Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2020 | Oct. 29, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 1-6314 | |
Entity Registrant Name | Tutor Perini Corporation | |
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, State or Province | CA | |
Entity Address, Postal Zip Code | 91342-1093 | |
City Area Code | 818 | |
Local Phone Number | 362-8391 | |
Title of 12(b) Security | Common Stock, $1.00 par value | |
Trading Symbol | TPC | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 50,827,205 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0000077543 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Statement [Abstract] | ||||
REVENUE | $ 1,442,091,000 | $ 1,189,345,000 | $ 3,969,247,000 | $ 3,273,107,000 |
COST OF OPERATIONS | (1,317,176,000) | (1,074,282,000) | (3,615,498,000) | (2,968,631,000) |
GROSS PROFIT | 124,915,000 | 115,063,000 | 353,749,000 | 304,476,000 |
General and administrative expenses | (41,894,000) | (67,120,000) | (165,805,000) | (195,474,000) |
Goodwill impairment | 0 | 0 | 0 | (379,863,000) |
INCOME (LOSS) FROM CONSTRUCTION OPERATIONS | 83,021,000 | 47,943,000 | 187,944,000 | (270,861,000) |
Other income (expense) | (8,048,000) | 1,674,000 | (8,364,000) | 2,996,000 |
Interest expense | (25,613,000) | (17,305,000) | (58,513,000) | (51,252,000) |
INCOME (LOSS) BEFORE INCOME TAXES | 49,360,000 | 32,312,000 | 121,067,000 | (319,117,000) |
Income tax (expense) benefit | (37,000) | (5,591,000) | (14,747,000) | 35,121,000 |
NET INCOME (LOSS) | 49,323,000 | 26,721,000 | 106,320,000 | (283,996,000) |
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 12,504,000 | 7,408,000 | 33,421,000 | 17,577,000 |
NET INCOME (LOSS) ATTRIBUTABLE TO TUTOR PERINI CORPORATION | $ 36,819,000 | $ 19,313,000 | $ 72,899,000 | $ (301,573,000) |
BASIC EARNINGS (LOSS) PER COMMON SHARE (in dollars per share) | $ 0.72 | $ 0.38 | $ 1.44 | $ (6.01) |
DILUTED EARNINGS (LOSS) PER COMMON SHARE (in dollars per share) | $ 0.72 | $ 0.38 | $ 1.43 | $ (6.01) |
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING: | ||||
BASIC (in shares) | 50,787 | 50,279 | 50,598 | 50,201 |
DILUTED (in shares) | 51,241 | 50,582 | 51,004 | 50,201 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
NET INCOME (LOSS) | $ 49,323 | $ 26,721 | $ 106,320 | $ (283,996) |
OTHER COMPREHENSIVE INCOME, NET OF TAX: | ||||
Defined benefit pension plan adjustments | 424 | 331 | 1,271 | 992 |
Foreign currency translation adjustments | 1,102 | (450) | (1,256) | 708 |
Unrealized (loss) gain in fair value of investments | (225) | 256 | 1,623 | 1,615 |
TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAX | 1,301 | 137 | 1,638 | 3,315 |
COMPREHENSIVE INCOME (LOSS) | 50,624 | 26,858 | 107,958 | (280,681) |
LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 13,024 | 7,309 | 32,775 | 17,737 |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO TUTOR PERINI CORPORATION | $ 37,600 | $ 19,549 | $ 75,183 | $ (298,418) |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
CURRENT ASSETS: | ||
Cash and cash equivalents ($104,955 and $103,850 related to variable interest entities ("VIEs")) | $ 348,366 | $ 193,685 |
Restricted cash | 80,974 | 8,416 |
Restricted investments | 75,475 | 70,974 |
Accounts receivable ($106,085 and $91,090 related to VIEs) | 1,565,909 | 1,354,519 |
Retainage receivable ($110,794 and $89,132 related to VIEs) | 621,414 | 562,375 |
Costs and estimated earnings in excess of billings ($39,147 and $22,764 related to VIEs) | 1,180,215 | 1,123,544 |
Other current assets ($56,504 and $58,128 related to VIEs) | 239,614 | 197,473 |
Total current assets | 4,111,967 | 3,510,986 |
PROPERTY AND EQUIPMENT ("P&E"), net of accumulated depreciation of $424,065 and $388,147 (net P&E of $17,634 and $49,919 related to VIEs) | 485,861 | 509,685 |
GOODWILL | 205,143 | 205,143 |
INTANGIBLE ASSETS, NET | 131,391 | 155,270 |
OTHER ASSETS | 107,894 | 104,693 |
TOTAL ASSETS | 5,042,256 | 4,485,777 |
CURRENT LIABILITIES: | ||
Current maturities of long-term debt, net of unamortized discount and debt issuance costs totaling $3,115 and $0 | 99,504 | 124,054 |
Accounts payable ($101,034 and $93,848 related to VIEs) | 811,987 | 682,699 |
Retainage payable ($22,864 and $13,967 related to VIEs) | 296,200 | 252,181 |
Billings in excess of costs and estimated earnings ($413,659 and $422,847 related to VIEs) | 911,378 | 844,389 |
Accrued expenses and other current liabilities ($12,581 and $25,402 related to VIEs) | 233,241 | 206,533 |
Total current liabilities | 2,352,310 | 2,109,856 |
LONG-TERM DEBT, less current maturities, net of unamortized discount and debt issuance costs totaling $20,934 and $23,343 | 921,519 | 710,422 |
DEFERRED INCOME TAXES | 58,416 | 35,686 |
OTHER LONG-TERM LIABILITIES | 200,714 | 199,288 |
TOTAL LIABILITIES | 3,532,959 | 3,055,252 |
COMMITMENTS AND CONTINGENCIES (NOTE 11) | ||
Stockholders' equity: | ||
Preferred stock - authorized 1,000,000 shares ($1 par value), none issued | 0 | 0 |
Common stock - authorized 112,500,000 and 75,000,000 shares ($1 par value), issued and outstanding 50,827,205 and 50,278,816 shares | 50,827 | 50,279 |
Additional paid-in capital | 1,125,455 | 1,117,972 |
Retained earnings | 386,890 | 313,991 |
Accumulated other comprehensive loss | (39,816) | (42,100) |
Total stockholders' equity | 1,523,356 | 1,440,142 |
Noncontrolling interests | (14,059) | (9,617) |
TOTAL EQUITY | 1,509,297 | 1,430,525 |
TOTAL LIABILITIES AND EQUITY | $ 5,042,256 | $ 4,485,777 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Cash and cash equivalents | $ 348,366 | $ 193,685 |
Accounts receivable | 1,565,909 | 1,354,519 |
Retainage receivable | 621,414 | 562,375 |
Costs and estimated earnings in excess of billings | 1,180,215 | 1,123,544 |
Other current assets | 239,614 | 197,473 |
Accumulated depreciation | 424,065 | 388,147 |
Property and equipment, net | 485,861 | 509,685 |
Unamortized discount and debt issuance costs, current | 3,115 | 0 |
Accounts payable | 811,987 | 682,699 |
Retainage payable | 296,200 | 252,181 |
Billings in excess of costs and estimated earnings | 911,378 | 844,389 |
Accrued expenses and other current liabilities | 233,241 | 206,533 |
Unamortized discount and debt issuance costs, non-current | $ 20,934 | $ 23,343 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, shares authorized (in shares) | 112,500,000 | 75,000,000 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares issued (in shares) | 50,827,205 | 50,278,816 |
Common stock, shares outstanding (in shares) | 50,827,205 | 50,278,816 |
Variable Interest Entity, Primary Beneficiary | ||
Cash and cash equivalents | $ 104,955 | $ 103,850 |
Accounts receivable | 106,085 | 91,090 |
Retainage receivable | 110,794 | 89,132 |
Costs and estimated earnings in excess of billings | 39,147 | 22,764 |
Other current assets | 56,504 | 58,128 |
Property and equipment, net | 17,634 | 49,919 |
Accounts payable | 101,034 | 93,848 |
Retainage payable | 22,864 | 13,967 |
Billings in excess of costs and estimated earnings | 413,659 | 422,847 |
Accrued expenses and other current liabilities | $ 12,581 | $ 25,402 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash Flows from Operating Activities: | ||
Net income (loss) | $ 106,320,000 | $ (283,996,000) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Goodwill impairment | 0 | 379,863,000 |
Depreciation | 55,755,000 | 41,884,000 |
Amortization of intangible assets | 23,879,000 | 2,657,000 |
Share-based compensation expense | 10,722,000 | 14,331,000 |
Change in debt discount and deferred debt issuance costs | 18,960,000 | 9,790,000 |
Deferred income taxes | 22,137,000 | (48,318,000) |
Gain on sale of property and equipment | (2,609,000) | (1,799,000) |
Changes in other components of working capital | (107,786,000) | (7,148,000) |
Other long-term liabilities | 3,899,000 | 3,979,000 |
Other, net | (309,000) | 122,000 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 130,968,000 | 111,365,000 |
Cash Flows from Investing Activities: | ||
Acquisition of property and equipment | (43,396,000) | (62,677,000) |
Proceeds from sale of property and equipment | 13,320,000 | 4,300,000 |
Investment in securities | (22,692,000) | (18,790,000) |
Proceeds from maturities and sales of investments in securities | 19,901,000 | 11,078,000 |
NET CASH USED IN INVESTING ACTIVITIES | (32,867,000) | (66,089,000) |
Cash Flows from Financing Activities: | ||
Proceeds from debt | 1,183,012,000 | 649,139,000 |
Repayment of debt | (1,004,259,000) | (583,039,000) |
Cash payments related to share-based compensation | (1,697,000) | (2,363,000) |
Distributions paid to noncontrolling interests | (37,217,000) | (21,500,000) |
Contributions from noncontrolling interests | 0 | 6,519,000 |
Debt issuance, extinguishment and modification costs | (10,701,000) | (504,000) |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 129,138,000 | 48,252,000 |
Net increase in cash, cash equivalents and restricted cash | 227,239,000 | 93,528,000 |
Cash, cash equivalents and restricted cash at beginning of period | 202,101,000 | 119,863,000 |
Cash, cash equivalents and restricted cash at end of period | $ 429,340,000 | $ 213,391,000 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The Condensed Consolidated Financial Statements do not include footnotes and certain financial information normally presented annually under generally accepted accounting principles in the United States (“GAAP”). Therefore, they should be read in conjunction with the audited consolidated financial statements and the related notes included in Tutor Perini Corporation’s (the “Company”) Annual Report on Form 10-K for the year ended December 31, 2019. The results of operations for the three and nine months ended September 30, 2020 may not be indicative of the results that will be achieved for the full year ending December 31, 2020. In the opinion of management, the accompanying unaudited Condensed Consolidated Financial Statements reflect all adjustments, including those of a normal recurring nature, necessary to present fairly the Company’s consolidated financial position as of September 30, 2020 and its consolidated statements of operations and cash flows for the interim periods presented. Intercompany balances and transactions have been eliminated. Certain amounts in the notes to the condensed consolidated financial statements of prior years have been reclassified to conform to the current year presentation. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 with the current expected credit loss model, which requires consideration of a broader range of reasonable and supportable information to estimate credit losses. The Company adopted this ASU effective January 1, 2020. The adoption of ASU 2016-13 did not have a material impact on the Company’s financial position, results of operations or cash flows. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). The amendments in ASU 2020-04 provide temporary optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships and other transactions to ease the potential accounting and financial reporting burden associated with transitioning away from reference rates that are expected to be discontinued, including the London Interbank Offered Rate (“LIBOR”). ASU 2020-04 is effective as of March 12, 2020 through December 31, 2022. The adoption of the new standard has not had and is not expected to have a material impact on the Company’s financial position, results of operations or cash flows. The following recent accounting pronouncements require implementation in future periods. In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes (“ASU 2019-12”), modifying Accounting Standards Codification (“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. In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity ("ASU 2020-06"). The amendments in ASU 2020-06 simplify accounting for convertible instruments by removing major separation models required under current GAAP. Consequently, more convertible debt instruments will be reported as a single liability instrument with no separate accounting for embedded conversion features. ASU 2020-06 removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception. Also, ASU 2020-06 requires the application of the if-converted method for calculating diluted earnings per share ("EPS") and the treasury stock method will no longer be available. ASU 2020-06 is effective for interim and annual reporting periods beginning after December 15, 2021, with early adoption permitted. The Company does not expect to early adopt the new standard and does not expect it to have a material impact on the Company's financial position, results of operations or cash flows. |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | 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 three and nine months ended September 30, 2020 and 2019. Three Months Ended Nine Months Ended (in thousands) 2020 2019 2020 2019 Civil segment revenue by end market: Mass transit (includes transportation and tunneling projects) $ 372,131 $ 265,671 $ 1,024,083 $ 655,541 Bridges 104,722 113,743 246,006 269,517 Military defense facilities 44,246 16,914 102,898 40,335 Highways 30,086 44,630 98,259 145,917 Water 23,277 7,555 76,569 21,882 Other 37,534 76,033 119,786 198,506 Total Civil segment revenue $ 611,996 $ 524,546 $ 1,667,601 $ 1,331,698 Three Months Ended Nine Months Ended (in thousands) 2020 2019 2020 2019 Building segment revenue by end market: Commercial and industrial facilities $ 162,364 $ 121,206 $ 402,312 $ 345,752 Hospitality and gaming 119,588 57,672 346,517 180,556 Municipal and government 66,505 62,444 215,230 192,986 Mass transit (includes transportation projects) 50,206 53,384 174,605 123,772 Education facilities 50,425 33,469 129,085 123,059 Health care facilities 26,344 58,323 94,651 199,347 Other 32,708 28,848 100,525 111,658 Total Building segment revenue $ 508,140 $ 415,346 $ 1,462,925 $ 1,277,130 Three Months Ended Nine Months Ended (in thousands) 2020 2019 2020 2019 Specialty Contractors segment revenue by end market: Mass transit (includes transportation and tunneling projects) $ 179,875 $ 103,710 $ 447,180 $ 285,121 Commercial and industrial facilities 41,378 51,471 115,382 139,112 Multi-unit residential 39,014 25,860 103,118 56,474 Water 20,413 9,706 46,341 26,143 Education facilities 12,236 21,610 39,131 47,226 Other 29,039 37,096 87,569 110,203 Total Specialty Contractors segment revenue $ 321,955 $ 249,453 $ 838,721 $ 664,279 Three Months Ended Three Months Ended (in thousands) Civil Building Specialty Total Civil Building Specialty Total Revenue by customer type: State and local agencies $ 526,771 $ 126,448 $ 155,175 $ 808,394 $ 420,839 $ 144,106 $ 136,191 $ 701,136 Federal agencies 48,861 32,392 29,362 110,615 32,852 36,890 4,786 74,528 Private owners 36,364 349,300 137,418 523,082 70,855 234,350 108,476 413,681 Total revenue $ 611,996 $ 508,140 $ 321,955 $ 1,442,091 $ 524,546 $ 415,346 $ 249,453 $ 1,189,345 Nine Months Ended Nine Months Ended (in thousands) Civil Building Specialty Total Civil Building Specialty Total Revenue by customer type: State and local agencies $ 1,426,644 $ 430,212 $ 401,671 $ 2,258,527 $ 1,059,384 $ 422,590 $ 347,517 $ 1,829,491 Federal agencies 128,112 99,013 50,410 277,535 82,989 121,437 15,316 219,742 Private owners 112,845 933,700 386,640 1,433,185 189,325 733,103 301,446 1,223,874 Total revenue $ 1,667,601 $ 1,462,925 $ 838,721 $ 3,969,247 $ 1,331,698 $ 1,277,130 $ 664,279 $ 3,273,107 Three Months Ended Three Months Ended (in thousands) Civil Building Specialty Total Civil Building Specialty Total Revenue by contract type: Fixed price $ 484,851 $ 117,650 $ 284,534 $ 887,035 $ 376,230 $ 144,514 $ 208,689 $ 729,433 Guaranteed maximum price 179 308,299 1,923 310,401 639 159,217 4,405 164,261 Unit price 124,506 254 31,191 155,951 142,253 2,922 25,193 170,368 Cost plus fee and other 2,460 81,937 4,307 88,704 5,424 108,693 11,166 125,283 Total revenue $ 611,996 $ 508,140 $ 321,955 $ 1,442,091 $ 524,546 $ 415,346 $ 249,453 $ 1,189,345 Nine Months Ended Nine Months Ended (in thousands) Civil Building Specialty Total Civil Building Specialty Total Revenue by contract type: Fixed price $ 1,349,750 $ 401,957 $ 743,241 $ 2,494,948 $ 969,041 $ 395,123 $ 551,779 $ 1,915,943 Guaranteed maximum price 768 794,810 3,850 799,428 4,517 551,399 15,326 571,242 Unit price 307,654 1,417 70,784 379,855 343,416 10,950 64,379 418,745 Cost plus fee and other 9,429 264,741 20,846 295,016 14,724 319,658 32,795 367,177 Total revenue $ 1,667,601 $ 1,462,925 $ 838,721 $ 3,969,247 $ 1,331,698 $ 1,277,130 $ 664,279 $ 3,273,107 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 three- and nine-month periods ended September 30, 2020 related to performance obligations satisfied (or partially satisfied) in prior periods by $30.4 million and $71.3 million, respectively. Likewise, revenue was negatively impacted during the three- and nine-month periods ended September 30, 2019 related to performance obligations satisfied (or partially satisfied) in prior periods by $13.8 million and $46.3 million, respectively. 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 September 30, 2020, the aggregate amounts of the transaction prices allocated to the remaining performance obligations of the Company’s construction contracts were $5.1 billion, $1.9 billion and $1.9 billion for the Civil, Building and Specialty Contractors segments, respectively. As of September 30, 2019, the aggregate amounts of the transaction prices allocated to the remaining performance obligations of the Company’s construction contracts were $5.3 billion, $1.6 billion and $2.2 billion for the Civil, Building and Specialty Contractors segments, respectively. The Company typically recognizes revenue on Civil segment projects over a period of three one |
