Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 18, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
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, $1.00 par value | |
Trading Symbol | TPC | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 52,284,162 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0000077543 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Statement [Abstract] | ||
REVENUE | $ 1,048,987 | $ 776,300 |
COST OF OPERATIONS | (933,736) | (800,469) |
GROSS PROFIT (LOSS) | 115,251 | (24,169) |
General and administrative expenses | (66,445) | (57,776) |
INCOME (LOSS) FROM CONSTRUCTION OPERATIONS | 48,806 | (81,945) |
Other income, net | 5,311 | 6,417 |
Interest expense | (19,307) | (21,513) |
INCOME (LOSS) BEFORE INCOME TAXES | 34,810 | (97,041) |
Income tax (expense) benefit | (7,308) | 48,112 |
NET INCOME (LOSS) | 27,502 | (48,929) |
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 11,742 | 267 |
NET INCOME (LOSS) ATTRIBUTABLE TO TUTOR PERINI CORPORATION | $ 15,760 | $ (49,196) |
BASIC EARNINGS (LOSS) PER COMMON SHARE (in dollars per share) | $ 0.30 | $ (0.95) |
DILUTED EARNINGS (LOSS) PER COMMON SHARE (in dollars per share) | $ 0.30 | $ (0.95) |
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING: | ||
BASIC (in shares) | 52,092 | 51,551 |
DILUTED (in shares) | 52,515 | 51,551 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
NET INCOME (LOSS) | $ 27,502 | $ (48,929) |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | ||
Defined benefit pension plan adjustments | 321 | 301 |
Foreign currency translation adjustments | (927) | 250 |
Unrealized gain (loss) in fair value of investments | (236) | 1,329 |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | (842) | 1,880 |
COMPREHENSIVE INCOME (LOSS) | 26,660 | (47,049) |
LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 11,275 | 420 |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO TUTOR PERINI CORPORATION | $ 15,385 | $ (47,469) |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
CURRENT ASSETS: | ||
Cash and cash equivalents ($171,727 and $173,118 related to variable interest entities (“VIEs”)) | $ 358,304 | $ 380,564 |
Restricted cash | 14,749 | 14,116 |
Restricted investments | 130,499 | 130,287 |
Accounts receivable ($51,822 and $84,014 related to VIEs) | 1,057,229 | 1,054,014 |
Retention receivable ($154,951 and $161,187 related to VIEs) | 550,224 | 580,926 |
Costs and estimated earnings in excess of billings ($72,566 and $58,089 related to VIEs) | 1,156,571 | 1,143,846 |
Other current assets ($22,155 and $26,725 related to VIEs) | 199,138 | 217,601 |
Total current assets | 3,466,714 | 3,521,354 |
PROPERTY AND EQUIPMENT (“P&E”), net of accumulated depreciation of $546,716 and $534,171 (net P&E of $33,813 and $35,135 related to VIEs) | 438,605 | 441,291 |
GOODWILL | 205,143 | 205,143 |
INTANGIBLE ASSETS, NET | 67,746 | 68,305 |
DEFERRED INCOME TAXES | 69,737 | 74,083 |
OTHER ASSETS | 122,462 | 119,680 |
TOTAL ASSETS | 4,370,407 | 4,429,856 |
CURRENT LIABILITIES: | ||
Current maturities of long-term debt | 21,109 | 117,431 |
Accounts payable ($23,199 and $24,160 related to VIEs) | 600,190 | 466,545 |
Retention payable ($22,011 and $22,841 related to VIEs) | 227,731 | 223,138 |
Billings in excess of costs and estimated earnings ($425,410 and $439,759 related to VIEs) | 1,002,268 | 1,103,530 |
Accrued expenses and other current liabilities ($10,572 and $18,206 related to VIEs) | 191,909 | 214,309 |
Total current liabilities | 2,043,207 | 2,124,953 |
LONG-TERM DEBT, less current maturities, net of unamortized discount and debt issuance costs totaling $9,389 and $11,000 | 780,058 | 782,314 |
OTHER LONG-TERM LIABILITIES | 243,908 | 238,678 |
TOTAL LIABILITIES | 3,067,173 | 3,145,945 |
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 shares ($1 par value), issued and outstanding 52,284,162 and 52,025,497 shares | 52,284 | 52,025 |
Additional paid-in capital | 1,146,008 | 1,146,204 |
Retained earnings | 148,906 | 133,146 |
Accumulated other comprehensive loss | (40,162) | (39,787) |
Total stockholders' equity | 1,307,036 | 1,291,588 |
Noncontrolling interests | (3,802) | (7,677) |
TOTAL EQUITY | 1,303,234 | 1,283,911 |
TOTAL LIABILITIES AND EQUITY | $ 4,370,407 | $ 4,429,856 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Cash and cash equivalents | $ 358,304 | $ 380,564 |
Accounts receivable | 1,057,229 | 1,054,014 |
Retention receivable | 550,224 | 580,926 |
Costs and estimated earnings in excess of billings | 1,156,571 | 1,143,846 |
Other current assets | 199,138 | 217,601 |
Accumulated depreciation | 546,716 | 534,171 |
Property and equipment, net | 438,605 | 441,291 |
Accounts payable | 600,190 | 466,545 |
Retention payable | 227,731 | 223,138 |
Billings in excess of costs and estimated earnings | 1,002,268 | 1,103,530 |
Accrued expenses and other current liabilities | 191,909 | 214,309 |
Unamortized discount and debt issuance costs, non-current | $ 9,389 | $ 11,000 |
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 | 112,500,000 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares issued (in shares) | 52,284,162 | 52,025,497 |
Common stock, shares outstanding (in shares) | 52,284,162 | 52,025,497 |
VIEs | ||
Cash and cash equivalents | $ 171,727 | $ 173,118 |
Accounts receivable | 51,822 | 84,014 |
Retention receivable | 154,951 | 161,187 |
Costs and estimated earnings in excess of billings | 72,566 | 58,089 |
Other current assets | 22,155 | 26,725 |
Property and equipment, net | 33,813 | 35,135 |
Accounts payable | 23,199 | 24,160 |
Retention payable | 22,011 | 22,841 |
Billings in excess of costs and estimated earnings | 425,410 | 439,759 |
Accrued expenses and other current liabilities | $ 10,572 | $ 18,206 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash Flows from Operating Activities: | ||
Net income (loss) | $ 27,502 | $ (48,929) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation | 13,023 | 9,849 |
Amortization of intangible assets | 559 | 559 |
Share-based compensation expense | 5,524 | 3,071 |
Change in debt discounts and deferred debt issuance costs | 1,806 | 1,004 |
Deferred income taxes | 3,494 | (86,265) |
Gain on sale of property and equipment | (227) | (4,975) |
Changes in other components of working capital | 47,173 | 148,182 |
Other long-term liabilities | 790 | (2,256) |
Other, net | (1,370) | 1,088 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 98,274 | 21,328 |
Cash Flows from Investing Activities: | ||
Acquisition of property and equipment | (10,434) | (17,796) |
Proceeds from sale of property and equipment | 628 | 6,540 |
Investments in securities | (12,045) | (386) |
Proceeds from maturities and sales of investments in securities | 11,530 | 4,755 |
NET CASH USED IN INVESTING ACTIVITIES | (10,321) | (6,887) |
Cash Flows from Financing Activities: | ||
Proceeds from debt | 0 | 259,500 |
Repayment of debt | (100,188) | (238,101) |
Cash payments related to share-based compensation | (1,440) | (123) |
Distributions paid to noncontrolling interests | (7,400) | (8,500) |
Contributions from noncontrolling interests | 0 | 2,000 |
Debt issuance, extinguishment and modification costs | (552) | (407) |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | (109,580) | 14,369 |
Net increase (decrease) in cash, cash equivalents and restricted cash | (21,627) | 28,810 |
Cash, cash equivalents and restricted cash at beginning of period | 394,680 | 273,831 |
Cash, cash equivalents and restricted cash at end of period | $ 373,053 | $ 302,641 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
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, 2023. The results of operations for the three months ended March 31, 2024 may not be indicative of the results that will be achieved for the full year ending December 31, 2024. 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 March 31, 2024 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 condensed consolidated financial statements and notes thereto of prior years have been reclassified to conform to the current year presentation. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (“Topic 280”): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires disclosure of incremental segment information on an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal periods beginning after December 15, 2024, and requires retrospective application to all prior periods presented in the financial statements. The Company is currently evaluating the impact of the guidance on the consolidated financial statements and disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (“Topic 740”): Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires public entities to disclose specific categories in its annual effective tax rate reconciliation and disaggregated information about significant reconciling items by jurisdiction and by nature. ASU 2023-09 also requires entities to disclose their income tax payments (net of refunds) to international, federal, and state and local jurisdictions. This guidance is effective for fiscal years beginning after December 15, 2024, and requires prospective application with the option to apply it retrospectively. Early adoption is permitted. The Company is currently evaluating the impact of this guidance on the consolidated financial statements and disclosures. |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2024 | |
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 months ended March 31, 2024 and 2023. Three Months Ended (in thousands) 2024 2023 Civil segment revenue by end market: Mass transit (includes certain transportation and tunneling projects) $ 252,516 $ 188,460 Military facilities 105,144 85,567 Commercial and industrial sites 39,490 22,726 Bridges 27,672 30,645 Power and energy 26,198 10,176 Other 21,145 12,296 Total Civil segment revenue $ 472,165 $ 349,870 Three Months Ended (in thousands) 2024 2023 Building segment revenue by end market: Government $ 130,611 $ 89,620 Health care facilities 111,987 50,417 Education facilities 68,159 48,077 Mass transit (includes transportation projects) 61,175 33,320 Sports and entertainment 15,639 13,466 Commercial and industrial facilities 11,369 38,271 Hospitality and gaming 2,752 19,606 Other (a) 10,250 (63,124) Total Building segment revenue $ 411,942 $ 229,653 Three Months Ended (in thousands) 2024 2023 Specialty Contractors segment revenue by end market: Mass transit (includes certain transportation and tunneling projects) $ 48,126 $ 47,545 Commercial and industrial facilities 28,210 54,227 Multi-unit residential 24,726 32,796 Government 22,953 21,069 Health care facilities 16,710 9,531 Water 14,216 28,334 Other (a) 9,939 3,275 Total Specialty Contractors segment revenue $ 164,880 $ 196,777 Three Months Ended Three Months Ended (in thousands) Civil Building Specialty Total Civil Building Specialty Total Revenue by customer type: State and local agencies $ 283,995 $ 246,519 $ 76,953 $ 607,467 $ 213,427 $ 136,601 $ 85,682 $ 435,710 Federal agencies 113,454 46,052 439 159,945 95,984 41,735 1,893 139,612 Private owners (a) 74,716 119,371 87,488 281,575 40,459 51,317 109,202 200,978 Total revenue $ 472,165 $ 411,942 $ 164,880 $ 1,048,987 $ 349,870 $ 229,653 $ 196,777 $ 776,300 Three Months Ended Three Months Ended (in thousands) Civil Building Specialty Total Civil Building Specialty Total Revenue by contract type: Fixed price $ 422,720 $ 170,146 $ 139,503 $ 732,369 $ 311,373 $ 96,116 $ 166,155 $ 573,644 Guaranteed maximum price (a) 46 187,300 623 187,969 62 69,778 1,756 71,596 Unit price 33,854 — 20,545 54,399 33,012 — 24,064 57,076 Cost plus fee and other 15,545 54,496 4,209 74,250 5,423 63,759 4,802 73,984 Total revenue $ 472,165 $ 411,942 $ 164,880 $ 1,048,987 $ 349,870 $ 229,653 $ 196,777 $ 776,300 ____________________________________________________________________________________________________ (a) The three-month period ended March 31, 2023 includes the negative impact of a non-cash charge of $83.6 million that resulted from an adverse legal ruling (of which $72.2 million impacted the Building segment and $11.4 million impacted the Specialty Contractors segment). Refer to Note 18, Business Segments , for additional details. 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. Net revenue recognized during the three months ended March 31, 2024 related to performance obligations satisfied (or partially satisfied) in prior periods was immaterial. Revenue was negatively impacted during the three months ended March 31, 2023 related to performance obligations satisfied (or partially satisfied) in prior periods by $108.0 million. Refe r to Note 18, Business Segments , for additional details on significant adjustments . 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 March 31, 2024, the aggregate amounts of the transaction prices allocated to the remaining performance obligations of the Company’s construction contracts were $4.1 billion, $1.8 billion and $1.1 billion f or the Civil, Building and Specialty Contractors segments, respectively. As of March 31, 2023, the aggregate amounts of the transaction prices allocated to the remaining performance obligations of the Company’s construction contracts were $4.4 billion, $2.2 billion and $1.2 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 | 3 Months Ended |
Mar. 31, 2024 | |
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 retention 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 March 31, As of December 31, Retention receivable $ 550,224 $ 580,926 Costs and estimated earnings in excess of billings: Claims 519,399 562,646 Unapproved change orders 558,521 512,831 Other unbilled costs and profits 78,651 68,369 Total costs and estimated earnings in excess of billings 1,156,571 1,143,846 Capitalized contract costs 103,946 117,913 Total contract assets $ 1,810,741 $ 1,842,685 Retention 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. Retention 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 Accounting Standards Codification (“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, Commitments and Contingencies , 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 are included in other current assets and 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. Capitalized contract costs are generally e xpensed to the associated contract over the period of anticipated use on the project. During the three months ended March 31, 2024, $16.3 million of previously capitalized contract costs were amortized and recognized as expense on the related contracts. During the three months ended March 31, 2023, $10.8 million of previously capitalized contract costs were amortized and recognized as expense on the related contracts. Contract liabilities include amounts owed under retention 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 March 31, As of December 31, Retention payable $ 227,731 $ 223,138 Billings in excess of costs and estimated earnings 1,002,268 1,103,530 Total contract liabilities $ 1,229,999 $ 1,326,668 Retention 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, retention payable is not remitted to subcontractors until the associated retention 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 months ended March 31, 2024 and 2023 and included in the opening billings in excess of costs and estimated earnings balances for each period totaled $482.0 million and $365.1 million, respectively. |
Cash, Cash Equivalents and Rest
