Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 17, 2017 | Jun. 30, 2016 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | TUTOR PERINI Corp | ||
Entity Central Index Key | 77,543 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 900,681,219 | ||
Entity Common Stock, Shares Outstanding | 49,222,934 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract] | |||||||||||
REVENUE | $ 1,246,599 | $ 1,332,978 | $ 1,308,130 | $ 1,085,369 | $ 1,200,830 | $ 1,340,739 | $ 1,312,438 | $ 1,066,465 | $ 4,973,076 | $ 4,920,472 | $ 4,492,309 |
COST OF OPERATIONS | (4,515,886) | (4,564,219) | (3,986,867) | ||||||||
GROSS PROFIT | 117,660 | 124,668 | 109,770 | 105,092 | 66,673 | 100,201 | 98,620 | 90,759 | 457,190 | 356,253 | 505,442 |
General and administrative expenses | (255,270) | (250,840) | (263,752) | ||||||||
INCOME FROM CONSTRUCTION OPERATIONS | 52,050 | 60,919 | 48,829 | 40,122 | 15,474 | 38,974 | 30,881 | 20,084 | 201,920 | 105,413 | 241,690 |
Other income (expense), net | 6,977 | 13,569 | (8,217) | ||||||||
Interest expense | (59,782) | (45,143) | (46,035) | ||||||||
INCOME BEFORE INCOME TAXES | 38,685 | 47,926 | 35,780 | 26,724 | 11,687 | 33,955 | 19,992 | 8,205 | 149,115 | 73,839 | 187,438 |
Provision for income taxes | (53,293) | (28,547) | (79,502) | ||||||||
NET INCOME | $ 30,260 | $ 28,801 | $ 21,361 | $ 15,400 | $ 8,712 | $ 19,677 | $ 11,777 | $ 5,126 | $ 95,822 | $ 45,292 | $ 107,936 |
BASIC EARNINGS PER COMMON SHARE | $ 0.62 | $ 0.59 | $ 0.43 | $ 0.31 | $ 0.18 | $ 0.40 | $ 0.24 | $ 0.11 | $ 1.95 | $ 0.92 | $ 2.22 |
DILUTED EARNINGS PER COMMON SHARE | $ 0.60 | $ 0.57 | $ 0.43 | $ 0.31 | $ 0.18 | $ 0.40 | $ 0.24 | $ 0.10 | $ 1.92 | $ 0.91 | $ 2.20 |
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING: | |||||||||||
BASIC | 49,150 | 48,981 | 48,562 | ||||||||
DILUTED | 49,864 | 49,666 | 49,114 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | |||||||||||
NET INCOME | $ 30,260 | $ 28,801 | $ 21,361 | $ 15,400 | $ 8,712 | $ 19,677 | $ 11,777 | $ 5,126 | $ 95,822 | $ 45,292 | $ 107,936 |
OTHER COMPREHENSIVE LOSS, NET OF TAX: | |||||||||||
Defined benefit pension plan adjustments | (2,623) | 2,026 | (8,155) | ||||||||
Foreign currency translation adjustment | (261) | (3,214) | (638) | ||||||||
Unrealized (loss) gain in fair value of investments | (340) | 766 | 205 | ||||||||
Unrealized (loss) gain in fair value of interest rate swap | (24) | (125) | 349 | ||||||||
Total other comprehensive loss, net of tax | (3,248) | (547) | (8,239) | ||||||||
TOTAL COMPREHENSIVE INCOME | $ 92,574 | $ 44,745 | $ 99,697 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
CURRENT ASSETS: | ||
Cash, including cash equivalents of $15,302 and $1,696 | $ 146,103 | $ 75,452 |
Restricted cash | 50,504 | 45,853 |
Accounts receivable, including retainage of $569,391 and $484,255 | 1,743,300 | 1,473,615 |
Costs and estimated earnings in excess of billings | 831,826 | 905,175 |
Other current assets | 66,023 | 108,844 |
Total current assets | 2,837,756 | 2,608,939 |
PROPERTY AND EQUIPMENT: | ||
Land | 41,382 | 41,382 |
Building and improvements | 124,157 | 123,600 |
Construction equipment | 444,153 | 431,080 |
Other equipment | 181,717 | 181,940 |
Total property and equipment, gross | 791,409 | 778,002 |
Less - Accumulated depreciation | (313,783) | (254,477) |
Total property and equipment, net | 477,626 | 523,525 |
GOODWILL | 585,006 | 585,006 |
INTANGIBLE ASSETS, NET | 92,997 | 96,540 |
OTHER ASSETS | 45,235 | 47,290 |
TOTAL ASSETS | 4,038,620 | 3,861,300 |
CURRENT LIABILITIES: | ||
Current maturities of long-term debt | 85,890 | 88,917 |
Accounts payable, including retainage of $258,294 and $204,767 | 994,016 | 937,464 |
Billings in excess of costs and estimated earnings | 331,112 | 288,311 |
Accrued expenses and other current liabilities | 107,925 | 134,127 |
Total current liabilities | 1,518,943 | 1,448,819 |
LONG-TERM DEBT, less current maturities, net of unamortized discount and debt issuance cost of $56,072 and $6,697 | 673,629 | 728,767 |
DEFERRED INCOME TAXES | 131,007 | 122,822 |
OTHER LONG-TERM LIABILITIES | 162,018 | 140,665 |
TOTAL LIABILITIES | 2,485,597 | 2,441,073 |
CONTINGENCIES AND COMMITMENTS (Note 7) | ||
STOCKHOLDERS' EQUITY: | ||
Preferred stock - authorized 1,000,000 shares ($1 par value), none issued | ||
Common stock - authorized 75,000,000 shares ($1 par value), issued and outstanding - 49,211,353 and 49,072,710 shares | 49,211 | 49,073 |
Additional paid-in capital | 1,075,600 | 1,035,516 |
Retained earnings | 473,625 | 377,803 |
Accumulated other comprehensive loss | (45,413) | (42,165) |
TOTAL STOCKHOLDERS' EQUITY | 1,553,023 | 1,420,227 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 4,038,620 | $ 3,861,300 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
CURRENT ASSETS: | ||
Cash, cash equivalents | $ 15,302 | $ 1,696 |
Accounts receivable, retainage | 569,391 | 484,255 |
CURRENT LIABILITIES: | ||
Accounts payable, retainage (in dollars) | 258,294 | 204,767 |
Unamortized discount and debt issuance cost | $ 56,072 | $ 6,697 |
STOCKHOLDERS' EQUITY: | ||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, par value | $ 1 | $ 1 |
Preferred stock, shares issued | 0 | 0 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, par value | $ 1 | $ 1 |
Common stock, shares issued | 49,211,353 | 49,072,710 |
Common stock, shares outstanding | 49,211,353 | 49,072,710 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash Flows from Operating Activities: | |||
Net income | $ 95,822 | $ 45,292 | $ 107,936 |
Adjustments to reconcile net income to net cash from operating activities: | |||
Depreciation | 63,759 | 37,919 | 40,216 |
Amortization of intangible assets | 3,543 | 3,715 | 13,486 |
Share-based compensation expense | 13,423 | 9,477 | 18,615 |
Excess income tax benefit from share-based compensation | (269) | (186) | (787) |
Change in debt discount and deferred debt issuance costs | 10,968 | 2,095 | 2,270 |
Deferred income taxes | (10,169) | 22,214 | 21,460 |
Loss on sale of investments | 1,786 | ||
(Gain) loss on sale of property and equipment | 453 | (2,909) | 801 |
Other long-term liabilities | 28,210 | 28,912 | 3,074 |
Other non-cash items | (1,874) | (3,680) | 3,273 |
Changes in other components of working capital | (90,530) | (128,777) | (268,808) |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 113,336 | 14,072 | (56,678) |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Acquisition of property and equipment excluding financed purchases | (15,743) | (35,912) | (75,013) |
Proceeds from sale of property and equipment | 1,899 | 4,980 | 5,335 |
Proceeds from sale of investments | 44,497 | ||
Change in restricted cash | (4,651) | (1,483) | (1,776) |
NET CASH USED IN INVESTING ACTIVITIES | (18,495) | (32,415) | (26,957) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Issuance of convertible notes | 200,000 | ||
Proceeds from debt | 1,353,895 | 1,013,205 | 1,156,739 |
Repayment of debt | (1,562,684) | (1,054,371) | (1,026,349) |
Payments related to business acquisitions | (26,430) | ||
Excess income tax benefit from share-based compensation | 269 | 186 | 787 |
Issuance of common stock and effect of cashless exercise | (584) | (808) | (1,771) |
Debt issuance costs | (15,086) | (3,681) | |
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES | (24,190) | (41,788) | 99,295 |
Net (decrease) increase in cash and cash equivalents | 70,651 | (60,131) | 15,660 |
Cash and cash equivalents at beginning of year | 75,452 | 135,583 | 119,923 |
Cash and cash equivalents at end of year | $ 146,103 | $ 75,452 | $ 135,583 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Total |
Balance at Dec. 31, 2013 | $ 48,421 | $ 1,007,918 | $ 224,575 | $ (33,379) | $ 1,247,535 |
Net income | 107,936 | 107,936 | |||
Other comprehensive loss | (8,239) | (8,239) | |||
TOTAL COMPREHENSIVE INCOME | 99,697 | ||||
Tax effect of share-based compensation | 786 | 786 | |||
Share-based compensation expense | 18,616 | 18,616 | |||
Issuance of common stock, net | 250 | (1,379) | (1,129) | ||
Balance at Dec. 31, 2014 | 48,671 | 1,025,941 | 332,511 | (41,618) | 1,365,505 |
Net income | 45,292 | 45,292 | |||
Other comprehensive loss | (547) | (547) | |||
TOTAL COMPREHENSIVE INCOME | 44,745 | ||||
Tax effect of share-based compensation | (186) | (186) | |||
Share-based compensation expense | 9,477 | 9,477 | |||
Issuance of common stock, net | 402 | 284 | 686 | ||
Balance at Dec. 31, 2015 | 49,073 | 1,035,516 | 377,803 | (42,165) | 1,420,227 |
Net income | 95,822 | 95,822 | |||
Other comprehensive loss | (3,248) | (3,248) | |||
TOTAL COMPREHENSIVE INCOME | 92,574 | ||||
Tax effect of share-based compensation | (457) | (457) | |||
Share-based compensation expense | 13,423 | 13,423 | |||
Issuance of common stock, net | 138 | 676 | 814 | ||
Convertible note proceeds allocated to conversion option, net | 26,442 | 26,442 | |||
Balance at Dec. 31, 2016 | $ 49,211 | $ 1,075,600 | $ 473,625 | $ (45,413) | $ 1,553,023 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. Summary of Significant Accounting Policies (a) Basis of Presentation The accompanying consolidated financial statements have been prepared in compliance with accounting principles generally accepted in the United States of America (“GAAP”) as codified in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”). (b) Principles of Consolidation The consolidated financial statements include the accounts of Tutor Perini Corporation and its wholly owned subsidiaries (the “Company”). The Company frequently forms joint ventures or partnerships with unrelated third parties for the execution of single contracts or projects. The Company assesses its joint ventures or partnerships at inception to determine if they meet the qualifications of a variable interest entity ("VIE") in accordance with ASC 810, Consolidation . If a joint venture or partnership is a VIE and the Company is the primary beneficiary, the joint venture or partnership is fully consolidated. For construction joint ventures that do not need to be consolidated, the Company accounts for its interest in the joint ventures using the proportionate consolidation method, whereby the Company’s proportionate share of the joint ventures’ assets, liabilities, revenue and cost of operations are included in the appropriate classifications in the Company’s consolidated financial statements. All intercompany transactions and balances have been eliminated in consolidation. (c) Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect reported amounts. These estimates are based on information available through the date of the issuance of the financial statements; therefore, actual results could differ from those estimates. (d) Construction Contracts The Company and its affiliated entities recognize construction contract revenue using the percentage-of-completion method, based primarily on contract cost incurred to date compared to total estimated contract cost. Cost of revenue includes an allocation of depreciation and amortization. Pre-contract costs are expensed as incurred. Changes to total estimated contract cost or losses, if any, are recognized in the period in which they are determined. The Company generally provides limited warranties for work performed under its construction contracts with periods typically extending for a limited duration following substantial completion of the Company’s work on a project. Historically, warranty claims have not resulted in material costs incurred. The Company classifies construction-related receivables and payables that may be settled in periods exceeding one year from the balance sheet date as current, consistent with the length of time of its project operating cycle. For example: · Costs and estimated earnings in excess of billings represent the excess of contract costs and profits (or contract revenue) over the amount of contract billings to date and are classified as a current asset. · Billings in excess of costs and estimated earnings represent the excess of contract billings to date over the amount of contract costs and profits (or contract revenue) recognized to date and are classified as a current liability. Costs and estimated earnings in excess of billings result when either: 1) the appropriate contract revenue amount has been recognized in accordance with the percentage-of-completion accounting method, but a portion of the revenue recorded cannot be billed currently due to the billing terms defined in the contract, or 2) costs are incurred related to certain claims and unapproved change orders. Claims occur when there is a dispute regarding both a change in the scope of work and the price associated with that change. Unapproved change orders occur when a change in the scope of work results in additional work being performed before the parties have agreed on the corresponding change in the contract price. For both claims and unapproved change orders, the Company recognizes revenue, but not profit, when it is determined that recovery of incurred cost is probable and the amounts can be reliably estimated. For claims, these requirements are satisfied under ASC 605-35-25 when the contract or other evidence provides a legal basis for the claim, additional costs were caused by circumstances that were unforeseen at the contract date and not the result of deficiencies in the Company’s performance, claim-related costs are identifiable and considered reasonable in view of the work performed, and evidence supporting the claim or change order is objective and verifiable. Reported costs and estimated earnings in excess of billings consists of the following: As of December 31, (in thousands) 2016 2015 Claims $ 477,425 $ 407,164 Unapproved change orders 207,475 270,019 Other unbilled costs and profits 146,926 227,992 Total costs and estimated earnings in excess of billings $ 831,826 $ 905,175 The prerequisite for billing claims and unapproved change orders is the final resolution and agreement between the parties. The prerequisite for billing other unbilled costs and profits is provided in the defined billing terms of each of the applicable contracts. The amount of costs and estimated earnings in excess of billings as of December 31, 2016 estimated by management to be collected beyond one year is approximately $414.7 million. (e) Changes in Estimates The Company’s estimates of contract revenue and cost are highly detailed and many factors change during a contract performance period that result in a change to contract profitability. These factors include, but are not limited to, differing site conditions; availability of skilled contract labor; performance of major material suppliers and subcontractors; on-going subcontractor negotiations and buyout provisions; unusual weather conditions; changes in the timing of scheduled work; change orders; accuracy of the original bid estimate; changes in estimated labor productivity and costs based on experience to date; achievement of incentive-based income targets; and the expected, or actual, resolution terms for claims. The factors that cause changes in estimates vary depending on the maturation of the project within its lifecycle. For example, in the ramp-up phase, these factors typically consist of revisions in anticipated project costs and during the peak and close-out phases, these factors include the impact of change orders and claims as well as additional revisions in remaining anticipated project costs. Generally, if the contract is at an early stage of completion, the current period impact is smaller than if the same change in estimate is made to the contract at a later stage of completion. Management evaluates changes in estimates on a contract by contract basis and discloses significant changes, if material, in the notes to the consolidated financial statements. The cumulative catch-up method is used to account for revisions in estimates. (f) Depreciation of Property and Equipment and Amortization of Long-Lived Intangible Assets Property and equipment and long-lived intangible assets are depreciated or amortized on a straight-line basis over their estimated useful lives ranging from three to forty years. (g) Recoverability of Long-Lived Assets Long-lived assets are reviewed for impairment whenever circumstances indicate that the future cash flows generated by the assets might be less than the assets’ net carrying value. In such circumstances, an impairment loss will be recognized by the amount the assets’ net carrying value exceeds their fair value. (h) Recoverability of Goodwill The Company tests goodwill for impairment annually for each reporting unit in the fourth quarter of the fiscal year, and between annual tests if events occur or circumstances change which suggest that goodwill should be reevaluated. Such events or circumstances include significant changes in legal factors and business climate, recent losses at a reporting unit, and industry trends, among other factors. The Civil, Building and Specialty Contractors segments each represent a reporting unit. We perform our annual quantitative impairment assessment during the fourth quarter of each year using a weighted average of an income and a market approach. The income approach is based on estimated present value of future cash flows for each reporting unit. The market approach is based on assumptions about how market data relates to the Company. The weighting of these two approaches is based on their individual correlation to the economics of each reporting unit. The quantitative assessment performed in 2016 resulted in an estimated fair value for each of our reporting units that exceeded their respective net book values; therefore, no impairment charge was necessary for 2016. (i) Recoverability of Non-Amortizable Trade Names Certain trade names have an estimated indefinite life and are not amortized to earnings, but instead are reviewed for impairment annually, or more often if events occur or circumstances change which suggest that the non-amortizable trade names should be reevaluated. We perform our annual quantitative impairment assessment during the fourth quarter of each year using an income approach (relief from royalty method). The quantitative assessment performed in 2016 resulted in an estimated fair value for the non-amortizable trade names that exceeded their respective net book values; therefore, no impairment charge was necessary for 2016. (j) Income Taxes Deferred income tax assets and liabilities are recognized for the effects of temporary differences between the financial statement carrying amounts and the income tax basis of assets and liabilities using tax rates expected to be in effect when such differences reverse. Income tax positions must meet a more-likely-than-not threshold to be recognized. The Company recognizes interest and penalties related to uncertain tax positions as a component of the income tax provision. (k) Earnings Per Share Basic EPS is calculated by dividing net income by the weighted-average number of common shares outstanding during the period. Potentially dilutive securities include restricted stock units and stock options. Diluted EPS reflects the assumed exercise or conversion of all dilutive securities using the treasury stock method. The calculations of the basic and diluted EPS for the years ended December 31, 2016, 2015 and 2014 are presented below: Year Ended December 31, (in thousands, except per share data) 2016 2015 2014 Net income $ 95,822 $ 45,292 $ 107,936 Weighted-average common shares outstanding — basic 49,150 48,981 48,562 Effect of diluted stock options and unvested restricted stock 714 685 552 Weighted-average common shares outstanding — diluted 49,864 49,666 49,114 Net income per share: Basic $ 1.95 $ 0.92 $ 2.22 Diluted $ 1.92 $ 0.91 $ 2.20 Anti-dilutive securities not included above 1,132 1,372 9 With regard to diluted EPS and the impact of the Convertible Notes (as discussed in Note 5) on the diluted EPS calculation, because the Company has the intent and ability to settle the principal amount of the Convertible Notes in cash, per ASC 260, Earnings Per Share, the settlement of the principal amount has no impact on diluted EPS. ASC 260 also requires any potential conversion premium associated with the Convertible Notes’ conversion option to be considered in the calculation of diluted EPS when the Company's average stock price, as defined in the indenture governing the Convertible Notes, is higher than 130% of the Convertible Notes’ conversion rate of 33.0579 (or $39.32); however, this was not the case during the year ended December 31, 2016. (l) Cash and Cash Equivalents and Restricted Cash Cash equivalents include short-term, highly liquid investments with original maturities of three months or less when acquired. Cash and cash equivalents, as reported in the accompanying Consolidated Balance Sheets, consist of amounts held by the Company that are available for general purposes and the Company’s proportionate share of amounts held by construction joint ventures that are available only for joint-venture-related uses, including future distributions to joint-venture partners. Restricted cash is primarily held to secure insurance-related contingent obligations, such as insurance claim deductibles, in lieu of letters of credit. Cash and cash equivalents and restricted cash consisted of the following: As of December 31, (in thousands) 2016 2015 Cash and cash equivalents $ 49,539 $ 18,409 Company's share of joint-venture cash and cash equivalents 96,564 57,043 Total cash and cash equivalents $ 146,103 $ 75,452 Restricted cash $ 50,504 $ 45,853 (m) Share-Based Compensation The Company’s long-term incentive plan allows the Company to grant share-based compensation awards in a variety of forms, including restricted and unrestricted stock units and stock options. Restricted stock units and stock options generally vest subject to service and/or performance requirements, with related compensation expense equal to the fair value of the award on the date of grant and recognized on a straight-line basis over the requisite service period. Unrestricted stock units are issued to the directors as part of their annual service fee, vest immediately and are expensed over a 12-month service period. (n) Insurance Liabilities The Company typically utilizes third party insurance coverage subject to varying deductible levels with aggregate caps on losses retained. The Company assumes the risk for the amount of the deductible portion of the losses and liabilities primarily associated with workers’ compensation and general liability coverage. In addition, on certain projects, the Company assumes the risk for the amount of the deductible portion of losses that arise from any subcontractor defaults. Losses are accrued based upon the Company’s estimates of the aggregate liability for claims incurred using historical experience and certain actuarial assumptions followed in the insurance industry. The estimate of insurance liability within the deductible limits includes an estimate of incurred but not reported claims based on data compiled from historical experience. (o) Other Comprehensive Income (Loss) ASC 220, Comprehensive Income , establishes standards for reporting and displaying comprehensive income and its components in the consolidated financial statements. The Company reports the change in pension benefit plans assets/liabilities, cumulative foreign currency translation, change in fair value of investments and change in fair value of interest rate swap as components of accumulated other comprehensive loss (“AOCI”). The tax effects of the components of other comprehensive income (loss) are as follows: Year Ended December 31, 2016 2015 2014 (in thousands) Before-Tax Amount Tax Benefit Net-of-Tax Amount Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount Other comprehensive income (loss): Defined benefit pension plan adjustments $ (4,452) $ 1,829 $ (2,623) $ 31 $ 1,995 $ 2,026 $ (13,887) $ 5,732 $ (8,155) Foreign currency translation adjustment (439) 178 (261) (5,897) 2,683 (3,214) (1,086) 448 (638) Unrealized gain (loss) in fair value of investments (576) 236 (340) 1,123 (357) 766 346 (141) 205 Unrealized gain (loss) in fair value of interest rate swap (45) 21 (24) (37) (88) (125) 594 (245) 349 Total other comprehensive income (loss) $ (5,512) $ 2,264 $ (3,248) $ (4,780) $ 4,233 $ (547) $ (14,033) $ 5,794 $ (8,239) The changes in AOCI balances by component (after-tax) for each of the three years ended December 31, 2016 are as follows: (in thousands) Defined Benefit Pension Plan Foreign Currency Translation Unrealized Gain (Loss) in Fair Value of Investments Unrealized Gain (Loss) in Fair Value of Interest Rate Swap Accumulated Other Comprehensive Loss Balance as of December 31, 2013 $ (32,113) $ (751) $ (315) $ (200) $ (33,379) Other comprehensive income (loss) (8,155) (638) 205 349 (8,239) Balance as of December 31, 2014 $ (40,268) $ (1,389) $ (110) $ 149 $ (41,618) Other comprehensive income (loss) 2,026 (3,214) 766 (125) (547) Balance as of December 31, 2015 $ (38,242) $ (4,603) $ 656 $ 24 $ (42,165) Other comprehensive loss before reclassifications (3,722) (261) (340) (24) (4,347) Amounts reclassified from AOCI 1,099 — — — 1,099 Balance as of December 31, 2016 $ (40,865) $ (4,864) $ 316 $ — $ (45,413) The significant items reclassified out of AOCI and the corresponding location and impact on the Consolidated Statement of Earnings are as follows: Location in Consolidated Year Ended December 31, (in thousands) Statements of Earnings 2016 2015 2014 Component of AOCI: Defined benefit pension plan adjustments Various accounts $ 1,745 $ — $ — Income tax benefit Provision for income taxes (646) — — Net of tax $ 1,099 $ — $ — (p) New Accounting Pronouncements In May 2014, the FASB issued new accounting guidance which amended the existing accounting standards for revenue recognition. The new accounting guidance establishes principles for recognizing revenue upon the transfer of promised goods or services to customers, in an amount that reflects the expected consideration to be received in exchange for those goods or services. The guidance will be effective for the Company as of January 1, 2018. The amendments may be applied retrospectively to each prior period presented or with the cumulative effect recognized as of the date of initial application (modified retrospective method). The Company is currently reviewing contracts within types of projects in order to determine the impact, if any, the adoption of this ASU will have on its consolidated financial statements. A number of industry-specific implementation issues are still unresolved and the final resolution of certain of these issues could impact the Company’s current accounting policies and/or revenue recognition patterns. The Company currently expects to adopt this new standard using the modified retrospective method. In January 2017, The FASB issued ASU 2017-04, Intangibles-Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment. This ASU simplifies the calculation of goodwill impairment by eliminating Step 2 of the impairment test prescribed by ASC 350. Step 2 requires companies to calculate the implied fair value of their goodwill by estimating the fair value of their assets, other than goodwill, and liabilities, including unrecognized assets and liabilities, following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. The calculated net fair value of the assets would then be compared to the fair value of the reporting unit to determine the implied fair value of goodwill, and to the extent that the carrying value of goodwill was less than the implied fair value, a loss would be recognized. Under ASU 2017-04, however, goodwill is impaired when the calculated fair value of a reporting unit is less than its carrying value, and the impairment charge will equal that difference; i.e., impairment will be calculated at the reporting unit level and there will be no need to estimate the fair value of individual assets and liabilities. This guidance will be effective for the Company for any goodwill impairment tests performed in fiscal years beginning after December 15, 2019, however, early adoption is permitted for tests performed on testing dates after January 1, 2017. