Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 21, 2020 | Jun. 28, 2019 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Tutor Perini Corporation | ||
Entity Central Index Key | 0000077543 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
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 | $ 549,519,663 | ||
Entity Common Stock, Shares Outstanding | 50,298,607 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | TPC | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity File Number | 1-6314 | ||
Entity Incorporation, State or Country Code | MA | ||
Entity Tax Identification Number | 04-1717070 | ||
Entity Address, Address Line One | 15901 Olden Street | ||
Entity Address, City or Town | Sylmar | ||
Entity Address, Postal Zip Code | 91342 | ||
Entity Address, State or Province | CA | ||
City Area Code | 818 | ||
Local Phone Number | 362-8391 | ||
Title of 12(b) Security | Common Stock, $1.00 par value | ||
Security Exchange Name | NYSE | ||
Entity Interactive Data Current | Yes | ||
Documents Incorporated by Reference [Text Block] | Documents Incorporated by Reference The information required by Part III of this Annual Report on Form 10-K, to the extent not set forth herein, is incorporated herein by reference to the registrant’s definitive proxy statement relating to the Annual Meeting of Shareholders to be held in 2020, which definitive proxy statement shall be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year to which this Annual Report on Form 10-K relates. |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
REVENUE | $ 4,450,832 | $ 4,454,662 | $ 4,757,208 |
COST OF OPERATIONS | (4,209,060) | (4,000,209) | (4,302,803) |
GROSS PROFIT | 241,772 | 454,453 | 454,405 |
General and administrative expenses | (226,916) | (262,577) | (274,928) |
Goodwill impairment | (379,863) | ||
INCOME (LOSS) FROM CONSTRUCTION OPERATIONS | (365,007) | 191,876 | 179,477 |
Other income, net | 6,667 | 4,256 | 43,882 |
Interest expense | (67,494) | (63,519) | (69,384) |
INCOME (LOSS) BEFORE INCOME TAXES | (425,834) | 132,613 | 153,975 |
Income tax benefit (expense) | 65,609 | (34,832) | 569 |
NET INCOME (LOSS) | (360,225) | 97,781 | 154,544 |
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 27,465 | 14,345 | 6,162 |
NET INCOME (LOSS) ATTRIBUTABLE TO TUTOR PERINI CORPORATION | $ (387,690) | $ 83,436 | $ 148,382 |
BASIC EARNINGS (LOSS) PER COMMON SHARE | $ (7.72) | $ 1.67 | $ 2.99 |
DILUTED EARNINGS (LOSS) PER COMMON SHARE | $ (7.72) | $ 1.66 | $ 2.92 |
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING: | |||
BASIC | 50,220 | 49,952 | 49,647 |
DILUTED | 50,220 | 50,301 | 50,759 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) [Abstract] | |||
NET INCOME (LOSS) | $ (360,225) | $ 97,781 | $ 154,544 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | |||
Defined benefit pension plan adjustments | 844 | 771 | 1,424 |
Foreign currency translation adjustments | 1,337 | (2,945) | 1,273 |
Unrealized gain (loss) in fair value of investments | 1,561 | (778) | (2) |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 3,742 | (2,952) | 2,695 |
COMPREHENSIVE INCOME (LOSS) | (356,483) | 94,829 | 157,239 |
LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 27,858 | 14,124 | 6,162 |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO TUTOR PERINI CORPORATION | $ (384,341) | $ 80,705 | $ 151,077 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |||
CURRENT ASSETS: | |||||
Cash and cash equivalents ($103,850 and $43,131 related to VIEs) | $ 193,685 | $ 116,075 | |||
Restricted cash | 8,416 | 3,788 | |||
Restricted investments | 70,974 | 58,142 | |||
Accounts receivable ($91,090 and $62,482 related to VIEs) | 1,354,519 | 1,261,072 | |||
Retainage receivable ($89,132 and $36,724 related to VIEs) | 562,375 | 478,744 | |||
Costs and estimated earnings in excess of billings ($22,764 and $0 related to VIEs) | 1,123,544 | 1,142,295 | |||
Other current assets ($58,128 and $30,185 related to VIEs) | 197,473 | 115,527 | |||
Total current assets | 3,510,986 | 3,175,643 | |||
PROPERTY AND EQUIPMENT: | |||||
Land | 39,047 | 41,599 | |||
Building and improvements | 115,041 | 125,193 | |||
Construction equipment | 560,547 | 486,034 | |||
Other equipment | 183,197 | 181,578 | |||
Total property and equipment, gross | 897,832 | 834,404 | |||
Less accumulated depreciation | (388,147) | (343,735) | |||
Total property and equipment, net ($49,919 and $51,508 related to VIEs) | 509,685 | 490,669 | |||
GOODWILL | 205,143 | [1] | 585,006 | ||
INTANGIBLE ASSETS, NET | 155,270 | 85,911 | |||
OTHER ASSETS | [2] | 104,693 | 50,523 | [3] | |
TOTAL ASSETS | 4,485,777 | 4,387,752 | |||
CURRENT LIABILITIES: | |||||
Current maturities of long-term debt | 124,054 | 16,767 | |||
Accounts payable ($93,848 and $18,070 related to VIEs) | 682,699 | 621,728 | |||
Retainage payable ($13,967 and $0 related to VIEs) | 252,181 | 211,956 | |||
Billings in excess of costs and estimated earnings ($422,847 and $263,764 related to VIEs) | 844,389 | 573,190 | |||
Accrued expenses and other current liabilities ($25,402 and $34,828 related to VIEs) | [2] | 206,533 | 174,325 | [3] | |
Total current liabilities | 2,109,856 | 1,597,966 | |||
LONG-TERM DEBT, less current maturities, net of unamortized discount and debt issuance costs totaling $23,343 and $34,998 | 710,422 | 744,737 | |||
DEFERRED TAX LIABILITIES | 35,686 | 105,521 | |||
OTHER LONG-TERM LIABILITIES | [2] | 199,288 | 151,639 | [3] | |
TOTAL LIABILITIES | 3,055,252 | 2,599,863 | |||
COMMITMENTS AND CONTINGENCIES (Note 8) | |||||
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 50,278,816 and 50,025,996 shares | 50,279 | 50,026 | |||
Additional paid-in capital | 1,117,972 | 1,102,919 | |||
Retained earnings | 313,991 | 701,681 | |||
Accumulated other comprehensive loss | (42,100) | (45,449) | |||
Total stockholders' equity | 1,440,142 | 1,809,177 | |||
Noncontrolling interests | (9,617) | (21,288) | |||
TOTAL EQUITY | 1,430,525 | 1,787,889 | |||
TOTAL LIABILITIES AND EQUITY | $ 4,485,777 | $ 4,387,752 | |||
[1] | As of December 31, 2019, accumulated impairment was $ 867.8 million. | ||||
[2] | Prior to the adoption of ASC 842, operating lease ROU assets and current and long-term operating lease liabilities were not recorded on the Consolidated Balance Sheets. | ||||
[3] | Balance as previously reported on the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 . |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | ||
Cash and cash equivalents | $ 193,685 | $ 116,075 | ||
Accounts receivable | 1,354,519 | 1,261,072 | ||
Retainage receivable | 562,375 | 478,744 | ||
Costs and Estimated Earnings in Excess of Billings | 1,123,544 | 1,142,295 | ||
Other Current Assets | 197,473 | 115,527 | ||
Property and equipment, net | 509,685 | 490,669 | ||
Accounts payable | 682,699 | 621,728 | ||
Contract Payable Retainage | 252,181 | 211,956 | ||
Billings in excess of costs and estimated earnings | 844,389 | 573,190 | ||
Accrued expenses and other current liabilities | [1] | 206,533 | 174,325 | [2] |
Unamortized discount and debt issuance cost | $ 23,343 | $ 34,998 | ||
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 | 50,278,816 | 50,025,996 | ||
Common stock, shares outstanding | 50,278,816 | 50,025,996 | ||
Variable Interest Entity, Primary Beneficiary [Member] | ||||
Cash equivalents | $ 103,850 | $ 43,131 | ||
Accounts receivable | 91,090 | 62,482 | ||
Retainage receivable | 89,132 | 36,724 | ||
Costs and Estimated Earnings in Excess of Billings | 22,764 | 0 | ||
Other Current Assets | 58,128 | 30,185 | ||
Property and equipment, net | 49,919 | 51,508 | ||
Accounts payable | 93,848 | 18,070 | ||
Contract Payable Retainage | 13,967 | 0 | ||
Billings in excess of costs and estimated earnings | 422,847 | 263,764 | ||
Accrued expenses and other current liabilities | $ 25,402 | $ 34,828 | ||
[1] | Prior to the adoption of ASC 842, operating lease ROU assets and current and long-term operating lease liabilities were not recorded on the Consolidated Balance Sheets. | |||
[2] | Balance as previously reported on the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 . |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash Flows from Operating Activities: | |||
Net income (loss) | $ (360,225) | $ 97,781 | $ 154,544 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Goodwill impairment | 379,863 | ||
Depreciation | 58,818 | 43,724 | 48,387 |
Amortization of intangible assets | 6,226 | 3,543 | 3,543 |
Share-based compensation expense | 19,143 | 22,782 | 21,174 |
Change in debt discount and deferred debt issuance costs | 13,207 | 12,072 | 17,595 |
Deferred income taxes | (71,609) | (449) | (23,096) |
Gain on remeasurement of investment in joint venture | (37,792) | ||
(Gain) loss on sale of property and equipment | (4,688) | 402 | 1,131 |
Changes in other components of working capital, net of balances acquired | 131,257 | (156,844) | (60,214) |
Other long-term liabilities | 1,863 | (2,007) | 3,656 |
Other, net | 467 | 398 | (3,170) |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 136,530 | 21,402 | 163,550 |
Cash Flows from Investing Activities: | |||
Business acquisition, cash balance acquired net of cash paid | 6,607 | ||
Acquisition of property and equipment | (84,196) | (77,069) | (30,280) |
Proceeds from sale of property and equipment | 12,581 | 6,387 | 2,744 |
Investments in securities | (35,167) | (20,848) | (60,967) |
Proceeds from maturities and sales of investments in securities | 24,120 | 21,322 | 1,370 |
NET CASH USED IN INVESTING ACTIVITIES | (76,055) | (70,208) | (87,133) |
Cash Flows from Financing Activities: | |||
Proceeds from debt | 931,594 | 1,753,160 | 2,161,384 |
Repayment of debt | (870,277) | (1,738,314) | (2,195,068) |
Business acquisition related payment | (15,951) | ||
Cash payments related to share-based compensation | (2,363) | (2,671) | (11,769) |
Distributions paid to noncontrolling interests | (46,500) | (29,000) | (17,499) |
Contributions from noncontrolling interests | 9,813 | 3,797 | 2,842 |
Debt issuance and extinguishment costs | (504) | (15,266) | |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 21,763 | (28,979) | (75,376) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 82,238 | (77,785) | 1,041 |
Cash, cash equivalents and restricted cash at beginning of year | 119,863 | 197,648 | 196,607 |
Cash, cash equivalents and restricted cash at end of year | $ 202,101 | $ 119,863 | $ 197,648 |
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, 2016 | $ 49,211 | $ 1,075,600 | $ 473,625 | $ (45,413) | $ 1,553,023 | |
Net income (loss) | 148,382 | $ 6,162 | 154,544 | |||
Other comprehensive income (loss) | 2,695 | 2,695 | ||||
Share-based compensation | 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 |
Net income (loss) | 83,436 | 14,345 | 97,781 | |||
Other comprehensive income (loss) | (2,731) | (221) | (2,952) | |||
Share-based compensation | 21,544 | 21,544 | ||||
Issuance of common stock, net | 245 | (2,830) | (2,585) | |||
Contributions from noncontrolling interests | 3,797 | 3,797 | ||||
Distributions to noncontrolling interests | (29,000) | (29,000) | ||||
Balance at Dec. 31, 2018 | 50,026 | 1,102,919 | 701,681 | (45,449) | (21,288) | 1,787,889 |
Cumulative effect of accounting change | (3,762) | (1,714) | (5,476) | |||
Net income (loss) | (387,690) | 27,465 | (360,225) | |||
Other comprehensive income (loss) | 3,349 | 393 | 3,742 | |||
Share-based compensation | 17,571 | 17,571 | ||||
Issuance of common stock, net | 253 | (2,518) | (2,265) | |||
Contributions from noncontrolling interests | 9,813 | 9,813 | ||||
Distributions to noncontrolling interests | (46,500) | (46,500) | ||||
Recognized fair value of noncontrolling interest in joint venture upon consolidation | 20,500 | 20,500 | ||||
Balance at Dec. 31, 2019 | $ 50,279 | $ 1,117,972 | $ 313,991 | $ (42,100) | $ (9,617) | $ 1,430,525 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
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 generally accepted accounting principles in the United States (“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 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 14). If a joint venture is not a VIE, it may be consolidated under the voting interest method if the Company holds a controlling financial interest in the joint venture. The Company is considered to hold a controlling financial interest when it is able to exercise control over the joint venture’s operating and financial decisions. 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. Intercompany balances and transactions have been eliminated. (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) Revenues Revenue Recognition The Company derives revenue from long-term construction contracts with public and private customers primarily in the United States and its territories and in certain other international locations. The Company’s construction contracts are generally each accounted for as a single unit of account (i.e., as a single performance obligation). Throughout the execution of construction contracts, the Company and its affiliated entities recognize revenue with the continuous transfer of control to the customer. The customer typically controls the asset under construction by either contractual termination clauses or by the Company’s rights to payment for work already performed on the asset under construction that does not have an alternative use for the Company. Because control transfers over time, revenue is recognized to the extent of progress towards completion of the performance obligations. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the products or services provided. The Company generally uses the cost-to-cost method for its contracts, which measures progress towards completion for each performance obligation based on the ratio of costs incurred to date to the total estimated costs at completion for the respective performance obligation. Incurred cost represents work performed, which corresponds with, and thereby best depicts, the transfer of control to the customer. Revenue, including estimated fees or profits, is recorded proportionately as costs are incurred. Cost of operations includes labor, materials, subcontractor costs, and other direct and indirect costs, including depreciation and amortization. Due to the nature of the work required to be performed on many of the Company’s performance obligations, estimating total revenue and cost at completion is complex, subject to many variables and requires significant judgment. Assumptions as to the occurrence of future events and the likelihood and amount of variable consideration, including the impact of change orders, claims, contract disputes and the achievement of contractual performance criteria, and award or other incentive fees are made during the contract performance period. The Company estimates variable consideration at the most likely amount it expects to receive. The Company includes estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of anticipated performance and all information (historical, current and forecasted) that is reasonably available to management. Back charges to suppliers or subcontractors are recognized as a reduction of cost when it is determined that recovery of such cost is probable and the amounts can be reliably estimated. Disputed back charges are recognized when the same requirements described above for variable consideration have been satisfied. 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 closeout 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 Consolidated Financial Statements. The cumulative catch-up method is used to account for revisions in estimates. (e) Depreciation of Property and Equipment and Amortization of Long-Lived Intangible Assets Property and equipment and long-lived intangible assets are generally depreciated or amortized on a straight-line basis over their estimated useful lives ranging from three to forty years . (f) 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. (g) Recoverability of Goodwill The Company tests goodwill for impairment annually as of October 1 for each reporting unit 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, and the Civil reporting unit carried the remaining goodwill balance at December 31, 2019 as a result of the $ 379.9 million impairment loss recognized in the second quarter of 2019. 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 carrying a goodwill balance. The market approach is based on assumptions about how market data relates to each reporting unit carrying a goodwill balance. The weighting of these two approaches is based on their individual correlation to the economics of each reporting unit carrying a goodwill balance. The annual quantitative assessment performed in the fourth quarter of 2019 resulted in an estimated fair value that exceeded the net book value of the Civil reporting unit; therefore, no impairment charge was necessary. (h) 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 impairment assessment during the fourth quarter of each year and may assess its non-amortizable trade names for impairment initially using a qualitative approach to determine whether conditions exist to indicate that it is more likely than not that the fair value of a trade name is less than its carrying value. If the Company concludes, based on assessment of relevant events, facts and circumstances, that it is more likely than not that the trade name’s fair value is greater than its carrying value, no further impairment testing through a quantitative assessment is required. The qualitative assessment performed for the Company’s annual impairment assessment in the fourth quarter of 2019 concluded that it was more likely than not that the trade name’s fair value was greater than its carrying value, and therefore a quantitative analysis was not required. (i) 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. (j) Earnings Per Common Share (EPS) 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 7. For the year ended December 31, 2019, all potentially dilutive securities were excluded from the calculation of diluted EPS as a result of the net loss for the period. In accordance with ASC 260, Earnings Per Share , the settlement of the principal amount of the Convertible Notes has had no impact on diluted EPS because the Company has had the intent and ability to settle the principal amount in cash. The Company calculates the effect of the potentially dilutive restricted stock units and stock options using the treasury stock method. Year Ended December 31, (in thousands, except per common share data) 2019 2018 2017 Net income (loss) attributable to Tutor Perini Corporation $ ( 387,690 ) $ 83,436 $ 148,382 Weighted-average common shares outstanding, basic 50,220 49,952 49,647 Effect of dilutive restricted stock units and stock options — 349 1,112 Weighted-average common shares outstanding, diluted 50,220 50,301 50,759 Net income (loss) attributable to Tutor Perini Corporation per common share: Basic $ ( 7.72 ) $ 1.67 $ 2.99 Diluted $ ( 7.72 ) $ 1.66 $ 2.92 Anti-dilutive securities not included above 3,640 2,670 798 (k) Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets to the amounts shown in the Consolidated Statements of Cash Flows: As of December 31, (in thousands) 2019 2018 Cash and cash equivalents available for general corporate purposes $ 43,760 $ 51,749 Joint venture cash and cash equivalents 149,925 64,326 Cash and cash equivalents 193,685 116,075 Restricted cash 8,416 3,788 Total cash, cash equivalents and restricted cash $ 202,101 $ 119,863 Cash equivalents include short-term, highly liquid investments with maturities of three months or less when acquired. Cash and cash equivalents, consist of amounts available for the Company’s general purposes, the Company’s proportionate share of cash held by the Company’s unconsolidated joint ventures and 100% of 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. Amounts included in restricted cash are primarily held as collateral to secure insurance-related contingent obligations, such as insurance claim deductibles, in lieu of letters of credit. (l) Restricted Investments The Company has 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 primarily comprised of investments in corporate debt securities and U.S. government agency securities that are rated A3 or better. (m) 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 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 criteria throughout the performance period, and will adjust share-based compensation expense if it estimates that the achievement of the performance criteria is not probable. Certain performance-based awards contain market condition components and are valued on the date of grant using a Monte Carlo simulation model. The fair value of such awards is expensed ratably over the performance period and is not adjusted for actual achievement. (n) Insurance Liabilities The Company typically utilizes third-party insurance coverage subject to varying deductible levels with aggregate caps on losses retained. The Company assumes the risk for the amount of the deductible portion of the losses and liabilities primarily associated with workers’ compensation and general liability coverage. In addition, on certain projects, the Company assumes the risk for the amount of the deductible portion of losses that arise from any subcontractor defaults. Losses are accrued based upon the Company’s estimates of the aggregate liability for claims incurred using historical experience and certain actuarial assumptions followed in the insurance industry. The estimate of insurance liability within the deductible limits includes an estimate of incurred but not reported claims based on data compiled from historical experience. (o) Other Comprehensive Income (Loss) ASC 220, Comprehensive Income , establishes standards for reporting 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, and change in fair value of investments as components of accumulated other comprehensive income (loss) (“AOCI”). The components of other comprehensive income (loss) and the related tax effects for the years ended December 31, 2019, 2018 and 2017 were as follows: Year Ended December 31, 2019 2018 2017 (in thousands) Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount Other comprehensive income (loss): Defined benefit pension plan adjustments $ 1,180 $ ( 336 ) $ 844 $ 1,079 $ ( 308 ) $ 771 $ 2,416 $ ( 992 ) $ 1,424 Foreign currency translation adjustment 1,867 ( 530 ) 1,337 ( 4,067 ) 1,122 ( 2,945 ) 2,159 ( 886 ) 1,273 Unrealized gain (loss) in fair value of investments 1,982 ( 421 ) 1,561 ( 1,005 ) 227 ( 778 ) ( 4 ) 2 ( 2 ) Total other comprehensive income (loss) $ 5,029 $ ( 1,287 ) $ 3,742 $ ( 3,993 ) $ 1,041 $ ( 2,952 ) $ 4,571 $ ( 1,876 ) $ 2,695 Less: Other comprehensive income (loss) attributable to noncontrolling interests (a) 393 — 393 ( 221 ) — ( 221 ) — — — Total other comprehensive income (loss) attributable to Tutor Perini Corporation $ 4,636 $ ( 1,287 ) $ 3,349 $ ( 3,772 ) $ 1,041 $ ( 2,731 ) $ 4,571 $ ( 1,876 ) $ 2,695 _____________________________________________________________________________________________________________ (a) The only component of other comprehensive income (loss) attributable to noncontrolling interests is foreign currency translation. The changes in AOCI balances by component (after tax) attributable to Tutor Perini Corporation during the years ended December 31, 2019, 2018 and 2017 were as follows: (in thousands) Defined Benefit Pension Plan Foreign Currency Translation Unrealized Gain (Loss) in Fair Value of Investments Accumulated Other Comprehensive Income (Loss) Attributable to Tutor Perini Corporation: 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 ) Other comprehensive loss before reclassifications ( 695 ) ( 2,724 ) ( 835 ) ( 4,254 ) Amounts reclassified from AOCI 1,466 — 57 1,523 Balance as of December 31, 2018 $ ( 38,670 ) $ ( 6,315 ) $ ( 464 ) $ ( 45,449 ) Other comprehensive income (loss) before reclassifications ( 539 ) 944 1,621 2,026 Amounts reclassified from AOCI 1,383 — ( 60 ) 1,323 Balance as of December 31, 2019 $ ( 37,826 ) $ ( 5,371 ) $ 1,097 $ ( 42,100 ) (p) Recent Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), as amended and supplemented by subsequent ASUs (collectively, “ASC 842”). ASC 842 amends the existing guidance in ASC 840, Leases . This ASU requires, among other things, the recognition of lease right-of-use (“ROU”) assets and lease liabilities by lessees for those leases currently classified as operating leases. ASC 842 allowed companies to adopt the new standard by applying either a modified retrospective method to the beginning of the earliest period presented in the financial statements or an optional transition method to initially apply the standard on January 1, 2019 and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company adopted the standard using the optional transition method. Under this method, financial results reported in periods prior to 2019 are unchanged. The Company elected the package of practical expedients which provides relief from having to reassess (1) whether any expired or existing contracts contain leases, (2) lease classification (as operating or financing) for any expired or existing leases, and (3) initial direct costs for any existing leases. The Company also elected to separate non-lease components from lease components. Based on the Company’s evaluation of ASC 842, the adoption on January 1, 2019 resulted in an increase of $ 43.3 million to its assets and liabilities on the Consolidated Balance Sheets with no impact to its results of operations or cash flows . The effects of the changes made to the Company’s January 1, 2019 consolidated balance sheet for the adoption of ASC 842 were as follows: BALANCE SHEET Balance as of Adjustments due to Balance as of (in thousands) December 31, 2018 (a) ASC 842 January 1, 2019 ASSETS Other assets (b) $ 50,523 $ 43,273 $ 93,796 LIABILITIES Accrued expenses and other current liabilities (b) $ 174,325 $ 11,569 $ 185,894 Other long-term liabilities (b) 151,639 31,704 183,343 _____________________________________________________________________________________________________________ (a) Balance as previously reported on the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 . (b) Prior to the adoption of ASC 842, operating lease ROU assets and current and long-term operating lease liabilities were not recorded on the Consolidated Balance Sheets. The following table presents the impacts of adoption of the new leases standard on the Consolidated Balance Sheet: As of December 31, 2019 Balance Without BALANCE SHEET Adoption of Effect of (in thousands) As Reported ASC 842 Change ASSETS Other assets (a) $ 104,693 $ 64,598 $ 40,095 LIABILITIES Accrued expenses and other current liabilities (a) $ 206,533 $ 195,341 $ 11,192 Other long-term liabilities (a) 199,288 170,373 28,915 _____________________________________________________________________________________________________________ (a) Prior to the adoption of ASC 842, operating lease ROU assets and current and long-term operating lease liabilities were not recorded on the Consolidated Balance Sheets. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) , as amended by subsequent ASUs (collectively, “ASC 606”). The Company adopted this ASU effective January 1, 2018 using the modified retrospective transition method. As such, the 2017 comparative information has not been restated and continues to be reported under the accounting standards in effect for that period. New accounting pronouncements requiring implementation in future periods are discussed below. In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments , and issued subsequent amendments to the initial guidance within ASU 2019-04 and ASU 2019-05 (collectively, “ASU 2016-13”). The amendments in ASU 2016-13 replace the incurred loss impairment methodology in current practice with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to estimate credit losses. ASU 2016-13 is effective for interim and annual reporting periods beginning after December 15, 2019. The Company does not expect the adoption of ASU 2016-13 to have a material impact on its financial position, results of operations or cash flows. In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes (“ASU 2019-12”), modifying ASC 740, Income Taxes (“ASC 740”). The amendments in ASU 2019-12, among other things, remove certain exceptions to the general principles in ASC 740 and seek more consistent application by clarifying and amending the existing guidance. ASU 2019-12 is effective for interim and annual reporting periods beginning after December 15, 2020. The Company is currently evaluating the new standard, which is not expected to have a material impact on the Company’s financial position, results of operations or cash flows. |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows | 12 Months Ended |
Dec. 31, 2019 | |
Consolidated Statement of Cash Flows [Abstract] | |
Consolidated Statements of Cash Flows | 2. Consolidated Statements of Cash Flows Below are the changes in other components of working capital, net of balances related to incremental interest acquired in a Civil segment joint venture (see Note 13), 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) 2019 2018 2017 (Increase) Decrease in: Accounts receivable $ ( 81,983 ) $ 3,899 $ ( 91,062 ) Retainage receivable ( 78,520 ) 56,754 33,453 Costs and estimated earnings in excess of billings 18,751 ( 209,537 ) ( 100,932 ) Other current assets ( 76,146 ) 15,398 ( 19,718 ) (Decrease) Increase in: Accounts payable 53,999 ( 78,243 ) ( 35,751 ) Retainage payable 35,013 ( 49,864 ) 3,526 Billings in excess of costs and estimated earnings 245,292 76,703 125,757 Accrued expenses and other current liabilities 14,851 28,046 24,513 Changes in other components of working capital $ 131,257 $ ( 156,844 ) $ ( 60,214 ) Cash paid during the year for: Interest $ 56,137 $ 51,063 $ 50,443 Income taxes $ 43,374 $ 13,652 $ 39,776 |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2019 | |
Revenue [Abstract] | |