Contract Assets and Liabilities
Contract Assets and Liabilities | 9 Months Ended |
Sep. 30, 2020 | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract] | |
Contract Assets and Liabilities | 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 Condensed Consolidated Balance Sheets consisted of the following: (in thousands) As of September 30, As of December 31, Retainage receivable $ 621,414 $ 562,375 Costs and estimated earnings in excess of billings: Claims 743,057 705,993 Unapproved change orders 372,830 362,264 Other unbilled costs and profits 64,328 55,287 Total costs and estimated earnings in excess of billings 1,180,215 1,123,544 Capitalized contract costs 84,391 80,294 Total contract assets $ 1,886,020 $ 1,766,213 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 toward completion. 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, Revenue from Contracts with Customers (“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 11, 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. 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 three and nine months ended September 30, 2020, $12.5 million and $35.2 million, respectively, of previously capitalized contract costs were amortized and recognized as expense on the related contracts. During the three and nine months ended September 30, 2019, $8.5 million and $22.8 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 Condensed Consolidated Balance Sheets consisted of the following: (in thousands) As of September 30, As of December 31, Retainage payable $ 296,200 $ 252,181 Billings in excess of costs and estimated earnings 911,378 844,389 Total contract liabilities $ 1,207,578 $ 1,096,570 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. 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 three and nine months ended September 30, 2020 and included in the opening billings in excess of costs and estimated earnings balances for each period totaled $461.8 million and $662.7 million, respectively. Revenue recognized during the three and nine months ended September 30, 2019 and included in the opening billings in excess of costs and estimated earnings balances for each period totaled $322.8 million and $437.1 million, respectively. |
Cash, Cash Equivalents and Rest
Cash, Cash Equivalents and Restricted Cash | 9 Months Ended |
Sep. 30, 2020 | |
Cash and Cash Equivalents [Abstract] | |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets to the amounts shown in the Condensed Consolidated Statements of Cash Flows: (in thousands) As of September 30, As of December 31, Cash and cash equivalents available for general corporate purposes $ 168,986 $ 43,760 Joint venture cash and cash equivalents 179,380 149,925 Cash and cash equivalents 348,366 193,685 Restricted cash 80,974 8,416 Total cash, cash equivalents and restricted cash $ 429,340 $ 202,101 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. Restricted cash consists primarily of $69.9 million held to repay the outstanding principal balance of Convertible Notes described in more detail in Note 9 along with amounts held as collateral to secure insurance-related contingent obligations, such as insurance claim deductibles, in lieu of letters of credit. |
Earnings Per Common Share
Earnings Per Common Share | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share Basic EPS and diluted EPS are calculated by dividing net income attributable to Tutor Perini Corporation by the following: for basic EPS, the weighted-average number of common shares outstanding during the period; and for diluted EPS, the sum of the weighted-average number of both outstanding common shares and potentially dilutive securities, which for the Company can include restricted stock units, unexercised stock options and the Convertible Notes, as defined in Note 9. In accordance with ASC 260, Earnings Per Share , the settlement of the principal amount of the Convertible Notes has no impact on diluted EPS because the Company has the intent and ability to settle the principal amount in cash. See Note 9 for further discussion of the Convertible Notes. The Company calculates the effect of the potentially dilutive restricted stock units and stock options using the treasury stock method. Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per common share data) 2020 2019 2020 2019 Net income (loss) attributable to Tutor Perini Corporation $ 36,819 $ 19,313 $ 72,899 $ (301,573) Weighted-average common shares outstanding, basic 50,787 50,279 50,598 50,201 Effect of dilutive restricted stock units and stock options 454 303 406 — Weighted-average common shares outstanding, diluted 51,241 50,582 51,004 50,201 Net income (loss) attributable to Tutor Perini Corporation per common share: Basic $ 0.72 $ 0.38 $ 1.44 $ (6.01) Diluted $ 0.72 $ 0.38 $ 1.43 $ (6.01) Anti-dilutive securities not included above 1,514 1,665 1,977 3,458 For the nine months ended September 30, 2019, all outstanding restricted stock units and stock options were excluded from the calculation of weighted-average diluted shares outstanding due to the net loss for the period. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes For the three and nine months ended September 30, 2020, the provision for income taxes was $37 thousand and $14.7 million, with effective income tax rates of 0.1% and 12.2%, respectively. The effective income tax rates were lower than the 21% federal statutory rate primarily due to the favorable tax rate differential realized on the 2019 net operating loss ("NOL") carryback and earnings attributable to noncontrolling interests for which income taxes are not the responsibility of the Company. Under the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act"), enacted on March 27, 2020, the NOL generated in 2019 may be carried back up to five years, whereas under previous rules NOLs were only allowed to be carried forward. This allowed the Company to realize the benefit of the tax rate differential by carrying back the NOL to tax years when the federal statutory tax rate was 35% rather than the current rate of 21%. The majority of the NOL benefit was recorded in the third quarter when final tax return information was received from the Company's joint venture partners. These benefits to the effective tax rates for both periods were partially offset by state income taxes, the impact of cancelled stock options and the lower vested amounts or forfeiture of restricted stock units for which some or all of the share-based compensation expense recognized in prior periods is not deductible for income tax purposes. For the three and nine months ended September 30, 2019, the Company recognized income tax expense of $5.6 million and an income tax benefit of $35.1 million, with effective income tax rates of 17.3% and 11.0%, respectively. The Company’s provision for income taxes and effective tax rate for the nine months ended September 30, 2019 were significantly impacted by the goodwill impairment charge of $379.9 million. Of the total goodwill impairment charge, approximately $209.5 million |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 9 Months Ended |
Sep. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill The following table presents the changes in the carrying amount of goodwill since its inception through September 30, 2020: (in thousands) Civil Building Specialty Total Gross goodwill $ 492,074 $ 424,724 $ 156,193 $ 1,072,991 Accumulated impairment (286,931) (424,724) (156,193) (867,848) Balance as of December 31, 2019 205,143 — — 205,143 Current year activity — — — — Balance as of September 30, 2020 $ 205,143 $ — $ — $ 205,143 The Company tests the goodwill allocated to its reporting units for impairment annually on October 1, or more frequently if events or circumstances indicate it is more likely than not that the fair value of a reporting unit is less than its carrying amount. 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. In addition, the Company determined that no triggering events occurred and no circumstances changed since the date of our annual impairment test that would more likely than not reduce the fair value of the Civil reporting unit below its carrying amount. During the first nine months of 2020, the novel coronavirus (“COVID-19”) pandemic, as well as the actions taken to contain and mitigate its public health effects, caused disruptions in domestic and global economies and financial markets. The vast majority of the Company’s projects, especially in its Civil reporting unit, have been designated as essential business, which allows the Company to continue its work on those projects. As such, the Civil reporting unit’s operations were not materially impacted during the three and nine months ended September 30, 2020. However, due to the fluidity of the pandemic, uncertainties as to its scope and duration, and ongoing changes in the way that governments, businesses and individuals react and respond to the COVID-19 pandemic, the Company is unable at this time to accurately predict the pandemic’s future impact on the Company’s business, financial condition or performance. Among other things, governments could prohibit the continuation of certain projects that to date have been designated as “essential” or could impose health, safety and other operational requirements on such projects that could result in delays or suspensions of such projects. In addition, employees and contractors working on such projects could be unable or unwilling to continue working on them, perhaps for extended periods. The COVID-19 pandemic also could negatively affect the ability of counterparties or joint venture partners to make required payments on a timely basis or at all. The Company will continue to monitor events and circumstances for changes that indicate the Civil reporting unit goodwill would need to be reevaluated for impairment during future interim periods prior to the annual impairment test. These future events and circumstances include, but are not limited to, changes in the overall financial performance of the Civil reporting unit, impacts to our business as a result of the COVID-19 pandemic, as well as other quantitative and qualitative factors which could indicate potential triggering events for possible impairment. Intangible Assets Intangible assets consist of the following: As of September 30, 2020 Weighted Average Amortization Period (in thousands) Cost Accumulated Accumulated Impairment Charge Carrying Value Trade names (non-amortizable) $ 117,600 $ — $ (67,190) $ 50,410 Indefinite Trade names (amortizable) 74,350 (23,133) (23,232) 27,985 20 years Contractor license 6,000 — (6,000) — N/A Customer relationships 39,800 (21,839) (16,645) 1,316 12 years Construction contract backlog 149,290 (97,610) — 51,680 3 years Total $ 387,040 $ (142,582) $ (113,067) $ 131,391 As of December 31, 2019 Weighted Average Amortization Period (in thousands) Cost Accumulated Accumulated Impairment Charge Carrying Value Trade names (non-amortizable) $ 117,600 $ — $ (67,190) $ 50,410 Indefinite Trade names (amortizable) 74,350 (21,267) (23,232) 29,851 20 years Contractor license 6,000 — (6,000) — N/A Customer relationships 39,800 (21,048) (16,645) 2,107 12 years Construction contract backlog 149,290 (76,388) — 72,902 3 years Total $ 387,040 $ (118,703) $ (113,067) $ 155,270 Amortization expense for the three and nine months ended September 30, 2020 was $9.3 million and $23.9 million, respectively. Amortization expense for the three and nine months ended September 30, 2019 was $0.9 million and $2.7 million, respectively. As of September 30, 2020, amortization expense is estimated to be $11.6 million for the remainder of 2020, $36.5 million in 2021, $10.5 million in 2022 and $2.5 million per year for the years 2023 through 2025. The Company 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 was more likely than not that the fair value of non-amortizable 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. In addition, no triggering events occurred and no circumstances changed since the date of our annual impairment test that would indicate impairment of the Company’s non-amortizable trade names. |
Financial Commitments
Financial Commitments | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Financial Commitments | Financial Commitments Long-Term Debt Long-term debt as reported on the Condensed Consolidated Balance Sheets consisted of the following: (in thousands) As of September 30, As of December 31, 2017 Senior Notes $ 495,039 $ 494,365 Term Loan B 409,027 N/A 2020 Revolver — N/A 2017 Credit Facility N/A 114,000 Convertible Notes (a) 66,803 182,292 Equipment financing and mortgages 43,819 39,159 Other indebtedness 6,335 4,660 Total debt 1,021,023 834,476 Less: Current maturities 99,504 124,054 Long-term debt, net $ 921,519 $ 710,422 ____________________________________________________________________________________________________ (a) The Company will repurchase or retire at or before maturity the remaining Convertible Notes using proceeds from the Term Loan B, $69.9 million of which is currently held in a restricted cash account for this purpose. The following table reconciles the outstanding debt balance to the reported debt balances as of September 30, 2020 and December 31, 2019: As of September 30, 2020 As of December 31, 2019 (in thousands) Outstanding Debt Unamortized Discount and Issuance Costs Debt, Outstanding Debt Unamortized Discount and Issuance Costs Debt, 2017 Senior Notes $ 500,000 $ (4,961) $ 495,039 $ 500,000 $ (5,635) $ 494,365 Term Loan B 425,000 (15,973) 409,027 N/A N/A N/A Convertible Notes 69,918 (3,115) 66,803 200,000 (17,708) 182,292 The unamortized issuance costs related to the 2020 Revolver were $2.8 million as of September 30, 2020 and are included in other assets on the Condensed Consolidated Balance Sheets. The unamortized issuance costs related to the 2017 Credit Facility, which was terminated on August 18, 2020 (as discussed below) were $3.7 million as of December 31, 2019 and were included in other assets on the Condensed Consolidated Balance Sheets. 2020 Credit Agreement On August 18, 2020, the Company entered into a new credit agreement (the “2020 Credit Agreement”) with BMO Harris Bank N.A., as Administrative Agent, Swing Line Lender and L/C Issuer and other lenders. The 2020 Credit Agreement provides for a $425.0 million term loan B facility (the “Term Loan B”) and a $175.0 million revolving credit facility (the “2020 Revolver”), with sublimits for the issuance of letters of credit and swing line loans up to the aggregate amounts of $75.0 million and $10.0 million, respectively. The Term Loan B will mature on August 18, 2027 and the 2020 Revolver will mature on August 18, 2025, in each case, unless any of the 2017 Senior Notes are outstanding on January 30, 2025 (which is 91 days prior to the maturity of the 2017 Senior Notes), in which case, both the Term Loan B and the 2020 Revolver will mature on January 30, 2025 (subject to certain further exceptions). The 2020 Credit Agreement permits the Company to repay any or all borrowings outstanding under the 2020 Credit Agreement at any time prior to maturity without penalty, except that the Company must pay a 1.00% premium in respect to the Term Loan B in connection with any transactions that reduce the yield applicable to the Term Loan B within the first twelve months after August 18, 2020 (subject to certain further exceptions). The 2020 Credit Agreement requires the Company to make regularly scheduled payments of principal on the Term Loan B in quarterly installments equal to 0.25% of the initial principal amount of the Term Loan B. The 2020 Credit Agreement also requires the Company to make prepayments on the Term Loan B in connection with certain asset sales, receipts of insurance proceeds, incurrences of unpermitted indebtedness and annual excess cash flow (subject to certain exceptions). Subject to certain exceptions, at any time prior to maturity, the 2020 Credit Agreement provides the Company with the right to increase the commitments under the 2020 Revolver and/or to establish one or more term loan facilities in an aggregate amount up to (i) the greater of $173.5 million and 50% LTM EBITDA (as defined in the 2020 Credit Agreement) plus (ii) additional amounts if (A) in the case of pari passu first lien secured indebtedness, the First Lien Net Leverage Ratio (as defined in the 2020 Credit Agreement) does not exceed 1.35:1.00, (B) in the case of junior lien secured indebtedness, the Total Net Leverage Ratio (as defined in the 2020 Credit Agreement) does not exceed 3.50:1.00 and (C) in the case of unsecured indebtedness, (x) the Total Net Leverage Ratio does not exceed 3.50:1.00 or (y) the Fixed Charge Coverage Ratio (as defined in the 2020 Credit Agreement) is no less than 2.00:1.00. Borrowings under the 2020 Credit Agreement bear interest, at the Company’s option, at a rate equal to (i) (a) LIBOR or (b) a base rate (determined by reference to the highest of (1) the administrative agent’s prime lending rate, (2) the federal funds effective rate plus 50 basis points and (3) the LIBOR rate for