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements. In the first quarter of 2016, the Company adopted ASU 2015-03, Interest – Imputation of Interest (Subtopic 835-30). This ASU requires companies to present, in the balance sheet, debt issuance costs related to a recognized debt liability as a direct deduction from the carrying amount of that debt liability, consistent with the presentation of debt discounts. In addition, the amortization of debt discounts is required to be presented as a component of interest expense. The Company applied the guidance retrospectively; accordingly, the Company reclassified unamortized debt issuance costs of $5.8 million from Other Assets to Long-Term Debt , less current maturities in its December 31, 2015 Consolidated Balance Sheet and reclassified amortization of deferred debt issuance costs of $1.1 million and $1.4 million, respectively, from Other income (expense), net to Interest Expense in its Consolidated Statements of Operations for the years ended December 31, 2015 and 2014. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic-842), which amends the existing guidance in ASC 840 Leases . This amendment requires the recognition of lease assets and lease liabilities by lessees for those leases currently classified as operating leases. Other significant provisions of the amendment include (i) defining the “lease term” to include the non-cancellable period together with periods for which there is a significant economic incentive for the lessee to extend or not terminate the lease; (ii) defining the initial lease liability to be recorded on the balance sheet to contemplate only those variable lease payments that depend on an index or that are in substance “fixed”; and (iii) a dual approach for determining whether lease expense is recognized on a straight-line or accelerated basis, depending on whether the lessee is expected to consume more than an insignificant portion of the leased asset’s economic benefits. This guidance will be effective for the Company as of January 1, 2019 and will be applied using the modified retrospective transition method for existing leases. The Company is currently evaluating the effect that the adoption of this ASU will have on its consolidated financial statements. In the fourth quarter of 2016, the Company elected to early adopt ASU 2015-17, Balance Sheet Classification of Deferred Taxes (Subtopic 740-10) , as allowed for by the guidance . This ASU requires entities to present all deferred tax assets and all deferred tax liabilities as noncurrent in a classified balance sheet. The Company applied the guidance re t rospectively as discussed in Note 6. |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows | 12 Months Ended |
Dec. 31, 2016 | |
Consolidated Statement of Cash Flows [Abstract] | |
Consolidated Statement of Cash Flows | 2. Consolidated Statement of Cash Flows Below are t he changes in other components of working capital, as shown in the Consolidated Statement of Cash Flows , and the supplemental disclosure of cash paid for interest and income taxes, as well as non-cash transactions : Year Ended December 31, (in thousands) 2016 2015 2014 Decrease (Increase) in: Accounts receivable $ (269,900) $ 4,734 $ (186,384) Costs and estimated earnings in excess of billings 73,349 (178,774) (153,153) Other current assets 39,480 (38,616) (17,450) Increase (Decrease) in: Accounts payable 56,552 139,290 33,667 Billings in excess of costs and estimated earnings 42,926 (30,985) 51,711 Accrued expenses (32,937) (24,426) 2,801 Changes in other components of working capital $ (90,530) $ (128,777) $ (268,808) Cash paid during the year for: Interest $ 47,403 $ 45,055 $ 45,236 Income taxes $ 26,908 $ 35,299 $ 75,494 Non-cash transactions during the year for: Property and equipment acquired through financing arrangements not included in cash flows from financing activities $ — $ — $ 816 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | 3. Fair Value Measurements The fair value hierarchy established by ASC 820, Fair Value Measurement , prioritizes the use of inputs used in valuation techniques into the following three levels: Level 1 — quoted prices in active markets for identical assets and liabilities Level 2 — inputs other than Level 1 inputs that are observable, either directly or indirectly Level 3 — unobservable inputs The following table presents, for each of the fair value hierarchy levels required under ASC 820, the Company’s assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2016 and 2015 : As of December 31, 2016 As of December 31, 2015 Fair Value Hierarchy Fair Value Hierarchy (in thousands) Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents (a) $ 146,103 $ 146,103 $ — $ — $ 75,452 $ 75,452 $ — $ — Restricted cash (a) 50,504 50,504 — — 45,853 45,853 — — Investments in lieu of customer retainage (b) 51,266 46,855 4,411 — 41,566 35,350 6,216 — Total $ 247,873 $ 243,462 $ 4,411 $ — $ 162,871 $ 156,655 $ 6,216 $ — Liabilities: Interest rate swap contract (c) $ — $ — $ — $ — $ 45 $ — $ 45 $ — Total $ — $ — $ — $ — $ 45 $ — $ 45 $ — (a) C ash , cash equivalents and restricted cash consist s primarily of money market funds with original maturit y dates of three months or less measured using quoted market prices. (b) Investments in lieu of customer retainage are classified as accounts receivable and are comprised of money market funds, U.S. Treasury Notes and other municipal bonds, the majority of which are rated Aa3 or better. The fair value of money market funds is measured using quoted market prices; therefore they are classified as Level 1 assets. The fair values of the U.S. Treasury Note s and municipal bonds are measured using readily available pricing sou rces for comparable instruments; therefore, they are classified as Level 2 assets . (c) The Company valued the interest rate swap liability utilizing a discounted cash flow model that took into consideration forward interest rates observable in the market and the counterparty’s credit risk. The following is a summary of changes in Level 3 liabilities during 201 5 : Contingent (in thousands) Consideration Balance as of December 31, 2014 $ 24,814 Fair value adjustments included in other income (expense), net (3,739) Amount no longer subject to contingency (21,075) Balance as of December 31, 2015 $ — The Company did no t have material transfers between Levels 1 and 2 for either financial assets or liabilities during the year s ended December 31, 2016 and 2015 . The carrying values of receivables, payables, other amounts arising out of normal contract activities, including retainage, which may be settled beyond one year, are estimated to approximate fair value. Of the Company’s long-term debt, the fair values of the 2010 Notes as of December 31, 2016 and 2015 were $302.6 million and $305.6 million, respectively, and the fair value of the Convertible Notes was $ 228.4 million as of December 31, 2016; t he fair value s were determined using Level 1 inputs , specifically current observable market prices. The reported value of the Company’s remaining long-term debt at December 31, 2016 and 2015 approximates fair value . The fair value of the liability component of the Convertible Notes as of the issuance date of June 15, 2016 was $153.2 million, which was determined using a binomial lattice approach based on Level 2 inputs, specifically quoted prices in active markets for similar debt instruments that do not have a conversion feature. See Note 5 for additional information related to the Company’s Convertible Notes. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Other Intangible Assets [Abstract] | |
Goodwill and Other Intangible Assets | 4. Goodwill and Other Intangible Assets As of December 31, 2016, 2015 and 2014, the Company had $585.0 million of goodwill allocated to its reporting units as follows: Civil, $415.3 million; Building, $13.5 million; and Specialty Contractors, $156.2 million. The b alances presented include historical accumulated impairment of $76.7 million for the Civil segment and $411.3 million for the Building segment. In addition, as of December 31, 2016 and 2015, the Company had the following: ( 1) non-amortizable trade names with a carrying value of $50.4 million; ( 2) amortizable trade names with a gross carrying value of $51.1 million and accumulated amortization as of December 31, 2016 and 2015 of $13.8 million and $11.3 million, respectively; and ( 3) amortizable customer relationships with a gross carrying value of $23.2 million and accumulated amortization as of December 31, 2016 and 2015 of $17.9 million and $16.8 million, respectively. Amortization expense related to amortizable intangible assets for the years ended December 31, 2016 , 2015 and 2014 totale d $3.5 million, $3.7 million and $13.5 million, respectivel y. The amortization expense for the years ended December 31, 2014 includes amortization of construction contract backlog, which was fully amortized in early 2015. Future amortization expense related to amortizable intangible assets will be approximately $3.5 million per year for the years 2017 through 2021. The weighted-average amortization period for amortizable trade names and customer relationships is 20 years and 12 years, respectively. |
Financial Commitments
Financial Commitments | 12 Months Ended |
Dec. 31, 2016 | |
Financial Commitments [Abstract] | |
Financial Commitments | 5. Financial Commitments Long- T erm Debt Long-term debt consists of the following: As of December 31, (in thousands) 2016 2015 Term Loan $ 54,650 $ 222,120 2014 Revolver 147,990 155,815 2010 Notes 298,120 297,118 Convertible Notes 152,668 — Equipment financing and mortgages 101,558 133,288 Other indebtedness 4,533 9,343 Total debt 759,519 817,684 Less – current maturities (85,890) (88,917) Long-term debt, net $ 673,629 $ 728,767 The following table reconciles the outstanding debt balance to the reported debt balances as of December 31, 2016 and 2015: As of December 31, 2016 As of December 31, 2015 (in thousands) Outstanding Long-Term Debt Unamortized Discount and Issuance Cost Long-Term Debt, as reported Outstanding Long-Term Debt Unamortized Discount and Issuance Cost Long-Term Debt, as reported Term Loan $ 57,000 $ (2,350) $ 54,650 $ 223,750 $ (1,630) $ 222,120 2014 Revolver 152,500 (4,510) 147,990 158,000 (2,185) 155,815 2010 Notes 300,000 (1,880) 298,120 300,000 (2,882) 297,118 Convertible Notes 200,000 (47,332) 152,668 — — — 2014 Credit Facility On June 5 2014, the Company entered into a Sixth Amended and Restated Credit Agree ment (the “Original Facility,” with subsequent amendments discussed herein , the “ 2014 Credit Facility ”) with Bank of America, N.A. as Administrative Agent, Swing Line Lender and L/C Issuer and a syndicate of other lenders. The 2014 Cred it Facility provides for a $300 million revolving credit f acility (the “2014 Revolver”), a $250 million Term Loan (the “Term Loan”) and a sublimit for the issuance of letters of credit up to the aggregate amount of $150 million, all maturing on May 1, 2018 . Borrowings under both the 2014 Revolver and the Term Loan bear interest based on either on Bank of America’s prime lending rate or the London Interbank Offered Rate (“LIBOR”), each plus an applicable margin ranging from 1.25% to 3.00% contingent upon the latest Consolidated Leverage Ratio. During the first half of 2016, the Company entered into two amendments to the Original Facility (the “Amendments”): Waiver and Amendment No. 1, entered into on February 26, 2016 (“Amendment No. 1”), and Consent and Amendment No. 2, entered into on June 8, 2016 (“Amendment No. 2”). In Amendment No. 1, the lenders waived the Company’s violation of its consolidated leverage ratio covenant and consolidated fixed charge coverage ratio covenant. These violations were the result of the Company’s financial results for the year ended December 31, 2015, which included the previously reported $23.9 million non-cash, pre-tax charge related to an adverse ruling on the Brightwater litigation matter in the third quarter of 2015, as well as $45.6 million of pre-tax charges in the third and fourth quarters of 2015 for various Five Star Electric projects. In Amendment No. 2, the lenders consented to the issuance of the Convertible Notes subject to certain conditions, including the prepayment of $125 million on the Term Loan and the paydown of $69 million on the 2014 Revolver, and consented to a potential sale transaction of one of the Company’s business units in its Building segment, which the Company later decided not to sell. In addition to the Amendments’ provisions discussed above, the Amendments also modified other provisions and added new provisions to the Original Facility, and Amendment No. 2 superseded and modified some of the provisions of Amendment No. 1. The following reflects the more significant changes to the Original Facility and the results of the Amendments that are now reflected in the 2014 Credit Facility. Unless otherwise noted, the changes below were primarily the result of Amendment No. 1: (1) The Company may utilize LIBOR-based borrowings. (Amendment No. 1 precluded the use of LIBOR-based borrowings until the Company filed its compliance certificate for the fourth quarter of 2016; however, Amendment No. 2 negated this preclusion.) (2) The Company is subject to an increased rate on borrowings, with such rate being 100 basis points higher than the highest rate under the Original Facility if the Company’s consolidated leverage ratio is greater than 3.50 :1.00 but not more than 4.00 :1.00, and an additional 100 basis points higher if the Company’s consolidated leverage ratio is greater than 4.00:1.00. (3) The Company will be subject to increased commitment fees if the Company’s consolidated leverage ratio is greater than 3.50:1.00. (4) The impact of the Brightwater litigation matter in the third quarter of 2015 is to be excluded from the calculation of the Company’s consolidated leverage ratio and consolidated fixed charge coverage ratio covenants. (5) Interest payments are due on a monthly basis; however, if the Company is in compliance with its consolidated leverage ratio and consolidated fixed charge coverage ratio covenants provided in the Original Facility as of December 31, 2016, the timing of interest payments will revert to the terms of the Original Facility. As of December 31, 2016, the Company is in compliance with its consolidated leverage ratio and consolidated fixed charge coverage ratio covenants provided in the Original Facility and the timing of our interest payments reverted back to the terms of the Original Facility , quarterly for the Term Loan and base rate borrowings and upon maturity for Eurodollar borrowings . (6) The accordion feature of the Original Facility, which would have allowed either an increase of $300 million in the 2014 Revolver or the establishment of one or more new term loan commitments, is no longer available. (7) The Company’s maximum allowable consolidated leverage ratio was increased to 4.25 :1.00 for the first, second and third quarters of 2016 after which it returns to the Original Facility’s range of 3.25 :1.00 to 3.00 :1.00. (Amendment No. 1 increased the Company’s maximum allowable consolidated leverage ratio covenant requirements to 4.25:1.00 for the first quarter of 2016 and 4.0:1.0 for the second and third quarters of 2016. Amendment No. 2 increased the maximum allowable consolidated leverage ratio covenant requirements to 4.25:1.00 for the second and third quarters of 2016.) (8) The Company is subject to additional covenants regarding its liquidity, including a cap on the cash balance in the Company’s bank account and a weekly minimum liquidity requirement (based on specified available cash balances and availability under the 2014 Revolver). (9) The Company is required to achieve certain cumulative quarterly cash collection milestones, which were eased somewhat in Amendment No. 2. (10) The Company is required to make additional quarterly principal payments, which will be applied to the Term Loan balloon payment, with some of the payments based on a percentage of certain forecasted cash collections for the prior quarter. This change was effective in the fourth quarter of 2016. (11) The lenders’ collateral package was increased by pledging to the lenders (i) the equity interests of each direct domestic subsidiary of the Company and (ii) 65% of the stock of each material first-tier foreign restricted subsidiary of the Company. (12) The 2014 Credit Facility will now mature on May 1, 2018, as opposed to June 5, 2019, the maturity date of the Original Facility. As of December 31, 2016, there w as $147.3 million available under the 2014 Revolver and the Company had utilized the 2014 Credit Facility for letters of credit in the amount of $0.2 m illion. The Company was in compliance with the financial covenants under the 2014 Credit Facility for the period ended December 31, 2016. As of December 31, 2016, the effective interest rate on the Term Loan and the 2014 Revolver was 4.68% and 5.05% , respectively. 2010 Senior Notes In October 2010, the Company issued $300 million of 7.625% Senior Notes due November 1, 2018 (the “2010 Notes”) in a private placement offering. Interest on the 2010 Notes is payable semi-annually on May 1 and November 1 of each year. The Company may redeem the 2010 Notes at par beginning on November 1, 2016, which was not exercised as of December 31, 2016. At the date of any redemption, any accrued and unpaid interest would also be due. Convertible Notes On June 15, 2016 , the Company issued $200 million of 2.875% Convertible Senior Notes due June 15, 2021 (the “Convertible Notes”) in a private placement offering. To account for the Convertible Notes, the Company applied the provisions of ASC 470-20, Debt with Conversion and Other Options . ASC 470-20 requires issuers of certain convertible debt instruments that may be settled in cash upon conversion to separately account for the liability (debt) and equity (conversion option) components of the instrument in a manner that reflects the issuer’s nonconvertible debt borrowing rate. This is done by allocating the proceeds from issuance to the liability component based on the fair value of the debt instrument excluding the conversion feature, with the residual allocated to the equity component and classified in additional paid in capital. The $46.8 million difference between the principal amount of the Convertible Notes ($200.0 million) and the proceeds allocated to the liability component ($153.2 million) is treated as a discount on the Convertible Notes. This difference is being amortized as non-cash interest expense using the interest method, as discussed below under Interest Expense . The equity component, however, is not subject to amortization nor subsequent remeasurement. In addition, ASC 470-20 requires that the debt issuance costs associated with a convertible debt instrument be allocated between the liability and equity components in proportion to the allocation of the debt proceeds between these two components. The debt issuance costs attributable to the liability component of the Convertible Notes ($5.1 million) are also treated as a discount on the Convertible Notes and amortized as non-cash interest expense. The debt issuance costs attributable to the equity component ($1.5 million) were netted with the equity component and will not be amortized. The following table presents information related to the liability and equity components of the Convertible Notes: (in thousands) As of December 31, 2016 Liability component: Principal $ 200,000 Conversion feature (46,800) Allocated debt issuance costs (5,051) Amortization of discount and debt issuance costs (non-cash interest expense) 4,519 Net carrying amount $ 152,668 Equity component: Conversion feature $ 46,800 Allocated debt issuance costs (1,543) Net deferred tax liability (18,815) Net carrying amount $ 26,442 The Convertible Notes, governed by the terms of an indenture between the Company and Wilmington Trust, National Association, as trustee, are unsecured obligations and do not contain any financial covenants or restrictions on the payments of dividends, the incurrence of indebtedness or the issuance or repurchase of securities by the Company. The Convertible Notes bear interest at a rate of 2.875% per year, payable in cash semiannually in June and December. Prior to January 15, 2021, the Convertible Notes will be convertible only under the following circumstances: (1) during the five business day period after any ten consecutive trading day period in which the trading price per $1,000 principal amount of Convertible Notes for such trading day was less than 98% of the product of the last reported sale price of our common stock and the conversion rate on each such trading day; (2) during any calendar quarter commencing after the calendar quarter ending on September 30, 2016, if the last reported sale price of the common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion rate of 33.0579 (or $39.32 ), on each applicable trading day; or (3) upon the occurrence of specified corporate events. On or after January 15, 2021 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their notes, in multiples of $1,000 principal amount, at the option of the holder regardless of the foregoing circumstances. The Convertible Notes will be convertible at an initial conversion rate of 33.0579 shares of the Company’s common stock per $1,000 principal amount of the Convertible Notes, which is equivalent to an initial conversion price of approximately $30.25 . The conversion rate will be subject to adjustment for some events but will not be adjusted for any accrued and unpaid interest. In addition, following certain corporate events that occur prior to the maturity date, the Company is required to increase, in certain circumstances, the conversion rate for a holder who elects to convert their Convertible Notes in connection with such a corporate event including customary conversion rate adjustments in connection with a “make-whole fundamental change” described in the indenture. Upon conversion, and at the Company’s election, the Company may satisfy its conversion obligation by paying or delivering, as applicable, cash, shares of its common stock or a combination of cash and shares of its common stock. As of December 31, 2016, none of the conversion provisions of the Convertible Notes have been triggered. Equipment F inancing and M ortgages The Company has certain loans entered into for the purchase of specific property, plant and equipment and secured by the assets purchased. The aggregate balance of equipment financing loans was approximately $84.9 million and $115.6 million at December 31, 2016 and 2015, respectively, with interest rates ranging from 1.90% to 5.93% with equal monthly installment payments over periods up to ten years with additional balloon payments of $12.4 million in 2021 and $6.3 million in 2022 on the remaining loans outstanding at December 31, 2016. The aggregate balance of mortgage loans was approximately $16.7 million and $17.7 million at December 31, 2016 and 2015, respectivel y, with interest rates ranging from a fixed 2.50% to LIBOR plus 3% and equal monthly installment payments over periods up to seven years with additional balloon payments of $2.6 million in 2018, $2.9 million in 2021 and $6.7 million in 2023. The following table presents the future p rincipal payments required under all of the Company’s debt obligations , discussed above, including the terms of the Amendments. Year (in thousands) 2017 $ 85,890 2018 478,583 2019 12,294 2020 5,378 2021 218,923 Thereafter 14,523 815,591 Less: Unamortized Discount and Issuance Cost (56,072) Total $ 759,519 Interest Expense Interest Expense as reported in the Consolidated Statements of Operations consists of the following: For the year ended December 31, (in thousands) 2016 2015 2014 Cash interest expense: Interest on 2014 Credit Facility $ 19,201 $ 14,368 $ 12,980 Interest on 2010 Senior Notes 22,875 22,875 22,875 Interest on Convertible Notes 3,115 — — Other interest 3,623 5,805 7,910 Total cash interest expense 48,814 43,048 43,765 Non-cash interest expense: (a) Amortization of debt issuance costs on 2014 Credit Facility 5,447 1,116 1,319 Amortization of discount and debt issuance costs on 2010 Senior Notes 1,002 979 951 Amortization of discount and debt issuance costs on Convertible Notes 4,519 — — Total non-cash interest expense 10,968 2,095 2,270 Total cash and non-cash interest expense $ 59,782 $ 45,143 $ 46,035 (a) Non-cash interest expense produces effective interest rates that are higher than contractual rates; accordingly, the effective interest rates for the 2014 Credit Facility, the 2010 Senior Notes and the Convertible Notes are 9.86% , 7.99% and 9.39% , respectively. Leases The Company leases certain construction equipment, vehicles and office space under non-cancel l able operating leases , with f uture minimum rent payments as of December 31, 2016 as follows: Year (in thousands) 2017 $ 22,950 2018 13,612 2019 9,983 2020 7,417 2021 5,455 Thereafter 19,260 78,677 Less - Sublease rental agreements (3,150) Total $ 75,527 Rental expense under operating leases of construction equipment, vehicles and office space was $28.2 million in 2016 , $17.4 million in 2015 and $24.4 million in 2014 . |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Taxes [Abstract] | |
