidation method, whereby the Company’s proportionate share of the joint ventures’ assets, liabilities, revenue and cost of operations are included in the appropriate classifications in the Company’s 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 as current construction-related assets and liabilities that may be settled beyond one year from the balance sheet date, consistent with the length of time of the Company’s project operating cycle. Included in these balances are the following: costs and estimated earnings in excess of billings, which represent the excess of contract costs and profits (or contract revenue) over the amount of contract billings to date; billings in excess of costs and estimated earnings, which represent the excess of contract billings to date over the amount of contract costs and profits (or contract revenue) recognized to date; and contract retainage receivables and payables, which represent amounts invoiced to customers and amounts invoiced to the Company by subcontractors where payments have been withheld pending the completion of certain milestones, other contractual conditions or upon the completion of the project. Costs and estimated earnings in excess of billings result when either: 1) 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, or 2) costs are incurred related to certain claims and unapproved change orders. 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 a change in the scope of work results in additional work being performed before the parties have agreed on the corresponding change in the contract price. 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 under ASC 605-35, Construction-Type and Production-Type Contracts , 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. Costs and estimated earnings in excess of billings, as reported on the Balance Sheet, consisted of the following: As of December 31, (in thousands) 2017 2016 Claims $ 549,849 $ 477,425 Unapproved change orders 296,591 207,475 Other unbilled costs and profits 86,318 146,926 Total costs and estimated earnings in excess of billings $ 932,758 $ 831,826 Claims and unapproved change orders are billable upon the resolution of any disputed or open items between the contractual parties and the execution of contractual amendments. Increases in claims and unapproved change orders typically result from costs being incurred against existing or new positions where recovery is concluded to be both probable and reliably estimable; decreases normally result from resolutions and subsequent billings. For both claims and unapproved change orders, the Company recognizes revenue, but not profit. Other unbilled costs and profits are billable in accordance with the billing terms of each of the existing contractual arrangements and, as such, the timing of contract billing cycles can cause fluctuations in the balance of unbilled costs and profits. Ultimate resolution of other unbilled costs and profits typically involves the passage of time and, often, incremental progress toward contractual requirements or milestones. The amount of costs and estimated earnings in excess of billings as of December 31, 201 7 estimated by management to be collected beyond one year is approximately $443.7 million. Retainage agreements vary from project to project and balances could be outstanding for several months or years depending on a number of circumstances, such as contract-specific terms, project performance and other variables that may arise as the Company makes progress towards completion. Generally, retainage payables are not remitted to the Company’s subcontractors until the associated retainage receivables from the customer are collected. As of December 31, 2017, the amount of retainage receivables and payables estimated by management to be collected or remitted beyond one year is approximately 30% and 19% of the balances, respectively. (e) Changes in Estimates on Construction Contracts 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 evaluates changes in estimates on a contract by contract basis and discloses significant changes, if material, in the notes to the consolidated financial statements. The cumulative catch-up method is used to account for revisions in estimates. (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 The Company tests goodwill for impairment annually for each reporting unit in the fourth quarter of the fiscal year, and between annual tests if events occur or circumstances change which suggest that goodwill should be reevaluated. Such events or circumstances include significant changes in legal factors and business climate, recent losses at a reporting unit, and industry trends, among other factors. The Civil, Building and Specialty Contractors segments each represent a reporting unit. The Company performs its 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 present value of future cash flows for each reporting unit. 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 2017 resulted in an estimated fair value for each of the Company’s reporting units that exceeded their respective net book values; therefore, no impairment charge was necessary for 2017. (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 events occur or circumstances change which suggest that the non-amortizable trade names should be reevaluated. The Company performs its annual quantitative impairment assessment during the fourth quarter of each year using an income approach (relief from royalty method). The quantitative assessment performed in 2017 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 2017. (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 Common Share Basic EPS and diluted EPS are calculated by dividing net income attributable to Tutor Perini Corporation by the following: for basic EPS, the weighted-average number of common shares outstanding during the period; and for diluted EPS, the sum of the weighted-average number of both outstanding common shares and potentially dilutive securities, which for the Company can include restricted stock units, unexercised stock options and the Convertible Notes, as defined in Note 5. The Company calculates the effect of these potentially dilutive securities using the treasury stock method. Year Ended December 31, (in thousands, except per common share data) 2017 2016 2015 Net income attributable to Tutor Perini Corporation $ 148,382 $ 95,822 $ 45,292 Weighted-average common shares outstanding, basic 49,647 49,150 48,981 Effect of dilutive stock options and unvested restricted stock 1,112 714 685 Weighted-average common shares outstanding, diluted 50,759 49,864 49,666 Net income attributable to Tutor Perini Corporation per common share: Basic $ 2.99 $ 1.95 $ 0.92 Diluted $ 2.92 $ 1.92 $ 0.91 Anti-dilutive securities not included above 798 1,132 1,372 With regard to diluted EPS and the impact of the Convertible Notes on the diluted EPS calculation, because the Company has the intent and ability to settle the principal amount of the Convertible Notes in cash, per ASC 260, Earnings Per Share , the settlement of the principal amount has no impact on diluted EPS. (l) Cash and Cash Equivalents Cash equivalents include short-term, highly liquid investments with maturities of three months or less when acquired. Cash and cash equivalents, as reported in the accompanying Consolidated Balance Sheets, consist of amounts available for the Company’s general purposes, as well as the Company’s proportionate share of cash held by the Company’s unconsolidated joint ventures and also amounts held by the Company’s consolidated joint ventures. In both cases, cash held by joint ventures is available only for joint venture-related uses, including future distributions to joint venture partners. Cash and cash equivalents consisted of the following: As of December 31, (in thousands) 2017 2016 Cash and cash equivalents $ 94,713 $ 49,539 Joint venture cash and cash equivalents 98,155 96,564 Total cash and cash equivalents $ 192,868 $ 146,103 (m) Restricted Cash and Restricted Investments The Company has restricted cash and restricted investments primarily held as collateral to secure insurance-related contingent obligations, such as insurance claim deductibles, in lieu of letters of credit. Restricted investments are comprised of various corporate bonds and bank notes that are rated A3 or better and have maturities within the Company’s operating cycle. These restricted investments are held-to-maturity securities carried at amortized cost. (n) Share-Based Compensation The Company’s long-term incentive plans allow the Company to grant share-based compensation awards in a variety of forms, including restricted and unrestricted 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. Unrestricted stock units vest immediately and are generally issued to the directors as part of their annual retainer fees, in which case they are expensed over a 12-month service period. For share-based awards that have a service requirement, the Company accounts for forfeitures upon occurrence, rather than estimating the probability of forfeiture at the date of grant. Accordingly, the Company recognizes the full grant-date fair value of these awards on a straight-line basis throughout the requisite service period, reversing any expense if, and only if, there is a forfeiture. For share-based awards that have a performance-based vesting requirement, the Company evaluates the probability of achieving the performance criterion throughout the performance period, and will adjust share-based compensation expense if it estimates that the achievement of the performance criterion, the achievement of which is ultimately determined by the Compensation Committee, is not probable. (o) 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. (p) 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 plan assets/liabilities, cumulative foreign currency translation, change in fair value of investments and change in fair value of an 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, 2017 2016 2015 (in thousands) Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount Before-Tax Amount Tax Benefit Net-of-Tax Amount Before-Tax Amount Tax Benefit (Expense) Net-of-Tax Amount Other comprehensive income (loss): Defined benefit pension plan adjustments $ 2,416 $ (992) $ 1,424 $ (4,452) $ 1,829 $ (2,623) $ 31 $ 1,995 $ 2,026 Foreign currency translation adjustment 2,159 (886) 1,273 (439) 178 (261) (5,897) 2,683 (3,214) Unrealized (loss) gain in fair value of investments (4) 2 (2) (576) 236 (340) 1,123 (357) 766 Unrealized loss in fair value of interest rate swap — — — (45) 21 (24) (37) (88) (125) Total other comprehensive income (loss) $ 4,571 $ (1,876) $ 2,695 $ (5,512) $ 2,264 $ (3,248) $ (4,780) $ 4,233 $ (547) Total other comprehensive income (loss) attributable to Tutor Perini Corporation $ 4,571 $ (1,876) $ 2,695 $ (5,512) $ 2,264 $ (3,248) $ (4,780) $ 4,233 $ (547) The changes in AOCI balances by component (after tax) for each of the three years ended December 31, 2017 are as follows: (in thousands) Defined Benefit Pension Plan Foreign Currency Translation Unrealized (Loss) Gain in Fair Value of Investments Unrealized Gain (Loss) in Fair Value of Interest Rate Swap Accumulated Other Comprehensive Loss Attributable to Tutor Perini Corporation: 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) Other comprehensive loss before reclassifications (3,722) (261) (340) (24) (4,347) Amounts reclassified from AOCI 1,099 — — — 1,099 Balance as of December 31, 2016 $ (40,865) $ (4,864) $ 316 $ — $ (45,413) Other comprehensive income (loss) before reclassifications 306 1,273 (2) — 1,577 Amounts reclassified from AOCI 1,118 — — — 1,118 Balance as of December 31, 2017 $ (39,441) $ (3,591) $ 314 $ — $ (42,718) The significant items reclassified out of AOCI and the corresponding location and impact on the Consolidated Statements of Income are as follows: Location in Consolidated Year Ended December 31, (in thousands) Statements of Income 2017 2016 2015 Defined benefit pension plan adjustments Various accounts (a) $ 1,897 $ 1,745 $ — Income tax benefit Income tax benefit (provision) (779) (646) — Net of tax $ 1,118 $ 1,099 $ — (a) Defined benefit pension plan adjustments were reclassified to cost of operations and general and administrative expenses. (q) New Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606) , as amended by subsequent ASUs (collectively, “ASU 2014-09”). ASU 2014-09 amends the existing accounting standards for revenue recognition and establishes principles for recognizing revenue upon the transfer of promised goods or services to customers based on the expected consideration to be received in exchange for those goods or services. The guidance is effective for interim and annual reporting periods beginning after December 15, 2017. The amendments may be applied retrospectively to each prior period presented or with the cumulative effect recognized as of the date of initial application (modified retrospective method). The Company will adopt this new standard using the modified retrospective method. The Company has reviewed its contract portfolio in order to determine the impact that the adoption of ASU 2014-09 will have on its consolidated financial statements. Based on the Company’s evaluation of ASU 2014-09, the Company expects an immaterial reduction to beginning retained earnings, with an immaterial impact to net income on an ongoing basis. The Company has implemented changes to its business processes, systems and internal controls to support the adoption of this new standard and the related disclosure requirements. The adoption of the standard is also expected to impact the presentation of the consolidated balance sheet. The impact primarily relates to reclassifications among project working capital financial statement accounts to align with the new standard. In February 2016, the FASB issued ASU 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 leased asset’s economic benefits. This guidance will be effective for interim and annual reporting periods beginning after December 15, 2018 and will be applied using the modified retrospective transition method for existing leases. The Company is currently evaluating the effect that the adoption of this ASU will have on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”), which simplifies several aspects of the accounting for share-based payment transactions, including the accounting for the income tax effect of share-based transactions and the forfeiture of share-based instruments. The Company prospectively adopted this ASU effective January 1, 2017. Upon this adoption, the Company changed its accounting policy for share-based awards that have service requirements such that the impact for failure to meet service requirements will only be recognized upon occurrence. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”), seeking to eliminate diversity in practice related to how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The amendments in ASU 2016-15 address eight specific cash flow issues including the classification of debt prepayment and extinguishment costs in the cash flow statement. The amendments in ASU 2016-15 are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period provided any adjustments should be reflected as of the beginning of the fiscal year that includes the interim period. The Company adopted this accounting standard in 2017 and has applied the provisions retrospectively to the beginning of the fiscal years presented in the Consolidated Financial Statements. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash , which requires restricted cash to be included with cash and cash equivalent balances in the statement of cash flows. The guidance is effective for interim and annual reporting periods beginning after December 15, 2017 . The adoption of this ASU will result in an increase of net cash used in investing activities of $45.7 million for the year ended December 31, 2017 and a decrease of net cash used in investing activities of $4.7 million and $1.5 million for the years ended December 31, 2016 and 2015. In January 2017, the FASB issued ASU 2017-04, Intangibles — Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (“ASU 2017-04”). This ASU simplifies the calculation of goodwill impairment by eliminating Step 2 of the impairment test prescribed by ASC 350. Step 2 requires companies to calculate the implied fair value of their goodwill by estimating the fair value of their assets, other than goodwill, and liabilities, including unrecognized assets and liabilities, following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. The calculated net fair value of the assets would then be compared to the fair value of the reporting unit to determine the implied fair value of goodwill, and to the extent that the carrying value of goodwill was less than the implied fair value, a loss would be recognized. Under ASU 2017-04, however, goodwill is impaired when the calculated fair value of a reporting unit is less than its carrying value, and the impairment charge will equal that difference (i.e., impairment will be calculated at the reporting unit level and there will be no need to estimate the fair value of individual assets and liabilities). This guidance will be effective for any goodwill impairment tests performed in fiscal years beginning after December 15, 2019; however, early adoption is permitted for tests performed on testing dates after January 1, 2017. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements. In May 2017, the FASB issued ASU 2017-09, Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting . This ASU clarifies the scope of modification accounting under Topic 718 with respect to changes to the terms or conditions of a share-based payments award. Under this new guidance, modification accounting would not apply if a change to an award does not affect the total current fair value, vesting conditions or the classification of the award. This guidance is effective for interim and annual reporting periods beginning after December 15, 2017, with early adoption permitted. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements. In February 2018, the FASB issued ASU 2018-02, Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from the Accumulated Other Comprehensive Income. This ASU gives entities the option to reclassify to retained earnings tax effects related to items in accumulated other comprehensive income that the FASB refers to as having been stranded in accumulated other comprehensive income as a result of tax reform. Entities can apply the provisions of this ASU either in the period of adoption or retrospectively. The guidance is effective for interim and annual reporting periods beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating the effect that the adoption of this ASU will have on its consolidated financial statements. |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows | 12 Months Ended |
Dec. 31, 2017 | |
Consolidated Statement of Cash Flows [Abstract] | |
Consolidated Statement of Cash Flows | 2. Consolidated Statement of Cash Flows Below are the changes in other components of working capital, as shown in the Consolidated Statements of Cash Flows, and the supplemental disclosure of cash paid for interest and income taxes: Year Ended December 31, (in thousands) 2017 2016 2015 (Increase) Decrease in: Accounts receivable $ (57,609) $ (269,900) $ 4,734 Costs and estimated earnings in excess of billings (100,932) 73,349 (178,774) Other current assets (19,718) 39,480 (38,616) (Decrease) Increase in: Accounts payable (32,225) 56,552 139,290 Billings in excess of costs and estimated earnings 125,757 42,926 (30,985) Accrued expenses 24,513 (32,937) (24,426) Changes in other components of working capital $ (60,214) $ (90,530) $ (128,777) Cash paid during the year for: Interest $ 50,443 $ 47,403 $ 45,055 Income taxes $ 39,776 $ 26,908 $ 35,299 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Taxes [Abstract] | |