Cash, Cash Equivalents and Restricted Cash | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, As of December 31, Cash and cash equivalents available for general corporate purposes $ 128,942 $ 145,055 Joint venture cash and cash equivalents 229,362 235,509 Cash and cash equivalents 358,304 380,564 Restricted cash 14,749 14,116 Total cash, cash equivalents and restricted cash $ 373,053 $ 394,680 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 includes amounts primarily 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 | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share Basic earnings per common share (“EPS”) and diluted EPS are calculated by dividing net income (loss) 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 (“RSUs”) and unexercised stock options. The Company calculates the effect of the potentially dilutive RSUs and stock options using the treasury stock method. Three Months Ended March 31, (in thousands, except per common share data) 2024 2023 Net income (loss) attributable to Tutor Perini Corporation $ 15,760 $ (49,196) Weighted-average common shares outstanding, basic 52,092 51,551 Effect of dilutive RSUs and stock options 423 — Weighted-average common shares outstanding, diluted 52,515 51,551 Net income (loss) attributable to Tutor Perini Corporation per common share: Basic $ 0.30 $ (0.95) Diluted $ 0.30 $ (0.95) Anti-dilutive securities not included above 1,421 2,857 For the three months ended March 31, 2023, all outstanding RSUs and stock options were excluded from the calculation of weighted-average diluted shares outstanding, as the shares have an anti-dilutive effect due to the net loss for the period. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company recognized an income tax expense for the three months ended March 31, 2024 of $7.3 million resulting in an effective income tax rate of 21.0%. The effective income tax rate for the three months ended March 31, 2024 was consistent with the 21.0% federal statutory rate as the impacts of rate reductions from earnings attributable to noncontrolling interests (for which income taxes are not the responsibility of the Company) and federal income tax credits were offset by non-deductible expenses, share-based compensation adjustments and state income taxes (net of federal tax benefit). The Company recognized an income tax benefit for the three months ended March 31, 2023 of $48.1 million resulting in an effective income tax rate of 49.6%. The effective income tax rate was higher than the 21.0% federal statutory rate primarily due to the pre-tax loss for the period and projected for the year. In periods reporting pre-tax losses, a tax benefit increases the effective income tax rate because it increases the tax benefit generated from the pre-tax loss. The tax benefits that caused a higher effective tax rate were primarily the earnings attributable to noncontrolling interests (for which income taxes are not the responsibility of the Company) and state income taxes (net of the federal tax benefit), partially offset by non-deductible expenses. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024: (in thousands) Civil Building Specialty Total Gross goodwill as of December 31, 2023 $ 492,074 $ 424,724 $ 156,193 $ 1,072,991 Accumulated impairment as of December 31, 2023 (286,931) (424,724) (156,193) (867,848) Goodwill as of December 31, 2023 205,143 — — 205,143 Current year activity — — — — Goodwill as of March 31, 2024 $ 205,143 $ — $ — $ 205,143 The Company performed its annual impairment test in the fourth quarter of 2023 and concluded goodwill was not impaired. 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. 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, 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 March 31, 2024 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) 69,250 (28,682) (23,232) 17,336 20 years Contractor license 6,000 — (6,000) — N/A Customer relationships 39,800 (23,155) (16,645) — N/A Construction contract backlog 149,290 (149,290) — — N/A Total $ 381,940 $ (201,127) $ (113,067) $ 67,746 As of December 31, 2023 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) 69,250 (28,123) (23,232) 17,895 20 years Contractor license 6,000 — (6,000) — N/A Customer relationships 39,800 (23,155) (16,645) — N/A Construction contract backlog 149,290 (149,290) — — N/A Total $ 381,940 $ (200,568) $ (113,067) $ 68,305 Amortization expense related to amortizable intangible assets for both the three months ended March 31, 2024 and 2023 was $0.6 million. As of March 31, 2024, future amortization expense related to amortizable intangible assets will be approximately $1.7 million for the remainder of 2024, $2.2 million per year for the years 2025 through 2029 and $4.6 million thereafter. The Company performed its annual impairment test for non-amortizable trade names during the fourth quarter of 2023. Based on this assessment, the Company concluded that its non-amortizable trade names were not impaired. In addition, the Company determined that no triggering events occurred and no circumstances changed since the date of our annual impairment test that would indicate impairment of its non-amortizable trade names. Other amortizable intangible assets are reviewed for impairment whenever circumstances indicate that the future cash flows generated by the assets might be less than the assets’ net carrying value. The Company had no impairment of intangible assets during the three months ended March 31, 2024 or 2023. |
Financial Commitments
Financial Commitments | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, As of December 31, 2017 Senior Notes $ 498,703 $ 498,410 Term Loan B 266,959 357,744 Revolver — — Equipment financing and mortgages 31,238 34,807 Other indebtedness 4,267 8,784 Total debt 801,167 899,745 Less: Current maturities (a) 21,109 117,431 Long-term debt, net $ 780,058 $ 782,314 ____________________________________________________________________________________________________ (a) Cu rrent maturities at December 31, 2023 included the $91.0 million principal prepayment on the Term Loan B that was made in February 2024. The following table reconciles the outstanding debt balances to the reported debt balances as of March 31, 2024 and December 31, 2023: As of March 31, 2024 As of December 31, 2023 (in thousands) Outstanding Debt Unamortized Discounts and Issuance Costs Debt, Outstanding Debt Unamortized Discounts and Issuance Costs Debt, 2017 Senior Notes $ 500,000 $ (1,297) $ 498,703 $ 500,000 $ (1,590) $ 498,410 Term Loan B 275,051 (8,092) 266,959 367,154 (9,410) 357,744 The unamortized issuance costs related to the Revolver wer e $1.2 million and $1.4 million as of March 31, 2024 and December 31, 2023, respectively, and are included in other assets on the Condensed Conso lidated Balance Sheets. 2020 Credit Agreement On August 18, 2020, the Company entered into a credit agreement (as amended, the “2020 Credit Agreement”) with BMO Bank N.A. (f/k/a BMO Harris Bank N.A.), as Administrative Agent, Swing Line Lender and L/C Issuer and other lenders. The 2020 Credit Agreement provided for a $425.0 million term loan B facility (the “Term Loan B”) and a $175.0 million (which will be reduced to $170.0 million following the effectiveness of the amendment to the 2020 Credit Agreement entered into on April 15, 2024, as described in further detail in Note 19, Subsequent Events ) revolving credit facility (the “Revolver”), with sub-limits 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, except that if any of the 2017 Senior Notes (defined below) remain outstanding beyond future dates specified below, the maturity of certain amounts of the Term Loan B will be accelerated (“spring-forward maturity”). The spring-forward maturity provisions are as follows: (i) if on January 30, 2025, any of the 2017 Senior Notes remain outstanding, the maturity date for one tranche of the Term Loan B (representing 10.2% of the principal balance) shall be January 30, 2025 (which is 91 days prior to the maturity of the 2017 Senior Notes) and (ii) if on April 21, 2025, any of the 2017 Senior Notes remain outstanding, the maturity date for another tranche of the Term Loan B (representing 89.8% of the principal balance) shall be April 21, 2025 (which is 10 days prior to the maturity of the 2017 Senior Notes), subject to certain further exceptions. However, following the redemption of the 2017 Senior Notes, which will occur on May 2, 2024 (as described in further detail in Note 19, Subsequent Events ), the spring-forward maturity in respect of both tranches of the Term Loan B will no longer be in effect. The Revolver will mature on August 18, 2025, unless any of the 2017 Senior Notes are outstanding on January 30, 2025, in which case any extensions of credit under the Revolver will mature and the commitments under the Revolver will be reduced to zero, in each case, on January 30, 2025, subject to certain further exceptions. However, following the effectiveness of the April 15, 2024 amendment described in further detail in Note 19, the Revolver will mature (a) if any tranche of the Term Loan B, any incremental term loan or any refinancing term loan (or any refinancing or replacement thereof) remains outstanding, the earlier of (i) May 20, 2027 and (ii) the date that is ninety (90) days prior to the final maturity of any tranche of the Term Loan B, any incremental term loan or any refinancing term loan (or any refinancing or replacement thereof), as applicable and (b) if no obligations are outstanding with respect to any tranche of the Term Loan B, any incremental term loan or any refinancing term loan, August 18, 2027. On April 15, 2024, as described in further detail in Note 19, Subsequent Events , the Company entered into an amendment in respect of the 2020 Credit Agreement to, among other things, extend the maturity of the Revolver and permanently reduce the aggregate commitments in respect of the Revolver by $5.0 million from $175.0 million to $170.0 million. The effectiveness of the amendment is subject to the satisfaction or waiver of certain conditions precedent more fully described in Note 19, Subsequent Events . 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. 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 certain indebtedness and annual excess cash flow (in each case, subject to certain customary exceptions). At December 31, 2023, current maturities of long-term debt in the accompanying Condensed Consolidated Balance Sheet included $91.0 million prepayment of principal on the Term Loan B, relating to the mandatory prepayment provision of the 2020 Credit Agreement in respect of annual excess cash flow. The $91.0 million prepayment included in current maturities at December 31, 2023, which was due by the first week of April 2024, was paid in February 2024. 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 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) in the case of the Term Loan B, following the amendment to the 2020 Credit Agreement on May 2, 2023 (as discussed below), (x) the Adjusted Term Secured Overnight Financing Rate (“Adjusted Term SOFR”) (calculated with a 11.448 basis point, 26.161 basis point and 42.826 basis point credit spread adjustment for a 1, 3 and 6 month interest period, respectively) or (y) 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 Adjusted Term SOFR rate for a one-month interest period plus 100 basis points) and (B) in case of the Revolver, following the amendment to the 2020 Credit Agreement on October 31, 2022 (as discussed below), (x) the Adjusted Term SOFR rate (calculated with a 10 basis point credit spread adjustment for all interest periods) or (y) 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 Adjusted Term SOFR rate for a one-month interest period plus 100 basis points) plus, in each case, (ii) an applicable margin. The margin applicable to the Term Loan B is between 4.50% and 4.75% for Adjusted Term SOFR and between 3.50% and 3.75% for base rate, and, in each case, is based on the Total Net Leverage Ratio. The margin applicable to the Revolver is between 4.25% and 4.75% for Adjusted Term SOFR and 3.25% and 3.75% for base rate, and, in each case, is based on the First Lien Net Leverage Ratio. Effective following the amendment to the 2020 Credit Agreement on October 31, 2022, the Company’s original London Interbank Offered Rate (“LIBOR”) option in respect of the Revolver was transitioned to Adjusted Term SOFR. Effective May 2, 2023, the 2020 Credit Agreement was further amended to transition the Company’s original LIBOR option in respect of the Term Loan B to Adjusted Term SOFR. 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 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 2020 Credit Agreement includes customary provisions for the replacement of Adjusted Term SOFR with an alternative benchmark rate upon Adjusted Term SOFR being discontinued. There were no borrowings under the Revolver during the three months ended March 31, 2024. At March 31, 2024, the borrowing rate on the Revolver was 12.3%. As amended, the 2020 Credit Agreement requires, solely with respect to the Revolver, the Company and its restricted subsidiaries to maintain a maximum First Lien Net Leverage Ratio of 3.50:1.00, effective the fiscal quarter ended December 31, 2022 and increasing to 3.75:1.00 for the fiscal quarter ending March 31, 2023 and subsequently stepping down to 3.00:1.00 for the fiscal quarter ending June 30, 2023, 2.50:1.00 for the fiscal quarter ending September 30, 2023 and 2.25:1.00 for the fiscal quarter ending December 31, 2023 and each fiscal quarter thereafter. 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 March 31, 2024, the entire $175.0 million was available under the Revolver. The Company had not utilized the Revolver for letters of credit. The Company was in compliance with the financial covenant under the 2020 Credit Agreement for the period ended March 31, 2024. 2024 Senior Notes On April 22, 2024, as described in further detail in Note 19, Subsequent Events, the Company issued $400.0 million in aggregate principal amount of 11.875% Senior Notes due April 30, 2029 (the “2024 Senior Notes”) in a private placement offering. 2017 Senior Notes On April 20, 2017, the Company issued $500.0 million in aggregate principal amount of 6.875% Senior Notes due May 1, 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. 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 2020 Credit Agreement, as defined above. 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. As described in further detail in Note 19 , Subsequent Events, the proceeds of the 2024 Senior Notes, together with cash on hand, will be used to redeem in full, all of the outstanding obligations in respect of the 2017 Senior Notes. A Notice of Conditional Full Redemption was delivered to holders of the 2017 Senior Notes on April 17, 2024, and the redemption of the 2017 Senior Notes will occur on May 2, 2024. Interest Expense Interest expense as reported in the Condensed Consolidated Statements of Operations consisted of the following: Three Months Ended (in thousands) 2024 2023 Cash interest expense: Interest on Term Loan B $ 8,488 $ 9,749 Interest on 2017 Senior Notes 8,594 8,594 Interest on Revolver — 1,745 Other interest 419 421 Total cash interest expense 17,501 20,509 Non-cash interest expense: (a) Amortization of discount and debt issuance costs on Term Loan B 1,318 571 Amortization of debt issuance costs on 2017 Senior Notes 293 273 Amortization of debt issuance costs on Revolver 195 160 Total non-cash interest expense 1,806 1,004 Total interest expense $ 19,307 $ 21,513 ____________________________________________________________________________________________________ (a) The combination of cash and non-cash interest expense produces effective interest rates that are higher than contractual rates. Accordingly, the effective interest rates for the 2017 Senior Notes and Term Loan B were 7.13% and 13.13%, respectively, for the three months ended March 31, 2024. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Leases | Leases The Company leases certain office space, construction and office equipment, vehicles and temporary housing generally under non-cancelable operating leases. Leases with an initial term of one year or less are not recorded on the balance sheet, and the Company generally recognizes lease expense for these leases on a straight-line basis over the lease term. As of March 31, 2024, the Company’s operating leases have remaining lease terms ranging from less than one year to 14 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 months ended March 31, 2024 and 2023: Three Months Ended (in thousands) 2024 2023 Operating lease expense $ 3,320 $ 3,474 Short-term lease expense (a) 12,323 13,919 15,643 17,393 Less: Sublease income 199 194 Total lease expense $ 15,444 $ 17,199 ____________________________________________________________________________________________________ (a) Short-term lease expense includes all leases with lease terms of up 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 March 31, As of December 31, Assets Right-of-use assets Other assets $ 51,254 $ 48,878 Total lease assets $ 51,254 $ 48,878 Liabilities Current lease liabilities Accrued expenses and other current liabilities $ 6,605 $ 6,275 Long-term lease liabilities Other long-term liabilities 49,981 47,781 Total lease liabilities $ 56,586 $ 54,056 Weighted-average remaining lease term 9.9 years 10.3 years Weighted-average discount rate 12.01 % 12.13 % The following table presents supplemental cash flow information and non-cash activity related to operating leases: Three Months Ended (in thousands) 2024 2023 Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ (3,168) $ (3,446) Non-cash activity: Right-of-use assets obtained in exchange for lease liabilities $ 4,154 $ 318 The following table presents maturities of operating lease liabilities on an undiscounted basis as of March 31, 2024: Year (in thousands) Operating Leases 2024 (excluding the three months ended March 31, 2024) $ 9,428 2025 11,580 2026 9,704 2027 8,281 2028 8,183 Thereafter 52,269 Total lease payments 99,445 Less: Imputed interest 42,859 Total $ 56,586 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