Revenue | 3. Revenue Disaggregation of Revenue The following tables disaggregate revenue by end market, customer type and contract type, which the Company believes best depict how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors for the years ended December 31, 2019 and 2018. Year Ended December 31, (in thousands) 2019 2018 Civil segment revenue by end market: Mass transit $ 992,755 $ 702,614 Bridges 334,117 431,202 Tunneling 128,229 103,980 Highways 86,747 202,423 Other 237,504 145,874 Total Civil segment revenue $ 1,779,352 $ 1,586,093 Year Ended December 31, (in thousands) 2019 2018 Building segment revenue by end market: Commercial and industrial facilities $ 459,806 $ 374,312 Hospitality and gaming 297,700 301,871 Municipal and government 254,736 261,496 Health care facilities 239,299 428,819 Mass transit 201,400 67,588 Education facilities 143,382 145,147 Mixed use 31,685 150,549 Other 114,032 131,917 Total Building segment revenue $ 1,742,040 $ 1,861,699 Year Ended December 31, (in thousands) 2019 2018 Specialty Contractors segment revenue by end market: Mass transit $ 419,402 $ 296,092 Commercial and industrial facilities 186,819 189,632 Multi-unit residential 83,903 81,023 Education facilities 70,229 99,214 Mixed use 64,302 163,308 Health care facilities 29,519 52,392 Transportation 7,756 83,551 Other 67,510 41,658 Total Specialty Contractors segment revenue $ 929,440 $ 1,006,870 Year Ended December 31, 2019 Year Ended December 31, 2018 Specialty Specialty (in thousands) Civil Building Contractors Total Civil Building Contractors Total Revenue by customer type: State and local agencies $ 1,401,001 $ 573,049 $ 496,195 $ 2,470,245 $ 1,294,630 $ 617,133 $ 406,782 $ 2,318,545 Federal agencies 116,869 153,467 11,326 281,662 95,567 201,745 53,335 350,647 Private owners 261,482 1,015,524 421,919 1,698,925 195,896 1,042,821 546,753 1,785,470 Total revenue $ 1,779,352 $ 1,742,040 $ 929,440 $ 4,450,832 $ 1,586,093 $ 1,861,699 $ 1,006,870 $ 4,454,662 State and local agencies . The Company’s state and local government customers include state transportation departments, metropolitan authorities, cities, municipal agencies, school districts and public universities. Services provided to state and local customers are primarily pursuant to contracts awarded through competitive bidding processes. Construction services for state and local government customers have included mass-transit systems, tunnels, bridges, highways, judicial and correctional facilities, schools and dormitories, health care facilities, convention centers, parking structures and other municipal buildings. The vast majority of the Company’s civil contracting and building construction services are provided in locations throughout the United States and its territories. Federal agencies . The Company’s federal government customers include the U.S. State Department, the U.S. Navy, the U.S. Army Corps of Engineers, the U.S. Air Force and the National Park Service. Services provided to federal agencies are typically pursuant to competitively bid contracts for specific or multi-year assignments that involve new construction or infrastructure repairs or improvements. A portion of revenue from federal agencies is derived from projects in overseas locations. Private owners . The Company’s private owners (i.e., customers) include real estate developers, health care companies, technology companies, hospitality and gaming resort owners, Native American sovereign nations, public corporations and private universities. Services are provided to private customers through negotiated contract arrangements, as well as through competitive bids. Most federal, state and local government contracts contain provisions that permit the termination of contracts, in whole or in part, for the convenience of government customers, among other reasons. Year Ended December 31, 2019 Year Ended December 31, 2018 Specialty Specialty (in thousands) Civil Building Contractors Total Civil Building Contractors Total Revenue by contract type: Fixed price $ 1,315,195 $ 561,831 $ 769,410 $ 2,646,436 $ 1,054,473 $ 377,538 $ 857,742 $ 2,289,753 Guaranteed maximum price 6,951 752,110 21,291 780,352 15,709 1,040,093 62,132 1,117,934 Unit price 436,015 12,063 91,803 539,881 469,305 32,468 32,562 534,335 Cost plus fee and other 21,191 416,036 46,936 484,163 46,606 411,600 54,434 512,640 Total revenue $ 1,779,352 $ 1,742,040 $ 929,440 $ 4,450,832 $ 1,586,093 $ 1,861,699 $ 1,006,870 $ 4,454,662 Fixed price . Fixed price or lump sum contracts are most commonly used for projects in the Civil and Specialty Contractors segments and generally commit the Company to provide all of the resources required to complete a project for a fixed sum. Usually, fixed price contracts transfer more risk to the Company, but offer the opportunity for greater profits. Billings on fixed price contracts are typically based on estimated progress against predetermined contractual milestones. Guaranteed maximum price (“GMP”). GMP contracts provide for a cost plus fee arrangement up to a maximum agreed upon price. These contracts place risks on the Company for amounts in excess of the GMP, but may permit an opportunity for greater profits than under cost plus fee contracts through sharing agreements with the owner on any cost savings that may be realized. Services provided by our Building segment to various private customers are often performed under GMP contracts. Billings on GMP contracts typically occur on a monthly basis and are based on actual costs incurred plus a negotiated margin. Unit price. Unit price contracts are most prevalent for projects in the Civil and Specialty Contractors segments and generally commit the Company to provide an estimated or undetermined number of units or components that comprise a project at a fixed price per unit. This approach shifts the risk of estimating the quantity of units required to the project owner, but the risk of increased cost per unit is borne by the Company, unless otherwise allowed for in the contract. Billings on unit price contracts typically occur on a monthly basis and are based on actual quantity of work performed or completed during the billing period. Cost plus fee. Cost plus fee contracts are used for many projects in the Building and Specialty Contractors segments. Cost plus fee contracts include cost plus fixed fee contracts and cost plus award fee contracts. Cost plus fixed fee contracts provide for reimbursement of approved project costs plus a fixed fee. Cost plus award fee contracts provide for reimbursement of the project costs plus a base fee, as well as an incentive fee based on cost and/or schedule performance. Cost plus fee contracts serve to minimize the Company’s financial risk, but may also limit profits. Billings on cost plus fee contracts typically occur on a monthly basis based on actual costs incurred plus a negotiated margin. Changes in Contract Estimates that Impact Revenue Changes to the total estimated contract revenue or cost for a given project, either due to unexpected events or revisions to management’s initial estimates, are recognized in the period in which they are determined. Revenue was negatively impacted during the year ended December 31 , 2019 related to performance obligations satisfied (or partially satisfied) in prior periods by $ 177.5 million for various projects, none of which was individually material, except for $ 123.9 million that resulted from the charge related to the Alaskan Way Viaduct matter discussed in Note 8. Revenue recognized during the year ended December 31, 2018 related to performance obligations satisfied (or partially satisfied) in prior periods was $ 19.4 million for various projects, none of which was individually material. Remaining Performance Obligations Remaining performance obligations represent the transaction price of firm orders for which work has not been performed and exclude unexercised contract options. As of December 31 , 2019, the aggregate amounts of the transaction prices allocated to the remaining performance obligations of the Company’s construction contracts were $ 5.2 billion, $ 2.2 billion and $ 2.2 billion for the Civil, Building and Specialty Contractors segments, respectively. As of December 31, 2018, the aggregate amounts of the transaction prices allocated to the remaining performance obligations of the Company’s construction contracts were $ 4.6 billion, $ 2.3 billion and $ 1.7 billion for the Civil, Building and Specialty Contractors segments, respectively. The Company typically recognizes revenue on Civil segment projects over a period of three to five years , whereas for projects in the Building and Specialty Contractors segments, the Company typically recognizes revenue over a period of one to three years . |
Contract Assets And Liabilities
Contract Assets And Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Contract Assets and Liabilities [Abstract] | |
Contract Assets And Liabilities | 4. Contract Assets and Liabilities The Company classifies contract assets and liabilities that may be settled beyond one year from the balance sheet date as current, consistent with the length of time of the Company’s project operating cycle. Contract assets include amounts due under retainage provisions, costs and estimated earnings in excess of billings and capitalized contract costs. The amounts as included on the Consolidated Balance Sheets consisted of the following: As of December 31, (in thousands) 2019 2018 Retainage receivable $ 562,375 $ 478,744 Costs and estimated earnings in excess of billings: Claims 705,993 698,274 Unapproved change orders 362,264 354,000 Other unbilled costs and profits 55,287 90,021 Total costs and estimated earnings in excess of billings 1,123,544 1,142,295 Capitalized contract costs 80,294 37,404 Total contract assets $ 1,766,213 $ 1,658,443 Retainage receivable represents amounts invoiced to customers where payments have been partially withheld pending the completion of certain milestones, satisfaction of other contractual conditions or the completion of the project. 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. As of December 31, 2019, the amount of retainage receivable estimated by management to be collected beyond one year is approximately 39 % of the balance. Costs and estimated earnings in excess of billings represent the excess of contract costs and profits (or contract revenue) over the amount of contract billings to date and are classified as a current asset. Costs and estimated earnings in excess of billings result when either: (1) the appropriate contract revenue amount has been recognized over time in accordance with ASC 606 , 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. The Company routinely estimates recovery related to claims and unapproved change orders as a form of variable consideration at the most likely amount it expects to receive and to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Claims and unapproved change orders are billable upon the agreement and resolution between the contractual parties and after the execution of contractual amendments. Increases in claims and unapproved change orders typically result from costs being incurred against existing or new positions; decreases normally result from resolutions and subsequent billings. As discussed in Note 8, the resolution of these claims and unapproved change orders may require litigation or other forms of dispute resolution proceedings. 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 incremental progress toward contractual requirements or milestones. The amount of costs and estimated earnings in excess of billings as of December 31, 2019 estimated by management to be collected beyond one year is approximately $ 572.1 million . Capitalized contract costs primarily represent costs to fulfill a contract that (1) directly relate to an existing or anticipated contract, (2) generate or enhance resources that will be used in satisfying performance obligations in the future and (3) are expected to be recovered through the contract, and are included in other current assets. Capitalized contract costs are generally expensed to the associated contract over the period of anticipated use on the project. During the year ended December 31 , 2019 and 2018, $ 33.8 million and $ 16.3 million, respectively, of previously capitalized contract costs were amortized and recognized as expense on the related contracts. Contract liabilities include amounts owed under retainage provisions and billings in excess of costs and estimated earnings. The amount as reported on the Consolidated Balance Sheets consisted of the following: As of December 31, (in thousands) 2019 2018 Retainage payable $ 252,181 $ 211,956 Billings in excess of costs and estimated earnings 844,389 573,190 Total contract liabilities $ 1,096,570 $ 785,146 Retainage payable represents amounts invoiced to the Company by subcontractors where payments have been partially withheld pending the completion of certain milestones, other contractual conditions or upon the completion of the project. Generally, retainage payable is not remitted to subcontractors until the associated retainage receivable from customers is collected. As of December 31, 2019, the amount of retainage payable estimated by management to be remitted beyond one year is approximately 28 % of the balance. Billings in excess of costs and estimated earnings represent the excess of contract billings to date over the amount of contract costs and profits (or contract revenue) recognized to date. The balance may fluctuate depending on the timing of contract billings and the recognition of contract revenue. Revenue recognized during the year ended December 31 , 2019 and 2018 and included in the opening billings in excess of costs and estimated earnings balances totaled $ 479.6 million and $ 382.7 million, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Taxes [Abstract] | |
Income Taxes | 5. Income Taxes Income (loss) before taxes is summarized as follows: Year Ended December 31, (in thousands) 2019 2018 2017 United States operations $ ( 456,403 ) $ 106,222 $ 135,177 Foreign and U.S. territory operations 30,569 26,391 18,798 Total $ ( 425,834 ) $ 132,613 $ 153,975 The income tax (benefit) expense is as follows: Year Ended December 31, (in thousands) 2019 2018 2017 Current expense: Federal $ ( 2,884 ) $ 21,055 $ 12,329 State 3,585 8,676 6,763 Foreign and U.S. territories 5,299 5,550 3,435 Total current expense 6,000 35,281 22,527 Deferred (benefit) expense: Federal ( 43,579 ) ( 1,773 ) ( 30,021 ) State ( 27,566 ) 1,278 5,560 Foreign and U.S. territories ( 464 ) 46 1,365 Total deferred (benefit) expense ( 71,609 ) ( 449 ) ( 23,096 ) Total (benefit) expense $ ( 65,609 ) $ 34,832 $ ( 569 ) The following table is a reconciliation of the Company’s income tax provision at the statutory rates to the income tax (benefit) expense at the Company’s effective rate: Year Ended December 31, 2019 2018 2017 (dollars in thousands) Amount Rate Amount Rate Amount Rate Federal income tax (benefit) expense at statutory tax rate $ ( 89,425 ) 21.0 % $ 27,849 21.0 % $ 53,892 35.0 % State income taxes, net of federal tax benefit ( 18,442 ) 4.3 9,011 6.8 7,753 5.0 Stock based compensation 1,706 ( 0.4 ) — — — — Impact of federal tax law change — — 211 0.2 ( 53,348 ) ( 34.6 ) Officers' compensation 2,938 ( 0.7 ) 3,078 2.3 2,622 1.7 Goodwill impairment 43,990 ( 10.3 ) — — — — Domestic production activities deduction — — — — ( 2,668 ) ( 1.7 ) Noncontrolling interests ( 6,064 ) 1.4 ( 3,232 ) ( 2.4 ) ( 2,137 ) ( 1.4 ) Federal R&D credits ( 3,998 ) 0.9 ( 2,658 ) ( 2.0 ) ( 470 ) ( 0.4 ) Reversal of reserve for uncertain tax positions and taxes payable due to statute expirations ( 773 ) 0.2 ( 1,958 ) ( 1.5 ) ( 4,337 ) ( 2.8 ) Foreign tax differences 4,940 ( 1.2 ) ( 19 ) — ( 389 ) ( 0.3 ) Other ( 481 ) 0.2 2,550 1.9 ( 1,487 ) ( 0.9 ) Income tax (benefit) expense $ ( 65,609 ) 15.4 % $ 34,832 26.3 % $ ( 569 ) ( 0.4 ) % The Company’s provision for income taxes and effective tax rate for the year ended December 31, 2019 was significantly impacted by the goodwill impairment charge discussed in Note 6. Of the total goodwill impairment charge of $ 379.9 million, approximately $ 209.5 million pertained to goodwill that is not tax deductible and yielded permanent differences between book income and taxable income. For the year ended December 31, 2019, the Company recognized U.S. federal and state tax benefits totaling $ 49.4 million as a result of the impairment charge. On December 22, 2017, the U.S. government enacted the Tax Cuts and Jobs Act of 2017 (“TCJA”) which made broad and complex changes to the U.S. tax code that 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. Future distributions from foreign subsidiaries, however, are no longer 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 following is a summary of the significant components of the deferred tax assets and liabilities: As of December 31, (in thousands) 2019 2018 Deferred tax assets: Timing of expense recognition $ 44,761 $ 20,832 Net operating losses 23,711 8,611 Goodwill 26,658 — Other, net 17,098 18,828 Deferred tax assets 112,228 48,271 Valuation allowance ( 2,212 ) ( 1,150 ) Net deferred tax assets 110,016 47,121 Deferred tax liabilities: Intangible assets, due primarily to purchase accounting ( 15,309 ) ( 36,862 ) Fixed assets, due primarily to purchase accounting ( 75,461 ) ( 75,998 ) Construction contract accounting ( 13,464 ) ( 9,435 ) Joint ventures ( 24,331 ) ( 9,853 ) Other ( 16,567 ) ( 20,411 ) Deferred tax liabilities ( 145,132 ) ( 152,559 ) Net deferred tax liabilities $ ( 35,116 ) $ ( 105,438 ) As of December 31, 2019, the Company had federal and various state net operating loss carryforwards for income tax purposes of $ 29.3 million and $ 184.8 million, respectively. Federal net operating loss carryforwards do not have expiration dates, whereas the state net operating loss carryforwards have expiration dates ranging from 2022 to 2038. As of December 31, 2019, the Company has federal and state credit carryforwards for income tax purposes of approximately $ 6.0 million and $ 1.2 million, respectively. 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 Sheets as follows: As of December 31, (in thousands) 2019 2018 Deferred tax assets $ 570 $ 83 Deferred tax liabilities ( 35,686 ) ( 105,521 ) Net deferred tax liabilities $ ( 35,116 ) $ ( 105,438 ) Since the enactment of the TCJA, the Company no longer intends to permanently reinvest in its foreign subsidiaries. Consequently, the Company now provides deferred income taxes and foreign withholding taxes related to its foreign subsidiaries. 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, 2019 that, if recognized, would affect the effective tax rate is $ 5.7 million. 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. The following is a reconciliation of the beginning and ending amounts of these unrecognized tax benefits for the three years ended December 31, 2019 : As of December 31, (in thousands) 2019 2018 2017 Beginning balance $ 4,998 $ 6,495 $ 7,574 Change in tax positions of prior years 351 ( 302 ) ( 1,207 ) Change in tax positions of current year 1,106 763 128 Reduction in tax positions for statute expirations ( 773 ) ( 1,958 ) — Ending Balance $ 5,682 $ 4,998 $ 6,495 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 subject to a U.S. federal income tax audit for fiscal years 2016 and later, although there is currently no audit being conducted by the Internal Revenue Service. The Company has various years open to audit in a number of state and local jurisdictions and is currently under audit by certain state taxing authorities. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets [Abstract] | |
Goodwill and Intangible Assets | 6. Goodwill and Intangible Assets Goodwill The following table presents the changes in the carrying amount of goodwill since its inception through December 31, 2019: Specialty (in thousands) Civil Building Contractors Total Gross goodwill $ 492,074 $ 424,724 $ 156,193 $ 1,072,991 Accumulated impairment ( 76,716 ) ( 411,269 ) — ( 487,985 ) Balance as of December 31, 2018 415,358 13,455 156,193 585,006 Second quarter 2019 impairment ( 210,215 ) ( 13,455 ) ( 156,193 ) ( 379,863 ) Balance as of December 31, 2019 (a) $ 205,143 $ — $ — $ 205,143 _____________________________________________________________________________________________________________ (a) As of December 31, 2019, accumulated impairment was $ 867.8 million. The net change in the carrying amount of goodwill for the year ended December 31, 2019 was primarily due to a goodwill impairment charge of $ 379.9 million recorded in the second quarter of 2019. In connection with the preparation of its quarterly financial statements during the second quarter of 2019 , the Company assessed the changes in circumstances that occurred during the quarter to determine whether it was more likely than not that the fair values of any of its reporting units were below their carrying amounts. While there was no single determinative event or factor, potential triggering events identified in the accounting guidance (ASC 350, Intangibles – Goodwill and Other ) developed during the second quarter of 2019, which led the Company to conclude that, when considering the events and factors in totality, it was more likely than not that the fair values of each of its reporting units were below their carrying amounts. The triggering factors included: The Company faced a declining stock price and observed a sustained decrease subsequent to the filing of the Company’s first quarter Form 10-Q on May 8, 2019, in both absolute terms and relative to its peers. Consistent with the average stock prices of companies in its peer group, the Company’s stock price had been trending lower over several prior periods; however, during the second quarter of 2019, the Company’s stock price dropped to a 52-week low while the average stock price of companies in its peer group increased. The Company believes that delays experienced in resolving certain claims and unapproved change orders, which when combined with the increased working capital needs and significant negative operating cash flows in the first quarter of 2019, has contributed significantly to the sustained decrease in the Company’s stock price; The Company experienced significant negative operating cash flows from each of its reporting units in the first quarter of 2019, and that trend continued at the beginning of the second quarter; and The Company’s debt rating was downgraded by a major credit rating agency on May 17, 2019. As the Company determined that it was more likely than not that the fair values of its reporting units were below their carrying amounts, the Company performed an interim impairment test as of June 1, 2019 (the “Interim Test”) and, as described below, recognized a non-cash impairment loss totaling $ 379.9 million. The decrease in the Company’s stock price reduced its total market capitalization and increased the implied control premium to a level beyond observable market-comparable data. As a result, when performing the Interim Test, the Company increased the discount rates and the projected investments in working capital compared to the assumptions used in the previous October 1, 2018 test, which extended the timing of certain expected future cash flows in the calculation of fair value under the income-based approach. The Company believes these changes were consistent with market participant inputs as reflected in the decrease in the Company’s market valuation at that time. Consistent with the previous October 1, 2018 test, the Company utilized a weighted-average of (1) an income approach and (2) a market approach to determine the fair value of the Company and each of its reporting units for the Interim Test. The income approach was based on estimated present value of future cash flows for each reporting unit. The market approach was based on assumptions about how market data relates to each reporting unit. The weighting of these two approaches was based on their individual correlation to the economics of each reporting unit as impacted by factors such as the availability of comparable market data for each reporting unit. Assessing impairment inherently involves management judgments as to the assumptions used to calculate fair value of the reporting units and the impact of market conditions on those assumptions. The key inputs that the Company uses in its assumptions to estimate the fair value of its reporting units under the income-based approach are as follows: Weighted-average cost of capital (“WACC”), the risk-adjusted rate used to discount the projected cash flows; Cash flows generated from existing work and new awards; and Projected operating margins. Expected future after-tax operating cash flows of each reporting unit are discounted to a present value using a risk-adjusted discount rate. Estimates of future cash flows require management to make significant assumptions concerning future operating performance including cash flows generated from existing work and new awards, projected operating margins, variations in the amount and timing of cash flows and the probability of achieving the estimated cash flows, as well as future economic conditions, which may differ from actual future cash flows. The discount rate, which is intended to reflect the risks inherent in future cash flow projections, used in estimating the present value of future cash flows, is based on estimates of the WACC of market participants relative to the reporting units. Financial and credit market volatility can directly impact certain inputs and assumptions used to develop the WACC. To develop the cash flows generated from new awards and future operating margins, the Company tracks known prospects of significance for each of its reporting units and considers the estimated timing of when the work is expected to be bid, started and completed. The Company also gives consideration to its relationships with the prospective owners; the pool of competitors that are capable of performing large, complex work; business strategy; and the Company’s history of success in winning new work in each reporting unit. With regard to operating margins, the Company gives consideration to its historical reporting unit operating margins in the end markets that the prospective work opportunities are most significant, expected margins from existing work, current market trends in recent new work procurement, and business strategy. The Company also estimated the fair value of its reporting units under a market-based approach by applying industry-comparable multiples of revenues and operating earnings to its reporting units’ revenues and operating earnings. The conditions and prospects of companies in the engineering and construction industry depend on common factors such as overall demand for services. The Company believes that the discount rates, timing of cash flows and other inputs and assumptions used in the Interim Test were consistent with those that a market participant would use based on the events described above which occurred during the second quarter of 2019 and were reflective of the market assessment of the fair value of its reporting units at that time. In addition, the Company believes that its estimates and assumptions about future revenues and margin projections in the Interim Test were reasonable and consistent with the estimates and assumptions used in the annual goodwill impairment test as of October 1, 2018. As an additional step to corroborate the Interim Test results, the Company compared its implied control premium with those of recent comparable market transactions and concluded that the implied control premium was within the range of control premiums observed in prior industry-specific M&A transactions. The assumption changes described above were relatively larger in the Specialty Contractors reporting unit than in the Civil or Building reporting units, as Specialty Contractors had not met recent market expectations at the time of the Interim Test. Subsequent to the Interim Test, the Company performed its annual impairment test in the fourth quarter of 2019 using a weighted-average of an income and a market approach. These approaches utilize various valuation assumptions, and small changes to the assumptions could have a significant impact on the concluded fair value. Based on this assessment, the Company concluded goodwill was not impaired since the estimated fair value of the Civil reporting unit exceeded its carrying value; therefore, no further adjustment to goodwill was necessary. In addition, no events or circumstances have occurred since the annual test that would indicate any additional impairment of goodwill. Intangible Assets As of December 31, 2019 and 2018, 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, 2019 and 2018 of $ 21.3 million and $ 18.8 million, respectively; (3) amortizable customer relationships with a gross carrying value of $ 23.2 million and accumulated amortization as of December 31, 2019 and 2018 of $ 21.0 million and $ 20.0 million, respectively; and (4) amortizable construction contract backlog with a gross carrying value as of December 31, 2019 and 2018 of $ 149.3 million and $ 73.7 million, respectively, and accumulated amortization as of December 31, 2019 and 2018 of $ 76.4 million and $ 73.7 , respectively. The increase in amortizable construction contract backlog of $ 75.6 million is due to the acquisition of an additional interest in a joint venture, as discussed in Note 13. Amortization expense related to amortizable intangible assets was $ 6.2 million and $ 3.5 million for the years ended December 31, 2019 and 2018, respectively. Future amortization expense related to amortizable intangible assets for the years 2020, 2021 and 2022 will be approximately $ 31.2 million, $ 31.1 million and $ 20.2 million, respectively, and $ 2.5 million for the years 2023 and 2024. The weighted-average amortization period for amortizable trade names, customer relationships and construction contract backlog is approximately 20 years, 12 years and 3 years, respectively. In conjunction with its Interim Test for goodwill during the second quarter of 2019, the Company also evaluated its non-amortizable trade names for potential impairment due to the second quarter triggering factors related to goodwill mentioned above. The Company performed its interim impairment test by comparing the carrying value of its indefinite-lived intangible assets to their calculated fair value, which is determined by the income approach (relief from royalty method). This income-based valuation approach involves similar key assumptions to the goodwill impairment analysis discussed above. The interim impairment test performed in the second quarter of 2019 resulted in an estimated fair value for the non-amortizable trade names that substantially exceeded their respective net book values; therefore, no impairment charge was necessary for the second quarter. While the key assumptions used in the impairment test of the non-amortizable trade names are similar to those used in the evaluation of goodwill, historically, the headroom (the excess of calculated fair value over carrying value) has been relatively higher for non-amortizable trade names than for goodwill. Unlike goodwill, trade names possess inherent value based on market perception which is valued considering the cost savings available through ownership and the avoidance of paying royalties associated with revenue generation. The discounted value is not impacted by cash flow related assumptions such as working capital investment. Consequently, goodwill was impaired while the non-amortizable trade name intangible assets were not. The Company also performed an annual impairment assessment of its non-amortizable trade names in the fourth quarter of 2019 using a qualitative approach to determine whether conditions existed to indicate that it is more likely than not that the fair value of trade names is less than their carrying values. Based on this assessment, the Company concluded that it was more likely than not that the fair value of the non-amortizable trade names was greater than their carrying values, and therefore a quantitative analysis was not required. |