Income Taxes | 6 . Income Taxes Income before taxes is summarized as follows: Year Ended December 31, (in thousands) 2016 2015 2014 United States Operations $ 128,072 $ 69,822 $ 170,517 Foreign Operations 21,043 4,017 16,921 Total $ 149,115 $ 73,839 $ 187,438 The provision for income taxes is as follows: Year Ended December 31, (in thousands) 2016 2015 2014 Current expense: Federal $ 43,850 $ 5,465 $ 45,074 State 13,039 (362) 11,174 Foreign 6,573 1,126 3,203 Total current 63,462 6,229 59,451 Deferred (benefit) expense: Federal (3,054) 19,583 9,992 State (5,302) 2,735 10,059 Foreign (1,813) — — Total deferred (10,169) 22,318 20,051 Total provision $ 53,293 $ 28,547 $ 79,502 The following table is a reconciliation of the Company’s provision for income taxes at the statutory rates to the provision for income taxes at the Company’s effective rate. Year Ended December 31, 2016 2015 2014 (dollars in thousands) Amount Rate Amount Rate Amount Rate Federal income expense at statutory tax rate $ 52,190 35.0 % $ 25,844 35.0 % $ 65,603 35.0 % State income taxes, net of federal tax benefit 5,972 4.0 1,250 1.7 10,367 5.5 Officers' compensation 3,807 2.6 2,900 3.9 3,657 2.0 Domestic Production Activities Deduction (4,018) (2.7) (1,499) (2.0) (5,170) (2.8) Impact of state tax rate changes on deferred taxes (1,358) (0.9) 2,435 3.3 3,245 1.7 Other (3,300) (2.3) (2,383) (3.2) 1,800 1.0 Provision for income taxes $ 53,293 35.7 % $ 28,547 38.7 % $ 79,502 42.4 % The Company’s provision for income taxes and effective tax rate for the year ended December 31, 2016 were significantly impacted by rate changes associated with shifts of revenue affecting state apportionment as well as various return-to-provision and depreciation adjustments. The decrease in the state rate was applied to deferred tax balances, which further decreased the effective rate. The following is a summary of the significant components of the deferred tax assets and liabilities: As of December 31, (in thousands) 2016 2015 Deferred Tax Assets Timing of expense recognition $ 36,055 $ 23,580 Net operating losses 10,140 5,478 Other, net 33,507 29,342 Deferred tax assets 79,702 58,400 Valuation allowance (460) (460) Net deferred tax assets 79,242 57,940 Deferred Tax Liabilities Intangible assets, due primarily to purchase accounting (34,679) (37,157) Fixed assets, due primarily to purchase accounting (107,081) (100,516) Construction contract accounting (12,564) (9,197) Joint ventures - construction (29,609) (29,949) Other (24,970) (3,943) Deferred tax liabilities (208,903) (180,762) Net deferred tax liability $ (129,661) $ (122,822) T h e n et d e f e rr ed tax lia b ili t y i s presented i n t h e C o ns o li d at e d B ala n ce S h eets as f o ll o w s : As of December 31, (in thousands) 2016 2015 Deferred tax asset $ 1,346 $ — Deferred tax liability (131,007) (122,822) Net deferred tax liability $ (129,661) $ (122,822) Subsequent to the issuance of our 2015 consolidated financial statements, the Company identified that certain immaterial classification adjustments, related to the offsetting of deferred assets and liabilities by tax jurisdiction, were necessary to properly present deferred tax assets and liabilities on its Consolidated Balance Sheet as of December 31, 2015. The accompanying Consolidated Balance Sheet as of December 31, 2015, the corresponding balance sheet amounts within the business segments footnote (Note 10) and the guarantor footnote (Note 13), ha ve been corrected for the effect of this classification error. The Company has evaluated the effects of the classification adjustments as of December 31, 2015 based on the SEC’s guidance in Staff Accounting Bulletin No. 99, Materiality , and after consideration of both quantitative and qualitative factors, has concluded that the following adjustments are immaterial: As of December 31, 2015 (in thousands) As Previously Reported Adjustments As Restated (a) Total current assets $ 2,635,245 $ (24,889) $ 2,610,356 Other assets 202,125 (149,071) 53,054 Total assets 4,042,441 (173,960) 3,868,481 Accrued expenses and other current liabilities (159,016) 24,889 (134,127) Total current liabilities (1,473,708) 24,889 (1,448,819) Total liabilities (2,622,214) 173,960 (2,448,254) Total liabilities and stockholders' equity (4,042,441) 173,960 (3,868,481) As of December 31, 2015 (in thousands) As Previously Reported Adjustments As Restated (a) Current deferred tax asset $ 26,306 $ (24,889) $ 1,417 Long-term deferred tax asset 149,071 (149,071) — Current deferred tax liability (24,889) 24,889 — Long-term deferred tax liability (273,310) 149,071 (124,239) Net deferred tax liability $ (122,822) $ — $ (122,822) (a) The amounts reflected are prior to the Company's adoption of ASU 2015-03 (see discussion in Note 1) and ASU 2015-17, discussed below. In addition to the immaterial classification adjustments reflected above, the Company identified certain immaterial classification errors within the disclosure of the significant components of deferred tax assets and liabilities as of December 31, 2015. The following is a revised summary of the significant components of deferred tax assets and liabilities to reflect adjustments for the immaterial classification errors as of December 31, 2015: As of December 31, 2015 (in thousands) As Previously Reported Adjustments As Restated Deferred Tax Assets Timing of expense recognition $ 58,048 $ (34,468) $ 23,580 Net operating losses 3,564 1,914 5,478 Other, net 114,225 (84,883) 29,342 Deferred tax assets 175,837 (117,437) 58,400 Valuation allowance (460) — (460) Net deferred tax assets 175,377 (117,437) 57,940 Deferred Tax Liabilities Intangible assets, due primarily to purchase accounting (99,549) 62,392 (37,157) Fixed assets, due primarily to purchase accounting (101,022) 506 (100,516) Construction contract accounting (7,530) (1,667) (9,197) Joint ventures - construction (27,604) (2,345) (29,949) Other (62,494) 58,551 (3,943) Deferred tax liabilities (298,199) 117,437 (180,762) Net deferred tax liability $ (122,822) $ — $ (122,822) The Company has also elected to early adopt ASU 2015-17, effective as of the beginning of the fourth quarter of 2016. As a result of the adoption of ASU 2015-17, the Company has retrospectively adjusted the Consolidated Balance Sheet as of December 31, 2015 to reflect the provisions of the ASU. The adoption of ASU 2015-17 resulted in a reclassification of $1.4 million of deferred tax assets classified as current to long-term as of December 31, 2015. Upon adoption of ASU 2015-17, the resulting long-term deferred asset of $1.4 million was offset against the Company’s net deferred tax liabilities within the same jurisdiction. The Company had a valuation allowance of $0.5 million as of December 31, 2016 and 2015 for federal and state capital loss carryforwards as the ultimate utilization of this item was not likely. The Company has not provided for deferred income taxes or foreign withholding tax on basis differences in its non-U.S. subsidiaries that result from undistributed earnings aggregating $19.7 million which the Company has the intent and the ability to reinvest in its foreign operations. Generally, the U.S. income taxes imposed upon repatriation of undistributed earnings would be reduced by foreign tax credits from foreign income taxes paid on the earnings. Determination of the deferred income tax liability on these basis differences is not reasonably estimable because such liability, if any, is dependent on circumstances existing if and when remittance occurs. The Company’s policy is to record interest and penalties on unrecognized tax benefits as an element of income tax expense. The cumulative amounts related to interest and penalties are added to the total unrecognized tax liabilities on the balance sheet. The total amount of gross unrecognized tax benefits as of December 31, 2016 that, if recognized, would affect the effective tax rate is $7.6 million. During 2016, the Company recognized a net increase of $4.0 million in liabilities. The amount of gross unrecognized tax benefits as of December 31, 2015 was $3.6 million. During 2015, the Company recognized a net decrease of $4 million in liabilities. The amount of gross unrecognized tax benefits as of December 31, 2014 was $7.6 million in liabilities. During 2014, the Company recognized a net increase of $2.2 million in liabilities. The Company does not expect any significant release of unrecognized tax benefits within the next twelve months. The Company accounts for its uncertain tax positions in accordance with GAAP. A reconciliation of the beginning and ending amounts of these tax benefits for the three years ended December 31, 2016 is as follows: As of December 31, (in thousands) 2016 2015 2014 Beginning balance $ 3,612 $ 7,636 $ 5,459 Change in tax positions of prior years 3,543 (3,073) 426 Change in tax positions of current year 419 169 2,929 Reduction in tax positions for statute expirations — (1,120) (1,178) Ending Balance $ 7,574 $ 3,612 $ 7,636 We conduct business international ly and, as a result, one or more of our subsidiaries files income tax returns in U.S. federal, U.S. state and certain foreign jurisdictions. Accordingly, in the normal course of business, we are subject to examination by taxing authorities principally throughout the United States, Guam and Canada. We are no longer under examination by the taxing authority regarding any U.S. federal income tax returns for years before 2011 while the years open for examination under various state and local jurisdictions vary. |
Contingencies and Commitments
Contingencies and Commitments | 12 Months Ended |
Dec. 31, 2016 | |
Contingencies and Commitments [Abstract] | |
Contingencies and Commitments | 7. Contingencies and Commitments The Company and certain of its subsidiaries are involved in litigation and are contingently liable for commitments and performance guarantees arising in the ordinary course of business. The Company and certain of its customers have made claims arising from the performance under their contracts. The Company recognizes certain significant claims for recovery of incurred cost when it is probable that the claim will result in additional contract revenue and when the amount of the claim can be reliably estimated. These assessments require judgments concerning matters such as litigation developments and outcomes, the anticipated outcome of negotiations, the number of future claims and the cost of both pending and future claims. In addition, because most contingencies are resolved over long periods of time, assets and liabilities may change in the future due to various factors. Management believes that, based on current information and discussions with the Company’s legal counsel, the ultimate resolution of these matters is not expected to have a material adverse effect on the Company’s financial position, result s of operations, or cash flows. Several matters are in the litigation and dispute resolution process. The following discussion provides a background and current status of the more significant matters. Long Island Expressway/Cross Island Parkway Matter The Company reconstructed the Long Island Expressway/Cross Island Parkway Interchange project for the New York State Department of Transportation (the “NYSDOT”). The $130 million project was substantially completed in January 2004 and was accepted by the NYSDOT as complete in February 2006. The Company incurred significant added costs in completing its work and suffered extended schedule costs due to numerous design errors, undisclosed utility conflicts, lack of coordination with local agencies and other interferences for which the Company believes the NYSDOT is responsible. In March 2011, the Company filed its claim and complaint with the New York State Court of Claims and served to the New York State Attorney General’s Office, seeking damages in the amount of $53.8 million. In May 2011, the NYSDOT filed a motion to dismiss the Company’s claim on the grounds that the Company had not provided required documentation for project closeout and filing of a claim. In September 2011, the Company reached agreement on final payment with the Comptroller’s Office on behalf of the NYSDOT which resulted in an amount of $0.5 million payable to the Company and formally closed out the project allowing the Company to re-file its claim. The Company re-filed its claim in the amount of $53.8 million with the NYSDOT in February 2012 and with the Court of Claims in March 2012. In May 2012, the NYSDOT served its answer and counterclaims in the amount of $151 million alleging fraud in the inducement and punitive damages related to disadvantaged business enterprise (“DBE”) requirements for the project. The Court subsequently ruled that NYSDOT’s counterclaims may only be asserted as a defense and offset to the Company’s claims and not as affirmative claims. In November 2014, the Appellate Division First Department affirmed the dismissal of the City’s affirmative defenses and affirmative counterclaims based on DBE fraud. The Company does not expect the counterclaims to have any material effect on its consolidated financial statements. Management has made an estimate of the total anticipated recovery on this project, and such estimate is included in revenue recorded to date. To the extent new facts become known or the final recovery included in the claim settlement varies from the estimate, the impact of the change will be reflected in the consolidated financial statements at that time. Fontainebleau Matter Desert Mechanical Inc. (“DMI”) and Fisk Electric Company (“Fisk”), wholly owned subsidiaries of the Company, were subcontractors on the Fontainebleau Project in Las Vegas (“Fontainebleau”), a hotel/casino complex with approximately 3,800 rooms. In June 2009, Fontainebleau filed for bankruptcy protection, under Chapter 11 of the U.S. Bankruptcy Code, in the Southern District of Florida. Fontainebleau is headquartered in Miami, Florida. DMI and Fisk filed liens in Nevada for approximately $44 million, representing unreimbursed costs to date and lost profits, including anticipated profits. Other unaffiliated subcontractors have also filed liens. In June 2009, DMI filed suit against Turnberry West Construction, Inc., the general contractor, in the 8th Judicial District Court, Clark County, Nevada (the “District Court”), and in May 2010, the court entered an order in favor of DMI for approximately $45 million. In January 2010, the Bankruptcy Court approved the sale of the property to Icahn Nevada Gaming Acquisition, LLC, and this transaction closed in February 2010. As a result of a July 2010 ruling relating to certain priming liens, there was approximately $125 million set aside from this sale, which is available for distribution to satisfy the creditor claims based on seniority. At that time, the total estimated sustainable lien amount was approximately $350 million. The project lender filed suit against the mechanic’s lien claimants, including DMI and Fisk, alleging that certain mechanic’s liens are invalid and that all mechanic’s liens are subordinate to the lender’s claims against the property. The Nevada Supreme Court ruled in October 2012 in an advisory opinion at the request of the Bankruptcy Court that lien priorities would be determined in favor of the mechanic lien holders under Nevada law. In October 2013, a settlement was reached by and among the Statutory Lienholders and the other interested parties. The Bankruptcy Court appointed a mediator to facilitate the execution of that settlement agreement. Settlement discussions are ongoing. Management has made an estimate of the total anticipated recovery on this project, and such estimate is included in revenue recorded to date. To the extent new facts become known or the final recovery included in the claim settlement varies from the estimate, the impact of the change will be reflected in the consolidated financial statements at that time. Honeywell Street/Queens Boulevard Bridges Matter In 1999, the Company was awarded a contract for reconstruction of the Honeywell Street/Queens Boulevard Bridges project for the City of New York (the “City”). In June 2003, after substantial completion of the project, the Company initiated an action to recover $8.8 million in claims against the City on behalf of itself and its subcontractors. In March 2010, the City filed counterclaims for $74.6 million and other relief, alleging fraud in connection with the DBE requirements for the project. In May 2010, the Company served the City with its response to the City’s counterclaims and affirmative defenses. In August 2013, the Court granted the Company’s motion to dismiss the City’s affirmative defenses and counterclaims relating to fraud. In January 2017, the Court granted the City’s motion for summary judgment and dismissed the Company’s claim against the City of New York. The Company has filed a notice of appeal. The Court also granted the Company’s motion for summary judgment for release of retention plus interest from 2010 for an aggregate amount of approximately $1.1 million. The Company does not expect ultimate resolution of this matter to have any material effect on its consolidated financial statements. Westgate Planet Hollywood Matter Tutor-Saliba Corporation (“TSC”), a wholly owned subsidiary of the Company, contracted to construct a timeshare development project in Las Vegas which was substantially completed in December 2009. The Company’s claims against the owner, Westgate Planet Hollywood Las Vegas, LLC (“WPH”), relate to unresolved owner change orders and other claims. The Company filed a lien on the project in the amount of $23.2 million, and filed its complaint with the District Court, Clark County, Nevada. Several subcontractors have also recorded liens, some of which have been released by bonds and some of which have been released as a result of subsequent payment. WPH has posted a mechanic’s lien release bond for $22.3 million. WPH filed a cross-complaint alleging non-conforming and defective work for approximately $51 million, primarily related to alleged defects, misallocated costs, and liquidated damages. WPH revised the amount of their counterclaims to approximately $45 million. Following multiple post-trial motions, final judgment was entered in this matter on March 20, 2014. TSC was awarded total judgment in the amount of $19.7 million on its breach of contract claim, which includes an award of interest up through the date of judgment, plus attorney’s fees and costs. WPH has paid $0.6 million of that judgment. WPH was awarded total judgment in the amount of $3.1 million on its construction defect claims, which includes interest up through the date of judgment. The awards are not offsetting. WPH and its Sureties have filed a notice of appeal. TSC has filed a notice of appeal on the defect award. In July 2014, the Court ordered WPH to post an additional supersedeas bond on appeal, in the amount of $1.7 million, in addition to the lien release bond of $22.3 million, which increases the security up to $24.0 million. The Nevada Supreme Court has not yet ruled on this matter. The Company does not expect ultimate resolution of this matter to have any material effect on its consolidated financial statements. Management has made an estimate of the total anticipated recovery on this project and such estimate is included in revenue recorded to date. To the extent new facts become known or the final recovery included in the claim settlement varies from the estimate, the impact of the change will be reflected in the consolidated financial statements at that time. U.S. Department of Commerce, National Oceanic and Atmospheric Administration Matter Rudolph and Sletten, Inc. (“R&S”), a wholly owned subsidiary of the Company, entered into a contract with the United States Department of Commerce, National Oceanic and Atmospheric Administration (“NOAA”) for the construction of a 287,000 square-foot facility for NOAA’s Southwest Fisheries Science Center Replacement Headquarters and Laboratory in La Jolla, California. The contract work began on May 24, 2010, and was substantially completed in September 2012. R&S incurred significant additional costs as a result of a design that contained errors and omissions, NOAA’s unwillingness to correct design flaws in a timely fashion and a refusal to negotiate the time and pricing associated with change order work. R&S has filed three certified claims against NOAA for contract adjustments related to the unresolved Owner change orders, delays, design deficiencies and other claims. The First Certified Claim was submitted on August 20, 2013, in the amount of $26.8 million ("First Certified Claim") and the Second Certified Claim was submitted on October 30, 2013, in the amount of $2.6 million ("Second Certified Claim") and the Third Certified Claim was submitted on October 1, 2014 in the amount of $0.7 million (“Third Certified Claim”). NOAA requested an extension to issue a decision on the First Certified Claim and on the Third Certified Claim, but did not request an extension of time to review the Second Certified Claim. On January 6, 2014, R&S filed suit in the United States Federal Court of Claims on the Second Certified Claim plus interest and attorney's fees and costs. This was followed by a submission of a lawsuit on the First Certified Claim on July 31, 2014. In February 2015, the Court denied NOAA’s motion to dismiss the Second Certified Claim. In March 2015, the Contracting Officer issued decisions on all Claims accepting a total of approximately $1.0 million of claims and denying approximately $29.5 million of claims. On April 14, 2015, the Court consolidated the cases. Trial is scheduled to commence in December 2017. Management has made an estimate of the total anticipated recovery on this project, and such estimate is included in revenue recorded to date. To the extent new facts become known or the final recovery included in the claim settlement varies from the estimate, the impact of the change will be reflected in the consolidated financial statements at that time. Five Star Electric Matter In the third quarter of 2015, Five Star Electric Corp. ("Five Star"), a subsidiary of the Company that was acquired in 2011, entered into a tolling agreement related to an ongoing investigation being conducted by the United States Attorney for the Eastern District of New York (“USAO EDNY”). The tolling agreement extended the statute of limitations to avoid the expiration of any unexpired statute of limitations while the investigation is pending. Five Star has been cooperating with the USAO EDNY since late June 2014, when it was first made aware of the investigation, and has been providing information related to its use of certain minority-owned, women-owned, small and disadvantaged business enterprises and, in addition, most recently, information regarding certain of Five Star’s employee compensation, benefit and tax practices. The investigation covers the period of 2005-2014. The Company cannot predict the ultimate outcome of the investigation and cannot accurately estimate any potential liability that Five Star or the Company may incur or the impact of the results of the investigation on Five Star or the Company. Alaskan Way Viaduct Matter In January 2011, Seattle Tunnel Partners (“STP”), a joint venture between Dragados USA, Inc. and the Company, entered into a design-build contract with the Washington State Department of Transportation (“WSDOT”) for the construction of a large diameter bored tunnel in downtown Seattle, King County, Washington to replace the Alaskan Way Viaduct, also known as State Route 99. The construction of the large diameter bored tunnel requires the use of a tunnel boring machine (“TBM”). In December 2013, the TBM struck a steel pipe, installed by WSDOT as a well casing for an exploratory well. The TBM was damaged and was required to be shut down for repair. STP has asserted that the steel pipe casing was a differing site condition that WSDOT failed to properly disclose. The Disputes Review Board mandated by the contract to hear disputes issued a decision finding the steel casing was a Type I differing site condition. WSDOT has not accepted that finding. The TBM is insured under a Builder’s Risk Insurance Policy (“the Policy”) with Great Lakes Reinsurance (UK) PLC and a consortium of other insurers (the “Insurers”). STP submitted the claims to the insurer and requested interim payments under the Policy. The Insurers refused to pay and denied coverage. In June 2015, STP filed a lawsuit in the King County Superior Court, State of Washington (“Washington Superior Court”) seeking declaratory relief concerning contract interpretation as well as damages as a result of the Insurers’ breach of its obligations under the term s of the Policy. WSDOT is deemed a plaintiff since WSDOT is an insured under the Policy and had filed its own claim for damages. Hitachi, the manufacturer of the TBM, has also joined the case as a plaintiff for costs incurred to repair the damages to the TBM. Trial is scheduled for June 201 8 . In March 2016, WSDOT filed a complaint against STP in Thurston County Superior Court for breach of contract alleging STP’s delays and failure to perform and declaratory relief concerning contract interpretation. ST P filed its answer to WSDOT’s complaint and filed a counterclaim against WSDOT and against the manufacturer of the TBM. Trial is set for June 2018. As of December 31, 2016, the Company has concluded that the potential for a material adverse financial impact due to the Insurer’s and WSDOT’s respective legal actions is neither probable nor remote. With respect to STP’s counterclaim, management has included an estimate of the total anticipated recovery , concluded to be both probable and reliably estimable , in revenue recorded to date. To the extent new facts become known or the final recovery included in the claim settlement varies from the estimate, the impact of the change will be reflected in the financial statements at that time. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Share-Based Compensation [Abstract] | |