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, Contract Assets and Liabilities . 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: 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. STP submitted damages to the Insurers in the King County lawsuit in the amount of $532 million. 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 April and September 2018, rulings received on pre-trial motions limited some of the potential recoveries under the Policy for STP, WSDOT and Hitachi. On August 2, 2021, the Court of Appeals reversed in part certain of those limitations but affirmed other parts of those rulings. On September 15, 2022, the Washington Supreme Court affirmed the decision of the Court of Appeals, which limits recovery of certain damages under the Policy. Based on the rulings of the Court of Appeals, the case will continue for adjudication on the remaining facts and legal issues, including the number of covered occurrences which could increase the amount of available coverage under the Policy and the amount of investigative costs that are subject to the Policy limits. STP also has claims for costs, fees, pre-judgment interest and extra-contractual and statutory claims, which are not subject to the Policy limits. The case has been scheduled for trial commencing September 23, 2024. In addition, STP has a pending case in the Washington Superior Court against HNTB Corporation (“HNTB”), its design firm on the project, wherein STP alleges that HNTB is liable for providing design services that resulted in the TBM striking the steel pipe described above and for additional steel quantity costs associated with the project. STP’s complaint seeks in excess of $640 million. The case is scheduled for trial to commence on April 27, 2025. With respect to STP’s direct and indirect claims against the Insurers and HNTB, management has included in receivables an estimate of the total anticipated recovery concluded to be probable. 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 subsequently filed a counterclaim against WSDOT seeking the same damages in excess of $640 million. 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. 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, which included $25.7 million for the Company’s 45% proportionate share of the $57.2 million in damages awarded by the jury to WSDOT. The charge was 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. STP filed a petition for discretionary review by the Washington Supreme Court on July 12, 2022, which was denied by the Supreme Court on October 10, 2022. On October 18, 2022, STP paid the damages and associated interest from the judgment, which included the Company’s proportionate share of $34.6 million. As a result, the lawsuit between STP and WSDOT has concluded. |
Share-Based Compensation
Share-Based Compensation | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation | Share-Based Compensation As of March 31, 2024, there were 1,457,658 share s of common stock available for grant under the Tutor Perini Corporation Omnibus Incentive Plan. During the three months ended March 31, 2024 and 2023, the Company granted the following share-based instruments: (1) RSUs totaling 30,000 and 590,188, respectively, with weighted-average grant date fair values per unit of $12.68 and $8.66, respectively; (2) cash-settled performance stock units (“CPSUs”) totaling 645,180 and 901,541, respectively, with weighted-average grant date fair values per unit of $19.17 and $13.78, respectively; and (3) deferred cash awards (“DCAs”), including cash-settled stock units, with service-based vesting conditions and payouts indexed to shares of the Company’s common stock totaling 673,855 and 90,000, respectively, with weighted-average grant date fair values per unit of $12.75 and $8.98, respectively. As of March 31, 2024 and December 31, 2023, the Company recognized liabilities for CPSUs, RSUs with guaranteed minimum payouts and DCAs on the Condensed Consolidated Balance Sheets totaling approximately $7.5 million and $4.9 million , respectively. During the three months ended March 31, 2024, the Company paid approximately $1.0 million, respectively, to settle certain awards. For the three months ended March 31, 2024 and 2023, the Company recognized, as part of general and administrative expenses, costs for share-based payment arrangements totaling $5.5 million and $3.1 million , respectively. As of March 31, 2024, the balance of unamortized share-based compensation expense was $37.5 million , which is expected to be recognized over a weighted-average period of 2.4 years . |
Employee Pension Plans
Employee Pension Plans | 3 Months Ended |
Mar. 31, 2024 | |
Retirement Benefits [Abstract] | |
Employee Pension Plans | Employee Pension Plans The 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 months ended March 31, 2024 and 2023: Three Months Ended March 31, (in thousands) 2024 2023 Interest cost $ 911 $ 969 Service cost 231 255 Expected return on plan assets (944) (978) Recognized net actuarial losses 437 413 Net periodic benefit cost $ 635 $ 659 The Company contributed $0.7 million to its defined benefit pension plan during the three months ended March 31, 2024. The Company expects to contribute an additional $1.8 million in cash by the end of 2024. Due to availability of our prefunded pension balance related to the defined benefit pension plan, the Company was not required to make any cash payments during the three months ended March 31, 2023. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 and December 31, 2023: As of March 31, 2024 As of December 31, 2023 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) $ 358,304 $ — $ — $ 358,304 $ 380,564 $ — $ — $ 380,564 Restricted cash (a) 14,749 — — 14,749 14,116 — — 14,116 Restricted investments (b) — 130,499 — 130,499 — 130,287 — 130,287 Investments in lieu of retention (c) 28,342 87,614 — 115,956 19,988 86,961 — 106,949 Total $ 401,395 $ 218,113 $ — $ 619,508 $ 414,668 $ 217,248 $ — $ 631,916 ____________________________________________________________________________________________________ (a) Includes money market funds and short-term investments with maturity dates of three months or less when acquired. (b) Restricted investments, as of March 31, 2024 and December 31, 2023, consist of available-for-sale (“AFS”) debt securities, which are valued based on pricing models determined from a compilation of primarily observable market information, broker quotes in non-active markets or similar assets; therefore, they are classified as Level 2 assets. (c) Investments in lieu of retention are included in retention receivable as of March 31, 2024 and December 31, 2023, and are composed of money market funds of $28.3 million and $20.0 million, respectively, and AFS debt securities of $87.6 million and $87.0 million, respectively. 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 AFS debt securities are determined from a compilation of primarily observable market information, broker quotes in non-active markets or similar assets; therefore, they are classified as Level 2 assets. Investments in AFS debt securities consisted of the following as of March 31, 2024 and December 31, 2023: As of March 31, 2024 As of December 31, 2023 (in thousands) Amortized Cost Unrealized Gains Unrealized Losses Fair Value Amortized Cost Unrealized Gains Unrealized Losses Fair Value Restricted investments: Corporate debt securities $ 101,568 $ 395 $ (2,257) $ 99,706 $ 95,903 $ 762 $ (2,202) $ 94,463 U.S. government agency securities 24,380 4 (1,050) 23,334 29,082 18 (1,054) 28,046 Municipal bonds 7,899 4 (908) 6,995 8,227 5 (914) 7,318 Corporate certificates of deposit 495 — (31) 464 498 — (38) 460 Total restricted investments 134,342 403 (4,246) 130,499 133,710 785 (4,208) 130,287 Investments in lieu of retention: Corporate debt securities 88,134 105 (1,682) 86,557 87,601 246 (1,950) 85,897 Municipal bonds 824 233 — 1,057 823 241 — 1,064 Total investments in lieu of retention 88,958 338 (1,682) 87,614 88,424 487 (1,950) 86,961 Total AFS debt securities $ 223,300 $ 741 $ (5,928) $ 218,113 $ 222,134 $ 1,272 $ (6,158) $ 217,248 The following table summarizes the fair value and gross unrealized losses aggregated by category and the length of time that individual securities have been in a continuous unrealized loss position as of March 31, 2024 and December 31, 2023: As of March 31, 2024 Less than 12 Months 12 Months or Greater Total (in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Restricted investments: Corporate debt securities $ 22,242 $ (123) $ 37,507 $ (2,134) $ 59,749 $ (2,257) U.S. government agency securities 3,333 (24) 14,869 (1,026) 18,202 (1,050) Municipal bonds — — 6,814 (908) 6,814 (908) Corporate certificates of deposit — — 465 (31) 465 (31) Total restricted investments 25,575 (147) 59,655 (4,099) 85,230 (4,246) Investments in lieu of retention: Corporate debt securities 24,714 (125) 45,925 (1,557) 70,639 (1,682) Total investments in lieu of retention 24,714 (125) 45,925 (1,557) 70,639 (1,682) Total AFS debt securities $ 50,289 $ (272) $ 105,580 $ (5,656) $ 155,869 $ (5,928) As of December 31, 2023 Less than 12 Months 12 Months or Greater Total (in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Restricted investments: Corporate debt securities $ 4,971 $ (3) $ 40,649 $ (2,199) $ 45,620 $ (2,202) U.S. government agency securities 1,280 (4) 22,858 (1,050) 24,138 (1,054) Municipal bonds 99 (2) 7,038 (912) 7,137 (914) Corporate certificates of deposit — — 460 (38) 460 (38) Total restricted investments 6,350 (9) 71,005 (4,199) 77,355 (4,208) Investments in lieu of retention: Corporate debt securities 11,398 (55) 49,726 (1,895) 61,124 (1,950) Total investments in lieu of retention 11,398 (55) 49,726 (1,895) 61,124 (1,950) Total AFS debt securities $ 17,748 $ (64) $ 120,731 $ (6,094) $ 138,479 $ (6,158) The unrealized losses in AFS debt securities as of March 31, 2024 and December 31, 2023 are primarily attributable to market interest rate increases and not a deterioration in credit quality of the issuers. Management evaluated the unrealized losses in AFS debt securities considering factors including credit ratings and other relevant information, which may indicate that contractual cash flows are not expected to occur. Based on the analysis, management determined that credit losses did not exist for AFS debt securities in an unrealized loss position as of March 31, 2024 and December 31, 2023. It is not considered likely that the Company will be required to sell the investments before full recovery of the amortized cost basis of the AFS debt securities, which may be at maturity. As a result, consistent with the same period in 2023, the Company has not recognized any impairment losses in earnings during the three months ended March 31, 2024. The amortized cost and fair value of AFS debt securities by contractual maturity as of March 31, 2024 are summarized in the table below. Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations. (in thousands) Amortized Cost Fair Value Due within one year $ 38,792 $ 38,009 Due after one year through five years 174,478 171,095 Due after five years 10,030 9,009 Total $ 223,300 $ 218,113 The carrying values of receivables, payables and other amounts arising out of normal contract activities, including retention, which may be settled beyond one year, are estimated to approximate fair value. Of the Company’s long-term debt, the fair value of the 2017 Senior Notes was $495.4 million and $490.9 million as of March 31, 2024 and December 31, 2023, respectively. The fair values of the 2017 Senior Notes were determined using Level 1 inputs, specifically current observable market prices. The fair value of the Term Loan B was $274.4 million and $358.9 million as of March 31, 2024 and December 31, 2023, respectively. The fair values of the Term Loan B were determined using Level 2 inputs, specifically third-party quoted market prices. The reported value of the Company’s remaining borrowings approximates fair value as of March 31, 2024 and December 31, 2023. |
Variable Interest Entities (VIE
Variable Interest Entities (VIEs) | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024, the Company had unconsolidated VIE-related current assets and liabilities of $0.5 million and $0.1 million, respectively, included in the Company’s Condensed Consolidated Balance Sheets. As of December 31, 2023, the Company had unconsolidated VIE-related current assets and liabilities of $0.5 million and $0.1 million, respectively, included in the Company’s Condensed Consolidated Balance Sheets. 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 March 31, 2024. As of March 31, 2024, the Company’s Condensed Consolidated Balance Sheets included current and noncurrent assets of $473.2 million and $33.8 million, respectively, as well as current liabilities of $481.2 million related to the operations of its consolidated VIEs. As of December 31, 2023, the Company’s Condensed Consolidated Balance Sheets included current and noncurrent assets of $503.1 million and $35.1 million, respectively, as well as current liabilities of $505.0 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 an original 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 transportation infrastructure project in Newark, New Jersey with an original value of approximately $1.4 billion. The Company has an 80% interest in the joint venture with the remaining 20% held by Parsons. The joint venture was initially financed with contributions from the partners and, per the terms of the joint venture agreement, the partners may be required to provide additional capital contributions in the future. The Company has determined that this joint venture is a VIE for which the Company is the primary beneficiary. |
Changes in Equity
Changes in Equity | 3 Months Ended |
Mar. 31, 2024 | |
Stockholders' Equity Note [Abstract] | |
Changes in Equity | Changes in Equity A reconciliation of the changes in equity for the three months ended March 31, 2024 and 2023 is provided below: Three Months Ended March 31, 2024 (in thousands) Common Additional Retained Accumulated Noncontrolling Total Balance - December 31, 2023 $ 52,025 $ 1,146,204 $ 133,146 $ (39,787) $ (7,677) $ 1,283,911 Net income — — 15,760 — 11,742 27,502 Other comprehensive loss — — — (375) (467) (842) Share-based compensation — 1,503 — — — 1,503 Issuance of common stock, net 259 (1,699) — — — (1,440) Distributions to noncontrolling interests — — — — (7,400) (7,400) Balance - March 31, 2024 $ 52,284 $ 1,146,008 $ 148,906 $ (40,162) $ (3,802) $ 1,303,234 Three Months Ended March 31, 2023 (in thousands) Common Additional Retained Accumulated Noncontrolling Total Balance - December 31, 2022 $ 51,521 $ 1,140,933 $ 304,301 $ (47,037) $ (7,734) $ 1,441,984 Net income (loss) — — (49,196) — 267 (48,929) Other comprehensive income — — — 1,727 153 1,880 Share-based compensation — 1,395 — — — 1,395 Issuance of common stock, net 124 (247) — — — (123) Contributions from noncontrolling interests — — — — 2,000 2,000 Distributions to noncontrolling interests — — — — (8,500) (8,500) Balance - March 31, 2023 $ 51,645 $ 1,142,081 $ 255,105 $ (45,310) $ (13,814) $ 1,389,707 |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2024 | |
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 the unrealized gain (loss) 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 months ended March 31, 2024 and 2023 were as follows: Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 (in thousands) Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount Before-Tax Amount Tax Expense Net-of-Tax Amount Other comprehensive income (loss): Defined benefit pension plan adjustments $ 437 $ (116) $ 321 $ 415 $ (114) $ 301 Foreign currency translation adjustments (1,082) 155 (927) 340 (90) 250 Unrealized gain (loss) in fair value of investments (301) 65 (236) 1,685 (356) 1,329 Total other comprehensive income (loss) (946) 104 (842) 2,440 (560) 1,880 Less: Other comprehensive income (loss) attributable to noncontrolling interests (467) — (467) 153 — 153 Total other comprehensive income (loss) attributable to Tutor Perini Corporation $ (479) $ 104 $ (375) $ 2,287 $ (560) $ 1,727 The changes in AOCI balances by component (after tax) attributable to Tutor Perini Corporation and attributable to noncontrolling interests during the three months ended March 31, 2024 and 2023 were as follows: Three Months Ended March 31, 2024 (in thousands) Defined Foreign Unrealized Gain (Loss) in Fair Value of Investments, Net Accumulated Attributable to Tutor Perini Corporation: Balance as of December 31, 2023 $ (29,354) $ (6,893) $ (3,540) $ (39,787) Other comprehensive loss before reclassifications — (428) (313) (741) Amounts reclassified from AOCI 321 — 45 366 Total other comprehensive income (loss) 321 (428) (268) (375) Balance as of March 31, 2024 $ (29,033) $ (7,321) $ (3,808) $ (40,162) Attributable to Noncontrolling Interests: Balance as of December 31, 2023 $ — $ (312) $ (419) $ (731) Other comprehensive income (loss) — (499) 32 (467) Balance as of March 31, 2024 $ — $ (811) $ (387) $ (1,198) Three Months Ended March 31, 2023 (in thousands) Defined Foreign Unrealized Gain (Loss) in Fair Value of Investments, Net Accumulated Attributable to Tutor Perini Corporation: Balance as of December 31, 2022 $ (32,637) $ (7,241) $ (7,159) $ (47,037) Other comprehensive income before reclassifications — 231 1,171 1,402 Amounts reclassified from AOCI 301 — 24 325 Total other comprehensive income 301 231 1,195 1,727 Balance as of March 31, 2023 $ (32,336) $ (7,010) $ (5,964) $ (45,310) Attributable to Noncontrolling Interests: Balance as of December 31, 2022 $ — $ (799) $ (931) $ (1,730) Other comprehensive income — 19 134 153 Balance as of March 31, 2023 $ — $ (780) $ (797) $ (1,577) The significant items reclassified out of AOCI and the corresponding location and impact on the Condensed Consolidated Statements of Operations during the three months ended March 31, 2024 and 2023 were as follows: Three Months Ended (in thousands) 2024 2023 Component of AOCI: Defined benefit pension plan adjustments (a) $ 437 $ 415 Income tax benefit (b) (116) (114) Net of tax $ 321 $ 301 Unrealized loss in fair value of investment adjustments (a) $ 57 $ 30 Income tax benefit (b) (12) (6) Net of tax $ 45 $ 24 ___________________________________________________________________________________________________ (a) Amounts included in other income, net on the Condensed Consolidated Statements of Operations. (b) Amounts included in income tax (expense) benefit on the Condensed Consolidated Statements of Operations. |