Financial Commitments
Financial Commitments | 12 Months Ended |
Dec. 31, 2019 | |
Financial Commitments [Abstract] | |
Financial Commitments | 7. Financial Commitments Long-Term Debt Long-term debt as reported on the Consolidated Balance Sheets consisted of the following: As of December 31, (in thousands) 2019 2018 2017 Senior Notes $ 494,365 $ 493,521 2017 Credit Facility 114,000 41,000 Convertible Notes 182,292 171,481 Equipment financing and mortgages 39,159 50,904 Other indebtedness 4,660 4,598 Total debt 834,476 761,504 Less: Current maturities 124,054 16,767 Long-term debt, net $ 710,422 $ 744,737 The following table reconciles the outstanding debt balance to the reported debt balances as of December 31, 2019 and 2018: As of December 31, 2019 As of December 31, 2018 (in thousands) Outstanding Long-Term Debt Unamortized Discount and Issuance Costs Long-Term Debt, as reported Outstanding Long-Term Debt Unamortized Discount and Issuance Costs Long-Term Debt, as reported 2017 Senior Notes $ 500,000 $ ( 5,635 ) $ 494,365 $ 500,000 $ ( 6,479 ) $ 493,521 Convertible Notes 200,000 ( 17,708 ) 182,292 200,000 ( 28,519 ) 171,481 The unamortized issuance costs related to the 2017 Credit Facility were $ 3.7 million and $ 4.8 million as of December 31, 2019 and 2018, respectively, and are included in other assets in the Consolidated Balance Sheets. 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 offering. 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, now known as Truist 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, provided that (i) if the Convertible Notes are refinanced in full with the proceeds of permitted refinancing indebtedness in accordance with the terms of the 2017 Credit Facility, the maturity date for the 2017 Credit Facility will remain April 20, 2022 and (ii) if the Company issues “New Convertible Notes” (as defined in the 2017 Credit Facility), the maturity date for the 2017 Credit Facility will be the earlier of (x) April 20, 2022 or December 17, 2020 if Convertible Notes are outstanding on December 17, 2020 and (y) 90 days prior to the maturity date for such New Convertible Notes. The 2017 Credit Facility also 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) 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 2 % per annum. The weighted-average annual interest rate on borrowings under the 2017 Revolver was approximately 4.96 % during the year ended December 31, 2019. 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. On May 7, 2019, certain provisions of the 2017 Credit Facility were amended, including setting the maximum leverage ratio at 3.50 :1.00 for the remainder of its term, thus eliminating the step down from 3.50 :1:00 to 3.25 :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, 2019, there was $ 236 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 , 2019 . As a result of the aforementioned provision in the 2017 Credit Facility whereby the maturity date of the 2017 Credit Facility may be moved forward from April 20, 2022, the facility will mature on December 17, 2020 if the Convertible Notes remain outstanding at that time (the “spring-forward” provision). While the Company does not have call rights that allow it to unilaterally redeem the Convertible Notes, it intends to repurchase or exchange the Convertible Notes and/or modify or replace the 2017 Credit Facility during 2020. Various alternatives are under consideration to determine the financing arrangement that is best suited to the Company’s needs and provides the most favorable terms. The Company is currently in discussions with lenders regarding its options. Due to the spring-forward provision in the 2017 Credit Facility, all borrowings under the facility are included in “Current maturities of long-term debt” on the Consolidated Balance Sheet as of December 31, 2019. 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 of the Company 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 shown 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 are not amortized. The following table presents information related to the liability and equity components of the Convertible Notes: (in thousands) December 31, 2019 December 31, 2018 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) 34,143 23,332 Net carrying amount $ 182,292 $ 171,481 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 with cash, shares of its common stock or a combination thereof. As of December 31 , 2019, 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 $ 27.7 million and $ 38.6 million at December 31, 2019 and 2018, respectively, with interest rates ranging from 2.62 % to 3.89 % 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, 2019. The aggregate balance of mortgage loans was approximately $ 11.5 million and $ 12.3 million at December 31, 2019 and 2018, respectively, with interest rates ranging from a fixed 3.50 % to LIBOR plus 3 % and equal monthly installment payments over periods up to ten years with additional balloon payments of $ 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) 2020 $ 124,054 2021 218,967 2022 7,546 2023 7,164 2024 88 Thereafter 500,000 857,819 Less: Unamortized discount and issuance costs 23,343 Total $ 834,476 Interest Expense Interest expense as reported in the Consolidated Statements of Operations consisted of the following: For the year ended December 31, (in thousands) 2019 2018 2017 Cash interest expense: Interest on 2017 Senior Notes $ 34,375 $ 34,375 $ 23,967 Interest on 2017 Credit Facility 11,990 8,575 5,517 Interest on Convertible Notes 5,750 5,750 5,750 Interest on 2010 Senior Notes — — 6,926 Interest on 2014 Credit Facility — — 4,455 Other interest 2,172 2,747 3,261 Cash portion of loss on extinguishment — — 1,913 Total cash interest expense 54,287 51,447 51,789 Non-cash interest expense (a) : Amortization of discount and debt issuance costs on Convertible Notes 10,811 9,846 8,967 Amortization of debt issuance costs on 2017 Credit Facility 1,552 1,439 962 Amortization of debt issuance costs on 2017 Senior Notes 844 787 516 Amortization of debt issuance costs on 2014 Credit Facility — — 1,703 Amortization of discount and debt issuance costs on 2010 Senior Notes — — 308 Non-cash portion of loss on extinguishment — — 5,139 Total non-cash interest expense 13,207 12,072 17,595 Total interest expense $ 67,494 $ 63,519 $ 69,384 _____________________________________________________________________________________________________________ (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, 2019 . |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | 8. Commitments and Contingencies The Company and certain of its subsidiaries are involved in litigation and other legal proceedings and forms of dispute resolution in the ordinary course of business, including but not limited to disputes over contract payment and/or performance-related issues (such as disagreements regarding delay or a change in the scope of work of a project and/or the price associated with that change) and other matters incidental to the Company’s business. In accordance with ASC 606, the Company makes assessments of these types of matters on a routine basis and, to the extent permitted by ASC 606, estimates and records recovery related to these matters as a form of variable consideration at the most likely amount the Company expects to receive, as discussed further in Note 1(d) and Note 4 . In addition, the Company is contingently liable for litigation, performance guarantees and other commitments arising in the ordinary course of business, which are accounted for in accordance with ASC 450, Contingencies . Management reviews these matters regularly and updates or revises its estimates as warranted by subsequent information and developments. These assessments require judgments concerning matters that are inherently uncertain, such as litigation developments and outcomes, the anticipated outcome of negotiations and the estimated cost of resolving disputes. Consequently, these assessments are estimates, and actual amounts may vary from such estimates. In addition, because such matters are typically resolved over long periods of time, the Company’s assets and liabilities may change over time should the circumstances dictate. The description of the legal proceedings listed below include management’s assessment of those proceedings. Management believes that, based on current information and discussions with the Company’s legal counsel, the ultimate resolution of other matters is not expected to have a material effect on the Company’s consolidated financial position, results of operations or cash flows. A description of the material pending legal proceedings, other than ordinary routine litigation incidental to the business is as follows: 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, 2019, 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 Company has a 45 % interest in STP. 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 significantly damaged and was required to be repaired. 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 (material) 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 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. STP is also asserting extra-contractual and statutory claims against the Insurers. 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. In September 2018, rulings received on pre-trial motions effectively limited potential recovery under the Policy for STP, WSDOT and Hitachi. However, on December 19, 2018, the Court of Appeal granted the Company’s request for a discretionary appeal of those rulings. The appeal is expected to be heard in mid to late 2020. STP submitted damages to the Insurers in the King County lawsuit in the amount of $ 532 million. STP is also seeking these damages from WSDOT related to the pipe-strike by the TBM in a related lawsuit in Thurston County (see following paragraph). 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, seeking $ 57.2 million in damages and seeking declaratory relief concerning contract interpretation. STP filed its answer to WSDOT’s complaint and filed a counterclaim against WSDOT and Hitachi, as the TBM designer, seeking damages of $ 667 million. On October 3, 2019, STP and Hitachi entered into a settlement agreement which caused the release and dismissal of claims that STP and Hitachi had against each other. The jury trial between STP and WSDOT commenced on October 7, 2019 and concluded on December 13, 2019, with a jury verdict in favor of WSDOT awarding them $ 57.2 million in damages. Judgment was entered on January 10, 2020, and a notice of appeal was filed by STP on January 17, 2020. The Company recorded the impact of the jury verdict during the fourth quarter of 2019, resulting in a pre-tax charge of $ 166.8 million. The charge includes a pre-tax accrual of $ 25.7 million (which is the Company’s 45 % proportionate share of the $ 57.2 million in damages awarded by the jury to WSDOT). Payment of damages will only be made if the adverse verdict is upheld on appeal, as the payment is secured by a bond for the course of the appeal. Other than the possible future payment in cash of $ 25.7 million in damages, the charge is for non-cash write-downs primarily related to the costs and estimated earnings in excess of billings and receivables that the Company previously recorded to reflect its expected recovery in this case. With respect to STP’s direct and indirect claims against the Insurers, management has included in receivables an estimate of the total anticipated recovery concluded to be probable. George Washington Bridge Bus Station Matter In August 2013, Tutor Perini Building Corporation (“TPBC”) entered into a contract with the George Washington Bridge Bus Station Development Venture, LLC (the “Developer”) to renovate the George Washington Bridge Bus Station, a mixed-use facility owned by the Port Authority of New York and New Jersey that serves as a transit facility and retail space. The $ 100 million project experienced significant design errors and associated delays, resulting in damages to TPBC and its subcontractors, including WDF and Five Star, wholly owned subsidiaries of the Company. The project reached substantial completion on May 16, 2017. On February 26, 2015, the Developer filed a demand for arbitration, subsequently amended, seeking $ 30 million in alleged damages and declaratory relief that TPBC’s requests for additional compensation are invalid due to lack of notice. TPBC denied the Developer’s claims and filed a counterclaim in March 2018. TPBC seeks in excess of $ 113 million in the arbitration, which includes unpaid contract balance claims, the return of $ 29 million retained by the Developer in alleged damages, as well as extra work claims, pass-through claims and delay claims. Hearings on the merits commenced on September 24, 2018 before the arbitration panel, and were expected to continue over various weeks through March 2020. On April 15, 2019, the counsel for the Developer withdrew from the case, which resulted in further delays to the proceedings. On June 4, 2019, the arbitration panel, as confirmed by the U.S. District Court in the Southern District of New York, issued a writ of attachment for $ 23 million of the $ 29 million discussed above. On October 7, 2019, the Developer filed for bankruptcy protection in the Southern District of New York under Chapter 11 of the Bankruptcy Code. The filing for bankruptcy stayed the pending arbitration proceedings. TPBC appeared in the bankruptcy proceedings on October 8, 2019 and filed a Proof of Claim in the amount of $ 113 million on December 13, 2019. Separately, on July 2, 2018, TPBC filed a lawsuit against the Port Authority of New York and New Jersey, as owner of the project, and STV Incorporated, as designer, seeking the same $ 113 million in damages. On January 13, 2020, the Court dismissed STV Incorporated from the case. That lawsuit is proceeding against the Port Authority of New York and New Jersey. On January 27, 2020, the Company filed separate litigation in the United States District Court for the Southern District of New York in which the Company asserted claims against individual owners of the Developer for their wrongful conversion of project funds and against certain lenders that received interest payments from project funds and other amounts earmarked to pay the contractors. As of December 31, 2019, the Company has concluded that the potential for a material adverse financial impact due to the Developer’s claims is remote. With respect to TPBC’s claims against the Developer and the Port Authority of New York and New Jersey, management has made an estimate of the total anticipated recovery on this project, and such estimate is included in revenue recorded to date. |
Lease
Lease | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | 9. Leases The Company leases certain office space, construction and office equipment, vehicles and temporary housing generally under non-cancelable operating leases. Leases with an initial term of one year or less are not recorded on the balance sheet, and the Company generally recognizes lease expense for these leases on a straight-line basis over the lease term. As of December 31, 2019, the Company’s operating leases have remaining lease terms ranging from less than one year to 10 years, some of which include options to renew the leases. The exercise of lease renewal options is generally at the Company’s sole discretion. The Company’s leases do not contain any material residual value guarantees or material restrictive covenants. The Company determines if an arrangement is a lease at inception. Operating lease ROU assets are included in other assets, while current and long-term operating lease liabilities are included in accrued expenses and other current liabilities, and other long-term liabilities, respectively, on the Consolidated Balance Sheet as of December 31, 2019. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The present value of future lease payments are discounted using either the implicit rate in the lease, if known, or the Company’s incremental borrowing rate for the specific lease as of the lease commencement date. The ROU asset is also adjusted for any prepayments made or incentives received. The lease terms include options to extend or terminate the lease only to the extent it is reasonably certain any of those options will be exercised. Lease expense is recognized on a straight-line basis over the lease term. The Company accounts for lease components (e.g., fixed payments) separate from the non-lease components (e.g., common-area maintenance costs). The Company does not have any material financing leases. The following table presents components of lease expense for the year ended December 31, 2019: Year Ended (in thousands) December 31, 2019 Operating lease expense $ 15,854 Short-term lease expense (a) 72,562 88,416 Less: Sublease income 1,077 Total lease expense $ 87,339 (a) Short-term lease expense includes all leases with lease terms ranging from less than one month to one year . Short-term leases include, among other things, construction equipment rented on an as-needed basis as well as temporary housing. The following table presents supplemental balance sheet information related to operating leases as of December 31, 2019: As of December 31, (dollars in thousands) Balance Sheet Line Item 2019 Assets ROU assets Other assets $ 40,156 Total lease assets $ 40,156 Liabilities Current lease liabilities Accrued expenses and other current liabilities $ 11,392 Long-term lease liabilities Other long-term liabilities 31,900 Total lease liabilities $ 43,292 Weighted-average remaining lease term (in years) 5.0 Weighted-average discount rate 5.96 % The following table presents supplemental cash flow information and non-cash activity related to operating leases for the year ended December 31, 2019: Year Ended (in thousands) December 31, 2019 Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ ( 15,658 ) Non-cash activity: ROU assets obtained in exchange for lease liabilities $ 9,784 The following table presents maturities of operating lease liabilities on an undiscounted basis as of December 31, 2019: Year (in thousands) Operating Leases 2020 $ 13,572 2021 9,372 2022 7,971 2023 6,761 2024 5,093 Thereafter 7,618 Total lease payments 50,387 Less: Imputed interest 7,095 Total $ 43,292 As of December 31, 2018, future minimum lease payments under long-term non-cancelable operating leases as classified under ASC 840 were as follows: Year (in thousands) Operating Leases 2019 $ 14,039 2020 10,706 2021 7,464 2022 6,567 2023 5,587 Thereafter 11,662 56,025 Less: Sublease rental agreements 1,398 Total $ 54,627 |
Other Income, Net
Other Income, Net | 12 Months Ended |
Dec. 31, 2019 | |
Other Income, Net [Abstract] | |
Other Income, Net | 10. 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 Company’s purchase 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 and reported it as a component of other income, net in its Consolidated Statement of Operations for the year ended December 31, 2017. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Share-Based Compensation [Abstract] | |
Share-Based Compensation | 11. Share-Based Compensation On April 10, 2018, the Company adopted the Tutor Perini Corporation Omnibus Incentive Plan (the “Current Plan”), which was approved by the Company’s shareholders on May 23, 2018. The Current Plan effected the merger of the Company’s Amended and Restated Tutor Perini Corporation Long-Term Incentive Plan, as amended and restated on October 2, 2014 (the “2014 Plan”) and the Tutor Perini Corporation Incentive Compensation Plan adopted on April 3, 2017 (the “2017 Plan,” together with the 2014 Plan and the Current Plan, the “Plans”). The Current Plan provides 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. Stock options give the holder the right to purchase shares of the Company’s common stock subsequent to the vesting date at a defined exercise price. A stock option exercise price must be equal to or greater than the fair value of the Company’s common stock on the date of the award. Restricted stock units and stock options are usually subject to certain service and performance conditions as well as other restrictions. The term for stock options is limited to 10 years from the award date. As of December 31 , 2019, there were 1,241,879 shares of common stock available for grant under the Company’s Current Plan. As of December 31, 2019, the Plans had an aggregate of 4,144,015 of restricted stock units and stock options from outstanding, historical awards that either have not vested or have vested but have not been exercised. Any awards that were granted under the 2014 Plan or the 2017 Plan that are forfeited, cancelled or held back for net settlement will become available to be issued under the Current Plan. The terms of the Plans give the Company the right to settle the vesting of share-based grants in cash or shares. During the years ended December 31, 2019 and 2018, the Company did no t settle any awards in cash. 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 Plans 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, 2019, the Company had outstanding awards with 75,000 restricted stock units and 75,000 stock options that had not been granted yet. These units will be granted in 2020 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, 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 Granted 699,000 24.21 664,000 23.20 Expired or cancelled ( 240,289 ) 32.76 ( 274,990 ) 22.82 Vested/exercised ( 387,695 ) 28.67 — — Outstanding as of December 31, 2018 1,469,000 $ 27.27 2,943,044 $ 20.89 Granted 530,000 20.23 220,000 19.66 Expired or cancelled ( 104,029 ) 28.98 ( 884,029 ) 21.03 Vested/exercised ( 179,971 ) 25.39 — — Outstanding as of December 31, 2019 1,715,000 $ 25.19 2,279,015 $ 20.62 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 Date Year Number Fair Value Per Share 2017 99,155 $ 26.26 2018 115,420 21.26 2019 98,591 15.72 Unrestricted stock units vest immediately upon grant and are converted to shares of the Company’s stock on a one-for-one basis. The fair value of unrestricted stock units issued during 2019, 2018 and 2017 was approximately $ 1.5 million , $ 2.5 million and $ 2.6 million, respectively. The fair value of restricted stock units that vested during 2019 , 2018 and 2017 was approximately $ 3.1 million, $ 7.9 million and $ 25.3 million, respectively. There were no stock options exercised during 2019 or 2018. 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 was $ 1.3 million, with a corresponding tax benefit of $ 0.6 million. As of December 31, 2019, the balance of unamortized restricted stock and stock option expense was $ 17.3 million and $ 3.6 million, respectively, which is expected to be recognized over weighted-average periods of 2.0 years for restricted stock units and 1.8 years for stock options. The 2,279,015 outstanding stock options as of December 31, 2019 had an intrinsic value of $ 0.9 million and a weighted-average remaining contractual life of 5.5 years. Of those outstanding options: (1) 1,509,015 were exercisable with an intrinsic value of $ 0.9 million, a weighted-average exercise price of $ 19.69 per share and a weighted-average remaining contractual life of 4.1 years; (2) 770,000 have been granted but have not vested with no intrinsic value, a weighted-average exercise price of $ 22.44 per share and a weighted-average remaining contractual life of 8.4 years. Of the granted but unvested options, 770,000 , are expected to vest. The fair value of restricted and unrestricted stock units is based on the closing price of the Company’s common stock on the New York Stock Exchange on the date of the grant and the fair value of stock options is based on the Black-Scholes model. Certain performance-based awards contain market condition components tied to the Company’s total shareholder return in relation to its peer companies, as calculated over a multi-year performance period (“TSR awards”). The fair value of the TSR awards is determined using a Monte Carlo simulation model. Significant assumptions used in this simulation model include the Company’s expected volatility, a risk-free rate based on U.S. Treasury yield curve rates with maturities consistent with the performance period, and the volatilities for each of the Company’s peers. The ultimate payout on TSR awards is determined at the end of the performance period and will vary based on actual total shareholder return performance results. Compensation expense related to the TSR awards is recognized regardless of whether the market condition is satisfied, provided that the requisite service period has been completed. 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, 2019 2018 2017 Total stock options granted 220,000 664,000 539,000 Weighted-average grant date fair value $ 7.59 $ 11.09 $ 13.11 Weighted-average assumptions: Risk-free rate 2.1 % 2.6 % 1.8 % Expected life of options (a) 6.1 5.8 4.8 Expected volatility (b) 39.4 % 42.2 % 43.1 % 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, 2019, 2018 and 2017, the Company recognized, as part of general and administrative expenses, costs for share-based payment arrangements for employees of $ 17.5 million, $ 21.1 million and $ 19.6 million. Additionally for the same periods, the Company recognized as part of general and administrative expenses costs for share-based awards to non-employee directors of $ 1.6 million, $ 1.7 million and $ 1.6 million, respectively. The aggregate tax benefits for these awards were approximately $ 2.9 million, $ 3.8 million and $ 8.7 million, for the respective periods. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | 12. 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 pension plan is noncontributory and benefits are based on an employee’s years of service and “final average earnings,” as defined by the pension plan. The pension 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 pension plan. The long-term investment goals of the Company’s pension 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 pension 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. The following table sets forth a summary of net periodic benefit cost for the years ended December 31, 2019, 2018 and 2017: Year Ended December 31, (in thousands) 2019 2018 2017 Interest cost $ 3,801 $ 3,496 $ 3,919 Service cost 900 875 850 Expected return on plan assets ( 4,170 ) ( 4,302 ) ( 4,358 ) Recognized net actuarial losses 1,933 2,067 1,897 Net periodic benefit cost $ 2,464 $ 2,136 $ 2,308 Actuarial assumptions used to determine net cost: Discount rate 4.12 % 3.45 % 3.90 % Expected return on assets 5.75 % 6.00 % 6.00 % 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 2020 and the actual asset allocation as of December 31, 2019 and 2018 by asset category are as follows: Percentage of Plan Assets as of December 31, Target Allocation Actual Allocation Asset Category 2020 2019 2018 Cash 5 % 4 % 3 % Equity funds: Domestic 45 47 50 International 18 18 27 Fixed income funds 32 31 20 Total 100 % 100 % 100 % The Company expects to contribute approximately $ 4.1 million to its defined benefit pension plan in 2020. Future benefit payments under the plans are estimated as follows: (in thousands) Year ended December 31, 2020 $ 6,822 2021 6,789 2022 6,724 2023 6,637 2024 6,611 2025-2029 31,183 Total $ 64,766 The following tables provide a reconciliation of the changes in the fair value of plan assets and plan benefit obligations during 2019 and 2018 , and a summary of the funded status as of December 31, 2019 and 2018: Year Ended December 31, (in thousands) 2019 2018 Change in Fair Value of Plan Assets Balance at beginning of year $ 63,109 $ 71,541 Actual return on plan assets 12,123 ( 4,758 ) Company contribution 4,793 2,975 Benefit payments ( 6,668 ) ( 6,649 ) Balance at end of year $ 73,357 $ 63,109 Year Ended December 31, (in thousands) 2019 2018 Change in Benefit Obligations Balance at beginning of year $ 95,869 $ 106,218 Interest cost 3,801 3,496 Service cost 900 875 Assumption change loss (gain) 8,373 ( 7,056 ) Actuarial loss (gain) 332 ( 1,014 ) Benefit payments ( 6,668 ) ( 6,650 ) Balance at end of year $ 102,607 $ 95,869 As of December 31, (in thousands) 2019 2018 Funded status $ ( 29,250 ) $ ( 32,760 ) Net unfunded amounts recognized in Consolidated Balance Sheets consist of: Current liabilities $ ( 279 ) $ ( 262 ) Long-term liabilities ( 28,971 ) ( 32,498 ) Total net unfunded amount recognized in Consolidated Balance Sheets $ ( 29,250 ) $ ( 32,760 ) 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 $ 56.5 million and $ 57.6 million as of December 31, 2019 and 2018, respectively. In 2019, net other comprehensive income of $ 1.2 million consisted of reclassification adjustments for the amortization of previously existing actuarial losses and net actuarial losses arising during the period. In 2018, net other comprehensive income of $ 1.1 million consisted of reclassification adjustments for the amortization of previously existing actuarial losses and net actuarial gains arising during the period. 