a one-month interest period plus 100 basis points) plus, (ii) an applicable margin. The margin applicable to the Term Loan B is between 4.50% and 4.75% for LIBOR and between 3.50% and 3.75% for base rate (which is initially 4.75% for LIBOR and 3.75% for base rate), and, in each case, is based on the Total Net Leverage Ratio. The margin applicable to the 2020 Revolver is between 4.25% and 4.75% for LIBOR and 3.25% and 3.75% for base rate (which is initially 4.75% for LIBOR and 3.75% for base rate), and, in each case, is based on the First Lien Net Leverage Ratio. In addition to paying interest on outstanding principal under the 2020 Credit Agreement, the Company will pay a commitment fee to the lenders under the 2020 Revolver in respect of the unutilized commitments thereunder. The Company will pay customary letter of credit fees. If a payment or bankruptcy event of default occurs and is continuing, the otherwise applicable margin on overdue amounts will be increased by 2% per annum. The agreement includes provisions for the replacement of LIBOR with an alternative benchmark rate in the event LIBOR is discontinued. The weighted-average annual interest rate on borrowings under the 2020 Revolver was approximately 7.00% during the three months ended September 30, 2020. The 2020 Credit Agreement requires, with respect to the 2020 Revolver only, the Company and its restricted subsidiaries to maintain a maximum First Lien Net Leverage Ratio range of 2.75:1:00, stepping down to 2.25:1.00 beginning the quarter ending March 31, 2022. The 2020 Credit Agreement also includes certain customary representations and warranties, affirmative covenants and events of default. Subject to certain exceptions, substantially all of the Company’s existing and future material wholly-owned subsidiaries unconditionally guarantee the obligations of the Company under the 2020 Credit Agreement; additionally, subject to certain exceptions, the obligations are secured by a lien on substantially all of the assets of the Company and its subsidiaries guaranteeing these obligations. As of September 30, 2020, the entire $175 million was available under the 2020 Revolver and the Company had not utilized the 2020 Revolver for letters of credit. The Company was in compliance with the financial covenants under the 2020 Credit Agreement for the period ended September 30, 2020. Termination of 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 provided for a $350 million revolving credit facility (the “2017 Revolver”) and a sublimit for the issuance of letters of credit and swing line 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, were outstanding on December 17, 2020, in which case all such borrowings would have matured on December 17, 2020 (the “spring-forward provision”). On August 18, 2020, the Company used proceeds from the Term Loan B to repay outstanding amounts under the 2017 Credit Facility. As a result of repaying the outstanding amounts under the 2017 Credit Facility and entering into the 2020 Credit Agreement, the Company terminated the 2017 Credit Facility, including its spring-forward provision that would have accelerated the maturity of the facility to December 17, 2020. The weighted-average annual interest rate on borrowings under the 2017 Revolver was approximately 3.54% during the nine months ended September 30, 2020. At December 31, 2019, the balance outstanding on the 2017 Revolver of $114 million was included in “Current maturities of long-term debt” on the Condensed Consolidated Balance Sheet. 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. On August 19, 2020, the Company used proceeds from the Term Loan B to repurchase $130.1 million aggregate principal amount of the Convertible Notes for an aggregate purchase price of $132.4 million (including accrued and unpaid interest to the repurchase date). At September 30, 2020, $69.9 million ($66.8 million net of unamortized discount and debt issuance costs) of the Convertible Notes remain outstanding and are included in “Current maturities of long-term debt” on the Condensed Consolidated Balance Sheet. The Company will repurchase or retire at or before maturity the remaining Convertible Notes and repay the principal balance using proceeds from the Term Loan B, which are currently held in a restricted cash account for this purpose. 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. Prior to January 15, 2021, the Convertible Notes are convertible only under certain circumstances including 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 September 30, 2020, the conversion provisions of the Convertible Notes have not been triggered and none of the notes have been converted. 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 could have redeemed the 2017 Senior Notes under certain conditions described in the agreement. Since 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. Interest Expense Interest expense as reported in the Condensed Consolidated Statements of Operations consisted of the following: Three Months Ended Nine Months Ended (in thousands) 2020 2019 2020 2019 Cash interest expense: Interest on 2017 Senior Notes $ 8,594 $ 8,594 $ 25,781 $ 25,781 Interest on Term Loan B 2,919 — 2,919 — Interest on 2020 Revolver 26 — 26 — Interest on 2017 Credit Facility 588 3,385 5,341 9,712 Interest on Convertible Notes 995 1,438 3,870 4,313 Other interest 577 540 1,616 1,656 Cash portion of loss on extinguishment 786 — 786 — Total cash interest expense 14,485 13,957 40,339 41,462 Non-cash interest expense: (a) Amortization of discount and debt issuance costs on Convertible Notes 2,073 2,734 7,870 8,013 Amortization of debt issuance costs on Term Loan B 253 — 253 — Amortization of debt issuance costs on 2020 Revolver 64 — 64 — Amortization of debt issuance costs on 2017 Credit Facility 198 401 1,002 1,150 Amortization of debt issuance costs on 2017 Senior Notes 229 213 674 627 Non-cash portion of loss on extinguishment 8,311 — 8,311 — Total non-cash interest expense 11,128 3,348 18,174 9,790 Total interest expense $ 25,613 $ 17,305 $ 58,513 $ 51,252 ____________________________________________________________________________________________________ (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, Term Loan B and the Convertible Notes were 7.13%, 6.50% and 9.39%, respectively, for the nine months ended September 30, 2020. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Leases | LeasesThe 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 September 30, 2020, 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 following table presents components of lease expense for the three and nine months ended September 30, 2020 and 2019: Three Months Ended Nine Months Ended (in thousands) 2020 2019 2020 2019 Operating lease expense $ 3,563 $ 4,047 $ 10,991 $ 11,749 Short-term lease expense (a) 24,502 17,786 64,823 50,843 28,065 21,833 75,814 62,592 Less: Sublease income 193 263 851 784 Total lease expense $ 27,872 $ 21,570 $ 74,963 $ 61,808 ____________________________________________________________________________________________________ (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: (dollars in thousands) Balance Sheet Line Item As of September 30, As of December 31, Assets ROU assets Other assets $ 37,359 $ 40,156 Total lease assets $ 37,359 $ 40,156 Liabilities Current lease liabilities Accrued expenses and other current liabilities $ 9,829 $ 11,392 Long-term lease liabilities Other long-term liabilities 30,668 31,900 Total lease liabilities $ 40,497 $ 43,292 Weighted-average remaining lease term 4.8 years 5.0 years Weighted-average discount rate 6.94 % 5.96 % The following table presents supplemental cash flow information and non-cash activity related to operating leases: Nine Months Ended (in thousands) 2020 2019 Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ (11,026) $ (11,586) Non-cash activity: ROU assets obtained in exchange for lease liabilities $ 6,251 $ 7,621 The following table presents maturities of operating lease liabilities on an undiscounted basis as of September 30, 2020: Year (in thousands) Operating Leases 2020 (excluding the nine months ended September 30, 2020) $ 3,612 2021 11,119 2022 9,773 2023 7,833 2024 5,765 Thereafter 10,086 Total lease payments 48,188 Less: Imputed interest 7,691 Total $ 40,497 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 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 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 September 30, 2020, 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 did not accept 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, 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 late 2020. STP submitted damages to the Insurers in the King County lawsuit in the amount of $532 million. STP also sought 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 alleging breach of contract, seeking $57.2 million in delay-related 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 released and dismissed the 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 appeal is expected to be heard in 2021. 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 (the “Port Authority”) 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. 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. On June 5, 2020, the Developer, secured lenders and the Port Authority announced that they had reached a settlement of their disputes. As part of the settlement, the Port Authority waived the enforcement of its right to seek a “cure” pursuant to its lease agreement with the Developer which requires construction costs be paid prior to any sale of the leasehold, the sole asset in the Developer’s bankruptcy estate to be distributed in this bankruptcy. On July 14, 2020, the bankruptcy court conducted a hearing to determine (1) whether to approve the settlement agreement between the Developer, secured lenders and the Port Authority; and (2) whether TPBC can assert third-party beneficiary rights to the lease agreement and require that prior to the sale of the leasehold, any outstanding costs owed to contractors for the cost of building the project must be paid pursuant to the lease agreement’s “cure” provisions. On August 12, 2020, the bankruptcy court approved the settlement and denied TPBC’s third-party beneficiary rights under the lease agreement. On August 20, 2020, TPBC filed an appeal with the U.S. District Court for the Southern District of New York seeking to challenge the denial of its third-party beneficiary rights under the lease agreement’s “cure” provisions to avoid being subordinate to the claims of the secured lenders in the bankruptcy proceedings. Separately, on July 2, 2018, TPBC filed a lawsuit against the Port Authority, as owner of the project, and STV Incorporated, as designer, seeking the same $113 million in damages pursuant to the lease agreement between the Port Authority and the Developer. On August 20, 2018, the Port Authority filed a motion to dismiss, which was denied by the court on July 1, 2019. The Port Authority appealed this decision on July 15, 2019, and the appeal is expected to be decided in 2021. On December 2, 2019, the Court of Appeal denied the Port Authority’s request to stay the trial court action pending the appeal. As a result, the lawsuit is proceeding against the Port Authority before the trial court. On January 13, 2020, the court dismissed STV Incorporated from the case. On January 27, 2020, TPBC filed separate litigation in the U.S. District Court for the Southern District of New York in which TPBC asserted related 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. On June 1, 2020, the defendants filed motions to dismiss, which are fully briefed, and a decision remains pending from the court. As of September 30, 2020, 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, its owners, certain lenders and the Port Authority, management has made an estimate of the total anticipated recovery on this project, and such estimate is included in revenue recorded to date. |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Sep. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation | Share-Based Compensation As of September 30, 2020, there were 1,616,672 shares of common stock available for grant under the Tutor Perini Corporation Omnibus Incentive Plan. During the first nine months of 2020 and 2019, the Company granted the following share-based instruments: (1) restricted stock units totaling 75,000 and 400,000 with weighted-average fair values per share of $13.93 and $20.90, respectively; (2) stock options totaling 75,000 and 135,000 with weighted-average fair values per share of $3.94 and $6.84, respectively, and weighted-average per share exercise prices of $25.70 and $20.94, respectively; and (3) unrestricted stock units totaling 194,177 and 98,591 with weighted-average fair values per share of $8.60 and $15.72, respectively. 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. The fair value of stock options granted during the first nine months of 2020 was determined using the Black-Scholes model based on the following weighted-average assumptions: (i) expected life of 6.0 years, (ii) expected volatility of 44.91%, (iii) risk-free rate of 1.56%, and (iv) no quarterly dividends. Certain performance-based awards contain market condition components and are valued on the date of grant using a Monte Carlo simulation model. For the three and nine months ended September 30, 2020, the Company recognized, as part of general and administrative expenses, costs for share-based payment arrangements totaling $2.5 million and $10.7 million, respectively, and $4.3 million and $14.3 million for the three and nine months ended September 30, 2019, respectively. As of September 30, 2020, the balance of unamortized share-based compensation expense was $9.6 million, which is expected to be recognized over a weighted-average period of 1.7 years. |
Employee Pension Plans
Employee Pension Plans | 9 Months Ended |
Sep. 30, 2020 | |
Retirement Benefits [Abstract] | |
Employee Pension Plans | Employee Pension PlansThe Company has a defined benefit pension plan and an unfunded supplemental retirement plan. Effective June 1, 2004, all benefit accruals under these plans were frozen; however, the current vested benefit was preserved. The pension disclosure presented below includes aggregated amounts for both of the Company’s plans. The following table sets forth a summary of the net periodic benefit cost for the three and nine months ended September 30, 2020 and 2019: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Interest cost $ 758 $ 948 $ 2,273 $ 2,844 Expected return on plan assets (1,006) (1,043) (3,017) (3,129) Amortization of net loss 592 463 1,775 1,389 Other 231 225 694 675 Net periodic benefit cost $ 575 $ 593 $ 1,725 $ 1,779 The Company contributed $3.2 million and $3.3 million to its defined benefit pension plan during each of the nine-month periods ended September 30, 2020 and 2019, respectively, and expects to contribute an additional $0.9 million by the end of 2020. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The fair value hierarchy established by ASC 820, Fair Value Measurement , prioritizes the use of inputs used in valuation techniques into the following three levels: • Level 1 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 September 30, 2020 and December 31, 2019: As of September 30, 2020 As of December 31, 2019 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) $ 348,366 $ — $ — $ 348,366 $ 193,685 $ — $ — $ 193,685 Restricted cash (a) 80,974 — — 80,974 8,416 — — 8,416 Restricted investments (b) — 75,475 — 75,475 — 70,974 — 70,974 Investments in lieu of retainage (c) 106,068 1,242 — 107,310 89,572 1,219 — 90,791 Total $ 535,408 $ 76,717 $ — $ 612,125 $ 291,673 $ 72,193 $ — $ 363,866 ____________________________________________________________________________________________________ (a) Includes money market funds and short-term investments with maturity dates of three months or less when acquired. (b) Restricted investments, as of September 30, 2020, consist of investments in U.S. government agency securities of $40.0 million, corporate debt securities of $35.1 million and corporate certificates of deposits of $0.4 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, 2019, restricted investments consisted 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. The amortized cost of these available-for-sale securities at September 30, 2020 and December 31, 2019 was not materially different from the fair value. (c) Investments in lieu of retainage are included in retainage receivable and as of September 30, 2020 are comprised of money market funds of $106.1 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, 2019, investments in lieu of retainage consisted of money market funds of $89.6 million and municipal bonds of $1.2 million. The amortized cost of these available-for-sale securities at September 30, 2020 and December 31, 2019 was not materially different from the fair value. |
Variable Interest Entities (VIE
Variable Interest Entities (VIEs) | 9 Months Ended |