Business Segments
Business Segments | 3 Months Ended |
Mar. 31, 2024 | |
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, military facilities, 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: hospitality and gaming, transportation, health care, commercial offices, government facilities, sports and entertainment, education, correctional and detention facilities, biotech, pharmaceutical, industrial and technology. The Specialty Contractors segment specializes in electrical, mechanical, plumbing, HVAC and fire protection systems 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 months ended March 31, 2024 and 2023: Reportable Segments (in thousands) Civil Building Specialty Total Corporate Consolidated Three Months Ended March 31, 2024 Total revenue $ 502,822 $ 422,176 $ 164,880 $ 1,089,878 $ — $ 1,089,878 Elimination of intersegment revenue (30,657) (10,234) — (40,891) — (40,891) Revenue from external customers $ 472,165 $ 411,942 $ 164,880 $ 1,048,987 $ — $ 1,048,987 Income (loss) from construction operations $ 70,743 $ 16,120 $ (18,312) $ 68,551 (a) $ (19,745) (b) $ 48,806 Capital expenditures $ 8,131 $ 217 $ 303 $ 8,651 $ 1,783 $ 10,434 Depreciation and amortization (c) $ 10,254 $ 585 $ 598 $ 11,437 $ 2,145 $ 13,582 Three Months Ended March 31, 2023 Total revenue $ 378,224 $ 229,291 $ 196,748 $ 804,263 $ — $ 804,263 Elimination of intersegment revenue (28,354) 362 29 (27,963) — (27,963) Revenue from external customers $ 349,870 $ 229,653 $ 196,777 $ 776,300 $ — $ 776,300 Income (loss) from construction operations $ 18,012 $ (70,209) $ (12,448) $ (64,645) (d) $ (17,300) (b) $ (81,945) Capital expenditures $ 15,065 $ 2,017 $ 444 $ 17,526 $ 270 $ 17,796 Depreciation and amortization (c) $ 6,981 $ 457 $ 619 $ 8,057 $ 2,351 $ 10,408 ____________________________________________________________________________________________________ (a) During the three months ended March 31, 2024, the Company’s income (loss) from construction operations was impacted by an unfavorable adjustment of $12.0 million ($8.8 million, or $0.17 per diluted share, after tax) due to an arbitration ruling that only provided a partial award to the Company pertaining to a completed Specialty Contractors segment electrical project in New York, as well as by a favorable adjustment of $10.2 million ($7.5 million, or $0.14 per diluted share, after tax) on a Civil segment mass-transit project in California related to a dispute resolution and associated expected cost savings. (b) Consists primarily of corporate general and administrative expenses. (c) Depreciation and amortization is included in income (loss) from construction operations. (d) During the three months ended March 31, 2023, the Company’s income (loss) from construction operations was unfavorably impacted by an adverse legal ruling on a completed mixed-use project in New York, which resulted in a non-cash, pre-tax charge of $83.6 million ($60.1 million, or $1.17 per diluted share, after-tax), of which $72.2 million impacted the Building segment and $11.4 million impacted the Specialty Contractors segment, as well as an unfavorable adjustment of $28.0 million ($22.2 million, or $0.43 per diluted share, after tax) for a Civil segment mass-transit project in California, resulting from the successful negotiation of significant lower margin (and lower risk) change orders which increased the project’s overall estimated profit but reduced the project’s percentage of completion and overall margin percentage as of March 31, 2023. A reconciliation of segment results to the consolidated income (loss) before income taxes is as follows: Three Months Ended March 31, (in thousands) 2024 2023 Income (loss) from construction operations $ 48,806 $ (81,945) Other income, net 5,311 6,417 Interest expense (19,307) (21,513) Income (loss) before income taxes $ 34,810 $ (97,041) Total assets by segment were as follows: (in thousands) As of March 31, As of December 31, Civil $ 3,426,013 $ 3,539,608 Building 957,202 898,902 Specialty Contractors 270,005 307,171 Corporate and other (a) (282,813) (315,825) Total assets $ 4,370,407 $ 4,429,856 ____________________________________________________________________________________________________ (a) Consists principally of cash, equipment, tax-related assets and insurance-related assets, offset by the elimination of assets related to intersegment revenue. Major Customer Revenue from a single customer with multiple projects, impacting the Civil, Building and Specialty Contractors segments, represented 18.7% and 19.5% o f the Company’s consolidated revenue for the three months ended March 31, 2024 and March 31, 2023, respectively. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events 2024 Senior Notes Issuance and 2017 Senior Notes Redemption On April 22, 2024, the Company issued $400.0 million in aggregate principal amount of 11.875% Senior Notes due April 30, 2029 (the “2024 Senior Notes”) in a private placement offering. Interest on the 2024 Senior Notes is payable in arrears semi-annually in April and October of each year, beginning in October 2024. Prior to April 30, 2026, the Company may redeem the 2024 Senior Notes at a redemption price equal to 100% of the principal amount plus a “make-whole” premium described in the indenture. In addition, prior to April 30, 2026, the Company may redeem up to 40% of the original aggregate principal amount of the notes at a redemption price of 111.875% of their principal amount with the proceeds received by the Company from any offering of the Company’s equity. On or after April 30, 2026, the Company may redeem the 2024 Senior Notes at specified redemption prices described in the indenture. Upon a change of control, holders of the 2024 Senior Notes may require the Company to repurchase all or part of the 2024 Senior Notes at 101% of the principal amount thereof, plus accrued and unpaid interest to the redemption date. The 2024 Senior Notes are senior unsecured obligations of the Company and are guaranteed by the Company’s existing and future subsidiaries that also guarantee obligations under the Company’s 2020 Credit Agreement. In addition, the indenture for the 2024 Senior Notes provides for customary cov enants on restricting certain payments and includes customary events of default. The proceeds of the 2024 Senior Notes, together with cash on hand, will be used to redeem in full, all of the outstanding obligations in respect of the 2017 Senior Notes, resulting in a total net reduction to the Company’s outstanding principal debt balance of $100.0 million. A Notice of Conditional Full Redemption was delivered to holders of the 2017 Senior Notes on April 17, 2024, and the redemption of the 2017 Senior Notes will occur on May 2, 2024. Amendment to 2020 Credit Agreement On April 15, 2024, the Company entered into an amendment in respect of the 2020 Credit Agreement (the “Amendment”), which, among other changes (1) extends the existing Revolver maturity date from August 18, 2025 to (a) if any tranche of the Term Loan B, any incremental term loan or any refinancing term loan (or any refinancing or replacement thereof) remains outstanding, the earlier of (i) May 20, 2027 and (ii) the date that is ninety (90) days prior to the final maturity of any tranche of the Term Loan B, any incremental term loan or any refinancing term loan (or any refinancing or replacement thereof), as applicable, and (b) if no obligations are outstanding with respect to any tranche of the Term Loan B, any incremental term loan or any refinancing term loan, August 18, 2027 and (2) permanently reduces the aggregate commitments in respect of the Revolver by $5.0 million from $175.0 million to $170.0 million. The Amendment is expected to become effective on or around the redemption date of the 2017 Senior Notes, subject to satisfaction or waiver of conditions to effectiveness thereunder (including, without limitation, the consummation of the refinancing of $500.0 million of the 2017 Senior Notes with the proceeds of the 2024 Senior Notes and cash on hand). If the Amendment does not become effective prior to May 15, 2024, the Amendment will become null and void and the contemplated amendments to the 2020 Credit Agreement will not be effective. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net income (loss) attributable to Tutor Perini Corporation | $ 15,760 | $ (49,196) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (“Topic 280”): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires disclosure of incremental segment information on an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal periods beginning after December 15, 2024, and requires retrospective application to all prior periods presented in the financial statements. The Company is currently evaluating the impact of the guidance on the consolidated financial statements and disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (“Topic 740”): Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires public entities to disclose specific categories in its annual effective tax rate reconciliation and disaggregated information about significant reconciling items by jurisdiction and by nature. ASU 2023-09 also requires entities to disclose their income tax payments (net of refunds) to international, federal, and state and local jurisdictions. This guidance is effective for fiscal years beginning after December 15, 2024, and requires prospective application with the option to apply it retrospectively. Early adoption is permitted. The Company is currently evaluating the impact of this guidance on the consolidated financial statements and disclosures. |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of 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 months ended March 31, 2024 and 2023. Three Months Ended (in thousands) 2024 2023 Civil segment revenue by end market: Mass transit (includes certain transportation and tunneling projects) $ 252,516 $ 188,460 Military facilities 105,144 85,567 Commercial and industrial sites 39,490 22,726 Bridges 27,672 30,645 Power and energy 26,198 10,176 Other 21,145 12,296 Total Civil segment revenue $ 472,165 $ 349,870 Three Months Ended (in thousands) 2024 2023 Building segment revenue by end market: Government $ 130,611 $ 89,620 Health care facilities 111,987 50,417 Education facilities 68,159 48,077 Mass transit (includes transportation projects) 61,175 33,320 Sports and entertainment 15,639 13,466 Commercial and industrial facilities 11,369 38,271 Hospitality and gaming 2,752 19,606 Other (a) 10,250 (63,124) Total Building segment revenue $ 411,942 $ 229,653 Three Months Ended (in thousands) 2024 2023 Specialty Contractors segment revenue by end market: Mass transit (includes certain transportation and tunneling projects) $ 48,126 $ 47,545 Commercial and industrial facilities 28,210 54,227 Multi-unit residential 24,726 32,796 Government 22,953 21,069 Health care facilities 16,710 9,531 Water 14,216 28,334 Other (a) 9,939 3,275 Total Specialty Contractors segment revenue $ 164,880 $ 196,777 Three Months Ended Three Months Ended (in thousands) Civil Building Specialty Total Civil Building Specialty Total Revenue by customer type: State and local agencies $ 283,995 $ 246,519 $ 76,953 $ 607,467 $ 213,427 $ 136,601 $ 85,682 $ 435,710 Federal agencies 113,454 46,052 439 159,945 95,984 41,735 1,893 139,612 Private owners (a) 74,716 119,371 87,488 281,575 40,459 51,317 109,202 200,978 Total revenue $ 472,165 $ 411,942 $ 164,880 $ 1,048,987 $ 349,870 $ 229,653 $ 196,777 $ 776,300 Three Months Ended Three Months Ended (in thousands) Civil Building Specialty Total Civil Building Specialty Total Revenue by contract type: Fixed price $ 422,720 $ 170,146 $ 139,503 $ 732,369 $ 311,373 $ 96,116 $ 166,155 $ 573,644 Guaranteed maximum price (a) 46 187,300 623 187,969 62 69,778 1,756 71,596 Unit price 33,854 — 20,545 54,399 33,012 — 24,064 57,076 Cost plus fee and other 15,545 54,496 4,209 74,250 5,423 63,759 4,802 73,984 Total revenue $ 472,165 $ 411,942 $ 164,880 $ 1,048,987 $ 349,870 $ 229,653 $ 196,777 $ 776,300 ____________________________________________________________________________________________________ (a) The three-month period ended March 31, 2023 includes the negative impact of a non-cash charge of $83.6 million that resulted from an adverse legal ruling (of which $72.2 million impacted the Building segment and $11.4 million impacted the Specialty Contractors segment). Refer to Note 18, Business Segments , for additional details. |
Contract Assets and Liabiliti_2
Contract Assets and Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract] | |
Schedule of Contract Assets and Liabilities | Contract assets include amounts due under retention 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 March 31, As of December 31, Retention receivable $ 550,224 $ 580,926 Costs and estimated earnings in excess of billings: Claims 519,399 562,646 Unapproved change orders 558,521 512,831 Other unbilled costs and profits 78,651 68,369 Total costs and estimated earnings in excess of billings 1,156,571 1,143,846 Capitalized contract costs 103,946 117,913 Total contract assets $ 1,810,741 $ 1,842,685 Contract liabilities include amounts owed under retention 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 March 31, As of December 31, Retention payable $ 227,731 $ 223,138 Billings in excess of costs and estimated earnings 1,002,268 1,103,530 Total contract liabilities $ 1,229,999 $ 1,326,668 |
Cash, Cash Equivalents and Re_2
Cash, Cash Equivalents and Restricted Cash (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of 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 March 31, As of December 31, Cash and cash equivalents available for general corporate purposes $ 128,942 $ 145,055 Joint venture cash and cash equivalents 229,362 235,509 Cash and cash equivalents 358,304 380,564 Restricted cash 14,749 14,116 Total cash, cash equivalents and restricted cash $ 373,053 $ 394,680 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The Company calculates the effect of the potentially dilutive RSUs and stock options using the treasury stock method. Three Months Ended March 31, (in thousands, except per common share data) 2024 2023 Net income (loss) attributable to Tutor Perini Corporation $ 15,760 $ (49,196) Weighted-average common shares outstanding, basic 52,092 51,551 Effect of dilutive RSUs and stock options 423 — Weighted-average common shares outstanding, diluted 52,515 51,551 Net income (loss) attributable to Tutor Perini Corporation per common share: Basic $ 0.30 $ (0.95) Diluted $ 0.30 $ (0.95) Anti-dilutive securities not included above 1,421 2,857 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in Carrying Amount of Goodwill | The following table presents the changes in the carrying amount of goodwill since its inception through March 31, 2024: (in thousands) Civil Building Specialty Total Gross goodwill as of December 31, 2023 $ 492,074 $ 424,724 $ 156,193 $ 1,072,991 Accumulated impairment as of December 31, 2023 (286,931) (424,724) (156,193) (867,848) Goodwill as of December 31, 2023 205,143 — — 205,143 Current year activity — — — — Goodwill as of March 31, 2024 $ 205,143 $ — $ — $ 205,143 |
Schedule of Intangible Assets | Intangible assets consist of the following: As of March 31, 2024 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) 69,250 (28,682) (23,232) 17,336 20 years Contractor license 6,000 — (6,000) — N/A Customer relationships 39,800 (23,155) (16,645) — N/A Construction contract backlog 149,290 (149,290) — — N/A Total $ 381,940 $ (201,127) $ (113,067) $ 67,746 As of December 31, 2023 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) 69,250 (28,123) (23,232) 17,895 20 years Contractor license 6,000 — (6,000) — N/A Customer relationships 39,800 (23,155) (16,645) — N/A Construction contract backlog 149,290 (149,290) — — N/A Total $ 381,940 $ (200,568) $ (113,067) $ 68,305 |