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. The estimated amount of the net accumulated loss (consisting of net actuarial losses) that will be amortized from accumulated other comprehensive loss into net periodic benefit cost in 2020 is $ 2.4 million. The discount rate used in determining the accumulated post-retirement benefit obligation was 3.1 % as of December 31, 2019 and 4.1 % as of December 31, 2018. 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 5.8 % for 2019 and 6.0 % for 2018. 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. Closely held fund strategies seek to capitalize on inefficiencies identified across different asset classes or markets and include long-short equity and long equity, event-driven, multi-strategy 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 pension 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 pension 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 are generally based on the NAV per share or its equivalent. The following table sets forth the pension plan assets at fair value in accordance with the fair value hierarchy described in Note 13: As of December 31, 2019 As of December 31, 2018 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 $ 2,867 $ — $ — $ 2,867 $ 7,587 $ — $ — $ 7,587 Fixed income funds — 2,861 — 2,861 — 2,585 — 2,585 Mutual funds 54,085 — — 54,085 36,436 — — 36,436 $ 56,952 $ 2,861 $ — $ 59,813 $ 44,023 $ 2,585 $ — $ 46,608 Closely held funds (a) Equity partnerships 3,660 5,580 Hedge fund investments 9,884 10,921 Total closely held funds (a) 13,544 16,501 Total $ 56,952 $ 2,861 $ — $ 73,357 $ 44,023 $ 2,585 $ — $ 63,109 _____________________________________________________________________________________________________________ (a) Closely held funds in private investment 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”). As of December 31, 2019 and 2018, pension plan assets included approximately $ 13.5 million and $ 16.5 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 plans have benefit obligations in excess of the fair value of each plan’s assets as follows: As of December 31, 2019 As of December 31, 2018 Benefit Benefit Pension Equalization Pension Equalization (in thousands) Plan Plan Total Plan Plan Total Projected benefit obligation $ 99,515 $ 3,092 $ 102,607 $ 92,816 $ 3,053 $ 95,869 Accumulated benefit obligation $ 99,515 $ 3,092 $ 102,607 $ 92,816 $ 3,053 $ 95,869 Fair value of plans' assets 73,357 — 73,357 63,109 — 63,109 Projected benefit obligation greater than fair value of plans' assets $ 26,158 $ 3,092 $ 29,250 $ 29,707 $ 3,053 $ 32,760 Accumulated benefit obligation greater than fair value of plans' assets $ 26,158 $ 3,092 $ 29,250 $ 29,707 $ 3,053 $ 32,760 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 $ 4.1 million in 2019 and $ 4.2 million in both 2018 and 2017. 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 summarizes key information for the plans that the Company made significant contributions to during the three years ended December 31, 2019: 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 2019 2018 Implemented 2019 (b) 2018 (b) 2017 Imposed Agreement The Pension, Hospitalization and Benefit Plan of the Electrical Industry - Pension Trust Fund 13-6123601/001 Green Green N/A $ 9.3 $ 12.2 $ 16.0 (a) No 4/13/2022 Carpenters Pension Trust Fund for Northern California 94-6050970 Red Red Implemented 4.0 4.9 8.2 No 6/30/2023 Excavators Union Local 731 Pension Fund 13-1809825/002 Green Green N/A 5.1 4.1 4.3 No 4/30/2022 Northern California Electrical Workers Pension Plan 94-6062674 Green Green N/A 3.0 4.1 5.2 No 5/31/2022 Laborers Pension Trust Fund for Northern California 94-6277608 Green Green N/A 3.4 3.8 6.6 No 6/30/2023 Steamfitters Industry Pension Fund 13-6149680/001 Green Green N/A 1.7 3.5 3.9 (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 the 2019 and 2018 plan years for any of the above pension funds, excluding Excavators Union Local 731 Pension Fund, Northern California Electrical Workers Pension Plan and Steamfitters Industry Pension Fund for the 2018 plan year. In addition to the individually significant plans described above, the Company also contributed approxim ately $ 31.4 million in 2019, $ 29.3 million in 2018 and $ 27.8 million in 2017 to other multiemployer pension plans. Funding for these payments is principally provided for in the contracts with our customers. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | 13. 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, 2019 and 2018: As of December 31, 2019 As of December 31, 2018 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) $ 193,685 $ — $ — $ 193,685 $ 116,075 $ — $ — $ 116,075 Restricted cash (a) 8,416 — — 8,416 3,788 — — 3,788 Restricted investments (b) — 70,974 — 70,974 — 58,142 — 58,142 Investments in lieu of retainage (c) 89,572 1,219 — 90,791 62,858 1,190 — 64,048 Total $ 291,673 $ 72,193 $ — $ 363,866 $ 182,721 $ 59,332 $ — $ 242,053 _____________________________________________________________________________________________________________ (a) Includes money market funds and short-term investments with maturity dates of three months or less when acquired. (b) Restricted investments, as of December 31 , 2019, consist of investments in corporate debt securities of $ 35.8 million, U.S. government agency securities of $ 33.8 million and corporate certificates of deposits of $ 1.4 million with maturities of up to five years , and are valued based on pricing models, which are determined from a compilation of primarily observable market information, broker quotes in non-active markets or similar assets and are therefore classified as Level 2 assets. As of December 31, 2018, restricted investments consisted of investments in corporate debt securities of $ 30.4 million and U.S. government agency securities of $ 27.7 million with maturities of up to five years . The amortized cost of these available-for-sale securities at December 31, 2019 and 2018 was not materially different from the fair value. (c) Investments in lieu of retainage are included in retainage receivable and as of December 31, 2019 are comprised of money market funds of $ 89.6 million and municipal bonds of $ 1.2 million. 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. As of December 31, 2018, investments in lieu of retainage consisted of money market funds of $ 62.9 million and municipal bonds of $ 1.2 million. The amortized cost of these available-for-sale securities at December 31 , 2019 and 2018 was not materially different from the fair value. The Company did not have material transfers between Levels 1 and 2 during the years ended December 31, 2019 and 2018. 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. Of the Company’s long-term debt, the fair value of the 2017 Senior Notes was $ 485.0 million and $ 466.8 million as of December 31 , 2019 and 2018, respectively. The fair value of the Convertible Notes was $ 193.4 million and $ 184.4 million as of December 31, 2019 and 2018, respectively. The fair values of the 2017 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 approximates fair value as of December 31, 2019 and 2018. During the year ended December 31, 2019, the Company acquired an additional 25 % interest in a Civil segment joint venture. The Company’s 50 % ownership interest prior to the acquisition was accounted for under the proportionate consolidation method and had a carrying value of $ 3.2 million. Through this acquisition, the Company’s interest increased from 50 % to 75 %, and it obtained a controlling financial interest in the joint venture, thereby requiring consolidation by the Company. The transaction was accounted for as a business combination achieved in stages, and under ASC 805, Business Combinations , the previously held equity interest in the joint venture was remeasured at the acquisition date fair value with the resulting gain of $ 37.8 million recognized in earnings, which was included in general and administrative expenses in the Company’s Consolidated Statement of Operations. The fair value of the joint venture and the Company’s existing investment therein was determined based on the fair value of the underlying assets and liabilities acquired by applying an income approach that used discounted future estimated cash flows based on projected revenues, expenses and weighted-average cost of capital. The fair value of the assets and liabilities of the joint venture was recognized in the Company’s consolidated financial statements as of the acquisition date with the 25 % interest not owned by the Company recorded as a noncontrolling interest. The acquisition resulted in the recording of an intangible asset for construction contract backlog of $ 75.6 million . The fair values of the other assets acquired and liabilities assumed were not material. Pro forma results of operations for this acquisition of additional interest in the joint venture have not been presented because they are not material to the Company’s results of operations. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2019 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | 14. Variable Interest Entities (VIEs) The Company may form joint ventures or partnerships with third parties for the execution of projects. In accordance with ASC 810, the Company assesses its partnerships and 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 , 2019, the Company had unconsolidated VIE-related current assets and liabilities of $ 1.5 million and $ 1.4 million, respectively, included in the Company’s Consolidated Balance Sheet. As of December 31, 2018, the Company had unconsolidated VIE-related current assets and liabilities of $ 4.0 million and $ 3.8 million, respectively, included in the Company’s Consolidated Balance Sheet. The Company’s maximum exposure to loss as a result of its investments in unconsolidated VIEs is typically limited to the aggregate of the carrying value of the investment and future funding commitments. There were no future funding requirements for the unconsolidated VIEs as of December 31 , 2019. As of December 31, 2019, the Company’s Consolidated Balance Sheet included current and noncurrent assets of $ 365.0 million and $ 52.0 million, respectively, as well as current liabilities of $ 556.1 million related to the operations of its consolidated VIEs. As of December 31, 2018, the Company’s Consolidated Balance Sheet included current and noncurrent assets of $ 173.9 million and $ 51.5 million, respectively, as well as current liabilities of $ 319.9 million related to the operations of its consolidated VIEs. Below is a discussion of some of the Company’s more significant or unique VIEs. The Company established a joint venture to construct the Purple Line Extension Section 2 (Tunnels and Stations) and Section 3 (Stations) mass-transit projects in Los Angeles, California with a combined value of approximately $ 2.8 billion. The Company has a 75 % interest in the joint venture with the remaining 25 % held by O&G Industries, Inc. (“O&G”). 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. The Company has determined that this joint venture is a VIE for which the Company is the primary beneficiary. The Company also established a joint venture with Parsons Corporation (“Parsons”) to construct the Newark Liberty International Airport Terminal One project, a $ 1.4 billion transportation infrastructure project in Newark, New Jersey. The Company has an 80 % interest in the joint venture with the remaining 20 % held by Parsons. 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. The Company has determined that this joint venture is a VIE for which the Company is the primary beneficiary. |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2019 | |
Business Segments [Abstract] | |
Business Segments | 15. 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 HVAC (heating, ventilation and air conditioning). 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 contracting services provided by the Civil segment 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 technology. 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 cost and risk management. To the extent that a contract is co-managed and co-executed among segments, the Company allocates the share of revenues and costs of the contract to each segment to reflect the shared responsibilities in the management and execution of the project. The following tables set forth certain reportable segment information relating to the Company’s operations for the years ended December 31, 2019, 2018 and 2017: Reportable Segments Specialty Segment Consolidated (in thousands) Civil Building Contractors Total Corporate Total Year ended December 31, 2019 Total revenue $ 2,054,097 $ 1,764,753 $ 929,738 $ 4,748,588 $ — $ 4,748,588 Elimination of intersegment revenue ( 274,745 ) ( 22,713 ) ( 298 ) ( 297,756 ) — ( 297,756 ) Revenue from external customers $ 1,779,352 $ 1,742,040 $ 929,440 $ 4,450,832 $ — $ 4,450,832 Income (loss) from construction operations (a) $ ( 150,837 ) $ 23,655 $ ( 172,637 ) $ ( 299,819 ) $ ( 65,188 ) (b) $ ( 365,007 ) Capital expenditures $ 82,156 $ 518 $ 688 $ 83,362 $ 834 $ 84,196 Depreciation and amortization (c) $ 47,905 $ 1,934 $ 4,136 $ 53,975 $ 11,069 $ 65,044 Year ended December 31, 2018 Total revenue $ 1,810,232 $ 1,866,902 $ 1,006,870 $ 4,684,004 $ — $ 4,684,004 Elimination of intersegment revenue ( 224,139 ) ( 5,203 ) — ( 229,342 ) — ( 229,342 ) Revenue from external customers $ 1,586,093 $ 1,861,699 $ 1,006,870 $ 4,454,662 $ — $ 4,454,662 Income (loss) from construction operations (d) $ 168,256 $ 43,939 $ 43,430 $ 255,625 $ ( 63,749 ) (b) $ 191,876 Capital expenditures $ 73,866 $ 1,655 $ 777 $ 76,298 771 77,069 Depreciation and amortization (c) $ 29,685 $ 1,956 $ 4,358 $ 35,999 $ 11,268 $ 47,267 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 (loss) from construction operations $ 192,207 $ 34,199 $ 18,938 $ 245,344 $ ( 65,867 ) (b) $ 179,477 Capital expenditures $ 27,694 $ 267 $ 721 $ 28,682 $ 1,598 $ 30,280 Depreciation and amortization (c) $ 33,767 $ 2,021 $ 4,699 $ 40,487 $ 11,443 $ 51,930 _____________________________________________________________________________________________________________ (a) During the year ended December 31, 2019, the Company recorded a non-cash goodwill impairment charge of $ 379.9 million in income (loss) from construction operations (an after-tax impact of $ 330.5 million, or $ 6.58 per diluted share) resulting from an interim impairment test the Company performed as of June 1, 2019. For further information and breakdown of the goodwill impairment charge by segment, see Note 6. In addition, during the year ended December 31, 2019 the Company recorded a charge of $ 166.8 million in income (loss) from construction operations (an after-tax impact of $ 119.4 million, or $ 2.38 per diluted share), which principally impacted the Civil segment, as a result of the adverse jury verdict on the Alaskan Way Viaduct Matter, as discussed in Note 8. Lastly, the Company recognized a one-time gain of $ 37.8 million (an after-tax impact of $ 27.1 million, or $ 0.54 per diluted share) in Civil segment general and administrative expenses related to a remeasurement of its investment in a joint venture (see Note 13). (b) Consists primarily of corporate general and administrative expenses. (c) Depreciation and amortization is included in income (loss) from construction operations. (d) During the year ended December 31 , 2018, the Company recorded a charge of $ 17.8 million in income (loss) from construction operations (an after-tax impact of $ 12.8 million, or $ 0.25 per diluted share), which was primarily non-cash, as a result of the unexpected adverse outcome of an arbitration decision related to a subcontract back charge dispute on a Civil segment project in New York that was completed in 2013. 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 were as follows: As of December 31, (in thousands) 2019 2018 Civil $ 2,791,402 $ 2,574,326 Building 995,298 913,746 Specialty Contractors 635,180 745,313 Corporate and other (a) 63,897 154,367 Total assets $ 4,485,777 $ 4,387,752 _____________________________________________________________________________________________________________ (a) Consists principally of cash, equipment, tax-related assets and insurance-related assets, offset by the elimination of assets related to intersegment revenue. Geo graphic Information Information concerning principal geographic areas is as follows: Year Ended December 31, (in thousands) 2019 2018 2017 Revenue: United States $ 4,073,691 $ 4,180,206 $ 4,613,644 Foreign and U.S. territories 377,141 274,456 143,564 Total revenue $ 4,450,832 $ 4,454,662 $ 4,757,208 As of December 31, (in thousands) 2019 2018 Assets: United States $ 4,271,722 $ 4,225,143 Foreign and U.S. territories 214,055 162,609 Total assets $ 4,485,777 $ 4,387,752 Reconciliation of Segment Information to Consolidated Amounts A reconciliation of segment results to the consolidated income (loss) before income taxes is as follows: Year Ended December 31, (in thousands) 2019 2018 2017 Income (loss) from construction operations $ ( 365,007 ) $ 191,876 $ 179,477 Other income, net 6,667 4,256 43,882 Interest expense ( 67,494 ) ( 63,519 ) ( 69,384 ) Income (loss) before income taxes $ ( 425,834 ) $ 132,613 $ 153,975 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 16. 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 $ 3.1 million in 2019, $ 3.0 million in 2018 and $ 2.8 million in 2017, and recognized expense of $ 3.2 million in each of the three years. Raymond R. Oneglia, Vice Chairman of O&G, is a director of the Company. The Company occasionally forms construction project joint ventures with O&G. During the three years ended December 31 , 2019, the Company had active joint ventures with O&G including two infrastructure projects in the northeastern United States that were completed in 2017 and two mass-transit projects in Los Angeles, California to construct the Purple Line Extension Section 2 (Tunnels and Stations) and Section 3 (Stations), in which the Company’s and O&G’s joint venture interests are 75 % and 25 %, respectively. O&G may provide equipment and services to these joint ventures on customary trade terms; there were no material p ayments made by these joint ventures to O&G for services and equipment during the years ended December 31, 2019, 2018 and 2017. 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, 2019, 2018 and 2017 were $ 18.4 million, $ 14.7 million and $ 17.6 million, respectively. The Company owed Alliant $ 2.7 million and $ 4.1 million as of December 31, 2019 and 2018, respectively, for services rendered. |
Unaudited Quarterly Financial D
Unaudited Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2019 | |
Unaudited Quarterly Financial Data [Abstract] | |
Unaudited Quarterly Financial Data | 17. Unaudited Quarterly Financial Data The following table presents selected unaudited quarterly financial data for each full quarterly period of 2019 and 2018: (in thousands, except per common share amounts) First Second Third Fourth Year Ended December 31, 2019 Quarter Quarter Quarter Quarter Revenue $ 958,487 $ 1,125,275 $ 1,189,345 $ 1,177,725 Gross profit (loss) 88,470 100,943 115,063 ( 62,704 ) Income (loss) from construction operations 22,913 ( 341,717 ) 47,943 ( 94,146 ) Income (loss) before income taxes 6,910 ( 358,339 ) 32,312 ( 106,717 ) Net income (loss) 4,722 ( 315,439 ) 26,721 ( 76,229 ) Net income (loss) attributable to Tutor Perini Corporation ( 356 ) ( 320,530 ) 19,313 ( 86,117 ) Earnings (loss) per common share: Basic $ ( 0.01 ) $ ( 6.38 ) $ 0.38 $ ( 1.71 ) Diluted $ ( 0.01 ) $ ( 6.38 ) $ 0.38 $ ( 1.71 ) (in thousands, except per common share amounts) First Second Third Fourth Year Ended December 31, 2018 Quarter Quarter Quarter Quarter Revenue $ 1,028,156 $ 1,120,085 $ 1,123,137 $ 1,183,284 Gross profit 67,068 118,640 111,124 157,621 Income (loss) from construction operations ( 925 ) 54,815 47,306 90,680 Income (loss) before income taxes ( 15,210 ) 39,867 32,804 75,152 Net income (loss) ( 10,942 ) 27,896 25,436 55,391 Net income (loss) attributable to Tutor Perini Corporation ( 12,124 ) 24,883 21,272 49,405 Earnings (loss) per common share: Basic $ ( 0.24 ) $ 0.50 $ 0.43 $ 0.99 Diluted $ ( 0.24 ) $ 0.49 $ 0.42 $ 0.98 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of Presentation | (a) Basis of Presentation The accompanying consolidated financial statements have been prepared in compliance with generally accepted accounting principles in the United States (“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 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 14). If a joint venture is not a VIE, it may be consolidated under the voting interest method if the Company holds a controlling financial interest in the joint venture. The Company is considered to hold a controlling financial interest when it is able to exercise control over the joint venture’s operating and financial decisions. 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. Intercompany balances and transactions have been eliminated. |
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. |
Revenue Recognition | (d) Revenues Revenue Recognition The Company derives revenue from long-term construction contracts with public and private customers primarily in the United States and its territories and in certain other international locations. The Company’s construction contracts are generally each accounted for as a single unit of account (i.e., as a single performance obligation). Throughout the execution of construction contracts, the Company and its affiliated entities recognize revenue with the continuous transfer of control to the customer. The customer typically controls the asset under construction by either contractual termination clauses or by the Company’s rights to payment for work already performed on the asset under construction that does not have an alternative use for the Company. Because control transfers over time, revenue is recognized to the extent of progress towards completion of the performance obligations. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the products or services provided. The Company generally uses the cost-to-cost method for its contracts, which measures progress towards completion for each performance obligation based on the ratio of costs incurred to date to the total estimated costs at completion for the respective performance obligation. Incurred cost represents work performed, which corresponds with, and thereby best depicts, the transfer of control to the customer. Revenue, including estimated fees or profits, is recorded proportionately as costs are incurred. Cost of operations includes labor, materials, subcontractor costs, and other direct and indirect costs, including depreciation and amortization. Due to the nature of the work required to be performed on many of the Company’s performance obligations, estimating total revenue and cost at completion is complex, subject to many variables and requires significant judgment. Assumptions as to the occurrence of future events and the likelihood and amount of variable consideration, including the impact of change orders, claims, contract disputes and the achievement of contractual performance criteria, and award or other incentive fees are made during the contract performance period. The Company estimates variable consideration at the most likely amount it expects to receive. The Company includes estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of anticipated performance and all information (historical, current and forecasted) that is reasonably available to management. Back charges to suppliers or subcontractors are recognized as a reduction of cost when it is determined that recovery of such cost is probable and the amounts can be reliably estimated. Disputed back charges are recognized when the same requirements described above for variable consideration have been satisfied. 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 closeout 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 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 | (e) Depreciation of Property and Equipment and Amortization of Long-Lived Intangible Assets Property and equipment and long-lived intangible assets are generally depreciated or amortized on a straight-line basis over their estimated useful lives ranging from three to forty years . |
Recoverability of Long-Lived Assets | (f) 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 | (g) Recoverability of Goodwill The Company tests goodwill for impairment annually as of October 1 for each reporting unit 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, and the Civil reporting unit carried the remaining goodwill balance at December 31, 2019 as a result of the $ 379.9 million impairment loss recognized in the second quarter of 2019. 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 carrying a goodwill balance. The market approach is based on assumptions about how market data relates to each reporting unit carrying a goodwill balance. The weighting of these two approaches is based on their individual correlation to the economics of each reporting unit carrying a goodwill balance. The annual quantitative assessment performed in the fourth quarter of 2019 resulted in an estimated fair value that exceeded the net book value of the Civil reporting unit; therefore, no impairment charge was necessary. |
Recoverability of Non-Amortizable Trade Names | (h) 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 impairment assessment during the fourth quarter of each year and may assess its non-amortizable trade names for impairment initially using a qualitative approach to determine whether conditions exist to indicate that it is more likely than not that the fair value of a trade name is less than its carrying value. If the Company concludes, based on assessment of relevant events, facts and circumstances, that it is more likely than not that the trade name’s fair value is greater than its carrying value, no further impairment testing through a quantitative assessment is required. The qualitative assessment performed for the Company’s annual impairment assessment in the fourth quarter of 2019 concluded that it was more likely than not that the trade name’s fair value was greater than its carrying value, and therefore a quantitative analysis was not required. |
Income Taxes | (i) 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 Common Share | (j) Earnings Per Common Share (EPS) 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 7. For the year ended December 31, 2019, all potentially dilutive securities were excluded from the calculation of diluted EPS as a result of the net loss for the period. In accordance with ASC 260, Earnings Per Share , the settlement of the principal amount of the Convertible Notes has had no impact on diluted EPS because the Company has had the intent and ability to settle the principal amount in cash. The Company calculates the effect of the potentially dilutive restricted stock units and stock options using the treasury stock method. Year Ended December 31, (in thousands, except per common share data) 2019 2018 2017 Net income (loss) attributable to Tutor Perini Corporation $ ( 387,690 ) $ 83,436 $ 148,382 Weighted-average common shares outstanding, basic 50,220 49,952 49,647 Effect of dilutive restricted stock units and stock options — 349 1,112 Weighted-average common shares outstanding, diluted 50,220 50,301 50,759 Net income (loss) attributable to Tutor Perini Corporation per common share: Basic $ ( 7.72 ) $ 1.67 $ 2.99 Diluted $ ( 7.72 ) $ 1.66 $ 2.92 Anti-dilutive securities not included above 3,640 2,670 798 |
Cash, Cash Equivalents and Restricted Cash | (k) Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets to the amounts shown in the Consolidated Statements of Cash Flows: As of December 31, (in thousands) 2019 2018 Cash and cash equivalents available for general corporate purposes $ 43,760 $ 51,749 Joint venture cash and cash equivalents 149,925 64,326 Cash and cash equivalents 193,685 116,075 Restricted cash 8,416 3,788 Total cash, cash equivalents and restricted cash $ 202,101 $ 119,863 Cash equivalents include short-term, highly liquid investments with maturities of three months or less when acquired. Cash and cash equivalents, consist of amounts available for the Company’s general purposes, the Company’s proportionate share of cash held by the Company’s unconsolidated joint ventures and 100% of 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. Amounts included in restricted cash are primarily held as collateral to secure insurance-related contingent obligations, such as insurance claim deductibles, in lieu of letters of credit. |
Restricted Investments | (l) Restricted Investments The Company has 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 primarily comprised of investments in corporate debt securities and U.S. government agency securities that are rated A3 or better. |
Share-Based Compensation | (m) 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 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 criteria throughout the performance period, and will adjust share-based compensation expense if it estimates that the achievement of the performance criteria is not probable. Certain performance-based awards contain market condition components and are valued on the date of grant using a Monte Carlo simulation model. The fair value of such awards is expensed ratably over the performance period and is not adjusted for actual achievement. |
Insurance Liabilities | (n) Insurance Liabilities The Company typically utilizes third-party insurance coverage subject to varying deductible levels with aggregate caps on losses retained. The Company assumes the risk for the amount of the deductible portion of the losses and liabilities primarily associated with workers’ compensation and general liability coverage. In addition, on certain projects, the Company assumes the risk for the amount of the deductible portion of losses that arise from any subcontractor defaults. Losses are accrued based upon the Company’s estimates of the aggregate liability for claims incurred using historical experience and certain actuarial assumptions followed in the insurance industry. The estimate of insurance liability within the deductible limits includes an estimate of incurred but not reported claims based on data compiled from historical experience. |