Income Taxes | 3. Income Taxes Income before taxes is summarized as follows: Year Ended December 31, (in thousands) 2017 2016 2015 United States operations $ 135,177 $ 128,072 $ 69,822 Foreign operations 18,798 21,043 4,017 Total $ 153,975 $ 149,115 $ 73,839 The income tax (benefit) provision is as follows: Year Ended December 31, (in thousands) 2017 2016 2015 Current expense: Federal $ 12,329 $ 43,850 $ 5,465 State 6,763 13,039 (362) Foreign 3,435 6,573 1,126 Total current 22,527 63,462 6,229 Deferred (benefit) expense: Federal (30,021) (3,054) 19,583 State 5,560 (5,302) 2,735 Foreign 1,365 (1,813) — Total deferred (23,096) (10,169) 22,318 Total (benefit) provision $ (569) $ 53,293 $ 28,547 The following table is a reconciliation of the Company’s income tax provision at the statutory rates to the income tax (benefit) provision at the Company’s effective rate: Year Ended December 31, 2017 2016 2015 (dollars in thousands) Amount Rate Amount Rate Amount Rate Federal income tax expense at statutory tax rate $ 53,892 35.0 % $ 52,190 35.0 % $ 25,844 35.0 % State income taxes, net of federal tax benefit 7,753 5.0 4,614 3.1 3,685 5.0 Impact of federal tax law change (53,348) (34.6) — — — — Officers' compensation 2,622 1.7 3,807 2.6 2,900 3.9 Domestic production activities deduction (2,668) (1.7) (4,018) (2.7) (1,499) (2.0) Noncontrolling interest (2,137) (1.4) — — — — Reversal of taxes payable due to statute expiration (4,337) (2.8) — — — — Other (2,346) (1.6) (3,300) (2.3) (2,383) (3.2) Income tax (benefit) provision $ (569) (0.4) % $ 53,293 35.7 % $ 28,547 38.7 % On December 22, 2017, the U.S. government enacted significant tax legislation commonly referred to as the Tax Cuts and Jobs Act of 2017 (the “TCJA”). The TCJA makes broad and complex changes to the U.S. tax code that will impact the Company’s financial statements, including but not limited to a permanent decrease in the corporate federal statutory income tax rate from 35% to 21%, effective January 1, 2018, and a one-time transition tax from the inclusion of foreign earnings, which the Company can elect to pay over eight years. Future distributions from foreign subsidiaries, however, will no longer be subject to federal income tax. As a result of the TCJA, the Company recognized an income tax benefit of $53.3 million in 2017, primarily due to the remeasurement of deferred tax assets and liabilities based on the reduced corporate federal statutory income tax rate of 21% . The Securities and Exchange Commission staff issued Staff Accounting Bulletin No. 118 (“SAB 118”), which provides guidance on accounting for the tax effects of the TCJA. SAB 118 provides a measurement period that should not extend beyond one year from the TCJA enactment date for companies to complete the accounting under ASC 740, Income Taxes (“ASC 740”). In accordance with SAB 118, a company must reflect the income tax effects of those aspects of the TCJA for which the accounting under ASC 740 is complete. To the extent that a company’s accounting for certain income tax effects of the TCJA is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements. If a company cannot determine a provisional estimate to be included in the financial statements, it should continue to apply ASC 740 on the basis of the provisions of the tax laws that were in effect immediately before the enactment of the TCJA. The one-time transition tax is based on the Company’s total post-1986 earnings and profits (“E&P”) that it previously deferred from U.S. income taxes. The Company recorded a provisional amount for its one-time transition tax liability for its foreign subsidiaries, resulting in an increase in income tax expense of $0.5 million. The Company has not yet completed its calculation of the total post-1986 E&P for these foreign subsidiaries. Further, the transition tax is based in part on the amount of those earnings held in cash and other specified assets. This amount may change when the Company finalizes the calculation of post-1986 foreign E&P previously deferred from U.S. federal taxation and finalizes the amounts held in cash or other specified assets. The following is a summary of the significant components of the deferred tax assets and liabilities: As of December 31, (in thousands) 2017 2016 Deferred tax assets: Timing of expense recognition $ 22,730 $ 36,055 Net operating losses 8,590 10,140 Other, net 15,618 33,507 Deferred tax assets 46,938 79,702 Valuation allowance (381) (460) Net deferred tax assets 46,557 79,242 Deferred tax liabilities: Intangible assets, due primarily to purchase accounting (30,019) (34,679) Fixed assets, due primarily to purchase accounting (73,833) (107,081) Construction contract accounting (17,539) (12,564) Joint ventures (11,343) (29,609) Other (22,263) (24,970) Deferred tax liabilities (154,997) (208,903) Net deferred tax liabilities $ (108,440) $ (129,661) T h e n et d e f e rr ed tax lia b ili t ies are presented i n t h e C o ns o li d at e d B ala n ce S h eets as f o ll o w s : As of December 31, (in thousands) 2017 2016 Deferred tax assets $ 64 $ 1,346 Deferred tax liabilities (108,504) (131,007) Net deferred tax liabilities $ (108,440) $ (129,661) Prior to 2017, the Company did not provide for deferred income taxes or foreign withholding tax on basis differences in its non-U.S. subsidiaries that result from undistributed earnings which the Company had the intent and the ability to reinvest in its foreign operations. Due to the enactment of the TCJA, the Company no longer intends to permanently reinvest in its foreign subsidiaries. Any tax on future distributions will be limited to certain state taxes, which would be immaterial. 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, 201 7 that, if recognized, would affect the effective tax rate is $6.5 million. During 2017, the Company recognized a net decrease of $1.1 million in liabilities. The amount of gross unrecognized tax benefits as of December 31, 2016 was $7.6 million. During 2016, the Company recognized a net increase of $4.0 million in liabilities. The amount of gross unrecognized tax benefits as of December 31, 2015 was $3.6 million. During 2015, the Company recognized a net decrease of $4.0 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 three years ended December 31, 2017 is as follows: As of December 31, (in thousands) 2017 2016 2015 Beginning balance $ 7,574 $ 3,612 $ 7,636 Change in tax positions of prior years (1,207) 3,543 (3,073) Change in tax positions of current year 128 419 169 Reduction in tax positions for statute expirations — — (1,120) Ending Balance $ 6,495 $ 7,574 $ 3,612 The Company conducts business internationally and, as a result, one or more of its subsidiaries files income tax returns in U.S. federal, U.S. state and certain foreign jurisdictions. Accordingly, in the normal course of business, the Company is subject to examination by taxing authorities principally throughout the United States, Guam and Canada. The Company is 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. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Other Intangible Assets [Abstract] | |
Goodwill and Other Intangible Assets | 4. Goodwill and Other Intangible Assets As of December 31, 2017, 2016 and 2015, the Company had $585.0 million of goodwill allocated to its reporting units as follows: Civil, $415.3 million; Building, $13.5 million; and Specialty Contractors, $156.2 million. The b alances presented include historical accumulated impairment of $76.7 million for the Civil segment and $411.3 million for the Building segment. In addition, as of December 31, 2017 and 2016, the Company had the following: (1) non-amortizable trade names with a carrying value of $50.4 million; (2) amortizable trade names with a gross carrying value of $51.1 million and accumulated amortization as of December 31, 2017 and 2016 of $16.3 million and $13.8 million, respectively; and (3) amortizable customer relationships with a gross carrying value of $23.2 million and accumulated amortization as of December 31, 2017 and 2016 of $18.9 million and $17.9 million, respectively. Amortization expense related to amortizable intangible assets for the years ended December 31, 2017 , 2016 and 2015 totaled $3.5 million, $3.5 million and $3.7 million, respectively. Future amortization expense related to amortizable intangible assets will be approximately $3.5 million per year for the years 201 8 through 2021 and $2.6 million for the year 2022. The weighted-average amortization period for amortizable trade names and customer relationships is 20 years and 12 years, respectively. |
Financial Commitments
Financial Commitments | 12 Months Ended |
Dec. 31, 2017 | |
Financial Commitments [Abstract] | |
Financial Commitments | 5. Financial Commitments Long-Term Debt Long-term debt consisted of the following as of the dates of the Consolidated Balance Sheets presented: As of December 31, (in thousands) 2017 2016 2017 Senior Notes $ 492,734 $ — 2017 Credit Facility — — 2010 Senior Notes — 298,120 2014 Revolver — 147,990 Term Loan — 54,650 Convertible Notes 161,635 152,668 Equipment financing and mortgages 76,820 101,558 Other indebtedness 5,087 4,533 Total debt 736,276 759,519 Less: Current maturities (30,748) (85,890) Long-term debt, net $ 705,528 $ 673,629 The following table reconciles the outstanding debt balance to the reported debt balances as of December 31, 2017 and 2016: As of December 31, 2017 As of December 31, 2016 (in thousands) Outstanding Long-Term Debt Unamortized Discount and Issuance Costs Long-Term Debt, as reported Outstanding Long-Term Debt Unamortized Discounts and Issuance Costs Long-Term Debt, as reported 2017 Senior Notes $ 500,000 $ (7,266) $ 492,734 $ — $ — $ — 2010 Senior Notes — — — 300,000 (1,880) 298,120 2014 Revolver — — — 152,500 (4,510) 147,990 Term Loan — — — 57,000 (2,350) 54,650 Convertible Notes 200,000 (38,365) 161,635 200,000 (47,332) 152,668 The unamortized issuance cost related to the 2017 Credit Facility was $6.2 million as of December 31, 2017 and is included in other assets in the Consolidated Balance Sheet. 2017 Senior Notes On April 20 , 2017, the Company issued $500 million in aggregate principal amount of 6.875% Senior Notes due 2025 (the “2017 Senior Notes”) in a private placement. Interest on the 2017 Senior Notes is payable in arrears semi-annually in May and November of each year, beginning in November 2017. Prior to May 1, 2020, the Company may redeem the 2017 Senior Notes at a redemption price equal to 100% of their principal amount plus a “make-whole” premium described in the indenture. In addition, prior to May 1, 2020, the Company may redeem up to 40% of the original aggregate principal amount of the notes at a redemption price of 106.875% of their principal amount with the proceeds received by the Company from any offering of the Company’s equity. After May 1, 2020, the Company may redeem the 2017 Senior Notes at specified redemption prices described in the indenture. Upon a change of control, holders of the 2017 Senior Notes may require the Company to repurchase all or part of the 2017 Senior Notes at 101% of the principal amount thereof, plus accrued and unpaid interest to the redemption date. The 2017 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 2017 Credit Facility, as defined below. In addition, the indenture for the 2017 Senior Notes provides for customary covenants, including events of default and restrictions on the payment of dividends and share repurchases. 2017 Credit Facility On April 20, 2017, the Company entered into a credit agreement (the “2017 Credit Facility”) with SunTrust Bank as Administrative Agent, Swing Line Lender and L/C Issuer and a syndicate of other lenders. The 2017 Credit Facility provides for a $350 million revolving credit facility (the “2017 Revolver”) and a sublimit for the issuance of letters of credit and swingline loans up to the aggregate amount of $150 million and $10 million, respectively, both maturing on April 20, 2022 , unless any of the Convertible Notes, as defined below, are outstanding on December 17, 2020, in which case all such borrowings will mature on December 17, 2020 (subject to certain further exceptions). In addition, the 2017 Credit Facility permits additional borrowings in an aggregate amount of $150 million, which can be in the form of increased capacity on the 2017 Revolver or the establishment of one or more term loans. Borrowings under the 2017 Revolver bear interest, at the Company’s option, at a rate equal to a margin over (a) the London Interbank Offered Rate (“LIBOR”) plus a margin of between 1.50% and 3.00% or (b) a base rate (determined by reference to the highest of (i) the administrative agent’s prime lending rate, (ii) the federal funds effective rate plus 50 basis points, (iii) the LIBOR rate for a one-month interest period plus 100 basis points and (iv) 0% ), plus a margin of between 0.50% and 2.00% , in each case based on the Consolidated Leverage Ratio (as defined in the 2017 Credit Facility). In addition to paying interest on outstanding principal under the 2017 Credit Facility, the Company will pay a commitment fee to the lenders under the 2017 Revolver in respect of the unutilized commitments thereunder. The Company will pay customary letter of credit fees. If an event of default occurs and is continuing, the otherwise applicable margin and letter of credit fees will be increased by 2% per annum. The weighted-average annual interest rate on borrowings under the 2017 Revolver was approximately 3.89% during the year ended December 31, 2017. The 2017 Credit Facility contains customary covenants for credit facilities of this type, including maximum consolidated leverage ratios ranging from 4.00 :1.00 to 3.25 :1.00 over the life of the facility and a minimum consolidated fixed charge coverage ratio of 1.25 :1.00. Substantially all of the Company’s subsidiaries unconditionally guarantee the obligations of the Company under the 2017 Credit Facility; additionally, the obligations are secured by a lien on all personal property of the Company and its subsidiaries guaranteeing these obligations. As of December 31, 2017, there was $ 350.0 million available under the 2017 Revolver, and the Company had not utilized the 2017 Credit Facility for letters of credit. The Company was in compliance with the financial covenants under the 2017 Credit Facility as of December 31 , 2017. Repurchase and Redemption of 2010 Senior Notes and Termination of 2014 Credit Facility On April 20, 2017, the Company used proceeds from the 2017 Senior Notes and 2017 Revolver to repurchase or redeem its 2010 Senior Notes, to pay off its Term Loan and 2014 Revolver, and to pay accrued but unpaid interest and fees. In addition, the indenture governing the 2010 Senior Notes was satisfied and discharged, and the Company terminated the 2014 Credit Facility. 2010 Senior Notes On October 20, 2010, the Company issued $300 million of 7.625% Senior Notes due November 1, 2018 (the “2010 Senior Notes”) in a private placement offering. As discussed above, on April 20, 2017, the Company repurchased or redeemed the 2010 Senior Notes in full and the related indenture was satisfied and discharged. 2014 Credit Facility On June 5, 2014, the Company entered into a Sixth Amended and Restated Credit Agreement, as amended (the “2014 Credit Facility”), with Bank of America, N.A. as Administrative Agent, Swing Line Lender and L/C Issuer and a syndicate of other lenders. The 2014 Credit Facility provided for a $300 million revolving credit facility (the “2014 Revolver”), a $250 million term loan (the “Term Loan”) and a sublimit for the issuance of letters of credit up to the aggregate amount of $150 million, all maturing on May 1, 2018 . Borrowings under both the 2014 Revolver and the Term Loan bore interest based either on Bank of America’s prime lending rate or the London Interbank Offered Rate (“LIBOR”), each plus an applicable margin ranging from 1.25% to 3.00% , contingent upon the latest Consolidated Leverage Ratio. As discussed above, on April 20, 2017, the Company repaid all borrowings under the 2014 Credit Facility and concurrently terminated the facility. Convertible Notes On June 15, 2016, the Company issued $200 million of 2.875% Convertible Senior Notes due June 15, 2021 (the “Convertible Notes”) in a private placement offering. The Convertible Notes are unsecured obligations and do not contain any financial covenants or restrictions on the payments of dividends, the incurrence of indebtedness or the issuance or repurchase of securities by the Company. The Convertible Notes bear interest at a rate of 2.875% per year, payable in cash semi-annually in June and December. To account for the Convertible Notes, the Company applied the provisions of ASC 470-20, Debt with Conversion and Other Options (“ASC 470-20”). ASC 470-20 requires issuers of certain convertible debt instruments that may be settled in cash upon conversion to separately account for the liability (debt) and equity (conversion option) components of the instrument in a manner that reflects the issuer’s nonconvertible debt borrowing rate. This is done by allocating the proceeds from issuance to the liability component based on the fair value of the debt instrument excluding the conversion feature, with the residual allocated to the equity component and classified in additional paid in capital. The $46.8 million difference between the principal amount of the Convertible Notes ( $200.0 million) and the proceeds initially allocated to the liability component ( $153.2 million) is treated as a discount on the Convertible Notes. This difference is being amortized as non-cash interest expense using the interest method, as discussed below under Interest Expense . The equity component, however, is not subject to amortization nor subsequent remeasurement. In addition, ASC 470-20 requires that the debt issuance costs associated with a convertible debt instrument be allocated between the liability and equity components in proportion to the allocation of the debt proceeds between these two components. The debt issuance costs attributable to the liability component of the Convertible Notes ($5.1 million) are also treated as a discount on the Convertible Notes and amortized as non-cash interest expense. The debt issuance costs attributable to the equity component ($1.5 million) were netted with the equity component and will not be amortized. The following table presents information related to the liability and equity components of the Convertible Notes: (in thousands) December 31, 2017 December 31, 2016 Liability component: Principal $ 200,000 $ 200,000 Conversion feature (46,800) (46,800) Allocated debt issuance costs (5,051) (5,051) Amortization of discount and debt issuance costs (non-cash interest expense) 13,486 4,519 Net carrying amount $ 161,635 $ 152,668 Equity component: Conversion feature $ 46,800 $ 46,800 Allocated debt issuance costs (1,543) (1,543) Deferred taxes (18,815) (18,815) Net carrying amount $ 26,442 $ 26,442 Prior to January 15, 2021, the Convertible Notes will be convertible only under the following circumstances: (1) during the five business day period after any ten consecutive trading day period in which the trading price per $1,000 principal amount of Convertible Notes for such trading day was less than 98% of the product of the last reported sale price of the Company’s Common Stock and the conversion rate on each such trading day; (2) if the last reported sale price of the Common Stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion rate of 33.0579 (or $39.32 ) on each applicable trading day; or (3) upon the occurrence of specified corporate events. On or after January 15, 2021 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their notes, in multiples of $1,000 principal amount, at the option of the holder regardless of the foregoing circumstances. The Convertible Notes will be convertible at an initial conversion rate of 33.0579 shares of the Company’s Common Stock per $1,000 principal amount of the Convertible Notes, which is equivalent to an initial conversion price of approximately $30.25 . The conversion rate will be subject to adjustment for some events but will not be adjusted for any accrued and unpaid interest. In addition, following certain corporate events that occur prior to the maturity date, the Company is required to increase, in certain circumstances, the conversion rate for a holder who elects to convert their Convertible Notes in connection with such a corporate event including customary conversion rate adjustments in connection with a “make-whole fundamental change” described in the indenture. Upon conversion, and at the Company’s election, the Company may satisfy its conversion obligation by paying or delivering, as applicable, cash, shares of its Common Stock or a combination of cash and shares of its Common Stock. As of December 31 , 2017, the conversion provisions of the Convertible Notes have not been triggered. Equipment Financing and Mortgages The Company has certain loans entered into for the purchase of specific property, plant and equipment and secured by the assets purchased. The aggregate balance of equipment financing loans was approximately $ 61.1 million and $84.9 million at December 31, 2017 and 2016, respectively, with interest rates ranging from 1.90% to 5.93% with equal monthly installment payments over periods up to ten years with additional balloon payments of $ 12.4 million in 2021 and $ 6.3 million in 2022 on the remaining loans outstanding at December 31, 2017. The aggregate balance of mortgage loans was approximately $15.7 million and $16.7 million at December 31, 2017 and 2016, respectively, with interest rates ranging from a fixed 2.50% to LIBOR plus 3% and equal monthly installment payments over periods up to seven years with additional balloon payments of $2.6 million in 2018, $2.9 million in 2021 and $7.0 million in 2023. The following table presents the future principal payments required under all of the Company’s debt obligations, discussed above: Year (in thousands) 2018 $ 30,748 2019 12,194 2020 5,321 2021 218,868 2022 7,457 Thereafter 507,319 781,907 Less: Unamortized discount and issuance costs (45,631) Total $ 736,276 Interest Expense Interest Expense as reported in the Consolidated Statements of Income consists of the following: For the year ended December 31, (in thousands) 2017 2016 2015 Cash interest expense: Interest on 2017 Senior Notes $ 23,967 $ — $ — Interest on 2017 Credit Facility 5,517 — — Interest on 2010 Senior Notes 6,926 22,875 22,875 Interest on 2014 Credit Facility 4,455 19,201 14,368 Interest on Convertible Notes 5,750 3,115 — Other interest 3,261 3,623 5,805 Cash portion of loss on extinguishment 1,913 — — Total cash interest expense 51,789 48,814 43,048 Non-cash interest expense (a) : Amortization of debt issuance costs on 2017 Senior Notes 516 — — Amortization of debt issuance costs on 2017 Credit Facility 962 — — Amortization of discount and debt issuance costs on 2010 Senior Notes 308 1,002 979 Amortization of debt issuance costs on 2014 Credit Facility 1,703 5,447 1,116 Amortization of discount and debt issuance costs on Convertible Notes 8,967 4,519 — Non-cash portion of loss on extinguishment 5,139 — — Total non-cash interest expense 17,595 10,968 2,095 Total interest expense $ 69,384 $ 59,782 $ 45,143 (a) The combination of cash and non-cash interest expense produces effective interest rates that are higher than contractual rates. Accordingly, the effective interest rates for the 2017 Senior Notes and the Convertible Notes were 7.13% and 9.39% , respectively, for the year ended December 31, 2017 . Leases The Company leases certain construction equipment, vehicles and office space under non-cancellable operating leases, with future minimum rent payments as of December 31, 2017 as follows: Year (in thousands) 2018 $ 18,420 2019 12,424 2020 8,980 2021 6,240 2022 5,524 Thereafter 14,898 66,486 Less: Sublease rental agreements (2,291) Total $ 64,195 Rental expense under operating leases of construction equipment, vehicles and office space was $27.4 million in 2017 , $28.2 million in 2016 and $17.4 million in 2015 . |
Contingencies and Commitments
Contingencies and Commitments | 12 Months Ended |
Dec. 31, 2017 | |
Contingencies and Commitments [Abstract] | |