Financial Commitments (Tables)
Financial Commitments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | Long-term debt as reported on the Condensed Consolidated Balance Sheets consisted of the following: (in thousands) As of March 31, As of December 31, 2017 Senior Notes $ 498,703 $ 498,410 Term Loan B 266,959 357,744 Revolver — — Equipment financing and mortgages 31,238 34,807 Other indebtedness 4,267 8,784 Total debt 801,167 899,745 Less: Current maturities (a) 21,109 117,431 Long-term debt, net $ 780,058 $ 782,314 ____________________________________________________________________________________________________ (a) Cu rrent maturities at December 31, 2023 included the $91.0 million principal prepayment on the Term Loan B that was made in February 2024. |
Schedule of Reconciliation of Outstanding Debt Balance to Reported Debt Balance | The following table reconciles the outstanding debt balances to the reported debt balances as of March 31, 2024 and December 31, 2023: As of March 31, 2024 As of December 31, 2023 (in thousands) Outstanding Debt Unamortized Discounts and Issuance Costs Debt, Outstanding Debt Unamortized Discounts and Issuance Costs Debt, 2017 Senior Notes $ 500,000 $ (1,297) $ 498,703 $ 500,000 $ (1,590) $ 498,410 Term Loan B 275,051 (8,092) 266,959 367,154 (9,410) 357,744 |
Schedule 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 (in thousands) 2024 2023 Cash interest expense: Interest on Term Loan B $ 8,488 $ 9,749 Interest on 2017 Senior Notes 8,594 8,594 Interest on Revolver — 1,745 Other interest 419 421 Total cash interest expense 17,501 20,509 Non-cash interest expense: (a) Amortization of discount and debt issuance costs on Term Loan B 1,318 571 Amortization of debt issuance costs on 2017 Senior Notes 293 273 Amortization of debt issuance costs on Revolver 195 160 Total non-cash interest expense 1,806 1,004 Total interest expense $ 19,307 $ 21,513 ____________________________________________________________________________________________________ (a) The combination of cash and non-cash interest expense produces effective interest rates that are higher than contractual rates. Accordingly, the effective interest rates for the 2017 Senior Notes and Term Loan B were 7.13% and 13.13%, respectively, for the three months ended March 31, 2024. |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Schedule of Components of Lease Expense | The following table presents components of lease expense for the three months ended March 31, 2024 and 2023: Three Months Ended (in thousands) 2024 2023 Operating lease expense $ 3,320 $ 3,474 Short-term lease expense (a) 12,323 13,919 15,643 17,393 Less: Sublease income 199 194 Total lease expense $ 15,444 $ 17,199 ____________________________________________________________________________________________________ (a) Short-term lease expense includes all leases with lease terms of up to one year. Short-term leases include, among other things, construction equipment rented on an as-needed basis as well as temporary housing. |
Schedule of 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 March 31, As of December 31, Assets Right-of-use assets Other assets $ 51,254 $ 48,878 Total lease assets $ 51,254 $ 48,878 Liabilities Current lease liabilities Accrued expenses and other current liabilities $ 6,605 $ 6,275 Long-term lease liabilities Other long-term liabilities 49,981 47,781 Total lease liabilities $ 56,586 $ 54,056 Weighted-average remaining lease term 9.9 years 10.3 years Weighted-average discount rate 12.01 % 12.13 % The following table presents supplemental cash flow information and non-cash activity related to operating leases: Three Months Ended (in thousands) 2024 2023 Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ (3,168) $ (3,446) Non-cash activity: Right-of-use assets obtained in exchange for lease liabilities $ 4,154 $ 318 |
Schedule of Maturity of Operating Lease Liabilities on an Undiscounted Basis | The following table presents maturities of operating lease liabilities on an undiscounted basis as of March 31, 2024: Year (in thousands) Operating Leases 2024 (excluding the three months ended March 31, 2024) $ 9,428 2025 11,580 2026 9,704 2027 8,281 2028 8,183 Thereafter 52,269 Total lease payments 99,445 Less: Imputed interest 42,859 Total $ 56,586 |
Employee Pension Plans (Tables)
Employee Pension Plans (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Retirement Benefits [Abstract] | |
Schedule of Net Periodic Benefit Cost | The following table sets forth a summary of the net periodic benefit cost for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, (in thousands) 2024 2023 Interest cost $ 911 $ 969 Service cost 231 255 Expected return on plan assets (944) (978) Recognized net actuarial losses 437 413 Net periodic benefit cost $ 635 $ 659 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of 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 March 31, 2024 and December 31, 2023: As of March 31, 2024 As of December 31, 2023 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) $ 358,304 $ — $ — $ 358,304 $ 380,564 $ — $ — $ 380,564 Restricted cash (a) 14,749 — — 14,749 14,116 — — 14,116 Restricted investments (b) — 130,499 — 130,499 — 130,287 — 130,287 Investments in lieu of retention (c) 28,342 87,614 — 115,956 19,988 86,961 — 106,949 Total $ 401,395 $ 218,113 $ — $ 619,508 $ 414,668 $ 217,248 $ — $ 631,916 ____________________________________________________________________________________________________ (a) Includes money market funds and short-term investments with maturity dates of three months or less when acquired. (b) Restricted investments, as of March 31, 2024 and December 31, 2023, consist of available-for-sale (“AFS”) debt securities, which are valued based on pricing models determined from a compilation of primarily observable market information, broker quotes in non-active markets or similar assets; therefore, they are classified as Level 2 assets. (c) Investments in lieu of retention are included in retention receivable as of March 31, 2024 and December 31, 2023, and are composed of money market funds of $28.3 million and $20.0 million, respectively, and AFS debt securities of $87.6 million and $87.0 million, respectively. 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 AFS debt securities are determined from a compilation of primarily observable market information, broker quotes in non-active markets or similar assets; therefore, they are classified as Level 2 assets. |
Schedule of Available-for-Sale Securities Reconciliation | Investments in AFS debt securities consisted of the following as of March 31, 2024 and December 31, 2023: As of March 31, 2024 As of December 31, 2023 (in thousands) Amortized Cost Unrealized Gains Unrealized Losses Fair Value Amortized Cost Unrealized Gains Unrealized Losses Fair Value Restricted investments: Corporate debt securities $ 101,568 $ 395 $ (2,257) $ 99,706 $ 95,903 $ 762 $ (2,202) $ 94,463 U.S. government agency securities 24,380 4 (1,050) 23,334 29,082 18 (1,054) 28,046 Municipal bonds 7,899 4 (908) 6,995 8,227 5 (914) 7,318 Corporate certificates of deposit 495 — (31) 464 498 — (38) 460 Total restricted investments 134,342 403 (4,246) 130,499 133,710 785 (4,208) 130,287 Investments in lieu of retention: Corporate debt securities 88,134 105 (1,682) 86,557 87,601 246 (1,950) 85,897 Municipal bonds 824 233 — 1,057 823 241 — 1,064 Total investments in lieu of retention 88,958 338 (1,682) 87,614 88,424 487 (1,950) 86,961 Total AFS debt securities $ 223,300 $ 741 $ (5,928) $ 218,113 $ 222,134 $ 1,272 $ (6,158) $ 217,248 |
Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value | The following table summarizes the fair value and gross unrealized losses aggregated by category and the length of time that individual securities have been in a continuous unrealized loss position as of March 31, 2024 and December 31, 2023: As of March 31, 2024 Less than 12 Months 12 Months or Greater Total (in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Restricted investments: Corporate debt securities $ 22,242 $ (123) $ 37,507 $ (2,134) $ 59,749 $ (2,257) U.S. government agency securities 3,333 (24) 14,869 (1,026) 18,202 (1,050) Municipal bonds — — 6,814 (908) 6,814 (908) Corporate certificates of deposit — — 465 (31) 465 (31) Total restricted investments 25,575 (147) 59,655 (4,099) 85,230 (4,246) Investments in lieu of retention: Corporate debt securities 24,714 (125) 45,925 (1,557) 70,639 (1,682) Total investments in lieu of retention 24,714 (125) 45,925 (1,557) 70,639 (1,682) Total AFS debt securities $ 50,289 $ (272) $ 105,580 $ (5,656) $ 155,869 $ (5,928) As of December 31, 2023 Less than 12 Months 12 Months or Greater Total (in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Restricted investments: Corporate debt securities $ 4,971 $ (3) $ 40,649 $ (2,199) $ 45,620 $ (2,202) U.S. government agency securities 1,280 (4) 22,858 (1,050) 24,138 (1,054) Municipal bonds 99 (2) 7,038 (912) 7,137 (914) Corporate certificates of deposit — — 460 (38) 460 (38) Total restricted investments 6,350 (9) 71,005 (4,199) 77,355 (4,208) Investments in lieu of retention: Corporate debt securities 11,398 (55) 49,726 (1,895) 61,124 (1,950) Total investments in lieu of retention 11,398 (55) 49,726 (1,895) 61,124 (1,950) Total AFS debt securities $ 17,748 $ (64) $ 120,731 $ (6,094) $ 138,479 $ (6,158) |
Schedule of Investments Classified by Contractual Maturity Date | The amortized cost and fair value of AFS debt securities by contractual maturity as of March 31, 2024 are summarized in the table below. Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations. (in thousands) Amortized Cost Fair Value Due within one year $ 38,792 $ 38,009 Due after one year through five years 174,478 171,095 Due after five years 10,030 9,009 Total $ 223,300 $ 218,113 |
Changes in Equity (Tables)
Changes in Equity (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stockholders Equity | A reconciliation of the changes in equity for the three months ended March 31, 2024 and 2023 is provided below: Three Months Ended March 31, 2024 (in thousands) Common Additional Retained Accumulated Noncontrolling Total Balance - December 31, 2023 $ 52,025 $ 1,146,204 $ 133,146 $ (39,787) $ (7,677) $ 1,283,911 Net income — — 15,760 — 11,742 27,502 Other comprehensive loss — — — (375) (467) (842) Share-based compensation — 1,503 — — — 1,503 Issuance of common stock, net 259 (1,699) — — — (1,440) Distributions to noncontrolling interests — — — — (7,400) (7,400) Balance - March 31, 2024 $ 52,284 $ 1,146,008 $ 148,906 $ (40,162) $ (3,802) $ 1,303,234 Three Months Ended March 31, 2023 (in thousands) Common Additional Retained Accumulated Noncontrolling Total Balance - December 31, 2022 $ 51,521 $ 1,140,933 $ 304,301 $ (47,037) $ (7,734) $ 1,441,984 Net income (loss) — — (49,196) — 267 (48,929) Other comprehensive income — — — 1,727 153 1,880 Share-based compensation — 1,395 — — — 1,395 Issuance of common stock, net 124 (247) — — — (123) Contributions from noncontrolling interests — — — — 2,000 2,000 Distributions to noncontrolling interests — — — — (8,500) (8,500) Balance - March 31, 2023 $ 51,645 $ 1,142,081 $ 255,105 $ (45,310) $ (13,814) $ 1,389,707 |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 months ended March 31, 2024 and 2023 were as follows: Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 (in thousands) Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount Before-Tax Amount Tax Expense Net-of-Tax Amount Other comprehensive income (loss): Defined benefit pension plan adjustments $ 437 $ (116) $ 321 $ 415 $ (114) $ 301 Foreign currency translation adjustments (1,082) 155 (927) 340 (90) 250 Unrealized gain (loss) in fair value of investments (301) 65 (236) 1,685 (356) 1,329 Total other comprehensive income (loss) (946) 104 (842) 2,440 (560) 1,880 Less: Other comprehensive income (loss) attributable to noncontrolling interests (467) — (467) 153 — 153 Total other comprehensive income (loss) attributable to Tutor Perini Corporation $ (479) $ 104 $ (375) $ 2,287 $ (560) $ 1,727 |
Schedule of Changes in AOCI Balances by Component (After-Tax) | The changes in AOCI balances by component (after tax) attributable to Tutor Perini Corporation and attributable to noncontrolling interests during the three months ended March 31, 2024 and 2023 were as follows: Three Months Ended March 31, 2024 (in thousands) Defined Foreign Unrealized Gain (Loss) in Fair Value of Investments, Net Accumulated Attributable to Tutor Perini Corporation: Balance as of December 31, 2023 $ (29,354) $ (6,893) $ (3,540) $ (39,787) Other comprehensive loss before reclassifications — (428) (313) (741) Amounts reclassified from AOCI 321 — 45 366 Total other comprehensive income (loss) 321 (428) (268) (375) Balance as of March 31, 2024 $ (29,033) $ (7,321) $ (3,808) $ (40,162) Attributable to Noncontrolling Interests: Balance as of December 31, 2023 $ — $ (312) $ (419) $ (731) Other comprehensive income (loss) — (499) 32 (467) Balance as of March 31, 2024 $ — $ (811) $ (387) $ (1,198) Three Months Ended March 31, 2023 (in thousands) Defined Foreign Unrealized Gain (Loss) in Fair Value of Investments, Net Accumulated Attributable to Tutor Perini Corporation: Balance as of December 31, 2022 $ (32,637) $ (7,241) $ (7,159) $ (47,037) Other comprehensive income before reclassifications — 231 1,171 1,402 Amounts reclassified from AOCI 301 — 24 325 Total other comprehensive income 301 231 1,195 1,727 Balance as of March 31, 2023 $ (32,336) $ (7,010) $ (5,964) $ (45,310) Attributable to Noncontrolling Interests: Balance as of December 31, 2022 $ — $ (799) $ (931) $ (1,730) Other comprehensive income — 19 134 153 Balance as of March 31, 2023 $ — $ (780) $ (797) $ (1,577) The significant items reclassified out of AOCI and the corresponding location and impact on the Condensed Consolidated Statements of Operations during the three months ended March 31, 2024 and 2023 were as follows: Three Months Ended (in thousands) 2024 2023 Component of AOCI: Defined benefit pension plan adjustments (a) $ 437 $ 415 Income tax benefit (b) (116) (114) Net of tax $ 321 $ 301 Unrealized loss in fair value of investment adjustments (a) $ 57 $ 30 Income tax benefit (b) (12) (6) Net of tax $ 45 $ 24 ___________________________________________________________________________________________________ (a) Amounts included in other income, net on the Condensed Consolidated Statements of Operations. (b) Amounts included in income tax (expense) benefit on the Condensed Consolidated Statements of Operations. |
Business Segments (Tables)
Business Segments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Reportable Segments | The following tables set forth certain reportable segment information relating to the Company’s operations for the three months ended March 31, 2024 and 2023: Reportable Segments (in thousands) Civil Building Specialty Total Corporate Consolidated Three Months Ended March 31, 2024 Total revenue $ 502,822 $ 422,176 $ 164,880 $ 1,089,878 $ — $ 1,089,878 Elimination of intersegment revenue (30,657) (10,234) — (40,891) — (40,891) Revenue from external customers $ 472,165 $ 411,942 $ 164,880 $ 1,048,987 $ — $ 1,048,987 Income (loss) from construction operations $ 70,743 $ 16,120 $ (18,312) $ 68,551 (a) $ (19,745) (b) $ 48,806 Capital expenditures $ 8,131 $ 217 $ 303 $ 8,651 $ 1,783 $ 10,434 Depreciation and amortization (c) $ 10,254 $ 585 $ 598 $ 11,437 $ 2,145 $ 13,582 Three Months Ended March 31, 2023 Total revenue $ 378,224 $ 229,291 $ 196,748 $ 804,263 $ — $ 804,263 Elimination of intersegment revenue (28,354) 362 29 (27,963) — (27,963) Revenue from external customers $ 349,870 $ 229,653 $ 196,777 $ 776,300 $ — $ 776,300 Income (loss) from construction operations $ 18,012 $ (70,209) $ (12,448) $ (64,645) (d) $ (17,300) (b) $ (81,945) Capital expenditures $ 15,065 $ 2,017 $ 444 $ 17,526 $ 270 $ 17,796 Depreciation and amortization (c) $ 6,981 $ 457 $ 619 $ 8,057 $ 2,351 $ 10,408 ____________________________________________________________________________________________________ (a) During the three months ended March 31, 2024, the Company’s income (loss) from construction operations was impacted by an unfavorable adjustment of $12.0 million ($8.8 million, or $0.17 per diluted share, after tax) due to an arbitration ruling that only provided a partial award to the Company pertaining to a completed Specialty Contractors segment electrical project in New York, as well as by a favorable adjustment of $10.2 million ($7.5 million, or $0.14 per diluted share, after tax) on a Civil segment mass-transit project in California related to a dispute resolution and associated expected cost savings. (b) Consists primarily of corporate general and administrative expenses. (c) Depreciation and amortization is included in income (loss) from construction operations. (d) During the three months ended March 31, 2023, the Company’s income (loss) from construction operations was unfavorably impacted by an adverse legal ruling on a completed mixed-use project in New York, which resulted in a non-cash, pre-tax charge of $83.6 million ($60.1 million, or $1.17 per diluted share, after-tax), of which $72.2 million impacted the Building segment and $11.4 million impacted the Specialty Contractors segment, as well as an unfavorable adjustment of $28.0 million ($22.2 million, or $0.43 per diluted share, after tax) for a Civil segment mass-transit project in California, resulting from the successful negotiation of significant lower margin (and lower risk) change orders which increased the project’s overall estimated profit but reduced the project’s percentage of completion and overall margin percentage as of March 31, 2023. |