Sep. 30, 2020 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities (VIEs) | 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, Consolidation (“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 a 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 September 30, 2020, the Company had unconsolidated VIE-related current assets and liabilities of $0.8 million and $0.7 million, respectively, included in the Company’s Condensed Consolidated Balance Sheet. 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 Condensed 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 September 30, 2020. As of September 30, 2020, the Company’s Condensed Consolidated Balance Sheet included current and noncurrent assets of $417.5 million and $19.2 million, respectively, as well as current liabilities of $550.1 million related to the operations of its consolidated VIEs. As of December 31, 2019, the Company’s Condensed 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. 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. 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 |
Changes in Equity
Changes in Equity | 9 Months Ended |
Sep. 30, 2020 | |
Stockholders' Equity Note [Abstract] | |
Changes in Equity | Changes in Equity A reconciliation of the changes in equity for the three and nine months ended September 30, 2020 and 2019 is provided below: Three Months Ended September 30, 2020 (in thousands) Common Additional Retained Accumulated Noncontrolling Total Balance - June 30, 2020 $ 50,771 $ 1,124,672 $ 350,071 $ (40,597) $ (20,776) $ 1,464,141 Net income — — 36,819 — 12,504 49,323 Other comprehensive income — — — 781 520 1,301 Share-based compensation — 2,471 — — — 2,471 Convertible note repayment allocated to conversion option — (929) — — — (929) Issuance of common stock, net 56 (759) — — — (703) Distributions to noncontrolling interests — — — — (6,307) (6,307) Balance - September 30, 2020 $ 50,827 $ 1,125,455 $ 386,890 $ (39,816) $ (14,059) $ 1,509,297 Nine Months Ended September 30, 2020 (in thousands) Common Additional Retained Accumulated Noncontrolling Total Balance - December 31, 2019 $ 50,279 $ 1,117,972 $ 313,991 $ (42,100) $ (9,617) $ 1,430,525 Net income — — 72,899 — 33,421 106,320 Other comprehensive income (loss) — — — 2,284 (646) 1,638 Share-based compensation — 10,163 — — — 10,163 Convertible note repayment allocated to conversion option — (929) — — — (929) Issuance of common stock, net 548 (1,751) — — — (1,203) Distributions to noncontrolling interests — — — — (37,217) (37,217) Balance - September 30, 2020 $ 50,827 $ 1,125,455 $ 386,890 $ (39,816) $ (14,059) $ 1,509,297 Three Months Ended September 30, 2019 (in thousands) Common Additional Retained Accumulated Noncontrolling Total Balance - June 30, 2019 $ 50,279 $ 1,110,496 $ 380,795 $ (42,530) $ (9,481) $ 1,489,559 Net income — — 19,313 — 7,408 26,721 Other comprehensive income (loss) — — — 236 (99) 137 Share-based compensation — 3,491 — — — 3,491 Contributions from noncontrolling interests — — — — 1,140 1,140 Distributions to noncontrolling interests — — — — (17,500) (17,500) Balance - September 30, 2019 $ 50,279 $ 1,113,987 $ 400,108 $ (42,294) $ (18,532) $ 1,503,548 Nine Months Ended September 30, 2019 (in thousands) Common Additional Retained Accumulated Noncontrolling Total Balance - December 31, 2018 $ 50,026 $ 1,102,919 $ 701,681 $ (45,449) $ (21,288) $ 1,787,889 Net income (loss) — — (301,573) — 17,577 (283,996) Other comprehensive income — — — 3,155 160 3,315 Share-based compensation — 13,586 — — — 13,586 Issuance of common stock, net 253 (2,518) — — — (2,265) Contributions from noncontrolling interests — — — — 6,519 6,519 Distributions to noncontrolling interests — — — — (21,500) (21,500) Balance - September 30, 2019 $ 50,279 $ 1,113,987 $ 400,108 $ (42,294) $ (18,532) $ 1,503,548 |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Other Comprehensive Income (Loss) | 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 three and nine months ended September 30, 2020 and 2019 were as follows: Three Months Ended September 30, 2020 Three Months Ended September 30, 2019 (in thousands) Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount Other comprehensive income: Defined benefit pension plan adjustments $ 592 $ (168) $ 424 $ 464 $ (133) $ 331 Foreign currency translation adjustments 1,333 (231) 1,102 (590) 140 (450) Unrealized gain (loss) in fair value of investments (281) 56 (225) 328 (72) 256 Total other comprehensive income 1,644 (343) 1,301 202 (65) 137 Less: Other comprehensive income (loss) attributable to noncontrolling interests (a) 520 — 520 (99) — (99) Total other comprehensive income attributable to Tutor Perini Corporation $ 1,124 $ (343) $ 781 $ 301 $ (65) $ 236 (a) The only component of other comprehensive income (loss) attributable to noncontrolling interests is foreign currency translation. Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2019 (in thousands) Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount Before-Tax Amount Tax Expense Net-of-Tax Amount Other comprehensive income: Defined benefit pension plan adjustments $ 1,775 $ (504) $ 1,271 $ 1,390 $ (398) $ 992 Foreign currency translation adjustment (1,621) 365 (1,256) 961 (253) 708 Unrealized gain in fair value of investments 2,078 (455) 1,623 2,053 (438) 1,615 Total other comprehensive income 2,232 (594) 1,638 4,404 (1,089) 3,315 Less: Other comprehensive income (loss) attributable to noncontrolling interests (a) (646) — (646) 160 — 160 Total other comprehensive income attributable to Tutor Perini Corporation $ 2,878 $ (594) $ 2,284 $ 4,244 $ (1,089) $ 3,155 (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 three and nine months ended September 30, 2020 were as follows: Three Months Ended September 30, 2020 (in thousands) Defined Foreign Unrealized Gain (Loss) in Fair Value of Investments, Net Accumulated Attributable to Tutor Perini Corporation: Balance as of June 30, 2020 $ (36,979) $ (6,563) $ 2,945 $ (40,597) Other comprehensive income (loss) before reclassifications — 582 (3) 579 Amounts reclassified from AOCI 424 — (222) 202 Total other comprehensive income 424 582 (225) 781 Balance as of September 30, 2020 $ (36,555) $ (5,981) $ 2,720 $ (39,816) Nine Months Ended September 30, 2020 (in thousands) Defined Foreign Unrealized Gain (Loss) in Fair Value of Investments, Net Accumulated Attributable to Tutor Perini Corporation: Balance as of December 31, 2019 $ (37,826) $ (5,371) $ 1,097 $ (42,100) Other comprehensive income (loss) before reclassifications — (610) 1,878 1,268 Amounts reclassified from AOCI 1,271 — (255) 1,016 Total other comprehensive income (loss) 1,271 (610) 1,623 2,284 Balance as of September 30, 2020 $ (36,555) $ (5,981) $ 2,720 $ (39,816) The changes in AOCI balances by component (after tax) attributable to Tutor Perini Corporation during the three and nine months ended September 30, 2019 were as follows: Three Months Ended September 30, 2019 (in thousands) Defined Foreign Unrealized Gain in Fair Value of Investments, Net Accumulated Attributable to Tutor Perini Corporation: Balance as of June 30, 2019 $ (38,009) $ (5,416) $ 895 $ (42,530) Other comprehensive income (loss) before reclassifications — (351) 254 (97) Amounts reclassified from AOCI 331 — 2 333 Total other comprehensive income (loss) 331 (351) 256 236 Balance as of September 30, 2019 $ (37,678) $ (5,767) $ 1,151 $ (42,294) Nine Months Ended September 30, 2019 (in thousands) Defined Foreign Unrealized Gain (Loss) in Fair Value of Investments, Net Accumulated Attributable to Tutor Perini Corporation: Balance as of December 31, 2018 $ (38,670) $ (6,315) $ (464) $ (45,449) Other comprehensive income before reclassifications — 548 1,633 2,181 Amounts reclassified from AOCI 992 — (18) 974 Total other comprehensive income 992 548 1,615 3,155 Balance as of September 30, 2019 $ (37,678) $ (5,767) $ 1,151 $ (42,294) |
Business Segments
Business Segments | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Business Segments | 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 three and nine months ended September 30, 2020 and 2019: Reportable Segments (in thousands) Civil Building Specialty Total Corporate Consolidated Three Months Ended September 30, 2020 Total revenue $ 723,324 $ 552,823 $ 322,091 $ 1,598,238 $ — $ 1,598,238 Elimination of intersegment revenue (111,328) (44,683) (136) (156,147) — (156,147) Revenue from external customers $ 611,996 $ 508,140 $ 321,955 $ 1,442,091 $ — $ 1,442,091 Income (loss) from construction operations $ 70,237 $ 15,815 $ 9,700 $ 95,752 (a) $ (12,731) (b) $ 83,021 Capital expenditures $ 10,996 $ 438 $ 224 $ 11,658 $ 352 $ 12,010 Depreciation and amortization (c) $ 26,659 $ 419 $ 1,002 $ 28,080 $ 2,778 $ 30,858 Three Months Ended September 30, 2019 Total revenue $ 591,884 $ 421,241 $ 249,453 $ 1,262,578 $ — $ 1,262,578 Elimination of intersegment revenue (67,338) (5,895) — (73,233) — (73,233) Revenue from external customers $ 524,546 $ 415,346 $ 249,453 $ 1,189,345 $ — $ 1,189,345 Income (loss) from construction operations $ 50,695 $ 7,580 $ 7,247 $ 65,522 $ (17,579) (b) $ 47,943 Capital expenditures $ 22,497 $ 144 $ 325 $ 22,966 $ 365 $ 23,331 Depreciation and amortization (c) $ 11,953 $ 495 $ 1,018 $ 13,466 $ 2,761 $ 16,227 ____________________________________________________________________________________________________ (a) During the three months ended September 30, 2020, income (loss) from construction operations was positively impacted by $19.6 million (a favorable after-tax impact of $14.1 million, or $0.28 per diluted share) as a result of a favorable arbitration decision related to a dispute in the Specialty Contractors segment. This favorable impact was largely offset by an adverse impact of $15.2 million (an unfavorable after-tax impact of $10.9 million, or $0.21 per diluted share) due to an unfavorable legal ruling pertaining to a mechanical project in California in the Specialty Contractors segment. (b) Consists primarily of corporate general and administrative expenses. (c) Depreciation and amortization is included in income (loss) from construction operations. Reportable Segments (in thousands) Civil Building Specialty Total Corporate Consolidated Nine Months Ended September 30, 2020 Total revenue $ 1,948,095 $ 1,548,223 $ 839,040 $ 4,335,358 $ — $ 4,335,358 Elimination of intersegment revenue (280,494) (85,298) (319) (366,111) — (366,111) Revenue from external customers $ 1,667,601 $ 1,462,925 $ 838,721 $ 3,969,247 $ — $ 3,969,247 Income (loss) from construction operations $ 181,756 $ 37,120 $ 6,591 $ 225,467 (a) $ (37,523) (b) $ 187,944 Capital expenditures $ 41,139 $ 636 $ 952 $ 42,727 $ 669 $ 43,396 Depreciation and amortization (c) $ 67,050 $ 1,274 $ 2,990 $ 71,314 $ 8,320 $ 79,634 Nine Months Ended September 30, 2019 Total revenue $ 1,516,623 $ 1,291,043 $ 664,279 $ 3,471,945 $ — $ 3,471,945 Elimination of intersegment revenue (184,925) (13,913) — (198,838) — (198,838) Revenue from external customers $ 1,331,698 $ 1,277,130 $ 664,279 $ 3,273,107 $ — $ 3,273,107 Income (loss) from construction operations $ (72,032) $ 6,903 $ (160,036) $ (225,165) (d) $ (45,696) (b) $ (270,861) Capital expenditures $ 60,948 $ 349 $ 558 $ 61,855 $ 822 $ 62,677 Depreciation and amortization (c) $ 31,608 $ 1,495 $ 3,143 $ 36,246 $ 8,295 $ 44,541 ____________________________________________________________________________________________________ (a) During the nine months ended September 30, 2020, income (loss) from construction operations was adversely impacted by $15.2 million (an unfavorable after-tax impact of $10.9 million, or $0.21 per diluted share) in the third quarter of 2020 due to an unfavorable legal ruling pertaining to a mechanical project in California in the Specialty Contractors segment, as well as by $13.2 million (an unfavorable after-tax impact of $9.5 million, or $0.19 per diluted share) in the second quarter of 2020 due to an adverse arbitration ruling pertaining to an electrical project in New York in the Specialty Contractors segment. These adverse impacts were mostly offset by $19.6 million (a favorable after-tax impact of $14.1 million, or $0.28 per diluted share) in the third quarter of 2020 as a result of a favorable arbitration decision related to a dispute in the Specialty Contractors segment. (b) Consists primarily of corporate general and administrative expenses. (c) Depreciation and amortization is included in income (loss) from construction operations. (d) During the nine months ended September 30, 2019, the Company recorded a non-cash goodwill impairment charge of $379.9 million in income (loss) from construction operations (an unfavorable after-tax impact of $329.5 million, or $6.56 per diluted share) resulting from an interim impairment test the Company performed as of June 1, 2019. A reconciliation of segment results to the consolidated income (loss) before income taxes is as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Income (loss) from construction operations $ 83,021 $ 47,943 $ 187,944 $ (270,861) Other income (expense) (8,048) 1,674 (8,364) 2,996 Interest expense (25,613) (17,305) (58,513) (51,252) Income (loss) before income taxes $ 49,360 $ 32,312 $ 121,067 $ (319,117) Total assets by segment were as follows: (in thousands) As of September 30, 2020 As of December 31, 2019 Civil $ 3,168,681 $ 2,791,402 Building 1,086,462 995,298 Specialty Contractors 708,673 635,180 Corporate and other (a) 78,440 63,897 Total assets $ 5,042,256 $ 4,485,777 ____________________________________________________________________________________________________ (a) Consists principally of cash, equipment, tax-related assets and insurance-related assets, offset by the elimination of assets related to intersegment revenue. |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
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 three and nine months ended September 30, 2020 and 2019. Three Months Ended Nine Months Ended (in thousands) 2020 2019 2020 2019 Civil segment revenue by end market: Mass transit (includes transportation and tunneling projects) $ 372,131 $ 265,671 $ 1,024,083 $ 655,541 Bridges 104,722 113,743 246,006 269,517 Military defense facilities 44,246 16,914 102,898 40,335 Highways 30,086 44,630 98,259 145,917 Water 23,277 7,555 76,569 21,882 Other 37,534 76,033 119,786 198,506 Total Civil segment revenue $ 611,996 $ 524,546 $ 1,667,601 $ 1,331,698 Three Months Ended Nine Months Ended (in thousands) 2020 2019 2020 2019 Building segment revenue by end market: Commercial and industrial facilities $ 162,364 $ 121,206 $ 402,312 $ 345,752 Hospitality and gaming 119,588 57,672 346,517 180,556 Municipal and government 66,505 62,444 215,230 192,986 Mass transit (includes transportation projects) 50,206 53,384 174,605 123,772 Education facilities 50,425 33,469 129,085 123,059 Health care facilities 26,344 58,323 94,651 199,347 Other 32,708 28,848 100,525 111,658 Total Building segment revenue $ 508,140 $ 415,346 $ 1,462,925 $ 1,277,130 Three Months Ended Nine Months Ended (in thousands) 2020 2019 2020 2019 Specialty Contractors segment revenue by end market: Mass transit (includes transportation and tunneling projects) $ 179,875 $ 103,710 $ 447,180 $ 285,121 Commercial and industrial facilities 41,378 51,471 115,382 139,112 Multi-unit residential 39,014 25,860 103,118 56,474 Water 20,413 9,706 46,341 26,143 Education facilities 12,236 21,610 39,131 47,226 Other 29,039 37,096 87,569 110,203 Total Specialty Contractors segment revenue $ 321,955 $ 249,453 $ 838,721 $ 664,279 Three Months Ended Three Months Ended (in thousands) Civil Building Specialty Total Civil Building Specialty Total Revenue by customer type: State and local agencies $ 526,771 $ 126,448 $ 155,175 $ 808,394 $ 420,839 $ 144,106 $ 136,191 $ 701,136 Federal agencies 48,861 32,392 29,362 110,615 32,852 36,890 4,786 74,528 Private owners 36,364 349,300 137,418 523,082 70,855 234,350 108,476 413,681 Total revenue $ 611,996 $ 508,140 $ 321,955 $ 1,442,091 $ 524,546 $ 415,346 $ 249,453 $ 1,189,345 Nine Months Ended Nine Months Ended (in thousands) Civil Building Specialty Total Civil Building Specialty Total Revenue by customer type: State and local agencies $ 1,426,644 $ 430,212 $ 401,671 $ 2,258,527 $ 1,059,384 $ 422,590 $ 347,517 $ 1,829,491 Federal agencies 128,112 99,013 50,410 277,535 82,989 121,437 15,316 219,742 Private owners 112,845 933,700 386,640 1,433,185 189,325 733,103 301,446 1,223,874 Total revenue $ 1,667,601 $ 1,462,925 $ 838,721 $ 3,969,247 $ 1,331,698 $ 1,277,130 $ 664,279 $ 3,273,107 Three Months Ended Three Months Ended (in thousands) Civil Building Specialty Total Civil Building Specialty Total Revenue by contract type: Fixed price $ 484,851 $ 117,650 $ 284,534 $ 887,035 $ 376,230 $ 144,514 $ 208,689 $ 729,433 Guaranteed maximum price 179 308,299 1,923 310,401 639 159,217 4,405 164,261 Unit price 124,506 254 31,191 155,951 142,253 2,922 25,193 170,368 Cost plus fee and other 2,460 81,937 4,307 88,704 5,424 108,693 11,166 125,283 Total revenue $ 611,996 $ 508,140 $ 321,955 $ 1,442,091 $ 524,546 $ 415,346 $ 249,453 $ 1,189,345 Nine Months Ended Nine Months Ended (in thousands) Civil Building Specialty Total Civil Building Specialty Total Revenue by contract type: Fixed price $ 1,349,750 $ 401,957 $ 743,241 $ 2,494,948 $ 969,041 $ 395,123 $ 551,779 $ 1,915,943 Guaranteed maximum price 768 794,810 3,850 799,428 4,517 551,399 15,326 571,242 Unit price 307,654 1,417 70,784 379,855 343,416 10,950 64,379 418,745 Cost plus fee and other 9,429 264,741 20,846 295,016 14,724 319,658 32,795 367,177 Total revenue $ 1,667,601 $ 1,462,925 $ 838,721 $ 3,969,247 $ 1,331,698 $ 1,277,130 $ 664,279 $ 3,273,107 |
Contract Assets and Liabiliti_2
Contract Assets and Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract] | |