Other Comprehensive Income (Loss) | (o) Other Comprehensive Income (Loss) ASC 220, Comprehensive Income , establishes standards for reporting 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, and change in fair value of investments as components of accumulated other comprehensive income (loss) (“AOCI”). The components of other comprehensive income (loss) and the related tax effects for the years ended December 31, 2019, 2018 and 2017 were as follows: Year Ended December 31, 2019 2018 2017 (in thousands) Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount Other comprehensive income (loss): Defined benefit pension plan adjustments $ 1,180 $ ( 336 ) $ 844 $ 1,079 $ ( 308 ) $ 771 $ 2,416 $ ( 992 ) $ 1,424 Foreign currency translation adjustment 1,867 ( 530 ) 1,337 ( 4,067 ) 1,122 ( 2,945 ) 2,159 ( 886 ) 1,273 Unrealized gain (loss) in fair value of investments 1,982 ( 421 ) 1,561 ( 1,005 ) 227 ( 778 ) ( 4 ) 2 ( 2 ) Total other comprehensive income (loss) $ 5,029 $ ( 1,287 ) $ 3,742 $ ( 3,993 ) $ 1,041 $ ( 2,952 ) $ 4,571 $ ( 1,876 ) $ 2,695 Less: Other comprehensive income (loss) attributable to noncontrolling interests (a) 393 — 393 ( 221 ) — ( 221 ) — — — Total other comprehensive income (loss) attributable to Tutor Perini Corporation $ 4,636 $ ( 1,287 ) $ 3,349 $ ( 3,772 ) $ 1,041 $ ( 2,731 ) $ 4,571 $ ( 1,876 ) $ 2,695 _____________________________________________________________________________________________________________ (a) The only component of other comprehensive income (loss) attributable to noncontrolling interests is foreign currency translation. The changes in AOCI balances by component (after tax) attributable to Tutor Perini Corporation during the years ended December 31, 2019, 2018 and 2017 were as follows: (in thousands) Defined Benefit Pension Plan Foreign Currency Translation Unrealized Gain (Loss) in Fair Value of Investments Accumulated Other Comprehensive Income (Loss) Attributable to Tutor Perini Corporation: 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 ) Other comprehensive loss before reclassifications ( 695 ) ( 2,724 ) ( 835 ) ( 4,254 ) Amounts reclassified from AOCI 1,466 — 57 1,523 Balance as of December 31, 2018 $ ( 38,670 ) $ ( 6,315 ) $ ( 464 ) $ ( 45,449 ) Other comprehensive income (loss) before reclassifications ( 539 ) 944 1,621 2,026 Amounts reclassified from AOCI 1,383 — ( 60 ) 1,323 Balance as of December 31, 2019 $ ( 37,826 ) $ ( 5,371 ) $ 1,097 $ ( 42,100 ) |
Recent Accounting Pronouncements | (p) Recent Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), as amended and supplemented by subsequent ASUs (collectively, “ASC 842”). ASC 842 amends the existing guidance in ASC 840, Leases . This ASU requires, among other things, the recognition of lease right-of-use (“ROU”) assets and lease liabilities by lessees for those leases currently classified as operating leases. ASC 842 allowed companies to adopt the new standard by applying either a modified retrospective method to the beginning of the earliest period presented in the financial statements or an optional transition method to initially apply the standard on January 1, 2019 and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company adopted the standard using the optional transition method. Under this method, financial results reported in periods prior to 2019 are unchanged. The Company elected the package of practical expedients which provides relief from having to reassess (1) whether any expired or existing contracts contain leases, (2) lease classification (as operating or financing) for any expired or existing leases, and (3) initial direct costs for any existing leases. The Company also elected to separate non-lease components from lease components. Based on the Company’s evaluation of ASC 842, the adoption on January 1, 2019 resulted in an increase of $ 43.3 million to its assets and liabilities on the Consolidated Balance Sheets with no impact to its results of operations or cash flows . The effects of the changes made to the Company’s January 1, 2019 consolidated balance sheet for the adoption of ASC 842 were as follows: BALANCE SHEET Balance as of Adjustments due to Balance as of (in thousands) December 31, 2018 (a) ASC 842 January 1, 2019 ASSETS Other assets (b) $ 50,523 $ 43,273 $ 93,796 LIABILITIES Accrued expenses and other current liabilities (b) $ 174,325 $ 11,569 $ 185,894 Other long-term liabilities (b) 151,639 31,704 183,343 _____________________________________________________________________________________________________________ (a) Balance as previously reported on the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 . (b) Prior to the adoption of ASC 842, operating lease ROU assets and current and long-term operating lease liabilities were not recorded on the Consolidated Balance Sheets. The following table presents the impacts of adoption of the new leases standard on the Consolidated Balance Sheet: As of December 31, 2019 Balance Without BALANCE SHEET Adoption of Effect of (in thousands) As Reported ASC 842 Change ASSETS Other assets (a) $ 104,693 $ 64,598 $ 40,095 LIABILITIES Accrued expenses and other current liabilities (a) $ 206,533 $ 195,341 $ 11,192 Other long-term liabilities (a) 199,288 170,373 28,915 _____________________________________________________________________________________________________________ (a) Prior to the adoption of ASC 842, operating lease ROU assets and current and long-term operating lease liabilities were not recorded on the Consolidated Balance Sheets. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) , as amended by subsequent ASUs (collectively, “ASC 606”). The Company adopted this ASU effective January 1, 2018 using the modified retrospective transition method. As such, the 2017 comparative information has not been restated and continues to be reported under the accounting standards in effect for that period. New accounting pronouncements requiring implementation in future periods are discussed below. In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments , and issued subsequent amendments to the initial guidance within ASU 2019-04 and ASU 2019-05 (collectively, “ASU 2016-13”). The amendments in ASU 2016-13 replace the incurred loss impairment methodology in current practice with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to estimate credit losses. ASU 2016-13 is effective for interim and annual reporting periods beginning after December 15, 2019. The Company does not expect the adoption of ASU 2016-13 to have a material impact on its financial position, results of operations or cash flows. In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes (“ASU 2019-12”), modifying ASC 740, Income Taxes (“ASC 740”). The amendments in ASU 2019-12, among other things, remove certain exceptions to the general principles in ASC 740 and seek more consistent application by clarifying and amending the existing guidance. ASU 2019-12 is effective for interim and annual reporting periods beginning after December 15, 2020. The Company is currently evaluating the new standard, which is not expected to have a material impact on the Company’s financial position, results of operations or cash flows. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Summary of Significant Accounting Policies [Abstract] | |
Calculations of Basic and Diluted EPS | Year Ended December 31, (in thousands, except per common share data) 2019 2018 2017 Net income (loss) attributable to Tutor Perini Corporation $ ( 387,690 ) $ 83,436 $ 148,382 Weighted-average common shares outstanding, basic 50,220 49,952 49,647 Effect of dilutive restricted stock units and stock options — 349 1,112 Weighted-average common shares outstanding, diluted 50,220 50,301 50,759 Net income (loss) attributable to Tutor Perini Corporation per common share: Basic $ ( 7.72 ) $ 1.67 $ 2.99 Diluted $ ( 7.72 ) $ 1.66 $ 2.92 Anti-dilutive securities not included above 3,640 2,670 798 |
Schedule of Cash and Cash Equivalents | As of December 31, (in thousands) 2019 2018 Cash and cash equivalents available for general corporate purposes $ 43,760 $ 51,749 Joint venture cash and cash equivalents 149,925 64,326 Cash and cash equivalents 193,685 116,075 Restricted cash 8,416 3,788 Total cash, cash equivalents and restricted cash $ 202,101 $ 119,863 |
Tax Effects of Componenets of Other Comprehensive Income (Loss) | Year Ended December 31, 2019 2018 2017 (in thousands) Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount Other comprehensive income (loss): Defined benefit pension plan adjustments $ 1,180 $ ( 336 ) $ 844 $ 1,079 $ ( 308 ) $ 771 $ 2,416 $ ( 992 ) $ 1,424 Foreign currency translation adjustment 1,867 ( 530 ) 1,337 ( 4,067 ) 1,122 ( 2,945 ) 2,159 ( 886 ) 1,273 Unrealized gain (loss) in fair value of investments 1,982 ( 421 ) 1,561 ( 1,005 ) 227 ( 778 ) ( 4 ) 2 ( 2 ) Total other comprehensive income (loss) $ 5,029 $ ( 1,287 ) $ 3,742 $ ( 3,993 ) $ 1,041 $ ( 2,952 ) $ 4,571 $ ( 1,876 ) $ 2,695 Less: Other comprehensive income (loss) attributable to noncontrolling interests (a) 393 — 393 ( 221 ) — ( 221 ) — — — Total other comprehensive income (loss) attributable to Tutor Perini Corporation $ 4,636 $ ( 1,287 ) $ 3,349 $ ( 3,772 ) $ 1,041 $ ( 2,731 ) $ 4,571 $ ( 1,876 ) $ 2,695 _____________________________________________________________________________________________________________ (a) The only component of other comprehensive income (loss) attributable to noncontrolling interests is foreign currency translation. |
Changes in AOCI Balances by Component | (in thousands) Defined Benefit Pension Plan Foreign Currency Translation Unrealized Gain (Loss) in Fair Value of Investments Accumulated Other Comprehensive Income (Loss) Attributable to Tutor Perini Corporation: 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 ) Other comprehensive loss before reclassifications ( 695 ) ( 2,724 ) ( 835 ) ( 4,254 ) Amounts reclassified from AOCI 1,466 — 57 1,523 Balance as of December 31, 2018 $ ( 38,670 ) $ ( 6,315 ) $ ( 464 ) $ ( 45,449 ) Other comprehensive income (loss) before reclassifications ( 539 ) 944 1,621 2,026 Amounts reclassified from AOCI 1,383 — ( 60 ) 1,323 Balance as of December 31, 2019 $ ( 37,826 ) $ ( 5,371 ) $ 1,097 $ ( 42,100 ) |
Schedule of the Impact for the Adoption of ASU 842 | The effects of the changes made to the Company’s January 1, 2019 consolidated balance sheet for the adoption of ASC 842 were as follows: BALANCE SHEET Balance as of Adjustments due to Balance as of (in thousands) December 31, 2018 (a) ASC 842 January 1, 2019 ASSETS Other assets (b) $ 50,523 $ 43,273 $ 93,796 LIABILITIES Accrued expenses and other current liabilities (b) $ 174,325 $ 11,569 $ 185,894 Other long-term liabilities (b) 151,639 31,704 183,343 _____________________________________________________________________________________________________________ (a) Balance as previously reported on the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 . (b) Prior to the adoption of ASC 842, operating lease ROU assets and current and long-term operating lease liabilities were not recorded on the Consolidated Balance Sheets. The following table presents the impacts of adoption of the new leases standard on the Consolidated Balance Sheet: As of December 31, 2019 Balance Without BALANCE SHEET Adoption of Effect of (in thousands) As Reported ASC 842 Change ASSETS Other assets (a) $ 104,693 $ 64,598 $ 40,095 LIABILITIES Accrued expenses and other current liabilities (a) $ 206,533 $ 195,341 $ 11,192 Other long-term liabilities (a) 199,288 170,373 28,915 _____________________________________________________________________________________________________________ (a) Prior to the adoption of ASC 842, operating lease ROU assets and current and long-term operating lease liabilities were not recorded on the Consolidated Balance Sheets. |
Consolidated Statements of Ca_3
Consolidated Statements of Cash Flows (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Consolidated Statement of Cash Flows [Abstract] | |
Changes in Other Components of Working Capital | Year Ended December 31, (in thousands) 2019 2018 2017 (Increase) Decrease in: Accounts receivable $ ( 81,983 ) $ 3,899 $ ( 91,062 ) Retainage receivable ( 78,520 ) 56,754 33,453 Costs and estimated earnings in excess of billings 18,751 ( 209,537 ) ( 100,932 ) Other current assets ( 76,146 ) 15,398 ( 19,718 ) (Decrease) Increase in: Accounts payable 53,999 ( 78,243 ) ( 35,751 ) Retainage payable 35,013 ( 49,864 ) 3,526 Billings in excess of costs and estimated earnings 245,292 76,703 125,757 Accrued expenses and other current liabilities 14,851 28,046 24,513 Changes in other components of working capital $ 131,257 $ ( 156,844 ) $ ( 60,214 ) Cash paid during the year for: Interest $ 56,137 $ 51,063 $ 50,443 Income taxes $ 43,374 $ 13,652 $ 39,776 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue [Abstract] | |
Disaggregation Of Revenue | Disaggregation of Revenue The following tables disaggregate revenue by end market, customer type and contract type, which the Company believes best depict how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors for the years ended December 31, 2019 and 2018. Year Ended December 31, (in thousands) 2019 2018 Civil segment revenue by end market: Mass transit $ 992,755 $ 702,614 Bridges 334,117 431,202 Tunneling 128,229 103,980 Highways 86,747 202,423 Other 237,504 145,874 Total Civil segment revenue $ 1,779,352 $ 1,586,093 Year Ended December 31, (in thousands) 2019 2018 Building segment revenue by end market: Commercial and industrial facilities $ 459,806 $ 374,312 Hospitality and gaming 297,700 301,871 Municipal and government 254,736 261,496 Health care facilities 239,299 428,819 Mass transit 201,400 67,588 Education facilities 143,382 145,147 Mixed use 31,685 150,549 Other 114,032 131,917 Total Building segment revenue $ 1,742,040 $ 1,861,699 Year Ended December 31, (in thousands) 2019 2018 Specialty Contractors segment revenue by end market: Mass transit $ 419,402 $ 296,092 Commercial and industrial facilities 186,819 189,632 Multi-unit residential 83,903 81,023 Education facilities 70,229 99,214 Mixed use 64,302 163,308 Health care facilities 29,519 52,392 Transportation 7,756 83,551 Other 67,510 41,658 Total Specialty Contractors segment revenue $ 929,440 $ 1,006,870 Year Ended December 31, 2019 Year Ended December 31, 2018 Specialty Specialty (in thousands) Civil Building Contractors Total Civil Building Contractors Total Revenue by customer type: State and local agencies $ 1,401,001 $ 573,049 $ 496,195 $ 2,470,245 $ 1,294,630 $ 617,133 $ 406,782 $ 2,318,545 Federal agencies 116,869 153,467 11,326 281,662 95,567 201,745 53,335 350,647 Private owners 261,482 1,015,524 421,919 1,698,925 195,896 1,042,821 546,753 1,785,470 Total revenue $ 1,779,352 $ 1,742,040 $ 929,440 $ 4,450,832 $ 1,586,093 $ 1,861,699 $ 1,006,870 $ 4,454,662 State and local agencies . The Company’s state and local government customers include state transportation departments, metropolitan authorities, cities, municipal agencies, school districts and public universities. Services provided to state and local customers are primarily pursuant to contracts awarded through competitive bidding processes. Construction services for state and local government customers have included mass-transit systems, tunnels, bridges, highways, judicial and correctional facilities, schools and dormitories, health care facilities, convention centers, parking structures and other municipal buildings. The vast majority of the Company’s civil contracting and building construction services are provided in locations throughout the United States and its territories. Federal agencies . The Company’s federal government customers include the U.S. State Department, the U.S. Navy, the U.S. Army Corps of Engineers, the U.S. Air Force and the National Park Service. Services provided to federal agencies are typically pursuant to competitively bid contracts for specific or multi-year assignments that involve new construction or infrastructure repairs or improvements. A portion of revenue from federal agencies is derived from projects in overseas locations. Private owners . The Company’s private owners (i.e., customers) include real estate developers, health care companies, technology companies, hospitality and gaming resort owners, Native American sovereign nations, public corporations and private universities. Services are provided to private customers through negotiated contract arrangements, as well as through competitive bids. Most federal, state and local government contracts contain provisions that permit the termination of contracts, in whole or in part, for the convenience of government customers, among other reasons. Year Ended December 31, 2019 Year Ended December 31, 2018 Specialty Specialty (in thousands) Civil Building Contractors Total Civil Building Contractors Total Revenue by contract type: Fixed price $ 1,315,195 $ 561,831 $ 769,410 $ 2,646,436 $ 1,054,473 $ 377,538 $ 857,742 $ 2,289,753 Guaranteed maximum price 6,951 752,110 21,291 780,352 15,709 1,040,093 62,132 1,117,934 Unit price 436,015 12,063 91,803 539,881 469,305 32,468 32,562 534,335 Cost plus fee and other 21,191 416,036 46,936 484,163 46,606 411,600 54,434 512,640 Total revenue $ 1,779,352 $ 1,742,040 $ 929,440 $ 4,450,832 $ 1,586,093 $ 1,861,699 $ 1,006,870 $ 4,454,662 Fixed price . Fixed price or lump sum contracts are most commonly used for projects in the Civil and Specialty Contractors segments and generally commit the Company to provide all of the resources required to complete a project for a fixed sum. Usually, fixed price contracts transfer more risk to the Company, but offer the opportunity for greater profits. Billings on fixed price contracts are typically based on estimated progress against predetermined contractual milestones. Guaranteed maximum price (“GMP”). GMP contracts provide for a cost plus fee arrangement up to a maximum agreed upon price. These contracts place risks on the Company for amounts in excess of the GMP, but may permit an opportunity for greater profits than under cost plus fee contracts through sharing agreements with the owner on any cost savings that may be realized. Services provided by our Building segment to various private customers are often performed under GMP contracts. Billings on GMP contracts typically occur on a monthly basis and are based on actual costs incurred plus a negotiated margin. Unit price. Unit price contracts are most prevalent for projects in the Civil and Specialty Contractors segments and generally commit the Company to provide an estimated or undetermined number of units or components that comprise a project at a fixed price per unit. This approach shifts the risk of estimating the quantity of units required to the project owner, but the risk of increased cost per unit is borne by the Company, unless otherwise allowed for in the contract. Billings on unit price contracts typically occur on a monthly basis and are based on actual quantity of work performed or completed during the billing period. Cost plus fee. Cost plus fee contracts are used for many projects in the Building and Specialty Contractors segments. Cost plus fee contracts include cost plus fixed fee contracts and cost plus award fee contracts. Cost plus fixed fee contracts provide for reimbursement of approved project costs plus a fixed fee. Cost plus award fee contracts provide for reimbursement of the project costs plus a base fee, as well as an incentive fee based on cost and/or schedule performance. Cost plus fee contracts serve to minimize the Company’s financial risk, but may also limit profits. Billings on cost plus fee contracts typically occur on a monthly basis based on actual costs incurred plus a negotiated margin. |
Contract Assets And Liabiliti_2
Contract Assets And Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Contract Assets and Liabilities [Abstract] | |
Schedule Of Contract Assets And Liabilities | As of December 31, (in thousands) 2019 2018 Retainage receivable $ 562,375 $ 478,744 Costs and estimated earnings in excess of billings: Claims 705,993 698,274 Unapproved change orders 362,264 354,000 Other unbilled costs and profits 55,287 90,021 Total costs and estimated earnings in excess of billings 1,123,544 1,142,295 Capitalized contract costs 80,294 37,404 Total contract assets $ 1,766,213 $ 1,658,443 Retainage receivable represents amounts invoiced to customers where payments have been partially withheld pending the completion of certain milestones, satisfaction of other contractual conditions or the completion of the project. 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. As of December 31, 2019, the amount of retainage receivable estimated by management to be collected beyond one year is approximately 39 % of the balance. Costs and estimated earnings in excess of billings represent the excess of contract costs and profits (or contract revenue) over the amount of contract billings to date and are classified as a current asset. Costs and estimated earnings in excess of billings result when either: (1) the appropriate contract revenue amount has been recognized over time in accordance with ASC 606 , 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. The Company routinely estimates recovery related to claims and unapproved change orders as a form of variable consideration at the most likely amount it expects to receive and to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Claims and unapproved change orders are billable upon the agreement and resolution between the contractual parties and after the execution of contractual amendments. Increases in claims and unapproved change orders typically result from costs being incurred against existing or new positions; decreases normally result from resolutions and subsequent billings. As discussed in Note 8, the resolution of these claims and unapproved change orders may require litigation or other forms of dispute resolution proceedings. 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 incremental progress toward contractual requirements or milestones. The amount of costs and estimated earnings in excess of billings as of December 31, 2019 estimated by management to be collected beyond one year is approximately $ 572.1 million . Capitalized contract costs primarily represent costs to fulfill a contract that (1) directly relate to an existing or anticipated contract, (2) generate or enhance resources that will be used in satisfying performance obligations in the future and (3) are expected to be recovered through the contract, and are included in other current assets. Capitalized contract costs are generally expensed to the associated contract over the period of anticipated use on the project. During the year ended December 31 , 2019 and 2018, $ 33.8 million and $ 16.3 million, respectively, of previously capitalized contract costs were amortized and recognized as expense on the related contracts. Contract liabilities include amounts owed under retainage provisions and billings in excess of costs and estimated earnings. The amount as reported on the Consolidated Balance Sheets consisted of the following: As of December 31, (in thousands) 2019 2018 Retainage payable $ 252,181 $ 211,956 Billings in excess of costs and estimated earnings 844,389 573,190 Total contract liabilities $ 1,096,570 $ 785,146 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Taxes [Abstract] | |
Summary of Income Before Taxes | Year Ended December 31, (in thousands) 2019 2018 2017 United States operations $ ( 456,403 ) $ 106,222 $ 135,177 Foreign and U.S. territory operations 30,569 26,391 18,798 Total $ ( 425,834 ) $ 132,613 $ 153,975 |
Provision for Income Taxes | Year Ended December 31, (in thousands) 2019 2018 2017 Current expense: Federal $ ( 2,884 ) $ 21,055 $ 12,329 State 3,585 8,676 6,763 Foreign and U.S. territories 5,299 5,550 3,435 Total current expense 6,000 35,281 22,527 Deferred (benefit) expense: Federal ( 43,579 ) ( 1,773 ) ( 30,021 ) State ( 27,566 ) 1,278 5,560 Foreign and U.S. territories ( 464 ) 46 1,365 Total deferred (benefit) expense ( 71,609 ) ( 449 ) ( 23,096 ) Total (benefit) expense $ ( 65,609 ) $ 34,832 $ ( 569 ) |
Reconciliation of Provision for Income Taxes | Year Ended December 31, 2019 2018 2017 (dollars in thousands) Amount Rate Amount Rate Amount Rate Federal income tax (benefit) expense at statutory tax rate $ ( 89,425 ) 21.0 % $ 27,849 21.0 % $ 53,892 35.0 % State income taxes, net of federal tax benefit ( 18,442 ) 4.3 9,011 6.8 7,753 5.0 Stock based compensation 1,706 ( 0.4 ) — — — — Impact of federal tax law change — — 211 0.2 ( 53,348 ) ( 34.6 ) Officers' compensation 2,938 ( 0.7 ) 3,078 2.3 2,622 1.7 Goodwill impairment 43,990 ( 10.3 ) — — — — Domestic production activities deduction — — — — ( 2,668 ) ( 1.7 ) Noncontrolling interests ( 6,064 ) 1.4 ( 3,232 ) ( 2.4 ) ( 2,137 ) ( 1.4 ) Federal R&D credits ( 3,998 ) 0.9 ( 2,658 ) ( 2.0 ) ( 470 ) ( 0.4 ) Reversal of reserve for uncertain tax positions and taxes payable due to statute expirations ( 773 ) 0.2 ( 1,958 ) ( 1.5 ) ( 4,337 ) ( 2.8 ) Foreign tax differences 4,940 ( 1.2 ) ( 19 ) — ( 389 ) ( 0.3 ) Other ( 481 ) 0.2 2,550 1.9 ( 1,487 ) ( 0.9 ) Income tax (benefit) expense $ ( 65,609 ) 15.4 % $ 34,832 26.3 % $ ( 569 ) ( 0.4 ) % |
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) 2019 2018 Deferred tax assets: Timing of expense recognition $ 44,761 $ 20,832 Net operating losses 23,711 8,611 Goodwill 26,658 — Other, net 17,098 18,828 Deferred tax assets 112,228 48,271 Valuation allowance ( 2,212 ) ( 1,150 ) Net deferred tax assets 110,016 47,121 Deferred tax liabilities: Intangible assets, due primarily to purchase accounting ( 15,309 ) ( 36,862 ) Fixed assets, due primarily to purchase accounting ( 75,461 ) ( 75,998 ) Construction contract accounting ( 13,464 ) ( 9,435 ) Joint ventures ( 24,331 ) ( 9,853 ) Other ( 16,567 ) ( 20,411 ) Deferred tax liabilities ( 145,132 ) ( 152,559 ) Net deferred tax liabilities $ ( 35,116 ) $ ( 105,438 ) As of December 31, 2019, the Company had federal and various state net operating loss carryforwards for income tax purposes of $ 29.3 million and $ 184.8 million, respectively. Federal net operating loss carryforwards do not have expiration dates, whereas the state net operating loss carryforwards have expiration dates ranging from 2022 to 2038. As of December 31, 2019, the Company has federal and state credit carryforwards for income tax purposes of approximately $ 6.0 million and $ 1.2 million, respectively. 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 Sheets as follows: As of December 31, (in thousands) 2019 2018 Deferred tax assets $ 570 $ 83 Deferred tax liabilities ( 35,686 ) ( 105,521 ) Net deferred tax liabilities $ ( 35,116 ) $ ( 105,438 ) |
Reconciliation of Gross Unrecognized Tax Benefit | As of December 31, (in thousands) 2019 2018 2017 Beginning balance $ 4,998 $ 6,495 $ 7,574 Change in tax positions of prior years 351 ( 302 ) ( 1,207 ) Change in tax positions of current year 1,106 763 128 Reduction in tax positions for statute expirations ( 773 ) ( 1,958 ) — Ending Balance $ 5,682 $ 4,998 $ 6,495 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets [Abstract] | |
Changes in Carrying Amount of Goodwill | Specialty (in thousands) Civil Building Contractors Total Gross goodwill $ 492,074 $ 424,724 $ 156,193 $ 1,072,991 Accumulated impairment ( 76,716 ) ( 411,269 ) — ( 487,985 ) Balance as of December 31, 2018 415,358 13,455 156,193 585,006 Second quarter 2019 impairment ( 210,215 ) ( 13,455 ) ( 156,193 ) ( 379,863 ) Balance as of December 31, 2019 (a) $ 205,143 $ — $ — $ 205,143 _____________________________________________________________________________________________________________ (a) As of December 31, 2019, accumulated impairment was $ 867.8 million. |
Financial Commitments (Tables)
Financial Commitments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Financial Commitments [Abstract] | |
Long-Term Debt | As of December 31, (in thousands) 2019 2018 2017 Senior Notes $ 494,365 $ 493,521 2017 Credit Facility 114,000 41,000 Convertible Notes 182,292 171,481 Equipment financing and mortgages 39,159 50,904 Other indebtedness 4,660 4,598 Total debt 834,476 761,504 Less: Current maturities 124,054 16,767 Long-term debt, net $ 710,422 $ 744,737 |
Reconciliation Of Outstanding Debt Balance To Reported Debt Balance | As of December 31, 2019 As of December 31, 2018 (in thousands) Outstanding Long-Term Debt Unamortized Discount and Issuance Costs Long-Term Debt, as reported Outstanding Long-Term Debt Unamortized Discount and Issuance Costs Long-Term Debt, as reported 2017 Senior Notes $ 500,000 $ ( 5,635 ) $ 494,365 $ 500,000 $ ( 6,479 ) $ 493,521 Convertible Notes 200,000 ( 17,708 ) 182,292 200,000 ( 28,519 ) 171,481 |
Summary Of Information Related To The Liability And Equity Components Of The Convertible Notes | (in thousands) December 31, 2019 December 31, 2018 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) 34,143 23,332 Net carrying amount $ 182,292 $ 171,481 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) 2020 $ 124,054 2021 218,967 2022 7,546 2023 7,164 2024 88 Thereafter 500,000 857,819 Less: Unamortized discount and issuance costs 23,343 Total $ 834,476 |
Summary Of Interest Expense As Reported In The Consolidated Statements of Operations | For the year ended December 31, (in thousands) 2019 2018 2017 Cash interest expense: Interest on 2017 Senior Notes $ 34,375 $ 34,375 $ 23,967 Interest on 2017 Credit Facility 11,990 8,575 5,517 Interest on Convertible Notes 5,750 5,750 5,750 Interest on 2010 Senior Notes — — 6,926 Interest on 2014 Credit Facility — — 4,455 Other interest 2,172 2,747 3,261 Cash portion of loss on extinguishment — — 1,913 Total cash interest expense 54,287 51,447 51,789 Non-cash interest expense (a) : Amortization of discount and debt issuance costs on Convertible Notes 10,811 9,846 8,967 Amortization of debt issuance costs on 2017 Credit Facility 1,552 1,439 962 Amortization of debt issuance costs on 2017 Senior Notes 844 787 516 Amortization of debt issuance costs on 2014 Credit Facility — — 1,703 Amortization of discount and debt issuance costs on 2010 Senior Notes — — 308 Non-cash portion of loss on extinguishment — — 5,139 Total non-cash interest expense 13,207 12,072 17,595 Total interest expense $ 67,494 $ 63,519 $ 69,384 _____________________________________________________________________________________________________________ (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, 2019 . |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Components of Lease Expense | Year Ended (in thousands) December 31, 2019 Operating lease expense $ 15,854 Short-term lease expense (a) 72,562 88,416 Less: Sublease income 1,077 Total lease expense $ 87,339 (a) Short-term lease expense includes all leases with lease terms ranging from less than one month to one year . Short-term leases include, among other things, construction equipment rented on an as-needed basis as well as temporary housing. |