Schedule of Reconciliation of Segment Results to Consolidated Income (Loss) Before Income Taxes | A reconciliation of segment results to the consolidated income (loss) before income taxes is as follows: Three Months Ended March 31, (in thousands) 2024 2023 Income (loss) from construction operations $ 48,806 $ (81,945) Other income, net 5,311 6,417 Interest expense (19,307) (21,513) Income (loss) before income taxes $ 34,810 $ (97,041) |
Schedule of Total Assets for Reportable Segments | Total assets by segment were as follows: (in thousands) As of March 31, As of December 31, Civil $ 3,426,013 $ 3,539,608 Building 957,202 898,902 Specialty Contractors 270,005 307,171 Corporate and other (a) (282,813) (315,825) Total assets $ 4,370,407 $ 4,429,856 ____________________________________________________________________________________________________ (a) Consists principally of cash, equipment, tax-related assets and insurance-related assets, offset by the elimination of assets related to intersegment revenue. |
Revenue (Disaggregation of Reve
Revenue (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 1,048,987 | $ 776,300 |
State and local agencies | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 607,467 | 435,710 |
Federal agencies | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 159,945 | 139,612 |
Private owners | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 281,575 | 200,978 |
Civil | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 472,165 | 349,870 |
Civil | State and local agencies | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 283,995 | 213,427 |
Civil | Federal agencies | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 113,454 | 95,984 |
Civil | Private owners | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 74,716 | 40,459 |
Civil | Mass transit (includes certain transportation and tunneling projects) | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 252,516 | 188,460 |
Civil | Military facilities | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 105,144 | 85,567 |
Civil | Commercial and industrial sites | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 39,490 | 22,726 |
Civil | Bridges | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 27,672 | 30,645 |
Civil | Power and energy | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 26,198 | 10,176 |
Civil | Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 21,145 | 12,296 |
Building | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 411,942 | 229,653 |
Building | State and local agencies | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 246,519 | 136,601 |
Building | Federal agencies | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 46,052 | 41,735 |
Building | Private owners | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 119,371 | 51,317 |
Building | Mass transit (includes certain transportation and tunneling projects) | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 61,175 | 33,320 |
Building | Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 10,250 | (63,124) |
Building | Government | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 130,611 | 89,620 |
Building | Health care facilities | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 111,987 | 50,417 |
Building | Education facilities | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 68,159 | 48,077 |
Building | Sports and entertainment | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 15,639 | 13,466 |
Building | Commercial and industrial facilities | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 11,369 | 38,271 |
Building | Hospitality and gaming | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 2,752 | 19,606 |
Specialty Contractors | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 164,880 | 196,777 |
Specialty Contractors | State and local agencies | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 76,953 | 85,682 |
Specialty Contractors | Federal agencies | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 439 | 1,893 |
Specialty Contractors | Private owners | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 87,488 | 109,202 |
Specialty Contractors | Mass transit (includes certain transportation and tunneling projects) | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 48,126 | 47,545 |
Specialty Contractors | Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 9,939 | 3,275 |
Specialty Contractors | Government | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 22,953 | 21,069 |
Specialty Contractors | Health care facilities | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 16,710 | 9,531 |
Specialty Contractors | Commercial and industrial facilities | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 28,210 | 54,227 |
Specialty Contractors | Multi-unit residential | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 24,726 | 32,796 |
Specialty Contractors | Water | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 14,216 | $ 28,334 |
Revenue (Schedule of Revenue by
Revenue (Schedule of Revenue by Contract Type) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 1,048,987 | $ 776,300 |
Adverse Legal Ruling Pertaining to Mixed-Use Project in New York | ||
Disaggregation of Revenue [Line Items] | ||
Loss contingency | 83,600 | |
Fixed price | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 732,369 | 573,644 |
Guaranteed maximum price | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 187,969 | 71,596 |
Unit price | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 54,399 | 57,076 |
Cost plus fee and other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 74,250 | 73,984 |
Civil | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 472,165 | 349,870 |
Civil | Fixed price | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 422,720 | 311,373 |
Civil | Guaranteed maximum price | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 46 | 62 |
Civil | Unit price | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 33,854 | 33,012 |
Civil | Cost plus fee and other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 15,545 | 5,423 |
Building | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 411,942 | 229,653 |
Building | Adverse Legal Ruling Pertaining to Mixed-Use Project in New York | ||
Disaggregation of Revenue [Line Items] | ||
Loss contingency | 72,200 | |
Building | Fixed price | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 170,146 | 96,116 |
Building | Guaranteed maximum price | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 187,300 | 69,778 |
Building | Unit price | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 0 | 0 |
Building | Cost plus fee and other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 54,496 | 63,759 |
Specialty Contractors | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 164,880 | 196,777 |
Specialty Contractors | Adverse Legal Ruling Pertaining to Mixed-Use Project in New York | ||
Disaggregation of Revenue [Line Items] | ||
Loss contingency | 11,400 | |
Specialty Contractors | Fixed price | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 139,503 | 166,155 |
Specialty Contractors | Guaranteed maximum price | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 623 | 1,756 |
Specialty Contractors | Unit price | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 20,545 | 24,064 |
Specialty Contractors | Cost plus fee and other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 4,209 | $ 4,802 |
Revenue (Narrative) (Details)
Revenue (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Net revenue recognized related to performance obligations satisfies (or partially satisfied) in prior periods | $ 0 | $ 108,000,000 |
Civil | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Remaining performance obligations revenue amount | $ 4,100,000,000 | 4,400,000,000 |
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 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 | |
Building | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Remaining performance obligations revenue amount | $ 1,800,000,000 | 2,200,000,000 |
Specialty Contractors | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Remaining performance obligations revenue amount | $ 1,100,000,000 | $ 1,200,000,000 |
Contract Assets and Liabiliti_3
Contract Assets and Liabilities (Schedule of Contract Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract] | ||
Retention receivable | $ 550,224 | $ 580,926 |
Costs and estimated earnings in excess of billings: | ||
Claims | 519,399 | 562,646 |
Unapproved change orders | 558,521 | 512,831 |
Other unbilled costs and profits | 78,651 | 68,369 |
Total costs and estimated earnings in excess of billings | 1,156,571 | 1,143,846 |
Capitalized contract costs | 103,946 | 117,913 |
Total contract assets | $ 1,810,741 | $ 1,842,685 |
Contract Assets and Liabiliti_4
Contract Assets and Liabilities (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract] | ||
Capitalized contract costs amortized and recognized as expense | $ 16.3 | $ 10.8 |
Liability revenue recognized from contract with customer | $ 482 | $ 365.1 |
Contract Assets and Liabiliti_5
Contract Assets and Liabilities (Schedule of Contract Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract] | ||
Retention payable | $ 227,731 | $ 223,138 |
Billings in excess of costs and estimated earnings | 1,002,268 | 1,103,530 |
Total contract liabilities | $ 1,229,999 | $ 1,326,668 |
Cash, Cash Equivalents and Re_3
Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Cash and Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | $ 358,304 | $ 380,564 | ||
Restricted cash | 14,749 | 14,116 | ||
Total cash, cash equivalents and restricted cash | 373,053 | 394,680 | $ 302,641 | $ 273,831 |
Joint venture cash and cash equivalents | ||||
Cash and Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | 229,362 | 235,509 | ||
Cash and cash equivalents available for general corporate purposes | ||||
Cash and Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | $ 128,942 | $ 145,055 |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share [Abstract] | ||
Net income (loss) attributable to Tutor Perini Corporation | $ 15,760 | $ (49,196) |
Weighted-average common shares outstanding, basic (in shares) | 52,092 | 51,551 |
Effect of dilutive RSUs and stock options (in shares) | 423 | 0 |
Weighted-average common shares outstanding, diluted (in shares) | 52,515 | 51,551 |
Basic (in dollars per share) | $ 0.30 | $ (0.95) |
Diluted (in dollars per share) | $ 0.30 | $ (0.95) |
Anti-dilutive securities not included above (in shares) | 1,421 | 2,857 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | ||
Income tax expense (benefit) | $ 7,308 | $ (48,112) |
Effective tax rate | (21.00%) | (49.60%) |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Changes in Carrying Amount of Goodwill) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Goodwill [Line Items] | ||
Gross goodwill as of December 31, 2023 | $ 1,072,991 | |
Accumulated impairment as of December 31, 2023 | (867,848) | |
Goodwill [Roll Forward] | ||
Balance at beginning of period | $ 205,143 | |
Current year activity | 0 | |
Balance at end of period | 205,143 | |
Civil | ||
Goodwill [Line Items] | ||
Gross goodwill as of December 31, 2023 | 492,074 | |
Accumulated impairment as of December 31, 2023 | (286,931) | |
Goodwill [Roll Forward] | ||
Balance at beginning of period | 205,143 | |
Current year activity | 0 | |
Balance at end of period | 205,143 | |
Building | ||
Goodwill [Line Items] | ||
Gross goodwill as of December 31, 2023 | 424,724 | |
Accumulated impairment as of December 31, 2023 | (424,724) | |
Goodwill [Roll Forward] | ||
Balance at beginning of period | 0 | |
Current year activity | 0 | |
Balance at end of period | 0 | |
Specialty Contractors | ||
Goodwill [Line Items] | ||
Gross goodwill as of December 31, 2023 | 156,193 | |
Accumulated impairment as of December 31, 2023 | $ (156,193) | |
Goodwill [Roll Forward] | ||
Balance at beginning of period | 0 | |
Current year activity | 0 | |
Balance at end of period | $ 0 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets (Narrative) (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill impairment charge | $ 0 | ||
Amortization expense | $ 559,000 | $ 559,000 | |
Estimated amortization expense, remainder of 2024 | 1,700,000 | ||
Estimated amortization expense, 2025 | 2,200,000 | ||
Estimated amortization expense, 2026 | 2,200,000 | ||
Estimated amortization expense, 2027 | 2,200,000 | ||
Estimated amortization expense, 2028 | 2,200,000 | ||
Estimated amortization expense, 2029 | 2,200,000 | ||
Estimated amortization expense, thereafter | 4,600,000 | ||
Impairment of intangible assets | $ 0 | $ 0 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets (Intangible Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Total intangible assets | ||
Cost | $ 381,940 | $ 381,940 |
Accumulated Amortization | (201,127) | (200,568) |
Accumulated Impairment Charge | (113,067) | (113,067) |
Carrying Value | 67,746 | 68,305 |
Trade Names | ||
Finite-Lived intangible assets | ||
Cost | 69,250 | 69,250 |
Accumulated Amortization | (28,682) | (28,123) |
Accumulated Impairment Charge | (23,232) | (23,232) |
Carrying Value | $ 17,336 | $ 17,895 |
Weighted-Average Amortization Period | 20 years | 20 years |
Customer relationships | ||
Finite-Lived intangible assets | ||
Cost | $ 39,800 | $ 39,800 |
Accumulated Amortization | (23,155) | (23,155) |
Accumulated Impairment Charge | (16,645) | (16,645) |
Carrying Value | 0 | 0 |
Construction contract backlog | ||
Finite-Lived intangible assets | ||
Cost | 149,290 | 149,290 |
Accumulated Amortization | (149,290) | (149,290) |
Carrying Value | 0 | 0 |
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) |
Finite-Lived intangible assets | ||
Carrying Value | $ 0 | $ 0 |
Financial Commitments (Long-Ter
Financial Commitments (Long-Term Debt) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Total debt | $ 801,167 | $ 899,745 |
Less: current maturities | 21,109 | 117,431 |
Long-term debt, net | 780,058 | 782,314 |
Term Loan B | ||
Debt Instrument [Line Items] | ||
Total debt | 266,959 | 357,744 |
Less: current maturities | 91,000 | |
Equipment financing and mortgages | ||
Debt Instrument [Line Items] | ||
Total debt | 31,238 | 34,807 |
Other indebtedness | ||
Debt Instrument [Line Items] | ||
Total debt | 4,267 | 8,784 |
Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Total debt | 0 | 0 |
2017 Senior Notes | Senior Notes | ||
Debt Instrument [Line Items] | ||
Total debt | $ 498,703 | $ 498,410 |
Financial Commitments (Reconcil
Financial Commitments (Reconciliation of Outstanding Debt Balance to Reported Debt Balance) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Total debt | $ 801,167 | $ 899,745 |
Term Loan B | ||
Debt Instrument [Line Items] | ||
Outstanding Debt | 275,051 | 367,154 |
Unamortized Discounts and Issuance Costs | (8,092) | (9,410) |
Total debt | 266,959 | 357,744 |
2017 Senior Notes | Senior Notes | ||
Debt Instrument [Line Items] | ||
Outstanding Debt | 500,000 | 500,000 |
Unamortized Discounts and Issuance Costs | (1,297) | (1,590) |
Total debt | $ 498,703 | $ 498,410 |
Financial Commitments (Narrativ
Financial Commitments (Narrative) (Details) | 1 Months Ended | 3 Months Ended | ||||||||||
Apr. 15, 2024 USD ($) | May 02, 2023 | Aug. 18, 2020 USD ($) | Oct. 31, 2022 | Mar. 31, 2024 USD ($) | Apr. 22, 2024 USD ($) | Dec. 31, 2023 USD ($) | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Apr. 20, 2017 USD ($) | |
Debt Instrument [Line Items] | ||||||||||||
Current maturities of long-term debt | $ 21,109,000 | $ 117,431,000 | ||||||||||
Term Loan B | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Percentage of principal amount with lenders | 89.80% | |||||||||||
Days prior to maturity | 10 days | |||||||||||
Current maturities of long-term debt | 91,000,000 | |||||||||||
BMO Harris Bank | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Applicable margin on overdue amounts (as a percent) | 2% | |||||||||||
BMO Harris Bank | Term Loan B | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Percentage of principal amount with lenders | 10.20% | |||||||||||
BMO Harris Bank | Unsecured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Fixed charge coverage ratio (maximum) | 2 | |||||||||||