Schedule of Contract Assets and Liabilities | 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 Condensed Consolidated Balance Sheets consisted of the following: (in thousands) As of September 30, As of December 31, Retainage receivable $ 621,414 $ 562,375 Costs and estimated earnings in excess of billings: Claims 743,057 705,993 Unapproved change orders 372,830 362,264 Other unbilled costs and profits 64,328 55,287 Total costs and estimated earnings in excess of billings 1,180,215 1,123,544 Capitalized contract costs 84,391 80,294 Total contract assets $ 1,886,020 $ 1,766,213 Contract liabilities include amounts owed under retainage provisions and billings in excess of costs and estimated earnings. The amount as reported on the Condensed Consolidated Balance Sheets consisted of the following: (in thousands) As of September 30, As of December 31, Retainage payable $ 296,200 $ 252,181 Billings in excess of costs and estimated earnings 911,378 844,389 Total contract liabilities $ 1,207,578 $ 1,096,570 |
Cash, Cash Equivalents and Re_2
Cash, Cash Equivalents and Restricted Cash (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Cash and Cash Equivalents [Abstract] | |
Reconciliation of Cash, Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets to the amounts shown in the Condensed Consolidated Statements of Cash Flows: (in thousands) As of September 30, As of December 31, Cash and cash equivalents available for general corporate purposes $ 168,986 $ 43,760 Joint venture cash and cash equivalents 179,380 149,925 Cash and cash equivalents 348,366 193,685 Restricted cash 80,974 8,416 Total cash, cash equivalents and restricted cash $ 429,340 $ 202,101 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Calculations of Basic and Diluted EPS | Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per common share data) 2020 2019 2020 2019 Net income (loss) attributable to Tutor Perini Corporation $ 36,819 $ 19,313 $ 72,899 $ (301,573) Weighted-average common shares outstanding, basic 50,787 50,279 50,598 50,201 Effect of dilutive restricted stock units and stock options 454 303 406 — Weighted-average common shares outstanding, diluted 51,241 50,582 51,004 50,201 Net income (loss) attributable to Tutor Perini Corporation per common share: Basic $ 0.72 $ 0.38 $ 1.44 $ (6.01) Diluted $ 0.72 $ 0.38 $ 1.43 $ (6.01) Anti-dilutive securities not included above 1,514 1,665 1,977 3,458 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Carrying Amount of Goodwill | The following table presents the changes in the carrying amount of goodwill since its inception through September 30, 2020: (in thousands) Civil Building Specialty Total Gross goodwill $ 492,074 $ 424,724 $ 156,193 $ 1,072,991 Accumulated impairment (286,931) (424,724) (156,193) (867,848) Balance as of December 31, 2019 205,143 — — 205,143 Current year activity — — — — Balance as of September 30, 2020 $ 205,143 $ — $ — $ 205,143 |
Intangible Assets | Intangible assets consist of the following: As of September 30, 2020 Weighted Average Amortization Period (in thousands) Cost Accumulated Accumulated Impairment Charge Carrying Value Trade names (non-amortizable) $ 117,600 $ — $ (67,190) $ 50,410 Indefinite Trade names (amortizable) 74,350 (23,133) (23,232) 27,985 20 years Contractor license 6,000 — (6,000) — N/A Customer relationships 39,800 (21,839) (16,645) 1,316 12 years Construction contract backlog 149,290 (97,610) — 51,680 3 years Total $ 387,040 $ (142,582) $ (113,067) $ 131,391 As of December 31, 2019 Weighted Average Amortization Period (in thousands) Cost Accumulated Accumulated Impairment Charge Carrying Value Trade names (non-amortizable) $ 117,600 $ — $ (67,190) $ 50,410 Indefinite Trade names (amortizable) 74,350 (21,267) (23,232) 29,851 20 years Contractor license 6,000 — (6,000) — N/A Customer relationships 39,800 (21,048) (16,645) 2,107 12 years Construction contract backlog 149,290 (76,388) — 72,902 3 years Total $ 387,040 $ (118,703) $ (113,067) $ 155,270 |
Financial Commitments (Tables)
Financial Commitments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-term debt as reported on the Condensed Consolidated Balance Sheets consisted of the following: (in thousands) As of September 30, As of December 31, 2017 Senior Notes $ 495,039 $ 494,365 Term Loan B 409,027 N/A 2020 Revolver — N/A 2017 Credit Facility N/A 114,000 Convertible Notes (a) 66,803 182,292 Equipment financing and mortgages 43,819 39,159 Other indebtedness 6,335 4,660 Total debt 1,021,023 834,476 Less: Current maturities 99,504 124,054 Long-term debt, net $ 921,519 $ 710,422 ____________________________________________________________________________________________________ (a) The Company will repurchase or retire at or before maturity the remaining Convertible Notes using proceeds from the Term Loan B, $69.9 million of which is currently held in a restricted cash account for this purpose. |
Reconciliation of Outstanding Debt Balance to Reported Debt Balance | The following table reconciles the outstanding debt balance to the reported debt balances as of September 30, 2020 and December 31, 2019: As of September 30, 2020 As of December 31, 2019 (in thousands) Outstanding Debt Unamortized Discount and Issuance Costs Debt, Outstanding Debt Unamortized Discount and Issuance Costs Debt, 2017 Senior Notes $ 500,000 $ (4,961) $ 495,039 $ 500,000 $ (5,635) $ 494,365 Term Loan B 425,000 (15,973) 409,027 N/A N/A N/A Convertible Notes 69,918 (3,115) 66,803 200,000 (17,708) 182,292 |
Summary of Interest Expense as Reported in the Consolidated Statements of Operations | Interest expense as reported in the Condensed Consolidated Statements of Operations consisted of the following: Three Months Ended Nine Months Ended (in thousands) 2020 2019 2020 2019 Cash interest expense: Interest on 2017 Senior Notes $ 8,594 $ 8,594 $ 25,781 $ 25,781 Interest on Term Loan B 2,919 — 2,919 — Interest on 2020 Revolver 26 — 26 — Interest on 2017 Credit Facility 588 3,385 5,341 9,712 Interest on Convertible Notes 995 1,438 3,870 4,313 Other interest 577 540 1,616 1,656 Cash portion of loss on extinguishment 786 — 786 — Total cash interest expense 14,485 13,957 40,339 41,462 Non-cash interest expense: (a) Amortization of discount and debt issuance costs on Convertible Notes 2,073 2,734 7,870 8,013 Amortization of debt issuance costs on Term Loan B 253 — 253 — Amortization of debt issuance costs on 2020 Revolver 64 — 64 — Amortization of debt issuance costs on 2017 Credit Facility 198 401 1,002 1,150 Amortization of debt issuance costs on 2017 Senior Notes 229 213 674 627 Non-cash portion of loss on extinguishment 8,311 — 8,311 — Total non-cash interest expense 11,128 3,348 18,174 9,790 Total interest expense $ 25,613 $ 17,305 $ 58,513 $ 51,252 ____________________________________________________________________________________________________ (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, Term Loan B and the Convertible Notes were 7.13%, 6.50% and 9.39%, respectively, for the nine months ended September 30, 2020. |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Components of Lease Expense | The following table presents components of lease expense for the three and nine months ended September 30, 2020 and 2019: Three Months Ended Nine Months Ended (in thousands) 2020 2019 2020 2019 Operating lease expense $ 3,563 $ 4,047 $ 10,991 $ 11,749 Short-term lease expense (a) 24,502 17,786 64,823 50,843 28,065 21,833 75,814 62,592 Less: Sublease income 193 263 851 784 Total lease expense $ 27,872 $ 21,570 $ 74,963 $ 61,808 ____________________________________________________________________________________________________ (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: (dollars in thousands) Balance Sheet Line Item As of September 30, As of December 31, Assets ROU assets Other assets $ 37,359 $ 40,156 Total lease assets $ 37,359 $ 40,156 Liabilities Current lease liabilities Accrued expenses and other current liabilities $ 9,829 $ 11,392 Long-term lease liabilities Other long-term liabilities 30,668 31,900 Total lease liabilities $ 40,497 $ 43,292 Weighted-average remaining lease term 4.8 years 5.0 years Weighted-average discount rate 6.94 % 5.96 % The following table presents supplemental cash flow information and non-cash activity related to operating leases: Nine Months Ended (in thousands) 2020 2019 Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ (11,026) $ (11,586) Non-cash activity: ROU assets obtained in exchange for lease liabilities $ 6,251 $ 7,621 |
Maturity of Operating Lease Liabilities on an Undiscounted Basis | The following table presents maturities of operating lease liabilities on an undiscounted basis as of September 30, 2020: Year (in thousands) Operating Leases 2020 (excluding the nine months ended September 30, 2020) $ 3,612 2021 11,119 2022 9,773 2023 7,833 2024 5,765 Thereafter 10,086 Total lease payments 48,188 Less: Imputed interest 7,691 Total $ 40,497 |
Employee Pension Plans (Tables)
Employee Pension Plans (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Retirement Benefits [Abstract] | |
Summary of Net Periodic Benefit Cost | The following table sets forth a summary of the net periodic benefit cost for the three and nine months ended September 30, 2020 and 2019: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Interest cost $ 758 $ 948 $ 2,273 $ 2,844 Expected return on plan assets (1,006) (1,043) (3,017) (3,129) Amortization of net loss 592 463 1,775 1,389 Other 231 225 694 675 Net periodic benefit cost $ 575 $ 593 $ 1,725 $ 1,779 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | The following fair value hierarchy table presents the Company’s assets that are measured at fair value on a recurring basis as of September 30, 2020 and December 31, 2019: As of September 30, 2020 As of December 31, 2019 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) $ 348,366 $ — $ — $ 348,366 $ 193,685 $ — $ — $ 193,685 Restricted cash (a) 80,974 — — 80,974 8,416 — — 8,416 Restricted investments (b) — 75,475 — 75,475 — 70,974 — 70,974 Investments in lieu of retainage (c) 106,068 1,242 — 107,310 89,572 1,219 — 90,791 Total $ 535,408 $ 76,717 $ — $ 612,125 $ 291,673 $ 72,193 $ — $ 363,866 ____________________________________________________________________________________________________ (a) Includes money market funds and short-term investments with maturity dates of three months or less when acquired. (b) Restricted investments, as of September 30, 2020, consist of investments in U.S. government agency securities of $40.0 million, corporate debt securities of $35.1 million and corporate certificates of deposits of $0.4 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, 2019, restricted investments consisted 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. The amortized cost of these available-for-sale securities at September 30, 2020 and December 31, 2019 was not materially different from the fair value. (c) Investments in lieu of retainage are included in retainage receivable and as of September 30, 2020 are comprised of money market funds of $106.1 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, 2019, investments in lieu of retainage consisted of money market funds of $89.6 million and municipal bonds of $1.2 million. The amortized cost of these available-for-sale securities at September 30, 2020 and December 31, 2019 was not materially different from the fair value. |
Changes in Equity (Tables)
Changes in Equity (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Stockholders' Equity Note [Abstract] | |
Schedule Of Stockholders Equity | A reconciliation of the changes in equity for the three and nine months ended September 30, 2020 and 2019 is provided below: Three Months Ended September 30, 2020 (in thousands) Common Additional Retained Accumulated Noncontrolling Total Balance - June 30, 2020 $ 50,771 $ 1,124,672 $ 350,071 $ (40,597) $ (20,776) $ 1,464,141 Net income — — 36,819 — 12,504 49,323 Other comprehensive income — — — 781 520 1,301 Share-based compensation — 2,471 — — — 2,471 Convertible note repayment allocated to conversion option — (929) — — — (929) Issuance of common stock, net 56 (759) — — — (703) Distributions to noncontrolling interests — — — — (6,307) (6,307) Balance - September 30, 2020 $ 50,827 $ 1,125,455 $ 386,890 $ (39,816) $ (14,059) $ 1,509,297 Nine Months Ended September 30, 2020 (in thousands) Common Additional Retained Accumulated Noncontrolling Total Balance - December 31, 2019 $ 50,279 $ 1,117,972 $ 313,991 $ (42,100) $ (9,617) $ 1,430,525 Net income — — 72,899 — 33,421 106,320 Other comprehensive income (loss) — — — 2,284 (646) 1,638 Share-based compensation — 10,163 — — — 10,163 Convertible note repayment allocated to conversion option — (929) — — — (929) Issuance of common stock, net 548 (1,751) — — — (1,203) Distributions to noncontrolling interests — — — — (37,217) (37,217) Balance - September 30, 2020 $ 50,827 $ 1,125,455 $ 386,890 $ (39,816) $ (14,059) $ 1,509,297 Three Months Ended September 30, 2019 (in thousands) Common Additional Retained Accumulated Noncontrolling Total Balance - June 30, 2019 $ 50,279 $ 1,110,496 $ 380,795 $ (42,530) $ (9,481) $ 1,489,559 Net income — — 19,313 — 7,408 26,721 Other comprehensive income (loss) — — — 236 (99) 137 Share-based compensation — 3,491 — — — 3,491 Contributions from noncontrolling interests — — — — 1,140 1,140 Distributions to noncontrolling interests — — — — (17,500) (17,500) Balance - September 30, 2019 $ 50,279 $ 1,113,987 $ 400,108 $ (42,294) $ (18,532) $ 1,503,548 Nine Months Ended September 30, 2019 (in thousands) Common Additional Retained Accumulated Noncontrolling Total Balance - December 31, 2018 $ 50,026 $ 1,102,919 $ 701,681 $ (45,449) $ (21,288) $ 1,787,889 Net income (loss) — — (301,573) — 17,577 (283,996) Other comprehensive income — — — 3,155 160 3,315 Share-based compensation — 13,586 — — — 13,586 Issuance of common stock, net 253 (2,518) — — — (2,265) Contributions from noncontrolling interests — — — — 6,519 6,519 Distributions to noncontrolling interests — — — — (21,500) (21,500) Balance - September 30, 2019 $ 50,279 $ 1,113,987 $ 400,108 $ (42,294) $ (18,532) $ 1,503,548 |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Components of Other Comprehensive Income (Loss) and Related Tax Effects | The components of other comprehensive income (loss) and the related tax effects for the three and nine months ended September 30, 2020 and 2019 were as follows: Three Months Ended September 30, 2020 Three Months Ended September 30, 2019 (in thousands) Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount Other comprehensive income: Defined benefit pension plan adjustments $ 592 $ (168) $ 424 $ 464 $ (133) $ 331 Foreign currency translation adjustments 1,333 (231) 1,102 (590) 140 (450) Unrealized gain (loss) in fair value of investments (281) 56 (225) 328 (72) 256 Total other comprehensive income 1,644 (343) 1,301 202 (65) 137 Less: Other comprehensive income (loss) attributable to noncontrolling interests (a) 520 — 520 (99) — (99) Total other comprehensive income attributable to Tutor Perini Corporation $ 1,124 $ (343) $ 781 $ 301 $ (65) $ 236 (a) The only component of other comprehensive income (loss) attributable to noncontrolling interests is foreign currency translation. Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2019 (in thousands) Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount Before-Tax Amount Tax Expense Net-of-Tax Amount Other comprehensive income: Defined benefit pension plan adjustments $ 1,775 $ (504) $ 1,271 $ 1,390 $ (398) $ 992 Foreign currency translation adjustment (1,621) 365 (1,256) 961 (253) 708 Unrealized gain in fair value of investments 2,078 (455) 1,623 2,053 (438) 1,615 Total other comprehensive income 2,232 (594) 1,638 4,404 (1,089) 3,315 Less: Other comprehensive income (loss) attributable to noncontrolling interests (a) (646) — (646) 160 — 160 Total other comprehensive income attributable to Tutor Perini Corporation $ 2,878 $ (594) $ 2,284 $ 4,244 $ (1,089) $ 3,155 (a) The only component of other comprehensive income (loss) attributable to noncontrolling interests is foreign currency translation. |
Schedule of Changes in AOCI Balances by Component (After-Tax) | The changes in AOCI balances by component (after tax) attributable to Tutor Perini Corporation during the three and nine months ended September 30, 2020 were as follows: Three Months Ended September 30, 2020 (in thousands) Defined Foreign Unrealized Gain (Loss) in Fair Value of Investments, Net Accumulated Attributable to Tutor Perini Corporation: Balance as of June 30, 2020 $ (36,979) $ (6,563) $ 2,945 $ (40,597) Other comprehensive income (loss) before reclassifications — 582 (3) 579 Amounts reclassified from AOCI 424 — (222) 202 Total other comprehensive income 424 582 (225) 781 Balance as of September 30, 2020 $ (36,555) $ (5,981) $ 2,720 $ (39,816) Nine Months Ended September 30, 2020 (in thousands) Defined Foreign Unrealized Gain (Loss) in Fair Value of Investments, Net Accumulated Attributable to Tutor Perini Corporation: Balance as of December 31, 2019 $ (37,826) $ (5,371) $ 1,097 $ (42,100) Other comprehensive income (loss) before reclassifications — (610) 1,878 1,268 Amounts reclassified from AOCI 1,271 — (255) 1,016 Total other comprehensive income (loss) 1,271 (610) 1,623 2,284 Balance as of September 30, 2020 $ (36,555) $ (5,981) $ 2,720 $ (39,816) The changes in AOCI balances by component (after tax) attributable to Tutor Perini Corporation during the three and nine months ended September 30, 2019 were as follows: Three Months Ended September 30, 2019 (in thousands) Defined Foreign Unrealized Gain in Fair Value of Investments, Net Accumulated Attributable to Tutor Perini Corporation: Balance as of June 30, 2019 $ (38,009) $ (5,416) $ 895 $ (42,530) Other comprehensive income (loss) before reclassifications — (351) 254 (97) Amounts reclassified from AOCI 331 — 2 333 Total other comprehensive income (loss) 331 (351) 256 236 Balance as of September 30, 2019 $ (37,678) $ (5,767) $ 1,151 $ (42,294) Nine Months Ended September 30, 2019 (in thousands) Defined Foreign Unrealized Gain (Loss) in Fair Value of Investments, Net Accumulated Attributable to Tutor Perini Corporation: Balance as of December 31, 2018 $ (38,670) $ (6,315) $ (464) $ (45,449) Other comprehensive income before reclassifications — 548 1,633 2,181 Amounts reclassified from AOCI 992 — (18) 974 Total other comprehensive income 992 548 1,615 3,155 Balance as of September 30, 2019 $ (37,678) $ (5,767) $ 1,151 $ (42,294) |