Supplemental Financial Statement Information Related To Leases | The following table presents supplemental balance sheet information related to operating leases as of December 31, 2019: As of December 31, (dollars in thousands) Balance Sheet Line Item 2019 Assets ROU assets Other assets $ 40,156 Total lease assets $ 40,156 Liabilities Current lease liabilities Accrued expenses and other current liabilities $ 11,392 Long-term lease liabilities Other long-term liabilities 31,900 Total lease liabilities $ 43,292 Weighted-average remaining lease term (in years) 5.0 Weighted-average discount rate 5.96 % The following table presents supplemental cash flow information and non-cash activity related to operating leases for the year ended December 31, 2019: Year Ended (in thousands) December 31, 2019 Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ ( 15,658 ) Non-cash activity: ROU assets obtained in exchange for lease liabilities $ 9,784 |
Maturity of Leases Liabilities on an Undiscounted Basis | Year (in thousands) Operating Leases 2020 $ 13,572 2021 9,372 2022 7,971 2023 6,761 2024 5,093 Thereafter 7,618 Total lease payments 50,387 Less: Imputed interest 7,095 Total $ 43,292 |
Future Minimum Rent Payments under Non-Cancelable Operating Leases | Year (in thousands) Operating Leases 2019 $ 14,039 2020 10,706 2021 7,464 2022 6,567 2023 5,587 Thereafter 11,662 56,025 Less: Sublease rental agreements 1,398 Total $ 54,627 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 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 Granted 699,000 24.21 664,000 23.20 Expired or cancelled ( 240,289 ) 32.76 ( 274,990 ) 22.82 Vested/exercised ( 387,695 ) 28.67 — — Outstanding as of December 31, 2018 1,469,000 $ 27.27 2,943,044 $ 20.89 Granted 530,000 20.23 220,000 19.66 Expired or cancelled ( 104,029 ) 28.98 ( 884,029 ) 21.03 Vested/exercised ( 179,971 ) 25.39 — — Outstanding as of December 31, 2019 1,715,000 $ 25.19 2,279,015 $ 20.62 |
Summary Of Unrestricted Stock Units Issuance | Unrestricted Stock Units Weighted-Average Grant Date Year Number Fair Value Per Share 2017 99,155 $ 26.26 2018 115,420 21.26 2019 98,591 15.72 |
Weighted-Average Assumptions Used in Estimating Grant Date Fair Values of Stock Option Awards | Year Ended December 31, 2019 2018 2017 Total stock options granted 220,000 664,000 539,000 Weighted-average grant date fair value $ 7.59 $ 11.09 $ 13.11 Weighted-average assumptions: Risk-free rate 2.1 % 2.6 % 1.8 % Expected life of options (a) 6.1 5.8 4.8 Expected volatility (b) 39.4 % 42.2 % 43.1 % 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, 2019 | |
Employee Benefit Plans [Abstract] | |
Summary of Net Periodic Benefit Cost | Year Ended December 31, (in thousands) 2019 2018 2017 Interest cost $ 3,801 $ 3,496 $ 3,919 Service cost 900 875 850 Expected return on plan assets ( 4,170 ) ( 4,302 ) ( 4,358 ) Recognized net actuarial losses 1,933 2,067 1,897 Net periodic benefit cost $ 2,464 $ 2,136 $ 2,308 Actuarial assumptions used to determine net cost: Discount rate 4.12 % 3.45 % 3.90 % Expected return on assets 5.75 % 6.00 % 6.00 % 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 2020 2019 2018 Cash 5 % 4 % 3 % Equity funds: Domestic 45 47 50 International 18 18 27 Fixed income funds 32 31 20 Total 100 % 100 % 100 % |
Future Benefit Payments Under the Plans | (in thousands) Year ended December 31, 2020 $ 6,822 2021 6,789 2022 6,724 2023 6,637 2024 6,611 2025-2029 31,183 Total $ 64,766 |
Reconciliation of Changes in Fair Value of Plan Assets, Plan Benefit Obligations and Funded Status | Year Ended December 31, (in thousands) 2019 2018 Change in Fair Value of Plan Assets Balance at beginning of year $ 63,109 $ 71,541 Actual return on plan assets 12,123 ( 4,758 ) Company contribution 4,793 2,975 Benefit payments ( 6,668 ) ( 6,649 ) Balance at end of year $ 73,357 $ 63,109 Year Ended December 31, (in thousands) 2019 2018 Change in Benefit Obligations Balance at beginning of year $ 95,869 $ 106,218 Interest cost 3,801 3,496 Service cost 900 875 Assumption change loss (gain) 8,373 ( 7,056 ) Actuarial loss (gain) 332 ( 1,014 ) Benefit payments ( 6,668 ) ( 6,650 ) Balance at end of year $ 102,607 $ 95,869 |
Amount Recognized in Consolidated Balance Sheets | As of December 31, (in thousands) 2019 2018 Funded status $ ( 29,250 ) $ ( 32,760 ) Net unfunded amounts recognized in Consolidated Balance Sheets consist of: Current liabilities $ ( 279 ) $ ( 262 ) Long-term liabilities ( 28,971 ) ( 32,498 ) Total net unfunded amount recognized in Consolidated Balance Sheets $ ( 29,250 ) $ ( 32,760 ) |
Plan Assets at Fair Value | As of December 31, 2019 As of December 31, 2018 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 $ 2,867 $ — $ — $ 2,867 $ 7,587 $ — $ — $ 7,587 Fixed income funds — 2,861 — 2,861 — 2,585 — 2,585 Mutual funds 54,085 — — 54,085 36,436 — — 36,436 $ 56,952 $ 2,861 $ — $ 59,813 $ 44,023 $ 2,585 $ — $ 46,608 Closely held funds (a) Equity partnerships 3,660 5,580 Hedge fund investments 9,884 10,921 Total closely held funds (a) 13,544 16,501 Total $ 56,952 $ 2,861 $ — $ 73,357 $ 44,023 $ 2,585 $ — $ 63,109 _____________________________________________________________________________________________________________ (a) Closely held funds in private investment 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 Plan's Assets | As of December 31, 2019 As of December 31, 2018 Benefit Benefit Pension Equalization Pension Equalization (in thousands) Plan Plan Total Plan Plan Total Projected benefit obligation $ 99,515 $ 3,092 $ 102,607 $ 92,816 $ 3,053 $ 95,869 Accumulated benefit obligation $ 99,515 $ 3,092 $ 102,607 $ 92,816 $ 3,053 $ 95,869 Fair value of plans' assets 73,357 — 73,357 63,109 — 63,109 Projected benefit obligation greater than fair value of plans' assets $ 26,158 $ 3,092 $ 29,250 $ 29,707 $ 3,053 $ 32,760 Accumulated benefit obligation greater than fair value of plans' assets $ 26,158 $ 3,092 $ 29,250 $ 29,707 $ 3,053 $ 32,760 |
Summary of 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 2019 2018 Implemented 2019 (b) 2018 (b) 2017 Imposed Agreement The Pension, Hospitalization and Benefit Plan of the Electrical Industry - Pension Trust Fund 13-6123601/001 Green Green N/A $ 9.3 $ 12.2 $ 16.0 (a) No 4/13/2022 Carpenters Pension Trust Fund for Northern California 94-6050970 Red Red Implemented 4.0 4.9 8.2 No 6/30/2023 Excavators Union Local 731 Pension Fund 13-1809825/002 Green Green N/A 5.1 4.1 4.3 No 4/30/2022 Northern California Electrical Workers Pension Plan 94-6062674 Green Green N/A 3.0 4.1 5.2 No 5/31/2022 Laborers Pension Trust Fund for Northern California 94-6277608 Green Green N/A 3.4 3.8 6.6 No 6/30/2023 Steamfitters Industry Pension Fund 13-6149680/001 Green Green N/A 1.7 3.5 3.9 (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 the 2019 and 2018 plan years for any of the above pension funds, excluding Excavators Union Local 731 Pension Fund, Northern California Electrical Workers Pension Plan and Steamfitters Industry Pension Fund for the 2018 plan year. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Measurements [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | As of December 31, 2019 As of December 31, 2018 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) $ 193,685 $ — $ — $ 193,685 $ 116,075 $ — $ — $ 116,075 Restricted cash (a) 8,416 — — 8,416 3,788 — — 3,788 Restricted investments (b) — 70,974 — 70,974 — 58,142 — 58,142 Investments in lieu of retainage (c) 89,572 1,219 — 90,791 62,858 1,190 — 64,048 Total $ 291,673 $ 72,193 $ — $ 363,866 $ 182,721 $ 59,332 $ — $ 242,053 _____________________________________________________________________________________________________________ (a) Includes money market funds and short-term investments with maturity dates of three months or less when acquired. (b) Restricted investments, as of December 31 , 2019, consist of investments in corporate debt securities of $ 35.8 million, U.S. government agency securities of $ 33.8 million and corporate certificates of deposits of $ 1.4 million with maturities of up to five years , and are valued based on pricing models, which are determined from a compilation of primarily observable market information, broker quotes in non-active markets or similar assets and are therefore classified as Level 2 assets. As of December 31, 2018, restricted investments consisted of investments in corporate debt securities of $ 30.4 million and U.S. government agency securities of $ 27.7 million with maturities of up to five years . The amortized cost of these available-for-sale securities at December 31, 2019 and 2018 was not materially different from the fair value. (c) Investments in lieu of retainage are included in retainage receivable and as of December 31, 2019 are comprised of money market funds of $ 89.6 million and municipal bonds of $ 1.2 million. 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. As of December 31, 2018, investments in lieu of retainage consisted of money market funds of $ 62.9 million and municipal bonds of $ 1.2 million. The amortized cost of these available-for-sale securities at December 31 , 2019 and 2018 was not materially different from the fair value. |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Segments [Abstract] | |
Reportable Segments | Reportable Segments Specialty Segment Consolidated (in thousands) Civil Building Contractors Total Corporate Total Year ended December 31, 2019 Total revenue $ 2,054,097 $ 1,764,753 $ 929,738 $ 4,748,588 $ — $ 4,748,588 Elimination of intersegment revenue ( 274,745 ) ( 22,713 ) ( 298 ) ( 297,756 ) — ( 297,756 ) Revenue from external customers $ 1,779,352 $ 1,742,040 $ 929,440 $ 4,450,832 $ — $ 4,450,832 Income (loss) from construction operations (a) $ ( 150,837 ) $ 23,655 $ ( 172,637 ) $ ( 299,819 ) $ ( 65,188 ) (b) $ ( 365,007 ) Capital expenditures $ 82,156 $ 518 $ 688 $ 83,362 $ 834 $ 84,196 Depreciation and amortization (c) $ 47,905 $ 1,934 $ 4,136 $ 53,975 $ 11,069 $ 65,044 Year ended December 31, 2018 Total revenue $ 1,810,232 $ 1,866,902 $ 1,006,870 $ 4,684,004 $ — $ 4,684,004 Elimination of intersegment revenue ( 224,139 ) ( 5,203 ) — ( 229,342 ) — ( 229,342 ) Revenue from external customers $ 1,586,093 $ 1,861,699 $ 1,006,870 $ 4,454,662 $ — $ 4,454,662 Income (loss) from construction operations (d) $ 168,256 $ 43,939 $ 43,430 $ 255,625 $ ( 63,749 ) (b) $ 191,876 Capital expenditures $ 73,866 $ 1,655 $ 777 $ 76,298 771 77,069 Depreciation and amortization (c) $ 29,685 $ 1,956 $ 4,358 $ 35,999 $ 11,268 $ 47,267 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 (loss) from construction operations $ 192,207 $ 34,199 $ 18,938 $ 245,344 $ ( 65,867 ) (b) $ 179,477 Capital expenditures $ 27,694 $ 267 $ 721 $ 28,682 $ 1,598 $ 30,280 Depreciation and amortization (c) $ 33,767 $ 2,021 $ 4,699 $ 40,487 $ 11,443 $ 51,930 _____________________________________________________________________________________________________________ (a) During the year ended December 31, 2019, the Company recorded a non-cash goodwill impairment charge of $ 379.9 million in income (loss) from construction operations (an after-tax impact of $ 330.5 million, or $ 6.58 per diluted share) resulting from an interim impairment test the Company performed as of June 1, 2019. For further information and breakdown of the goodwill impairment charge by segment, see Note 6. In addition, during the year ended December 31, 2019 the Company recorded a charge of $ 166.8 million in income (loss) from construction operations (an after-tax impact of $ 119.4 million, or $ 2.38 per diluted share), which principally impacted the Civil segment, as a result of the adverse jury verdict on the Alaskan Way Viaduct Matter, as discussed in Note 8. Lastly, the Company recognized a one-time gain of $ 37.8 million (an after-tax impact of $ 27.1 million, or $ 0.54 per diluted share) in Civil segment general and administrative expenses related to a remeasurement of its investment in a joint venture (see Note 13). (b) Consists primarily of corporate general and administrative expenses. (c) Depreciation and amortization is included in income (loss) from construction operations. (d) During the year ended December 31 , 2018, the Company recorded a charge of $ 17.8 million in income (loss) from construction operations (an after-tax impact of $ 12.8 million, or $ 0.25 per diluted share), which was primarily non-cash, as a result of the unexpected adverse outcome of an arbitration decision related to a subcontract back charge dispute on a Civil segment project in New York that was completed in 2013. |
Total Assets for Reportable Segments | As of December 31, (in thousands) 2019 2018 Civil $ 2,791,402 $ 2,574,326 Building 995,298 913,746 Specialty Contractors 635,180 745,313 Corporate and other (a) 63,897 154,367 Total assets $ 4,485,777 $ 4,387,752 _____________________________________________________________________________________________________________ (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) 2019 2018 2017 Revenue: United States $ 4,073,691 $ 4,180,206 $ 4,613,644 Foreign and U.S. territories 377,141 274,456 143,564 Total revenue $ 4,450,832 $ 4,454,662 $ 4,757,208 As of December 31, (in thousands) 2019 2018 Assets: United States $ 4,271,722 $ 4,225,143 Foreign and U.S. territories 214,055 162,609 Total assets $ 4,485,777 $ 4,387,752 |
Reconciliation of Segment Results to Consolidated Income Before Income Taxes | Year Ended December 31, (in thousands) 2019 2018 2017 Income (loss) from construction operations $ ( 365,007 ) $ 191,876 $ 179,477 Other income, net 6,667 4,256 43,882 Interest expense ( 67,494 ) ( 63,519 ) ( 69,384 ) Income (loss) before income taxes $ ( 425,834 ) $ 132,613 $ 153,975 |
Unaudited Quarterly Financial_2
Unaudited Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Unaudited Quarterly Financial Data [Abstract] | |
Unaudited Quarterly Selected Financial Data | (in thousands, except per common share amounts) First Second Third Fourth Year Ended December 31, 2019 Quarter Quarter Quarter Quarter Revenue $ 958,487 $ 1,125,275 $ 1,189,345 $ 1,177,725 Gross profit (loss) 88,470 100,943 115,063 ( 62,704 ) Income (loss) from construction operations 22,913 ( 341,717 ) 47,943 ( 94,146 ) Income (loss) before income taxes 6,910 ( 358,339 ) 32,312 ( 106,717 ) Net income (loss) 4,722 ( 315,439 ) 26,721 ( 76,229 ) Net income (loss) attributable to Tutor Perini Corporation ( 356 ) ( 320,530 ) 19,313 ( 86,117 ) Earnings (loss) per common share: Basic $ ( 0.01 ) $ ( 6.38 ) $ 0.38 $ ( 1.71 ) Diluted $ ( 0.01 ) $ ( 6.38 ) $ 0.38 $ ( 1.71 ) (in thousands, except per common share amounts) First Second Third Fourth Year Ended December 31, 2018 Quarter Quarter Quarter Quarter Revenue $ 1,028,156 $ 1,120,085 $ 1,123,137 $ 1,183,284 Gross profit 67,068 118,640 111,124 157,621 Income (loss) from construction operations ( 925 ) 54,815 47,306 90,680 Income (loss) before income taxes ( 15,210 ) 39,867 32,804 75,152 Net income (loss) ( 10,942 ) 27,896 25,436 55,391 Net income (loss) attributable to Tutor Perini Corporation ( 12,124 ) 24,883 21,272 49,405 Earnings (loss) per common share: Basic $ ( 0.24 ) $ 0.50 $ 0.43 $ 0.99 Diluted $ ( 0.24 ) $ 0.49 $ 0.42 $ 0.98 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | [2] | |||
Goodwill impairment charge | $ 379,863 | |||||
Other assets | [1] | 104,693 | $ 93,796 | $ 50,523 | ||
Liabilities | 43,292 | |||||
Accounting Standards Update 2016-02 [Member] | ||||||
Other assets | $ 40,095 | [1] | 43,300 | |||
Liabilities | 43,300 | |||||
Minimum [Member] | ||||||
Estimated useful lives | 3 years | |||||
Maximum [Member] | ||||||
Estimated useful lives | 40 years | |||||
Reclassification [Member] | Accounting Standards Update 2016-02 [Member] | ||||||
Other assets | [1] | $ 43,273 | ||||
[1] | Prior to the adoption of ASC 842, operating lease ROU assets and current and long-term operating lease liabilities were not recorded on the Consolidated Balance Sheets. | |||||
[2] | Balance as previously reported on the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 . |
Summary of Significant Accoun_5
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, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Summary of Significant Accounting Policies [Abstract] | |||||||||||
Net income (loss) attributable to Tutor Perini Corporation | $ (86,117) | $ 19,313 | $ (320,530) | $ (356) | $ 49,405 | $ 21,272 | $ 24,883 | $ (12,124) | $ (387,690) | $ 83,436 | $ 148,382 |
Weighted-average common shares outstanding, basic | 50,220 | 49,952 | 49,647 | ||||||||
Effect of dilutive restricted stock units and stock options | 349 | 1,112 | |||||||||
Weighted-average common shares outstanding, diluted | 50,220 | 50,301 | 50,759 | ||||||||
Net income (loss) attributable to Tutor Perini Corporation per common share: Basic | $ (1.71) | $ 0.38 | $ (6.38) | $ (0.01) | $ 0.99 | $ 0.43 | $ 0.50 | $ (0.24) | $ (7.72) | $ 1.67 | $ 2.99 |
Net income (loss) attributable to Tutor Perini Corporation per common share: Diluted | $ (1.71) | $ 0.38 | $ (6.38) | $ (0.01) | $ 0.98 | $ 0.42 | $ 0.49 | $ (0.24) | $ (7.72) | $ 1.66 | $ 2.92 |
Anti-dilutive securities not included above | 3,640 | 2,670 | 798 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Schedule of Cash and Cash Equivalents) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Cash and cash equivalents | $ 193,685 | $ 116,075 | ||
Restricted Cash | 8,416 | 3,788 | ||
Total cash, cash equivalents and restricted cash | 202,101 | 119,863 | $ 197,648 | $ 196,607 |
General Corporate Purposes [Member] | ||||
Cash and cash equivalents | 43,760 | 51,749 | ||
Joint Venture [Member] | ||||
Cash and cash equivalents | $ 149,925 | $ 64,326 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Tax Effects of Componenets of Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Summary of Significant Accounting Policies [Abstract] | ||||
Defined benefit pension plan adjustments, Before-Tax Amount | $ 1,180 | $ 1,079 | $ 2,416 | |
Defined benefit pension plan adjustments, Tax (Expense) Benefit | (336) | (308) | (992) | |
Defined benefit pension plan adjustments, Net-of-Tax Amount | 844 | 771 | 1,424 | |
Foreign currency translation adjustment, Before-Tax Amount | 1,867 | (4,067) | 2,159 | |
Foreign currency translation adjustment, Tax (Expense) Benefit | (530) | 1,122 | (886) | |
Foreign currency translation adjustment, Net-of-Tax Amount | 1,337 | (2,945) | 1,273 | |
Unrealized gain (loss) in fair value of investments, Before-Tax Amount | 1,982 | (1,005) | (4) | |
Unrealized gain (loss) in fair value of investments, Tax (Expense) Benefit | (421) | 227 | 2 | |
Unrealized gain (loss) in fair value of investments, Net-of-Tax Amount | 1,561 | (778) | (2) | |
Total other comprehensive income (loss), Before-Tax Amount | 5,029 | (3,993) | 4,571 | |
Total other comprehensive income (loss), Tax Benefit | (1,287) | 1,041 | (1,876) | |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 3,742 | (2,952) | 2,695 | |
Less: Other comprehensive income (loss) attributable to noncontrolling interests, Before-Tax Amount | [1] | 393 | (221) | |
Less: Other comprehensive income (loss) attributable to noncontrolling interests, Net-of-Tax Amount | [1] | 393 | (221) | |
Total other comprehensive income (loss) attributable to Tutor Perini Corporation, Before-Tax Amount | 4,636 | (3,772) | 4,571 | |
Total other comprehensive income (loss) attributable to Tutor Perini Corporation, Tax (Expense) Benefit | (1,287) | 1,041 | (1,876) | |
TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAX | $ 3,349 | $ (2,731) | $ 2,695 | |
[1] | The only component of other comprehensive income (loss) attributable to noncontrolling interests is foreign currency translation. |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies (Changes in AOCI Balances by Component) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Balance | $ 1,809,177 | ||
Balance | 1,440,142 | $ 1,809,177 | |
Accumulated Other Comprehensive Loss [Member] | |||
Balance | (45,449) | (42,718) | $ (45,413) |
Other comprehensive loss before reclassifications | 2,026 | (4,254) | 1,577 |
Amounts reclassified from AOCI | 1,323 | 1,523 | 1,118 |
Balance | (42,100) | (45,449) | (42,718) |
Defined Benefit Pension Plan [Member] | |||
Balance | (38,670) | (39,441) | (40,865) |
Other comprehensive loss before reclassifications | (539) | (695) | 306 |
Amounts reclassified from AOCI | 1,383 | 1,466 | 1,118 |
Balance | (37,826) | (38,670) | (39,441) |
Foreign Currency Translation [Member] | |||
Balance | (6,315) | (3,591) | (4,864) |
Other comprehensive loss before reclassifications | 944 | (2,724) | 1,273 |
Balance | (5,371) | (6,315) | (3,591) |
Unrealized Gain (Loss) In Fair Value Of Investments [Member] | |||
Balance | (464) | 314 | 316 |
Other comprehensive loss before reclassifications | 1,621 | (835) | (2) |
Amounts reclassified from AOCI | (60) | 57 | |
Balance | $ 1,097 | $ (464) | $ 314 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies (Schedule of the Impact for the Adoption of ASU 842) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | [2] | ||
ASSETS | ||||||
Other assets | [1] | $ 104,693 | $ 93,796 | $ 50,523 | ||
LIABILITIES | ||||||
Accrued expenses and other current liabilities | [1] | 206,533 | 185,894 | 174,325 | ||
Other long-term liabilities | [1] | 199,288 | 183,343 | $ 151,639 | ||
Accounting Standards Update 2016-02 [Member] | ||||||
ASSETS | ||||||
Other assets | 40,095 | [1] | 43,300 | |||
LIABILITIES | ||||||
Accrued expenses and other current liabilities | [1] | 11,192 | ||||
Other long-term liabilities | [1] | 28,915 | ||||
Accounting Standards Update 2016-02 [Member] | Balance Without Adoption Of ASC 842 [Member] | ||||||
ASSETS | ||||||
Other assets | [1] | 64,598 | ||||
LIABILITIES | ||||||
Accrued expenses and other current liabilities | [1] | 195,341 | ||||
Other long-term liabilities | [1] | $ 170,373 | ||||
Accounting Standards Update 2016-02 [Member] | Reclassification [Member] | ||||||
ASSETS | ||||||
Other assets | [1] | 43,273 | ||||
LIABILITIES | ||||||
Accrued expenses and other current liabilities | [1] | 11,569 | ||||
Other long-term liabilities | [1] | $ 31,704 | ||||
[1] | Prior to the adoption of ASC 842, operating lease ROU assets and current and long-term operating lease liabilities were not recorded on the Consolidated Balance Sheets. | |||||
[2] | Balance as previously reported on the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 . |
Consolidated Statements of Ca_4
Consolidated Statements of Cash Flows (Changes in Other Components of Working Capital) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Consolidated Statement of Cash Flows [Abstract] | |||
Accounts receivable | $ (81,983) | $ 3,899 | $ (91,062) |
Retainage receivable | (78,520) | 56,754 | 33,453 |
Costs and estimated earnings in excess of billings | 18,751 | (209,537) | (100,932) |
Other current assets | (76,146) | 15,398 | (19,718) |
Accounts payable | 53,999 | (78,243) | (35,751) |
Retainage payable | 35,013 | (49,864) | 3,526 |
Billings in excess of costs and estimated earnings | 245,292 | 76,703 | 125,757 |
Accrued expenses and other current liabilities | 14,851 | 28,046 | 24,513 |
Changes in other components of working capital | 131,257 | (156,844) | (60,214) |
Interest | 56,137 | 51,063 | 50,443 |
Income taxes | $ 43,374 | $ 13,652 | $ 39,776 |
Revenue (Narrative) (Details)
Revenue (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Net revenue recognized related to performance obligations satisfies (or partially satisfied) in prior periods | $ 177.5 | $ 19.4 |
Alaskan Way Viaduct Matter [Member] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Net revenue recognized related to performance obligations satisfies (or partially satisfied) in prior periods | 123.9 | |
Civil [Member] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, Remaining Performance Obligation, Amount | $ 5,200 | 4,600 |
Civil [Member] | Minimum [Member] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period Range | 3 years | |
Civil [Member] | Maximum [Member] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period Range | 5 years | |
Building [Member] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, Remaining Performance Obligation, Amount | $ 2,200 | 2,300 |
Specialty Contractors [Member] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, Remaining Performance Obligation, Amount | $ 2,200 | $ 1,700 |
Building And Specialty Contractors [Member] | Minimum [Member] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period Range | 1 year | |
Building And Specialty Contractors [Member] | Maximum [Member] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period Range | 3 years |
Revenue (Disaggregation Of Reve
Revenue (Disaggregation Of Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Contracts Revenue | $ 1,177,725 | $ 1,189,345 | $ 1,125,275 | $ 958,487 | $ 1,183,284 | $ 1,123,137 | $ 1,120,085 | $ 1,028,156 | $ 4,450,832 | $ 4,454,662 | $ 4,757,208 |
State And Local Agencies [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Contracts Revenue | 2,470,245 | 2,318,545 | |||||||||
Federal Agencies [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Contracts Revenue | 281,662 | 350,647 | |||||||||
Private Owners [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Contracts Revenue | 1,698,925 | 1,785,470 | |||||||||
Civil [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Contracts Revenue | 1,779,352 | 1,586,093 | 1,602,175 | ||||||||
Civil [Member] | State And Local Agencies [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Contracts Revenue | 1,401,001 | 1,294,630 | |||||||||
Civil [Member] | Federal Agencies [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Contracts Revenue | 116,869 | 95,567 | |||||||||
Civil [Member] | Private Owners [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Contracts Revenue | 261,482 | 195,896 | |||||||||
Civil [Member] | Mass Transit [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Contracts Revenue | 992,755 | 702,614 | |||||||||
Civil [Member] | Bridges [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Contracts Revenue | 334,117 | 431,202 | |||||||||
Civil [Member] | Tunneling [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Contracts Revenue | 128,229 | 103,980 | |||||||||
Civil [Member] | Highways [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Contracts Revenue | 86,747 | 202,423 | |||||||||
Civil [Member] | Products And Services Other [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Contracts Revenue | 237,504 | 145,874 | |||||||||
Building [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Contracts Revenue | 1,742,040 | 1,861,699 | 1,941,325 | ||||||||
Building [Member] | State And Local Agencies [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Contracts Revenue | 573,049 | 617,133 | |||||||||
Building [Member] | Federal Agencies [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Contracts Revenue | 153,467 | 201,745 | |||||||||
Building [Member] | Private Owners [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Contracts Revenue | 1,015,524 | 1,042,821 | |||||||||
Building [Member] | Mass Transit [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Contracts Revenue | 201,400 | 67,588 | |||||||||
Building [Member] | Health Care Facilities [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Contracts Revenue | 239,299 | 428,819 | |||||||||
Building [Member] | Commercial And Industrial Facilities [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Contracts Revenue | 459,806 | 374,312 | |||||||||
Building [Member] | Hospitality And Gaming [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Contracts Revenue | 297,700 | 301,871 | |||||||||
Building [Member] | Municipal And Government [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Contracts Revenue | 254,736 | 261,496 | |||||||||
Building [Member] | Mixed Use [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Contracts Revenue | 31,685 | 150,549 | |||||||||
Building [Member] | Education Facilities [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Contracts Revenue | 143,382 | 145,147 | |||||||||
Building [Member] | Products And Services Other [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Contracts Revenue | 114,032 | 131,917 | |||||||||
Specialty Contractors [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Contracts Revenue | 929,440 | 1,006,870 | $ 1,213,708 | ||||||||
Specialty Contractors [Member] | State And Local Agencies [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Contracts Revenue | 496,195 | 406,782 | |||||||||
Specialty Contractors [Member] | Federal Agencies [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Contracts Revenue | 11,326 | 53,335 | |||||||||
Specialty Contractors [Member] | Private Owners [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Contracts Revenue | 421,919 | 546,753 | |||||||||
Specialty Contractors [Member] | Mass Transit [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Contracts Revenue | 419,402 | 296,092 | |||||||||
Specialty Contractors [Member] | Health Care Facilities [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Contracts Revenue | 29,519 | 52,392 | |||||||||
Specialty Contractors [Member] | Commercial And Industrial Facilities [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Contracts Revenue | 186,819 | 189,632 | |||||||||
Specialty Contractors [Member] | Mixed Use [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Contracts Revenue | 64,302 | 163,308 | |||||||||
Specialty Contractors [Member] | Education Facilities [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Contracts Revenue | 70,229 | 99,214 | |||||||||
Specialty Contractors [Member] | Transportation [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Contracts Revenue | 7,756 | 83,551 | |||||||||
Specialty Contractors [Member] | Multi-Unit Residential [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Contracts Revenue | 83,903 | 81,023 | |||||||||
Specialty Contractors [Member] | Products And Services Other [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Contracts Revenue | $ 67,510 | $ 41,658 |
Revenue (Schedule Of Revenue By