Share-Based Compensation | 8. Share-Based Compensation The Amended and Restated Tutor Perini Corporation Long-Term Incentive Plan (the “Plan”) provides for various types of share-based grants, including restricted and unrestricted stock units and stock options. Restricted and unrestricted stock units give the holder the right to exchange their stock units for shares of the Company’s common stock on a one -for- one basis. Stock options give the holder the right to purchase shar es of the Company’s common stock at an exercise price equal to the fair value of the Company’s common stock on the date of the stock option’s award. Restricted stock units and stock options are usually subject to certain service and performance conditions and may not be sold or otherwise transferred until those restrictions have been satisfied ; however, unrestricted stock units have no such restrictions . The term for stock options is limited to 10 years from the date of grant. As of December 31, 2016 , there were 327,584 shares available to be granted under the Company’s share-based compensation plan. Many of the awards issued under the Plan contain separate tranches, each for a separate performance period and each with a performance target to be established subsequent to the award date; accordingly, the tranches are accounted for under ASC 718 Stock Compensation (“ASC 71 8 ”) as separate grants, with the grant date being the date the performance targets for a given tranche are established and communicated to the grantee. Similarly, for these awards, compliance with the requirements of the Plan is also based on the number of units granted in a given year, as determined by ASC 718, rather than the number of units awarded in a given year. A s a result, as of December 31, 2016 , the Company had outstanding awards with 448,000 restricted stock units and 448,000 stock options that had not been granted yet. These units will be granted in 2017, 2018 and 2019 when the performance targets for those respective years are established. The following table summarizes restricted stock unit and stock option activity: Restricted Stock Units Stock Options Weighted- Weighted- Average Average Grant Date Exercise/ Fair Value (Strike) Price Number Per Share Number Per Share Outstanding as of December 31, 2013 361,668 $ 17.30 1,295,000 $ 20.20 Granted 996,597 27.10 714,000 18.40 Expired or forfeited (20,000) 24.77 — — Vested/exercised (281,668) 16.76 (20,000) 12.54 Outstanding as of December 31, 2014 1,056,597 $ 26.54 1,989,000 $ 19.63 Granted 321,500 23.07 259,000 16.07 Expired or forfeited (281,560) 23.89 (250,000) 15.97 Vested/exercised (370,940) 27.07 — — Outstanding as of December 31, 2015 725,597 $ 25.28 1,998,000 $ 19.62 Granted 483,387 19.14 274,000 16.20 Vested/exercised (52,500) 18.74 (97,500) 12.72 Outstanding as of December 31, 2016 1,156,484 $ 22.64 2,174,500 $ 19.50 The following table summarizes unrestricted stock units issued to the members of the Company’s Board of Directors as part of their annual retainers: Unrestricted Stock Units Weighted- Average Grant Date Fair Value Year Number Per Share 2014 $ 47,873 $ 30.81 2015 68,160 21.93 2016 64,603 21.67 The fair value of unrestricted stock units issued during 2016, 2015 and 2014 was approximately $1.4 million, $1.5 million and $1.5 million, respectively. The fair value of restricted stock units that vested during 2016 , 2015 and 2014 was approximately $1.0 million , $8.0 million and $8.0 million, respectively. The aggregate intrinsic value, representing the difference between the market value on the date of exercise and the option price of the stock options exercised during 2016 and 2014 wa s $ 1.1 million and $0.3 million, respectively. As of December 31, 2016 , the balance of unamortized restricted stock and stock option expense was $6.5 million and $0.7 million , respectively, which will be recognized over weighted-average periods of 1.3 years for restricted stock units and 0.5 years for stock options. The 2,174,500 outstanding stock options as of December 31, 2016 had an intrinsic value of $18.5 million and a weighted-average remaining contractual life of 4.3 years . O f those outstanding options : 1 ) 1,402,500 were exercisable with an intrinsic value of $11.3 million, a weighted-average exercise price of $19.95 per share and a weighted-average remaining contractual life of 3.1 years; and 2) 772,000 have been granted but have not vested, of which 756,876 are expected to vest and have an intrinsic value of $ 7.2 million, a weighted-average exercise price of $ 18.49 and a weighted-average remaining contractual life of 6.5 years. The fair value on the grant date and the significant assumptions used in the Black-Scholes option-pricing model are as follows: Year Ended December 31, 2016 2015 2014 Total stock options granted 274,000 259,000 714,000 Weighted-average grant date fair value $ 5.31 $ 12.48 $ 17.69 Weighted-average assumptions: Risk-Free Rate 1.2 % 1.3 % 1.8 % Expected life of options (a) 4.2 4.7 5.7 Expected volatility (b) 40.6 % 45.5 % 50.6 % Expected quarterly dividends $ — $ — $ — (a) Calculated using the simplified method due to the terms of the stock options and the limited pool of grantees. (b) Calculated using historical volatility of the Company’s common stock over periods commensurate with the expected life of the option. For the respective years ended December 31, 2016, 2015 and 2014, t he Company recognized, as part of general and administrative expense, costs for stock-based payment arrangements for both employees of $13.4 million , $9.5 million and $18.6 m illion and non-employee directors of $ 1.4 million, $ 1.5 million and $ 1.4 million, with related aggregate tax benefits of $ 6.1 million , $4.6 m illion and $8.1 m illion , respectively. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2016 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | 9. Employee Benefit Plans Defined Benefit Pension Plan The Company has a defined benefit pension plan that covers certain of its executive, professional, administrative and clerical employees, subject to certain specified service requirements. The plan is noncontributory and benefits are based on an employee’s years of service and “final average earnings,” as defined by the plan. The plan provides reduced benefits for early retirement and takes into account offsets for social security benefits. The Company also has an unfunded supplemental retirement plan (“Benefit Equalization Plan”) for certain employees whose benefits under the defined benefit pension plan were reduced because of compensation limitations under federal tax laws. Effective June 1, 2004, all benefit accruals under the Company’s pension plan and Benefit Equalization Plan were frozen; however, the current vested benefit was preserved. Pension disclosure as presented below includes aggregated amounts for both of the Company’s plans, except where otherwise indicated. The Company historically has used the date of its year-end as its measurement date to determine the funded status of the plan. The long-term investment goals of our plan are to manage the assets in accordance with the legal requirements of all applicable laws; produce investment returns which maximize return within reasonable and prudent levels of risks; and achieve a fully funded status with regard to current pension liabilities. Some risk must be assumed in order to achieve the investment goals. Investments with the ability to withstand short and intermediate term variability are considered and some interim fluctuations in market value and rates of return are tolerated in order to achieve the plan’s longer-term objectives. The pension plan’s assets are managed by a third-party investment manager. The Company monitors i nvestment performance and risk on an ongoing basis. A summary of net periodic benefit cost is as follows: Year Ended December 31, (in thousands) 2016 2015 2014 Interest cost $ 4,153 $ 4,055 $ 4,144 Service cost 600 — — Expected return on plan assets (4,803) (5,021) (4,797) Recognized net actuarial losses 1,745 1,869 4,385 Net periodic benefit cost $ 1,695 $ 903 $ 3,732 Actuarial assumptions used to determine net cost: Discount rate 4.10 % 3.75 % 4.47 % Expected return on assets 6.00 % 6.50 % 6.75 % Rate of increase in compensation N/A N/A N/A The target asset allocation for the Company’s pension plan by asset category for 2017 and the actual asset allocation a s of December 31, 2016 and 2015 by asset category are as follows: Percentage of Plan Assets as of December 31, Target Allocation Actual Allocation Asset Category 2017 2016 2015 Cash 5 % 4 % 4 % Equity securities: Domestic 50 47 61 International 25 28 30 Fixed income securities 20 21 5 Total 100 % 100 % 100 % As of December 31, 2016 an d 2015, plan assets included approximately $ 39.1 million and $52.1 million, respectively, of investments in hedge funds and equity partnerships which do not have readily determinable fair values. The underlying holdings of the funds we re comprised of a combination of assets for which the estimate of fair value is determined using information provided by fund managers. The Company expects to contribute approximately $2.6 million to its defined benefit pension plan in 201 7 . Future benefit payments under the plans are estimated as follows: Year ended December 31, (in thousands) 2017 $ 6,488 2018 6,632 2019 6,691 2020 6,717 2021 6,732 Thereafter 32,722 Total $ 65,982 The following tables provide a reconciliation of the changes in the fair value of plan assets and plan benefit obligations during 2016 and 2015 , and a summary of the funded status as of December 31, 2016 and 2015 Year Ended December 31, (in thousands) 2016 2015 Change in Fair Value of Plan Assets Balance at beginning of year $ 72,296 $ 75,956 Actual return on plan assets (1,909) (984) Company contribution 2,025 2,900 Benefit payments (6,355) (5,576) Balance at end of year $ 66,057 $ 72,296 Year Ended December 31, (in thousands) 2016 2015 Change in Benefit Obligations Balance at beginning of year $ 105,942 $ 110,923 Interest cost 4,153 4,055 Service cost 600 — Assumption change (gain) loss 308 (3,838) Actuarial (gain) loss (967) 378 Benefit payments (6,355) (5,576) Balance at end of year $ 103,681 $ 105,942 As of December 31, (in thousands) 2016 2015 Funded status $ (37,624) $ (33,646) Amounts recognized in Consolidated Balance Sheets consist of: Current liabilities $ (271) $ (218) Long-term liabilities (37,353) (33,428) Net amount recognized in Consolidated Balance Sheets $ (37,624) $ (33,646) Year Ended December 31, (in thousands) 2016 2015 Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive loss Net actuarial loss $ (61,132) $ (56,824) Cumulative Company contributions in excess of net periodic benefit cost 23,508 23,178 Net amount recognized in Consolidated Balance Sheets $ (37,624) $ (33,646) The change in actuarial loss during the period resulting from changed assumptions was $4.3 million in 2016 , $0.7 million in 2015 and $13.9 million in 2014 . The estimated amount of the net accumulated loss that will be amortized from accumulated other comprehensive loss into net period benefit cost in 2017 is $1.8 million . The discount rate used in determining the accumulated post-retirement benefit obligation was 3.9% as of December 31, 2016 and 4.1% as of December 31, 2015. The discount rate used for the accumulated post-retirement obligation was derived using a blend of U.S. Treasury and high-quality corporate bond discount rates. The expected long-term rate of return on assets assumption was 6.0% for 2016 and 6.5% for 2015 . The expected long-term rate of return on assets assumption was developed considering forward looking capital market assumptions and historical return expectations for each asset class assuming the plans’ target asset allocation and full availability of invested assets. Fund strategies seek to capitalize on inefficiencies identified across different asset classes or markets. Hedge fund strategy types include long-short, event - driven, multi-s tr ategy, equity partnerships and distressed credit. Plan assets were measured at fair value. The following provides a description of the valuation techniques employed for each major asset class: Corporate equities were valued at the closing price reported on the active market on which the individual securities were purchased. Registered investment companies are public investment vehicles valued using the Net Asset Value (NAV) of shares held by the plan at year-end. Closely held funds held by the plan, which are only available through private offerings, do not have readily determinable fair values. Estimates of fair value of these funds were determined using the information provided by the fund managers and it is generally based on the net asset value per share or its equivalent. Corporate bonds were valued based on market values quoted by dealers who are market makers in these securities, and by independent pricing services which use multiple valuation techniques that incorporate available market information and proprietary valuation models using market characteristics, such as benchmark yield curve, coupon rates, credit spreads, estimated default rates and other features. The following table sets forth the plan assets at fair value in accordance with the fair value hierarchy described in Note 3: As of December 31, 2016 As of December 31, 2015 Fair Value Hierarchy Fair Value Hierarchy (in thousands) Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 2,437 $ 2,437 $ — $ — $ 2,654 $ 2,654 $ — $ — Fixed Income 14,023 14,023 — — 4,029 4,029 — — Equities — — — — 6,566 6,566 — — Mutual Funds 10,489 10,489 — — 6,994 6,994 — — $ 26,949 $ 26,949 $ — $ — $ 20,243 $ 20,243 $ — $ — Closely held funds (a) Equity Partnerships 6,931 7,920 Hedge Fund Investments 32,177 44,133 Total closely held funds (a) 39,108 52,053 Total $ 66,057 $ 26,949 $ — $ — $ 72,296 $ 20,243 $ — $ — (a) Closely held funds in private investment were measured at fair value using NAV and were not categorized in the fair value hierarchy. Although the investments were not categorized within the fair value hierarchy, the holdings of these private investment funds were comprised of a combination of Level 1, 2 and 3 investments, but were not categorized in the fair value hierarchy because they were measured at NAV using the practical expedient. This is a change from prior years’ presentation as there is no longer a requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the NAV per share practical expedient. The plans have benefit obligations in excess of the fair value of each plan’ s assets detailed as follows: As of December 31, 2016 As of December 31, 2015 Benefit Benefit Pension Equalization Pension Equalization (in thousands) Plan Plan Total Plan Plan Total Projected benefit obligation $ 100,336 $ 3,345 $ 103,681 $ 102,495 $ 3,447 $ 105,942 Accumulated benefit obligation 100,336 3,345 103,681 102,495 3,447 105,942 Fair value of plans' assets 66,057 — 66,057 72,296 — 72,296 Projected benefit obligation greater than fair value of plans' assets $ 34,279 $ 3,345 $ 37,624 $ 30,199 $ 3,447 $ 33,646 Accumulated benefit obligation greater than fair value of plans' assets $ 34,279 $ 3,345 $ 37,624 $ 30,199 $ 3,447 $ 33,646 Section 401(k) Plans The Company has several contributory Section 401(k) plans which cover its executive, professional, administrative and clerical employees, subject to certain specified service requirements. The 401(k) expense provision was $4.0 million in both 2016 and 2015 a nd $3.6 million in 2014 . The Company’s contribution is based on a non-discretionary match of employees’ contributions, as defined by each plan . Cash-Based Compensation Plans The Company has multi ple cash-based compensation plans and a share-based incentive compensation plan for key employees, which are generally based on the Company’s achievement of a certain level of profit. For information on the Company’s share-based incentive compensation plan, see Note 8. Multiemployer Plans In addition to the Company ’s defined benefit pension and contribution plans discussed above, the C ompany participates in multiemployer pension plans for its union construction employees. Contributions are based on the hours worked by employees covered under various collective bargaining agreements. Under the Employee Retirement Income Security Act, a contributor to a multiemployer plan is only liable for its proportionate share of a plan’s unfunded vested liability upon termination, or withdrawal from, a plan. The Company currently has no intention of withdrawing from any of the multiemployer pension plans in which it participates and , therefore , has not recognized a liability for its proportionate share of any unfunded vested liabilities associated with these plans. The following tables summarize key information for the plans that the Company had significant involvement with during t he years ended December 31, 2016, 2015 and 201 4 . Expiration FIP/RP Date of Pension Protections Act Status Company Contributions Collective EIN/Pension Zone Status Pending Or (amounts in millions) Surcharge Bargaining Pension Fund Plan Number 2016 2015 Implemented 2016 (b) 2015 2014 Imposed Agreement The Pension, Hospitalization and Benefit Plan of the Electrical Industry - Pension Trust Fund 13-6123601/ 001 Green Green N/A $ 15.8 $ 13.6 (a) $ 11.8 (a) No 5/31/2019 Laborers Pension Trust Fund for Northern California 94-6277608 Yellow Yellow Implemented 5.6 2.8 1.9 No 6/30/2019 Carpenters Pension Trust Fund for Northern California 94-6050970 Red Red Implemented 4.4 2.7 1.9 No 6/30/2019 Excavators Union Local 731 Pension Fund 13-1809825/ 002 Green Green N/A 4.2 7.1 5.3 No 4/30/2022 Steamfitters Industry Pension Fund 13-6149680/ 001 Green Green N/A 3.9 6.2 (a) 5.1 (a) No 6/30/2017 Iron Workers Locals 40,361 & 417 Pension Fund 51-6102576/ 001 Green Yellow Implemented 3.8 5.2 (a) 0.7 No 6/30/2020 Local 147 Construction Workers Retirement Fund 13-6528181 Green Green N/A 3.7 5.6 (a) 1.3 No 6/30/2018 Southern California Gunite Workers Pension Fund 95-4354179 Green Green N/A 3.5 0.7 0.7 No 6/30/2019 (a) These amounts exceeded 5% of the respective total plan contributions. (b) The Company's contributions as a percentage of total plan contributions were not available for any of our plans . In addition to the individually significant plans described above, the Company also contributed approxim ately $38.8 million in 2016 , $37.5 million in 2015 and $30.8 million in 2014 to other multiemployer pension plans. |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2016 | |
Business Segments [Abstract] | |
Business Segments | 10. Business Segments The Company offers general contracting, pre-construction planning and comprehensive project management services, including planning and scheduling of manpower, equipment, materials and subcontractors required for the timely completion of a project in accordance with the terms and specifications contained in a construction contract. The Company also offers self-performed construction services: site work, concrete forming and placement, steel erection, electrical, mechanical, plumbing and heating, ventilation and air conditioning (HVAC). As described below, our business is conducted through three segments: Civil, Building and Specialty Contractors. These segments are determined based on how the Company’s Chairman and Chief Executive Officer (chief operating decision maker) aggregates business units when evaluating performance and allocating resources. The Civil segment specializes in public works construction and the replacement and reconstruction of infrastructure. The civil contracting services include construction and rehabilitation of highways, bridges, tunnels, mass-transit systems, and water management and wastewater treatment facilities. The Building segment has significant experience providing services to a number of specialized building markets for private and public works customers, including the high-rise residential, hospitality and gaming, transportation, health care, commercial and government offices, sports and entertainment, education, correctional facilities, biotech, pharmaceutical, industrial and high-tech markets. The Specialty Contractors segment specializes in electrical, mechanical, plumbing, HVAC, fire protection systems and pneumatically placed concrete for a full range of civil and building construction projects in the industrial, commercial, hospitality and gaming, and mass-transit end markets. This segment provides the Company with unique strengths and capabilities that allow the Company to position itself as a full-service contractor with greater control over scheduled work, project delivery and risk management. The following tables set forth certain reportable segment information relating to the Company’s operations for the years ended December 31, 2016 , 2015 and 2014 . Reportable Segments Specialty Segment Consolidated (in thousands) Civil Building Contractors Total Corporate Total Year ended December 31, 2016 Total revenue $ 1,830,857 $ 2,146,747 $ 1,234,272 $ 5,211,876 $ — $ 5,211,876 Elimination of intersegment revenue (161,894) (76,906) — (238,800) — (238,800) Revenue from external customers $ 1,668,963 $ 2,069,841 $ 1,234,272 $ 4,973,076 $ — $ 4,973,076 Income from construction operations $ 172,668 $ 51,564 $ 37,908 $ 262,140 $ (60,220) (a) $ 201,920 Capital expenditures $ 13,541 $ 516 $ 1,005 $ 15,062 $ 681 $ 15,743 Depreciation and amortization (b) $ 48,561 $ 2,186 $ 5,035 $ 55,782 $ 11,520 $ 67,302 Year ended December 31, 2015 Total Revenue $ 2,005,193 $ 1,900,492 $ 1,228,030 $ 5,133,715 $ — $ 5,133,715 Elimination of intersegment revenue (115,286) (97,957) — (213,243) — (213,243) Revenue from external customers $ 1,889,907 $ 1,802,535 $ 1,228,030 $ 4,920,472 $ — $ 4,920,472 Income from construction operations $ 145,213 $ (1,240) $ 15,682 $ 159,655 $ (54,242) (a) $ 105,413 Capital expenditures $ 8,383 $ 2,877 $ 1,193 $ 12,453 $ 23,459 $ 35,912 Depreciation and amortization (b) $ 22,601 $ 2,728 $ 5,507 $ 30,836 $ 10,798 $ 41,634 Year ended December 31, 2014 Total Revenue $ 1,730,468 $ 1,558,431 $ 1,301,328 $ 4,590,227 $ — $ 4,590,227 Elimination of intersegment revenue (43,324) (54,594) — (97,918) — (97,918) Revenue from external customers $ 1,687,144 $ 1,503,837 $ 1,301,328 $ 4,492,309 $ — $ 4,492,309 Income from construction operations $ 220,554 $ 24,697 $ 50,998 $ 296,249 $ (54,559) (a) $ 241,690 Capital expenditures $ 65,377 $ 735 $ 6,974 $ 73,086 $ 1,927 $ 75,013 Depreciation and amortization (b) $ 31,674 $ 3,466 $ 12,018 $ 47,158 $ 6,544 $ 53,702 (a) Consists primarily of corporate general and administrative expenses. (b) Depreciation and amortization is included in income from construction operations. During the year ended December 31, 2016 , the Company recorded the following offsetting adjustments in the Specialty