Contingencies and Commitments | 6. 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 customers 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, assets and liabilities may change in the future due to various factors. Management believes that, based on current information and discussions with the Company’s legal counsel, the ultimate resolution of these matters is not expected to have a material adverse effect on the Company’s financial position, results of operations or cash flows. Several matters are in the litigation and dispute resolution process. The following discussion provides a background and current status of the more significant matters. Long Island Expressway/Cross Island Parkway Matter The Company reconstructed the Long Island Expressway/Cross Island Parkway Interchange 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 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 its 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 affirmative counterclaims based on DBE fraud. The Company does not expect the counterclaims to have any material effect on its consolidated financial statements. Discovery was completed during 2017 and the Company is currently awaiting the establishment of a trial date. 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. 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 (the “District Court”), 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 that 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 Bankruptcy Court appointed a mediator to facilitate the execution of that settlement agreement, but the parties were unable to settle. During the third quarter of 2017, DMI filed a motion seeking permission to file an action in Nevada; the motion was granted 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 consolidated 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 January 2017, the Court granted the City’s motion for summary judgment and dismissed the Company’s claim against the City. The Company has filed a notice of appeal. The Court also granted the Company’s motion for summary judgment for release of retention plus interest from 2010 for an aggregate amount of approximately $1.2 million, which the City paid during the fourth quarter of 2017. The Company does not expect ultimate resolution of this matter to have a material effect on its consolidated financial statements. Westgate Planet Hollywood Matter Tutor-Saliba Corporation (“TSC”), a wholly owned subsidiary of the Company, was contracted to construct a timeshare 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 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. 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. In May 2017, the Nevada Supreme Court issued its ruling on the appeal by WPH and its Sureties. With only minor adjustments, the Nevada Supreme Court affirmed the lower district court’s judgment, and following further proceedings in the lower district court, the anticipated final recovery to the Company is estimated to exceed $20 million, including interest and recovery of certain attorneys’ fees and costs, of which the Company collected more than $16 million in 2017. In December 2017 and in January 2018, the Court issued several post-appeal orders confirming its previous rulings. 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 consolidated financial statements at that time. 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 design 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 filed claims against NOAA for contract adjustments related to the unresolved owner change orders, delays, design deficiencies and other claims. In March 2017, the parties agreed to a proposed settlement, which was subsequently approved and paid by the government in the third quarter of 2017. The settlement did not have a material impact on the Company’s financial results for the year ended December 31, 2017. Five Star Electric Matter In the third quarter of 2015, Five Star Electric Corp. ("Five Star"), a wholly owned subsidiary of the Company that was acquired in 2011, entered into a tolling agreement (which has since expired) related to an ongoing investigation being conducted by the United States Attorney’s Office for the Eastern District of New York (“USAO EDNY”). Five Star has been cooperating with the USAO EDNY since late June 2014, when it was first made aware of the investigation, and has provided information requested by the government related to its use of certain minority-owned, women-owned, small and disadvantaged business enterprises and certain of Five Star’s employee compensation, benefit and tax practices. As of December 31, 2017, the Company cannot predict the ultimate outcome of the investigation and cannot reasonably estimate the potential loss or range of loss 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 required 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 was 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 Insurers 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 (“Washington Superior Court”) seeking declaratory relief concerning contract interpretation, as well as damages as a result of the Insurers’ breach of their obligations under the terms of the Policy. WSDOT is deemed a plaintiff since WSDOT is an insured under the Policy and had filed its own claim for damages. Hitachi Zosen (“Hitachi”), the manufacturer of the TBM, has also joined the case as a plaintiff for costs incurred to repair the damages to the TBM. Trial is scheduled for October 2018. Discovery is ongoing. In March 2016, WSDOT filed a complaint against STP in Thurston County Superior Court for breach of contract alleging STP’s delays and failure to perform and declaratory relief concerning contract interpretation. STP filed its answer to WSDOT’s complaint and filed a counterclaim against WSDOT and Hitachi. Trial is set for April 2019. Discovery is ongoing. As of December 31, 2017, the Company has concluded that the potential for a material adverse financial impact due to the Insurers’ denial of coverage and WSDOT’s legal actions is neither probable nor remote, and the potential loss or range of loss is not reasonably estimable. With respect to STP’s claims against the Insurers, WSDOT and Hitachi, management has included an estimate of the total anticipated recovery, concluded to be both probable and reliably estimable, in receivables or costs and estimated earnings in excess of billings recorded to date. To the extent new facts become known or the final recoveries vary from the estimate, the impact of the change will be reflected in the financial statements at that time. |
Other Income, Net
Other Income, Net | 12 Months Ended |
Dec. 31, 2017 | |
Other Income, Net [Abstract] | |
Other Income, Net | 7. Other Income, Net On May 31, 2017, the Company entered into a settlement agreement with Merrill Lynch, Pierce, Fenner & Smith Incorporated (“Merrill Lynch”), as successor in interest to Banc of America Securities LLC and Bank of America, N.A. (collectively “BofA”), to resolve the pending litigation between the Company and Merrill Lynch. The litigation, which was filed by the Company in 2011, related to the purchase by the Company of certain auction-rate securities from BofA. On June 6, 2017, the Company received the $37.0 million cash settlement payment agreed to in the settlement agreement, and the pending litigation was dismissed with prejudice. Neither party made any admission of liability or wrongdoing, and the settlement agreement includes mutual releases of all claims and liabilities related to the subject matter of the pending litigation. The Company recognized the settlement as a gain during the second quarter of 2017 and reported it as a component of other income, net in its Consolidated Statement of Income for the year ended December 31, 2017. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Share-Based Compensation [Abstract] | |
Share-Based Compensation | 8. Share-Based Compensation On April 3, 2017, the Company adopted the Tutor Perini Corporation Incentive Compensation Plan (“Compensation Plan”), which was approved by the Company’s shareholders on May 24, 2017. Additionally, the Company’s Amended and Restated Tutor Perini Corporation Long-Term Incentive Plan (“Incentive Plan” together with Compensation Plan the “Plans”) is still active. The Plans provide for various types of share-based grants, including restricted and unrestricted stock units and stock options. Restricted and unrestricted stock units give the holder the right to exchange their stock units for shares of the Company’s Common Stock on a one-for-one basis. Per the Plans, stock options give the holder the right to purchase shares of the Company’s Common Stock subsequent to the grant date at an defined exercise price equal to or greater than the fair value of the Company’s Common Stock on the date of the stock option’s award. Restricted stock units and stock options are usually subject to certain service and performance conditions and may not be sold or otherwise transferred until those restrictions have been satisfied; however, unrestricted stock units have no such restrictions. The term for stock options is limited to 10 years from the date of grant. The Compensation Plan allows for 2,335,000 shares of the Company’s Common Stock to be issued. As of December 31, 2017, there were 1,554,364 shares available to be granted under the Compensation Plan and 405,529 shares authorized to be issued under the Incentive Plan; however, as discussed in the Company’s Definitive Proxy Statement (Schedule 14A) filed on April 13, 2017, the Company will not issue the 405,529 shares remaining in the Incentive Plan. As of December 31, 2017, the Incentive Plan had an aggregate of 4,360,018 of restricted stock units and stock options from outstanding, historical awards that either have not vested or have vested but have not been exercised. The terms of the Plans give the Company the right to settle the vesting of share-based grants in cash or shares. During the year ended December 31, 2017, the Company paid approximately $ 0.6 million to settle share-based awards. Many of the awards issued under the Plans contain separate tranches, each for a separate performance period and each with a performance target to be established subsequent to the award date; accordingly, the tranches are accounted for under ASC 718, Stock Compensation (“ASC 718”) as separate grants, with the grant date being the date the performance targets for a given tranche are established and communicated to the grantee. Similarly, for these awards, compliance with the requirements of the Plan is also based on the number of units granted in a given year, as determined by ASC 718, rather than the number of units awarded in a given year. As a result, as of December 31, 2017, the Company had outstanding awards with 214,000 restricted stock units and 194,000 stock options that had not been granted yet. These units will be granted in 2018 and 2019 when the performance targets for those respective years are established. The following table summarizes restricted stock unit and stock option activity: Restricted Stock Units Stock Options Weighted- Weighted- Average Average Grant Date Exercise/ Fair Value (Strike) Price Number Per Share Number Per Share 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 Granted 483,387 19.14 274,000 16.20 Vested/exercised (52,500) 18.74 (97,500) 12.72 Outstanding as of December 31, 2016 1,156,484 $ 22.64 2,174,500 $ 19.50 Granted 1,064,000 30.02 539,000 24.54 Expired or cancelled (20,985) 23.91 (19,466) 26.56 Vested/exercised (801,515) 19.38 (140,000) 21.41 Outstanding as of December 31, 2017 1,397,984 $ 30.11 2,554,034 $ 20.45 The following table summarizes unrestricted stock units, which are generally issued to the non-employee members of the Company’s Board of Directors as part of their annual retainer fees: Unrestricted Stock Units Weighted-Average Grant Year Number Date Fair Value Per Share 2015 68,160 $ 21.93 2016 64,603 21.67 2017 99,155 26.26 The fair value of unrestricted stock units issued during 2017, 2016 and 2015 was approximately $ 2.6 million, $1.4 million and $1.5 million, respectively. The fair value of restricted stock units that vested during 201 7 , 201 6 and 201 5 was approximately $25.3 million, $1.0 million and $8.0 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 2017 and 2016 was $ 1.3 million and $1.1 million, with a corresponding tax benefit of $0.6 million and $0.5 million, respectively. As of December 31, 2017, the balance of unamortized restricted stock and stock option expense was $22.5 million and $3.7 million, respectively, which will be recognized over weighted-average periods of 2.6 years for restricted stock units and 2.2 years for stock options. The 2,554,034 outstanding stock options as of December 31, 2017 had an intrinsic value of $13.6 million and a weighted-average remaining contractual life of 4.4 years. Of those outstanding options: a) 1,988,034 were exercisable with an intrinsic value of $12.8 million, a weighted-average exercise price of $19.31 per share and a weighted-average remaining contractual life of 3.3 years; b) 566,000 , with an intrinsic value of $ 0.7 million, a weighted-average exercise price of $ 24.27 and a weighted-average remaining contractual life of 8.2 years, have been granted but have not vested; and c) of the 566,000 granted but unvested options, 527,816 are expected to vest. The fair value on the grant date and the significant assumptions used in the Black-Scholes option-pricing model are as follows: Year Ended December 31, 2017 2016 2015 Total stock options granted 539,000 274,000 259,000 Weighted-average grant date fair value $ 13.11 $ 5.31 $ 12.48 Weighted-average assumptions: Risk-free rate 1.81 % 1.2 % 1.3 % Expected life of options (a) 4.8 4.2 4.7 Expected volatility (b) 43.09 % 40.6 % 45.5 % 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. For the respective years ended December 31, 2017, 2016 and 2015, the Company recognized, as part of general and administrative expenses, costs for share-based payment arrangements for employees of $ 19.6 million, $13.4 million and $ 9.5 million. Additionally for the same periods, the Company also recognized as part of general and administrative expenses costs for share-based awards to non-employee directors of $ 1.6 million, $1.4 million and $1.5 million, respectively. The aggregate tax benefits for these awards were approximately $ 8.7 million, $6.1 million and $4.6 million, for the respective periods. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2017 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | 9. 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 year-end as its measurement date to determine the funded status of the plan. The long-term investment goals of the Company’s 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 pension plan’s assets are managed by a third-party investment manager. The Company monitors investment performance and risk on an ongoing basis. A summary of net periodic benefit cost is as follows: Year Ended December 31, (in thousands) 2017 2016 2015 Interest cost $ 3,919 $ 4,153 $ 4,055 Service cost 850 600 — Expected return on plan assets (4,358) (4,803) (5,021) Recognized net actuarial losses 1,897 1,745 1,869 Net periodic benefit cost $ 2,308 $ 1,695 $ 903 Actuarial assumptions used to determine net cost: Discount rate 3.90 % 4.10 % 3.75 % Expected return on assets 6.00 % 6.00 % 6.50 % 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 2018 and the actual asset allocation as of December 31, 201 7 and 201 6 by asset category are as follows: Percentage of Plan Assets as of December 31, Target Allocation Actual Allocation Asset Category 2018 2017 2016 Cash 5 % 3 % 4 % Equity funds: Domestic 37 41 47 International 28 31 28 Fixed income funds 30 25 21 Total 100 % 100 % 100 % As of December 31, 201 7 and 2016, plan assets included approximately $ 30.7 million and $39.1 million, respectively, of investments in hedge funds and equity partnerships which do not have readily determinable fair values. The underlying holdings of the funds were 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 $2.8 million to its defined benefit pension plan in 2018. Future benefit payments under the plans are estimated as follows: (in thousands) Year ended December 31, 2018 $ 6,748 2019 6,798 2020 6,781 2021 6,785 2022 6,721 2023-2027 32,410 Total $ 66,243 The following tables provide a reconciliation of the changes in the fair value of plan assets and plan benefit obligations during 201 7 and 201 6 , and a summary of the funded status as of December 31, 201 7 and 201 6 : Year Ended December 31, (in thousands) 2017 2016 Change in Fair Value of Plan Assets Balance at beginning of year $ 66,057 $ 72,296 Actual return on plan assets 9,224 (1,909) Company contribution 2,838 2,025 Benefit payments (6,578) (6,355) Balance at end of year $ 71,541 $ 66,057 Year Ended December 31, (in thousands) 2017 2016 Change in Benefit Obligations Balance at beginning of year $ 103,681 $ 105,942 Interest cost 3,919 4,153 Service cost 850 600 Assumption change (gain) loss 3,854 308 Actuarial (gain) loss 492 (967) Benefit payments (6,578) (6,355) Balance at end of year $ 106,218 $ 103,681 As of December 31, (in thousands) 2017 2016 Funded status $ (34,677) $ (37,624) Net unfunded amounts recognized in Consolidated Balance Sheets consist of: Current liabilities $ (279) $ (271) Long-term liabilities (34,398) (37,353) Total net unfunded amount recognized in Consolidated Balance Sheets $ (34,677) $ (37,624) Amounts not yet recognized in net periodic benefit cost and included in accumulated other comprehensive loss consist of net actuarial losses before income taxes of $58.7 million and $61.1 million, for the years ended December 31, 2017 and 2016, respectively. In 2017, net other comprehensive income of $2.4 million consisted of reclassification adjustments for the amortization of previously existing actuarial losses and net actuarial gains arising during the period. In 2016 and 2015, net actuarial losses arising during the years were partially offset by reclassification adjustments for the amortization of previously existing actuarial losses and resulted in net other comprehensive losses of $ 4.3 and $ 0.7 million, respectively. The estimated amount of the net accumulated loss (consisting of net actuarial losses) that will be amortized from accumulated other comprehensive loss into net period benefit cost in 2018 is $2.1 million. The discount rate used in determining the accumulated post-retirement benefit obligation was 3.5 % as of December 31, 2017 and 3.9% as of December 31, 2016. The discount rate used for the accumulated post-retirement obligation was derived using a blend of U.S. Treasury and high-quality corporate bond discount rates. The expected long-term rate of return on assets assumption was 6.0% for 2017 and 201 6 . 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 plans’ target asset allocation and full availability of invested assets. 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, equity partnerships and distressed credit. Plan assets were measured at fair value. Registered investment companies are public investment vehicles valued using the Net Asset Value (NAV) of shares held by the plan at year-end. Equity and fixed income funds are valued based on quoted market prices in active markets. 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 were determined using the information provided by the fund managers and it is generally based on the net asset value per share or its equivalent. The following table sets forth the plan assets at fair value in accordance with the fair value hierarchy described in Note 10: As of December 31, 2017 As of December 31, 2016 Fair Value Hierarchy Fair Value Hierarchy (in thousands) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 2,390 $ — $ — $ 2,390 $ 2,437 $ — $ — $ 2,437 Fixed income funds 18,031 — — 18,031 14,023 — — 14,023 Equity funds 20,372 — — 20,372 10,489 — — 10,489 $ 40,793 $ — $ — $ 40,793 $ 26,949 $ — $ — $ 26,949 Closely held funds (a) Equity partnerships 8,711 6,931 Hedge fund investments 22,037 32,177 Total closely held funds (a) 30,748 39,108 Total $ 40,793 $ — $ — $ 71,541 $ 26,949 $ — $ — $ 66,057 (a) Closely held funds in private investment were measured at fair value using NAV and were not categorized in the fair value hierarchy. Although the investments were not categorized within the fair value hierarchy, the holdings of these private investment funds were comprised of a combination of Level 1, 2 and 3 investments, but were not categorized in the fair value hierarchy because they were measured at NAV using the practical expedient under ASC 820, Fair Value Measurement (“ASC 820”). The plans have benefit obligations in excess of the fair value of each plan’s assets detailed as follows: As of December 31, 2017 As of December 31, 2016 Benefit Benefit Pension Equalization Pension Equalization (in thousands) Plan Plan Total Plan Plan Total Projected benefit obligation $ 102,806 $ 3,412 $ 106,218 $ 100,336 $ 3,345 $ 103,681 Accumulated benefit obligation $ 102,806 $ 3,412 $ 106,218 $ 100,336 $ 3,345 $ 103,681 Fair value of plans' assets 71,541 — 71,541 66,057 — 66,057 Projected benefit obligation greater than fair value of plans' assets $ 31,265 $ 3,412 $ 34,677 $ 34,279 $ 3,345 $ 37,624 Accumulated benefit obligation greater than fair value of plans' assets $ 31,265 $ 3,412 $ 34,677 $ 34,279 $ 3,345 $ 37,624 Section 401(k) Plan The Company has a contributory Section 401(k) plan which covers its executive, professional, administrative and clerical employees, subject to certain specified service requirements. The cost recognized by the Company for its 401(k) plan was $4.2 million in 201 7 and $ 4.0 million in both 2016 and 201 5 . The Company’s contribution is based on a non-discretionary match of employees’ contributions, as defined by the plan. Multiemployer Plans In addition to the Company’s defined benefit pension and contribution plans discussed above, the Company 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 table summarize key information for the plans that the Company had significant involvement with during the years ended December 31, 2017, 2016 and 2015: 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 2017 2016 Implemented 2017 (b) 2016 2015 Imposed Agreement The Pension, Hospitalization and Benefit Plan of the Electrical Industry - Pension Trust Fund 13-6123601/ 001 Green Green N/A $ 16.0 $ 15.8 (a) $ 13.6 (a) No 4/30/2019 Carpenters Pension Trust Fund for Northern California 94-6050970 Red Red Implemented 8.2 4.4 2.7 No 6/30/2019 Laborers Pension Trust Fund for Northern California 94-6277608 Yellow Yellow Implemented 6.6 5.6 2.8 No 6/30/2019 Northern California Electrical Workers Pension Plan 94-6062674 Green Green N/A 5.2 1.5 0.3 No 5/31/2018 Steamfitters Industry Pension Fund 13-6149680/ 001 Green Green N/A 3.9 3.9 (a) 6.2 (a) No 6/30/2020 (a) These amounts exceeded 5% of the respective total plan contributions. (b) The Company's contributions as a percentage of total plan contributions were not available for any of its plans . In addition to the individually significant plans described above, the Company also contributed approxim ately $32.1 million in 2017, $ 52.5 million in 2016 and $ 55.8 million in 2015 to other multiemployer pension plans. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | 10. Fair Value Measurements The fair value hierarchy established by ASC 820 prioritizes the use of inputs used in valuation techniques into the following three levels: Level 1 inputs are observable quoted prices in active markets for identical assets or liabilities Level 2 inputs are observable, either directly or indirectly, but are not Level 1 inputs Level 3 inputs are unobservable The following fair value hierarchy table presents the Company’s assets that are measured at fair value on a recurring basis as of December 31, 201 7 and 201 6 : As of December 31, 2017 As of December 31, 2016 Fair Value Hierarchy Fair Value Hierarchy (in thousands) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash and cash equivalents (a) $ 192,868 $ — $ — $ 192,868 $ 146,103 $ — $ — $ 146,103 Restricted cash (a) 4,780 — — 4,780 50,504 — — 50,504 Investments in lieu of retainage (b) 69,891 2,405 — 72,296 46,855 4,411 — 51,266 Total $ 267,539 $ 2,405 $ — $ 269,944 $ 243,462 $ 4,411 $ — $ 247,873 (a) Includes money market funds with original maturity dates of three months or less. (b) Investments in lieu of retainage are included in accounts receivable and are comprised of money market funds and municipal bonds, the majority of which are rated A3 or better. The fair values of the money market funds are measured using quoted market prices; therefore, they are classified as Level 1 assets. The fair values of municipal bonds are measured using readily available pricing sources for comparable instruments; therefore, they are classified as Level 2 assets. All of the above investments are available-for-sale securities. The Company did no t have material transfers between Levels 1 and 2 during the years ended December 31, 2017 and 2016. The carrying values of receivables, payables and other amounts arising out of normal contract activities, including retainage, which may be settled beyond one year, are estimated to approximate fair value. The Company’s restricted investments carried at amortized cost have an aggregate fair value of $ 52.5 million as of December 31, 2017, determined using Level 2 inputs. Of the Company’s long-term debt, the fair values of the 2017 Senior Notes as of December 31, 2017 was $ 537.5 million. The fair value of the 2010 Senior Notes as of December 31, 2016 was $302.6 million; the 2010 Senior Notes were redeemed in the second quarter of 2017, as discussed in Note 5. The fair value of the Convertible Notes was $ 222.2 million and $228.4 million as of December 31, 2017 and 2016, respectively. The fair values of the 2017 Senior Notes, 2010 Senior Notes and Convertible Notes were determined using Level 1 inputs, specifically current observable market prices. The reported value of the Company’s remaining borrowings as of December 31, 2017 and 2016 approximates fair value. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2017 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | 11. Variable Interest Entities From time to time the Company may form joint ventures with third parties for the execution of single contracts or projects. In accordance with ASC 810, the Company assesses its joint ventures at inception to determine if any meet the qualifications of a VIE. The Company considers a joint venture a VIE if either (a) the total equity investment is not sufficient to permit the entity to finance its activities without additional subordinated financial support, (b) characteristics of a controlling financial interest are missing (either the ability to make decisions through voting or other rights, the obligation to absorb the expected losses of the entity or the right to receive the expected residual returns of the entity), or (c) the voting rights of the equity holders are not proportional to their obligations to absorb the expected losses of the entity and/or their rights to receive the expected residual returns of the entity, and substantially all of the entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. Upon the occurrence of certain events outlined in ASC 810, the company reassesses its initial determination of whether the joint venture is a VIE. ASC 810 also requires the Company to determine whether it is the primary beneficiary of the VIE. The Company concludes that it is the primary beneficiary and consolidates the VIE if the Company has both (a) the power to direct the economically significant activities of the VIE and (b) the obligation to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE. The Company considers the contractual agreements that define the ownership structure, distribution of profits and losses, risks, responsibilities, indebtedness, voting rights and board representation of the respective parties in determining if the Company is the primary beneficiary. The Company also considers all parties that have direct or implicit variable interests when determining whether it is the primary beneficiary. In accordance with ASC 810, management’s assessment of whether the Company is the primary beneficiary of a VIE is performed continuously. As of December 31, 2017, the Company’s Consolidated Balance Sheet included current and noncurrent assets of $ 95.5 million and $11.6 million, respectively, as well as current liabilities of $ 140.7 million related to the operations of its consolidated VIEs. One large joint venture that the Company is consolidating was established to construct the Purple Line Segment 2 Extension project, a $1.4 billion mass-transit project in Los Angeles, California. The Company has a 75% interest in the joint venture with the remaining 25% held by O&G Industries, Inc. The joint venture was initially financed with contributions from the partners and, per the terms of the joint venture agreement, the partners may be required to provide additional capital contributions in the future. |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2017 | |