2020 Credit Agreement | BMO Harris Bank | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 12.30% | |||||||||||
2020 Credit Agreement | BMO Harris Bank | Secured Overnight Financing Rate (SOFR) | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis point spread, 1 month interest period | 0.11448% | |||||||||||
Basis point spread, 3 month interest period | 0.26161% | |||||||||||
Basis point spread, 6 month interest period | 0.42826% | |||||||||||
Basis spread on variable rate | 1% | 1% | ||||||||||
Debt instrument, basis spread on variable rate adjustment | 0.10% | |||||||||||
2020 Credit Agreement | BMO Harris Bank | Federal Funds Rate | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 0.50% | 0.50% | ||||||||||
2020 Credit Agreement | BMO Harris Bank | Line of Credit | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity | $ 425,000,000 | |||||||||||
Periodic payment principal percentage | 0.25% | |||||||||||
First Lien | BMO Harris Bank | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Net leverage ratio (maximum) | 1.35 | |||||||||||
Term Loan B | BMO Harris Bank | Secured Overnight Financing Rate (SOFR) | Minimum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 4.50% | |||||||||||
Term Loan B | BMO Harris Bank | Secured Overnight Financing Rate (SOFR) | Maximum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 4.75% | |||||||||||
Term Loan B | BMO Harris Bank | Base Rate | Minimum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 3.50% | |||||||||||
Term Loan B | BMO Harris Bank | Base Rate | Maximum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 3.75% | |||||||||||
2024 Senior Notes | Senior Notes | Subsequent Event | Private Placement | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 11.875% | |||||||||||
Face amount | $ 400,000,000 | |||||||||||
2017 Senior Notes | Term Loan B | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Days prior to maturity | 90 days | |||||||||||
2017 Senior Notes | Senior Notes | Private Placement | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 6.875% | |||||||||||
Face amount | $ 500,000,000 | |||||||||||
Redemption price, change of control triggering event (as a percent) | 101% | |||||||||||
2017 Senior Notes | BMO Harris Bank | Term Loan B | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Days prior to maturity | 91 days | |||||||||||
Revolving Credit Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Unamortized debt issuance costs | $ 1,200,000 | $ 1,400,000 | ||||||||||
Revolving Credit Facility | BMO Harris Bank | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Remaining borrowing capacity | $ 175,000,000 | |||||||||||
Revolving Credit Facility | BMO Harris Bank | Subsequent Event | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Increase (decrease) in line of credit | $ (5,000,000) | |||||||||||
Revolving Credit Facility | BMO Harris Bank | Secured Overnight Financing Rate (SOFR) | Minimum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 4.25% | |||||||||||
Revolving Credit Facility | BMO Harris Bank | Secured Overnight Financing Rate (SOFR) | Maximum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 4.75% | |||||||||||
Revolving Credit Facility | BMO Harris Bank | Base Rate | Minimum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 3.25% | |||||||||||
Revolving Credit Facility | BMO Harris Bank | Base Rate | Maximum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 3.75% | |||||||||||
Revolving Credit Facility | BMO Harris Bank | Net Leverage Ratio | Fiscal Quarter December 31, 2022 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Net leverage ratio (maximum) | 3.50 | |||||||||||
Revolving Credit Facility | BMO Harris Bank | Net Leverage Ratio | Fiscal Quarter March 31, 2023 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Net leverage ratio (maximum) | 3.75 | |||||||||||
Revolving Credit Facility | BMO Harris Bank | Net Leverage Ratio | Fiscal Quarter June 30, 2023 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Net leverage ratio (maximum) | 3 | |||||||||||
Revolving Credit Facility | BMO Harris Bank | Net Leverage Ratio | Fiscal Quarter September 30, 2023 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Net leverage ratio (maximum) | 2.50 | |||||||||||
Revolving Credit Facility | BMO Harris Bank | Net Leverage Ratio | Fiscal Quarter December 31, 2023 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Net leverage ratio (maximum) | 2.25 | |||||||||||
Revolving Credit Facility | 2020 Credit Agreement | BMO Harris Bank | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Increase (decrease) in line of credit | $ 173,500,000 | |||||||||||
Accordion feature, percentage of LTM EBITDA | 50% | |||||||||||
Revolving Credit Facility | 2020 Credit Agreement | BMO Harris Bank | Line of Credit | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity | $ 175,000,000 | |||||||||||
Revolving Credit Facility | 2020 Credit Agreement | BMO Harris Bank | Line of Credit | Subsequent Event | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity | $ 170,000,000 | |||||||||||
Letters of Credit | 2020 Credit Agreement | BMO Harris Bank | Line of Credit | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity | 75,000,000 | |||||||||||
Bridge Loan | 2020 Credit Agreement | BMO Harris Bank | Line of Credit | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity | $ 10,000,000 | |||||||||||
Secured Debt | BMO Harris Bank | Unsecured Debt | Junior Lien | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Total net leverage ratio (maximum) | 3.50 |
Financial Commitments (Summary
Financial Commitments (Summary of Interest Expense as Reported in the Consolidated Statements of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Debt Instrument [Line Items] | ||
Other interest | $ 419 | $ 421 |
Total cash interest expense | 17,501 | 20,509 |
Total non-cash interest expense | 1,806 | 1,004 |
Total interest expense | 19,307 | 21,513 |
Term Loan B | ||
Debt Instrument [Line Items] | ||
Cash interest expense | 8,488 | 9,749 |
Total non-cash interest expense | $ 1,318 | 571 |
Effective interest rates | 13.13% | |
Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Cash interest expense | $ 0 | 1,745 |
Total non-cash interest expense | 195 | 160 |
2017 Senior Notes | Senior Notes | ||
Debt Instrument [Line Items] | ||
Cash interest expense | 8,594 | 8,594 |
Total non-cash interest expense | $ 293 | $ 273 |
Effective interest rates | 7.13% |
Leases (Narrative) (Details)
Leases (Narrative) (Details) | Mar. 31, 2024 |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Operating lease, remaining lease terms | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Operating lease, remaining lease terms | 14 years |
Leases (Components of Lease Exp
Leases (Components of Lease Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Lessee, Lease, Description [Line Items] | ||
Operating lease expense | $ 3,320 | $ 3,474 |
Short-term lease expense | 12,323 | 13,919 |
Lease expense, gross | 15,643 | 17,393 |
Less: Sublease income | 199 | 194 |
Total lease expense | $ 15,444 | $ 17,199 |
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 | Mar. 31, 2024 | Dec. 31, 2023 |
ASSETS | ||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | OTHER ASSETS | OTHER ASSETS |
Right-of-use assets | $ 51,254 | $ 48,878 |
Liabilities | ||
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accrued expenses and other current liabilities | Accrued expenses and other current liabilities |
Current lease liabilities | $ 6,605 | $ 6,275 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent |
Long-term lease liabilities | $ 49,981 | $ 47,781 |
Total lease liabilities | $ 56,586 | $ 54,056 |
Weighted-average remaining lease term | 9 years 10 months 24 days | 10 years 3 months 18 days |
Weighted-average discount rate | 12.01% | 12.13% |
Leases (Supplemental Cash Flow
Leases (Supplemental Cash Flow and Other Information Related to Leases) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Leases [Abstract] | ||
Cash paid for amounts included in the measurement of lease liabilities | $ (3,168) | $ (3,446) |
Right-of-use assets obtained in exchange for lease liabilities | $ 4,154 | $ 318 |
Leases (Maturity of Leases Liab
Leases (Maturity of Leases Liabilities on an Undiscounted Basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Leases [Abstract] | ||
2024 (excluding the three months ended March 31, 2024) | $ 9,428 | |
2025 | 11,580 | |
2026 | 9,704 | |
2027 | 8,281 | |
2028 | 8,183 | |
Thereafter | 52,269 | |
Total lease payments | 99,445 | |
Less: Imputed interest | 42,859 | |
Total | $ 56,586 | $ 54,056 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | ||||
Oct. 18, 2022 | Dec. 13, 2019 | Mar. 31, 2016 | Jun. 30, 2015 | Mar. 31, 2024 | Dec. 31, 2019 | |
Alaskan Way Viaduct Matter | ||||||
Contingencies and Commitments | ||||||
Value of claim filed | $ 57.2 | $ 532 | ||||
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 | |||||
Settlement on judgment | $ 57.2 | |||||
Loss contingency, damages paid, value | $ 34.6 | |||||
Alaskan Way Viaduct Matter | Seattle Tunnel Partners | ||||||
Contingencies and Commitments | ||||||
Ownership percentage in joint venture | 45% | |||||
Seattle Tunnel Partners | ||||||
Contingencies and Commitments | ||||||
Value of counterclaim filed in excess of | $ 640 |
Share-Based Compensation (Detai
Share-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized for grant (in shares) | 1,457,658 | ||
Costs for share-based payment arrangements | $ 5.5 | $ 3.1 | |
Unamortized share-based compensation expense | $ 37.5 | ||
Weighted average period over which unrecognized compensation cost is expected to be recognized | 2 years 4 months 24 days | ||
Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Units granted (in shares) | 30,000 | 590,188 | |
Weighted-average fair values per share (in dollars per share) | $ 12.68 | $ 8.66 | |
Cash-settled Performance Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Units granted (in shares) | 645,180 | 901,541 | |
Weighted-average fair values per share (in dollars per share) | $ 19.17 | $ 13.78 | |
Cash-settled Service-Based Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Units granted (in shares) | 673,855 | 90,000 | |
Weighted-average fair values per share (in dollars per share) | $ 12.75 | $ 8.98 | |
Restricted Stock Units, Guaranteed Minimum Payouts | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Liabilities recognized for restricted stock grants | $ 7.5 | $ 4.9 | |
Cash used to settle liabilities | $ 1 |
Employee Pension Plans (Summary
Employee Pension Plans (Summary of Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Summary of net periodic benefit cost | ||
Interest cost | $ 911 | $ 969 |
Service cost | 231 | 255 |
Expected return on plan assets | (944) | (978) |
Recognized net actuarial losses | 437 | 413 |
Net periodic benefit cost | $ 635 | $ 659 |
Employee Pension Plans (Narrati
Employee Pension Plans (Narrative) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Pension Plan Assets | |
Defined contribution plan, cost | $ 0.7 |
Expected future employer contribution, current year | $ 1.8 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Assets: | ||
Cash and cash equivalents maturity period (maximum) | 3 months | |
Fair value measured on a recurring basis | ||
Assets: | ||
Cash and cash equivalents | $ 358,304 | $ 380,564 |
Restricted cash | 14,749 | 14,116 |
Restricted investments | 130,499 | 130,287 |
Investments in lieu of retention | 115,956 | 106,949 |
Total | 619,508 | 631,916 |
Fair value measured on a recurring basis | Level 1 | ||
Assets: | ||
Cash and cash equivalents | 358,304 | 380,564 |
Restricted cash | 14,749 | 14,116 |
Restricted investments | 0 | 0 |
Investments in lieu of retention | 28,342 | 19,988 |
Total | 401,395 | 414,668 |
Fair value measured on a recurring basis | Level 1 | Money Market Funds | ||
Assets: | ||
Investments in lieu of retention | 28,300 | 20,000 |
Fair value measured on a recurring basis | Level 2 | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Restricted investments | 130,499 | 130,287 |
Investments in lieu of retention | 87,614 | 86,961 |
Total | 218,113 | 217,248 |
Fair value measured on a recurring basis | Level 2 | Debt Securities | ||
Assets: | ||
Investments in lieu of retention | 87,600 | 87,000 |
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 retention | 0 | 0 |
Total | $ 0 | $ 0 |
Fair Value Measurements (Availa
Fair Value Measurements (Available for Sale) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Amortized Cost | $ 223,300 | $ 222,134 |
Unrealized Gains | 741 | 1,272 |
Unrealized Losses | (5,928) | (6,158) |
Fair Value | 218,113 | 217,248 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 Months, Fair Value | 50,289 | 17,748 |
Less than 12 Months, Unrealized Losses | (272) | (64) |
12 Months or Greater, Fair Value | 105,580 | 120,731 |
12 Months or Greater, Unrealized Losses | (5,656) | (6,094) |
Total, Fair Value | 155,869 | 138,479 |
Total, Unrealized Losses | (5,928) | (6,158) |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Fair Value [Abstract] | ||
Amortized Cost, Due within one year | 38,792 | |
Fair Value, Due within one year | 38,009 | |
Amortized Cost, Due after one year through five years | 174,478 | |
Fair Value, Due after one year through five years | 171,095 | |
Amortized Cost, Due after five years | 10,030 | |
Fair Value, Due after five years | 9,009 | |
Restricted investments: | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Amortized Cost | 134,342 | 133,710 |
Unrealized Gains | 403 | 785 |
Unrealized Losses | (4,246) | (4,208) |
Fair Value | 130,499 | 130,287 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 Months, Fair Value | 25,575 | 6,350 |
Less than 12 Months, Unrealized Losses | (147) | (9) |
12 Months or Greater, Fair Value | 59,655 | 71,005 |
12 Months or Greater, Unrealized Losses | (4,099) | (4,199) |
Total, Fair Value | 85,230 | 77,355 |
Total, Unrealized Losses | (4,246) | (4,208) |
Investments in lieu of retention: | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Amortized Cost | 88,958 | 88,424 |
Unrealized Gains | 338 | 487 |
Unrealized Losses | (1,682) | (1,950) |
Fair Value | 87,614 | 86,961 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 Months, Fair Value | 24,714 | 11,398 |
Less than 12 Months, Unrealized Losses | (125) | (55) |
12 Months or Greater, Fair Value | 45,925 | 49,726 |
12 Months or Greater, Unrealized Losses | (1,557) | (1,895) |
Total, Fair Value | 70,639 | 61,124 |
Total, Unrealized Losses | (1,682) | (1,950) |
Corporate debt securities | Restricted investments: | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Amortized Cost | 101,568 | 95,903 |
Unrealized Gains | 395 | 762 |
Unrealized Losses | (2,257) | (2,202) |
Fair Value | 99,706 | 94,463 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 Months, Fair Value | 22,242 | 4,971 |
Less than 12 Months, Unrealized Losses | (123) | (3) |
12 Months or Greater, Fair Value | 37,507 | 40,649 |
12 Months or Greater, Unrealized Losses | (2,134) | (2,199) |
Total, Fair Value | 59,749 | 45,620 |
Total, Unrealized Losses | (2,257) | (2,202) |
Corporate debt securities | Investments in lieu of retention: | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Amortized Cost | 88,134 | 87,601 |
Unrealized Gains | 105 | 246 |
Unrealized Losses | (1,682) | (1,950) |
Fair Value | 86,557 | 85,897 |
U.S. government agency securities | Restricted investments: | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Amortized Cost | 24,380 | 29,082 |
Unrealized Gains | 4 | 18 |
Unrealized Losses | (1,050) | (1,054) |
Fair Value | 23,334 | 28,046 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 Months, Fair Value | 3,333 | 1,280 |
Less than 12 Months, Unrealized Losses | (24) | (4) |
12 Months or Greater, Fair Value | 14,869 | 22,858 |
12 Months or Greater, Unrealized Losses | (1,026) | (1,050) |
Total, Fair Value | 18,202 | 24,138 |
Total, Unrealized Losses | (1,050) | (1,054) |
Municipal bonds | Restricted investments: | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Amortized Cost | 7,899 | 8,227 |
Unrealized Gains | 4 | 5 |
Unrealized Losses | (908) | (914) |
Fair Value | 6,995 | 7,318 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 Months, Fair Value | 0 | 99 |
Less than 12 Months, Unrealized Losses | 0 | (2) |
12 Months or Greater, Fair Value | 6,814 | 7,038 |
12 Months or Greater, Unrealized Losses | (908) | (912) |
Total, Fair Value | 6,814 | 7,137 |
Total, Unrealized Losses | (908) | (914) |
Municipal bonds | Investments in lieu of retention: | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Amortized Cost | 824 | 823 |
Unrealized Gains | 233 | 241 |
Unrealized Losses | 0 | 0 |
Fair Value | 1,057 | 1,064 |
Corporate certificates of deposit | Restricted investments: | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Amortized Cost | 495 | 498 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (31) | (38) |