Contractors segment : a favorable adjustment of $14.0 million for a completed project ( $0.17 per diluted share) and an unfavorable adjustment of $13.8 million for a project that is substantially complete ( $0.16 per diluted share). During the year ended December 31, 2015, the Company recorded unfavorable adjustments in the Specialty Contractors segment totaling $45.6 million in income from construction operations ( $0.53 per diluted share ) related to various Five Star Electric projects in New York, none of which were individually material. Most of these projects are complete or nearing completion. In addition, there were unfavorable adjustments to the estimated cost to complete a Building segment project, which has been completed and resulted in a decrease of $24.3 million in income from construction operations ( $0.28 per diluted share). Furthermore, the Company recorded an unfavorable adjustment totaling $23.9 million ( $0.28 per diluted share) in the Civil segment for an adverse legal decision related to a long-standing litigation matter, for which the Company assumed liability as part of an acquisition in 2011. Finally, the Company recorded favorable adjustments for a Civil segment runway reconstruction project, which resulted in an increase of $13.7 million in income from construction operations ( $0.16 per diluted share ). During the year ended December 31, 2014 , the Company’s income from construction operations was positively impacted by changes in the estimated recoveries on two Civil segment projects and a Building segment hospitality and gaming project. The changes in estimates were driven by changes in cost recovery assumptions based on legal rulings pertaining to the Civil segment projects, as well as agreements reached with a customer regarding the Building segment hospitality and gaming project. The Building project change in estimate resulted in an $11.4 million increase in income from construction operations ( $0.14 per diluted share). With respect to the two Civil segment projects, there was an increase of $25.9 million in income from construction operations ( $0.30 per diluted share) and a $9.4 million decrease in income from construction operations ( $0.11 per diluted share). The above were the only changes in estimates considered material to the Company’s results of operations during the periods presented herein. The following table sets forth the total assets for the reportable segments as of December 31, 2016 and 2015 . As of December 31, (in thousands) 2016 2015 Civil $ 2,152,123 $ 1,957,991 Building 917,317 711,201 Specialty Contractors 813,851 808,598 Corporate and other (a) 155,329 383,510 Total Assets $ 4,038,620 $ 3,861,300 (a) Consists principally of cash , equipment , tax-related assets and insurance-related assets, offset by the elimination of assets related to intersegment revenue . Geographic Information Information concerning principal geographic areas is as follows: Year Ended December 31, (in thousands) 2016 2015 2014 Revenue: United States $ 4,802,393 $ 4,694,165 $ 4,323,471 Foreign and U.S. territories 170,683 226,307 168,838 Total $ 4,973,076 $ 4,920,472 $ 4,492,309 As of December 31, (in thousands) 2016 2015 Assets: United States $ 3,911,865 $ 3,687,973 Foreign and U.S. territories 126,755 173,327 Total Assets $ 4,038,620 $ 3,861,300 Reconciliation of Segment Information to Consolidated Amounts The following table reconciles segment results to the consolidated income before income taxes for t he years ended December 31, 2016, 2015 and 2014 . Year Ended December 31, (in thousands) 2016 2015 2014 Income from construction operations $ 201,920 $ 105,413 $ 241,690 Other income (expense), net 6,977 13,569 (8,217) Interest expense (59,782) (45,143) (46,035) Income before income taxes $ 149,115 $ 73,839 $ 187,438 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 11. Related Party Transactions The Company leases certain facilities from an entity owned by Ronald N. Tutor, the Company’s Chairman and Chief Executive Officer , at market lease rates . Under these leases the Company paid $2.8 million , $2.7 million and $2.4 million for the years ended December 31, 2016 , 2015 and 2014 , respectively, and recognized expense of $3.2 million for each year ended December 31, 2016 and 2015 and $2.5 million for the year ended 2014 . Raymond R. Oneglia, Vice Chairman of O&G Industries, Inc. (“O&G”), is a director of the Company. The Company occasionally forms construction project joint ventures with O&G, and O&G often provides equipment and services for the projects on customary trade terms. Currently, the Company has a 30% interest in a joint venture for a highway construction project. The payments made by the joint venture to O&G during the years ended December 31, 2016, 2015 and 2014, were immaterial. Peter Arkley, Senior Managing Director, Construction Services Group, of Alliant Insurance Services, Inc. (“Alliant”), is a director of the Company. The Company uses Alliant for various insurance re lated services. The associated expenses for services provided for the years ended December 31, 2016, 2015 and 2014 were $8.9 million , $9.8 million and $14.2 million , respectively. The Company owed Alliant $5.2 million and $7.5 million as of December 31, 2016 and 2015 , respectively, for services rendered. |
Unaudited Quarterly Financial D
Unaudited Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2016 | |
Unaudited Quarterly Financial Data [Abstract] | |
Unaudited Quarterly Financial Data | 12. Unaudited Quarterly Financial Data The following table presents selected unaudited quarterly financial data for each full quarterly period of 2016 and 2015 : (in thousands, except per share amounts) First Second Third Fourth Year Ended December 31, 2016 Quarter Quarter Quarter Quarter Revenues $ 1,085,369 $ 1,308,130 $ 1,332,978 $ 1,246,599 Gross profit 105,092 109,770 124,668 117,660 Income from construction operations 40,122 48,829 60,919 52,050 Income before income taxes 26,724 35,780 47,926 38,685 Net income 15,400 21,361 28,801 30,260 Earnings per share: Basic $ 0.31 $ 0.43 $ 0.59 $ 0.62 Diluted 0.31 0.43 0.57 0.60 First Second Third Fourth Year Ended December 31, 2015 Quarter Quarter Quarter Quarter Revenues $ 1,066,465 $ 1,312,438 $ 1,340,739 $ 1,200,830 Gross profit 90,759 98,620 100,201 66,673 Income from construction operations 20,084 30,881 38,974 15,474 Income before income taxes 8,205 19,992 33,955 11,687 Net income 5,126 11,777 19,677 8,712 Earnings per share: Basic $ 0.11 $ 0.24 $ 0.40 $ 0.18 Diluted 0.10 0.24 0.40 0.18 |
Separate Financial Information
Separate Financial Information of Subsidiary Guarantors of Indebtedness | 12 Months Ended |
Dec. 31, 2016 | |
Separate Financial Information of Subsidiary Guarantors of Indebtedness [Abstract] | |
Separate Financial Information of Subsidiary Guarantors of Indebtedness | 1 3. Separate Financial Information of Subsidiary Guarantors of Indebtedness The Company’s obligations on its 2010 Notes are guaranteed by substantially all of the Company’s existing and future subsidiaries that guarantee obligations under the 2014 Credit Facility (the “Guarantors”). The guarantees are full and unconditional as well as joint and several. The Guarantors are wh olly owned subsidiaries of the Company. The following supplemental condensed consolidating financial information reflects the summarized financial information of the Company as the issuer of the senior unsecured notes, the Guarantors and the Company’s non-guarantor subsidiaries on a combined basis. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31, 2016 (in thousands) Non- Tutor Perini Guarantor Guarantor Total Corporation Subsidiaries Subsidiaries Eliminations Consolidated Revenue $ 977,298 $ 4,316,658 $ 16,547 $ (337,427) $ 4,973,076 Cost of operations (861,695) (3,991,618) — 337,427 (4,515,886) Gross profit $ 115,603 $ 325,040 $ 16,547 $ — $ 457,190 General and administrative expenses (85,014) (168,394) (1,862) — (255,270) INCOME FROM CONSTRUCTION OPERATIONS $ 30,589 $ 156,646 $ 14,685 $ — $ 201,920 Equity in earnings of subsidiaries 113,369 — — (113,369) — Other income, net 892 6,294 1,002 (1,211) 6,977 Interest expense (58,787) (2,206) — 1,211 (59,782) Income (Loss) before income taxes 86,063 160,734 15,687 (113,369) 149,115 Provision for income taxes 9,759 (57,446) (5,606) — (53,293) NET INCOME (LOSS) $ 95,822 $ 103,288 $ 10,081 $ (113,369) $ 95,822 Other comprehensive income: Other comprehensive income of subsidiaries (601) — — 601 — Change in pension benefit plans assets/liabilities (2,623) — — — (2,623) Foreign currency translation — (261) — — (261) Change in fair value of investments — (340) — — (340) Change in fair value of interest rate swap (24) — — — (24) Total other comprehensive (loss) income (3,248) (601) — 601 (3,248) Total comprehensive income (loss) $ 92,574 $ 102,687 $ 10,081 $ (112,768) $ 92,574 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31, 2015 (in thousands) Non- Tutor Perini Guarantor Guarantor Total Corporation Subsidiaries Subsidiaries Eliminations Consolidated Revenue $ 1,064,723 $ 4,104,871 $ 13,405 $ (262,527) $ 4,920,472 Cost of operations (918,322) (3,908,424) — 262,527 (4,564,219) Gross profit $ 146,401 $ 196,447 $ 13,405 $ — $ 356,253 General and administrative expenses (77,806) (171,153) (1,881) — (250,840) INCOME FROM CONSTRUCTION OPERATIONS $ 68,595 $ 25,294 $ 11,524 $ — $ 105,413 Equity in earnings of subsidiaries 23,367 — — (23,367) — Other (expense) income, net 9,271 3,745 553 — 13,569 Interest expense (42,123) (3,020) — — (45,143) Income (Loss) before income taxes 59,110 26,019 12,077 (23,367) 73,839 Provision for income taxes (13,818) (10,060) (4,669) — (28,547) NET INCOME (LOSS) $ 45,292 $ 15,959 $ 7,408 $ (23,367) $ 45,292 Other comprehensive income: Other comprehensive income of subsidiaries (2,448) — — 2,448 — Change in pension benefit plans assets/liabilities 2,026 — — — 2,026 Foreign currency translation — (3,214) — — (3,214) Change in fair value of investments — 766 — — 766 Change in fair value of interest rate swap (125) — — — (125) Total other comprehensive income (loss) (547) (2,448) — 2,448 (547) Total comprehensive income (loss) $ 44,745 $ 13,511 $ 7,408 $ (20,919) $ 44,745 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31, 2014 (in thousands) Non- Tutor Perini Guarantor Guarantor Total Corporation Subsidiaries Subsidiaries Eliminations Consolidated Revenue $ 959,010 $ 3,690,075 $ — $ (156,776) $ 4,492,309 Cost of Operations (808,285) (3,353,098) 17,740 156,776 (3,986,867) Gross Profit $ 150,725 $ 336,977 $ 17,740 $ — $ 505,442 General and Administrative Expenses (80,151) (181,714) (1,887) — (263,752) INCOME FROM CONSTRUCTION OPERATIONS $ 70,574 $ 155,263 $ 15,853 $ — $ 241,690 Equity in earnings of subsidiaries 95,501 — — (95,501) — Other (expense) income, net (7,003) (1,705) 491 — (8,217) Interest expense (41,977) (4,058) — — (46,035) Income (Loss) before income taxes 117,095 149,500 16,344 (95,501) 187,438 Provision for income taxes (9,159) (63,411) (6,932) — (79,502) NET INCOME (LOSS) $ 107,936 $ 86,089 $ 9,412 $ (95,501) $ 107,936 Other comprehensive income: Other comprehensive income of subsidiaries (433) — — 433 — Change in pension benefit plans assets/liabilities (8,155) — — — (8,155) Foreign currency translation — (638) — — (638) Change in fair value of investments — 205 — — 205 Change in fair value of interest rate swap 349 — — — 349 Total other comprehensive (loss) income (8,239) (433) — 433 (8,239) Total comprehensive income (loss) $ 99,697 $ 85,656 $ 9,412 $ (95,068) $ 99,697 CONDENSED CONSOLIDATING BALANCE SHEET - DECEMBER 31, 2016 (in thousands) Non- Tutor Perini Guarantor Guarantor Total Corporation Subsidiaries Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents $ 80,829 $ 65,079 $ 195 $ — $ 146,103 Restricted cash 2,016 2,211 46,277 — 50,504 Accounts receivable 426,176 1,441,263 107,380 (231,519) 1,743,300 Costs and estimated earnings in excess of billings 140,901 758,158 152 (67,385) 831,826 Other current assets 76,453 38,889 7,498 (56,817) 66,023 Total current assets $ 726,375 $ 2,305,600 $ 161,502 $ (355,721) $ 2,837,756 Property and equipment, net $ 74,739 $ 399,091 $ 3,796 $ — $ 477,626 Intercompany notes and receivables — 242,382 — (242,382) — Other assets: Goodwill — 585,006 — — 585,006 Intangible assets, net — 92,997 — — 92,997 Investment in subsidiaries 2,223,971 — — (2,223,971) — Other 42,324 8,905 2,407 (8,401) 45,235 $ 3,067,409 $ 3,633,981 $ 167,705 $ (2,830,475) $ 4,038,620 LIABILITIES AND STOCKHOLDERS’ EQUITY Current maturities of long-term debt $ 122,166 $ 23,724 $ — $ (60,000) $ 85,890 Accounts payable 280,342 937,428 2,495 (226,249) 994,016 Billings in excess of costs and estimated earnings 102,373 229,746 19,564 (20,571) 331,112 Accrued expenses and other current liabilities 60,227 76,002 20,597 (48,901) 107,925 Total Current Liabilities $ 565,108 $ 1,266,900 $ 42,656 $ (355,721) $ 1,518,943 Long-term debt, less current maturities $ 614,608 $ 65,015 $ — $ (5,994) $ 673,629 Deferred income taxes 16,475 116,939 — (2,407) 131,007 Other long-term liabilities 111,108 2,415 48,495 — 162,018 Intercompany notes and advances payable 207,087 — 35,295 (242,382) — Contingencies and commitments — — — — — Stockholders’ equity 1,553,023 2,182,712 41,259 (2,223,971) 1,553,023 $ 3,067,409 $ 3,633,981 $ 167,705 $ (2,830,475) $ 4,038,620 CONDENSED CONSOLIDATING BALANCE SHEET - DECEMBER 31, 2015 (in thousands) Non- Tutor Perini Guarantor Guarantor Total Corporation Subsidiaries Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents $ 47,196 $ 26,892 $ 1,364 $ — $ 75,452 Restricted cash 3,369 3,283 39,201 — 45,853 Accounts receivable 358,437 1,179,919 82,004 (146,745) 1,473,615 Costs and estimated earnings in excess of billings 114,580 868,026 152 (77,583) 905,175 Other current assets 60,119 48,482 11,662 (11,419) 108,844 Total current assets $ 583,701 $ 2,126,602 $ 134,383 $ (235,747) $ 2,608,939 Property and equipment, net $ 105,306 $ 414,143 $ 4,076 $ — $ 523,525 Intercompany notes and receivables — 148,637 — (148,637) — Other assets: — Goodwill — 585,006 — — 585,006 Intangible assets, net — 96,540 — — 96,540 Investment in subsidiaries 1,962,983 — — (1,962,983) — Other 60,978 7,067 3,392 (24,147) 47,290 $ 2,712,968 $ 3,377,995 $ 141,851 $ (2,371,514) $ 3,861,300 LIABILITIES AND STOCKHOLDERS’ EQUITY Current maturities of long-term debt $ 107,283 $ 41,634 $ — $ (60,000) $ 88,917 Accounts payable 211,679 890,268 3,222 (167,705) 937,464 Billings in excess of costs and estimated earnings 89,303 203,003 1,716 (5,711) 288,311 Accrued expenses and other current liabilities 6,146 123,497 25,239 (20,755) 134,127 Total Current Liabilities $ 414,411 $ 1,258,402 $ 30,177 $ (254,171) $ 1,448,819 Long-term debt, less current maturities $ 653,669 $ 80,821 $ — $ (5,723) $ 728,767 Deferred income taxes — 122,822 — — 122,822 Other long-term liabilities 106,588 3,278 30,799 — 140,665 Intercompany notes and advances payable 118,073 — 30,564 (148,637) — Contingencies and commitments — — — — — Stockholders’ equity 1,420,227 1,912,672 50,311 (1,962,983) 1,420,227 $ 2,712,968 $ 3,377,995 $ 141,851 $ (2,371,514) $ 3,861,300 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS YEAR ENDED DECEMBER 31, 2016 (in thousands) Non- Tutor Perini Guarantor Guarantor Total Corporation Subsidiaries Subsidiaries Eliminations Consolidated Cash Flows from Operating Activities: Net income (loss) $ 95,822 $ 103,288 $ 10,081 $ (113,369) $ 95,822 Adjustments to reconcile net income to net cash from operating activities: Depreciation and amortization 31,660 35,362 280 — 67,302 Equity in earnings of subsidiaries (113,369) — — 113,369 — Share-based compensation expense 13,423 — — — 13,423 Excess income tax benefit from share-based compensation (269) — — — (269) Change in debt discount and deferred debt issuance costs 10,968 — — — 10,968 Deferred income taxes 2,256 (12,425) — — (10,169) (Gain) loss on sale of investments — — — — — (Gain) loss on sale of property and equipment 148 305 — — 453 Other long-term liabilities 4,168 6,346 17,696 — 28,210 Other non-cash items (1,125) (749) — — (1,874) Changes in other components of working capital (108,973) 46,309 (27,866) — (90,530) NET CASH (USED) PROVIDED BY OPERATING ACTIVITIES $ (65,291) $ 178,436 $ 191 $ — $ 113,336 Cash Flows from Investing Activities: Acquisition of property and equipment excluding financed purchases (1,405) (14,338) — — (15,743) Proceeds from sale of property and equipment 164 1,735 — — 1,899 (Increase) decrease in intercompany advances — (94,732) — 94,732 — Change in restricted cash 1,353 1,072 (7,076) — (4,651) NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES $ 112 $ (106,263) $ (7,076) $ 94,732 $ (18,495) Cash Flows from Financing Activities: Issuance of Convertible Notes 200,000 — — — 200,000 Proceeds from debt 1,348,800 5,095 — — 1,353,895 Repayment of debt (1,523,603) (39,081) — — (1,562,684) Excess income tax benefit from share-based compensation 269 — — — 269 Issuance of common stock and effect of cashless exercise (584) — — — (584) Debt issuance costs (15,086) — — — (15,086) Increase (decrease) in intercompany advances 89,016 — 5,716 (94,732) — NET CASH (USED) PROVIDED BY FINANCING ACTIVITIES $ 98,812 $ (33,986) $ 5,716 $ (94,732) $ (24,190) Net (Decrease) Increase in Cash and Cash Equivalents 33,633 38,187 (1,169) — 70,651 Cash and Cash Equivalents at Beginning of Year 47,196 26,892 1,364 — 75,452 Cash and Cash Equivalents at End of Year $ 80,829 $ 65,079 $ 195 $ — $ 146,103 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS YEAR ENDED DECEMBER 31, 2015 (in thousands) Non- Tutor Perini Guarantor Guarantor Total Corporation Subsidiaries Subsidiaries Eliminations Consolidated Cash Flows from Operating Activities: Net income (loss) $ 45,292 $ 15,959 $ 7,408 $ (23,367) $ 45,292 Adjustments to reconcile net income to net cash from operating activities: Depreciation and amortization 8,612 32,746 276 — 41,634 Equity in earnings of subsidiaries (23,367) — — 23,367 — Share-based compensation expense 9,477 — — — 9,477 Excess income tax benefit from share-based compensation (186) — — — (186) Change in debt discount and deferred debt issuance costs 2,095 — — — 2,095 Adjustment interest rate swap to fair value (224) 224 — — — Deferred income taxes 1,399 36,083 (15,268) — 22,214 (Gain) loss on sale of property and equipment 82 (2,991) — — (2,909) Other long-term liabilities (3,157) 32,069 — — 28,912 Other non-cash items (248) (3,432) — — (3,680) Changes in other components of working capital (154,300) 49,868 (24,345) — (128,777) NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES $ (114,525) $ 160,526 $ (31,929) $ — $ 14,072 Cash Flows from Investing Activities: Acquisition of property and equipment excluding financed purchases (21,587) (14,286) (39) — (35,912) Proceeds from sale of property and equipment — 4,980 — — 4,980 (Increase) decrease in intercompany advances — (102,763) — 102,763 — Change in restricted cash — 1,991 (3,474) — (1,483) NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES $ (21,587) $ (110,078) $ (3,513) $ 102,763 $ (32,415) Cash Flows from Financing Activities: Proceeds from debt 981,855 31,350 — — 1,013,205 Repayment of debt (962,701) (91,670) — — (1,054,371) Excess income tax benefit from share-based compensation 186 — — — 186 Issuance of common stock and effect of cashless exercise (808) — — — (808) Increase (decrease) in intercompany advances 89,689 — 13,074 (102,763) — NET CASH (USED) PROVIDED BY FINANCING ACTIVITIES $ 108,221 $ (60,320) $ 13,074 $ (102,763) $ (41,788) Net Increase (Decrease) in Cash and Cash Equivalents (27,891) (9,872) (22,368) — (60,131) Cash and Cash Equivalents at Beginning of Year 75,087 36,764 23,732 — 135,583 Cash and Cash Equivalents at End of Year $ 47,196 $ 26,892 $ 1,364 $ — $ 75,452 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS YEAR ENDED DECEMBER 31, 2014 (in thousands) Non- Tutor Perini Guarantor Guarantor Total Corporation Subsidiaries Subsidiaries Eliminations Consolidated Cash Flows from Operating Activities: Net income (loss) $ 107,936 $ 86,089 $ 9,412 $ (95,501) $ 107,936 Adjustments to reconcile net income to net cash from operating activities: Depreciation and amortization 2,322 51,109 271 — 53,702 Equity in earnings of subsidiaries (95,501) — — 95,501 — Share-based compensation expense 19,256 (641) — — 18,615 Excess income tax benefit from share-based compensation (787) — — (787) Change in debt discount and deferred debt issuance costs 2,270 — — 2,270 Deferred income taxes 39,186 (17,726) — — 21,460 (Gain) loss on sale of investments 1,786 — — — 1,786 (Gain) loss on sale of property and equipment 833 (32) — — 801 Other long-term liabilities 20,221 (17,147) — — 3,074 Other non-cash items (7,029) 10,302 — — 3,273 Changes in other components of working capital (26,100) (264,203) 21,495 — (268,808) NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES $ 64,393 $ (152,249) $ 31,178 $ — $ (56,678) Cash Flows from Investing Activities: Acquisition of property and equipment (17,626) (57,387) — — (75,013) Proceeds from sale of property and equipment (784) 6,119 — — 5,335 Proceeds from sale of investments 44,497 — — — 44,497 Change in restricted cash 15,464 2,766 (20,006) — (1,776) NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES $ 41,551 $ (48,502) $ (20,006) $ — $ (26,957) Cash Flows from Financing Activities: Proceeds from debt 1,078,932 77,807 — — 1,156,739 Repayment of debt (957,830) (68,519) — — (1,026,349) Payments related to business acquisitions (26,430) — — — (26,430) Excess income tax benefit from share-based compensation 787 — — — 787 Issuance of common stock and effect of cashless exercise (1,772) 1 — — (1,771) Debt issuance costs (3,681) — — — (3,681) Increase (decrease) in intercompany advances (209,858) 210,195 (337) — — NET CASH (USED) PROVIDED BY FINANCING ACTIVITIES $ (119,852) $ 219,484 $ (337) $ — $ 99,295 Net Increase (Decrease) in Cash and Cash Equivalents (13,908) 18,733 10,835 — 15,660 Cash and Cash Equivalents at Beginning of Year 88,995 18,031 12,897 — 119,923 Cash and Cash Equivalents at End of Year $ 75,087 $ 36,764 $ 23,732 $ — $ 135,583 |
Summary of Significant Accoun21
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of Presentation | (a) Basis of Presentation The accompanying consolidated financial statements have been prepared in compliance with accounting principles generally accepted in the United States of America (“GAAP”) as codified in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”). |
Principles of Consolidation | (b) Principles of Consolidation The consolidated financial statements include the accounts of Tutor Perini Corporation and its wholly owned subsidiaries (the “Company”). The Company frequently forms joint ventures or partnerships with unrelated third parties for the execution of single contracts or projects. The Company assesses its joint ventures or partnerships at inception to determine if they meet the qualifications of a variable interest entity ("VIE") in accordance with ASC 810, Consolidation . If a joint venture or partnership is a VIE and the Company is the primary beneficiary, the joint venture or partnership is fully consolidated. For construction joint ventures that do not need to be consolidated, the Company accounts for its interest in the joint ventures using the proportionate consolidation method, whereby the Company’s proportionate share of the joint ventures’ assets, liabilities, revenue and cost of operations are included in the appropriate classifications in the Company’s consolidated financial statements. All intercompany transactions and balances have been eliminated in consolidation. |
Use of Estimates | (c) Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect reported amounts. These estimates are based on information available through the date of the issuance of the financial statements; therefore, actual results could differ from those estimates. |