Business Segments [Abstract] | |
Business Segments | 12. Business Segments The Company offers general contracting, pre-construction planning and comprehensive project management services, including planning and scheduling of 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: site work; concrete forming and placement; steel erection; electrical; mechanical; plumbing; and heating, ventilation and air conditioning (HVAC). As described below, the Company’s business is conducted through three segments: Civil, Building and Specialty Contractors. 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 replacement and reconstruction of infrastructure. The civil contracting services include construction and rehabilitation of highways, bridges, tunnels, mass-transit systems, and water management and wastewater treatment facilities. The Building segment has significant experience providing services for private and public works customers in a number of specialized building markets, including: 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. 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 the Company with unique strengths and capabilities that allow the Company to position itself 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, 201 7 , 201 6 and 201 5 : Reportable Segments Specialty Segment Consolidated (in thousands) Civil Building Contractors Total Corporate Total Year ended December 31, 2017 Total revenue $ 1,856,164 $ 1,982,857 $ 1,213,708 $ 5,052,729 $ — $ 5,052,729 Elimination of intersegment revenue (253,989) (41,532) — (295,521) — (295,521) Revenue from external customers $ 1,602,175 $ 1,941,325 $ 1,213,708 $ 4,757,208 $ — $ 4,757,208 Income from construction operations $ 192,207 $ 34,199 $ 18,938 $ 245,344 $ (65,867) (a) $ 179,477 Capital expenditures $ 27,694 $ 267 $ 721 $ 28,682 $ 1,598 $ 30,280 Depreciation and amortization (b) $ 33,767 $ 2,021 $ 4,699 $ 40,487 $ 11,443 $ 51,930 Year ended December 31, 2016 Total revenue $ 1,830,857 $ 2,146,747 $ 1,234,272 $ 5,211,876 $ — $ 5,211,876 Elimination of intersegment revenue (161,894) (76,906) — (238,800) — (238,800) Revenue from external customers $ 1,668,963 $ 2,069,841 $ 1,234,272 $ 4,973,076 $ — $ 4,973,076 Income from construction operations $ 172,668 $ 51,564 $ 37,908 $ 262,140 $ (60,220) (a) $ 201,920 Capital expenditures $ 13,541 $ 516 $ 1,005 $ 15,062 $ 681 $ 15,743 Depreciation and amortization (b) $ 48,561 $ 2,186 $ 5,035 $ 55,782 $ 11,520 $ 67,302 Year ended December 31, 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 $ 145,213 $ (1,240) $ 15,682 $ 159,655 $ (54,242) (a) $ 105,413 Capital expenditures $ 8,383 $ 2,877 $ 1,193 $ 12,453 $ 23,459 $ 35,912 Depreciation and amortization (b) $ 22,601 $ 2,728 $ 5,507 $ 30,836 $ 10,798 $ 41,634 (a) Consists primarily of corporate general and administrative expenses. (b) Depreciation and amortization is included in income from construction operations. During the year ended December 31, 2016 the Company recorded net favorable adjustments totaling $ 3.0 million in income from construction operations ( $0.04 per diluted share) for various Five Star Electric projects in New York in the Specialty Contractors segment. The net impact included material adjustments related to two electrical subcontract projects: a favorable adjustment of $14.0 million for a completed project ( $0.17 per diluted share) and an unfavorable adjustment of $13.8 million for a project that was nearly complete ( $0.16 per diluted share). During the year ended December 31, 2015, the Company recorded unfavorable adjustments in the Specialty Contractors segment totaling $45.6 million in income from construction operations ( $0.53 per diluted share) 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 per diluted share). Furthermore, the Company recorded an unfavorable adjustment totaling $23.9 million ( $0.28 per diluted share) in the Civil segment for an adverse legal decision related to a long-standing litigation matter, for which the Company assumed liability as part of an acquisition in 2011. 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 per diluted share). The above were the only changes in estimates considered material to the Company’s results of operations during the periods presented herein. Total assets by segment are as follows: As of December 31, (in thousands) 2017 2016 Civil $ 2,452,108 $ 2,152,123 Building 909,207 917,317 Specialty Contractors 767,807 813,851 Corporate and other (a) 135,001 155,329 Total assets $ 4,264,123 $ 4,038,620 (a) Consists principally of cash, equipment, tax-related assets and insurance-related assets, offset by the elimination of assets related to intersegment revenue. Geographic Information Information concerning principal geographic areas is as follows: Year Ended December 31, (in thousands) 2017 2016 2015 Revenue: United States $ 4,613,644 $ 4,802,393 $ 4,694,165 Foreign and U.S. territories 143,564 170,683 226,307 Total revenue $ 4,757,208 $ 4,973,076 $ 4,920,472 As of December 31, (in thousands) 2017 2016 Assets: United States $ 4,093,673 $ 3,911,865 Foreign and U.S. territories 170,450 126,755 Total assets $ 4,264,123 $ 4,038,620 Reconciliation of Segment Information to Consolidated Amounts A reconciliation of segment results to the consolidated income before income taxes is as follows: Year Ended December 31, (in thousands) 2017 2016 2015 Income from construction operations $ 179,477 $ 201,920 $ 105,413 Other income, net 43,882 6,977 13,569 Interest expense (69,384) (59,782) (45,143) Income before income taxes $ 153,975 $ 149,115 $ 73,839 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 13. Related Party Transactions The Company leases, at market rates, certain facilities from an entity owned by Ronald N. Tutor, the Company’s Chairman and Chief Executive Officer. Under these leases, the Company paid $2.8 million in both 2017 and 2016, and $2.7 million for 2015, and recognized expense of $3.2 million in each of those same years. Raymond R. Oneglia, Vice Chairman of O&G Industries, Inc. (“O&G”), is a director of the Company. The Company occasionally forms construction project joint ventures with O&G, in which each partner may provide services and equipment to these joint ventures on customary trade terms. During the three years ended December 31, 2017, the Company had three active joint ventures with O&G including two infrastructure projects in the northeastern United States that are both complete, and one for a project in Los Angeles, California in which the Company’s and O&G’s joint venture interests are 75% and 25% , respectively. P ayments made by these joint ventures to O&G for services and equipment during the years ended December 31, 2017 , 2016 and 2015 were immaterial. 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 associated expenses for services provided for the years ended December 31, 2017, 2016 and 2015 were $ 17.6 million, $8.9 million and $9.8 million, respectively. The Company owed Alliant $ 0.5 million and $5.2 million as of December 31, 2017 and 2016 , respectively, for services rendered. |
Unaudited Quarterly Financial D
Unaudited Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2017 | |
Unaudited Quarterly Financial Data [Abstract] | |
Unaudited Quarterly Financial Data | 14. Unaudited Quarterly Financial Data The following table presents selected unaudited quarterly financial data for each full quarterly period of 2017 and 2016 : (in thousands, except per share amounts) First Second Third Fourth Year Ended December 31, 2017 Quarter Quarter Quarter Quarter Revenue $ 1,117,361 $ 1,247,274 $ 1,199,505 $ 1,193,068 Gross profit 102,720 102,838 118,251 130,596 Income from construction operations 37,017 34,045 49,072 59,343 Income before income taxes 21,870 52,516 34,396 45,193 Net income 13,764 32,633 25,300 82,847 Net income attributable to Tutor Perini Corporation 13,764 30,096 23,584 80,938 Earnings per common share: Basic $ 0.28 $ 0.61 $ 0.47 $ 1.63 Diluted $ 0.27 $ 0.59 $ 0.47 $ 1.60 (in thousands, except per share amounts) First Second Third Fourth Year Ended December 31, 2016 Quarter Quarter Quarter Quarter Revenue $ 1,085,369 $ 1,308,130 $ 1,332,978 $ 1,246,599 Gross profit 105,092 109,770 124,668 117,660 Income from construction operations 40,122 48,829 60,919 52,050 Income before income taxes 26,724 35,780 47,926 38,685 Net income 15,400 21,361 28,801 30,260 Net income attributable to Tutor Perini Corporation 15,400 21,361 28,801 30,260 Earnings per common share: Basic $ 0.31 $ 0.43 $ 0.59 $ 0.62 Diluted $ 0.31 $ 0.43 $ 0.57 $ 0.60 |
Summary of Significant Accoun22
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
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 occasionally forms joint ventures with unrelated third parties for the execution of single contracts or projects. The Company assesses its joint ventures at inception to determine if they meet the qualifications of a variable interest entity (“VIE”) in accordance with ASC 810, Consolidation (“ASC 810”). If a joint venture is a VIE and the Company is the primary beneficiary, the joint venture is fully consolidated (See Note 11 below). For construction joint ventures that do not need to be consolidated, the Company accounts for its interest in the joint ventures using the proportionate consolidation method, whereby the Company’s proportionate share of the joint ventures’ assets, liabilities, revenue and cost of operations are included in the appropriate classifications in the Company’s 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 as current construction-related assets and liabilities that may be settled beyond one year from the balance sheet date, consistent with the length of time of the Company’s project operating cycle. Included in these balances are the following: costs and estimated earnings in excess of billings, which represent the excess of contract costs and profits (or contract revenue) over the amount of contract billings to date; billings in excess of costs and estimated earnings, which represent the excess of contract billings to date over the amount of contract costs and profits (or contract revenue) recognized to date; and contract retainage receivables and payables, which represent amounts invoiced to customers and amounts invoiced to the Company by subcontractors where payments have been withheld pending the completion of certain milestones, other contractual conditions or upon the completion of the project. Costs and estimated earnings in excess of billings result when either: 1) 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, or 2) costs are incurred related to certain claims and unapproved change orders. 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 a change in the scope of work results in additional work being performed before the parties have agreed on the corresponding change in the contract price. 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 under ASC 605-35, Construction-Type and Production-Type Contracts , 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. Costs and estimated earnings in excess of billings, as reported on the Balance Sheet, consisted of the following: As of December 31, (in thousands) 2017 2016 Claims $ 549,849 $ 477,425 Unapproved change orders 296,591 207,475 Other unbilled costs and profits 86,318 146,926 Total costs and estimated earnings in excess of billings $ 932,758 $ 831,826 Claims and unapproved change orders are billable upon the resolution of any disputed or open items between the contractual parties and the execution of contractual amendments. Increases in claims and unapproved change orders typically result from costs being incurred against existing or new positions where recovery is concluded to be both probable and reliably estimable; decreases normally result from resolutions and subsequent billings. For both claims and unapproved change orders, the Company recognizes revenue, but not profit. Other unbilled costs and profits are billable in accordance with the billing terms of each of the existing contractual arrangements and, as such, the timing of contract billing cycles can cause fluctuations in the balance of unbilled costs and profits. Ultimate resolution of other unbilled costs and profits typically involves the passage of time and, often, incremental progress toward contractual requirements or milestones. The amount of costs and estimated earnings in excess of billings as of December 31, 201 7 estimated by management to be collected beyond one year is approximately $443.7 million. Retainage agreements vary from project to project and balances could be outstanding for several months or years depending on a number of circumstances, such as contract-specific terms, project performance and other variables that may arise as the Company makes progress towards completion. Generally, retainage payables are not remitted to the Company’s subcontractors until the associated retainage receivables from the customer are collected. As of December 31, 2017, the amount of retainage receivables and payables estimated by management to be collected or remitted beyond one year is approximately 30% and 19% of the balances, respectively. |
Changes In Estimates on Construction Contracts | (e) Changes in Estimates on Construction Contracts 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 evaluates changes in estimates on a contract by contract basis and discloses significant changes, if material, in the notes to the consolidated financial statements. The cumulative catch-up method is used to account for revisions in estimates. |
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 The Company tests goodwill for impairment annually for each reporting unit in the fourth quarter of the fiscal year, and between annual tests if events occur or circumstances change which suggest that goodwill should be reevaluated. Such events or circumstances include significant changes in legal factors and business climate, recent losses at a reporting unit, and industry trends, among other factors. The Civil, Building and Specialty Contractors segments each represent a reporting unit. The Company performs its 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 present value of future cash flows for each reporting unit. 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 2017 resulted in an estimated fair value for each of the Company’s reporting units that exceeded their respective net book values; therefore, no impairment charge was necessary for 2017. |
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 events occur or circumstances change which suggest that the non-amortizable trade names should be reevaluated. The Company performs its annual quantitative impairment assessment during the fourth quarter of each year using an income approach (relief from royalty method). The quantitative assessment performed in 2017 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 2017. |
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 Common Share Basic EPS and diluted EPS are calculated by dividing net income attributable to Tutor Perini Corporation by the following: for basic EPS, the weighted-average number of common shares outstanding during the period; and for diluted EPS, the sum of the weighted-average number of both outstanding common shares and potentially dilutive securities, which for the Company can include restricted stock units, unexercised stock options and the Convertible Notes, as defined in Note 5. The Company calculates the effect of these potentially dilutive securities using the treasury stock method. Year Ended December 31, (in thousands, except per common share data) 2017 2016 2015 Net income attributable to Tutor Perini Corporation $ 148,382 $ 95,822 $ 45,292 Weighted-average common shares outstanding, basic 49,647 49,150 48,981 Effect of dilutive stock options and unvested restricted stock 1,112 714 685 Weighted-average common shares outstanding, diluted 50,759 49,864 49,666 Net income attributable to Tutor Perini Corporation per common share: Basic $ 2.99 $ 1.95 $ 0.92 Diluted $ 2.92 $ 1.92 $ 0.91 Anti-dilutive securities not included above 798 1,132 1,372 With regard to diluted EPS and the impact of the Convertible Notes on the diluted EPS calculation, because the Company has the intent and ability to settle the principal amount of the Convertible Notes in cash, per ASC 260, Earnings Per Share , the settlement of the principal amount has no impact on diluted EPS. |
Cash and Cash Equivalents | (l) Cash and Cash Equivalents Cash equivalents include short-term, highly liquid investments with maturities of three months or less when acquired. Cash and cash equivalents, as reported in the accompanying Consolidated Balance Sheets, consist of amounts available for the Company’s general purposes, as well as the Company’s proportionate share of cash held by the Company’s unconsolidated joint ventures and also amounts held by the Company’s consolidated joint ventures. In both cases, cash held by joint ventures is available only for joint venture-related uses, including future distributions to joint venture partners. Cash and cash equivalents consisted of the following: As of December 31, (in thousands) 2017 2016 Cash and cash equivalents $ 94,713 $ 49,539 Joint venture cash and cash equivalents 98,155 96,564 Total cash and cash equivalents $ 192,868 $ 146,103 |
Restricted Cash and Restricted Investments | (m) Restricted Cash and Restricted Investments The Company has restricted cash and restricted investments primarily held as collateral to secure insurance-related contingent obligations, such as insurance claim deductibles, in lieu of letters of credit. Restricted investments are comprised of various corporate bonds and bank notes that are rated A3 or better and have maturities within the Company’s operating cycle. These restricted investments are held-to-maturity securities carried at amortized cost. |
Share-Based Compensation | (n) Share-Based Compensation The Company’s long-term incentive plans allow the Company to grant share-based compensation awards in a variety of forms, including restricted and unrestricted 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. Unrestricted stock units vest immediately and are generally issued to the directors as part of their annual retainer fees, in which case they are expensed over a 12-month service period. For share-based awards that have a service requirement, the Company accounts for forfeitures upon occurrence, rather than estimating the probability of forfeiture at the date of grant. Accordingly, the Company recognizes the full grant-date fair value of these awards on a straight-line basis throughout the requisite service period, reversing any expense if, and only if, there is a forfeiture. For share-based awards that have a performance-based vesting requirement, the Company evaluates the probability of achieving the performance criterion throughout the performance period, and will adjust share-based compensation expense if it estimates that the achievement of the performance criterion, the achievement of which is ultimately determined by the Compensation Committee, is not probable. |