Revenue (Schedule Of Revenue By Contract Type) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Contracts Revenue | $ 1,177,725 | $ 1,189,345 | $ 1,125,275 | $ 958,487 | $ 1,183,284 | $ 1,123,137 | $ 1,120,085 | $ 1,028,156 | $ 4,450,832 | $ 4,454,662 | $ 4,757,208 |
Fixed Price [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Contracts Revenue | 2,646,436 | 2,289,753 | |||||||||
Guaranteed Maximum Price [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Contracts Revenue | 780,352 | 1,117,934 | |||||||||
Unit Price [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Contracts Revenue | 539,881 | 534,335 | |||||||||
Cost Plus Fee And Other [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Contracts Revenue | 484,163 | 512,640 | |||||||||
Civil [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Contracts Revenue | 1,779,352 | 1,586,093 | 1,602,175 | ||||||||
Civil [Member] | Fixed Price [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Contracts Revenue | 1,315,195 | 1,054,473 | |||||||||
Civil [Member] | Guaranteed Maximum Price [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Contracts Revenue | 6,951 | 15,709 | |||||||||
Civil [Member] | Unit Price [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Contracts Revenue | 436,015 | 469,305 | |||||||||
Civil [Member] | Cost Plus Fee And Other [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Contracts Revenue | 21,191 | 46,606 | |||||||||
Building [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Contracts Revenue | 1,742,040 | 1,861,699 | 1,941,325 | ||||||||
Building [Member] | Fixed Price [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Contracts Revenue | 561,831 | 377,538 | |||||||||
Building [Member] | Guaranteed Maximum Price [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Contracts Revenue | 752,110 | 1,040,093 | |||||||||
Building [Member] | Unit Price [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Contracts Revenue | 12,063 | 32,468 | |||||||||
Building [Member] | Cost Plus Fee And Other [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Contracts Revenue | 416,036 | 411,600 | |||||||||
Specialty Contractors [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Contracts Revenue | 929,440 | 1,006,870 | $ 1,213,708 | ||||||||
Specialty Contractors [Member] | Fixed Price [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Contracts Revenue | 769,410 | 857,742 | |||||||||
Specialty Contractors [Member] | Guaranteed Maximum Price [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Contracts Revenue | 21,291 | 62,132 | |||||||||
Specialty Contractors [Member] | Unit Price [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Contracts Revenue | 91,803 | 32,562 | |||||||||
Specialty Contractors [Member] | Cost Plus Fee And Other [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Contracts Revenue | $ 46,936 | $ 54,434 |
Contract Assets And Liabiliti_3
Contract Assets And Liabilities (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Contract Assets and Liabilities [Abstract] | ||
Retainage receivable estimated by management to be collected beyond one year, percentage | 39.00% | |
Contracts Receivable, Claims and Uncertain Amounts, Expected to be Collected after Next Twelve Months | $ 572.1 | |
Capitalized contract costs were amortized and recognized as expense | $ 33.8 | $ 16.3 |
Retainage payable estimated by management to be remitted beyond one year, percentage | 28.00% | |
Contract with Customer, Liability, Revenue Recognized | $ 479.6 | $ 382.7 |
Contract Assets And Liabiliti_4
Contract Assets And Liabilities (Schedule Of Contract Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Contract Assets and Liabilities [Abstract] | ||
Retainage receivable | $ 562,375 | $ 478,744 |
Claims | 705,993 | 698,274 |
Unapproved change orders | 362,264 | 354,000 |
Other unbilled costs and profits | 55,287 | 90,021 |
Total costs and estimated earnings in excess of billings | 1,123,544 | 1,142,295 |
Capitalized contract costs | 80,294 | 37,404 |
Total contract assets | $ 1,766,213 | $ 1,658,443 |
Contract Assets And Liabiliti_5
Contract Assets And Liabilities (Schedule Of Contract Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Contract Assets and Liabilities [Abstract] | ||
Retainage payable | $ 252,181 | $ 211,956 |
Billings in excess of costs and estimated earnings | 844,389 | 573,190 |
Total contract liabilities | $ 1,096,570 | $ 785,146 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Loss Carryforwards [Line Items] | |||
Goodwill impairment charge | $ 379,863 | ||
Goodwill, not tax deductible and yielded permanent differences between book and taxable income | 209,500 | ||
Goodwill impairment, tax benefit | $ 49,400 | ||
Income taxes, statutory rate | 21.00% | 21.00% | 35.00% |
Impact of federal tax law change | $ (211) | $ 53,348 | |
Unrecognized tax benefits that would impact effective tax rate | $ 5,700 | ||
Domestic Tax Authority [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards | 29,300 | ||
Credit carryforwards | 6,000 | ||
State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards | 184,800 | ||
Credit carryforwards | $ 1,200 |
Income Taxes (Summary of Income
Income Taxes (Summary of Income Before Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes [Abstract] | |||||||||||
United States operations | $ (456,403) | $ 106,222 | $ 135,177 | ||||||||
Foreign and U.S. territory operations | 30,569 | 26,391 | 18,798 | ||||||||
INCOME (LOSS) BEFORE INCOME TAXES | $ (106,717) | $ 32,312 | $ (358,339) | $ 6,910 | $ 75,152 | $ 32,804 | $ 39,867 | $ (15,210) | $ (425,834) | $ 132,613 | $ 153,975 |
Income Taxes (Provision for Inc
Income Taxes (Provision for Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current expense: | |||
Federal | $ (2,884) | $ 21,055 | $ 12,329 |
State | 3,585 | 8,676 | 6,763 |
Foreign and U.S. territories | 5,299 | 5,550 | 3,435 |
Total current expense | 6,000 | 35,281 | 22,527 |
Deferred (benefit) expense: | |||
Federal | (43,579) | (1,773) | (30,021) |
State | (27,566) | 1,278 | 5,560 |
Foreign and U.S. territories | (464) | 46 | 1,365 |
Total deferred (benefit) expense | (71,609) | (449) | (23,096) |
Total tax (benefit) expense | $ (65,609) | $ 34,832 | $ (569) |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Provision for Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Provision for Income Taxes | |||
Federal income tax (benefit) expense at statutory tax rate | $ (89,425) | $ 27,849 | $ 53,892 |
State income taxes, net of federal tax benefit | (18,442) | 9,011 | 7,753 |
Stock based compensation | 1,706 | ||
Impact of federal tax law change | 211 | (53,348) | |
Officers' compensation | 2,938 | 3,078 | 2,622 |
Goodwill impairment | 43,990 | ||
Domestic production activities deduction | (2,668) | ||
Noncontrolling interest | (6,064) | (3,232) | (2,137) |
Federal R&D credits | (3,998) | (2,658) | (470) |
Reversal of reserve for uncertain tax positions and taxes payable due to statue expirations | (773) | (1,958) | (4,337) |
Foreign tax differences | 4,940 | (19) | (389) |
Other | (481) | 2,550 | (1,487) |
Total tax (benefit) expense | $ (65,609) | $ 34,832 | $ (569) |
Reconciliation of Effective Income Tax Rate | |||
Federal income tax expense at statutory tax rate (Rate) | 21.00% | 21.00% | 35.00% |
State income taxes, net of federal tax benefit (Rate) | 4.30% | 6.80% | 5.00% |
Stock based compensation (Rate) | (0.40%) | ||
Impact of federal tax law change (Rate) | 0.20% | (34.60%) | |
Officers' compensation (Rate) | (0.70%) | 2.30% | 1.70% |
Goodwill impairment (Rate) | (10.30%) | ||
Domestic production activities deduction (Rate) | (1.70%) | ||
Noncontrolling interest (Rate) | 1.40% | (2.40%) | (1.40%) |
Federal R&D credits (Rate) | 0.90% | (2.00%) | (0.40%) |
Reversal of taxes payable due to statue expiration (Rate) | 0.20% | (1.50%) | (2.80%) |
Foreign tax differences (Rate) | (1.20%) | (0.30%) | |
Other (Rate) | 0.20% | 1.90% | (0.90%) |
Total (benefit) provision (Rate) | 15.40% | 26.30% | (0.40%) |
Income Taxes (Significant Compo
Income Taxes (Significant Components of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Timing of expense recognition | $ 44,761 | $ 20,832 |
Net operating losses | 23,711 | 8,611 |
Goodwill | 26,658 | |
Other, net | 17,098 | 18,828 |
Deferred tax assets | 112,228 | 48,271 |
Valuation Allowance | (2,212) | (1,150) |
Net deferred tax assets | 110,016 | 47,121 |
Deferred tax liabilities: | ||
Intangible assets, due primarily to purchase accounting | (15,309) | (36,862) |
Fixed assets, due primarily to purchase accounting | (75,461) | (75,998) |
Construction contract accounting | (13,464) | (9,435) |
Joint ventures | (24,331) | (9,853) |
Other | (16,567) | (20,411) |
Deferred tax liabilities | (145,132) | (152,559) |
Net deferred tax liabilities | (35,116) | (105,438) |
Net Deferred Tax Liabilities | ||
Deferred tax assets | 570 | 83 |
Deferred tax liabilities | (35,686) | (105,521) |
Net deferred tax liabilities | $ (35,116) | $ (105,438) |
Income Taxes (Reconciliation _2
Income Taxes (Reconciliation of Gross Unrecognized Tax Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of gross unrecognized tax benefits | |||
Beginning balance | $ 4,998 | $ 6,495 | $ 7,574 |
Change in tax positions of prior years | 351 | ||
Change in tax positions of prior years | (302) | (1,207) | |
Change in tax positions of current year | 1,106 | 763 | 128 |
Reduction in tax positions for statute expirations | (773) | (1,958) | |
Ending balance | $ 5,682 | $ 4,998 | $ 6,495 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Goodwill impairment charge | $ 379,863 | |||
Goodwill | 205,143 | [1] | $ 585,006 | |
Accumulated Impairment | 867,800 | 487,985 | ||
Amortization expense | 6,226 | 3,543 | $ 3,543 | |
Finite-Lived intangible assets | ||||
2020 | 31,200 | |||
2021 | 31,100 | |||
2022 | 20,200 | |||
2023 | 2,500 | |||
2024 | 2,500 | |||
Trade Names | ||||
Indefinite-lived intangible assets | ||||
Indefinite-lived intangible assets, carrying value | 50,400 | 50,400 | ||
Trade Names | ||||
Finite-Lived intangible assets | ||||
Finite-lived intangible assets, gross carrying value | 51,100 | 51,100 | ||
Accumulated Amortization | $ 21,300 | 18,800 | ||
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 | $ 21,000 | 20,000 | ||
Weighted Average Amortization Period | 12 years | |||
Construction contract backlog | ||||
Finite-Lived intangible assets | ||||
Finite-lived intangible assets, gross carrying value | $ 149,300 | 73,700 | ||
Accumulated Amortization | 76,400 | $ 73,700 | ||
Increase in finite-lived assets, from acquisition | $ 75,600 | |||
Weighted Average Amortization Period | 3 years | |||
[1] | As of December 31, 2019, accumulated impairment was $ 867.8 million. |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets (Changes in Carrying Amount of Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Goodwill [Line Items] | |||
Balance at beginning of period | $ 585,006 | ||
Gross goodwill | $ 1,072,991 | ||
Accumulated Impairment | (867,800) | (487,985) | |
Goodwill impairment | (379,863) | ||
Balance at end of period | [1] | 205,143 | |
Civil [Member] | |||
Goodwill [Line Items] | |||
Balance at beginning of period | 415,358 | ||
Gross goodwill | 492,074 | ||
Accumulated Impairment | (76,716) | ||
Goodwill impairment | (210,215) | ||
Balance at end of period | [1] | 205,143 | |
Building [Member] | |||
Goodwill [Line Items] | |||
Balance at beginning of period | 13,455 | ||
Gross goodwill | 424,724 | ||
Accumulated Impairment | (411,269) | ||
Goodwill impairment | (13,455) | ||
Specialty Contractors [Member] | |||
Goodwill [Line Items] | |||
Balance at beginning of period | 156,193 | ||
Gross goodwill | $ 156,193 | ||
Goodwill impairment | $ (156,193) | ||
[1] | As of December 31, 2019, accumulated impairment was $ 867.8 million. |
Financial Commitments (Narrativ
Financial Commitments (Narrative) (Details) | Apr. 20, 2017 | Dec. 31, 2019USD ($)d / item$ / sharesshares | Dec. 31, 2023USD ($) | Dec. 31, 2022USD ($) | Dec. 31, 2021USD ($) | May 07, 2019 | Dec. 31, 2018USD ($) |
Debt Instrument [Line Items] | |||||||
Loan outstanding | $ 834,476,000 | $ 761,504,000 | |||||
Equity Component [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Unamortized debt issuance costs | 1,500,000 | ||||||
Liability Component [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Unamortized debt issuance costs | $ 5,100,000 | ||||||
Senior Notes [Member] | 2017 Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Imputed interest rate (as a percent) | 7.13% | ||||||
Loan outstanding | $ 494,365,000 | 493,521,000 | |||||
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, principal amount | $ 1,000 | ||||||
Conversion price, shares | shares | 33.0579 | ||||||
Conversion price | $ / shares | $ 30.25 | ||||||
Imputed interest rate (as a percent) | 9.39% | ||||||
Loan outstanding | $ 182,292,000 | 171,481,000 | |||||
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 | |||||
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 | ||||||
Conversion price, shares | shares | 33.0579 | ||||||
Equipment Financing Loans [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Loan outstanding | $ 27,700,000 | 38,600,000 | |||||
Equipment Financing, Mortgages And Acquisition-Related Notes [Abstract] | |||||||
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) | 3.50% | ||||||
Loan outstanding | $ 11,500,000 | 12,300,000 | |||||
Equipment Financing, Mortgages And Acquisition-Related Notes [Abstract] | |||||||
Term of debt | 10 years | ||||||
Mortgages [Member] | Forecast [Member] | |||||||
Equipment Financing, Mortgages And Acquisition-Related Notes [Abstract] | |||||||
Balloon payments | $ 7,000,000 | $ 2,900,000 | |||||
Minimum [Member] | Equipment Financing Loans [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate (as a percent) | 2.62% | ||||||
Maximum [Member] | Equipment Financing Loans [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate (as a percent) | 3.89% | ||||||
Credit Facility [Member] | 2017 Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity | $ 350,000,000 | ||||||
Available borrowing capacity | $ 236,000,000 | ||||||
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 | 4.96% | ||||||
Maximum consolidated leverage ratio | 3.50 | 3.50 | |||||
Minimum fixed charge coverage ratio, Required | 1.25 | ||||||
Unamortized debt issuance costs | $ 3,700,000 | 4,800,000 | |||||
Line of credit increase permitted | 150,000,000 | ||||||
Loan outstanding | 114,000,000 | $ 41,000,000 | |||||
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] | |||||||
Maximum consolidated leverage ratio | 3.25 | ||||||
Credit Facility [Member] | Maximum [Member] | 2017 Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Maximum consolidated leverage ratio | 4 | ||||||
LIBOR [Member] | Mortgages [Member] | |||||||
Debt Instrument [Line Items] | |||||||
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% | ||||||
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% | ||||||
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)) | 1.00% | ||||||
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% | ||||||
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% | ||||||
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)) | 0.50% |
Financial Commitments (Long-Ter
Financial Commitments (Long-Term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Total debt | $ 834,476 | $ 761,504 |
Less: Current maturities | 124,054 | 16,767 |
Long-term debt, net | 710,422 | 744,737 |
Convertible Notes [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 182,292 | 171,481 |
Equipment Financing And Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 39,159 | 50,904 |
Other Indebtedness [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 4,660 | 4,598 |
2017 Senior Notes [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 494,365 | 493,521 |
2017 Credit Facility [Member] | Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | $ 114,000 | $ 41,000 |
Financial Commitments (Reconcil
Financial Commitments (Reconciliation Of Outstanding Debt Balance To Reported Debt Balance) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Outstanding Long-Term Debt | $ 857,819 | |
Unamortized Discount and Issuance Costs | (23,343) | $ (34,998) |
Total debt | 834,476 | 761,504 |
Convertible Notes [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding Long-Term Debt | 200,000 | 200,000 |
Unamortized Discount and Issuance Costs | (17,708) | (28,519) |
Total debt | 182,292 | 171,481 |
2017 Senior Notes [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding Long-Term Debt | 500,000 | 500,000 |
Unamortized Discount and Issuance Costs | (5,635) | (6,479) |
Total debt | 494,365 | 493,521 |
2017 Credit Facility [Member] | Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | $ 114,000 | $ 41,000 |
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, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||
Deferred taxes | $ (35,116,000) | $ (105,438,000) |
Convertible Notes [Member] | ||
Debt Instrument [Line Items] | ||
Principal | 200,000,000 | |
Liability Component [Member] | ||
Debt Instrument [Line Items] | ||
Allocated debt issuance costs | (5,100,000) | |
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) | 34,143,000 | 23,332,000 |
Net carrying amount | 182,292,000 | 171,481,000 |
Equity Component [Member] | ||
Debt Instrument [Line Items] | ||
Allocated debt issuance costs | (1,500,000) | |
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, 2019 | Dec. 31, 2018 |
Financial Commitments [Abstract] | ||
2020 | $ 124,054 | |
2021 | 218,967 | |
2022 | 7,546 | |
2023 | 7,164 | |
2024 | 88 | |
Thereafter | 500,000 | |
Subtotal | 857,819 | |
Less: Unamortized discount and issuance costs | 23,343 | $ 34,998 |
Total debt | $ 834,476 | $ 761,504 |
Financial Commitments (Summar_2
Financial Commitments (Summary Of Interest Expense As Reported In The Consolidated Statements of Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Other interest | $ 2,172 | $ 2,747 | $ 3,261 | |
Cash portion of loss on extinguishment | 1,913 | |||
Non-cash portion of loss on extinguishment | [1] | 5,139 | ||
Total cash interest expense | 54,287 | 51,447 | 51,789 | |
Total non-cash interest expense | 13,207 | 12,072 | 17,595 | |
Total interest expense | 67,494 | 63,519 | 69,384 | |
Convertible Notes [Member] | ||||
Interest on debt | 5,750 | 5,750 | 5,750 | |
Total non-cash interest expense | [1] | $ 10,811 | 9,846 | 8,967 |
Effective interest rates | 9.39% | |||
2017 Senior Notes [Member] | Senior Notes [Member] | ||||
Interest on debt | $ 34,375 | 34,375 | 23,967 | |
Total non-cash interest expense | [1] | $ 844 | 787 | 516 |
Effective interest rates | 7.13% | |||
2017 Credit Facility [Member] | Credit Facility [Member] | ||||
Interest on debt | $ 11,990 | 8,575 | 5,517 | |
Total non-cash interest expense | [1] | $ 1,552 | $ 1,439 | 962 |
2010 Senior Notes [Member] | Senior Notes [Member] | ||||
Interest on debt | 6,926 | |||
Total non-cash interest expense | [1] | 308 | ||
2014 Credit Facility [Member] | Credit Facility [Member] | ||||
Interest on debt | 4,455 | |||
Total non-cash interest expense | [1] | $ 1,703 | ||
[1] | 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, 2019 . |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | Dec. 13, 2019 | Jun. 04, 2019 | Feb. 26, 2015 | Mar. 31, 2016 | Jun. 30, 2015 | Aug. 31, 2013 | Dec. 31, 2019 | Dec. 31, 2019 | Jul. 02, 2018 | Mar. 31, 2018 |
Alaskan Way Viaduct Matter [Member] | ||||||||||
Contingencies and Commitments | ||||||||||
Settlement on judgment, awarded to other party | $ 57.2 | |||||||||
Settlement on judgment | $ 57.2 | |||||||||
Value of claim filed | $ 57.2 | $ 532 | ||||||||
Value of counterclaim filed | $ 667 | |||||||||
Ownership percentage in joint venture | 45.00% | 45.00% | ||||||||
Pre-tax charge, impact from jury verdict | $ 166.8 | |||||||||
Pre-tax accrual, impact from jury verdict | $ 25.7 | |||||||||
George Washington Bridge Bus Station Matter [Member] | ||||||||||
Contingencies and Commitments | ||||||||||
Value of claim filed | $ 30 | |||||||||
Value of counterclaim filed | $ 29 | |||||||||
Value of project | $ 100 | |||||||||
Court issued writ of attachment amount | $ 23 | |||||||||
Value of damages seeking | $ 113 | |||||||||
Proof of Claim amount | $ 113 | |||||||||
Return Of Retainage By Developer [Member] | George Washington Bridge Bus Station Matter [Member] | ||||||||||
Contingencies and Commitments | ||||||||||
Value of counterclaim filed | 29 | |||||||||
Minimum [Member] | George Washington Bridge Bus Station Matter [Member] | ||||||||||
Contingencies and Commitments | ||||||||||
Value of counterclaim filed | $ 113 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) | Dec. 31, 2019 |
Minimum [Member] | |
Lessee, Lease, Description [Line Items] | |
Operating lease, remaining lease terms | 1 year |
Maximum [Member] | |
Lessee, Lease, Description [Line Items] | |
Operating lease, remaining lease terms | 10 years |
Leases (Components of Lease Exp
Leases (Components of Lease Expense) (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2019USD ($) | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease expense | $ 15,854 | |
Short-term lease expense | 72,562 | [1] |
Lease expense, gross | 88,416 | |
Less: Sublease income | 1,077 | |
Total lease expense | $ 87,339 | |
Minimum [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Short term lease, lease term | 1 month | |
Maximum [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Short term lease, lease term | 1 year | |
[1] | Short-term lease expense includes all leases with lease terms ranging from less than one month to one year . Short-term leases include, among other things, construction equipment rented on an as-needed basis as well as temporary housing. |
Leases (Supplemental Balance Sh
Leases (Supplemental Balance Sheet Information Related To Leases) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
ROU assets | $ 40,156 |
Current lease liabilities | 11,392 |
Long-term lease liabilities | 31,900 |
Total lease liabilities | $ 43,292 |
Weighted average remaining lease term (in years | 5 years |
Weighted-average discount rate | 5.96% |
Leases (Supplemental Cash Flow
Leases (Supplemental Cash Flow And Other Information Related To Leases) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Cash paid for amounts included in the measurement of lease liabilities | $ (15,658) |
ROU assets obtained in exchange for lease liabilities | $ 9,784 |
Leases (Maturity of Leases Liab
Leases (Maturity of Leases Liabilities on an Undiscounted Basis) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 13,572 |
2021 | 9,372 |
2022 | 7,971 |
2023 | 6,761 |
2024 | 5,093 |
Thereafter | 7,618 |
Total lease payments | 50,387 |
Less: Imputed interest | 7,095 |
Total | $ 43,292 |
Leases (Future Minimum Rent Pay
Leases (Future Minimum Rent Payments under Non-Cancelable Operating Leases) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Financial Commitments [Abstract] | |
2019 | $ 14,039 |
2020 | 10,706 |
2021 | 7,464 |
2022 | 6,567 |
2023 | 5,587 |
Thereafter | 11,662 |
Subtotal | 56,025 |
Less - Sublease rental agreements | 1,398 |
Total | $ 54,627 |
Other Income, Net (Narrative) (
Other Income, Net (Narrative) (Details) $ in Millions | Jun. 06, 2017USD ($) |
ARS [Member] | |
Settlement received | $ 37 |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized for grant | 1,241,879 | |||
Paid to settle share-based awards | $ 0 | $ 0 | $ 600 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | |||
Weighted average remaining contractual term of outstanding stock options | 4 years 1 month 6 days | |||
Number of vested and exercisable stock options (in shares) | 1,509,015 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 900 | |||
Vested and exercisable stock options, weighted average exercise price (in dollars per share) | $ 19.69 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 4 years 1 month 6 days | |||
Share-based compensation expense | $ 19,143 | 22,782 | 21,174 | |
Share based compensation, tax benefits | 2,900 | 3,800 | 8,700 | |
Employee [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | 17,500 | 21,100 | 19,600 | |
Non-employee Directors [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | 1,600 | 1,700 | 1,600 | |
Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Fair value of restricted stock units that vested during period | 3,100 | $ 7,900 | 25,300 | |
Restricted stock expense | $ 17,300 | |||
Weighted average period over which unrecognized compensation cost is expected to be recognized | 2 years | |||
Restricted Stock Units [Member] | Granted In 2019 And 2020 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares available for future grant (in shares) | 75,000 | |||
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options expiration period | 10 years | |||
Aggregate intrinsic value | 1,300 | |||
Stock Options Exercises In Period Tax Benefit | $ 600 | |||
Stock option expense | $ 3,600 | |||
Weighted average period over which unrecognized compensation cost is expected to be recognized | 1 year 9 months 18 days | |||
Total granted and outstanding (in shares) | 2,279,015 | 2,943,044 | 2,554,034 | 2,174,500 |
Aggregate Intrinsic value | $ 900 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 140,000 | |||
Weighted average remaining contractual term of outstanding stock options | 5 years 6 months | |||
Stock options granted but not vested | 770,000 | |||
Stock options granted and expected to vest | 770,000 | |||
Stock options granted, weighted-average exercise price | $ 22.44 | |||
Stock options granted, weighted-average remaining contractual life | 8 years 4 months 24 days | |||
Stock Options [Member] | Granted In 2019 And 2020 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares available for future grant (in shares) | 75,000 | |||
Unrestricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Fair value of unrestricted stock units issued | $ 1,500 | $ 2,500 | $ 2,600 | |
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 | 4,144,015 |
Share-Based Compensation (Summa
Share-Based Compensation (Summary of Restricted Stock Unit and Stock Option Activity) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stock Options Number of Shares | |||
Vested/exercised (in shares) | 0 | ||
Restricted Stock Units [Member] | |||
RSUs Number of Shares | |||
Outstanding, beginning of period (in shares) | 1,469,000 | 1,397,984 | 1,156,484 |
Granted (in shares) | 530,000 | 699,000 | 1,064,000 |
Expired or cancelled (in shares) | (104,029) | (240,289) | (20,985) |
Vested/exercised (in shares) | (179,971) | (387,695) | (801,515) |
Outstanding, end of period (in shares) | 1,715,000 | 1,469,000 | 1,397,984 |
Weighted Average Grant Date Fair Value | |||
Outstanding, beginning of period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 27.27 | $ 30.11 | $ 22.64 |
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | 20.23 | 24.21 | 30.02 |
Expired or cancelled, Weighted Average Grant Date Fair Value (in dollars per share) | 28.98 | 32.76 | 23.91 |
Vested/exercised, Weighted Average Grant Date Fair Value (in dollars per share) | 25.39 | 28.67 | 19.38 |
Outstanding, end of period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 25.19 | $ 27.27 | $ 30.11 |
Stock Options [Member] | |||
Stock Options Number of Shares | |||
Outstanding, beginning of period (in shares) | 2,943,044 | 2,554,034 | 2,174,500 |
Granted (in shares) | 220,000 | 664,000 | 539,000 |
Expired or cancelled (in shares) | (884,029) | (274,990) | (19,466) |
Vested/exercised (in shares) | (140,000) | ||
Outstanding, end of period (in shares) | 2,279,015 | 2,943,044 | 2,554,034 |
Weighted Average Exercise/(Strike) Price Per Share | |||
Outstanding, beginning of period, Weighted Average Exercise/(Strike) Price Per Share (in dollars per share) | $ 20.89 | $ 20.45 | $ 19.50 |
Granted, Weighted Average Exercise/(Strike) Price Per Share (in dollars per share) | 19.66 | 23.20 | 24.54 |
Expired or cancelled, Weighted Average Exercise/(Strike) Price Per Share (in dollars per share) | 21.03 | 22.82 | 26.56 |
Vested/exercised, Weighted Average Exercise/(Strike) Price Per Share (in dollars per share) | 21.41 | ||
Outstanding, end of period, Weighted Average Exercise/(Strike) Price Per Share (in dollars per share) | $ 20.62 | $ 20.89 | $ 20.45 |
Share-Based Compensation (Sum_2
Share-Based Compensation (Summary Of Unrestricted Stock Units Issuance) (Details) - Unrestricted Stock Units [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Number, Issued | 98,591 | 115,420 | 99,155 |
Weighted-Average Grant Date Fair Value, Issued | $ 15.72 | $ 21.26 | $ 26.26 |
Share-Based Compensation (Weigh
Share-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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Key assumptions used in estimating the grant date fair values of stock option awards granted | ||||
Total stock options granted | 220,000 | 664,000 | 539,000 | |
Weighted average grant date fair value | $ 7.59 | $ 11.09 | $ 13.11 | |
Risk-free rate (as a percent) | 2.10% | 2.60% | 1.80% | |
Expected life of options | [1] | 6 years 1 month 6 days | 5 years 9 months 18 days | 4 years 9 months 18 days |
Expected volatility (as a percent) | [2] | 39.40% | 42.20% | 43.10% |
[1] | Calculated using the simplified method due to the terms of the stock options and the limited pool of grantees. | |||
[2] | Calculated using historical volatility of the Company’s common stock over periods commensurate with the expected life of the option. |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pension Plan Assets | |||
Expected contributions to the defined benefit pension plan in 2020 | $ 4.1 | ||
Net actuarial loss | 56.5 | $ 57.6 | |
Expense provision for 401 (k) plans | 4.1 | 4.2 | $ 4.2 |
Hedge Funds Investments [Member] | |||
Pension Plan Assets | |||
Investments in hedge funds which do not have readily determinable fair values | 13.5 | 16.5 | |
Employee Pension Plans [Member] | |||
Pension Plan Assets | |||
Other comprehensive gain (loss) | 1.2 | $ 1.1 | $ 2.4 |
Amount to be amortized from other comprehensive loss into cost in 2020 | $ 2.4 | ||
Discount rate (as a percent) | 3.10% | 4.10% | |
Expected return on assets (as a percent) | 5.75% | 6.00% | 6.00% |
Other Multiemployer Pension Plans | |||
Pension Plan Assets | |||
Multiemployer Plan, Period Contributions | $ 31.4 | $ 29.3 | $ 27.8 |
Employee Benefit Plans (Summary
Employee Benefit Plans (Summary of Net Periodic Benefit Cost) (Details) - Employee Pension Plans [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Summary of net periodic benefit cost | |||
Interest cost | $ 3,801 | $ 3,496 | $ 3,919 |
Service cost | 900 | 875 | 850 |