Construction Contracts | (d) Construction Contracts The Company and its affiliated entities recognize construction contract revenue using the percentage-of-completion method, based primarily on contract cost incurred to date compared to total estimated contract cost. Cost of revenue includes an allocation of depreciation and amortization. Pre-contract costs are expensed as incurred. Changes to total estimated contract cost or losses, if any, are recognized in the period in which they are determined. The Company generally provides limited warranties for work performed under its construction contracts with periods typically extending for a limited duration following substantial completion of the Company’s work on a project. Historically, warranty claims have not resulted in material costs incurred. The Company classifies construction-related receivables and payables that may be settled in periods exceeding one year from the balance sheet date as current, consistent with the length of time of its project operating cycle. For example: · Costs and estimated earnings in excess of billings represent the excess of contract costs and profits (or contract revenue) over the amount of contract billings to date and are classified as a current asset. · Billings in excess of costs and estimated earnings represent the excess of contract billings to date over the amount of contract costs and profits (or contract revenue) recognized to date and are classified as a current liability. Costs and estimated earnings in excess of billings result when either: 1) the appropriate contract revenue amount has been recognized in accordance with the percentage-of-completion accounting method, but a portion of the revenue recorded cannot be billed currently due to the billing terms defined in the contract, or 2) costs are incurred related to certain claims and unapproved change orders. Claims occur when there is a dispute regarding both a change in the scope of work and the price associated with that change. Unapproved change orders occur when a change in the scope of work results in additional work being performed before the parties have agreed on the corresponding change in the contract price. For both claims and unapproved change orders, the Company recognizes revenue, but not profit, when it is determined that recovery of incurred cost is probable and the amounts can be reliably estimated. For claims, these requirements are satisfied under ASC 605-35-25 when the contract or other evidence provides a legal basis for the claim, additional costs were caused by circumstances that were unforeseen at the contract date and not the result of deficiencies in the Company’s performance, claim-related costs are identifiable and considered reasonable in view of the work performed, and evidence supporting the claim or change order is objective and verifiable. Reported costs and estimated earnings in excess of billings consists of the following: As of December 31, (in thousands) 2016 2015 Claims $ 477,425 $ 407,164 Unapproved change orders 207,475 270,019 Other unbilled costs and profits 146,926 227,992 Total costs and estimated earnings in excess of billings $ 831,826 $ 905,175 The prerequisite for billing claims and unapproved change orders is the final resolution and agreement between the parties. The prerequisite for billing other unbilled costs and profits is provided in the defined billing terms of each of the applicable contracts. The amount of costs and estimated earnings in excess of billings as of December 31, 2016 estimated by management to be collected beyond one year is approximately $414.7 million. |
Changes In Estimates | (e) Changes in Estimates The Company’s estimates of contract revenue and cost are highly detailed and many factors change during a contract performance period that result in a change to contract profitability. These factors include, but are not limited to, differing site conditions; availability of skilled contract labor; performance of major material suppliers and subcontractors; on-going subcontractor negotiations and buyout provisions; unusual weather conditions; changes in the timing of scheduled work; change orders; accuracy of the original bid estimate; changes in estimated labor productivity and costs based on experience to date; achievement of incentive-based income targets; and the expected, or actual, resolution terms for claims. The factors that cause changes in estimates vary depending on the maturation of the project within its lifecycle. For example, in the ramp-up phase, these factors typically consist of revisions in anticipated project costs and during the peak and close-out phases, these factors include the impact of change orders and claims as well as additional revisions in remaining anticipated project costs. Generally, if the contract is at an early stage of completion, the current period impact is smaller than if the same change in estimate is made to the contract at a later stage of completion. Management evaluates changes in estimates on a contract by contract basis and discloses significant changes, if material, in the notes to the consolidated financial statements. The cumulative catch-up method is used to account for revisions in estimates. |
Depreciation of Property and Equipment and Amortization of Long-Lived Intangible Assets | (f) Depreciation of Property and Equipment and Amortization of Long-Lived Intangible Assets Property and equipment and long-lived intangible assets are depreciated or amortized on a straight-line basis over their estimated useful lives ranging from three to forty years. |
Recoverability of Long-Lived Assets | (g) Recoverability of Long-Lived Assets Long-lived assets are reviewed for impairment whenever circumstances indicate that the future cash flows generated by the assets might be less than the assets’ net carrying value. In such circumstances, an impairment loss will be recognized by the amount the assets’ net carrying value exceeds their fair value. |
Recoverability of Goodwill | (h) Recoverability of Goodwill The Company tests goodwill for impairment annually for each reporting unit in the fourth quarter of the fiscal year, and between annual tests if events occur or circumstances change which suggest that goodwill should be reevaluated. Such events or circumstances include significant changes in legal factors and business climate, recent losses at a reporting unit, and industry trends, among other factors. The Civil, Building and Specialty Contractors segments each represent a reporting unit. We perform our annual quantitative impairment assessment during the fourth quarter of each year using a weighted average of an income and a market approach. The income approach is based on estimated present value of future cash flows for each reporting unit. The market approach is based on assumptions about how market data relates to the Company. The weighting of these two approaches is based on their individual correlation to the economics of each reporting unit. The quantitative assessment performed in 2016 resulted in an estimated fair value for each of our reporting units that exceeded their respective net book values; therefore, no impairment charge was necessary for 2016. |
Recoverability of Non-Amortizable Trade Names | (i) Recoverability of Non-Amortizable Trade Names Certain trade names have an estimated indefinite life and are not amortized to earnings, but instead are reviewed for impairment annually, or more often if events occur or circumstances change which suggest that the non-amortizable trade names should be reevaluated. We perform our annual quantitative impairment assessment during the fourth quarter of each year using an income approach (relief from royalty method). The quantitative assessment performed in 2016 resulted in an estimated fair value for the non-amortizable trade names that exceeded their respective net book values; therefore, no impairment charge was necessary for 2016. |
Income Taxes | (j) Income Taxes Deferred income tax assets and liabilities are recognized for the effects of temporary differences between the financial statement carrying amounts and the income tax basis of assets and liabilities using tax rates expected to be in effect when such differences reverse. Income tax positions must meet a more-likely-than-not threshold to be recognized. The Company recognizes interest and penalties related to uncertain tax positions as a component of the income tax provision. |
Earnings Per Share | (k) Earnings Per Share Basic EPS is calculated by dividing net income by the weighted-average number of common shares outstanding during the period. Potentially dilutive securities include restricted stock units and stock options. Diluted EPS reflects the assumed exercise or conversion of all dilutive securities using the treasury stock method. The calculations of the basic and diluted EPS for the years ended December 31, 2016, 2015 and 2014 are presented below: Year Ended December 31, (in thousands, except per share data) 2016 2015 2014 Net income $ 95,822 $ 45,292 $ 107,936 Weighted-average common shares outstanding — basic 49,150 48,981 48,562 Effect of diluted stock options and unvested restricted stock 714 685 552 Weighted-average common shares outstanding — diluted 49,864 49,666 49,114 Net income per share: Basic $ 1.95 $ 0.92 $ 2.22 Diluted $ 1.92 $ 0.91 $ 2.20 Anti-dilutive securities not included above 1,132 1,372 9 With regard to diluted EPS and the impact of the Convertible Notes (as discussed in Note 5) on the diluted EPS calculation, because the Company has the intent and ability to settle the principal amount of the Convertible Notes in cash, per ASC 260, Earnings Per Share, the settlement of the principal amount has no impact on diluted EPS. ASC 260 also requires any potential conversion premium associated with the Convertible Notes’ conversion option to be considered in the calculation of diluted EPS when the Company's average stock price, as defined in the indenture governing the Convertible Notes, is higher than 130% of the Convertible Notes’ conversion rate of 33.0579 (or $39.32); however, this was not the case during the year ended December 31, 2016. |
Cash and Cash Equivalents and Restricted Cash | (l) Cash and Cash Equivalents and Restricted Cash Cash equivalents include short-term, highly liquid investments with original maturities of three months or less when acquired. Cash and cash equivalents, as reported in the accompanying Consolidated Balance Sheets, consist of amounts held by the Company that are available for general purposes and the Company’s proportionate share of amounts held by construction joint ventures that are available only for joint-venture-related uses, including future distributions to joint-venture partners. Restricted cash is primarily held to secure insurance-related contingent obligations, such as insurance claim deductibles, in lieu of letters of credit. Cash and cash equivalents and restricted cash consisted of the following: As of December 31, (in thousands) 2016 2015 Cash and cash equivalents $ 49,539 $ 18,409 Company's share of joint-venture cash and cash equivalents 96,564 57,043 Total cash and cash equivalents $ 146,103 $ 75,452 Restricted cash $ 50,504 $ 45,853 |
Share-Based Compensation | (m) Share-Based Compensation The Company’s long-term incentive plan allows the Company to grant share-based compensation awards in a variety of forms, including restricted and unrestricted stock units and stock options. Restricted stock units and stock options generally vest subject to service and/or performance requirements, with related compensation expense equal to the fair value of the award on the date of grant and recognized on a straight-line basis over the requisite service period. Unrestricted stock units are issued to the directors as part of their annual service fee, vest immediately and are expensed over a 12-month service period. |
Insurance Liabilities | (n) Insurance Liabilities The Company typically utilizes third party insurance coverage subject to varying deductible levels with aggregate caps on losses retained. The Company assumes the risk for the amount of the deductible portion of the losses and liabilities primarily associated with workers’ compensation and general liability coverage. In addition, on certain projects, the Company assumes the risk for the amount of the deductible portion of losses that arise from any subcontractor defaults. Losses are accrued based upon the Company’s estimates of the aggregate liability for claims incurred using historical experience and certain actuarial assumptions followed in the insurance industry. The estimate of insurance liability within the deductible limits includes an estimate of incurred but not reported claims based on data compiled from historical experience. |
Other Comprehensive Income (Loss) | (o) Other Comprehensive Income (Loss) ASC 220, Comprehensive Income , establishes standards for reporting and displaying comprehensive income and its components in the consolidated financial statements. The Company reports the change in pension benefit plans assets/liabilities, cumulative foreign currency translation, change in fair value of investments and change in fair value of interest rate swap as components of accumulated other comprehensive loss (“AOCI”). The tax effects of the components of other comprehensive income (loss) are as follows: Year Ended December 31, 2016 2015 2014 (in thousands) Before-Tax Amount Tax Benefit Net-of-Tax Amount Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount Other comprehensive income (loss): Defined benefit pension plan adjustments $ (4,452) $ 1,829 $ (2,623) $ 31 $ 1,995 $ 2,026 $ (13,887) $ 5,732 $ (8,155) Foreign currency translation adjustment (439) 178 (261) (5,897) 2,683 (3,214) (1,086) 448 (638) Unrealized gain (loss) in fair value of investments (576) 236 (340) 1,123 (357) 766 346 (141) 205 Unrealized gain (loss) in fair value of interest rate swap (45) 21 (24) (37) (88) (125) 594 (245) 349 Total other comprehensive income (loss) $ (5,512) $ 2,264 $ (3,248) $ (4,780) $ 4,233 $ (547) $ (14,033) $ 5,794 $ (8,239) The changes in AOCI balances by component (after-tax) for each of the three years ended December 31, 2016 are as follows: (in thousands) Defined Benefit Pension Plan Foreign Currency Translation Unrealized Gain (Loss) in Fair Value of Investments Unrealized Gain (Loss) in Fair Value of Interest Rate Swap Accumulated Other Comprehensive Loss Balance as of December 31, 2013 $ (32,113) $ (751) $ (315) $ (200) $ (33,379) Other comprehensive income (loss) (8,155) (638) 205 349 (8,239) Balance as of December 31, 2014 $ (40,268) $ (1,389) $ (110) $ 149 $ (41,618) Other comprehensive income (loss) 2,026 (3,214) 766 (125) (547) Balance as of December 31, 2015 $ (38,242) $ (4,603) $ 656 $ 24 $ (42,165) Other comprehensive loss before reclassifications (3,722) (261) (340) (24) (4,347) Amounts reclassified from AOCI 1,099 — — — 1,099 Balance as of December 31, 2016 $ (40,865) $ (4,864) $ 316 $ — $ (45,413) The significant items reclassified out of AOCI and the corresponding location and impact on the Consolidated Statement of Earnings are as follows: Location in Consolidated Year Ended December 31, (in thousands) Statements of Earnings 2016 2015 2014 Component of AOCI: Defined benefit pension plan adjustments Various accounts $ 1,745 $ — $ — Income tax benefit Provision for income taxes (646) — — Net of tax $ 1,099 $ — $ — |
New Accounting Pronouncements | (p) New Accounting Pronouncements In May 2014, the FASB issued new accounting guidance which amended the existing accounting standards for revenue recognition. The new accounting guidance establishes principles for recognizing revenue upon the transfer of promised goods or services to customers, in an amount that reflects the expected consideration to be received in exchange for those goods or services. The guidance will be effective for the Company as of January 1, 2018. The amendments may be applied retrospectively to each prior period presented or with the cumulative effect recognized as of the date of initial application (modified retrospective method). The Company is currently reviewing contracts within types of projects in order to determine the impact, if any, the adoption of this ASU will have on its consolidated financial statements. A number of industry-specific implementation issues are still unresolved and the final resolution of certain of these issues could impact the Company’s current accounting policies and/or revenue recognition patterns. The Company currently expects to adopt this new standard using the modified retrospective method. In January 2017, The FASB issued ASU 2017-04, Intangibles-Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment. This ASU simplifies the calculation of goodwill impairment by eliminating Step 2 of the impairment test prescribed by ASC 350. Step 2 requires companies to calculate the implied fair value of their goodwill by estimating the fair value of their assets, other than goodwill, and liabilities, including unrecognized assets and liabilities, following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. The calculated net fair value of the assets would then be compared to the fair value of the reporting unit to determine the implied fair value of goodwill, and to the extent that the carrying value of goodwill was less than the implied fair value, a loss would be recognized. Under ASU 2017-04, however, goodwill is impaired when the calculated fair value of a reporting unit is less than its carrying value, and the impairment charge will equal that difference; i.e., impairment will be calculated at the reporting unit level and there will be no need to estimate the fair value of individual assets and liabilities. This guidance will be effective for the Company for any goodwill impairment tests performed in fiscal years beginning after December 15, 2019, however, early adoption is permitted for tests performed on testing dates after January 1, 2017. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements. In the first quarter of 2016, the Company adopted ASU 2015-03, Interest – Imputation of Interest (Subtopic 835-30). This ASU requires companies to present, in the balance sheet, debt issuance costs related to a recognized debt liability as a direct deduction from the carrying amount of that debt liability, consistent with the presentation of debt discounts. In addition, the amortization of debt discounts is required to be presented as a component of interest expense. The Company applied the guidance retrospectively; accordingly, the Company reclassified unamortized debt issuance costs of $5.8 million from Other Assets to Long-Term Debt , less current maturities in its December 31, 2015 Consolidated Balance Sheet and reclassified amortization of deferred debt issuance costs of $1.1 million and $1.4 million, respectively, from Other income (expense), net to Interest Expense in its Consolidated Statements of Operations for the years ended December 31, 2015 and 2014. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic-842), which amends the existing guidance in ASC 840 Leases . This amendment requires the recognition of lease assets and lease liabilities by lessees for those leases currently classified as operating leases. Other significant provisions of the amendment include (i) defining the “lease term” to include the non-cancellable period together with periods for which there is a significant economic incentive for the lessee to extend or not terminate the lease; (ii) defining the initial lease liability to be recorded on the balance sheet to contemplate only those variable lease payments that depend on an index or that are in substance “fixed”; and (iii) a dual approach for determining whether lease expense is recognized on a straight-line or accelerated basis, depending on whether the lessee is expected to consume more than an insignificant portion of the leased asset’s economic benefits. This guidance will be effective for the Company as of January 1, 2019 and will be applied using the modified retrospective transition method for existing leases. The Company is currently evaluating the effect that the adoption of this ASU will have on its consolidated financial statements. In the fourth quarter of 2016, the Company elected to early adopt ASU 2015-17, Balance Sheet Classification of Deferred Taxes (Subtopic 740-10) , as allowed for by the guidance . This ASU requires entities to present all deferred tax assets and all deferred tax liabilities as noncurrent in a classified balance sheet. The Company applied the guidance re t rospectively as discussed in Note 6. |
Summary of Significant Accoun22
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Summary of Significant Accounting Policies [Abstract] | |
Costs and Estimated Earnings in Excess of Billings | As of December 31, (in thousands) 2016 2015 Claims $ 477,425 $ 407,164 Unapproved change orders 207,475 270,019 Other unbilled costs and profits 146,926 227,992 Total costs and estimated earnings in excess of billings $ 831,826 $ 905,175 |
Calculations of Basic and Diluted EPS | Year Ended December 31, (in thousands, except per share data) 2016 2015 2014 Net income $ 95,822 $ 45,292 $ 107,936 Weighted-average common shares outstanding — basic 49,150 48,981 48,562 Effect of diluted stock options and unvested restricted stock 714 685 552 Weighted-average common shares outstanding — diluted 49,864 49,666 49,114 Net income per share: Basic $ 1.95 $ 0.92 $ 2.22 Diluted $ 1.92 $ 0.91 $ 2.20 Anti-dilutive securities not included above 1,132 1,372 9 |
Cash and Cash Equivalents and Restricted Cash | As of December 31, (in thousands) 2016 2015 Cash and cash equivalents $ 49,539 $ 18,409 Company's share of joint-venture cash and cash equivalents 96,564 57,043 Total cash and cash equivalents $ 146,103 $ 75,452 Restricted cash $ 50,504 $ 45,853 |
Tax Effects of Componenets of Other Comprehensive Income (Loss) | Year Ended December 31, 2016 2015 2014 (in thousands) Before-Tax Amount Tax Benefit Net-of-Tax Amount Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount Other comprehensive income (loss): Defined benefit pension plan adjustments $ (4,452) $ 1,829 $ (2,623) $ 31 $ 1,995 $ 2,026 $ (13,887) $ 5,732 $ (8,155) Foreign currency translation adjustment (439) 178 (261) (5,897) 2,683 (3,214) (1,086) 448 (638) Unrealized gain (loss) in fair value of investments (576) 236 (340) 1,123 (357) 766 346 (141) 205 Unrealized gain (loss) in fair value of interest rate swap (45) 21 (24) (37) (88) (125) 594 (245) 349 Total other comprehensive income (loss) $ (5,512) $ 2,264 $ (3,248) $ (4,780) $ 4,233 $ (547) $ (14,033) $ 5,794 $ (8,239) |
Changes in AOCI Balances by Component | (in thousands) Defined Benefit Pension Plan Foreign Currency Translation Unrealized Gain (Loss) in Fair Value of Investments Unrealized Gain (Loss) in Fair Value of Interest Rate Swap Accumulated Other Comprehensive Loss Balance as of December 31, 2013 $ (32,113) $ (751) $ (315) $ (200) $ (33,379) Other comprehensive income (loss) (8,155) (638) 205 349 (8,239) Balance as of December 31, 2014 $ (40,268) $ (1,389) $ (110) $ 149 $ (41,618) Other comprehensive income (loss) 2,026 (3,214) 766 (125) (547) Balance as of December 31, 2015 $ (38,242) $ (4,603) $ 656 $ 24 $ (42,165) Other comprehensive loss before reclassifications (3,722) (261) (340) (24) (4,347) Amounts reclassified from AOCI 1,099 — — — 1,099 Balance as of December 31, 2016 $ (40,865) $ (4,864) $ 316 $ — $ (45,413) |
Schedule Of Items Reclassified Out Of AOCI And The Corresponding Location And Impact On The Consolidated Statement Of Operations | Location in Consolidated Year Ended December 31, (in thousands) Statements of Earnings 2016 2015 2014 Component of AOCI: Defined benefit pension plan adjustments Various accounts $ 1,745 $ — $ — Income tax benefit Provision for income taxes (646) — — Net of tax $ 1,099 $ — $ — |
Consolidated Statement of Cas23
Consolidated Statement of Cash Flows (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Consolidated Statement of Cash Flows [Abstract] | |
Changes in Operating Assets and Liabilities | Year Ended December 31, (in thousands) 2016 2015 2014 Decrease (Increase) in: Accounts receivable $ (269,900) $ 4,734 $ (186,384) Costs and estimated earnings in excess of billings 73,349 (178,774) (153,153) Other current assets 39,480 (38,616) (17,450) Increase (Decrease) in: Accounts payable 56,552 139,290 33,667 Billings in excess of costs and estimated earnings 42,926 (30,985) 51,711 Accrued expenses (32,937) (24,426) 2,801 Changes in other components of working capital $ (90,530) $ (128,777) $ (268,808) Cash paid during the year for: Interest $ 47,403 $ 45,055 $ 45,236 Income taxes $ 26,908 $ 35,299 $ 75,494 Non-cash transactions during the year for: Property and equipment acquired through financing arrangements not included in cash flows from financing activities $ — $ — $ 816 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Measurements [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | As of December 31, 2016 As of December 31, 2015 Fair Value Hierarchy Fair Value Hierarchy (in thousands) Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents (a) $ 146,103 $ 146,103 $ — $ — $ 75,452 $ 75,452 $ — $ — Restricted cash (a) 50,504 50,504 — — 45,853 45,853 — — Investments in lieu of customer retainage (b) 51,266 46,855 4,411 — 41,566 35,350 6,216 — Total $ 247,873 $ 243,462 $ 4,411 $ — $ 162,871 $ 156,655 $ 6,216 $ — Liabilities: Interest rate swap contract (c) $ — $ — $ — $ — $ 45 $ — $ 45 $ — Total $ — $ — $ — $ — $ 45 $ — $ 45 $ — (a) C ash , cash equivalents and restricted cash consist s primarily of money market funds with original maturit y dates of three months or less measured using quoted market prices. (b) Investments in lieu of customer retainage are classified as accounts receivable and are comprised of money market funds, U.S. Treasury Notes and other municipal bonds, the majority of which are rated Aa3 or better. The fair value of money market funds is measured using quoted market prices; therefore they are classified as Level 1 assets. The fair values of the U.S. Treasury Note s and municipal bonds are measured using readily available pricing sou rces for comparable instruments; therefore, they are classified as Level 2 assets . (c) The Company valued the interest rate swap liability utilizing a discounted cash flow model that took into consideration forward interest rates observable in the market and the counterparty’s credit risk. |
Changes in Level 3 Liabilities Measured at Fair Value on Recurring Basis | Contingent (in thousands) Consideration Balance as of December 31, 2014 $ 24,814 Fair value adjustments included in other income (expense), net (3,739) Amount no longer subject to contingency (21,075) Balance as of December 31, 2015 $ — |
Financial Commitments (Tables)
Financial Commitments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Financial Commitments [Abstract] | |
Long-Term Debt | As of December 31, (in thousands) 2016 2015 Term Loan $ 54,650 $ 222,120 2014 Revolver 147,990 155,815 2010 Notes 298,120 297,118 Convertible Notes 152,668 — Equipment financing and mortgages 101,558 133,288 Other indebtedness 4,533 9,343 Total debt 759,519 817,684 Less – current maturities (85,890) (88,917) Long-term debt, net $ 673,629 $ 728,767 |