Insurance Liabilities | (o) 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) | (p) 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 plan assets/liabilities, cumulative foreign currency translation, change in fair value of investments and change in fair value of an 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, 2017 2016 2015 (in thousands) Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount Before-Tax Amount Tax Benefit Net-of-Tax Amount Before-Tax Amount Tax Benefit (Expense) Net-of-Tax Amount Other comprehensive income (loss): Defined benefit pension plan adjustments $ 2,416 $ (992) $ 1,424 $ (4,452) $ 1,829 $ (2,623) $ 31 $ 1,995 $ 2,026 Foreign currency translation adjustment 2,159 (886) 1,273 (439) 178 (261) (5,897) 2,683 (3,214) Unrealized (loss) gain in fair value of investments (4) 2 (2) (576) 236 (340) 1,123 (357) 766 Unrealized loss in fair value of interest rate swap — — — (45) 21 (24) (37) (88) (125) Total other comprehensive income (loss) $ 4,571 $ (1,876) $ 2,695 $ (5,512) $ 2,264 $ (3,248) $ (4,780) $ 4,233 $ (547) Total other comprehensive income (loss) attributable to Tutor Perini Corporation $ 4,571 $ (1,876) $ 2,695 $ (5,512) $ 2,264 $ (3,248) $ (4,780) $ 4,233 $ (547) The changes in AOCI balances by component (after tax) for each of the three years ended December 31, 2017 are as follows: (in thousands) Defined Benefit Pension Plan Foreign Currency Translation Unrealized (Loss) Gain in Fair Value of Investments Unrealized Gain (Loss) in Fair Value of Interest Rate Swap Accumulated Other Comprehensive Loss Attributable to Tutor Perini Corporation: 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) Other comprehensive loss before reclassifications (3,722) (261) (340) (24) (4,347) Amounts reclassified from AOCI 1,099 — — — 1,099 Balance as of December 31, 2016 $ (40,865) $ (4,864) $ 316 $ — $ (45,413) Other comprehensive income (loss) before reclassifications 306 1,273 (2) — 1,577 Amounts reclassified from AOCI 1,118 — — — 1,118 Balance as of December 31, 2017 $ (39,441) $ (3,591) $ 314 $ — $ (42,718) The significant items reclassified out of AOCI and the corresponding location and impact on the Consolidated Statements of Income are as follows: Location in Consolidated Year Ended December 31, (in thousands) Statements of Income 2017 2016 2015 Defined benefit pension plan adjustments Various accounts (a) $ 1,897 $ 1,745 $ — Income tax benefit Income tax benefit (provision) (779) (646) — Net of tax $ 1,118 $ 1,099 $ — (a) Defined benefit pension plan adjustments were reclassified to cost of operations and general and administrative expenses. |
New Accounting Pronouncements | (q) New Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606) , as amended by subsequent ASUs (collectively, “ASU 2014-09”). ASU 2014-09 amends the existing accounting standards for revenue recognition and establishes principles for recognizing revenue upon the transfer of promised goods or services to customers based on the expected consideration to be received in exchange for those goods or services. The guidance is effective for interim and annual reporting periods beginning after December 15, 2017. The amendments may be applied retrospectively to each prior period presented or with the cumulative effect recognized as of the date of initial application (modified retrospective method). The Company will adopt this new standard using the modified retrospective method. The Company has reviewed its contract portfolio in order to determine the impact that the adoption of ASU 2014-09 will have on its consolidated financial statements. Based on the Company’s evaluation of ASU 2014-09, the Company expects an immaterial reduction to beginning retained earnings, with an immaterial impact to net income on an ongoing basis. The Company has implemented changes to its business processes, systems and internal controls to support the adoption of this new standard and the related disclosure requirements. The adoption of the standard is also expected to impact the presentation of the consolidated balance sheet. The impact primarily relates to reclassifications among project working capital financial statement accounts to align with the new standard. In February 2016, the FASB issued ASU 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 leased asset’s economic benefits. This guidance will be effective for interim and annual reporting periods beginning after December 15, 2018 and will be applied using the modified retrospective transition method for existing leases. The Company is currently evaluating the effect that the adoption of this ASU will have on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”), which simplifies several aspects of the accounting for share-based payment transactions, including the accounting for the income tax effect of share-based transactions and the forfeiture of share-based instruments. The Company prospectively adopted this ASU effective January 1, 2017. Upon this adoption, the Company changed its accounting policy for share-based awards that have service requirements such that the impact for failure to meet service requirements will only be recognized upon occurrence. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”), seeking to eliminate diversity in practice related to how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The amendments in ASU 2016-15 address eight specific cash flow issues including the classification of debt prepayment and extinguishment costs in the cash flow statement. The amendments in ASU 2016-15 are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period provided any adjustments should be reflected as of the beginning of the fiscal year that includes the interim period. The Company adopted this accounting standard in 2017 and has applied the provisions retrospectively to the beginning of the fiscal years presented in the Consolidated Financial Statements. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash , which requires restricted cash to be included with cash and cash equivalent balances in the statement of cash flows. The guidance is effective for interim and annual reporting periods beginning after December 15, 2017 . The adoption of this ASU will result in an increase of net cash used in investing activities of $45.7 million for the year ended December 31, 2017 and a decrease of net cash used in investing activities of $4.7 million and $1.5 million for the years ended December 31, 2016 and 2015. In January 2017, the FASB issued ASU 2017-04, Intangibles — Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (“ASU 2017-04”). This ASU simplifies the calculation of goodwill impairment by eliminating Step 2 of the impairment test prescribed by ASC 350. Step 2 requires companies to calculate the implied fair value of their goodwill by estimating the fair value of their assets, other than goodwill, and liabilities, including unrecognized assets and liabilities, following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. The calculated net fair value of the assets would then be compared to the fair value of the reporting unit to determine the implied fair value of goodwill, and to the extent that the carrying value of goodwill was less than the implied fair value, a loss would be recognized. Under ASU 2017-04, however, goodwill is impaired when the calculated fair value of a reporting unit is less than its carrying value, and the impairment charge will equal that difference (i.e., impairment will be calculated at the reporting unit level and there will be no need to estimate the fair value of individual assets and liabilities). This guidance will be effective for any goodwill impairment tests performed in fiscal years beginning after December 15, 2019; however, early adoption is permitted for tests performed on testing dates after January 1, 2017. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements. In May 2017, the FASB issued ASU 2017-09, Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting . This ASU clarifies the scope of modification accounting under Topic 718 with respect to changes to the terms or conditions of a share-based payments award. Under this new guidance, modification accounting would not apply if a change to an award does not affect the total current fair value, vesting conditions or the classification of the award. This guidance is effective for interim and annual reporting periods beginning after December 15, 2017, with early adoption permitted. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements. In February 2018, the FASB issued ASU 2018-02, Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from the Accumulated Other Comprehensive Income. This ASU gives entities the option to reclassify to retained earnings tax effects related to items in accumulated other comprehensive income that the FASB refers to as having been stranded in accumulated other comprehensive income as a result of tax reform. Entities can apply the provisions of this ASU either in the period of adoption or retrospectively. The guidance is effective for interim and annual reporting periods beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating the effect that the adoption of this ASU will have on its consolidated financial statements. |
Summary of Significant Accoun23
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Significant Accounting Policies [Abstract] | |
Costs and Estimated Earnings in Excess of Billings | As of December 31, (in thousands) 2017 2016 Claims $ 549,849 $ 477,425 Unapproved change orders 296,591 207,475 Other unbilled costs and profits 86,318 146,926 Total costs and estimated earnings in excess of billings $ 932,758 $ 831,826 |
Calculations of Basic and Diluted EPS | Year Ended December 31, (in thousands, except per common share data) 2017 2016 2015 Net income attributable to Tutor Perini Corporation $ 148,382 $ 95,822 $ 45,292 Weighted-average common shares outstanding, basic 49,647 49,150 48,981 Effect of dilutive stock options and unvested restricted stock 1,112 714 685 Weighted-average common shares outstanding, diluted 50,759 49,864 49,666 Net income attributable to Tutor Perini Corporation per common share: Basic $ 2.99 $ 1.95 $ 0.92 Diluted $ 2.92 $ 1.92 $ 0.91 Anti-dilutive securities not included above 798 1,132 1,372 |
Schedule of Cash and Cash Equivalents | As of December 31, (in thousands) 2017 2016 Cash and cash equivalents $ 94,713 $ 49,539 Joint venture cash and cash equivalents 98,155 96,564 Total cash and cash equivalents $ 192,868 $ 146,103 |
Tax Effects of Componenets of Other Comprehensive Income (Loss) | Year Ended December 31, 2017 2016 2015 (in thousands) Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount Before-Tax Amount Tax Benefit Net-of-Tax Amount Before-Tax Amount Tax Benefit (Expense) Net-of-Tax Amount Other comprehensive income (loss): Defined benefit pension plan adjustments $ 2,416 $ (992) $ 1,424 $ (4,452) $ 1,829 $ (2,623) $ 31 $ 1,995 $ 2,026 Foreign currency translation adjustment 2,159 (886) 1,273 (439) 178 (261) (5,897) 2,683 (3,214) Unrealized (loss) gain in fair value of investments (4) 2 (2) (576) 236 (340) 1,123 (357) 766 Unrealized loss in fair value of interest rate swap — — — (45) 21 (24) (37) (88) (125) Total other comprehensive income (loss) $ 4,571 $ (1,876) $ 2,695 $ (5,512) $ 2,264 $ (3,248) $ (4,780) $ 4,233 $ (547) Total other comprehensive income (loss) attributable to Tutor Perini Corporation $ 4,571 $ (1,876) $ 2,695 $ (5,512) $ 2,264 $ (3,248) $ (4,780) $ 4,233 $ (547) |
Changes in AOCI Balances by Component | (in thousands) Defined Benefit Pension Plan Foreign Currency Translation Unrealized (Loss) Gain in Fair Value of Investments Unrealized Gain (Loss) in Fair Value of Interest Rate Swap Accumulated Other Comprehensive Loss Attributable to Tutor Perini Corporation: 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) Other comprehensive loss before reclassifications (3,722) (261) (340) (24) (4,347) Amounts reclassified from AOCI 1,099 — — — 1,099 Balance as of December 31, 2016 $ (40,865) $ (4,864) $ 316 $ — $ (45,413) Other comprehensive income (loss) before reclassifications 306 1,273 (2) — 1,577 Amounts reclassified from AOCI 1,118 — — — 1,118 Balance as of December 31, 2017 $ (39,441) $ (3,591) $ 314 $ — $ (42,718) |
Schedule Of Items Reclassified Out Of AOCI And The Corresponding Location And Impact On The Consolidated Statements Of Income | Location in Consolidated Year Ended December 31, (in thousands) Statements of Income 2017 2016 2015 Defined benefit pension plan adjustments Various accounts (a) $ 1,897 $ 1,745 $ — Income tax benefit Income tax benefit (provision) (779) (646) — Net of tax $ 1,118 $ 1,099 $ — (a) Defined benefit pension plan adjustments were reclassified to cost of operations and general and administrative expenses. |
Consolidated Statement of Cas24
Consolidated Statement of Cash Flows (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Consolidated Statement of Cash Flows [Abstract] | |
Changes in Other Components of Working Capital | Year Ended December 31, (in thousands) 2017 2016 2015 (Increase) Decrease in: Accounts receivable $ (57,609) $ (269,900) $ 4,734 Costs and estimated earnings in excess of billings (100,932) 73,349 (178,774) Other current assets (19,718) 39,480 (38,616) (Decrease) Increase in: Accounts payable (32,225) 56,552 139,290 Billings in excess of costs and estimated earnings 125,757 42,926 (30,985) Accrued expenses 24,513 (32,937) (24,426) Changes in other components of working capital $ (60,214) $ (90,530) $ (128,777) Cash paid during the year for: Interest $ 50,443 $ 47,403 $ 45,055 Income taxes $ 39,776 $ 26,908 $ 35,299 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Taxes [Abstract] | |
Summary of Income Before Taxes | Year Ended December 31, (in thousands) 2017 2016 2015 United States operations $ 135,177 $ 128,072 $ 69,822 Foreign operations 18,798 21,043 4,017 Total $ 153,975 $ 149,115 $ 73,839 |
Provision for Income Taxes | Year Ended December 31, (in thousands) 2017 2016 2015 Current expense: Federal $ 12,329 $ 43,850 $ 5,465 State 6,763 13,039 (362) Foreign 3,435 6,573 1,126 Total current 22,527 63,462 6,229 Deferred (benefit) expense: Federal (30,021) (3,054) 19,583 State 5,560 (5,302) 2,735 Foreign 1,365 (1,813) — Total deferred (23,096) (10,169) 22,318 Total (benefit) provision $ (569) $ 53,293 $ 28,547 |
Reconciliation of Provision for Income Taxes | Year Ended December 31, 2017 2016 2015 (dollars in thousands) Amount Rate Amount Rate Amount Rate Federal income tax expense at statutory tax rate $ 53,892 35.0 % $ 52,190 35.0 % $ 25,844 35.0 % State income taxes, net of federal tax benefit 7,753 5.0 4,614 3.1 3,685 5.0 Impact of federal tax law change (53,348) (34.6) — — — — Officers' compensation 2,622 1.7 3,807 2.6 2,900 3.9 Domestic production activities deduction (2,668) (1.7) (4,018) (2.7) (1,499) (2.0) Noncontrolling interest (2,137) (1.4) — — — — Reversal of taxes payable due to statute expiration (4,337) (2.8) — — — — Other (2,346) (1.6) (3,300) (2.3) (2,383) (3.2) Income tax (benefit) provision $ (569) (0.4) % $ 53,293 35.7 % $ 28,547 38.7 % |
Significant Components of Deferred Tax Assets and Liabilities | The following is a summary of the significant components of the deferred tax assets and liabilities: As of December 31, (in thousands) 2017 2016 Deferred tax assets: Timing of expense recognition $ 22,730 $ 36,055 Net operating losses 8,590 10,140 Other, net 15,618 33,507 Deferred tax assets 46,938 79,702 Valuation allowance (381) (460) Net deferred tax assets 46,557 79,242 Deferred tax liabilities: Intangible assets, due primarily to purchase accounting (30,019) (34,679) Fixed assets, due primarily to purchase accounting (73,833) (107,081) Construction contract accounting (17,539) (12,564) Joint ventures (11,343) (29,609) Other (22,263) (24,970) Deferred tax liabilities (154,997) (208,903) Net deferred tax liabilities $ (108,440) $ (129,661) T h e n et d e f e rr ed tax lia b ili t ies are presented i n t h e C o ns o li d at e d B ala n ce S h eets as f o ll o w s : As of December 31, (in thousands) 2017 2016 Deferred tax assets $ 64 $ 1,346 Deferred tax liabilities (108,504) (131,007) Net deferred tax liabilities $ (108,440) $ (129,661) |
Reconciliation of Gross Unrecognized Tax Benefit | As of December 31, (in thousands) 2017 2016 2015 Beginning balance $ 7,574 $ 3,612 $ 7,636 Change in tax positions of prior years (1,207) 3,543 (3,073) Change in tax positions of current year 128 419 169 Reduction in tax positions for statute expirations — — (1,120) Ending Balance $ 6,495 $ 7,574 $ 3,612 |
Financial Commitments (Tables)
Financial Commitments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Financial Commitments [Abstract] | |
Long-Term Debt | As of December 31, (in thousands) 2017 2016 2017 Senior Notes $ 492,734 $ — 2017 Credit Facility — — 2010 Senior Notes — 298,120 2014 Revolver — 147,990 Term Loan — 54,650 Convertible Notes 161,635 152,668 Equipment financing and mortgages 76,820 101,558 Other indebtedness 5,087 4,533 Total debt 736,276 759,519 Less: Current maturities (30,748) (85,890) Long-term debt, net $ 705,528 $ 673,629 |
Reconciliation Of Outstanding Debt Balance To Reported Debt Balance | As of December 31, 2017 As of December 31, 2016 (in thousands) Outstanding Long-Term Debt Unamortized Discount and Issuance Costs Long-Term Debt, as reported Outstanding Long-Term Debt Unamortized Discounts and Issuance Costs Long-Term Debt, as reported 2017 Senior Notes $ 500,000 $ (7,266) $ 492,734 $ — $ — $ — 2010 Senior Notes — — — 300,000 (1,880) 298,120 2014 Revolver — — — 152,500 (4,510) 147,990 Term Loan — — — 57,000 (2,350) 54,650 Convertible Notes 200,000 (38,365) 161,635 200,000 (47,332) 152,668 |
Summary Of Information Related To The Liability And Equity Components Of The Convertible Notes | (in thousands) December 31, 2017 December 31, 2016 Liability component: Principal $ 200,000 $ 200,000 Conversion feature (46,800) (46,800) Allocated debt issuance costs (5,051) (5,051) Amortization of discount and debt issuance costs (non-cash interest expense) 13,486 4,519 Net carrying amount $ 161,635 $ 152,668 Equity component: Conversion feature $ 46,800 $ 46,800 Allocated debt issuance costs (1,543) (1,543) Deferred taxes (18,815) (18,815) Net carrying amount $ 26,442 $ 26,442 |
Principal Payments of Long-Term Debt | Year (in thousands) 2018 $ 30,748 2019 12,194 2020 5,321 2021 218,868 2022 7,457 Thereafter 507,319 781,907 Less: Unamortized discount and issuance costs (45,631) Total $ 736,276 |
Summary Of Interest Expense As Reported In The Consolidated Statements of Operations | For the year ended December 31, (in thousands) 2017 2016 2015 Cash interest expense: Interest on 2017 Senior Notes $ 23,967 $ — $ — Interest on 2017 Credit Facility 5,517 — — Interest on 2010 Senior Notes 6,926 22,875 22,875 Interest on 2014 Credit Facility 4,455 19,201 14,368 Interest on Convertible Notes 5,750 3,115 — Other interest 3,261 3,623 5,805 Cash portion of loss on extinguishment 1,913 — — Total cash interest expense 51,789 48,814 43,048 Non-cash interest expense (a) : Amortization of debt issuance costs on 2017 Senior Notes 516 — — Amortization of debt issuance costs on 2017 Credit Facility 962 — — Amortization of discount and debt issuance costs on 2010 Senior Notes 308 1,002 979 Amortization of debt issuance costs on 2014 Credit Facility 1,703 5,447 1,116 Amortization of discount and debt issuance costs on Convertible Notes 8,967 4,519 — Non-cash portion of loss on extinguishment 5,139 — — Total non-cash interest expense 17,595 10,968 2,095 Total interest expense $ 69,384 $ 59,782 $ 45,143 (a) The combination of cash and non-cash interest expense produces effective interest rates that are higher than contractual rates. Accordingly, the effective interest rates for the 2017 Senior Notes and the Convertible Notes were 7.13% and 9.39% , respectively, for the year ended December 31, 2017 . |
Future Minimum Rent Payments under Non-Cancelable Operating Leases | Year (in thousands) 2018 $ 18,420 2019 12,424 2020 8,980 2021 6,240 2022 5,524 Thereafter 14,898 66,486 Less: Sublease rental agreements (2,291) Total $ 64,195 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Share-Based Compensation [Abstract] | |
Summary of Restricted Stock Unit and Stock Option Activity | Restricted Stock Units Stock Options Weighted- Weighted- Average Average Grant Date Exercise/ Fair Value (Strike) Price Number Per Share Number Per Share 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 Granted 483,387 19.14 274,000 16.20 Vested/exercised (52,500) 18.74 (97,500) 12.72 Outstanding as of December 31, 2016 1,156,484 $ 22.64 2,174,500 $ 19.50 Granted 1,064,000 30.02 539,000 24.54 Expired or cancelled (20,985) 23.91 (19,466) 26.56 Vested/exercised (801,515) 19.38 (140,000) 21.41 Outstanding as of December 31, 2017 1,397,984 $ 30.11 2,554,034 $ 20.45 |
Summary Of Unrestricted Stock Units Issuance | Unrestricted Stock Units Weighted-Average Grant Year Number Date Fair Value Per Share 2015 68,160 $ 21.93 2016 64,603 21.67 2017 99,155 26.26 |
Weighted-Average Assumptions Used in Estimating Grant Date Fair Values of Stock Option Awards | Year Ended December 31, 2017 2016 2015 Total stock options granted 539,000 274,000 259,000 Weighted-average grant date fair value $ 13.11 $ 5.31 $ 12.48 Weighted-average assumptions: Risk-free rate 1.81 % 1.2 % 1.3 % Expected life of options (a) 4.8 4.2 4.7 Expected volatility (b) 43.09 % 40.6 % 45.5 % 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. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Employee Benefit Plans [Abstract] | |
Summary of Net Periodic Benefit Cost | Year Ended December 31, (in thousands) 2017 2016 2015 Interest cost $ 3,919 $ 4,153 $ 4,055 Service cost 850 600 — Expected return on plan assets (4,358) (4,803) (5,021) Recognized net actuarial losses 1,897 1,745 1,869 Net periodic benefit cost $ 2,308 $ 1,695 $ 903 Actuarial assumptions used to determine net cost: Discount rate 3.90 % 4.10 % 3.75 % Expected return on assets 6.00 % 6.00 % 6.50 % 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 2018 2017 2016 Cash 5 % 3 % 4 % Equity funds: Domestic 37 41 47 International 28 31 28 Fixed income funds 30 25 21 Total 100 % 100 % 100 % |
Future Benefit Payments Under the Plans | (in thousands) Year ended December 31, 2018 $ 6,748 2019 6,798 2020 6,781 2021 6,785 2022 6,721 2023-2027 32,410 Total $ 66,243 |
Reconciliation of Changes in Fair Value of Plan Assets, Plan Benefit Obligations and Funded Status | Year Ended December 31, (in thousands) 2017 2016 Change in Fair Value of Plan Assets Balance at beginning of year $ 66,057 $ 72,296 Actual return on plan assets 9,224 (1,909) Company contribution 2,838 2,025 Benefit payments (6,578) (6,355) Balance at end of year $ 71,541 $ 66,057 Year Ended December 31, (in thousands) 2017 2016 Change in Benefit Obligations Balance at beginning of year $ 103,681 $ 105,942 Interest cost 3,919 4,153 Service cost 850 600 Assumption change (gain) loss 3,854 308 Actuarial (gain) loss 492 (967) Benefit payments (6,578) (6,355) Balance at end of year $ 106,218 $ 103,681 |
Net Amount Recognized in Consolidated Balance Sheets | As of December 31, (in thousands) 2017 2016 Funded status $ (34,677) $ (37,624) Net unfunded amounts recognized in Consolidated Balance Sheets consist of: Current liabilities $ (279) $ (271) Long-term liabilities (34,398) (37,353) Total net unfunded amount recognized in Consolidated Balance Sheets $ (34,677) $ (37,624) |
Plan Assets at Fair Value | As of December 31, 2017 As of December 31, 2016 Fair Value Hierarchy Fair Value Hierarchy (in thousands) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 2,390 $ — $ — $ 2,390 $ 2,437 $ — $ — $ 2,437 Fixed income funds 18,031 — — 18,031 14,023 — — 14,023 Equity funds 20,372 — — 20,372 10,489 — — 10,489 $ 40,793 $ — $ — $ 40,793 $ 26,949 $ — $ — $ 26,949 Closely held funds (a) Equity partnerships 8,711 6,931 Hedge fund investments 22,037 32,177 Total closely held funds (a) 30,748 39,108 Total $ 40,793 $ — $ — $ 71,541 $ 26,949 $ — $ — $ 66,057 (a) Closely held funds in private investment were measured at fair value using NAV and were not categorized in the fair value hierarchy. Although the investments were not categorized within the fair value hierarchy, the holdings of these private investment funds were comprised of a combination of Level 1, 2 and 3 investments, but were not categorized in the fair value hierarchy because they were measured at NAV using the practical expedient under ASC 820, Fair Value Measurement (“ASC 820”). |