Expected return on plan assets | (4,170) | (4,302) | (4,358) |
Recognized net actuarial losses | 1,933 | 2,067 | 1,897 |
Net periodic benefit cost | $ 2,464 | $ 2,136 | $ 2,308 |
Actuarial Assumptions Used to Determine Net Cost | |||
Discount rate (as a percent) | 4.12% | 3.45% | 3.90% |
Expected return on assets (as a percent) | 5.75% | 6.00% | 6.00% |
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, 2019 | Dec. 31, 2018 |
Pension Plan Assets | ||
Target asset allocation (as a percent) | 100.00% | |
Actual asset allocation (as a percent) | 100.00% | 100.00% |
Cash [Member] | ||
Pension Plan Assets | ||
Target asset allocation (as a percent) | 5.00% | |
Actual asset allocation (as a percent) | 4.00% | 3.00% |
Domestic Equity Funds | ||
Pension Plan Assets | ||
Target asset allocation (as a percent) | 45.00% | |
Actual asset allocation (as a percent) | 47.00% | 50.00% |
International Equity Funds | ||
Pension Plan Assets | ||
Target asset allocation (as a percent) | 18.00% | |
Actual asset allocation (as a percent) | 18.00% | 27.00% |
Fixed Income Funds | ||
Pension Plan Assets | ||
Target asset allocation (as a percent) | 32.00% | |
Actual asset allocation (as a percent) | 31.00% | 20.00% |
Employee Benefit Plans (Future
Employee Benefit Plans (Future Benefit Payments Under Defined Benefit Pension Plan) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Future Benefit Payments | |
2020 | $ 6,822 |
2021 | 6,789 |
2022 | 6,724 |
2023 | 6,637 |
2024 | 6,611 |
2025-2029 | 31,183 |
Total future benefit payments | $ 64,766 |
Employee Benefit Plans (Reconci
Employee Benefit Plans (Reconciliation of Changes in Fair Value of Plan Assets, Plan Benefit Obligations and Funded Status) (Details) - Employee Pension Plans [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Change in Fair Value of Plan Assets | |||
Balance at beginning of year | $ 63,109 | $ 71,541 | |
Actual return on plan assets | 12,123 | (4,758) | |
Company contribution | 4,793 | 2,975 | |
Benefit payments | (6,668) | (6,649) | |
Balance at end of year | 73,357 | 63,109 | $ 71,541 |
Change in Benefit Obligations | |||
Balance at beginning of year | 95,869 | 106,218 | |
Interest cost | 3,801 | 3,496 | 3,919 |
Service cost | 900 | 875 | 850 |
Assumption change loss (gain) | 8,373 | (7,056) | |
Actuarial loss (gain) | 332 | (1,014) | |
Benefit payments | (6,668) | (6,650) | |
Balance at end of year | $ 102,607 | $ 95,869 | $ 106,218 |
Employee Benefit Plans (Amounts
Employee Benefit Plans (Amounts Recognized in Consolidated Balance Sheets) (Details) - Employee Pension Plans [Member] - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Funded Status | ||
Funded status | $ (29,250) | $ (32,760) |
Net unfunded amounts recognized in Consolidated Balance Sheets consist of: | ||
Current liabilities | (279) | (262) |
Long-term liabilities | (28,971) | (32,498) |
Total net unfunded amount recognized in Consolidated Balance Sheets | $ (29,250) | $ (32,760) |
Employee Benefit Plans (Plan As
Employee Benefit Plans (Plan Assets at Fair Value) (Details) - Employee Pension Plans [Member] - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan's assets | $ 73,357 | $ 63,109 | $ 71,541 | |
Non-Closely Held Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan's assets | 59,813 | 46,608 | ||
Closely Held Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan's assets | [1] | 13,544 | 16,501 | |
Quoted prices in active markets (Level 1) [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan's assets | 56,952 | 44,023 | ||
Quoted prices in active markets (Level 1) [Member] | Non-Closely Held Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan's assets | 56,952 | 44,023 | ||
Significant other observable inputs (Level 2) [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan's assets | 2,861 | 2,585 | ||
Significant other observable inputs (Level 2) [Member] | Non-Closely Held Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan's assets | 2,861 | 2,585 | ||
Cash and Cash Equivalents [Member] | Non-Closely Held Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan's assets | 2,867 | 7,587 | ||
Cash and Cash Equivalents [Member] | Quoted prices in active markets (Level 1) [Member] | Non-Closely Held Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan's assets | 2,867 | 7,587 | ||
Fixed Income Funds [Member] | Non-Closely Held Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan's assets | 2,861 | 2,585 | ||
Fixed Income Funds [Member] | Significant other observable inputs (Level 2) [Member] | Non-Closely Held Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan's assets | 2,861 | 2,585 | ||
Equity Funds [Member] | Non-Closely Held Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan's assets | 54,085 | 36,436 | ||
Equity Funds [Member] | Quoted prices in active markets (Level 1) [Member] | Non-Closely Held Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan's assets | 54,085 | 36,436 | ||
Equity Partnerships [Member] | Closely Held Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan's assets | 3,660 | 5,580 | ||
Hedge Funds Investments [Member] | Closely Held Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan's assets | $ 9,884 | $ 10,921 | ||
[1] | Closely held funds in private investment 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”). |
Employee Benefit Plans (Benefit
Employee Benefit Plans (Benefit Obligations in Excess of the Fair Value of Plan's Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Employee Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | $ 102,607 | $ 95,869 | $ 106,218 |
Accumulated benefit obligation | 102,607 | 95,869 | |
Fair value of plan's assets | 73,357 | 63,109 | $ 71,541 |
Projected benefit obligation greater than fair value of plan's assets | 29,250 | 32,760 | |
Accumulated benefit obligation greater than fair value of plan's assets | 29,250 | 32,760 | |
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | 99,515 | 92,816 | |
Accumulated benefit obligation | 99,515 | 92,816 | |
Fair value of plan's assets | 73,357 | 63,109 | |
Projected benefit obligation greater than fair value of plan's assets | 26,158 | 29,707 | |
Accumulated benefit obligation greater than fair value of plan's assets | 26,158 | 29,707 | |
Benefit Equalization Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | 3,092 | 3,053 | |
Accumulated benefit obligation | 3,092 | 3,053 | |
Projected benefit obligation greater than fair value of plan's assets | 3,092 | 3,053 | |
Accumulated benefit obligation greater than fair value of plan's assets | $ 3,092 | $ 3,053 |
Employee Benefit Plans (Summa_2
Employee Benefit Plans (Summary of Key Information for the Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | [1] | Dec. 31, 2017 | |||
The Pension, Hospitalization and Benefit Plan of the Electrical Industry - Pension Trust Account [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
FIP/RP Status Pending or Implemented | NA | |||||
Company Contributions | $ 9.3 | [1] | $ 12.2 | $ 16 | [2] | |
Surcharge Imposed | No | |||||
Expiration Date of Collective Bargaining Agreement | Apr. 13, 2022 | |||||
Exceeded percentage of total contributions | 5.00% | |||||
Carpenters Pension Trust Fund for Northern California [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
FIP/RP Status Pending or Implemented | Implemented | |||||
Company Contributions | $ 4 | [1] | 4.9 | $ 8.2 | ||
Surcharge Imposed | No | |||||
Expiration Date of Collective Bargaining Agreement | Jun. 30, 2023 | |||||
Excavators Union Local 731 Pension Fund [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
FIP/RP Status Pending or Implemented | NA | |||||
Company Contributions | $ 5.1 | [1] | 4.1 | 4.3 | ||
Surcharge Imposed | No | |||||
Expiration Date of Collective Bargaining Agreement | Apr. 30, 2022 | |||||
Northern California Electrical Workers Pension Plan [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
FIP/RP Status Pending or Implemented | NA | |||||
Company Contributions | $ 3 | [1] | 4.1 | 5.2 | ||
Surcharge Imposed | No | |||||
Expiration Date of Collective Bargaining Agreement | May 31, 2022 | |||||
Laborers Pension Trust Fund for Northern California [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
FIP/RP Status Pending or Implemented | NA | |||||
Company Contributions | $ 3.4 | [1] | 3.8 | 6.6 | ||
Surcharge Imposed | No | |||||
Expiration Date of Collective Bargaining Agreement | Jun. 30, 2023 | |||||
Steamfitters Industry Pension Fund [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
FIP/RP Status Pending or Implemented | NA | |||||
Company Contributions | $ 1.7 | [1] | $ 3.5 | $ 3.9 | [2] | |
Surcharge Imposed | No | |||||
Expiration Date of Collective Bargaining Agreement | Jun. 30, 2020 | |||||
Exceeded percentage of total contributions | 5.00% | |||||
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 | |||||
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] | Excavators Union Local 731 Pension Fund [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
Pension Protections Act Zone Status | Green | |||||
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] | Laborers Pension Trust Fund for Northern California [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 | |||||
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] | Excavators Union Local 731 Pension Fund [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
Pension Protections Act Zone Status | Green | |||||
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] | Laborers Pension Trust Fund for Northern California [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 the 2019 and 2018 plan years for any of the above pension funds, excluding Excavators Union Local 731 Pension Fund, Northern California Electrical Workers Pension Plan and Steamfitters Industry Pension Fund for the 2018 plan year. | |||||
[2] | These amounts exceeded 5 % of the respective total plan contributions. |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Civil Segment Joint Venture [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Additional ownership percentage in joint venture | 25.00% | |
Ownership Percentage in Joint Venture | 75.00% | 50.00% |
Noncontrolling interest, ownership percentage by noncontrolling owners | 25.00% | |
Construction contract backlog | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Finite-lived Intangible Assets Acquired | $ 75.6 | |
Construction contract backlog | Civil Segment Joint Venture [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Finite-lived Intangible Assets Acquired | 75.6 | |
Joint Venture [Member] | Civil Segment Joint Venture [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying value of investments | 3.2 | |
Fair Value, Nonrecurring [Member] | Civil Segment Joint Venture [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Gain on remeasurment | 37.8 | |
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 | 485 | $ 466.8 |
Convertible Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | $ 193.4 | $ 184.4 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Assets: | |||
Restricted Investments | $ 70,974 | $ 58,142 | |
Municipal Bonds [Member] | |||
Assets: | |||
Investments in lieu of retainage | 1,200 | 1,200 | |
Fair Value, Measurements, Recurring [Member] | |||
Assets: | |||
Cash and cash equivalents | [1] | 193,685 | 116,075 |
Restricted cash | [1] | 8,416 | 3,788 |
Restricted investments | [2] | 70,974 | 58,142 |
Investments in lieu of retainage | [3] | 90,791 | 64,048 |
Total | 363,866 | 242,053 | |
Fair Value, Measurements, Recurring [Member] | Quoted prices in active markets (Level 1) [Member] | |||
Assets: | |||
Cash and cash equivalents | [1] | 193,685 | 116,075 |
Restricted cash | [1] | 8,416 | 3,788 |
Investments in lieu of retainage | [3] | 89,572 | 62,858 |
Total | 291,673 | 182,721 | |
Fair Value, Measurements, Recurring [Member] | Significant other observable inputs (Level 2) [Member] | |||
Assets: | |||
Restricted investments | [2] | 70,974 | 58,142 |
Investments in lieu of retainage | [3] | 1,219 | 1,190 |
Total | 72,193 | $ 59,332 | |
Fair Value, Measurements, Recurring [Member] | Significant unobservable inputs (Level 3) [Member] | |||
Assets: | |||
Cash and cash equivalents | [1] | ||
Restricted cash | [1] | ||
Restricted investments | [2] | ||
Investments in lieu of retainage | [3] | ||
Total | |||
Maximum [Member] | |||
Assets: | |||
Restricted investment maturity period | 5 years | 5 years | |
Corporate Debt Securities [Member] | |||
Assets: | |||
Restricted and other investments | $ 35,800 | $ 30,400 | |
US Government Agencies Securities [Member] | |||
Assets: | |||
Restricted and other investments | 33,800 | 27,700 | |
Certificates of Deposit [Member] | |||
Assets: | |||
Restricted and other investments | 1,400 | ||
Money Market Funds [Member] | |||
Assets: | |||
Investments in lieu of retainage | $ 89,600 | $ 62,900 | |
[1] | Includes money market funds and short-term investments with maturity dates of three months or less when acquired. | ||
[2] | Restricted investments, as of December 31 , 2019, consist of investments in corporate debt securities of $ 35.8 million, U.S. government agency securities of $ 33.8 million and corporate certificates of deposits of $ 1.4 million with maturities of up to five years , and are valued based on pricing models, which are determined from a compilation of primarily observable market information, broker quotes in non-active markets or similar assets and are therefore classified as Level 2 assets. As of December 31, 2018, restricted investments consisted of investments in corporate debt securities of $ 30.4 million and U.S. government agency securities of $ 27.7 million with maturities of up to five years . The amortized cost of these available-for-sale securities at December 31, 2019 and 2018 was not materially different from the fair value. | ||
[3] | Investments in lieu of retainage are included in retainage receivable and as of December 31, 2019 are comprised of money market funds of $ 89.6 million and municipal bonds of $ 1.2 million. 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. As of December 31, 2018, investments in lieu of retainage consisted of money market funds of $ 62.9 million and municipal bonds of $ 1.2 million. The amortized cost of these available-for-sale securities at December 31 , 2019 and 2018 was not materially different from the fair value. The Company did not have material transfers between Levels 1 and 2 during the years ended December 31, 2019 and 2018. |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Assets, Current | $ 3,510,986 | $ 3,175,643 | $ 3,510,986 | $ 3,175,643 | |||||||
Liabilities, Current | 2,109,856 | 1,597,966 | 2,109,856 | 1,597,966 | |||||||
REVENUE | 1,177,725 | $ 1,189,345 | $ 1,125,275 | $ 958,487 | 1,183,284 | $ 1,123,137 | $ 1,120,085 | $ 1,028,156 | $ 4,450,832 | 4,454,662 | $ 4,757,208 |
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] | O&G [Member] | |||||||||||
Ownership percentage in joint venture | 75.00% | ||||||||||
Related party's ownership percentage in joint venture | 25.00% | ||||||||||
Purple Line Expansion Section 2 And Section 3 [Member] | O&G [Member] | |||||||||||
REVENUE | $ 2,800,000 | ||||||||||
Parsons Corporation [Member] | Newark Liberty International Airport Terminal One Project [Member] | |||||||||||
Ownership percentage in joint venture | 80.00% | ||||||||||
Variable Interest Entity's Ownership Percentage In Joint Venture | 20.00% | ||||||||||
Parsons Corporation [Member] | Newark Liberty International Airport Terminal One Project [Member] | Scenario, Plan [Member] | |||||||||||
REVENUE | $ 1,400,000 | ||||||||||
Variable Interest Entity, Not Primary Beneficiary [Member] | |||||||||||
Assets, Current | 1,500 | 4,000 | 1,500 | 4,000 | |||||||
Liabilities, Current | 1,400 | 3,800 | 1,400 | 3,800 | |||||||
Variable Interest Entity, Primary Beneficiary [Member] | |||||||||||
Assets, Current | 365,000 | 173,900 | 365,000 | 173,900 | |||||||
Assets, Noncurrent | 52,000 | 51,500 | 52,000 | 51,500 | |||||||
Liabilities, Current | $ 556,100 | $ 319,900 | $ 556,100 | $ 319,900 |
Business Segments (Narrative) (
Business Segments (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2019segment | |
Business Segments [Abstract] | |
Number of reportable segments | 3 |
Business Segments (Reportable S
Business Segments (Reportable Segments) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Business Segments | ||||||||||||||
Revenues | $ 1,177,725 | $ 1,189,345 | $ 1,125,275 | $ 958,487 | $ 1,183,284 | $ 1,123,137 | $ 1,120,085 | $ 1,028,156 | $ 4,450,832 | $ 4,454,662 | $ 4,757,208 | |||
Income (loss) from construction operations | (94,146) | 47,943 | (341,717) | 22,913 | 90,680 | 47,306 | 54,815 | (925) | (365,007) | 191,876 | 179,477 | |||
Capital Expenditures | 84,196 | 77,069 | 30,280 | |||||||||||
Depreciation and amortization | [1] | 65,044 | 47,267 | 51,930 | ||||||||||
Goodwill, Impairment Loss | 379,863 | |||||||||||||
Net income (loss) | $ (76,229) | $ 26,721 | $ (315,439) | $ 4,722 | $ 55,391 | $ 25,436 | $ 27,896 | $ (10,942) | $ (360,225) | $ 97,781 | $ 154,544 | |||
Earnings Per Share, Diluted | $ (1.71) | $ 0.38 | $ (6.38) | $ (0.01) | $ 0.98 | $ 0.42 | $ 0.49 | $ (0.24) | $ (7.72) | $ 1.66 | $ 2.92 | |||
Gain on remeasurement of investment in joint venture | $ 37,792 | |||||||||||||
Intersubsegment Eliminations [Member] | ||||||||||||||
Business Segments | ||||||||||||||
Revenues | (297,756) | $ (229,342) | $ (295,521) | |||||||||||
External and Intersegment Customers [Member] | ||||||||||||||
Business Segments | ||||||||||||||
Revenues | 4,748,588 | 4,684,004 | 5,052,729 | |||||||||||
Reportable Segments [Member] | ||||||||||||||
Business Segments | ||||||||||||||
Revenues | 4,450,832 | 4,454,662 | 4,757,208 | |||||||||||
Income (loss) from construction operations | (299,819) | [2] | 255,625 | 245,344 | [3] | |||||||||
Capital Expenditures | 83,362 | 76,298 | 28,682 | |||||||||||
Depreciation and amortization | [1] | 53,975 | 35,999 | 40,487 | ||||||||||
Reportable Segments [Member] | Intersubsegment Eliminations [Member] | ||||||||||||||
Business Segments | ||||||||||||||
Revenues | (297,756) | (229,342) | (295,521) | |||||||||||
Reportable Segments [Member] | External and Intersegment Customers [Member] | ||||||||||||||
Business Segments | ||||||||||||||
Revenues | 4,748,588 | 4,684,004 | 5,052,729 | |||||||||||
Civil [Member] | ||||||||||||||
Business Segments | ||||||||||||||
Revenues | 1,779,352 | 1,586,093 | 1,602,175 | |||||||||||
Income (loss) from construction operations | (150,837) | [2] | 168,256 | 192,207 | [3] | |||||||||
Capital Expenditures | 82,156 | 73,866 | 27,694 | |||||||||||
Depreciation and amortization | [1] | 47,905 | 29,685 | 33,767 | ||||||||||
Goodwill, Impairment Loss | 210,215 | |||||||||||||
Civil [Member] | Intersubsegment Eliminations [Member] | ||||||||||||||
Business Segments | ||||||||||||||
Revenues | (274,745) | (224,139) | (253,989) | |||||||||||
Civil [Member] | External and Intersegment Customers [Member] | ||||||||||||||
Business Segments | ||||||||||||||
Revenues | 2,054,097 | 1,810,232 | 1,856,164 | |||||||||||
Building [Member] | ||||||||||||||
Business Segments | ||||||||||||||
Revenues | 1,742,040 | 1,861,699 | 1,941,325 | |||||||||||
Income (loss) from construction operations | 23,655 | [2] | 43,939 | 34,199 | [3] | |||||||||
Capital Expenditures | 518 | 1,655 | 267 | |||||||||||
Depreciation and amortization | [1] | 1,934 | 1,956 | 2,021 | ||||||||||
Goodwill, Impairment Loss | 13,455 | |||||||||||||
Building [Member] | Intersubsegment Eliminations [Member] | ||||||||||||||
Business Segments | ||||||||||||||
Revenues | (22,713) | (5,203) | (41,532) | |||||||||||
Building [Member] | External and Intersegment Customers [Member] | ||||||||||||||
Business Segments | ||||||||||||||
Revenues | 1,764,753 | 1,866,902 | 1,982,857 | |||||||||||
Specialty Contractors [Member] | ||||||||||||||
Business Segments | ||||||||||||||
Revenues | 929,440 | 1,006,870 | 1,213,708 | |||||||||||
Income (loss) from construction operations | (172,637) | [2] | 43,430 | 18,938 | [3] | |||||||||
Capital Expenditures | 688 | 777 | 721 | |||||||||||
Depreciation and amortization | [1] | 4,136 | 4,358 | 4,699 | ||||||||||
Goodwill, Impairment Loss | 156,193 | |||||||||||||
Specialty Contractors [Member] | Intersubsegment Eliminations [Member] | ||||||||||||||
Business Segments | ||||||||||||||
Revenues | (298) | |||||||||||||
Specialty Contractors [Member] | External and Intersegment Customers [Member] | ||||||||||||||
Business Segments | ||||||||||||||
Revenues | 929,738 | 1,006,870 | 1,213,708 | |||||||||||
Corporate [Member] | ||||||||||||||
Business Segments | ||||||||||||||
Income (loss) from construction operations | [4] | (65,188) | [2] | (63,749) | (65,867) | [3] | ||||||||
Capital Expenditures | 834 | 771 | 1,598 | |||||||||||
Depreciation and amortization | [1] | 11,069 | 11,268 | $ 11,443 | ||||||||||
Unfavorable Adjustments [Member] | ||||||||||||||
Business Segments | ||||||||||||||
Goodwill, Impairment Loss | 379,900 | |||||||||||||
Net income (loss) | $ 330,500 | |||||||||||||
Earnings Per Share, Diluted | $ 6.58 | |||||||||||||
Unfavorable Adjustments [Member] | Alaskan Way Viaduct Matter [Member] | ||||||||||||||
Business Segments | ||||||||||||||
Income (loss) from construction operations | $ 166,800 | |||||||||||||
Income from construction operations, net of tax | $ 119,400 | |||||||||||||
Earnings Per Share, Diluted | $ 2.38 | |||||||||||||
Unfavorable Adjustments [Member] | Civil [Member] | ||||||||||||||
Business Segments | ||||||||||||||
Income (loss) from construction operations | 17,800 | |||||||||||||
Income from construction operations, net of tax | $ 12,800 | |||||||||||||
Earnings Per Share, Diluted | $ 0.25 | |||||||||||||
One-Time Gain From Remeasurement [Member] | ||||||||||||||
Business Segments | ||||||||||||||
Earnings Per Share, Diluted | $ 0.54 | |||||||||||||
Gain on remeasurement of investment in joint venture | $ 37,800 | |||||||||||||
Gain on remeasurement of investment in joint venture, net of tax | $ 27,100 | |||||||||||||
[1] | Depreciation and amortization is included in income (loss) from construction operations. (d) During the year ended December 31 , 2018, the Company recorded a charge of $ 17.8 million in income (loss) from construction operations (an after-tax impact of $ 12.8 million, or $ 0.25 per diluted share), which was primarily non-cash, as a result of the unexpected adverse outcome of an arbitration decision related to a subcontract back charge dispute on a Civil segment project in New York that was completed in 2013. | |||||||||||||
[2] | During the year ended December 31, 2019, the Company recorded a non-cash goodwill impairment charge of $ 379.9 million in income (loss) from construction operations (an after-tax impact of $ 330.5 million, or $ 6.58 per diluted share) resulting from an interim impairment test the Company performed as of June 1, 2019. For further information and breakdown of the goodwill impairment charge by segment, see Note 6. In addition, during the year ended December 31, 2019 the Company recorded a charge of $ 166.8 million in income (loss) from construction operations (an after-tax impact of $ 119.4 million, or $ 2.38 per diluted share), which principally impacted the Civil segment, as a result of the adverse jury verdict on the Alaskan Way Viaduct Matter, as discussed in Note 8. Lastly, the Company recognized a one-time gain of $ 37.8 million (an after-tax impact of $ 27.1 million, or $ 0.54 per diluted share) in Civil segment general and administrative expenses related to a remeasurement of its investment in a joint venture (see Note 13). | |||||||||||||
[3] | During the year ended December 31 , 2018, the Company recorded a charge of $ 17.8 million in income (loss) from construction operations (an after-tax impact of $ 12.8 million, or $ 0.25 per diluted share), which was primarily non-cash, as a result of the unexpected adverse outcome of an arbitration decision related to a subcontract back charge dispute on a Civil segment project in New York that was completed in 2013. | |||||||||||||
[4] | Consists primarily of corporate general and administrative expenses. |
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, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Income (loss) from construction operations | $ (94,146) | $ 47,943 | $ (341,717) | $ 22,913 | $ 90,680 | $ 47,306 | $ 54,815 | $ (925) | $ (365,007) | $ 191,876 | $ 179,477 | |||
Other income, net | 6,667 | 4,256 | 43,882 | |||||||||||
Interest expense | (67,494) | (63,519) | (69,384) | |||||||||||
INCOME (LOSS) BEFORE INCOME TAXES | (106,717) | $ 32,312 | $ (358,339) | $ 6,910 | 75,152 | $ 32,804 | $ 39,867 | $ (15,210) | (425,834) | 132,613 | 153,975 | |||
Assets | 4,485,777 | 4,387,752 | 4,485,777 | 4,387,752 | ||||||||||
Reportable Segments [Member] | ||||||||||||||
Income (loss) from construction operations | (299,819) | [1] | 255,625 | 245,344 | [2] | |||||||||
Civil [Member] | ||||||||||||||
Income (loss) from construction operations | (150,837) | [1] | 168,256 | 192,207 | [2] | |||||||||
Assets | 2,791,402 | 2,574,326 | 2,791,402 | 2,574,326 | ||||||||||
Building [Member] | ||||||||||||||
Income (loss) from construction operations | 23,655 | [1] | 43,939 | 34,199 | [2] | |||||||||
Assets | 995,298 | 913,746 | 995,298 | 913,746 | ||||||||||
Specialty Contractors [Member] | ||||||||||||||
Income (loss) from construction operations | (172,637) | [1] | 43,430 | 18,938 | [2] | |||||||||
Assets | 635,180 | 745,313 | 635,180 | 745,313 | ||||||||||
Corporate [Member] | ||||||||||||||
Income (loss) from construction operations | [3] | (65,188) | [1] | (63,749) | $ (65,867) | [2] | ||||||||
Assets | [4] | $ 63,897 | $ 154,367 | $ 63,897 | $ 154,367 | |||||||||
[1] | During the year ended December 31, 2019, the Company recorded a non-cash goodwill impairment charge of $ 379.9 million in income (loss) from construction operations (an after-tax impact of $ 330.5 million, or $ 6.58 per diluted share) resulting from an interim impairment test the Company performed as of June 1, 2019. For further information and breakdown of the goodwill impairment charge by segment, see Note 6. In addition, during the year ended December 31, 2019 the Company recorded a charge of $ 166.8 million in income (loss) from construction operations (an after-tax impact of $ 119.4 million, or $ 2.38 per diluted share), which principally impacted the Civil segment, as a result of the adverse jury verdict on the Alaskan Way Viaduct Matter, as discussed in Note 8. Lastly, the Company recognized a one-time gain of $ 37.8 million (an after-tax impact of $ 27.1 million, or $ 0.54 per diluted share) in Civil segment general and administrative expenses related to a remeasurement of its investment in a joint venture (see Note 13). | |||||||||||||
[2] | During the year ended December 31 , 2018, the Company recorded a charge of $ 17.8 million in income (loss) from construction operations (an after-tax impact of $ 12.8 million, or $ 0.25 per diluted share), which was primarily non-cash, as a result of the unexpected adverse outcome of an arbitration decision related to a subcontract back charge dispute on a Civil segment project in New York that was completed in 2013. | |||||||||||||
[3] | Consists primarily of corporate general and administrative expenses. | |||||||||||||
[4] | Consists principally of cash, equipment, tax-related assets and insurance-related assets, offset by the elimination of assets related to intersegment revenue. |
Business Segments (Principal Ge
Business Segments (Principal Geographical Areas) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Principal Geographical Areas Information | |||||||||||
Revenues | $ 1,177,725 | $ 1,189,345 | $ 1,125,275 | $ 958,487 | $ 1,183,284 | $ 1,123,137 | $ 1,120,085 | $ 1,028,156 | $ 4,450,832 | $ 4,454,662 | $ 4,757,208 |
Assets | 4,485,777 | 4,387,752 | 4,485,777 | 4,387,752 | |||||||
United States | |||||||||||
Principal Geographical Areas Information | |||||||||||
Revenues | 4,073,691 | 4,180,206 | 4,613,644 | ||||||||
Assets | 4,271,722 | 4,225,143 | 4,271,722 | 4,225,143 | |||||||
Foreign and U.S. Territories [Member] | |||||||||||
Principal Geographical Areas Information | |||||||||||
Revenues | 377,141 | 274,456 | $ 143,564 | ||||||||
Assets | $ 214,055 | $ 162,609 | $ 214,055 | $ 162,609 |
Related Party Transactions (Det
Related Party Transactions (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)item | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Related party transactions | |||
Expenses incurred with related party | $ 3.2 | $ 3.2 | $ 3.2 |
Chairman and Chief Executive Officer | |||
Related party transactions | |||
Related party, payment for leases | $ 3.1 | 3 | 2.8 |
O&G [Member] | |||
Related party transactions | |||
Ownership percentage in joint venture | 75.00% | ||
Related party's ownership percentage in joint venture | 25.00% | ||
O&G [Member] | Project In Los Angeles, California [Member] | |||
Related party transactions | |||
Number of construction projects | item | 2 | ||
Alliant [Member] | |||
Related party transactions | |||
Insurance expense | $ 18.4 | 14.7 | $ 17.6 |
Owed to related party | $ 2.7 | $ 4.1 |
Unaudited Quarterly Financial_3
Unaudited Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Unaudited Quarterly Financial Data [Abstract] | |||||||||||
Revenues | $ 1,177,725 | $ 1,189,345 | $ 1,125,275 | $ 958,487 | $ 1,183,284 | $ 1,123,137 | $ 1,120,085 | $ 1,028,156 | $ 4,450,832 | $ 4,454,662 | $ 4,757,208 |
Gross profit (loss) | (62,704) | 115,063 | 100,943 | 88,470 | 157,621 | 111,124 | 118,640 | 67,068 | 241,772 | 454,453 | 454,405 |
Income (loss) from construction operations | (94,146) | 47,943 | (341,717) | 22,913 | 90,680 | 47,306 | 54,815 | (925) | (365,007) | 191,876 | 179,477 |
Income (loss) before income taxes | (106,717) | 32,312 | (358,339) | 6,910 | 75,152 | 32,804 | 39,867 | (15,210) | (425,834) | 132,613 | 153,975 |
Net income (loss) | (76,229) | 26,721 | (315,439) | 4,722 | 55,391 | 25,436 | 27,896 | (10,942) | (360,225) | 97,781 | 154,544 |
Net income (loss) attributable to Tutor Perini Corporation | $ (86,117) | $ 19,313 | $ (320,530) | $ (356) | $ 49,405 | $ 21,272 | $ 24,883 | $ (12,124) | $ (387,690) | $ 83,436 | $ 148,382 |
Earnings per common share: | |||||||||||
Basic (in dollars per share) | $ (1.71) | $ 0.38 | $ (6.38) | $ (0.01) | $ 0.99 | $ 0.43 | $ 0.50 | $ (0.24) | $ (7.72) | $ 1.67 | $ 2.99 |
Diluted (in dollars per share) | $ (1.71) | $ 0.38 | $ (6.38) | $ (0.01) | $ 0.98 | $ 0.42 | $ 0.49 | $ (0.24) | $ (7.72) | $ 1.66 | $ 2.92 |