Business Segments (Tables)
Business Segments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Reportable Segments | The following tables set forth certain reportable segment information relating to the Company’s operations for the three and nine months ended September 30, 2020 and 2019: Reportable Segments (in thousands) Civil Building Specialty Total Corporate Consolidated Three Months Ended September 30, 2020 Total revenue $ 723,324 $ 552,823 $ 322,091 $ 1,598,238 $ — $ 1,598,238 Elimination of intersegment revenue (111,328) (44,683) (136) (156,147) — (156,147) Revenue from external customers $ 611,996 $ 508,140 $ 321,955 $ 1,442,091 $ — $ 1,442,091 Income (loss) from construction operations $ 70,237 $ 15,815 $ 9,700 $ 95,752 (a) $ (12,731) (b) $ 83,021 Capital expenditures $ 10,996 $ 438 $ 224 $ 11,658 $ 352 $ 12,010 Depreciation and amortization (c) $ 26,659 $ 419 $ 1,002 $ 28,080 $ 2,778 $ 30,858 Three Months Ended September 30, 2019 Total revenue $ 591,884 $ 421,241 $ 249,453 $ 1,262,578 $ — $ 1,262,578 Elimination of intersegment revenue (67,338) (5,895) — (73,233) — (73,233) Revenue from external customers $ 524,546 $ 415,346 $ 249,453 $ 1,189,345 $ — $ 1,189,345 Income (loss) from construction operations $ 50,695 $ 7,580 $ 7,247 $ 65,522 $ (17,579) (b) $ 47,943 Capital expenditures $ 22,497 $ 144 $ 325 $ 22,966 $ 365 $ 23,331 Depreciation and amortization (c) $ 11,953 $ 495 $ 1,018 $ 13,466 $ 2,761 $ 16,227 ____________________________________________________________________________________________________ (a) During the three months ended September 30, 2020, income (loss) from construction operations was positively impacted by $19.6 million (a favorable after-tax impact of $14.1 million, or $0.28 per diluted share) as a result of a favorable arbitration decision related to a dispute in the Specialty Contractors segment. This favorable impact was largely offset by an adverse impact of $15.2 million (an unfavorable after-tax impact of $10.9 million, or $0.21 per diluted share) due to an unfavorable legal ruling pertaining to a mechanical project in California in the Specialty Contractors segment. (b) Consists primarily of corporate general and administrative expenses. (c) Depreciation and amortization is included in income (loss) from construction operations. Reportable Segments (in thousands) Civil Building Specialty Total Corporate Consolidated Nine Months Ended September 30, 2020 Total revenue $ 1,948,095 $ 1,548,223 $ 839,040 $ 4,335,358 $ — $ 4,335,358 Elimination of intersegment revenue (280,494) (85,298) (319) (366,111) — (366,111) Revenue from external customers $ 1,667,601 $ 1,462,925 $ 838,721 $ 3,969,247 $ — $ 3,969,247 Income (loss) from construction operations $ 181,756 $ 37,120 $ 6,591 $ 225,467 (a) $ (37,523) (b) $ 187,944 Capital expenditures $ 41,139 $ 636 $ 952 $ 42,727 $ 669 $ 43,396 Depreciation and amortization (c) $ 67,050 $ 1,274 $ 2,990 $ 71,314 $ 8,320 $ 79,634 Nine Months Ended September 30, 2019 Total revenue $ 1,516,623 $ 1,291,043 $ 664,279 $ 3,471,945 $ — $ 3,471,945 Elimination of intersegment revenue (184,925) (13,913) — (198,838) — (198,838) Revenue from external customers $ 1,331,698 $ 1,277,130 $ 664,279 $ 3,273,107 $ — $ 3,273,107 Income (loss) from construction operations $ (72,032) $ 6,903 $ (160,036) $ (225,165) (d) $ (45,696) (b) $ (270,861) Capital expenditures $ 60,948 $ 349 $ 558 $ 61,855 $ 822 $ 62,677 Depreciation and amortization (c) $ 31,608 $ 1,495 $ 3,143 $ 36,246 $ 8,295 $ 44,541 ____________________________________________________________________________________________________ (a) During the nine months ended September 30, 2020, income (loss) from construction operations was adversely impacted by $15.2 million (an unfavorable after-tax impact of $10.9 million, or $0.21 per diluted share) in the third quarter of 2020 due to an unfavorable legal ruling pertaining to a mechanical project in California in the Specialty Contractors segment, as well as by $13.2 million (an unfavorable after-tax impact of $9.5 million, or $0.19 per diluted share) in the second quarter of 2020 due to an adverse arbitration ruling pertaining to an electrical project in New York in the Specialty Contractors segment. These adverse impacts were mostly offset by $19.6 million (a favorable after-tax impact of $14.1 million, or $0.28 per diluted share) in the third quarter of 2020 as a result of a favorable arbitration decision related to a dispute in the Specialty Contractors segment. (b) Consists primarily of corporate general and administrative expenses. (c) Depreciation and amortization is included in income (loss) from construction operations. (d) During the nine months ended September 30, 2019, the Company recorded a non-cash goodwill impairment charge of $379.9 million in income (loss) from construction operations (an unfavorable after-tax impact of $329.5 million, or $6.56 per diluted share) resulting from an interim impairment test the Company performed as of June 1, 2019. |
Reconciliation of Segment Results to Consolidated Income Before Income Taxes | A reconciliation of segment results to the consolidated income (loss) before income taxes is as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Income (loss) from construction operations $ 83,021 $ 47,943 $ 187,944 $ (270,861) Other income (expense) (8,048) 1,674 (8,364) 2,996 Interest expense (25,613) (17,305) (58,513) (51,252) Income (loss) before income taxes $ 49,360 $ 32,312 $ 121,067 $ (319,117) |
Total Assets for Reportable Segments | Total assets by segment were as follows: (in thousands) As of September 30, 2020 As of December 31, 2019 Civil $ 3,168,681 $ 2,791,402 Building 1,086,462 995,298 Specialty Contractors 708,673 635,180 Corporate and other (a) 78,440 63,897 Total assets $ 5,042,256 $ 4,485,777 ____________________________________________________________________________________________________ (a) Consists principally of cash, equipment, tax-related assets and insurance-related assets, offset by the elimination of assets related to intersegment revenue. |
Revenue (Narrative) (Details)
Revenue (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Net revenue recognized related to performance obligations satisfies (or partially satisfied) in prior periods | $ 30.4 | $ 13.8 | $ 71.3 | $ 46.3 |
Civil | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Remaining performance obligations revenue amount | 5,100 | 5,300 | $ 5,100 | 5,300 |
Civil | Minimum | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Remaining performance obligations revenue period | 3 years | |||
Civil | Maximum | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Remaining performance obligations revenue period | 5 years | |||
Building | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Remaining performance obligations revenue amount | 1,900 | 1,600 | $ 1,900 | 1,600 |
Specialty Contractors | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Remaining performance obligations revenue amount | $ 1,900 | $ 2,200 | $ 1,900 | $ 2,200 |
Building And Specialty Contractors | Minimum | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Remaining performance obligations revenue period | 1 year | |||
Building And Specialty Contractors | Maximum | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Remaining performance obligations revenue period | 3 years |
Revenue (Disaggregation Of Reve
Revenue (Disaggregation Of Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 1,442,091 | $ 1,189,345 | $ 3,969,247 | $ 3,273,107 |
State and local agencies | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 808,394 | 701,136 | 2,258,527 | 1,829,491 |
Federal agencies | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 110,615 | 74,528 | 277,535 | 219,742 |
Private owners | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 523,082 | 413,681 | 1,433,185 | 1,223,874 |
Civil | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 611,996 | 524,546 | 1,667,601 | 1,331,698 |
Civil | State and local agencies | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 526,771 | 420,839 | 1,426,644 | 1,059,384 |
Civil | Federal agencies | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 48,861 | 32,852 | 128,112 | 82,989 |
Civil | Private owners | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 36,364 | 70,855 | 112,845 | 189,325 |
Civil | Mass Transit | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 372,131 | 265,671 | 1,024,083 | 655,541 |
Civil | Bridges | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 104,722 | 113,743 | 246,006 | 269,517 |
Civil | Military Defense Facilities | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 44,246 | 16,914 | 102,898 | 40,335 |
Civil | Highways | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 30,086 | 44,630 | 98,259 | 145,917 |
Civil | Water | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 23,277 | 7,555 | 76,569 | 21,882 |
Civil | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 37,534 | 76,033 | 119,786 | 198,506 |
Building | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 508,140 | 415,346 | 1,462,925 | 1,277,130 |
Building | State and local agencies | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 126,448 | 144,106 | 430,212 | 422,590 |
Building | Federal agencies | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 32,392 | 36,890 | 99,013 | 121,437 |
Building | Private owners | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 349,300 | 234,350 | 933,700 | 733,103 |
Building | Mass Transit | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 50,206 | 53,384 | 174,605 | 123,772 |
Building | Commercial And Industrial Facilities | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 162,364 | 121,206 | 402,312 | 345,752 |
Building | Hospitality And Gaming | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 119,588 | 57,672 | 346,517 | 180,556 |
Building | Municipal And Government | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 66,505 | 62,444 | 215,230 | 192,986 |
Building | Education Facilities | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 50,425 | 33,469 | 129,085 | 123,059 |
Building | Health Care Facilities | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 26,344 | 58,323 | 94,651 | 199,347 |
Building | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 32,708 | 28,848 | 100,525 | 111,658 |
Specialty Contractors | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 321,955 | 249,453 | 838,721 | 664,279 |
Specialty Contractors | State and local agencies | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 155,175 | 136,191 | 401,671 | 347,517 |
Specialty Contractors | Federal agencies | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 29,362 | 4,786 | 50,410 | 15,316 |
Specialty Contractors | Private owners | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 137,418 | 108,476 | 386,640 | 301,446 |
Specialty Contractors | Mass Transit | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 179,875 | 103,710 | 447,180 | 285,121 |
Specialty Contractors | Water | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 20,413 | 9,706 | 46,341 | 26,143 |
Specialty Contractors | Commercial And Industrial Facilities | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 41,378 | 51,471 | 115,382 | 139,112 |
Specialty Contractors | Multi Unit Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 39,014 | 25,860 | 103,118 | 56,474 |
Specialty Contractors | Education Facilities | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 12,236 | 21,610 | 39,131 | 47,226 |
Specialty Contractors | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 29,039 | $ 37,096 | $ 87,569 | $ 110,203 |
Revenue (Schedule Of Revenue By
Revenue (Schedule Of Revenue By Contract Type) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 1,442,091 | $ 1,189,345 | $ 3,969,247 | $ 3,273,107 |
Fixed price | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 887,035 | 729,433 | 2,494,948 | 1,915,943 |
Guaranteed maximum price | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 310,401 | 164,261 | 799,428 | 571,242 |
Unit price | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 155,951 | 170,368 | 379,855 | 418,745 |
Cost plus fee and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 88,704 | 125,283 | 295,016 | 367,177 |
Civil | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 611,996 | 524,546 | 1,667,601 | 1,331,698 |
Civil | Fixed price | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 484,851 | 376,230 | 1,349,750 | 969,041 |
Civil | Guaranteed maximum price | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 179 | 639 | 768 | 4,517 |
Civil | Unit price | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 124,506 | 142,253 | 307,654 | 343,416 |
Civil | Cost plus fee and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 2,460 | 5,424 | 9,429 | 14,724 |
Building | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 508,140 | 415,346 | 1,462,925 | 1,277,130 |
Building | Fixed price | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 117,650 | 144,514 | 401,957 | 395,123 |
Building | Guaranteed maximum price | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 308,299 | 159,217 | 794,810 | 551,399 |
Building | Unit price | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 254 | 2,922 | 1,417 | 10,950 |
Building | Cost plus fee and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 81,937 | 108,693 | 264,741 | 319,658 |
Specialty Contractors | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 321,955 | 249,453 | 838,721 | 664,279 |
Specialty Contractors | Fixed price | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 284,534 | 208,689 | 743,241 | 551,779 |
Specialty Contractors | Guaranteed maximum price | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,923 | 4,405 | 3,850 | 15,326 |
Specialty Contractors | Unit price | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 31,191 | 25,193 | 70,784 | 64,379 |
Specialty Contractors | Cost plus fee and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 4,307 | $ 11,166 | $ 20,846 | $ 32,795 |
Contract Assets and Liabiliti_3
Contract Assets and Liabilities (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract] | ||||
Capitalized contract costs amortized and recognized as expense | $ 12.5 | $ 8.5 | $ 35.2 | $ 22.8 |
Liability revenue recognized from contract with customer | $ 461.8 | $ 322.8 | $ 662.7 | $ 437.1 |
Contract Assets and Liabiliti_4
Contract Assets and Liabilities (Schedule Of Contract Assets) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract] | ||
Retainage receivable | $ 621,414 | $ 562,375 |
Billings in Excess of Cost [Abstract] | ||
Claims | 743,057 | 705,993 |
Unapproved change orders | 372,830 | 362,264 |
Other unbilled costs and profits | 64,328 | 55,287 |
Total costs and estimated earnings in excess of billings | 1,180,215 | 1,123,544 |
Capitalized contract costs | 84,391 | 80,294 |
Total contract assets | $ 1,886,020 | $ 1,766,213 |
Contract Assets and Liabiliti_5
Contract Assets and Liabilities (Schedule of Contract Liabilities) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract] | ||
Retainage payable | $ 296,200 | $ 252,181 |
Billings in excess of costs and estimated earnings | 911,378 | 844,389 |
Total contract liabilities | $ 1,207,578 | $ 1,096,570 |
Cash, Cash Equivalents and Re_3
Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Cash and cash equivalents | $ 348,366 | $ 193,685 | ||
Restricted cash | 80,974 | 8,416 | ||
Total cash, cash equivalents and restricted cash | 429,340 | 202,101 | $ 213,391 | $ 119,863 |
Restricted cash held to repay outstanding principal balance of Convertible Notes | 69,900 | |||
Joint venture cash and cash equivalents | ||||
Cash and cash equivalents | 179,380 | 149,925 | ||
Cash and cash equivalents available for general corporate purposes | ||||
Cash and cash equivalents | $ 168,986 | $ 43,760 |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) attributable to Tutor Perini Corporation | $ 36,819 | $ 19,313 | $ 72,899 | $ (301,573) |
Weighted-average common shares outstanding, basic (in shares) | 50,787 | 50,279 | 50,598 | 50,201 |
Effect of dilutive restricted stock units and stock options (in shares) | 454 | 303 | 406 | 0 |
Weighted-average common shares outstanding, diluted (in shares) | 51,241 | 50,582 | 51,004 | 50,201 |
Net (loss) income attributable to Tutor Perini Corporation per common share: Basic (in dollars per share) | $ 0.72 | $ 0.38 | $ 1.44 | $ (6.01) |