Benefit Obligations in Excess of Fair Value of Plans' Assets | As of December 31, 2017 As of December 31, 2016 Benefit Benefit Pension Equalization Pension Equalization (in thousands) Plan Plan Total Plan Plan Total Projected benefit obligation $ 102,806 $ 3,412 $ 106,218 $ 100,336 $ 3,345 $ 103,681 Accumulated benefit obligation $ 102,806 $ 3,412 $ 106,218 $ 100,336 $ 3,345 $ 103,681 Fair value of plans' assets 71,541 — 71,541 66,057 — 66,057 Projected benefit obligation greater than fair value of plans' assets $ 31,265 $ 3,412 $ 34,677 $ 34,279 $ 3,345 $ 37,624 Accumulated benefit obligation greater than fair value of plans' assets $ 31,265 $ 3,412 $ 34,677 $ 34,279 $ 3,345 $ 37,624 |
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 2017 2016 Implemented 2017 (b) 2016 2015 Imposed Agreement The Pension, Hospitalization and Benefit Plan of the Electrical Industry - Pension Trust Fund 13-6123601/ 001 Green Green N/A $ 16.0 $ 15.8 (a) $ 13.6 (a) No 4/30/2019 Carpenters Pension Trust Fund for Northern California 94-6050970 Red Red Implemented 8.2 4.4 2.7 No 6/30/2019 Laborers Pension Trust Fund for Northern California 94-6277608 Yellow Yellow Implemented 6.6 5.6 2.8 No 6/30/2019 Northern California Electrical Workers Pension Plan 94-6062674 Green Green N/A 5.2 1.5 0.3 No 5/31/2018 Steamfitters Industry Pension Fund 13-6149680/ 001 Green Green N/A 3.9 3.9 (a) 6.2 (a) No 6/30/2020 (a) These amounts exceeded 5% of the respective total plan contributions. (b) The Company's contributions as a percentage of total plan contributions were not available for any of its plans . |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Measurements [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | As of December 31, 2017 As of December 31, 2016 Fair Value Hierarchy Fair Value Hierarchy (in thousands) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash and cash equivalents (a) $ 192,868 $ — $ — $ 192,868 $ 146,103 $ — $ — $ 146,103 Restricted cash (a) 4,780 — — 4,780 50,504 — — 50,504 Investments in lieu of retainage (b) 69,891 2,405 — 72,296 46,855 4,411 — 51,266 Total $ 267,539 $ 2,405 $ — $ 269,944 $ 243,462 $ 4,411 $ — $ 247,873 (a) Includes money market funds with original maturity dates of three months or less. (b) Investments in lieu of retainage are included in accounts receivable and are comprised of money market funds and municipal bonds, the majority of which are rated A3 or better. The fair values of the money market funds are measured using quoted market prices; therefore, they are classified as Level 1 assets. The fair values of municipal bonds are measured using readily available pricing sources for comparable instruments; therefore, they are classified as Level 2 assets. All of the above investments are available-for-sale securities. |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Business Segments [Abstract] | |
Reportable Segments | Reportable Segments Specialty Segment Consolidated (in thousands) Civil Building Contractors Total Corporate Total Year ended December 31, 2017 Total revenue $ 1,856,164 $ 1,982,857 $ 1,213,708 $ 5,052,729 $ — $ 5,052,729 Elimination of intersegment revenue (253,989) (41,532) — (295,521) — (295,521) Revenue from external customers $ 1,602,175 $ 1,941,325 $ 1,213,708 $ 4,757,208 $ — $ 4,757,208 Income from construction operations $ 192,207 $ 34,199 $ 18,938 $ 245,344 $ (65,867) (a) $ 179,477 Capital expenditures $ 27,694 $ 267 $ 721 $ 28,682 $ 1,598 $ 30,280 Depreciation and amortization (b) $ 33,767 $ 2,021 $ 4,699 $ 40,487 $ 11,443 $ 51,930 Year ended December 31, 2016 Total revenue $ 1,830,857 $ 2,146,747 $ 1,234,272 $ 5,211,876 $ — $ 5,211,876 Elimination of intersegment revenue (161,894) (76,906) — (238,800) — (238,800) Revenue from external customers $ 1,668,963 $ 2,069,841 $ 1,234,272 $ 4,973,076 $ — $ 4,973,076 Income from construction operations $ 172,668 $ 51,564 $ 37,908 $ 262,140 $ (60,220) (a) $ 201,920 Capital expenditures $ 13,541 $ 516 $ 1,005 $ 15,062 $ 681 $ 15,743 Depreciation and amortization (b) $ 48,561 $ 2,186 $ 5,035 $ 55,782 $ 11,520 $ 67,302 Year ended December 31, 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 $ 145,213 $ (1,240) $ 15,682 $ 159,655 $ (54,242) (a) $ 105,413 Capital expenditures $ 8,383 $ 2,877 $ 1,193 $ 12,453 $ 23,459 $ 35,912 Depreciation and amortization (b) $ 22,601 $ 2,728 $ 5,507 $ 30,836 $ 10,798 $ 41,634 (a) Consists primarily of corporate general and administrative expenses. (b) Depreciation and amortization is included in income from construction operations. |
Total Assets for Reportable Segments | As of December 31, (in thousands) 2017 2016 Civil $ 2,452,108 $ 2,152,123 Building 909,207 917,317 Specialty Contractors 767,807 813,851 Corporate and other (a) 135,001 155,329 Total assets $ 4,264,123 $ 4,038,620 (a) Consists principally of cash, equipment, tax-related assets and insurance-related assets, offset by the elimination of assets related to intersegment revenue. |
Principal Geographical Areas | Year Ended December 31, (in thousands) 2017 2016 2015 Revenue: United States $ 4,613,644 $ 4,802,393 $ 4,694,165 Foreign and U.S. territories 143,564 170,683 226,307 Total revenue $ 4,757,208 $ 4,973,076 $ 4,920,472 As of December 31, (in thousands) 2017 2016 Assets: United States $ 4,093,673 $ 3,911,865 Foreign and U.S. territories 170,450 126,755 Total assets $ 4,264,123 $ 4,038,620 |
Reconciliation of Segment Results to Consolidated Income Before Income Taxes | Year Ended December 31, (in thousands) 2017 2016 2015 Income from construction operations $ 179,477 $ 201,920 $ 105,413 Other income, net 43,882 6,977 13,569 Interest expense (69,384) (59,782) (45,143) Income before income taxes $ 153,975 $ 149,115 $ 73,839 |
Unaudited Quarterly Financial31
Unaudited Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Unaudited Quarterly Financial Data [Abstract] | |
Unaudited Quarterly Selected Financial Data | (in thousands, except per share amounts) First Second Third Fourth Year Ended December 31, 2017 Quarter Quarter Quarter Quarter Revenue $ 1,117,361 $ 1,247,274 $ 1,199,505 $ 1,193,068 Gross profit 102,720 102,838 118,251 130,596 Income from construction operations 37,017 34,045 49,072 59,343 Income before income taxes 21,870 52,516 34,396 45,193 Net income 13,764 32,633 25,300 82,847 Net income attributable to Tutor Perini Corporation 13,764 30,096 23,584 80,938 Earnings per common share: Basic $ 0.28 $ 0.61 $ 0.47 $ 1.63 Diluted $ 0.27 $ 0.59 $ 0.47 $ 1.60 (in thousands, except per share amounts) First Second Third Fourth Year Ended December 31, 2016 Quarter Quarter Quarter Quarter Revenue $ 1,085,369 $ 1,308,130 $ 1,332,978 $ 1,246,599 Gross profit 105,092 109,770 124,668 117,660 Income from construction operations 40,122 48,829 60,919 52,050 Income before income taxes 26,724 35,780 47,926 38,685 Net income 15,400 21,361 28,801 30,260 Net income attributable to Tutor Perini Corporation 15,400 21,361 28,801 30,260 Earnings per common share: Basic $ 0.31 $ 0.43 $ 0.59 $ 0.62 Diluted $ 0.31 $ 0.43 $ 0.57 $ 0.60 |
Summary of Significant Accoun32
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Costs and estimated earnings in excess of billings beyond one year | $ 443,700,000 | ||
Contract Receivable Retainage, Estimated Collection After One Year, Percentage | 30.00% | ||
Contract Payable Retainage, Estimated Remittance After One Year, Percentage | 19.00% | ||
Goodwill impairment charge | $ 0 | ||
Indefinite lived intangible assets impairment charge | 0 | ||
Net Cash Provided by (Used in) Investing Activities | (41,409,000) | $ (18,495,000) | $ (32,415,000) |
Accounting Standards Update 2016-18 [Member] | |||
Net Cash Provided by (Used in) Investing Activities | $ 45,700,000 | $ (4,700,000) | $ (1,500,000) |
Minimum [Member] | |||
Estimated useful lives | 3 years | ||
Maximum [Member] | |||
Estimated useful lives | 40 years |
Summary of Significant Accoun33
Summary of Significant Accounting Policies (Costs and Estimated Earnings in Excess of Billings) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Summary of Significant Accounting Policies [Abstract] | ||
Claims | $ 549,849 | $ 477,425 |
Unapproved change orders | 296,591 | 207,475 |
Other unbilled costs and profits | 86,318 | 146,926 |
Total costs and estimated earnings in excess of billings | $ 932,758 | $ 831,826 |
Summary of Significant Accoun34
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, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |||||||||||
Net income attributable to Tutor Perini Corporation | $ 80,938 | $ 23,584 | $ 30,096 | $ 13,764 | $ 30,260 | $ 28,801 | $ 21,361 | $ 15,400 | $ 148,382 | $ 95,822 | $ 45,292 |
Weighted-average common shares outstanding, basic | 49,647 | 49,150 | 48,981 | ||||||||
Effect of dilutive stock options and unvested restricted stock | 1,112 | 714 | 685 | ||||||||
Weighted-average common shares outstanding, diluted | 50,759 | 49,864 | 49,666 | ||||||||
Net income attributable to Tutor Perini Corporation per common share: Basic | $ 1.63 | $ 0.47 | $ 0.61 | $ 0.28 | $ 0.62 | $ 0.59 | $ 0.43 | $ 0.31 | $ 2.99 | $ 1.95 | $ 0.92 |
Net income attributable to Tutor Perini Corporation per common share: Diluted | $ 1.60 | $ 0.47 | $ 0.59 | $ 0.27 | $ 0.60 | $ 0.57 | $ 0.43 | $ 0.31 | $ 2.92 | $ 1.92 | $ 0.91 |
Anti-dilutive securities not included above | 798 | 1,132 | 1,372 |
Summary of Significant Accoun35
Summary of Significant Accounting Policies (Schedule of Cash and Cash Equivalents) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Total cash and cash equivalents | $ 192,868 | $ 146,103 | $ 75,452 | $ 135,583 |
Consolidated Entity, Excluding Joint Venture [Member] | ||||
Total cash and cash equivalents | 94,713 | 49,539 | ||
Joint Venture [Member] | ||||
Total cash and cash equivalents | $ 98,155 | $ 96,564 |
Summary of Significant Accoun36
Summary of Significant Accounting Policies (Tax Effects of Componenets of Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |||
Defined benefit pension plan adjustments, Before-Tax Amount | $ 2,416 | $ (4,452) | $ 31 |
Defined benefit pension plan adjustments, Tax (Expense) Benefit | (992) | 1,829 | 1,995 |
Defined benefit pension plan adjustments, Net-of-Tax Amount | 1,424 | (2,623) | 2,026 |
Foreign currency translation adjustment, Before-Tax Amount | 2,159 | (439) | (5,897) |
Foreign currency translation adjustment, Tax (Expense) Benefit | (886) | 178 | 2,683 |
Foreign currency translation adjustment, Net-of-Tax Amount | 1,273 | (261) | (3,214) |
Unrealized (loss) gain in fair value of investments, Before-Tax Amount | (4) | (576) | 1,123 |
Unrealized (loss) gain in fair value of investments, Tax (Expense) Benefit | 2 | 236 | (357) |
Unrealized (loss) gain in fair value of investments, Net-of-Tax Amount | (2) | (340) | 766 |
Unrealized loss in fair value of interest rate swap, Before-Tax Amount | (45) | (37) | |
Unrealized loss in fair value of interest rate swap, Tax (Expense) Benefit | 21 | (88) | |
Unrealized loss in fair value of interest rate swap, Net-of-Tax Amount | (24) | (125) | |
Total other comprehensive income (loss), Before-Tax Amount | 4,571 | (5,512) | (4,780) |
Total other comprehensive income (loss), Tax Benefit | (1,876) | 2,264 | 4,233 |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 2,695 | (3,248) | (547) |
Total other comprehensive income (loss) attributable to Tutor Perini Corporation, Before-Tax Amount | 4,571 | (5,512) | (4,780) |
Total other comprehensive income (loss) attributable to Tutor Perini Corporation, Tax (Expense) Benefit | (1,876) | 2,264 | 4,233 |
TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAX | $ 2,695 | $ (3,248) | $ (547) |
Summary of Significant Accoun37
Summary of Significant Accounting Policies (Changes in AOCI Balances by Component) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Balance | $ 1,553,023 | ||
Other comprehensive income (loss) | 2,695 | $ (3,248) | $ (547) |
Balance | 1,713,275 | 1,553,023 | |
Accumulated Other Comprehensive Loss [Member] | |||
Balance | (45,413) | (42,165) | (41,618) |
Other comprehensive income (loss) | (4,347) | (547) | |
Other comprehensive loss before reclassifications | 1,577 | ||
Amounts reclassified from AOCI | 1,118 | 1,099 | |
Balance | (42,718) | (45,413) | (42,165) |
Defined Benefit Pension Plan [Member] | |||
Balance | (40,865) | (38,242) | (40,268) |
Other comprehensive income (loss) | (3,722) | 2,026 | |
Other comprehensive loss before reclassifications | 306 | ||
Amounts reclassified from AOCI | 1,118 | 1,099 | |
Balance | (39,441) | (40,865) | (38,242) |
Foreign Currency Translation [Member] | |||
Balance | (4,864) | (4,603) | (1,389) |
Other comprehensive income (loss) | (261) | (3,214) | |
Other comprehensive loss before reclassifications | 1,273 | ||
Balance | (3,591) | (4,864) | (4,603) |
Unrealized (Loss) Gain In Fair Value Of Investments [Member] | |||
Balance | 316 | 656 | (110) |
Other comprehensive income (loss) | (340) | 766 | |
Other comprehensive loss before reclassifications | (2) | ||
Balance | $ 314 | 316 | 656 |
Unrealized Gain (Loss) In Fair Value Of Interest Rate Swap [Member] | |||
Balance | 24 | 149 | |
Other comprehensive income (loss) | $ (24) | (125) | |
Balance | $ 24 |
Summary of Significant Accoun38
Summary of Significant Accounting Policies (Schedule Of Items Reclassified Out Of AOCI And The Corresponding Location And Impact On The Consolidated Statements Of Income) (Details) - Reclassification out of Accumulated Other Comprehensive Income [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Defined benefit pension plan adjustments | $ 1,897 | $ 1,745 |
Income tax benefit | (779) | (646) |
Net of tax | $ 1,118 | $ 1,099 |
Consolidated Statement of Cas39
Consolidated Statement of Cash Flows (Changes in Other Components of Working Capital) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Consolidated Statement of Cash Flows [Abstract] | |||
Accounts receivable | $ (57,609) | $ (269,900) | $ 4,734 |
Costs and estimated earnings in excess of billings | (100,932) | 73,349 | (178,774) |
Other current assets | (19,718) | 39,480 | (38,616) |
Accounts payable | (32,225) | 56,552 | 139,290 |
Billings in excess of costs and estimated earnings | 125,757 | 42,926 | (30,985) |
Accrued expenses | 24,513 | (32,937) | (24,426) |
Changes in other components of working capital | (60,214) | (90,530) | (128,777) |
Interest | 50,443 | 47,403 | 45,055 |
Income taxes | $ 39,776 | $ 26,908 | $ 35,299 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Impact of federal tax law change | $ 53,348 | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% | 35.00% | ||
One-time transition tax liability for foreign subsidiaries | $ 500 | ||||
Net increase (decrease) in unrecognized tax benefit | (1,100) | $ 4,000 | $ (4,000) | ||
Gross unrecognized tax benefits | $ 6,495 | $ 7,574 | $ 3,612 | $ 7,636 | |
Forecast [Member] | |||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
Income Taxes (Summary of Income
Income Taxes (Summary of Income Before Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Abstract] | |||||||||||
United States Operations | $ 135,177 | $ 128,072 | $ 69,822 | ||||||||
Foreign Operations | 18,798 | 21,043 | 4,017 | ||||||||
INCOME BEFORE INCOME TAXES | $ 45,193 | $ 34,396 | $ 52,516 | $ 21,870 | $ 38,685 | $ 47,926 | $ 35,780 | $ 26,724 | $ 153,975 | $ 149,115 | $ 73,839 |
Income Taxes (Provision for Inc
Income Taxes (Provision for Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current expense: | |||
Federal | $ 12,329 | $ 43,850 | $ 5,465 |
State | 6,763 | 13,039 | (362) |
Foreign | 3,435 | 6,573 | 1,126 |
Total current | 22,527 | 63,462 | 6,229 |
Deferred (benefit) expense: | |||
Federal | (30,021) | (3,054) | 19,583 |
State | 5,560 | (5,302) | 2,735 |
Foreign | 1,365 | (1,813) | |
Total deferred | (23,096) | (10,169) | 22,318 |
Total provision | $ (569) | $ 53,293 | $ 28,547 |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Provision for Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of Provision for Income Taxes | |||
Federal income tax expense at statutory tax rate | $ 53,892 | $ 52,190 | $ 25,844 |
State income taxes, net of federal tax benefit | 7,753 | 4,614 | 3,685 |
Impact of federal tax law change | (53,348) | ||
Officers' compensation | 2,622 | 3,807 | 2,900 |
Domestic production activities deduction | (2,668) | (4,018) | (1,499) |
Noncontrolling interest | (2,137) | ||
Reversal of taxes payable due to statue expiration | (4,337) | ||
Other | (2,346) | (3,300) | (2,383) |
Total provision | $ (569) | $ 53,293 | $ 28,547 |
Reconciliation of Effective Income Tax Rate | |||
Federal income tax expense at statutory tax rate (in hundredths) | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal tax benefit (in hundredths) | 5.00% | 3.10% | 5.00% |
Impact of federal tax law change (in hundredths) | (34.60%) | ||
Officers' compensation (in hundredths) | 1.70% | 2.60% | 3.90% |
Domestic production activities deduction (in hundredths) | (1.70%) | (2.70%) | (2.00%) |
Noncontrolling interest (in hundredths) | (1.40%) | ||
Reversal of taxes payable due to statue expiration (in hundredths) | (2.80%) | ||
Other (in hundredths) | (1.60%) | (2.30%) | (3.20%) |
Total (benefit) provision (in hundredths) | (0.40%) | 35.70% | 38.70% |
Income Taxes (Significant Compo
Income Taxes (Significant Components of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax assets: | ||
Timing of expense recognition | $ 22,730 | $ 36,055 |
Net operating losses | 8,590 | 10,140 |
Other, net | 15,618 | 33,507 |
Deferred tax assets | 46,938 | 79,702 |
Valuation Allowance | (381) | (460) |
Net deferred tax assets | 46,557 | 79,242 |
Deferred tax liabilities: | ||
Intangible assets, due primarily to purchase accounting | (30,019) | (34,679) |
Fixed assets, due primarily to purchase accounting | (73,833) | (107,081) |
Construction contract accounting | (17,539) | (12,564) |
Joint ventures | (11,343) | (29,609) |
Other | (22,263) | (24,970) |
Deferred tax liabilities | (154,997) | (208,903) |
Net deferred tax liabilities | (108,440) | (129,661) |
Net Deferred Tax Liabilities | ||
Deferred tax asset | 64 | 1,346 |
Deferred tax liability | (108,504) | (131,007) |
Net deferred tax liabilities | $ (108,440) | $ (129,661) |
Income Taxes (Reconciliation 45
Income Taxes (Reconciliation of Gross Unrecognized Tax Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of gross unrecognized tax benefits | |||
Gross unrecognized tax benefit balance at beginning of year | $ 7,574 | $ 3,612 | $ 7,636 |
Change in tax positions of prior years | 3,543 | ||
Change in tax positions of prior years | (1,207) | (3,073) | |
Change in tax positions of current year | 128 | 419 | 169 |
Reduction in tax positions for statute expirations | (1,120) | ||
Gross unrecognized tax benefit balance at end of year | $ 6,495 | $ 7,574 | $ 3,612 |
Goodwill and Other Intangible46
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill | $ 585,006 | $ 585,006 | $ 585,000 |
Amortization expense | 3,543 | 3,543 | 3,715 |
Finite-Lived intangible assets | |||
2,018 | 3,500 | ||
2,019 | 3,500 | ||
2,020 | 3,500 | ||
2,021 | 3,500 | ||
2,022 | 2,600 | ||
Civil | |||
Goodwill | 415,300 | 415,300 | 415,300 |
Accumulated Impairment | 76,700 | 76,700 | 76,700 |
Building | |||
Goodwill | 13,500 | 13,500 | 13,500 |
Accumulated Impairment | 411,300 | 411,300 | 411,300 |
Specialty Contractors | |||
Goodwill | 156,200 | 156,200 | $ 156,200 |
Trade Names (Non-amortizable) | |||
Indefinite-lived intangible assets | |||
Indefinite-lived intangible assets, carrying value | 50,400 | 50,400 | |
Trade Names (Non-amortizable) | |||
Finite-Lived intangible assets | |||
Finite-lived intangible assets, gross carrying value | 51,100 | 51,100 | |
Accumulated Amortization | $ 16,300 | 13,800 | |
Weighted Average Amortization Period | 20 years | ||
Customer relationships | |||
Finite-Lived intangible assets | |||
Finite-lived intangible assets, gross carrying value | $ 23,200 | 23,200 | |
Accumulated Amortization | $ 18,900 | $ 17,900 | |
Weighted Average Amortization Period | 12 years |
Financial Commitments (Narrativ
Financial Commitments (Narrative) (Details) | Apr. 19, 2017USD ($) | Dec. 31, 2017USD ($)d / item$ / sharesshares | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2023USD ($) | Dec. 31, 2022USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2018USD ($) |
Debt Instrument [Line Items] | ||||||||
Issuance of convertible notes | $ 200,000,000 | |||||||
Equipment Financing, Mortgages And Acquisition-Related Notes [Abstract] | ||||||||
Loan outstanding | $ 736,276,000 | 759,519,000 | ||||||
Operating leases, rent expense | $ 27,400,000 | 28,200,000 | $ 17,400,000 | |||||
Letters Of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Face amount | $ 150,000,000 | |||||||
Senior Notes [Member] | 2017 Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Imputed interest rate (as a percent) | 7.13% | |||||||
Equipment Financing, Mortgages And Acquisition-Related Notes [Abstract] | ||||||||
Loan outstanding | $ 492,734,000 | |||||||
Senior Notes [Member] | 2010 Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Face amount | $ 300,000,000 | |||||||
Interest rate (as a percent) | 7.625% | |||||||
Maturity date | Nov. 1, 2018 | |||||||
Equipment Financing, Mortgages And Acquisition-Related Notes [Abstract] | ||||||||
Loan outstanding | 298,120,000 | |||||||
Senior Notes [Member] | Private Placement [Member] | 2017 Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Face amount | $ 500,000,000 | |||||||
Interest rate (as a percent) | 6.875% | |||||||
Redemption price, change of control triggering event (as a percent) | 101.00% | |||||||
Senior Notes [Member] | Circumstance One [Member] | Private Placement [Member] | 2017 Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Redemption price | 100.00% | |||||||
Senior Notes [Member] | Circumstance Two [Member] | Private Placement [Member] | 2017 Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Redemption price | 106.875% | |||||||
Percentage of notes that can be redeemed | 40.00% | |||||||
Convertible Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Face amount | $ 200,000,000 | |||||||
Interest rate (as a percent) | 2.875% | |||||||
Maturity date | Jun. 15, 2021 | |||||||
Conversion price, shares | shares | 33.0579 | |||||||
Conversion price | $ / shares | $ 30.25 | |||||||
Imputed interest rate (as a percent) | 9.39% | |||||||
Equipment Financing, Mortgages And Acquisition-Related Notes [Abstract] | ||||||||
Loan outstanding | $ 161,635,000 | 152,668,000 | ||||||
Convertible Notes [Member] | Equity Component [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Conversion feature | 46,800,000 | 46,800,000 | ||||||
Unamortized debt issuance costs | 1,543,000 | 1,543,000 | ||||||
Convertible Notes [Member] | Liability Component [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Face amount | 200,000,000 | 200,000,000 | ||||||
Issuance of convertible notes | 153,200,000 | |||||||
Unamortized debt issuance costs | 5,051,000 | 5,051,000 | ||||||
Reclassified amortization of deferred debt issuance costs | $ 13,486,000 | 4,519,000 | ||||||
Convertible Notes [Member] | Circumstance One [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Business day period after consecutive trading day period | 5 days | |||||||
Consecutive trading day period | d / item | 10 | |||||||
Conversion price, principal amount | $ 1,000 | |||||||
Percentage of conversion price | 98.00% | |||||||