Reconciliation Of Outstanding Debt Balance To Reported Debt Balance | As of December 31, 2016 As of December 31, 2015 (in thousands) Outstanding Long-Term Debt Unamortized Discount and Issuance Cost Long-Term Debt, as reported Outstanding Long-Term Debt Unamortized Discount and Issuance Cost Long-Term Debt, as reported Term Loan $ 57,000 $ (2,350) $ 54,650 $ 223,750 $ (1,630) $ 222,120 2014 Revolver 152,500 (4,510) 147,990 158,000 (2,185) 155,815 2010 Notes 300,000 (1,880) 298,120 300,000 (2,882) 297,118 Convertible Notes 200,000 (47,332) 152,668 — — — |
Summary Of Information Related To The Liability And Equity Components Of The Convertible Notes | (in thousands) As of December 31, 2016 Liability component: Principal $ 200,000 Conversion feature (46,800) Allocated debt issuance costs (5,051) Amortization of discount and debt issuance costs (non-cash interest expense) 4,519 Net carrying amount $ 152,668 Equity component: Conversion feature $ 46,800 Allocated debt issuance costs (1,543) Net deferred tax liability (18,815) Net carrying amount $ 26,442 |
Principal Payments of Long-Term Debt | Year (in thousands) 2017 $ 85,890 2018 478,583 2019 12,294 2020 5,378 2021 218,923 Thereafter 14,523 815,591 Less: Unamortized Discount and Issuance Cost (56,072) Total $ 759,519 |
Summary Of Interest Expense As Reported In The Consolidated Statements of Operations | For the year ended December 31, (in thousands) 2016 2015 2014 Cash interest expense: Interest on 2014 Credit Facility $ 19,201 $ 14,368 $ 12,980 Interest on 2010 Senior Notes 22,875 22,875 22,875 Interest on Convertible Notes 3,115 — — Other interest 3,623 5,805 7,910 Total cash interest expense 48,814 43,048 43,765 Non-cash interest expense: (a) Amortization of debt issuance costs on 2014 Credit Facility 5,447 1,116 1,319 Amortization of discount and debt issuance costs on 2010 Senior Notes 1,002 979 951 Amortization of discount and debt issuance costs on Convertible Notes 4,519 — — Total non-cash interest expense 10,968 2,095 2,270 Total cash and non-cash interest expense $ 59,782 $ 45,143 $ 46,035 (a) Non-cash interest expense produces effective interest rates that are higher than contractual rates; accordingly, the effective interest rates for the 2014 Credit Facility, the 2010 Senior Notes and the Convertible Notes are 9.86% , 7.99% and 9.39% , respectively. |
Future Minimum Rent Payments under Non-Cancelable Operating Leases | Year (in thousands) 2017 $ 22,950 2018 13,612 2019 9,983 2020 7,417 2021 5,455 Thereafter 19,260 78,677 Less - Sublease rental agreements (3,150) Total $ 75,527 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Taxes [Abstract] | |
Income Before Taxes | Year Ended December 31, (in thousands) 2016 2015 2014 United States Operations $ 128,072 $ 69,822 $ 170,517 Foreign Operations 21,043 4,017 16,921 Total $ 149,115 $ 73,839 $ 187,438 |
Provision for Income Taxes | Year Ended December 31, (in thousands) 2016 2015 2014 Current expense: Federal $ 43,850 $ 5,465 $ 45,074 State 13,039 (362) 11,174 Foreign 6,573 1,126 3,203 Total current 63,462 6,229 59,451 Deferred (benefit) expense: Federal (3,054) 19,583 9,992 State (5,302) 2,735 10,059 Foreign (1,813) — — Total deferred (10,169) 22,318 20,051 Total provision $ 53,293 $ 28,547 $ 79,502 |
Reconciliation of Provision for Income Taxes | Year Ended December 31, 2016 2015 2014 (dollars in thousands) Amount Rate Amount Rate Amount Rate Federal income expense at statutory tax rate $ 52,190 35.0 % $ 25,844 35.0 % $ 65,603 35.0 % State income taxes, net of federal tax benefit 5,972 4.0 1,250 1.7 10,367 5.5 Officers' compensation 3,807 2.6 2,900 3.9 3,657 2.0 Domestic Production Activities Deduction (4,018) (2.7) (1,499) (2.0) (5,170) (2.8) Impact of state tax rate changes on deferred taxes (1,358) (0.9) 2,435 3.3 3,245 1.7 Other (3,300) (2.3) (2,383) (3.2) 1,800 1.0 Provision for income taxes $ 53,293 35.7 % $ 28,547 38.7 % $ 79,502 42.4 % |
Significant Components of Deferred Tax Assets and Liabilities | The following is a summary of the significant components of the deferred tax assets and liabilities: As of December 31, (in thousands) 2016 2015 Deferred Tax Assets Timing of expense recognition $ 36,055 $ 23,580 Net operating losses 10,140 5,478 Other, net 33,507 29,342 Deferred tax assets 79,702 58,400 Valuation allowance (460) (460) Net deferred tax assets 79,242 57,940 Deferred Tax Liabilities Intangible assets, due primarily to purchase accounting (34,679) (37,157) Fixed assets, due primarily to purchase accounting (107,081) (100,516) Construction contract accounting (12,564) (9,197) Joint ventures - construction (29,609) (29,949) Other (24,970) (3,943) Deferred tax liabilities (208,903) (180,762) Net deferred tax liability $ (129,661) $ (122,822) T h e n et d e f e rr ed tax lia b ili t y i s presented i n t h e C o ns o li d at e d B ala n ce S h eets as f o ll o w s : As of December 31, (in thousands) 2016 2015 Deferred tax asset $ 1,346 $ — Deferred tax liability (131,007) (122,822) Net deferred tax liability $ (129,661) $ (122,822) |
Schedule Of Immaterial Adjustments To Deferred Tax Assets And Liabilities | The Company has evaluated the effects of the classification adjustments as of December 31, 2015 based on the SEC’s guidance in Staff Accounting Bulletin No. 99, Materiality , and after consideration of both quantitative and qualitative factors, has concluded that the following adjustments are immaterial: As of December 31, 2015 (in thousands) As Previously Reported Adjustments As Restated (a) Total current assets $ 2,635,245 $ (24,889) $ 2,610,356 Other assets 202,125 (149,071) 53,054 Total assets 4,042,441 (173,960) 3,868,481 Accrued expenses and other current liabilities (159,016) 24,889 (134,127) Total current liabilities (1,473,708) 24,889 (1,448,819) Total liabilities (2,622,214) 173,960 (2,448,254) Total liabilities and stockholders' equity (4,042,441) 173,960 (3,868,481) As of December 31, 2015 (in thousands) As Previously Reported Adjustments As Restated (a) Current deferred tax asset $ 26,306 $ (24,889) $ 1,417 Long-term deferred tax asset 149,071 (149,071) — Current deferred tax liability (24,889) 24,889 — Long-term deferred tax liability (273,310) 149,071 (124,239) Net deferred tax liability $ (122,822) $ — $ (122,822) (a) The amounts reflected are prior to the Company's adoption of ASU 2015-03 (see discussion in Note 1) and ASU 2015-17, discussed below. In addition to the immaterial classification adjustments reflected above, the Company identified certain immaterial classification errors within the disclosure of the significant components of deferred tax assets and liabilities as of December 31, 2015. The following is a revised summary of the significant components of deferred tax assets and liabilities to reflect adjustments for the immaterial classification errors as of December 31, 2015: As of December 31, 2015 (in thousands) As Previously Reported Adjustments As Restated Deferred Tax Assets Timing of expense recognition $ 58,048 $ (34,468) $ 23,580 Net operating losses 3,564 1,914 5,478 Other, net 114,225 (84,883) 29,342 Deferred tax assets 175,837 (117,437) 58,400 Valuation allowance (460) — (460) Net deferred tax assets 175,377 (117,437) 57,940 Deferred Tax Liabilities Intangible assets, due primarily to purchase accounting (99,549) 62,392 (37,157) Fixed assets, due primarily to purchase accounting (101,022) 506 (100,516) Construction contract accounting (7,530) (1,667) (9,197) Joint ventures - construction (27,604) (2,345) (29,949) Other (62,494) 58,551 (3,943) Deferred tax liabilities (298,199) 117,437 (180,762) Net deferred tax liability $ (122,822) $ — $ (122,822) |
Reconciliation of Gross Unrecognized Tax Benefit | As of December 31, (in thousands) 2016 2015 2014 Beginning balance $ 3,612 $ 7,636 $ 5,459 Change in tax positions of prior years 3,543 (3,073) 426 Change in tax positions of current year 419 169 2,929 Reduction in tax positions for statute expirations — (1,120) (1,178) Ending Balance $ 7,574 $ 3,612 $ 7,636 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Share-Based Compensation [Abstract] | |
Summary of Restricted Stock Unit and Stock Option Activity | Restricted Stock Units Stock Options Weighted- Weighted- Average Average Grant Date Exercise/ Fair Value (Strike) Price Number Per Share Number Per Share Outstanding as of December 31, 2013 361,668 $ 17.30 1,295,000 $ 20.20 Granted 996,597 27.10 714,000 18.40 Expired or forfeited (20,000) 24.77 — — Vested/exercised (281,668) 16.76 (20,000) 12.54 Outstanding as of December 31, 2014 1,056,597 $ 26.54 1,989,000 $ 19.63 Granted 321,500 23.07 259,000 16.07 Expired or forfeited (281,560) 23.89 (250,000) 15.97 Vested/exercised (370,940) 27.07 — — Outstanding as of December 31, 2015 725,597 $ 25.28 1,998,000 $ 19.62 Granted 483,387 19.14 274,000 16.20 Vested/exercised (52,500) 18.74 (97,500) 12.72 Outstanding as of December 31, 2016 1,156,484 $ 22.64 2,174,500 $ 19.50 |
Summary Of Unrestricted Stock Units Issuance | Unrestricted Stock Units Weighted- Average Grant Date Fair Value Year Number Per Share 2014 $ 47,873 $ 30.81 2015 68,160 21.93 2016 64,603 21.67 |
Weighted-Average Assumptions Used in Estimating Grant Date Fair Values of Stock Option Awards | Year Ended December 31, 2016 2015 2014 Total stock options granted 274,000 259,000 714,000 Weighted-average grant date fair value $ 5.31 $ 12.48 $ 17.69 Weighted-average assumptions: Risk-Free Rate 1.2 % 1.3 % 1.8 % Expected life of options (a) 4.2 4.7 5.7 Expected volatility (b) 40.6 % 45.5 % 50.6 % Expected quarterly dividends $ — $ — $ — (a) Calculated using the simplified method due to the terms of the stock options and the limited pool of grantees. (b) Calculated using historical volatility of the Company’s common stock over periods commensurate with the expected life of the option. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Employee Benefit Plans [Abstract] | |
Summary of Net Periodic Benefit Cost | Year Ended December 31, (in thousands) 2016 2015 2014 Interest cost $ 4,153 $ 4,055 $ 4,144 Service cost 600 — — Expected return on plan assets (4,803) (5,021) (4,797) Recognized net actuarial losses 1,745 1,869 4,385 Net periodic benefit cost $ 1,695 $ 903 $ 3,732 Actuarial assumptions used to determine net cost: Discount rate 4.10 % 3.75 % 4.47 % Expected return on assets 6.00 % 6.50 % 6.75 % Rate of increase in compensation N/A N/A N/A |
Target and Actual Asset Allocation for Pension Plan by Asset Category | Percentage of Plan Assets as of December 31, Target Allocation Actual Allocation Asset Category 2017 2016 2015 Cash 5 % 4 % 4 % Equity securities: Domestic 50 47 61 International 25 28 30 Fixed income securities 20 21 5 Total 100 % 100 % 100 % |
Future Benefit Payments Under the Plans | Year ended December 31, (in thousands) 2017 $ 6,488 2018 6,632 2019 6,691 2020 6,717 2021 6,732 Thereafter 32,722 Total $ 65,982 |
Reconciliation of Changes in Fair Value of Plan Assets, Plan Benefit Obligations and Funded Status | Year Ended December 31, (in thousands) 2016 2015 Change in Fair Value of Plan Assets Balance at beginning of year $ 72,296 $ 75,956 Actual return on plan assets (1,909) (984) Company contribution 2,025 2,900 Benefit payments (6,355) (5,576) Balance at end of year $ 66,057 $ 72,296 Year Ended December 31, (in thousands) 2016 2015 Change in Benefit Obligations Balance at beginning of year $ 105,942 $ 110,923 Interest cost 4,153 4,055 Service cost 600 — Assumption change (gain) loss 308 (3,838) Actuarial (gain) loss (967) 378 Benefit payments (6,355) (5,576) Balance at end of year $ 103,681 $ 105,942 |
Net Amount Recognized in Consolidated Balance Sheets | As of December 31, (in thousands) 2016 2015 Funded status $ (37,624) $ (33,646) Amounts recognized in Consolidated Balance Sheets consist of: Current liabilities $ (271) $ (218) Long-term liabilities (37,353) (33,428) Net amount recognized in Consolidated Balance Sheets $ (37,624) $ (33,646) |
Amounts Not Yet Reflected in Net Periodic Benefit Cost and Included in Accumulated Other Comprehensive Loss | Year Ended December 31, (in thousands) 2016 2015 Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive loss Net actuarial loss $ (61,132) $ (56,824) Cumulative Company contributions in excess of net periodic benefit cost 23,508 23,178 Net amount recognized in Consolidated Balance Sheets $ (37,624) $ (33,646) |
Plan Assets at Fair Value | As of December 31, 2016 As of December 31, 2015 Fair Value Hierarchy Fair Value Hierarchy (in thousands) Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 2,437 $ 2,437 $ — $ — $ 2,654 $ 2,654 $ — $ — Fixed Income 14,023 14,023 — — 4,029 4,029 — — Equities — — — — 6,566 6,566 — — Mutual Funds 10,489 10,489 — — 6,994 6,994 — — $ 26,949 $ 26,949 $ — $ — $ 20,243 $ 20,243 $ — $ — Closely held funds (a) Equity Partnerships 6,931 7,920 Hedge Fund Investments 32,177 44,133 Total closely held funds (a) 39,108 52,053 Total $ 66,057 $ 26,949 $ — $ — $ 72,296 $ 20,243 $ — $ — (a) Closely held funds in private investment were measured at fair value using NAV and were not categorized in the fair value hierarchy. Although the investments were not categorized within the fair value hierarchy, the holdings of these private investment funds were comprised of a combination of Level 1, 2 and 3 investments, but were not categorized in the fair value hierarchy because they were measured at NAV using the practical expedient. This is a change from prior years’ presentation as there is no longer a requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the NAV per share practical expedient. |
Benefit Obligations in Excess of Fair Value of Plans' Assets | As of December 31, 2016 As of December 31, 2015 Benefit Benefit Pension Equalization Pension Equalization (in thousands) Plan Plan Total Plan Plan Total Projected benefit obligation $ 100,336 $ 3,345 $ 103,681 $ 102,495 $ 3,447 $ 105,942 Accumulated benefit obligation 100,336 3,345 103,681 102,495 3,447 105,942 Fair value of plans' assets 66,057 — 66,057 72,296 — 72,296 Projected benefit obligation greater than fair value of plans' assets $ 34,279 $ 3,345 $ 37,624 $ 30,199 $ 3,447 $ 33,646 Accumulated benefit obligation greater than fair value of plans' assets $ 34,279 $ 3,345 $ 37,624 $ 30,199 $ 3,447 $ 33,646 |
Key Information for the Plans | Expiration FIP/RP Date of Pension Protections Act Status Company Contributions Collective EIN/Pension Zone Status Pending Or (amounts in millions) Surcharge Bargaining Pension Fund Plan Number 2016 2015 Implemented 2016 (b) 2015 2014 Imposed Agreement The Pension, Hospitalization and Benefit Plan of the Electrical Industry - Pension Trust Fund 13-6123601/ 001 Green Green N/A $ 15.8 $ 13.6 (a) $ 11.8 (a) No 5/31/2019 Laborers Pension Trust Fund for Northern California 94-6277608 Yellow Yellow Implemented 5.6 2.8 1.9 No 6/30/2019 Carpenters Pension Trust Fund for Northern California 94-6050970 Red Red Implemented 4.4 2.7 1.9 No 6/30/2019 Excavators Union Local 731 Pension Fund 13-1809825/ 002 Green Green N/A 4.2 7.1 5.3 No 4/30/2022 Steamfitters Industry Pension Fund 13-6149680/ 001 Green Green N/A 3.9 6.2 (a) 5.1 (a) No 6/30/2017 Iron Workers Locals 40,361 & 417 Pension Fund 51-6102576/ 001 Green Yellow Implemented 3.8 5.2 (a) 0.7 No 6/30/2020 Local 147 Construction Workers Retirement Fund 13-6528181 Green Green N/A 3.7 5.6 (a) 1.3 No 6/30/2018 Southern California Gunite Workers Pension Fund 95-4354179 Green Green N/A 3.5 0.7 0.7 No 6/30/2019 (a) These amounts exceeded 5% of the respective total plan contributions. The Company's contributions as a percentage of total plan contributions were not available for any of our plans . |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Business Segments [Abstract] | |
Reportable Segments | Reportable Segments Specialty Segment Consolidated (in thousands) Civil Building Contractors Total Corporate Total Year ended December 31, 2016 Total revenue $ 1,830,857 $ 2,146,747 $ 1,234,272 $ 5,211,876 $ — $ 5,211,876 Elimination of intersegment revenue (161,894) (76,906) — (238,800) — (238,800) Revenue from external customers $ 1,668,963 $ 2,069,841 $ 1,234,272 $ 4,973,076 $ — $ 4,973,076 Income from construction operations $ 172,668 $ 51,564 $ 37,908 $ 262,140 $ (60,220) (a) $ 201,920 Capital expenditures $ 13,541 $ 516 $ 1,005 $ 15,062 $ 681 $ 15,743 Depreciation and amortization (b) $ 48,561 $ 2,186 $ 5,035 $ 55,782 $ 11,520 $ 67,302 Year ended December 31, 2015 Total Revenue $ 2,005,193 $ 1,900,492 $ 1,228,030 $ 5,133,715 $ — $ 5,133,715 Elimination of intersegment revenue (115,286) (97,957) — (213,243) — (213,243) Revenue from external customers $ 1,889,907 $ 1,802,535 $ 1,228,030 $ 4,920,472 $ — $ 4,920,472 Income from construction operations $ 145,213 $ (1,240) $ 15,682 $ 159,655 $ (54,242) (a) $ 105,413 Capital expenditures $ 8,383 $ 2,877 $ 1,193 $ 12,453 $ 23,459 $ 35,912 Depreciation and amortization (b) $ 22,601 $ 2,728 $ 5,507 $ 30,836 $ 10,798 $ 41,634 Year ended December 31, 2014 Total Revenue $ 1,730,468 $ 1,558,431 $ 1,301,328 $ 4,590,227 $ — $ 4,590,227 Elimination of intersegment revenue (43,324) (54,594) — (97,918) — (97,918) Revenue from external customers $ 1,687,144 $ 1,503,837 $ 1,301,328 $ 4,492,309 $ — $ 4,492,309 Income from construction operations $ 220,554 $ 24,697 $ 50,998 $ 296,249 $ (54,559) (a) $ 241,690 Capital expenditures $ 65,377 $ 735 $ 6,974 $ 73,086 $ 1,927 $ 75,013 Depreciation and amortization (b) $ 31,674 $ 3,466 $ 12,018 $ 47,158 $ 6,544 $ 53,702 (a) Consists primarily of corporate general and administrative expenses. (b) Depreciation and amortization is included in income from construction operations. |
Total Assets for Reportable Segments | As of December 31, (in thousands) 2016 2015 Civil $ 2,152,123 $ 1,957,991 Building 917,317 711,201 Specialty Contractors 813,851 808,598 Corporate and other (a) 155,329 383,510 Total Assets $ 4,038,620 $ 3,861,300 (a) Consists principally of cash , equipment , tax-related assets and insurance-related assets, offset by the elimination of assets related to intersegment revenue . |
Principal Geographical Areas | Year Ended December 31, (in thousands) 2016 2015 2014 Revenue: United States $ 4,802,393 $ 4,694,165 $ 4,323,471 Foreign and U.S. territories 170,683 226,307 168,838 Total $ 4,973,076 $ 4,920,472 $ 4,492,309 As of December 31, (in thousands) 2016 2015 Assets: United States $ 3,911,865 $ 3,687,973 Foreign and U.S. territories 126,755 173,327 Total Assets $ 4,038,620 $ 3,861,300 |
Reconciliation of Segment Results to Consolidated Income Before Income Taxes | Year Ended December 31, (in thousands) 2016 2015 2014 Income from construction operations $ 201,920 $ 105,413 $ 241,690 Other income (expense), net 6,977 13,569 (8,217) Interest expense (59,782) (45,143) (46,035) Income before income taxes $ 149,115 $ 73,839 $ 187,438 |
Unaudited Quarterly Financial30
Unaudited Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Unaudited Quarterly Financial Data [Abstract] | |
Unaudited Quarterly Selected Financial Data | First Second Third Fourth Year Ended December 31, 2016 Quarter Quarter Quarter Quarter Revenues $ 1,085,369 $ 1,308,130 $ 1,332,978 $ 1,246,599 Gross profit 105,092 109,770 124,668 117,660 Income from construction operations 40,122 48,829 60,919 52,050 Income before income taxes 26,724 35,780 47,926 38,685 Net income 15,400 21,361 28,801 30,260 Earnings per share: Basic $ 0.31 $ 0.43 $ 0.59 $ 0.62 Diluted 0.31 0.43 0.57 0.60 First Second Third Fourth Year Ended December 31, 2015 Quarter Quarter Quarter Quarter Revenues $ 1,066,465 $ 1,312,438 $ 1,340,739 $ 1,200,830 Gross profit 90,759 98,620 100,201 66,673 Income from construction operations 20,084 30,881 38,974 15,474 Income before income taxes 8,205 19,992 33,955 11,687 Net income 5,126 11,777 19,677 8,712 Earnings per share: Basic $ 0.11 $ 0.24 $ 0.40 $ 0.18 Diluted 0.10 0.24 0.40 0.18 |
Separate Financial Informatio31
Separate Financial Information of Subsidiary Guarantors of Indebtedness (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Separate Financial Information of Subsidiary Guarantors of Indebtedness [Abstract] | |
Condensed Consolidating Statement of Operations | CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31, 2016 (in thousands) Non- Tutor Perini Guarantor Guarantor Total Corporation Subsidiaries Subsidiaries Eliminations Consolidated Revenue $ 977,298 $ 4,316,658 $ 16,547 $ (337,427) $ 4,973,076 Cost of operations (861,695) (3,991,618) — 337,427 (4,515,886) Gross profit $ 115,603 $ 325,040 $ 16,547 $ — $ 457,190 General and administrative expenses (85,014) (168,394) (1,862) — (255,270) INCOME FROM CONSTRUCTION OPERATIONS $ 30,589 $ 156,646 $ 14,685 $ — $ 201,920 Equity in earnings of subsidiaries 113,369 — — (113,369) — Other income, net 892 6,294 1,002 (1,211) 6,977 Interest expense (58,787) (2,206) — 1,211 (59,782) Income (Loss) before income taxes 86,063 160,734 15,687 (113,369) 149,115 Provision for income taxes 9,759 (57,446) (5,606) — (53,293) NET INCOME (LOSS) $ 95,822 $ 103,288 $ 10,081 $ (113,369) $ 95,822 Other comprehensive income: Other comprehensive income of subsidiaries (601) — — 601 — Change in pension benefit plans assets/liabilities (2,623) — — — (2,623) Foreign currency translation — (261) — — (261) Change in fair value of investments — (340) — — (340) Change in fair value of interest rate swap (24) — — — (24) Total other comprehensive (loss) income (3,248) (601) — 601 (3,248) Total comprehensive income (loss) $ 92,574 $ 102,687 $ 10,081 $ (112,768) $ 92,574 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31, 2015 (in thousands) Non- Tutor Perini Guarantor Guarantor Total Corporation Subsidiaries Subsidiaries Eliminations Consolidated Revenue $ 1,064,723 $ 4,104,871 $ 13,405 $ (262,527) $ 4,920,472 Cost of operations (918,322) (3,908,424) — 262,527 (4,564,219) Gross profit $ 146,401 $ 196,447 $ 13,405 $ — $ 356,253 General and administrative expenses (77,806) (171,153) (1,881) — (250,840) INCOME FROM CONSTRUCTION OPERATIONS $ 68,595 $ 25,294 $ 11,524 $ — $ 105,413 Equity in earnings of subsidiaries 23,367 — — (23,367) — Other (expense) income, net 9,271 3,745 553 — 13,569 Interest expense (42,123) (3,020) — — (45,143) Income (Loss) before income taxes 59,110 26,019 12,077 (23,367) 73,839 Provision for income taxes (13,818) (10,060) (4,669) — (28,547) NET INCOME (LOSS) $ 45,292 $ 15,959 $ 7,408 $ (23,367) $ 45,292 Other comprehensive income: Other comprehensive income of subsidiaries (2,448) — — 2,448 — Change in pension benefit plans assets/liabilities 2,026 — — — 2,026 Foreign currency translation — (3,214) — — (3,214) Change in fair value of investments — 766 — — 766 Change in fair value of interest rate swap (125) — — — (125) Total other comprehensive income (loss) (547) (2,448) — 2,448 (547) Total comprehensive income (loss) $ 44,745 $ 13,511 $ 7,408 $ (20,919) $ 44,745 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31, 2014 (in thousands) Non- Tutor Perini Guarantor Guarantor Total Corporation Subsidiaries Subsidiaries Eliminations Consolidated Revenue $ 959,010 $ 3,690,075 $ — $ (156,776) $ 4,492,309 Cost of Operations (808,285) (3,353,098) 17,740 156,776 (3,986,867) Gross Profit $ 150,725 $ 336,977 $ 17,740 $ — $ 505,442 General and Administrative Expenses (80,151) (181,714) (1,887) — (263,752) INCOME FROM CONSTRUCTION OPERATIONS $ 70,574 $ 155,263 $ 15,853 $ — $ 241,690 Equity in earnings of subsidiaries 95,501 — — (95,501) — Other (expense) income, net (7,003) (1,705) 491 — (8,217) Interest expense (41,977) (4,058) — — (46,035) Income (Loss) before income taxes 117,095 149,500 16,344 (95,501) 187,438 Provision for income taxes (9,159) (63,411) (6,932) — (79,502) NET INCOME (LOSS) $ 107,936 $ 86,089 $ 9,412 $ (95,501) $ 107,936 Other comprehensive income: Other comprehensive income of subsidiaries (433) — — 433 — Change in pension benefit plans assets/liabilities (8,155) — — — (8,155) Foreign currency translation — (638) — — (638) Change in fair value of investments — 205 — — 205 Change in fair value of interest rate swap 349 — — — 349 Total other comprehensive (loss) income (8,239) (433) — 433 (8,239) Total comprehensive income (loss) $ 99,697 $ 85,656 $ 9,412 $ (95,068) $ 99,697 |