Fair Value | 464 | 460 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 Months, Fair Value | 0 | 0 |
Less than 12 Months, Unrealized Losses | 0 | 0 |
12 Months or Greater, Fair Value | 465 | 460 |
12 Months or Greater, Unrealized Losses | (31) | (38) |
Total, Fair Value | 465 | 460 |
Total, Unrealized Losses | $ (31) | $ (38) |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Senior Notes | 2017 Senior Notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | $ 495.4 | $ 490.9 |
Term Loan B | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | $ 274.4 | $ 358.9 |
Variable Interest Entities (V_2
Variable Interest Entities (VIEs) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Variable Interest Entity [Line Items] | |||
Assets, current | $ 3,466,714 | $ 3,521,354 | |
Liabilities, current | 2,043,207 | 2,124,953 | |
Revenue | $ 1,048,987 | $ 776,300 | |
Purple Line Extension Section 2 and Section 3 | |||
Variable Interest Entity [Line Items] | |||
Percent interest in the joint venture | 75% | ||
Newark Airport Terminal One Design Build Project | |||
Variable Interest Entity [Line Items] | |||
Percent interest in the joint venture | 80% | ||
Related Party | 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% | ||
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% | ||
Variable Interest Entity, Not Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Assets, current | $ 500 | 500 | |
Liabilities, current | 100 | 100 | |
VIEs | |||
Variable Interest Entity [Line Items] | |||
Assets, current | 473,200 | 503,100 | |
Liabilities, current | 481,200 | 505,000 | |
Assets, noncurrent | $ 33,800 | $ 35,100 |
Changes in Equity (Details)
Changes in Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Attributable to Tutor Perini Corporation: | ||
Balance at the beginning of the period | $ 1,283,911 | $ 1,441,984 |
Net income (loss) | 27,502 | (48,929) |
Other comprehensive income (loss) | (842) | 1,880 |
Share-based compensation | 1,503 | 1,395 |
Issuance of common stock, net | (1,440) | (123) |
Contributions from noncontrolling interests | 2,000 | |
Distributions to noncontrolling interests | (7,400) | (8,500) |
Balance at the end of the period | 1,303,234 | 1,389,707 |
Common Stock | ||
Attributable to Tutor Perini Corporation: | ||
Balance at the beginning of the period | 52,025 | 51,521 |
Issuance of common stock, net | 259 | 124 |
Balance at the end of the period | 52,284 | 51,645 |
Additional Paid-in Capital | ||
Attributable to Tutor Perini Corporation: | ||
Balance at the beginning of the period | 1,146,204 | 1,140,933 |
Share-based compensation | 1,503 | 1,395 |
Issuance of common stock, net | (1,699) | (247) |
Balance at the end of the period | 1,146,008 | 1,142,081 |
Retained Earnings | ||
Attributable to Tutor Perini Corporation: | ||
Balance at the beginning of the period | 133,146 | 304,301 |
Net income (loss) | 15,760 | (49,196) |
Balance at the end of the period | 148,906 | 255,105 |
Accumulated Other Comprehensive Loss | ||
Attributable to Tutor Perini Corporation: | ||
Balance at the beginning of the period | (39,787) | (47,037) |
Other comprehensive income (loss) | (375) | 1,727 |
Balance at the end of the period | (40,162) | (45,310) |
Noncontrolling Interests | ||
Attributable to Tutor Perini Corporation: | ||
Balance at the beginning of the period | (7,677) | (7,734) |
Net income (loss) | 11,742 | 267 |
Other comprehensive income (loss) | (467) | 153 |
Contributions from noncontrolling interests | 2,000 | |
Distributions to noncontrolling interests | (7,400) | (8,500) |
Balance at the end of the period | $ (3,802) | $ (13,814) |
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total other comprehensive income (loss), Before-Tax Amount | $ (946) | $ 2,440 |
Total other comprehensive income (loss), Tax (Expense) Benefit | 104 | (560) |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | (842) | 1,880 |
Total other comprehensive income (loss) attributable to Tutor Perini Corporation | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total other comprehensive income (loss), Before-Tax Amount | (479) | 2,287 |
Total other comprehensive income (loss), Tax (Expense) Benefit | 104 | (560) |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | (375) | 1,727 |
Defined benefit pension plan adjustments | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total other comprehensive income (loss), Before-Tax Amount | 437 | 415 |
Total other comprehensive income (loss), Tax (Expense) Benefit | (116) | (114) |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 321 | 301 |
Foreign currency translation adjustments | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total other comprehensive income (loss), Before-Tax Amount | (1,082) | 340 |
Total other comprehensive income (loss), Tax (Expense) Benefit | 155 | (90) |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | (927) | 250 |
Unrealized gain (loss) in fair value of investments | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total other comprehensive income (loss), Before-Tax Amount | (301) | 1,685 |
Total other comprehensive income (loss), Tax (Expense) Benefit | 65 | (356) |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | (236) | 1,329 |
Less: Other comprehensive income (loss) attributable to noncontrolling interests | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total other comprehensive income (loss), Before-Tax Amount | (467) | 153 |
Total other comprehensive income (loss), Tax (Expense) Benefit | 0 | 0 |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | $ (467) | $ 153 |
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Attributable to Tutor Perini Corporation: | ||
Balance at the beginning of the period | $ 1,291,588 | |
Balance at the beginning of the period, noncontrolling interests | (7,677) | |
Other comprehensive income (loss) before reclassifications | (741) | $ 1,402 |
Amounts reclassified from AOCI | 366 | 325 |
Total other comprehensive income | (375) | 1,727 |
Other comprehensive income | (467) | 153 |
Balance at the end of the period, noncontrolling interests | (3,802) | |
Balance at the end of the period | 1,307,036 | |
Accumulated Other Comprehensive Income (Loss) | ||
Attributable to Tutor Perini Corporation: | ||
Balance at the beginning of the period | (39,787) | (47,037) |
Balance at the end of the period | (40,162) | (45,310) |
Defined Benefit Pension Plan | ||
Attributable to Tutor Perini Corporation: | ||
Balance at the beginning of the period | (29,354) | (32,637) |
Other comprehensive income (loss) before reclassifications | 0 | 0 |
Amounts reclassified from AOCI | 321 | 301 |
Total other comprehensive income | 321 | 301 |
Balance at the end of the period | (29,033) | (32,336) |
Foreign Currency Translation | ||
Attributable to Tutor Perini Corporation: | ||
Balance at the beginning of the period | (6,893) | (7,241) |
Other comprehensive income (loss) before reclassifications | (428) | 231 |
Amounts reclassified from AOCI | 0 | 0 |
Total other comprehensive income | (428) | 231 |
Balance at the end of the period | (7,321) | (7,010) |
Unrealized Gain (Loss) in Fair Value of Investments, Net | ||
Attributable to Tutor Perini Corporation: | ||
Balance at the beginning of the period | (3,540) | (7,159) |
Other comprehensive income (loss) before reclassifications | (313) | 1,171 |
Amounts reclassified from AOCI | 45 | 24 |
Total other comprehensive income | (268) | 1,195 |
Balance at the end of the period | (3,808) | (5,964) |
AOCI Attributable to Noncontrolling Interest | ||
Attributable to Tutor Perini Corporation: | ||
Balance at the beginning of the period, noncontrolling interests | (731) | (1,730) |
Balance at the end of the period, noncontrolling interests | (1,198) | (1,577) |
Defined Benefit Pension Plan | ||
Attributable to Tutor Perini Corporation: | ||
Balance at the beginning of the period, noncontrolling interests | 0 | 0 |
Other comprehensive income | 0 | 0 |
Balance at the end of the period, noncontrolling interests | 0 | 0 |
Foreign Currency Translation | ||
Attributable to Tutor Perini Corporation: | ||
Balance at the beginning of the period, noncontrolling interests | (312) | (799) |
Other comprehensive income | (499) | 19 |
Balance at the end of the period, noncontrolling interests | (811) | (780) |
Unrealized Gain (Loss) in Fair Value of Investments, Net | ||
Attributable to Tutor Perini Corporation: | ||
Balance at the beginning of the period, noncontrolling interests | (419) | (931) |
Other comprehensive income | 32 | 134 |
Balance at the end of the period, noncontrolling interests | $ (387) | $ (797) |
Other Comprehensive Income (L_5
Other Comprehensive Income (Loss) (AOCI Reclassifications) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Defined benefit pension plan adjustments/Unrealized loss in fair value of investment adjustments | $ (5,311) | $ (6,417) |
Income tax benefit | 7,308 | (48,112) |
Net of tax | (15,760) | 49,196 |
Defined benefit pension plan adjustments | Reclassification out of Accumulated Other Comprehensive Income | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Defined benefit pension plan adjustments/Unrealized loss in fair value of investment adjustments | 437 | 415 |
Income tax benefit | (116) | (114) |
Net of tax | 321 | 301 |
Unrealized loss in fair value of investment adjustments | Reclassification out of Accumulated Other Comprehensive Income | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Defined benefit pension plan adjustments/Unrealized loss in fair value of investment adjustments | 57 | 30 |
Income tax benefit | (12) | (6) |
Net of tax | $ 45 | $ 24 |
Business Segments (Narrative) (
Business Segments (Narrative) (Details) - segment | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Segment Reporting [Abstract] | ||
Number of reportable segments | 3 | |
Revenue Benchmark | Customer Concentration Risk | Civil, Building, And Specialty Contractors | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Concentration risk, percentage | 18.70% | 19.50% |
Business Segments (Reportable S
Business Segments (Reportable Segments) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Segment Reporting Information [Line Items] | ||
Revenue | $ 1,048,987 | $ 776,300 |
Income (loss) from construction operations | 48,806 | (81,945) |
Capital expenditures | 10,434 | 17,796 |
Depreciation and amortization | 13,582 | 10,408 |
Adverse Legal Ruling Pertaining To Transit Project In New York | ||
Segment Reporting Information [Line Items] | ||
Loss contingency | 83,600 | |
Loss contingency, after tax | $ 60,100 | |
Loss contingency, after tax, diluted (in dollars per share) | $ 1.17 | |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Revenue | 1,089,878 | $ 804,263 |
Income (loss) from construction operations | 68,551 | (64,645) |
Capital expenditures | 8,651 | 17,526 |
Depreciation and amortization | 11,437 | 8,057 |
Intersegment Eliminations | ||
Segment Reporting Information [Line Items] | ||
Revenue | (40,891) | (27,963) |
Corporate | ||
Segment Reporting Information [Line Items] | ||
Revenue | 0 | 0 |
Income (loss) from construction operations | (19,745) | (17,300) |
Capital expenditures | 1,783 | 270 |
Depreciation and amortization | 2,145 | 2,351 |
Civil | ||
Segment Reporting Information [Line Items] | ||
Revenue | 472,165 | 349,870 |
Civil | Favorable Adjustment Legal Ruling Pertaining To Mass-Transit Project In California | ||
Segment Reporting Information [Line Items] | ||
Favorable arbitration | 10,200 | |
Favorable arbitration, after tax | $ 7,500 | |
Favorable arbitration, after tax, diluted (in dollars per share) | $ 0.14 | |
Civil | Unfavorable Legal Ruling Pertaining to Mass-Transit Project in California | ||
Segment Reporting Information [Line Items] | ||
Loss contingency | 28,000 | |
Loss contingency, after tax | $ 22,200 | |
Loss contingency, after tax, diluted (in dollars per share) | $ 0.43 | |
Civil | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ 502,822 | $ 378,224 |
Income (loss) from construction operations | 70,743 | 18,012 |
Capital expenditures | 8,131 | 15,065 |
Depreciation and amortization | 10,254 | 6,981 |
Civil | Intersegment Eliminations | ||
Segment Reporting Information [Line Items] | ||
Revenue | (30,657) | (28,354) |
Building | ||
Segment Reporting Information [Line Items] | ||
Revenue | 411,942 | 229,653 |
Building | Adverse Legal Ruling Pertaining To Transit Project In New York | ||
Segment Reporting Information [Line Items] | ||
Loss contingency | 72,200 | |
Building | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Revenue | 422,176 | 229,291 |
Income (loss) from construction operations | 16,120 | (70,209) |
Capital expenditures | 217 | 2,017 |
Depreciation and amortization | 585 | 457 |
Building | Intersegment Eliminations | ||
Segment Reporting Information [Line Items] | ||
Revenue | (10,234) | 362 |
Specialty Contractors | ||
Segment Reporting Information [Line Items] | ||
Revenue | 164,880 | 196,777 |
Specialty Contractors | Unfavorable Arbitration Ruling Pertaining to Electrical Project in New York | ||
Segment Reporting Information [Line Items] | ||
Loss contingency | 12,000 | |
Loss contingency, after tax | $ 8,800 | |
Loss contingency, after tax, diluted (in dollars per share) | $ 0.17 | |
Specialty Contractors | Adverse Legal Ruling Pertaining To Transit Project In New York | ||
Segment Reporting Information [Line Items] | ||
Loss contingency | 11,400 | |
Specialty Contractors | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ 164,880 | 196,748 |
Income (loss) from construction operations | (18,312) | (12,448) |
Capital expenditures | 303 | 444 |
Depreciation and amortization | 598 | 619 |
Specialty Contractors | Intersegment Eliminations | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ 0 | $ 29 |
Business Segments (Reconciliati
Business Segments (Reconciliation of Segment Results to Consolidated Loss Before Income Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Segment Reporting [Abstract] | ||
Income (loss) from construction operations | $ 48,806 | $ (81,945) |
Other income, net | 5,311 | 6,417 |
Interest expense | (19,307) | (21,513) |
INCOME (LOSS) BEFORE INCOME TAXES | $ 34,810 | $ (97,041) |
Business Segments (Total Assets
Business Segments (Total Assets for Reportable Segments) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 4,370,407 | $ 4,429,856 |
Corporate and other | ||
Segment Reporting Information [Line Items] | ||
Total assets | (282,813) | (315,825) |
Civil | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total assets | 3,426,013 | 3,539,608 |
Building | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total assets | 957,202 | 898,902 |
Specialty Contractors | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 270,005 | $ 307,171 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | Apr. 22, 2024 | Apr. 15, 2024 | Aug. 18, 2020 | Mar. 31, 2024 | Apr. 20, 2017 |
Revolving Credit Facility | BMO Harris Bank | |||||
Subsequent Event [Line Items] | |||||
Remaining borrowing capacity | $ 175,000,000 | ||||
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Outstanding principal | $ 100,000,000 | ||||
Subsequent Event | Revolving Credit Facility | BMO Harris Bank | |||||
Subsequent Event [Line Items] | |||||
Increase (decrease) in line of credit | $ (5,000,000) | ||||
2024 Senior Notes | Senior Notes | Subsequent Event | Debt Instrument, Redemption, Period One | |||||
Subsequent Event [Line Items] | |||||
Redemption price (as a percent) | 100% | ||||
2024 Senior Notes | Senior Notes | Subsequent Event | Debt Instrument, Redemption, Period Two | |||||
Subsequent Event [Line Items] | |||||
Redemption price (as a percent) | 111.875% | ||||
Percentage of principal amount redeemed (as a percent) | 40% | ||||
2024 Senior Notes | Senior Notes | Subsequent Event | Debt Instrument, Redemption, Period Three | |||||
Subsequent Event [Line Items] | |||||
Redemption price (as a percent) | 101% | ||||
2024 Senior Notes | Senior Notes | Subsequent Event | Private Placement | |||||
Subsequent Event [Line Items] | |||||
Face amount | $ 400,000,000 | ||||
Interest rate | 11.875% | ||||
2020 Credit Agreement | BMO Harris Bank | |||||
Subsequent Event [Line Items] | |||||
Interest rate | 12.30% | ||||
2020 Credit Agreement | Revolving Credit Facility | BMO Harris Bank | |||||
Subsequent Event [Line Items] | |||||
Increase (decrease) in line of credit | $ 173,500,000 | ||||
2020 Credit Agreement | Line of Credit | BMO Harris Bank | |||||
Subsequent Event [Line Items] | |||||
Maximum borrowing capacity | 425,000,000 | ||||
2020 Credit Agreement | Line of Credit | Revolving Credit Facility | BMO Harris Bank | |||||
Subsequent Event [Line Items] | |||||
Maximum borrowing capacity | $ 175,000,000 | ||||
2020 Credit Agreement | Line of Credit | Subsequent Event | Revolving Credit Facility | BMO Harris Bank | |||||
Subsequent Event [Line Items] | |||||
Maximum borrowing capacity | $ 170,000,000 | ||||
2017 Senior Notes | Senior Notes | Private Placement | |||||
Subsequent Event [Line Items] | |||||
Face amount | $ 500,000,000 | ||||
Interest rate | 6.875% |