Convertible Notes [Member] | Circumstance Two [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Consecutive trading day period | d / item | 30 | |||||||
Percentage of conversion price | 130.00% | |||||||
Business day period within consecutive trading day period | d / item | 20 | |||||||
Conversion stock price trigger | $ / shares | $ 39.32 | |||||||
Term Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Face amount | $ 250,000,000 | |||||||
Equipment Financing, Mortgages And Acquisition-Related Notes [Abstract] | ||||||||
Loan outstanding | 54,650,000 | |||||||
Equipment Financing Loans [Member] | ||||||||
Equipment Financing, Mortgages And Acquisition-Related Notes [Abstract] | ||||||||
Loan outstanding | $ 61,100,000 | 84,900,000 | ||||||
Term of debt | 10 years | |||||||
Equipment Financing Loans [Member] | Forecast [Member] | ||||||||
Equipment Financing, Mortgages And Acquisition-Related Notes [Abstract] | ||||||||
Balloon payments | $ 6,300,000 | $ 12,400,000 | ||||||
Mortgages [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate (as a percent) | 2.50% | |||||||
Equipment Financing, Mortgages And Acquisition-Related Notes [Abstract] | ||||||||
Loan outstanding | $ 15,700,000 | 16,700,000 | ||||||
Term of debt | 7 years | |||||||
Mortgages [Member] | Forecast [Member] | ||||||||
Equipment Financing, Mortgages And Acquisition-Related Notes [Abstract] | ||||||||
Balloon payments | $ 7,000,000 | $ 2,900,000 | $ 2,600,000 | |||||
Minimum [Member] | Equipment Financing Loans [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate (as a percent) | 1.90% | |||||||
Maximum [Member] | Equipment Financing Loans [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate (as a percent) | 5.93% | |||||||
Credit Facility [Member] | 2017 Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 350,000,000 | |||||||
Available borrowing capacity | $ 350,000,000 | |||||||
Line of Credit Facility, Expiration Date | Apr. 20, 2022 | |||||||
Applicable margin and letter of credit fees will be increased percentage per annum. | 2.00% | |||||||
Weighted-average annual interest rate on borrowings | 3.89% | |||||||
Fixed charge coverage ratio, Required | 1.25 | |||||||
Unamortized debt issuance costs | $ 6,200,000 | |||||||
Revolver optional increase removed by amendment | 150,000,000 | |||||||
Credit Facility [Member] | 2014 Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 300,000,000 | |||||||
Line of Credit Facility, Expiration Date | May 1, 2018 | |||||||
Equipment Financing, Mortgages And Acquisition-Related Notes [Abstract] | ||||||||
Loan outstanding | $ 147,990,000 | |||||||
Credit Facility [Member] | Letters Of Credit [Member] | 2017 Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | 150,000,000 | |||||||
Credit Facility [Member] | Swingline Loans [Member] | 2017 Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Face amount | $ 10,000,000 | |||||||
Credit Facility [Member] | Minimum [Member] | 2017 Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Consolidated leverage ratio | 3.25 | |||||||
Credit Facility [Member] | Maximum [Member] | 2017 Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Consolidated leverage ratio | 4 | |||||||
LIBOR [Member] | Mortgages [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis points added to reference rate (as a percent)) | 3.00% | |||||||
Equipment Financing, Mortgages And Acquisition-Related Notes [Abstract] | ||||||||
Basis points added to reference rate (as a percent) | 3.00% | |||||||
LIBOR [Member] | Credit Facility [Member] | Minimum [Member] | 2017 Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis points added to reference rate (as a percent)) | 1.50% | |||||||
Equipment Financing, Mortgages And Acquisition-Related Notes [Abstract] | ||||||||
Basis points added to reference rate (as a percent) | 1.50% | |||||||
LIBOR [Member] | Credit Facility [Member] | Minimum [Member] | Term Loan | 2014 Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis points added to reference rate (as a percent)) | 1.25% | |||||||
Equipment Financing, Mortgages And Acquisition-Related Notes [Abstract] | ||||||||
Basis points added to reference rate (as a percent) | 1.25% | |||||||
LIBOR [Member] | Credit Facility [Member] | Maximum [Member] | 2017 Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis points added to reference rate (as a percent)) | 3.00% | |||||||
Equipment Financing, Mortgages And Acquisition-Related Notes [Abstract] | ||||||||
Basis points added to reference rate (as a percent) | 3.00% | |||||||
LIBOR [Member] | Credit Facility [Member] | Maximum [Member] | Term Loan | 2014 Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis points added to reference rate (as a percent)) | 3.00% | |||||||
Equipment Financing, Mortgages And Acquisition-Related Notes [Abstract] | ||||||||
Basis points added to reference rate (as a percent) | 3.00% | |||||||
Base Rate [Member] | Credit Facility [Member] | Circumstance Three [Member] | 2017 Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis points added to reference rate (as a percent)) | 100.00% | |||||||
Equipment Financing, Mortgages And Acquisition-Related Notes [Abstract] | ||||||||
Basis points added to reference rate (as a percent) | 100.00% | |||||||
Base Rate [Member] | Credit Facility [Member] | Circumstance Four [Member] | 2017 Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate (as a percent) | 0.00% | |||||||
Base Rate [Member] | Credit Facility [Member] | Minimum [Member] | 2017 Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis points added to reference rate (as a percent)) | 0.50% | |||||||
Equipment Financing, Mortgages And Acquisition-Related Notes [Abstract] | ||||||||
Basis points added to reference rate (as a percent) | 0.50% | |||||||
Base Rate [Member] | Credit Facility [Member] | Maximum [Member] | 2017 Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis points added to reference rate (as a percent)) | 2.00% | |||||||
Equipment Financing, Mortgages And Acquisition-Related Notes [Abstract] | ||||||||
Basis points added to reference rate (as a percent) | 2.00% | |||||||
Federal Funds Rate [Member] | Credit Facility [Member] | Circumstance Two [Member] | 2017 Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis points added to reference rate (as a percent)) | 50.00% | |||||||
Equipment Financing, Mortgages And Acquisition-Related Notes [Abstract] | ||||||||
Basis points added to reference rate (as a percent) | 50.00% |
Financial Commitments (Long-Ter
Financial Commitments (Long-Term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Total debt | $ 736,276 | $ 759,519 |
Less: Current maturities | (30,748) | (85,890) |
Long-term debt, net | 705,528 | 673,629 |
Term Loan | ||
Debt Instrument [Line Items] | ||
Total debt | 54,650 | |
Convertible Notes [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 161,635 | 152,668 |
Equipment Financing And Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 76,820 | 101,558 |
Other Indebtedness [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 5,087 | 4,533 |
2017 Senior Notes [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | $ 492,734 | |
2010 Senior Notes [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 298,120 | |
2014 Credit Facility [Member] | Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | $ 147,990 |
Financial Commitments (Reconcil
Financial Commitments (Reconciliation Of Outstanding Debt Balance To Reported Debt Balance) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Outstanding Long-Term Debt | $ 781,907 | |
Less: Unamortized discount and issuance costs | (45,631) | $ (56,072) |
Total debt | 736,276 | 759,519 |
Term Loan | ||
Debt Instrument [Line Items] | ||
Outstanding Long-Term Debt | 57,000 | |
Less: Unamortized discount and issuance costs | (2,350) | |
Total debt | 54,650 | |
Convertible Notes [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding Long-Term Debt | 200,000 | 200,000 |
Less: Unamortized discount and issuance costs | (38,365) | (47,332) |
Total debt | 161,635 | 152,668 |
2017 Senior Notes [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding Long-Term Debt | 500,000 | |
Less: Unamortized discount and issuance costs | (7,266) | |
Total debt | $ 492,734 | |
2010 Senior Notes [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding Long-Term Debt | 300,000 | |
Less: Unamortized discount and issuance costs | (1,880) | |
Total debt | 298,120 | |
2014 Credit Facility [Member] | Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding Long-Term Debt | 152,500 | |
Less: Unamortized discount and issuance costs | (4,510) | |
Total debt | $ 147,990 |
Financial Commitments (Summary
Financial Commitments (Summary Of Information Related To The Liability And Equity Components Of The Convertible Notes) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||
Deferred taxes | $ (108,440,000) | $ (129,661,000) |
Convertible Notes [Member] | ||
Debt Instrument [Line Items] | ||
Principal | 200,000,000 | |
Liability Component [Member] | Convertible Notes [Member] | ||
Debt Instrument [Line Items] | ||
Principal | 200,000,000 | 200,000,000 |
Conversion feature | (46,800,000) | (46,800,000) |
Allocated debt issuance costs | (5,051,000) | (5,051,000) |
Amortization of discount and debt issuance costs (non-cash interest expense) | 13,486,000 | 4,519,000 |
Net carrying amount | 161,635,000 | 152,668,000 |
Equity Component [Member] | Convertible Notes [Member] | ||
Debt Instrument [Line Items] | ||
Conversion feature | 46,800,000 | 46,800,000 |
Allocated debt issuance costs | (1,543,000) | (1,543,000) |
Deferred taxes | (18,815,000) | (18,815,000) |
Net carrying amount | $ 26,442,000 | $ 26,442,000 |
Financial Commitments (Principa
Financial Commitments (Principal Payments of Long-Term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Financial Commitments [Abstract] | ||
2,018 | $ 30,748 | |
2,019 | 12,194 | |
2,020 | 5,321 | |
2,021 | 218,868 | |
2,022 | 7,457 | |
Thereafter | 507,319 | |
Subtotal | 781,907 | |
Less: Unamortized Discount and Issuance Cost | (45,631) | $ (56,072) |
Total debt | $ 736,276 | $ 759,519 |
Financial Commitments (Summar52
Financial Commitments (Summary Of Interest Expense As Reported In The Consolidated Statements of Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Other interest | $ 3,261 | $ 3,623 | $ 5,805 |
Cash portion of loss on extinguishment | 1,913 | ||
Non-cash portion of loss on extinguishment | 5,139 | ||
Total cash interest expense | 51,789 | 48,814 | 43,048 |
Total non-cash interest expense | 17,595 | 10,968 | 2,095 |
Total interest expense | 69,384 | 59,782 | 45,143 |
Convertible Notes [Member] | |||
Interest on debt | 5,750 | 3,115 | |
Total non-cash interest expense | $ 8,967 | 4,519 | |
Effective interest rates | 9.39% | ||
2017 Senior Notes [Member] | Senior Notes [Member] | |||
Interest on debt | $ 23,967 | ||
Total non-cash interest expense | $ 516 | ||
Effective interest rates | 7.13% | ||
2017 Credit Facility [Member] | Credit Facility [Member] | |||
Interest on debt | $ 5,517 | ||
Total non-cash interest expense | 962 | ||
2010 Senior Notes [Member] | Senior Notes [Member] | |||
Interest on debt | 6,926 | 22,875 | 22,875 |
Total non-cash interest expense | 308 | 1,002 | 979 |
2014 Credit Facility [Member] | Credit Facility [Member] | |||
Interest on debt | 4,455 | 19,201 | 14,368 |
Total non-cash interest expense | $ 1,703 | $ 5,447 | $ 1,116 |
Financial Commitments (Future M
Financial Commitments (Future Minimum Rent Payments under Non-Cancelable Operating Leases) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Financial Commitments [Abstract] | |
2,018 | $ 18,420 |
2,019 | 12,424 |
2,020 | 8,980 |
2,021 | 6,240 |
2,022 | 5,524 |
Thereafter | 14,898 |
Subtotal | 66,486 |
Less - Sublease rental agreements | (2,291) |
Total | $ 64,195 |
Contingencies and Commitments (
Contingencies and Commitments (Details) $ in Thousands | Jul. 31, 2014USD ($) | Mar. 20, 2014USD ($) | Jan. 31, 2017USD ($) | Mar. 31, 2011USD ($) | Jun. 30, 2003USD ($) | Dec. 31, 2017USD ($)ft² | Dec. 31, 2009USD ($)property | Dec. 31, 2016USD ($) | 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 | $ 1,801,656 | $ 1,743,300 | |||||||||||||
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 | ||||||||||||||
Release of retention plus interest from 2010 | $ 1,200 | ||||||||||||||
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 | $ 16,000 | ||||||||||||||
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 | ||||||||||||||
Value of supersedeas bond | 1,700 | ||||||||||||||
Total value of security | $ 24,000 | ||||||||||||||
Loss Contingency, Estimated Recovery from Third Party | $ 20 | ||||||||||||||
U.S. Department of Commerce, National Oceanic and Atmospheric Administration Matter [Member] | |||||||||||||||
Contingencies and Commitments | |||||||||||||||
Square footage of facility | ft² | 287,000 |
Other Income, Net (Narrative) (
Other Income, Net (Narrative) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
ARS | |
Settlement receipt | $ 37 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Cash payments related to share-based compensation | $ 11,769 | $ 584 | $ 808 | |
Cash payments related to share-based compensation | $ (11,769) | (584) | (808) | |
Weighted average remaining contractual term of outstanding stock options | 3 years 3 months 18 days | |||
Number of vested and exercisable stock options (in shares) | 1,988,034 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 12,800 | |||
Vested and exercisable stock options, weighted average exercise price (in dollars per share) | $ 19.31 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 3 years 3 months 18 days | |||
Share-based compensation expense | $ 21,174 | 13,423 | 9,477 | |
Share based compensation, tax benefits | 8,700 | 6,100 | 4,600 | |
Employee [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | 19,600 | 13,400 | 9,500 | |
Non-employee Directors [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 1,600 | 1,400 | $ 1,500 | |
Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares available for future grant (in shares) | 214,000 | |||
Units forfeited | 20,985 | 281,560 | ||
Expired or forfeited/cancelled, Weighted Average Grant Date Fair Value (in dollars per share) | $ 23.91 | $ 23.89 | ||
Fair value of restricted stock units that vested during period | $ 25,300 | 1,000 | $ 8,000 | |
Aggregate intrinsic value | 1,300 | 1,100 | ||
Restricted stock expense | $ 22,500 | |||
Weighted average period over which unrecognized compensation cost is expected to be recognized | 2 years 7 months 6 days | |||
Share based compensation, tax benefits | $ 600 | $ 500 | ||
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | $ 30.02 | $ 19.14 | $ 23.07 | |
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares available for future grant (in shares) | 194,000 | |||
Options forfeited, Weighted Average Exercise Price | $ 26.56 | $ 15.97 | ||
Stock option expense | $ 3,700 | |||
Weighted average period over which unrecognized compensation cost is expected to be recognized | 2 years 2 months 12 days | |||
Total granted and outstanding (in shares) | 2,554,034 | 2,174,500 | 1,998,000 | 1,989,000 |
Intrinsic value of outstanding stock options | $ 13,600 | |||
Weighted average remaining contractual term of outstanding stock options | 4 years 4 months 24 days | |||
Stock options granted but not vested | 566,000 | |||
Stock options granted and expected to vest | 527,816 | |||
Stock options granted, intrinsic value | $ 700 | |||
Stock options granted, weighted-average exercise price | $ 24.27 | |||
Stock options granted, weighted-average remaining contractual life | 8 years 2 months 12 days | |||
Granted, Grant Date Fair Value (in dollars per share) | $ 13.11 | $ 5.31 | $ 12.48 | |
Granted (in shares) | 539,000 | 274,000 | 259,000 | |
Unrestricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Fair value of unrestricted stock units issued | $ 2,600 | $ 1,400 | $ 1,500 | |
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | $ 26.26 | $ 21.67 | $ 21.93 | |
Compensation Plan And Incentive Plan ("Plans") [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Cash payments related to share-based compensation | $ 600 | |||
Cash payments related to share-based compensation | $ (600) | |||
Tutor Perini Corporation Incentive Compensation Plan (“Compensation Plan”) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares available for future grant (in shares) | 1,554,364 | |||
Tutor Perini Corporation Incentive Compensation Plan (“Compensation Plan”) [Member] | Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options expiration period | 10 years | |||
Number of shares authorized for grant | 2,335,000 | |||
Amended and Restated Tutor Perini Corporation Long-Term Incentive Plan (“Incentive Plan”) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares available for future grant (in shares) | 405,529 | |||
Amended and Restated Tutor Perini Corporation Long-Term Incentive Plan (“Incentive Plan”) | Restricted Stock Units And Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Aggregate number of shares outstanding, historical awards that either have not vested or have vested but not exercised | 4,360,018 |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary of Restricted Stock Unit and Stock Option Activity) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Restricted Stock Units [Member] | |||
RSUs Number of Shares | |||
Outstanding, beginning of period (in shares) | 1,156,484 | 725,597 | 1,056,597 |
Granted (in shares) | 1,064,000 | 483,387 | 321,500 |
Expired or forfeited/cancelled (in shares) | (20,985) | (281,560) | |
Vested/exercised (in shares) | (801,515) | (52,500) | (370,940) |
Outstanding, end of period (in shares) | 1,397,984 | 1,156,484 | 725,597 |
Weighted Average Grant Date Fair Value | |||
Outstanding, beginning of period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 22.64 | $ 25.28 | $ 26.54 |
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | 30.02 | 19.14 | 23.07 |
Expired or forfeited/cancelled, Weighted Average Grant Date Fair Value (in dollars per share) | 23.91 | 23.89 | |
Vested/exercised, Weighted Average Grant Date Fair Value (in dollars per share) | 19.38 | 18.74 | 27.07 |
Outstanding, end of period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 30.11 | $ 22.64 | $ 25.28 |
Stock Options [Member] | |||
Stock Options Number of Shares | |||
Outstanding, beginning of period (in shares) | 2,174,500 | 1,998,000 | 1,989,000 |
Granted (in shares) | 539,000 | 274,000 | 259,000 |
Expired or forfeited/cancelled (in shares) | (19,466) | (250,000) | |
Vested/exercised (in shares) | (140,000) | (97,500) | |
Outstanding, end of period (in shares) | 2,554,034 | 2,174,500 | 1,998,000 |
Weighted Average Exercise/(Strike) Price Per Share | |||
Outstanding, beginning of period, Weighted Average Exercise/(Strike) Price Per Share (in dollars per share) | $ 19.50 | $ 19.62 | $ 19.63 |
Granted, Weighted Average Exercise/(Strike) Price Per Share (in dollars per share) | 24.54 | 16.20 | 16.07 |
Expired or forfeited/cancelled, Weighted Average Exercise/(Strike) Price Per Share (in dollars per share) | 26.56 | 15.97 | |
Vested/exercised, Weighted Average Exercise/(Strike) Price Per Share (in dollars per share) | 21.41 | 12.72 | |
Outstanding, end of period, Weighted Average Exercise/(Strike) Price Per Share (in dollars per share) | $ 20.45 | $ 19.50 | $ 19.62 |
Stock-Based Compensation (Sum58
Stock-Based Compensation (Summary Of Unrestricted Stock Units Issuance) (Details) - Unrestricted Stock Units [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Number, Issued | 99,155 | 64,603 | 68,160 |
Weighted-Average Grant Date Fair Value, Issued | $ 26.26 | $ 21.67 | $ 21.93 |
Stock-Based Compensation (Weigh
Stock-Based Compensation (Weighted-Average Assumptions Used in Estimating Grant Date Fair Values of Stock Option Awards) (Details) - Stock Options [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Key assumptions used in estimating the grant date fair values of stock option awards granted | |||
Total stock options granted | 539,000 | 274,000 | 259,000 |
Weighted average grant date fair value | $ 13.11 | $ 5.31 | $ 12.48 |
Risk-free rate (as a percent) | 1.81% | 1.20% | 1.30% |
Expected life of options | 4 years 9 months 18 days | 4 years 2 months 12 days | 4 years 8 months 12 days |
Expected volatility (as a percent) | 43.09% | 40.60% | 45.50% |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Pension Plan Assets | |||
Expected contributions to the defined benefit pension plan in 2018 | $ 2.8 | ||
Net actuarial loss | 58.7 | $ 61.1 | |
Expense provision for 401 (k) plans | 4.2 | 4 | $ 4 |
Hedge Funds Investments [Member] | |||
Pension Plan Assets | |||
Investments in hedge funds which do not have readily determinable fair values | 30.7 | 39.1 | |
Employee Pension Plans [Member] | |||
Pension Plan Assets | |||
Other comprehensive gain (loss) | 2.4 | $ 4.3 | $ 0.7 |
Amount to be amortized from other comprehensive loss into cost in 2018 | $ 2.1 | ||
Discount rate (as a percent) | 3.50% | 3.90% | |
Expected return on assets (as a percent) | 6.00% | 6.00% | 6.50% |
Other Multiemployer Pension Plans | |||
Pension Plan Assets | |||
Multiemployer Plan, Period Contributions | $ 32.1 | $ 52.5 | $ 55.8 |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Summary of net periodic benefit cost | |||
Interest cost | $ 3,919 | $ 4,153 | $ 4,055 |
Service cost | 850 | 600 | |
Return on plan assets | (4,358) | (4,803) | (5,021) |
Recognized net actuarial losses | 1,897 | 1,745 | 1,869 |
Net periodic benefit cost | $ 2,308 | $ 1,695 | $ 903 |
Actuarial Assumptions Used to Determine Net Cost | |||
Discount rate (as a percent) | 3.90% | 4.10% | 3.75% |
Expected return on assets (as a percent) | 6.00% | 6.00% | 6.50% |
Employee Benefit Plans (Target
Employee Benefit Plans (Target and Actual Asset Allocation for Pension Plan by Asset Category) (Details) - Employee Pension Plans [Member] | Dec. 31, 2017 | Dec. 31, 2016 |
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) | 3.00% | 4.00% |
Domestic Equity Funds | ||
Pension Plan Assets | ||
Target asset allocation (as a percent) | 37.00% | |
Actual asset allocation (as a percent) | 41.00% | 47.00% |
International Equity Funds | ||
Pension Plan Assets | ||
Target asset allocation (as a percent) | 28.00% | |
Actual asset allocation (as a percent) | 31.00% | 28.00% |
Fixed Income Funds | ||
Pension Plan Assets | ||
Target asset allocation (as a percent) | 30.00% | |
Actual asset allocation (as a percent) | 25.00% | 21.00% |
Employee Benefit Plans (Future
Employee Benefit Plans (Future Benefit Payments Under Defined Benefit Pension Plan) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Future Benefit Payments | |
2,018 | $ 6,748 |
2,019 | 6,798 |
2,020 | 6,781 |
2,021 | 6,785 |
2,022 | 6,721 |
2023-2027 | 32,410 |
Total future benefit payments | $ 66,243 |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Change in Fair Value of Plan Assets | |||
Balance at beginning of year | $ 66,057 | $ 72,296 | |
Actual return on plan assets | 9,224 | (1,909) | |
Company contribution | 2,838 | 2,025 | |
Benefit payments | (6,578) | (6,355) | |
Balance at end of year | 71,541 | 66,057 | $ 72,296 |
Change in Benefit Obligations | |||
Balance at beginning of year | 103,681 | 105,942 | |
Interest cost | 3,919 | 4,153 | 4,055 |
Service cost | 850 | 600 | |
Assumption change (gain) loss | 3,854 | 308 | |
Actuarial (gain) loss | 492 | (967) | |
Benefit payments | (6,578) | (6,355) | |