Net (loss) income attributable to Tutor Perini Corporation per common share: Diluted (in dollars per share) | $ 0.72 | $ 0.38 | $ 1.43 | $ (6.01) |
Anti-dilutive securities not included above (in shares) | 1,514 | 1,665 | 1,977 | 3,458 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |||||
Effective tax rate | 0.10% | 17.30% | 12.20% | 11.00% | |
Income tax (expense) benefit | $ (37,000) | $ (5,591,000) | $ (14,747,000) | $ 35,121,000 | |
Goodwill impairment | $ 0 | $ 0 | $ 0 | $ 0 | 379,863,000 |
Goodwill yielding permanent differences between book income and taxable income | 209,500,000 | ||||
Goodwill impairment, tax benefit | $ 50,400,000 | ||||
Effective income tax rate percentage excluding goodwill impairment charge | 17.30% | 25.10% |
Goodwill And Intangible Asset_2
Goodwill And Intangible Assets (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||||
Goodwill impairment charge | $ 0 | $ 0 | $ 0 | $ 0 | $ 379,863,000 |
Amortization expense | 9,300,000 | $ 900,000 | 23,879,000 | $ 2,657,000 | |
Estimated amortization expense, remainder of 2020 | 11,600,000 | 11,600,000 | |||
Estimated amortization expense, 2021 | 36,500,000 | 36,500,000 | |||
Estimated amortization expense, 2022 | 10,500,000 | 10,500,000 | |||
Estimated amortization expense, 2023 | 2,500,000 | 2,500,000 | |||
Estimated amortization expense, 2024 | 2,500,000 | 2,500,000 | |||
Estimated amortization expense, 2025 | $ 2,500,000 | $ 2,500,000 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets (Changes in Carrying Amount of Goodwill) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Goodwill [Roll Forward] | ||
Gross goodwill | $ 1,072,991 | |
Accumulated impairment | (867,848) | |
Balance at beginning of period | $ 205,143 | |
Current year activity | 0 | |
Balance at end of period | 205,143 | |
Civil | ||
Goodwill [Roll Forward] | ||
Gross goodwill | 492,074 | |
Accumulated impairment | (286,931) | |
Balance at beginning of period | 205,143 | |
Current year activity | 0 | |
Balance at end of period | 205,143 | |
Building | ||
Goodwill [Roll Forward] | ||
Gross goodwill | 424,724 | |
Accumulated impairment | (424,724) | |
Balance at beginning of period | 0 | |
Current year activity | 0 | |
Balance at end of period | 0 | |
Specialty Contractors | ||
Goodwill [Roll Forward] | ||
Gross goodwill | 156,193 | |
Accumulated impairment | $ (156,193) | |
Balance at beginning of period | 0 | |
Current year activity | 0 | |
Balance at end of period | $ 0 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets (Intangible Assets) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Total intangible assets | ||
Cost | $ 387,040 | $ 387,040 |
Accumulated Amortization | (142,582) | (118,703) |
Accumulated Impairment Charge | (113,067) | (113,067) |
Carrying Value | 131,391 | 155,270 |
Trade Names | ||
Finite-Lived intangible assets | ||
Cost | 74,350 | 74,350 |
Accumulated Amortization | (23,133) | (21,267) |
Accumulated Impairment Charge | (23,232) | (23,232) |
Carrying Value | $ 27,985 | $ 29,851 |
Weighted Average Amortization Period | 20 years | 20 years |
Customer relationships | ||
Finite-Lived intangible assets | ||
Cost | $ 39,800 | $ 39,800 |
Accumulated Amortization | (21,839) | (21,048) |
Accumulated Impairment Charge | (16,645) | (16,645) |
Carrying Value | $ 1,316 | $ 2,107 |
Weighted Average Amortization Period | 12 years | 12 years |
Construction contract backlog | ||
Finite-Lived intangible assets | ||
Cost | $ 149,290 | $ 149,290 |
Accumulated Amortization | (97,610) | (76,388) |
Carrying Value | $ 51,680 | $ 72,902 |
Weighted Average Amortization Period | 3 years | 3 years |
Trade Names | ||
Indefinite-lived intangible assets | ||
Cost | $ 117,600 | $ 117,600 |
Accumulated Impairment Charge | (67,190) | (67,190) |
Carrying Value | 50,410 | 50,410 |
Contractor license | ||
Indefinite-lived intangible assets | ||
Cost | 6,000 | 6,000 |
Accumulated Impairment Charge | $ (6,000) | $ (6,000) |
Financial Commitments (Narrativ
Financial Commitments (Narrative) (Details) | Aug. 18, 2020USD ($) | Sep. 30, 2020USD ($)$ / shares | Mar. 31, 2022 | Aug. 19, 2020USD ($) | Dec. 31, 2019USD ($) |
Debt Instrument [Line Items] | |||||
Long-term debt | $ 1,021,023,000 | $ 834,476,000 | |||
Conversion ratio | 0.0330579 | ||||
BMO Harris Bank | |||||
Debt Instrument [Line Items] | |||||
Applicable margin on overdue amounts (as a percent) | 2.00% | ||||
First Lien | BMO Harris Bank | |||||
Debt Instrument [Line Items] | |||||
Net leverage ratio (maximum) | 1.35 | ||||
2020 Revolver | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 0 | ||||
2020 Revolver | BMO Harris Bank | |||||
Debt Instrument [Line Items] | |||||
Net leverage ratio (maximum) | 2.75 | ||||
Weighted-average annual interest rate on borrowings | 7.00% | ||||
Remaining borrowing capacity | $ 175,000,000 | ||||
Forecast | 2020 Revolver | BMO Harris Bank | |||||
Debt Instrument [Line Items] | |||||
Net leverage ratio (maximum) | 2.25 | ||||
Line of Credit | 2020 Credit Agreement | BMO Harris Bank | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 425,000,000 | ||||
Premium fee (as a percent) | 1.00% | ||||
Periodic payment principal percentage | 0.25% | ||||
Unsecured Debt | BMO Harris Bank | |||||
Debt Instrument [Line Items] | |||||
Total net leverage ratio (maximum) | 3.50 | ||||
Fixed charge coverage ratio (maximum) | 2 | ||||
Convertible Notes | |||||
Debt Instrument [Line Items] | |||||
Face amount | 200,000,000 | ||||
Long-term debt | $ 66,803,000 | 182,292,000 | |||
Interest rate | 2.875% | ||||
Aggregate principal repurchase face amount | $ 130,100,000 | ||||
Aggregate principal repurchase amount | $ 132,400,000 | ||||
Current principal amount | $ 69,918,000 | 200,000,000 | |||
Conversion price (in dollars per share) | $ / shares | $ 30.25 | ||||
Senior Notes | 2017 Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 495,039,000 | 494,365,000 | |||
Current principal amount | 500,000,000 | 500,000,000 | |||
Senior Notes | Private Placement | 2017 Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Face amount | $ 500,000,000 | ||||
Interest rate | 6.875% | ||||
Redemption price, change of control triggering event (as a percent) | 101.00% | ||||
Revolving Credit Facility | 2017 Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Unamortized debt issuance costs | 3,700,000 | ||||
Maximum borrowing capacity | $ 350,000,000 | ||||
Weighted-average annual interest rate on borrowings | 3.54% | ||||
Long-term debt | $ 114,000,000 | ||||
Revolving Credit Facility | 2020 Credit Agreement | BMO Harris Bank | |||||
Debt Instrument [Line Items] | |||||
Increase in line of credit | $ 173,500,000 | ||||
Accordion feature, percentage of LTM EBITDA | 50.00% | ||||
Revolving Credit Facility | 2020 Revolver | |||||
Debt Instrument [Line Items] | |||||
Unamortized debt issuance costs | $ 2,800,000 | ||||
Revolving Credit Facility | Line of Credit | 2020 Credit Agreement | BMO Harris Bank | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 175,000,000 | ||||
Secured Debt | Junior Lien | BMO Harris Bank | |||||
Debt Instrument [Line Items] | |||||
Total net leverage ratio (maximum) | 3.50 | ||||
Letters Of Credit | 2017 Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | 150,000,000 | ||||
Letters Of Credit | Line of Credit | 2020 Credit Agreement | BMO Harris Bank | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 75,000,000 | ||||
Bridge Loan | 2017 Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Face amount | $ 10,000,000 | ||||
Bridge Loan | Line of Credit | 2020 Credit Agreement | BMO Harris Bank | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 10,000,000 | ||||
Federal Funds Rate | 2020 Credit Agreement | BMO Harris Bank | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 0.50% | ||||
LIBOR | 2020 Credit Agreement | BMO Harris Bank | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 1.00% | ||||
LIBOR | Term Loan B | BMO Harris Bank | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 4.75% | ||||
LIBOR | 2020 Revolver | BMO Harris Bank | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 4.75% | ||||
LIBOR | Minimum | Term Loan B | BMO Harris Bank | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 4.50% | ||||
LIBOR | Minimum | 2020 Revolver | BMO Harris Bank | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 4.25% | ||||
LIBOR | Maximum | Term Loan B | BMO Harris Bank | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 4.75% | ||||
LIBOR | Maximum | 2020 Revolver | BMO Harris Bank | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 4.75% | ||||
Base Rate | Term Loan B | BMO Harris Bank | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 3.75% | ||||
Base Rate | 2020 Revolver | BMO Harris Bank | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 3.75% | ||||
Base Rate | Minimum | Term Loan B | BMO Harris Bank | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 3.50% | ||||
Base Rate | Minimum | 2020 Revolver | BMO Harris Bank | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 3.25% | ||||
Base Rate | Maximum | Term Loan B | BMO Harris Bank | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 3.75% | ||||
Base Rate | Maximum | 2020 Revolver | BMO Harris Bank | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 3.75% |
Financial Commitments (Long-Ter
Financial Commitments (Long-Term Debt) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Total debt | $ 1,021,023 | $ 834,476 |
Less: Current maturities | 99,504 | 124,054 |
Long-term debt, net | 921,519 | 710,422 |
Term Loan B | ||
Debt Instrument [Line Items] | ||
Total debt | 409,027 | |
Convertible Notes | ||
Debt Instrument [Line Items] | ||
Total debt | 66,803 | 182,292 |
Equipment financing and mortgages | ||
Debt Instrument [Line Items] | ||
Total debt | 43,819 | 39,159 |
Other indebtedness | ||
Debt Instrument [Line Items] | ||
Total debt | 6,335 | 4,660 |
2017 Senior Notes | Senior Notes | ||
Debt Instrument [Line Items] | ||
Total debt | 495,039 | 494,365 |
2020 Revolver | ||
Debt Instrument [Line Items] | ||
Total debt | $ 0 | |
2017 Credit Facility | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Total debt | $ 114,000 |
Financial Commitments (Reconcil
Financial Commitments (Reconciliation of Outstanding Debt Balance to Reported Debt Balance) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Total debt | $ 1,021,023 | $ 834,476 |
Term Loan B | ||
Debt Instrument [Line Items] | ||
Outstanding Debt | 425,000 | |
Unamortized Discount and Issuance Costs | (15,973) | |
Total debt | 409,027 | |
Convertible Notes | ||
Debt Instrument [Line Items] | ||
Outstanding Debt | 69,918 | 200,000 |
Unamortized Discount and Issuance Costs | (3,115) | (17,708) |
Total debt | 66,803 | 182,292 |
2017 Senior Notes | Senior Notes | ||
Debt Instrument [Line Items] | ||
Outstanding Debt | 500,000 | 500,000 |
Unamortized Discount and Issuance Costs | (4,961) | (5,635) |
Total debt | $ 495,039 | $ 494,365 |
Financial Commitments (Summary
Financial Commitments (Summary of Interest Expense as Reported in the Consolidated Statements of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Debt Instrument [Line Items] | ||||
Other interest | $ 577 | $ 540 | $ 1,616 | $ 1,656 |
Cash portion of loss on extinguishment | 786 | 0 | 786 | 0 |
Total cash interest expense | 14,485 | 13,957 | 40,339 | 41,462 |
Non-cash interest expense | 18,960 | 9,790 | ||
Non-cash portion of loss on extinguishment | 8,311 | 0 | 8,311 | 0 |
Total non-cash interest expense | 11,128 | 3,348 | 18,174 | 9,790 |
Total interest expense | 25,613 | 17,305 | 58,513 | 51,252 |
Term Loan B | ||||
Debt Instrument [Line Items] | ||||
Cash interest expense | 2,919 | 0 | 2,919 | 0 |
Non-cash interest expense | $ 253 | 0 | $ 253 | 0 |
Effective interest rates | 6.50% | 6.50% | ||
Convertible Notes | ||||
Debt Instrument [Line Items] | ||||
Cash interest expense | $ 995 | 1,438 | $ 3,870 | 4,313 |
Non-cash interest expense | $ 2,073 | 2,734 | $ 7,870 | 8,013 |
Effective interest rates | 9.39% | 9.39% | ||
2017 Senior Notes | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Cash interest expense | $ 8,594 | 8,594 | $ 25,781 | 25,781 |
Non-cash interest expense | $ 229 | 213 | $ 674 | 627 |
Effective interest rates | 7.13% | 7.13% | ||
2020 Revolver | ||||
Debt Instrument [Line Items] | ||||
Cash interest expense | $ 26 | 0 | $ 26 | 0 |
Non-cash interest expense | 64 | 0 | 64 | 0 |
2017 Credit Facility | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Cash interest expense | 588 | 3,385 | 5,341 | 9,712 |
Non-cash interest expense | $ 198 | $ 401 | $ 1,002 | $ 1,150 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) | Sep. 30, 2020 |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Operating lease, remaining lease terms | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Operating lease, remaining lease terms | 10 years |
Leases (Components Of Lease Exp
Leases (Components Of Lease Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Lessee, Lease, Description [Line Items] | ||||
Operating lease expense | $ 3,563 | $ 4,047 | $ 10,991 | $ 11,749 |
Short-term lease expense | 24,502 | 17,786 | 64,823 | 50,843 |
Lease expense, gross | 28,065 | 21,833 | 75,814 | 62,592 |
Less: Sublease income | 193 | 263 | 851 | 784 |
Total lease expense | $ 27,872 | $ 21,570 | $ 74,963 | $ 61,808 |
Minimum | ||||
Lessee, Lease, Description [Line Items] | ||||
Short term lease, lease term | 1 month | |||
Maximum | ||||
Lessee, Lease, Description [Line Items] | ||||
Short term lease, lease term | 1 year |
Leases (Supplemental Balance Sh
Leases (Supplemental Balance Sheet Information Related To Leases) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
ASSETS | ||
ROU assets | $ 37,359 | $ 40,156 |
Liabilities | ||
Current lease liabilities | 9,829 | 11,392 |
Long-term lease liabilities | 30,668 | 31,900 |
Total lease liabilities | $ 40,497 | $ 43,292 |
Weighted-average remaining lease term | 4 years 9 months 18 days | 5 years |
Weighted-average discount rate | 6.94% | 5.96% |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherAssetsNoncurrent | us-gaap:OtherAssetsNoncurrent |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:AccruedLiabilitiesCurrent | us-gaap:AccruedLiabilitiesCurrent |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesNoncurrent | us-gaap:OtherLiabilitiesNoncurrent |
Leases (Supplemental Cash Flow
Leases (Supplemental Cash Flow And Other Information Related To Leases) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Leases [Abstract] | ||
Cash paid for amounts included in the measurement of lease liabilities | $ (11,026) | $ (11,586) |
ROU assets obtained in exchange for lease liabilities | $ 6,251 | $ 7,621 |
Leases (Maturity Of Leases Liab
Leases (Maturity Of Leases Liabilities On An Undiscounted Basis) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
2020 (excluding the nine months ended September 30, 2020) | $ 3,612 | |
2021 | 11,119 | |
2022 | 9,773 | |
2023 | 7,833 | |
2024 | 5,765 | |
Thereafter | 10,086 | |
Total lease payments | 48,188 | |
Less: Imputed interest | 7,691 | |
Total | $ 40,497 | $ 43,292 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | Dec. 13, 2019 | Jun. 04, 2019 | Feb. 26, 2015 | Sep. 30, 2018 | Mar. 31, 2016 | Aug. 31, 2013 | Dec. 31, 2019 | Sep. 30, 2020 | Jul. 02, 2018 | Mar. 31, 2018 |
Alaskan Way Viaduct Matter | ||||||||||
Contingencies and Commitments | ||||||||||
Ownership percentage in joint venture | 45.00% | 45.00% | ||||||||
Value of claim filed | $ 532 | $ 57.2 | ||||||||
Value of counterclaim filed in excess of | $ 667 | |||||||||
Settlement on judgment, awarded to other party | $ 57.2 | |||||||||
Pre-tax charge, impact from jury verdict | $ 166.8 | |||||||||
Pre-tax accrual, impact from jury verdict | $ 25.7 | |||||||||
George Washington Bridge Bus Station Matter | ||||||||||
Contingencies and Commitments | ||||||||||
Value of claim filed | $ 30 | |||||||||
Value of counterclaim filed in excess of | $ 113 | |||||||||
Value of project | $ 100 | |||||||||
Court issued writ of attachment amount | $ 23 | |||||||||
Proof of claim amount | $ 113 | |||||||||
Value of damages seeking | $ 113 | |||||||||
Return Of Retainage By Developer | George Washington Bridge Bus Station Matter | ||||||||||
Contingencies and Commitments | ||||||||||
Value of counterclaim filed in excess of | $ 29 |
Share-Based Compensation (Detai
Share-Based Compensation (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares available for future grant (in shares) | 1,616,672 | 1,616,672 | ||
Costs for share-based payment arrangements | $ 2,500,000 | $ 4,300,000 | $ 10,700,000 | $ 14,300,000 |
Unamortized share-based compensation expense | $ 9,600,000 | $ 9,600,000 | ||
Weighted average period over which unrecognized compensation cost is expected to be recognized | 1 year 8 months 12 days | |||
Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Units granted (in shares) | 75,000 | 400,000 | ||
Weighted-average fair values per share (in dollars per share) | $ 13.93 | $ 20.90 | ||
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock options granted (in shares) | 75,000 | 135,000 | ||
Weighted average grant date fair value (in dollars per share) | $ 3.94 | $ 6.84 | ||
Weighted-average exercise prices (in dollars per share) | $ 25.70 | $ 20.94 | ||
Expected life | 6 years | |||
Expected volatility (as a percent) | 44.91% | |||
Risk-free rate | 1.56% | |||
Expected quarterly dividends | $ 0 | |||
Unrestricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Units granted (in shares) | 194,177 | 98,591 | ||
Weighted-average fair values per share (in dollars per share) | $ 8.60 | $ 15.72 |
Employee Pension Plans (Narrati
Employee Pension Plans (Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Pension Plan Assets | ||
Company contribution | $ 3.2 | $ 3.3 |
Expected contributions remainder of current fiscal year | $ 0.9 |
Employee Pension Plans (Summary
Employee Pension Plans (Summary Of Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Summary of net periodic benefit cost | ||||
Interest cost | $ 758 | $ 948 | $ 2,273 | $ 2,844 |
Expected return on plan assets | (1,006) | (1,043) | (3,017) | (3,129) |
Amortization of net loss | 592 | 463 | 1,775 | 1,389 |
Other | 231 | 225 | 694 | 675 |
Net periodic benefit cost | $ 575 | $ 593 | $ 1,725 | $ 1,779 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Senior Notes | 2017 Senior Notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | $ 458.8 | $ 485 |
Convertible Notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | 69.3 | $ 193.4 |
Term Loan B | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | $ 418.6 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets And Liabilities Measured At Fair Value On Recurring Basis) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Assets: | ||
Cash and cash equivalents maturity period (maximum) | 3 months | |
Restricted and other investments, term (maximum) | 5 years | 5 years |
Municipal Bonds | ||
Assets: | ||
Investments in lieu of retainage | $ 1,200 | $ 1,200 |
US Government Agencies Securities | ||
Assets: | ||
Restricted and other investments | 40,000 | 33,800 |
Corporate Debt Securities | ||
Assets: | ||
Restricted and other investments | 35,100 | 35,800 |
Fair value measured on a recurring basis | ||
Assets: | ||
Cash and cash equivalents | 348,366 | 193,685 |
Restricted cash | 80,974 | 8,416 |
Restricted investments | 75,475 | 70,974 |
Investments in lieu of retainage | 107,310 | 90,791 |
Total | 612,125 | 363,866 |
Fair value measured on a recurring basis | Level 1 | ||
Assets: | ||
Cash and cash equivalents | 348,366 | 193,685 |
Restricted cash | 80,974 | 8,416 |
Restricted investments | 0 | 0 |
Investments in lieu of retainage | 106,068 | 89,572 |
Total | 535,408 | 291,673 |
Fair value measured on a recurring basis | Level 2 | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Restricted investments | 75,475 | 70,974 |
Investments in lieu of retainage | 1,242 | 1,219 |
Total | 76,717 | 72,193 |
Fair value measured on a recurring basis | Level 3 | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Restricted investments | 0 | 0 |
Investments in lieu of retainage | 0 | 0 |
Total | 0 | 0 |
Certificates of Deposit | ||
Assets: | ||
Restricted and other investments | 400 | 1,400 |
Money Market Funds | ||
Assets: | ||
Investments in lieu of retainage | $ 106,100 | $ 89,600 |
Variable Interest Entities (Det
Variable Interest Entities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Variable Interest Entity [Line Items] | |||||
Assets, current | $ 4,111,967 | $ 4,111,967 | $ 3,510,986 | ||
Liabilities, current | 2,352,310 | 2,352,310 | 2,109,856 | ||
Revenue | $ 1,442,091 | $ 1,189,345 | $ 3,969,247 | $ 3,273,107 | |
Purple Line Extension Section 2 And Section 3 | |||||
Variable Interest Entity [Line Items] | |||||
Percent interest in the joint venture | 75.00% | ||||
Newark Airport Terminal One Design Build Project | |||||
Variable Interest Entity [Line Items] | |||||
Percent interest in the joint venture | 80.00% | ||||
Joint Venture With O&G Industries | Purple Line Extension Section 2 And Section 3 | |||||
Variable Interest Entity [Line Items] | |||||
Revenue | $ 2,800,000 | ||||
O&G | Purple Line Extension Section 2 And Section 3 | |||||
Variable Interest Entity [Line Items] | |||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 25.00% | 25.00% | |||
Joint Venture With Parsons | Newark Airport Terminal One Design Build Project | |||||
Variable Interest Entity [Line Items] | |||||
Revenue | $ 1,400,000 | ||||
Parsons Corporation | Newark Airport Terminal One Design Build Project | |||||
Variable Interest Entity [Line Items] | |||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 20.00% | 20.00% | |||
Variable Interest Entity, Not Primary Beneficiary | |||||
Variable Interest Entity [Line Items] | |||||
Assets, current | $ 800 | $ 800 | 1,500 | ||
Liabilities, current | 700 | 700 | 1,400 | ||
Variable Interest Entity, Primary Beneficiary | |||||
Variable Interest Entity [Line Items] | |||||
Assets, current | 417,500 | 417,500 | 365,000 | ||
Liabilities, current | 550,100 | 550,100 | 556,100 | ||
Assets, noncurrent | $ 19,200 | $ 19,200 | $ 52,000 |
Changes in Equity (Details)
Changes in Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at the beginning of the period | $ 1,464,141 | $ 1,489,559 | $ 1,430,525 | $ 1,787,889 |
Net income (loss) | 49,323 | 26,721 | 106,320 | (283,996) |
Other comprehensive income | 1,301 | 137 | 1,638 | 3,315 |
Share-based compensation | 2,471 | 3,491 | 10,163 | 13,586 |
Convertible note repayment allocated to conversion option | (929) | (929) | ||
Issuance of common stock, net | (703) | (1,203) | (2,265) | |
Contributions from noncontrolling interests | 1,140 | 6,519 | ||
Distributions to noncontrolling interests | (6,307) | (17,500) | (37,217) | (21,500) |
Balance at the end of the period | 1,509,297 | 1,503,548 | 1,509,297 | 1,503,548 |
Common Stock | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at the beginning of the period | 50,771 | 50,279 | 50,279 | 50,026 |
Issuance of common stock, net | 56 | 548 | 253 | |
Balance at the end of the period | 50,827 | 50,279 | 50,827 | 50,279 |
Additional Paid-in Capital | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at the beginning of the period | 1,124,672 | 1,110,496 | 1,117,972 | 1,102,919 |
Share-based compensation | 2,471 | 3,491 | 10,163 | 13,586 |
Convertible note repayment allocated to conversion option | (929) | (929) | ||
Issuance of common stock, net | (759) | (1,751) | (2,518) | |
Balance at the end of the period | 1,125,455 | 1,113,987 | 1,125,455 | 1,113,987 |
Retained Earnings | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at the beginning of the period | 350,071 | 380,795 | 313,991 | 701,681 |
Net income (loss) | 36,819 | 19,313 | 72,899 | (301,573) |
Balance at the end of the period | 386,890 | 400,108 | 386,890 | 400,108 |
Accumulated Other Comprehensive Loss | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at the beginning of the period | (40,597) | (42,530) | (42,100) | (45,449) |
Other comprehensive income | 781 | 236 | 2,284 | 3,155 |
Balance at the end of the period | (39,816) | (42,294) | (39,816) | (42,294) |
Noncontrolling Interests | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at the beginning of the period | (20,776) | (9,481) | (9,617) | (21,288) |
Net income (loss) | 12,504 | 7,408 | 33,421 | 17,577 |
Other comprehensive income | 520 | (99) | (646) | 160 |
Contributions from noncontrolling interests | 1,140 | 6,519 | ||
Distributions to noncontrolling interests | (6,307) | (17,500) | (37,217) | (21,500) |
Balance at the end of the period | $ (14,059) | $ (18,532) | $ (14,059) | $ (18,532) |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) (Schedule Of Components Of Other Comprehensive Income (Loss) And Related Tax Effects) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Defined benefit pension plan adjustments, Before-Tax Amount | $ 592 | $ 464 | $ 1,775 | $ 1,390 |
Defined benefit pension plan adjustments, Tax (Expense) Benefit | (168) | (133) | (504) | (398) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Net-of-Tax, Total | (424) | (331) | (1,271) | (992) |
Foreign currency translation adjustment, Before-Tax Amount | 1,333 | (590) | (1,621) | 961 |
Foreign currency translation adjustment, Tax (Expense) Benefit | (231) | 140 | 365 | (253) |
Foreign currency translation adjustment, Net-of-Tax Amount | 1,102 | (450) | (1,256) | 708 |
Unrealized gain (loss) in fair value of investments, Before-Tax Amount | (281) | 328 | 2,078 | 2,053 |
Unrealized gain in fair value of investments, Tax (Expense) Benefit | 56 | (72) | (455) | (438) |
Unrealized gain in fair value of investments, Net-of-Tax Amount | (225) | 256 | 1,623 | 1,615 |
Total other comprehensive income, Before-Tax Amount | 1,644 | 202 | 2,232 | 4,404 |
Total other comprehensive income, Tax Benefit (Expense) | (343) | (65) | (594) | (1,089) |
TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAX | 1,301 | 137 | 1,638 | 3,315 |
Less: Other comprehensive income (loss) attributable to noncontrolling interests, Before-Tax Amount | 520 | (99) | (646) | 160 |
Less: Other comprehensive income (loss) attributable to noncontrolling interests, Tax (Expense) Benefit | 0 | 0 | 0 | 0 |
Less: Other comprehensive income (loss) attributable to noncontrolling interests, Net-of-Tax Amount | 520 | (99) | (646) | 160 |
Total other comprehensive income attributable to Tutor Perini Corporation, Before-Tax Amount | 1,124 | 301 | 2,878 | 4,244 |
Total other comprehensive income attributable to Tutor Perini Corporation, Tax (Expense) Benefit | (343) | (65) | (594) | (1,089) |
Total other comprehensive income (loss) | $ 781 | $ 236 | $ 2,284 | $ 3,155 |
Other Comprehensive Income (L_4
Other Comprehensive Income (Loss) (Schedule Of Changes In AOCI Balances By Component (After-Tax)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Attributable to Tutor Perini Corporation: | ||||
Balance at the beginning of the period | $ 1,440,142 | |||
Other comprehensive income (loss) before reclassifications | $ 579 | $ (97) | 1,268 | $ 2,181 |
Amounts reclassified from AOCI | 202 | 333 | 1,016 | 974 |
Total other comprehensive income (loss) | 781 | 236 | 2,284 | 3,155 |
Balance at the end of the period | 1,523,356 | 1,523,356 | ||
Defined Benefit Pension Plan | ||||
Attributable to Tutor Perini Corporation: | ||||
Balance at the beginning of the period | (36,979) | (38,009) | (37,826) | (38,670) |
Other comprehensive income (loss) before reclassifications | 0 | 0 | 0 | 0 |
Amounts reclassified from AOCI | 424 | 331 | 1,271 | 992 |
Total other comprehensive income (loss) | 424 | 331 | 1,271 | 992 |
Balance at the end of the period | (36,555) | (37,678) | (36,555) | (37,678) |
Foreign Currency Translation | ||||
Attributable to Tutor Perini Corporation: | ||||
Balance at the beginning of the period | (6,563) | (5,416) | (5,371) | (6,315) |
Other comprehensive income (loss) before reclassifications | 582 | (351) | (610) | 548 |
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 |
Total other comprehensive income (loss) | 582 | (351) | (610) | 548 |
Balance at the end of the period | (5,981) | (5,767) | (5,981) | (5,767) |
Unrealized Gain (Loss) in Fair Value of Investments, Net | ||||
Attributable to Tutor Perini Corporation: | ||||
Balance at the beginning of the period | 2,945 | 895 | 1,097 | (464) |
Other comprehensive income (loss) before reclassifications | (3) | 254 | 1,878 | 1,633 |
Amounts reclassified from AOCI | (222) | 2 | (255) | (18) |
Total other comprehensive income (loss) | (225) | 256 | 1,623 | 1,615 |
Balance at the end of the period | 2,720 | 1,151 | 2,720 | 1,151 |
Accumulated Other Comprehensive Income (Loss) | ||||
Attributable to Tutor Perini Corporation: | ||||
Balance at the beginning of the period | (40,597) | (42,530) | (42,100) | (45,449) |
Balance at the end of the period | $ (39,816) | $ (42,294) | $ (39,816) | $ (42,294) |
Business Segments (Narrative) (
Business Segments (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2020segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Business Segments (Reportable S
Business Segments (Reportable Segments) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Segment Reporting Information [Line Items] | |||||
Revenue | $ 1,442,091,000 | $ 1,189,345,000 | $ 3,969,247,000 | $ 3,273,107,000 | |
Income (loss) from construction operations | 83,021,000 | 47,943,000 | 187,944,000 | (270,861,000) | |
Capital expenditures | 12,010,000 | 23,331,000 | 43,396,000 | 62,677,000 | |
Depreciation and amortization | 30,858,000 | 16,227,000 | 79,634,000 | 44,541,000 | |
Goodwill impairment | 0 | $ 0 | 0 | 0 | 379,863,000 |
Goodwill impairment, after tax | $ 329,500,000 | ||||
Goodwill impairment, after tax, per diluted share (in dollars per share) | $ 6.56 | ||||
Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 1,598,238,000 | 1,262,578,000 | 4,335,358,000 | $ 3,471,945,000 | |
Income (loss) from construction operations | 95,752,000 | 65,522,000 | 225,467,000 | (225,165,000) | |
Capital expenditures | 11,658,000 | 22,966,000 | 42,727,000 | 61,855,000 | |
Depreciation and amortization | 28,080,000 | 13,466,000 | 71,314,000 | 36,246,000 | |
Intersegment Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | (156,147,000) | (73,233,000) | (366,111,000) | (198,838,000) | |
Corporate | |||||
Segment Reporting Information [Line Items] | |||||
Income (loss) from construction operations | (12,731,000) | (17,579,000) | (37,523,000) | (45,696,000) | |
Capital expenditures | 352,000 | 365,000 | 669,000 | 822,000 | |
Depreciation and amortization | 2,778,000 | 2,761,000 | 8,320,000 | 8,295,000 | |
Civil | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 611,996,000 | 524,546,000 | 1,667,601,000 | 1,331,698,000 | |
Civil | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 723,324,000 | 591,884,000 | 1,948,095,000 | 1,516,623,000 | |
Income (loss) from construction operations | 70,237,000 | 50,695,000 | 181,756,000 | (72,032,000) | |
Capital expenditures | 10,996,000 | 22,497,000 | 41,139,000 | 60,948,000 | |
Depreciation and amortization | 26,659,000 | 11,953,000 | 67,050,000 | 31,608,000 | |
Civil | Intersegment Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | (111,328,000) | (67,338,000) | (280,494,000) | (184,925,000) | |
Building | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 508,140,000 | 415,346,000 | 1,462,925,000 | 1,277,130,000 | |
Building | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 552,823,000 | 421,241,000 | 1,548,223,000 | 1,291,043,000 | |
Income (loss) from construction operations | 15,815,000 | 7,580,000 | 37,120,000 | 6,903,000 | |
Capital expenditures | 438,000 | 144,000 | 636,000 | 349,000 | |
Depreciation and amortization | 419,000 | 495,000 | 1,274,000 | 1,495,000 | |
Building | Intersegment Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | (44,683,000) | (5,895,000) | (85,298,000) | (13,913,000) | |
Specialty Contractors | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 321,955,000 | 249,453,000 | 838,721,000 | 664,279,000 | |
Specialty Contractors | Favorable Arbitration Decision | |||||
Segment Reporting Information [Line Items] | |||||
Adverse arbitration, loss in period | 19,600,000 | 19,600,000 | |||
Adverse arbitration, loss in period, after tax | $ 14,100,000 | $ 14,100,000 | |||
Adverse arbitration, loss in period, after tax, per diluted share (in dollars per share) | $ 0.28 | $ 0.28 | |||
Specialty Contractors | Unfavorable Legal Ruling Pertaining To Mechanical Project In California | |||||
Segment Reporting Information [Line Items] | |||||
Adverse arbitration, loss in period | $ 15,200,000 | $ 15,200,000 | |||
Adverse arbitration, loss in period, after tax | $ 10,900,000 | $ 10,900,000 | |||
Adverse arbitration, loss in period, after tax, per diluted share (in dollars per share) | $ 0.21 | $ 0.21 | |||
Specialty Contractors | Adverse Arbitration Ruling Pertaining To Electrical Project In New York | |||||
Segment Reporting Information [Line Items] | |||||
Adverse arbitration, loss in period | $ 13,200,000 | ||||
Adverse arbitration, loss in period, after tax | $ 9,500,000 | ||||
Adverse arbitration, loss in period, after tax, per diluted share (in dollars per share) | $ 0.19 | ||||
Specialty Contractors | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | $ 322,091,000 | 249,453,000 | $ 839,040,000 | 664,279,000 | |
Income (loss) from construction operations | 9,700,000 | 7,247,000 | 6,591,000 | (160,036,000) | |
Capital expenditures | 224,000 | 325,000 | 952,000 | 558,000 | |
Depreciation and amortization | 1,002,000 | 1,018,000 | 2,990,000 | 3,143,000 | |
Specialty Contractors | Intersegment Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | $ (136,000) | $ 0 | $ (319,000) | $ 0 |
Business Segments (Reconciliati
Business Segments (Reconciliation Of Segment Results To Consolidated Income Before Income Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Segment Reporting [Abstract] | ||||
Income (loss) from construction operations | $ 83,021 | $ 47,943 | $ 187,944 | $ (270,861) |
Other income (expense) | (8,048) | 1,674 | (8,364) | 2,996 |
Interest expense | (25,613) | (17,305) | (58,513) | (51,252) |
INCOME (LOSS) BEFORE INCOME TAXES | $ 49,360 | $ 32,312 | $ 121,067 | $ (319,117) |
Business Segments (Total Assets
Business Segments (Total Assets For Reportable Segments) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Segment Reporting Information [Line Items] | ||
Assets | $ 5,042,256 | $ 4,485,777 |
Corporate and other | ||
Segment Reporting Information [Line Items] | ||
Assets | 78,440 | 63,897 |
Civil | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Assets | 3,168,681 | 2,791,402 |
Building | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Assets | 1,086,462 | 995,298 |
Specialty Contractors | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 708,673 | $ 635,180 |