Balance at end of year | $ 106,218 | $ 103,681 | $ 105,942 |
Employee Benefit Plans (Amounts
Employee Benefit Plans (Amounts Recognized in Consolidated Balance Sheets) (Details) - Employee Pension Plans [Member] - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Funded Status | ||
Funded status | $ (34,677) | $ (37,624) |
Net unfunded amounts recognized in Consolidated Balance Sheets consist of: | ||
Current liabilities | (279) | (271) |
Long-term liabilities | (34,398) | (37,353) |
Total net unfunded amount recognized in Consolidated Balance Sheets | $ (34,677) | $ (37,624) |
Employee Benefit Plans (Plan As
Employee Benefit Plans (Plan Assets at Fair Value) (Details) - Employee Pension Plans [Member] - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan's assets | $ 71,541 | $ 66,057 | $ 72,296 |
Quoted prices in active markets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan's assets | 40,793 | 26,949 | |
Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan's assets | 2,390 | 2,437 | |
Cash and Cash Equivalents [Member] | Quoted prices in active markets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan's assets | 2,390 | 2,437 | |
Fixed Income Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan's assets | 18,031 | 14,023 | |
Fixed Income Funds [Member] | Quoted prices in active markets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan's assets | 18,031 | 14,023 | |
Equity Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan's assets | 20,372 | 10,489 | |
Equity Funds [Member] | Quoted prices in active markets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan's assets | 20,372 | 10,489 | |
Non-Closely Held Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan's assets | 40,793 | 26,949 | |
Non-Closely Held Funds [Member] | Quoted prices in active markets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan's assets | 40,793 | 26,949 | |
Equity Partnerships [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan's assets | 8,711 | 6,931 | |
Hedge Funds Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan's assets | 22,037 | 32,177 | |
Closely Held Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan's assets | $ 30,748 | $ 39,108 |
Employee Benefit Plans (Benefit
Employee Benefit Plans (Benefit Obligations in Excess of the Fair Value of Plan Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Employee Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | $ 106,218 | $ 103,681 | $ 105,942 |
Accumulated benefit obligation | 106,218 | 103,681 | |
Fair value of plan's assets | 71,541 | 66,057 | $ 72,296 |
Projected benefit obligation greater than fair value of plan's assets | 34,677 | 37,624 | |
Accumulated benefit obligation greater than fair value of plan's assets | 34,677 | 37,624 | |
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | 102,806 | 100,336 | |
Accumulated benefit obligation | 102,806 | 100,336 | |
Fair value of plan's assets | 71,541 | 66,057 | |
Projected benefit obligation greater than fair value of plan's assets | 31,265 | 34,279 | |
Accumulated benefit obligation greater than fair value of plan's assets | 31,265 | 34,279 | |
Benefit Equalization Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | 3,412 | 3,345 | |
Accumulated benefit obligation | 3,412 | 3,345 | |
Projected benefit obligation greater than fair value of plan's assets | 3,412 | 3,345 | |
Accumulated benefit obligation greater than fair value of plan's assets | $ 3,412 | $ 3,345 |
Employee Benefit Plans (Multiem
Employee Benefit Plans (Multiemployer Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||||
The 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 | |||||
FIP/RP Status Pending or Implemented | NA | |||||
Company Contributions | $ 16 | [1] | $ 15.8 | [2] | $ 13.6 | [2] |
Surcharge Imposed | No | |||||
Expiration Date of Collective Bargaining Arrangement | Apr. 30, 2019 | |||||
Carpenters Pension Trust Fund for Northern California [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
EIN | 946,050,970 | |||||
FIP/RP Status Pending or Implemented | Implemented | |||||
Company Contributions | $ 8.2 | [1] | 4.4 | 2.7 | ||
Surcharge Imposed | No | |||||
Expiration Date of Collective Bargaining Arrangement | Jun. 30, 2019 | |||||
Laborers Pension Trust Fund for Northern California [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
EIN | 946,277,608 | |||||
FIP/RP Status Pending or Implemented | Implemented | |||||
Company Contributions | $ 6.6 | [1] | 5.6 | 2.8 | ||
Surcharge Imposed | No | |||||
Expiration Date of Collective Bargaining Arrangement | Jun. 30, 2019 | |||||
Northern California Electrical Workers Pension Plan [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
EIN | 946,062,674 | |||||
FIP/RP Status Pending or Implemented | NA | |||||
Company Contributions | $ 5.2 | [1] | 1.5 | 0.3 | ||
Surcharge Imposed | No | |||||
Expiration Date of Collective Bargaining Arrangement | May 31, 2018 | |||||
Steamfitters Industry Pension Fund [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
EIN | 136,149,680 | |||||
Pension Plan Number | 1 | |||||
FIP/RP Status Pending or Implemented | NA | |||||
Company Contributions | $ 3.9 | [1] | $ 3.9 | [2] | $ 6.2 | [2] |
Surcharge Imposed | No | |||||
Expiration Date of Collective Bargaining Arrangement | Jun. 30, 2020 | |||||
Multiemployer Pension Plans [Member] | The Pension, Hospitalization and Benefit Plan of the Electrical Industry - Pension Trust Account [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
Pension Protections Act Zone Status | Green | |||||
Exceeded percentage of total contributions | 5.00% | 5.00% | 5.00% | |||
Multiemployer Pension Plans [Member] | Carpenters Pension Trust Fund for Northern California [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
Pension Protections Act Zone Status | Red | |||||
Multiemployer Pension Plans [Member] | Laborers Pension Trust Fund for Northern California [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
Pension Protections Act Zone Status | Yellow | |||||
Multiemployer Pension Plans [Member] | Northern California Electrical Workers Pension Plan [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
Pension Protections Act Zone Status | Green | |||||
Multiemployer Pension Plans [Member] | Steamfitters Industry Pension Fund [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
Pension Protections Act Zone Status | Green | |||||
Exceeded percentage of total contributions | 5.00% | 5.00% | 5.00% | |||
Multiemployer Plans Pension Prior Period [Member] | The Pension, Hospitalization and Benefit Plan of the Electrical Industry - Pension Trust Account [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
Pension Protections Act Zone Status | Green | |||||
Multiemployer Plans Pension Prior Period [Member] | Carpenters Pension Trust Fund for Northern California [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
Pension Protections Act Zone Status | Red | |||||
Multiemployer Plans Pension Prior Period [Member] | Laborers Pension Trust Fund for Northern California [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
Pension Protections Act Zone Status | Yellow | |||||
Multiemployer Plans Pension Prior Period [Member] | Northern California Electrical Workers Pension Plan [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
Pension Protections Act Zone Status | Green | |||||
Multiemployer Plans Pension Prior Period [Member] | Steamfitters Industry Pension Fund [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
Pension Protections Act Zone Status | Green | |||||
[1] | The Company's contributions as a percentage of total plan contributions were not available for any of its plans | |||||
[2] | These amounts exceeded 5% of the respective total plan contributions. |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Assets, Level 1 to Level 2 Transfers, Description | The Company did not have material transfers between Levels 1 and 2 during the years ended December 31, 2017 and 2016. | |
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | $ 0 | $ 0 |
Restricted investments, amortized cost | 53,014,000 | |
Senior Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | 302,600,000 | |
Senior Notes [Member] | 2017 Senior Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | 537,500,000 | |
Convertible Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | 222,200,000 | $ 228,400,000 |
Significant other observable inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Restricted investments, fair value | $ 52,500,000 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities Measured at Fair Value on Recurring Basis)(Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Assets: | ||
Restricted cash | $ 4,780 | $ 50,504 |
Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Cash and cash equivalents | 192,868 | 146,103 |
Restricted cash | 4,780 | 50,504 |
Investments in lieu of retainage | 72,296 | 51,266 |
Total | 269,944 | 247,873 |
Fair Value, Measurements, Recurring [Member] | Quoted prices in active markets (Level 1) [Member] | ||
Assets: | ||
Cash and cash equivalents | 192,868 | 146,103 |
Restricted cash | 4,780 | 50,504 |
Investments in lieu of retainage | 69,891 | 46,855 |
Total | 267,539 | 243,462 |
Fair Value, Measurements, Recurring [Member] | Significant other observable inputs (Level 2) [Member] | ||
Assets: | ||
Investments in lieu of retainage | 2,405 | 4,411 |
Total | 2,405 | $ 4,411 |
Fair Value, Measurements, Recurring [Member] | Significant unobservable inputs (Level 3) [Member] | ||
Assets: | ||
Cash and cash equivalents | ||
Restricted cash | ||
Investments in lieu of retainage | ||
Total |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Assets, Current | $ 3,074,392 | $ 2,837,756 | $ 3,074,392 | $ 2,837,756 | |||||||
Liabilities, Current | 1,581,846 | 1,518,943 | 1,581,846 | 1,518,943 | |||||||
REVENUE | 1,193,068 | $ 1,199,505 | $ 1,247,274 | $ 1,117,361 | $ 1,246,599 | $ 1,332,978 | $ 1,308,130 | $ 1,085,369 | $ 4,757,208 | $ 4,973,076 | $ 4,920,472 |
O&G [Member] | |||||||||||
Ownership percentage in joint venture | 75.00% | ||||||||||
Related party's ownership percentage in joint venture | 25.00% | ||||||||||
Purple Line Segment 2 Expansion Project [Member] | Scenario, Plan [Member] | |||||||||||
REVENUE | $ 1,400,000 | ||||||||||
Purple Line Segment 2 Expansion Project [Member] | O&G [Member] | |||||||||||
Ownership percentage in joint venture | 75.00% | ||||||||||
Related party's ownership percentage in joint venture | 25.00% | ||||||||||
Variable Interest Entity, Primary Beneficiary [Member] | |||||||||||
Assets, Current | 95,500 | $ 95,500 | |||||||||
Assets, Noncurrent | 11,600 | 11,600 | |||||||||
Liabilities, Current | $ 140,700 | $ 140,700 |
Business Segments (Narrative) (
Business Segments (Narrative) (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017USD ($)$ / shares | Sep. 30, 2017USD ($)$ / shares | Jun. 30, 2017USD ($)$ / shares | Mar. 31, 2017USD ($)$ / shares | Dec. 31, 2016USD ($)$ / shares | Sep. 30, 2016USD ($)$ / shares | Jun. 30, 2016USD ($)$ / shares | Mar. 31, 2016USD ($)$ / shares | Dec. 31, 2017USD ($)segment$ / shares | Dec. 31, 2016USD ($)contract$ / shares | Dec. 31, 2015USD ($)$ / shares | |
Segment Reporting Information [Line Items] | |||||||||||
Number of reportable segments | segment | 3 | ||||||||||
Income from construction operations | $ 59,343 | $ 49,072 | $ 34,045 | $ 37,017 | $ 52,050 | $ 60,919 | $ 48,829 | $ 40,122 | $ 179,477 | $ 201,920 | $ 105,413 |
DILUTED EARNINGS PER COMMON SHARE | $ / shares | $ 1.60 | $ 0.47 | $ 0.59 | $ 0.27 | $ 0.60 | $ 0.57 | $ 0.43 | $ 0.31 | $ 2.92 | $ 1.92 | $ 0.91 |
Building | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income from construction operations | $ 34,199 | $ 51,564 | $ (1,240) | ||||||||
Building | Unfavorable Adjustments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income from construction operations | $ (24,300) | ||||||||||
DILUTED EARNINGS PER COMMON SHARE | $ / shares | $ (0.28) | ||||||||||
Civil | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income from construction operations | 192,207 | 172,668 | $ 145,213 | ||||||||
Civil | Unfavorable Adjustments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income from construction operations | $ (23,900) | ||||||||||
DILUTED EARNINGS PER COMMON SHARE | $ / shares | $ (0.28) | ||||||||||
Civil Runway Reconstruction Project [Member] | Unfavorable Adjustments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income from construction operations | $ 13,700 | ||||||||||
DILUTED EARNINGS PER COMMON SHARE | $ / shares | $ (0.16) | ||||||||||
Specialty Contractors | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income from construction operations | $ 18,938 | 37,908 | $ 15,682 | ||||||||
Specialty Contractors | Unfavorable Adjustments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income from construction operations | (13,800) | ||||||||||
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) | ||||||||||
Five Star Electric [Member] | Specialty Contractors | Favorable Adjustments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income from construction operations | $ 3,000 | ||||||||||
DILUTED EARNINGS PER COMMON SHARE | $ / shares | $ 0.04 | ||||||||||
Five Star Electric Subcontract [Member] | Specialty Contractors | Unfavorable Adjustments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
DILUTED EARNINGS PER COMMON SHARE | $ / shares | $ (0.16) | ||||||||||
Five Star Electric Subcontract [Member] | Specialty Contractors | Favorable Adjustments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Number of projects | contract | 2 | ||||||||||
Income from construction operations | $ 14,000 | ||||||||||
DILUTED EARNINGS PER COMMON SHARE | $ / shares | $ 0.17 |
Business Segments (Reportable S
Business Segments (Reportable Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Business Segments | ||||||||||||
Revenues | $ 1,193,068 | $ 1,199,505 | $ 1,247,274 | $ 1,117,361 | $ 1,246,599 | $ 1,332,978 | $ 1,308,130 | $ 1,085,369 | $ 4,757,208 | $ 4,973,076 | $ 4,920,472 | |
Income from construction operations | 59,343 | $ 49,072 | $ 34,045 | $ 37,017 | 52,050 | $ 60,919 | $ 48,829 | $ 40,122 | 179,477 | 201,920 | 105,413 | |
Capital Expenditures | 30,280 | 15,743 | 35,912 | |||||||||
Depreciation and amortization | [1] | 51,930 | 67,302 | 41,634 | ||||||||
Assets | 4,264,123 | 4,038,620 | 4,264,123 | 4,038,620 | ||||||||
Intersubsegment Eliminations [Member] | ||||||||||||
Business Segments | ||||||||||||
Revenues | (295,521) | (238,800) | (213,243) | |||||||||
External and Intersegment Customers [Member] | ||||||||||||
Business Segments | ||||||||||||
Revenues | 5,052,729 | 5,211,876 | 5,133,715 | |||||||||
Corporate | ||||||||||||
Business Segments | ||||||||||||
Assets | [2] | 135,001 | 155,329 | 135,001 | 155,329 | |||||||
Reportable Segments [Member] | ||||||||||||
Business Segments | ||||||||||||
Revenues | 4,757,208 | 4,973,076 | 4,920,472 | |||||||||
Income from construction operations | 245,344 | 262,140 | 159,655 | |||||||||
Capital Expenditures | 28,682 | 15,062 | 12,453 | |||||||||
Depreciation and amortization | [1] | 40,487 | 55,782 | 30,836 | ||||||||
Reportable Segments [Member] | Intersubsegment Eliminations [Member] | ||||||||||||
Business Segments | ||||||||||||
Revenues | (295,521) | (238,800) | (213,243) | |||||||||
Reportable Segments [Member] | External and Intersegment Customers [Member] | ||||||||||||
Business Segments | ||||||||||||
Revenues | 5,052,729 | 5,211,876 | 5,133,715 | |||||||||
Civil | ||||||||||||
Business Segments | ||||||||||||
Revenues | 1,602,175 | 1,668,963 | 1,889,907 | |||||||||
Income from construction operations | 192,207 | 172,668 | 145,213 | |||||||||
Capital Expenditures | 27,694 | 13,541 | 8,383 | |||||||||
Depreciation and amortization | [1] | 33,767 | 48,561 | 22,601 | ||||||||
Assets | 2,452,108 | 2,152,123 | 2,452,108 | 2,152,123 | ||||||||
Civil | Intersubsegment Eliminations [Member] | ||||||||||||
Business Segments | ||||||||||||
Revenues | (253,989) | (161,894) | (115,286) | |||||||||
Civil | External and Intersegment Customers [Member] | ||||||||||||
Business Segments | ||||||||||||
Revenues | 1,856,164 | 1,830,857 | 2,005,193 | |||||||||
Building | ||||||||||||
Business Segments | ||||||||||||
Revenues | 1,941,325 | 2,069,841 | 1,802,535 | |||||||||
Income from construction operations | 34,199 | 51,564 | (1,240) | |||||||||
Capital Expenditures | 267 | 516 | 2,877 | |||||||||
Depreciation and amortization | [1] | 2,021 | 2,186 | 2,728 | ||||||||
Assets | 909,207 | 917,317 | 909,207 | 917,317 | ||||||||
Building | Intersubsegment Eliminations [Member] | ||||||||||||
Business Segments | ||||||||||||
Revenues | (41,532) | (76,906) | (97,957) | |||||||||
Building | External and Intersegment Customers [Member] | ||||||||||||
Business Segments | ||||||||||||
Revenues | 1,982,857 | 2,146,747 | 1,900,492 | |||||||||
Specialty Contractors | ||||||||||||
Business Segments | ||||||||||||
Revenues | 1,213,708 | 1,234,272 | 1,228,030 | |||||||||
Income from construction operations | 18,938 | 37,908 | 15,682 | |||||||||
Capital Expenditures | 721 | 1,005 | 1,193 | |||||||||
Depreciation and amortization | [1] | 4,699 | 5,035 | 5,507 | ||||||||
Assets | $ 767,807 | $ 813,851 | 767,807 | 813,851 | ||||||||
Specialty Contractors | External and Intersegment Customers [Member] | ||||||||||||
Business Segments | ||||||||||||
Revenues | 1,213,708 | 1,234,272 | 1,228,030 | |||||||||
Corporate [Member] | ||||||||||||
Business Segments | ||||||||||||
Income from construction operations | [3] | (65,867) | (60,220) | (54,242) | ||||||||
Capital Expenditures | [3] | 1,598 | 681 | 23,459 | ||||||||
Depreciation and amortization | [1],[3] | $ 11,443 | $ 11,520 | $ 10,798 | ||||||||
[1] | Depreciation and amortization is included in income from construction operations. | |||||||||||
[2] | As of December 31,(in thousands)20172016Civil$ 2,452,108$ 2,152,123Building 909,207 917,317Specialty Contractors 767,807 813,851Corporate and other(a) 135,001 155,329Total assets$ 4,264,123$ 4,038,620(a) Consists principally of cash, equipment, tax-related assets and insurance-related assets, offset by the elimination of assets related to intersegment revenue. | |||||||||||
[3] | Reportable SegmentsSpecialtySegmentConsolidated(in thousands)CivilBuildingContractorsTotalCorporateTotalYear ended December 31, 2017Total revenue$ 1,856,164$ 1,982,857$ 1,213,708$ 5,052,729$ -$ 5,052,729Elimination of intersegment revenue (253,989) (41,532) - (295,521) - (295,521)Revenue from external customers$ 1,602,175$ 1,941,325$ 1,213,708$ 4,757,208$ -$ 4,757,208Income from construction operations$ 192,207$ 34,199$ 18,938$ 245,344$ (65,867)(a)$ 179,477Capital expenditures$ 27,694$ 267$ 721$ 28,682$ 1,598$ 30,280Depreciation and amortization(b)$ 33,767$ 2,021$ 4,699$ 40,487$ 11,443$ 51,930Year ended December 31, 2016Total revenue$ 1,830,857$ 2,146,747$ 1,234,272$ 5,211,876$ -$ 5,211,876Elimination of intersegment revenue (161,894) (76,906) - (238,800) - (238,800)Revenue from external customers$ 1,668,963$ 2,069,841$ 1,234,272$ 4,973,076$ -$ 4,973,076Income from construction operations$ 172,668$ 51,564$ 37,908$ 262,140$ (60,220)(a)$ 201,920Capital expenditures$ 13,541$ 516$ 1,005$ 15,062$ 681$ 15,743Depreciation and amortization(b)$ 48,561$ 2,186$ 5,035$ 55,782$ 11,520$ 67,302Year ended December 31, 2015Total revenue$ 2,005,193$ 1,900,492$ 1,228,030$ 5,133,715$ -$ 5,133,715Elimination 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$ -$ 4,920,472Income from construction operations$ 145,213$ (1,240)$ 15,682$ 159,655$ (54,242)(a)$ 105,413Capital expenditures$ 8,383$ 2,877$ 1,193$ 12,453$ 23,459$ 35,912Depreciation and amortization(b)$ 22,601$ 2,728$ 5,507$ 30,836$ 10,798$ 41,634Consists 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, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Principal Geographical Areas Information | |||||||||||
Revenues | $ 1,193,068 | $ 1,199,505 | $ 1,247,274 | $ 1,117,361 | $ 1,246,599 | $ 1,332,978 | $ 1,308,130 | $ 1,085,369 | $ 4,757,208 | $ 4,973,076 | $ 4,920,472 |
Assets | 4,264,123 | 4,038,620 | 4,264,123 | 4,038,620 | |||||||
United States | |||||||||||
Principal Geographical Areas Information | |||||||||||
Revenues | 4,613,644 | 4,802,393 | 4,694,165 | ||||||||
Assets | 4,093,673 | 3,911,865 | 4,093,673 | 3,911,865 | |||||||
Foreign and U.S. Territories [Member] | |||||||||||
Principal Geographical Areas Information | |||||||||||
Revenues | 143,564 | 170,683 | $ 226,307 | ||||||||
Assets | $ 170,450 | $ 126,755 | $ 170,450 | $ 126,755 |
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, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Business Segments [Abstract] | |||||||||||
Income from construction operations | $ 59,343 | $ 49,072 | $ 34,045 | $ 37,017 | $ 52,050 | $ 60,919 | $ 48,829 | $ 40,122 | $ 179,477 | $ 201,920 | $ 105,413 |
Other income, net | 43,882 | 6,977 | 13,569 | ||||||||
Interest expense | (69,384) | (59,782) | (45,143) | ||||||||
INCOME BEFORE INCOME TAXES | $ 45,193 | $ 34,396 | $ 52,516 | $ 21,870 | $ 38,685 | $ 47,926 | $ 35,780 | $ 26,724 | $ 153,975 | $ 149,115 | $ 73,839 |
Related Party Transactions (Det
Related Party Transactions (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($)agreementitem | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Related party transactions | |||
Expenses incurred with related party | $ 3.2 | $ 3.2 | $ 3.2 |
Chairman and Chief Executive Officer | |||
Related party transactions | |||
Lease payment to related party | $ 2.8 | 2.8 | 2.7 |
O&G [Member] | |||
Related party transactions | |||
Ownership percentage in joint venture | 75.00% | ||
Related party's ownership percentage in joint venture | 25.00% | ||
Number of joint ventures | agreement | 3 | ||
O&G [Member] | Infrastructure Projects [Member] | |||
Related party transactions | |||
Number of construction projects | item | 2 | ||
O&G [Member] | Project In Los Angeles, California [Member] | |||
Related party transactions | |||
Number of construction projects | item | 1 | ||
Alliant [Member] | |||
Related party transactions | |||
Insurance expense | $ 17.6 | 8.9 | $ 9.8 |
Owed to related party | $ 0.5 | $ 5.2 |
Unaudited Quarterly Financial77
Unaudited Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Unaudited Quarterly Financial Data [Abstract] | |||||||||||
Revenues | $ 1,193,068 | $ 1,199,505 | $ 1,247,274 | $ 1,117,361 | $ 1,246,599 | $ 1,332,978 | $ 1,308,130 | $ 1,085,369 | $ 4,757,208 | $ 4,973,076 | $ 4,920,472 |
Gross profit | 130,596 | 118,251 | 102,838 | 102,720 | 117,660 | 124,668 | 109,770 | 105,092 | 454,405 | 457,190 | 356,253 |
Income from construction operations | 59,343 | 49,072 | 34,045 | 37,017 | 52,050 | 60,919 | 48,829 | 40,122 | 179,477 | 201,920 | 105,413 |
Income before income taxes | 45,193 | 34,396 | 52,516 | 21,870 | 38,685 | 47,926 | 35,780 | 26,724 | 153,975 | 149,115 | 73,839 |
Net income | 82,847 | 25,300 | 32,633 | 13,764 | 30,260 | 28,801 | 21,361 | 15,400 | 154,544 | 95,822 | 45,292 |
Net income attributable to Tutor Perini Corporation | $ 80,938 | $ 23,584 | $ 30,096 | $ 13,764 | $ 30,260 | $ 28,801 | $ 21,361 | $ 15,400 | $ 148,382 | $ 95,822 | $ 45,292 |
Earnings per common share: | |||||||||||
Net income attributable to Tutor Perini Corporation per common share: Basic | $ 1.63 | $ 0.47 | $ 0.61 | $ 0.28 | $ 0.62 | $ 0.59 | $ 0.43 | $ 0.31 | $ 2.99 | $ 1.95 | $ 0.92 |
Diluted (in dollars per share) | $ 1.60 | $ 0.47 | $ 0.59 | $ 0.27 | $ 0.60 | $ 0.57 | $ 0.43 | $ 0.31 | $ 2.92 | $ 1.92 | $ 0.91 |