Condensed Consolidating Balance Sheet | CONDENSED CONSOLIDATING BALANCE SHEET - DECEMBER 31, 2016 (in thousands) Non- Tutor Perini Guarantor Guarantor Total Corporation Subsidiaries Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents $ 80,829 $ 65,079 $ 195 $ — $ 146,103 Restricted cash 2,016 2,211 46,277 — 50,504 Accounts receivable 426,176 1,441,263 107,380 (231,519) 1,743,300 Costs and estimated earnings in excess of billings 140,901 758,158 152 (67,385) 831,826 Other current assets 76,453 38,889 7,498 (56,817) 66,023 Total current assets $ 726,375 $ 2,305,600 $ 161,502 $ (355,721) $ 2,837,756 Property and equipment, net $ 74,739 $ 399,091 $ 3,796 $ — $ 477,626 Intercompany notes and receivables — 242,382 — (242,382) — Other assets: Goodwill — 585,006 — — 585,006 Intangible assets, net — 92,997 — — 92,997 Investment in subsidiaries 2,223,971 — — (2,223,971) — Other 42,324 8,905 2,407 (8,401) 45,235 $ 3,067,409 $ 3,633,981 $ 167,705 $ (2,830,475) $ 4,038,620 LIABILITIES AND STOCKHOLDERS’ EQUITY Current maturities of long-term debt $ 122,166 $ 23,724 $ — $ (60,000) $ 85,890 Accounts payable 280,342 937,428 2,495 (226,249) 994,016 Billings in excess of costs and estimated earnings 102,373 229,746 19,564 (20,571) 331,112 Accrued expenses and other current liabilities 60,227 76,002 20,597 (48,901) 107,925 Total Current Liabilities $ 565,108 $ 1,266,900 $ 42,656 $ (355,721) $ 1,518,943 Long-term debt, less current maturities $ 614,608 $ 65,015 $ — $ (5,994) $ 673,629 Deferred income taxes 16,475 116,939 — (2,407) 131,007 Other long-term liabilities 111,108 2,415 48,495 — 162,018 Intercompany notes and advances payable 207,087 — 35,295 (242,382) — Contingencies and commitments — — — — — Stockholders’ equity 1,553,023 2,182,712 41,259 (2,223,971) 1,553,023 $ 3,067,409 $ 3,633,981 $ 167,705 $ (2,830,475) $ 4,038,620 CONDENSED CONSOLIDATING BALANCE SHEET - DECEMBER 31, 2015 (in thousands) Non- Tutor Perini Guarantor Guarantor Total Corporation Subsidiaries Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents $ 47,196 $ 26,892 $ 1,364 $ — $ 75,452 Restricted cash 3,369 3,283 39,201 — 45,853 Accounts receivable 358,437 1,179,919 82,004 (146,745) 1,473,615 Costs and estimated earnings in excess of billings 114,580 868,026 152 (77,583) 905,175 Other current assets 60,119 48,482 11,662 (11,419) 108,844 Total current assets $ 583,701 $ 2,126,602 $ 134,383 $ (235,747) $ 2,608,939 Property and equipment, net $ 105,306 $ 414,143 $ 4,076 $ — $ 523,525 Intercompany notes and receivables — 148,637 — (148,637) — Other assets: — Goodwill — 585,006 — — 585,006 Intangible assets, net — 96,540 — — 96,540 Investment in subsidiaries 1,962,983 — — (1,962,983) — Other 60,978 7,067 3,392 (24,147) 47,290 $ 2,712,968 $ 3,377,995 $ 141,851 $ (2,371,514) $ 3,861,300 LIABILITIES AND STOCKHOLDERS’ EQUITY Current maturities of long-term debt $ 107,283 $ 41,634 $ — $ (60,000) $ 88,917 Accounts payable 211,679 890,268 3,222 (167,705) 937,464 Billings in excess of costs and estimated earnings 89,303 203,003 1,716 (5,711) 288,311 Accrued expenses and other current liabilities 6,146 123,497 25,239 (20,755) 134,127 Total Current Liabilities $ 414,411 $ 1,258,402 $ 30,177 $ (254,171) $ 1,448,819 Long-term debt, less current maturities $ 653,669 $ 80,821 $ — $ (5,723) $ 728,767 Deferred income taxes — 122,822 — — 122,822 Other long-term liabilities 106,588 3,278 30,799 — 140,665 Intercompany notes and advances payable 118,073 — 30,564 (148,637) — Contingencies and commitments — — — — — Stockholders’ equity 1,420,227 1,912,672 50,311 (1,962,983) 1,420,227 $ 2,712,968 $ 3,377,995 $ 141,851 $ (2,371,514) $ 3,861,300 |
Condensed Consolidating Statement of Cash Flows | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS YEAR ENDED DECEMBER 31, 2016 (in thousands) Non- Tutor Perini Guarantor Guarantor Total Corporation Subsidiaries Subsidiaries Eliminations Consolidated Cash Flows from Operating Activities: Net income (loss) $ 95,822 $ 103,288 $ 10,081 $ (113,369) $ 95,822 Adjustments to reconcile net income to net cash from operating activities: Depreciation and amortization 31,660 35,362 280 — 67,302 Equity in earnings of subsidiaries (113,369) — — 113,369 — Share-based compensation expense 13,423 — — — 13,423 Excess income tax benefit from share-based compensation (269) — — — (269) Change in debt discount and deferred debt issuance costs 10,968 — — — 10,968 Deferred income taxes 2,256 (12,425) — — (10,169) (Gain) loss on sale of investments — — — — — (Gain) loss on sale of property and equipment 148 305 — — 453 Other long-term liabilities 4,168 6,346 17,696 — 28,210 Other non-cash items (1,125) (749) — — (1,874) Changes in other components of working capital (108,973) 46,309 (27,866) — (90,530) NET CASH (USED) PROVIDED BY OPERATING ACTIVITIES $ (65,291) $ 178,436 $ 191 $ — $ 113,336 Cash Flows from Investing Activities: Acquisition of property and equipment excluding financed purchases (1,405) (14,338) — — (15,743) Proceeds from sale of property and equipment 164 1,735 — — 1,899 (Increase) decrease in intercompany advances — (94,732) — 94,732 — Change in restricted cash 1,353 1,072 (7,076) — (4,651) NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES $ 112 $ (106,263) $ (7,076) $ 94,732 $ (18,495) Cash Flows from Financing Activities: Issuance of Convertible Notes 200,000 — — — 200,000 Proceeds from debt 1,348,800 5,095 — — 1,353,895 Repayment of debt (1,523,603) (39,081) — — (1,562,684) Excess income tax benefit from share-based compensation 269 — — — 269 Issuance of common stock and effect of cashless exercise (584) — — — (584) Debt issuance costs (15,086) — — — (15,086) Increase (decrease) in intercompany advances 89,016 — 5,716 (94,732) — NET CASH (USED) PROVIDED BY FINANCING ACTIVITIES $ 98,812 $ (33,986) $ 5,716 $ (94,732) $ (24,190) Net (Decrease) Increase in Cash and Cash Equivalents 33,633 38,187 (1,169) — 70,651 Cash and Cash Equivalents at Beginning of Year 47,196 26,892 1,364 — 75,452 Cash and Cash Equivalents at End of Year $ 80,829 $ 65,079 $ 195 $ — $ 146,103 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS YEAR ENDED DECEMBER 31, 2015 (in thousands) Non- Tutor Perini Guarantor Guarantor Total Corporation Subsidiaries Subsidiaries Eliminations Consolidated Cash Flows from Operating Activities: Net income (loss) $ 45,292 $ 15,959 $ 7,408 $ (23,367) $ 45,292 Adjustments to reconcile net income to net cash from operating activities: Depreciation and amortization 8,612 32,746 276 — 41,634 Equity in earnings of subsidiaries (23,367) — — 23,367 — Share-based compensation expense 9,477 — — — 9,477 Excess income tax benefit from share-based compensation (186) — — — (186) Change in debt discount and deferred debt issuance costs 2,095 — — — 2,095 Adjustment interest rate swap to fair value (224) 224 — — — Deferred income taxes 1,399 36,083 (15,268) — 22,214 (Gain) loss on sale of property and equipment 82 (2,991) — — (2,909) Other long-term liabilities (3,157) 32,069 — — 28,912 Other non-cash items (248) (3,432) — — (3,680) Changes in other components of working capital (154,300) 49,868 (24,345) — (128,777) NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES $ (114,525) $ 160,526 $ (31,929) $ — $ 14,072 Cash Flows from Investing Activities: Acquisition of property and equipment excluding financed purchases (21,587) (14,286) (39) — (35,912) Proceeds from sale of property and equipment — 4,980 — — 4,980 (Increase) decrease in intercompany advances — (102,763) — 102,763 — Change in restricted cash — 1,991 (3,474) — (1,483) NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES $ (21,587) $ (110,078) $ (3,513) $ 102,763 $ (32,415) Cash Flows from Financing Activities: Proceeds from debt 981,855 31,350 — — 1,013,205 Repayment of debt (962,701) (91,670) — — (1,054,371) Excess income tax benefit from share-based compensation 186 — — — 186 Issuance of common stock and effect of cashless exercise (808) — — — (808) Increase (decrease) in intercompany advances 89,689 — 13,074 (102,763) — NET CASH (USED) PROVIDED BY FINANCING ACTIVITIES $ 108,221 $ (60,320) $ 13,074 $ (102,763) $ (41,788) Net Increase (Decrease) in Cash and Cash Equivalents (27,891) (9,872) (22,368) — (60,131) Cash and Cash Equivalents at Beginning of Year 75,087 36,764 23,732 — 135,583 Cash and Cash Equivalents at End of Year $ 47,196 $ 26,892 $ 1,364 $ — $ 75,452 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS YEAR ENDED DECEMBER 31, 2014 (in thousands) Non- Tutor Perini Guarantor Guarantor Total Corporation Subsidiaries Subsidiaries Eliminations Consolidated Cash Flows from Operating Activities: Net income (loss) $ 107,936 $ 86,089 $ 9,412 $ (95,501) $ 107,936 Adjustments to reconcile net income to net cash from operating activities: Depreciation and amortization 2,322 51,109 271 — 53,702 Equity in earnings of subsidiaries (95,501) — — 95,501 — Share-based compensation expense 19,256 (641) — — 18,615 Excess income tax benefit from share-based compensation (787) — — (787) Change in debt discount and deferred debt issuance costs 2,270 — — 2,270 Deferred income taxes 39,186 (17,726) — — 21,460 (Gain) loss on sale of investments 1,786 — — — 1,786 (Gain) loss on sale of property and equipment 833 (32) — — 801 Other long-term liabilities 20,221 (17,147) — — 3,074 Other non-cash items (7,029) 10,302 — — 3,273 Changes in other components of working capital (26,100) (264,203) 21,495 — (268,808) NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES $ 64,393 $ (152,249) $ 31,178 $ — $ (56,678) Cash Flows from Investing Activities: Acquisition of property and equipment (17,626) (57,387) — — (75,013) Proceeds from sale of property and equipment (784) 6,119 — — 5,335 Proceeds from sale of investments 44,497 — — — 44,497 Change in restricted cash 15,464 2,766 (20,006) — (1,776) NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES $ 41,551 $ (48,502) $ (20,006) $ — $ (26,957) Cash Flows from Financing Activities: Proceeds from debt 1,078,932 77,807 — — 1,156,739 Repayment of debt (957,830) (68,519) — — (1,026,349) Payments related to business acquisitions (26,430) — — — (26,430) Excess income tax benefit from share-based compensation 787 — — — 787 Issuance of common stock and effect of cashless exercise (1,772) 1 — — (1,771) Debt issuance costs (3,681) — — — (3,681) Increase (decrease) in intercompany advances (209,858) 210,195 (337) — — NET CASH (USED) PROVIDED BY FINANCING ACTIVITIES $ (119,852) $ 219,484 $ (337) $ — $ 99,295 Net Increase (Decrease) in Cash and Cash Equivalents (13,908) 18,733 10,835 — 15,660 Cash and Cash Equivalents at Beginning of Year 88,995 18,031 12,897 — 119,923 Cash and Cash Equivalents at End of Year $ 75,087 $ 36,764 $ 23,732 $ — $ 135,583 |
Summary of Significant Accoun32
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Costs and estimated earnings in excess of billings beyond one year | $ 414,700,000 | ||
Goodwill impairment charge | 0 | ||
Indefinite lived intangible assets impairment charge | $ 0 | ||
Adjustments [Member] | |||
Current deferred tax asset | $ (24,889,000) | ||
Reclassification [Member] | |||
Reclassified amortization of deferred debt issuance costs | 1,100,000 | $ 1,400,000 | |
Long-Term Debt, Less Current Maturities [Member] | Reclassification [Member] | |||
Unamortized debt issuance costs | $ 5,800,000 | ||
Convertible Notes [Member] | |||
Debt Instrument, Convertible, Conversion Price | $ 30.25 | ||
Debt Instrument, Convertible, Equity Shares | 33.0579 | ||
Convertible Notes [Member] | Circumstance Two [Member] | |||
Percentage of conversion price | 130.00% | ||
Debt Instrument, Convertible, Conversion Price | $ 39.32 | ||
Minimum [Member] | |||
Estimated useful lives | 3 years | ||
Maximum [Member] | |||
Estimated useful lives | 40 years |
Summary of Significant Accoun33
Summary of Significant Accounting Policies (Costs and Estimated Earnings in Excess of Billings) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Summary of Significant Accounting Policies [Abstract] | ||
Claims | $ 477,425 | $ 407,164 |
Unapproved change orders | 207,475 | 270,019 |
Other unbilled costs and profits | 146,926 | 227,992 |
Total costs and estimated earnings in excess of billings | $ 831,826 | $ 905,175 |
Summary of Significant Accoun34
Summary of Significant Accounting Policies (Calculations of Basic and Diluted EPS) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Summary of Significant Accounting Policies [Abstract] | |||||||||||
Net income | $ 30,260 | $ 28,801 | $ 21,361 | $ 15,400 | $ 8,712 | $ 19,677 | $ 11,777 | $ 5,126 | $ 95,822 | $ 45,292 | $ 107,936 |
Weighted-average common shares outstanding - basic | 49,150 | 48,981 | 48,562 | ||||||||
Effect of diluted stock options and unvested restricted stock | 714 | 685 | 552 | ||||||||
Weighted-average common shares outstanding - diluted | 49,864 | 49,666 | 49,114 | ||||||||
Net income per share: Basic | $ 0.62 | $ 0.59 | $ 0.43 | $ 0.31 | $ 0.18 | $ 0.40 | $ 0.24 | $ 0.11 | $ 1.95 | $ 0.92 | $ 2.22 |
Net income per share: Diluted | $ 0.60 | $ 0.57 | $ 0.43 | $ 0.31 | $ 0.18 | $ 0.40 | $ 0.24 | $ 0.10 | $ 1.92 | $ 0.91 | $ 2.20 |
Anti-dilutive securities not included above | 1,132 | 1,372 | 9 |
Summary of Significant Accoun35
Summary of Significant Accounting Policies (Cash and Cash Equivalents and Restricted Cash) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Total cash and cash equivalents | $ 146,103 | $ 75,452 | $ 135,583 | $ 119,923 |
Restricted cash | 50,504 | 45,853 | ||
Company's Share Of Joint Venture [Member] | ||||
Total cash and cash equivalents | 96,564 | 57,043 | ||
Corporate Cash And Cash Equivalents [Member] | ||||
Total cash and cash equivalents | $ 49,539 | $ 18,409 |
Summary of Significant Accoun36
Summary of Significant Accounting Policies (Tax Effects of Componenets of Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Summary of Significant Accounting Policies [Abstract] | |||
Defined benefit pension plan adjustments, Before-Tax Amount | $ (4,452) | $ 31 | $ (13,887) |
Defined benefit pension plan adjustments, Tax (Expense) Benefit | 1,829 | 1,995 | 5,732 |
Defined benefit pension plan adjustments, Net-of-Tax Amount | (2,623) | 2,026 | (8,155) |
Foreign currency translation adjustment, Before-Tax Amount | (439) | (5,897) | (1,086) |
Foreign currency translation adjustment, Tax (Expense) Benefit | 178 | 2,683 | 448 |
Foreign currency translation adjustment, Net-of-Tax Amount | (261) | (3,214) | (638) |
Unrealized gain (loss) in fair value of investments, Before-Tax Amount | (576) | 1,123 | 346 |
Unrealized gain (loss) in fair value of investments, Tax (Expense) Benefit | 236 | (357) | (141) |
Unrealized gain (loss) in fair value of investments, Net-of-Tax Amount | (340) | 766 | 205 |
Unrealized gain (loss) in fair value of interest rate swap, Before-Tax Amount | (45) | (37) | 594 |
Unrealized gain (loss) in fair value of interest rate swap, Tax (Expense) Benefit | 21 | (88) | (245) |
Unrealized gain (loss) in fair value of interest rate swap, Net-of-Tax Amount | (24) | (125) | 349 |
Total other comprehensive (loss) income, Before-Tax Amount | (5,512) | (4,780) | (14,033) |
Total other comprehensive (loss) income, Tax (Expense) Benefit | 2,264 | 4,233 | 5,794 |
Total other comprehensive loss, net of tax | $ (3,248) | $ (547) | $ (8,239) |
Summary of Significant Accoun37
Summary of Significant Accounting Policies (Changes in AOCI Balances by Component) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Balance | $ 1,420,227 | $ 1,365,505 | $ 1,247,535 |
Other comprehensive income (loss) | (3,248) | (547) | (8,239) |
Balance | 1,553,023 | 1,420,227 | 1,365,505 |
Accumulated Other Comprehensive (Loss) Income [Member] | |||
Balance | (42,165) | (41,618) | (33,379) |
Other comprehensive income (loss) | (3,248) | (547) | (8,239) |
Other comprehensive loss before reclassifications | (4,347) | ||
Amounts reclassified from AOCI | 1,099 | ||
Balance | (45,413) | (42,165) | (41,618) |
Defined Benefit Pension Plan [Member] | |||
Balance | (38,242) | (40,268) | (32,113) |
Other comprehensive income (loss) | 2,026 | (8,155) | |
Other comprehensive loss before reclassifications | (3,722) | ||
Amounts reclassified from AOCI | 1,099 | ||
Balance | (40,865) | (38,242) | (40,268) |
Foreign Currency Translation [Member] | |||
Balance | (4,603) | (1,389) | (751) |
Other comprehensive income (loss) | (3,214) | (638) | |
Other comprehensive loss before reclassifications | (261) | ||
Balance | (4,864) | (4,603) | (1,389) |
Unrealized Gain (Loss) In Fair Value Of Investments [Member] | |||
Balance | 656 | (110) | (315) |
Other comprehensive income (loss) | 766 | 205 | |
Other comprehensive loss before reclassifications | (340) | ||
Balance | 316 | 656 | (110) |
Unrealized Gain (Loss) In Fair Value Of Interest Rate Swap [Member] | |||
Balance | 24 | 149 | (200) |
Other comprehensive income (loss) | (125) | 349 | |
Other comprehensive loss before reclassifications | $ (24) | ||
Balance | $ 24 | $ 149 |
Summary of Significant Accoun38
Summary of Significant Accounting Policies (Schedule Of Items Reclassified Out Of AOCI And The Corresponding Location And Impact On The Condensed Consolidated Statement Of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Income tax benefit (expense) | $ 53,293 | $ 28,547 | $ 79,502 | ||||||||
NET INCOME | $ 30,260 | $ 28,801 | $ 21,361 | $ 15,400 | $ 8,712 | $ 19,677 | $ 11,777 | $ 5,126 | 95,822 | $ 45,292 | $ 107,936 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Defined benefit pension plan adjustments | 1,745 | ||||||||||
Income tax benefit (expense) | (646) | ||||||||||
NET INCOME | $ 1,099 |
Consolidated Statement of Cas39
Consolidated Statement of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Consolidated Statement of Cash Flows [Abstract] | |||
Accounts receivable | $ (269,900) | $ 4,734 | $ (186,384) |
Costs and estimated earnings in excess of billings | 73,349 | (178,774) | (153,153) |
Other current assets | 39,480 | (38,616) | (17,450) |
Accounts payable | 56,552 | 139,290 | 33,667 |
Billings in excess of costs and estimated earnings | 42,926 | (30,985) | 51,711 |
Accrued expenses | (32,937) | (24,426) | 2,801 |
Changes in other components of working capital | (90,530) | (128,777) | (268,808) |
Interest | 47,403 | 45,055 | 45,236 |
Income taxes | $ 26,908 | $ 35,299 | 75,494 |
Property and equipment acquired through financing arrangements not included in cash flows from financing activities | $ 816 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Assets, Level 1 to Level 2 Transfers, Description | The Company did not have material transfers between Levels 1 and 2 for either financial assets or liabilities during the years ended December 31, 2016 and 2015. | |
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | $ 0 | |
Issuance of convertible notes | 200,000,000 | |
2010 Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | 302,600,000 | $ 305,600,000 |
Convertible Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | 228,400,000 | |
Convertible Notes [Member] | Liability Component [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Issuance of convertible notes | $ 153,200,000 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities Measured at Fair Value on Recurring Basis)(Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Assets: | ||
Restricted cash | $ 50,504 | $ 45,853 |
Recurring [Member] | ||
Assets: | ||
Cash and cash equivalents | 146,103 | 75,452 |
Restricted cash | 50,504 | 45,853 |
Investments in lieu of customer retainage | 51,266 | 41,566 |
Total | 247,873 | 162,871 |
Liabilities: | ||
Interest rate swap contract | 45 | |
Total | 45 | |
Recurring [Member] | Level 1 [Member] | ||
Assets: | ||
Cash and cash equivalents | 146,103 | 75,452 |
Restricted cash | 50,504 | 45,853 |
Investments in lieu of customer retainage | 46,855 | 35,350 |
Total | 243,462 | 156,655 |
Recurring [Member] | Level 2 [Member] | ||
Assets: | ||
Investments in lieu of customer retainage | 4,411 | 6,216 |
Total | 4,411 | 6,216 |
Liabilities: | ||
Interest rate swap contract | 45 | |
Total | $ 45 | |
Recurring [Member] | Level 3 [Member] | ||
Assets: | ||
Cash and cash equivalents | ||
Restricted cash | ||
Investments in lieu of customer retainage | ||
Total | ||
Liabilities: | ||
Interest rate swap contract | ||
Total |
Fair Value Measurements (Change
Fair Value Measurements (Changes in Level 3 Liabilities Measured at Fair Value on Recurring Basis) (Details) - Contingent Consideration [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Beginning balance | $ 24,814 |
Fair value adjustments included in other income (expense), net | (3,739) |
Amount no longer subject to contingency | $ (21,075) |
Goodwill and Other Intangible43
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill | $ 585,006 | $ 585,006 | $ 585,000 |
Amortization expense | 3,500 | 3,700 | 13,500 |
Finite-Lived intangible assets | |||
2,017 | 3,500 | ||
2,018 | 3,500 | ||
2,019 | 3,500 | ||
2,020 | 3,500 | ||
2,021 | 3,500 | ||
Civil [Member] | |||
Goodwill | 415,300 | 415,300 | 415,300 |
Accumulated Impairment | 76,700 | 76,700 | 76,700 |
Building [Member] | |||
Goodwill | 13,500 | 13,500 | 13,500 |
Accumulated Impairment | 411,300 | 411,300 | 411,300 |
Specialty Contractors [Member] | |||
Goodwill | 156,200 | 156,200 | $ 156,200 |
Trade Names [Member] | |||
Indefinite-lived intangible assets | |||
Indefinite-lived intangible assets, carrying value | 50,400 | 50,400 | |
Trade Names [Member] | |||
Finite-Lived intangible assets | |||
Finite-lived intangible assets, gross carrying value | 51,100 | 51,100 | |
Accumulated Amortization | $ 13,800 | 11,300 | |
Weighted Average Amortization Period | 20 years | ||
Customer Relationships [Member] | |||
Finite-Lived intangible assets | |||
Finite-lived intangible assets, gross carrying value | $ 23,200 | 23,200 | |
Accumulated Amortization | $ 17,900 | $ 16,800 | |
Weighted Average Amortization Period | 12 years |
Financial Commitments (Narrativ
Financial Commitments (Narrative) (Details) | 12 Months Ended | ||||
Dec. 31, 2016USD ($)contract$ / sharesshares | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2016 | Mar. 31, 2016 | |
Debt Instrument [Line Items] | |||||
Issuance of convertible notes | $ 200,000,000 | ||||
Equipment Financing, Mortgages And Acquisition-Related Notes [Abstract] | |||||
Loan outstanding | 759,519,000 | $ 817,684,000 | |||
Operating leases, rent expense | 28,200,000 | 17,400,000 | $ 24,400,000 | ||
Letter Of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Face amount | 150,000,000 | ||||
Letters of credit outstanding | $ 200,000 | ||||
Convertible Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt issuance date | Jun. 15, 2016 | ||||
Face amount | $ 200,000,000 | ||||
Interest rate (as a percent) | 2.875% | ||||
Maturity date | Jun. 15, 2021 | ||||
Conversion price, shares | shares | 33.0579 | ||||
Conversion price, principal amount | $ 1,000 | ||||
Conversion price | $ / shares | $ 30.25 | ||||
Imputed interest rate (as a percent) | 9.39% | ||||
Equipment Financing, Mortgages And Acquisition-Related Notes [Abstract] | |||||
Loan outstanding | $ 152,668,000 | ||||
Convertible Notes [Member] | Circumstance One [Member] | |||||
Debt Instrument [Line Items] | |||||
Business day period after consecutive trading day period | 5 days | ||||
Consecutive trading day period | 10 days | ||||
Percentage of conversion price | 98.00% | ||||
Conversion price, principal amount | $ 1,000 | ||||
Convertible Notes [Member] | Circumstance Two [Member] | |||||
Debt Instrument [Line Items] | |||||
Business day period after consecutive trading day period | 20 days | ||||
Percentage of conversion price | 130.00% | ||||
Conversion price | $ / shares | $ 39.32 | ||||
Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Face amount | $ 250,000,000 | ||||
Prepayment of debt | $ 125,000,000 | ||||
Imputed interest rate (as a percent) | 4.68% | ||||
Equipment Financing, Mortgages And Acquisition-Related Notes [Abstract] | |||||
Loan outstanding | $ 54,650,000 | 222,120,000 | |||
2010 Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Face amount | $ 300,000,000 | ||||
Interest rate (as a percent) | 7.625% | ||||
Maturity date | Nov. 1, 2018 | ||||
Imputed interest rate (as a percent) | 7.99% | ||||
Equipment Financing, Mortgages And Acquisition-Related Notes [Abstract] | |||||
Loan outstanding | $ 298,120,000 | 297,118,000 | |||
Equipment Financing Loans [Member] | |||||
Equipment Financing, Mortgages And Acquisition-Related Notes [Abstract] | |||||
Loan outstanding | $ 84,900,000 | 115,600,000 | |||
Transportation-Equipment Financing Loans [Member] | |||||
Equipment Financing, Mortgages And Acquisition-Related Notes [Abstract] | |||||
Term of debt | 10 years | ||||
Transportation-Equipment Financing Loans Ballon Payment 2021 [Member] | |||||
Equipment Financing, Mortgages And Acquisition-Related Notes [Abstract] | |||||
Balloon payments | $ 12,400,000 | ||||
Transportation-Equipment Financing Loans Ballon Payment 2022 [Member] | |||||
Equipment Financing, Mortgages And Acquisition-Related Notes [Abstract] | |||||
Balloon payments | 6,300,000 | ||||
Mortgages [Member] | |||||
Equipment Financing, Mortgages And Acquisition-Related Notes [Abstract] | |||||
Loan outstanding | $ 16,700,000 | 17,700,000 | |||
Interest rate, minimum (as a percent) | 2.50% | ||||
Term of debt | 7 years | ||||
Mortgages Balloon Payment in 2018 [Member] | |||||
Equipment Financing, Mortgages And Acquisition-Related Notes [Abstract] | |||||
Balloon payments | $ 2,600,000 | ||||
Mortgages Balloon Payment in 2021 [Member] | |||||
Equipment Financing, Mortgages And Acquisition-Related Notes [Abstract] | |||||
Balloon payments | 2,900,000 | ||||
Mortgages Balloon Payment in 2023 [Member] | |||||
Equipment Financing, Mortgages And Acquisition-Related Notes [Abstract] | |||||
Balloon payments | $ 6,700,000 | ||||
Minimum [Member] | Convertible Notes [Member] | Circumstance Two [Member] | |||||
Debt Instrument [Line Items] | |||||
Consecutive trading day period | 30 days | ||||
Minimum [Member] | Equipment Financing Loans [Member] | |||||
Equipment Financing, Mortgages And Acquisition-Related Notes [Abstract] | |||||
Interest rate, minimum (as a percent) | 1.90% | ||||
Maximum [Member] | Equipment Financing Loans [Member] | |||||
Equipment Financing, Mortgages And Acquisition-Related Notes [Abstract] | |||||
Interest rate, maximum (as a percent) | 5.93% | ||||
2014 Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Maturity date | May 1, 2018 | ||||
Number of amendments | contract | 2 | ||||
Maximum adjustment to Applicable Rate (as a percent) | 1.00% | ||||
Percentage of foreign restricted subsidiary stock pledged as collateral | 65.00% | ||||
Imputed interest rate (as a percent) | 9.86% | ||||
2014 Credit Facility [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Consolidated leverage ratio | 3 | ||||
2014 Credit Facility [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Consolidated leverage ratio | 3.25 | ||||
2014 Credit Facility [Member] | Amendment One [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Consolidated leverage ratio | 3.50 | ||||
2014 Credit Facility [Member] | Amendment One [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Consolidated leverage ratio | 4.25 | 4 | |||
2014 Revolver [Member] | |||||
Debt Instrument [Line Items] | |||||
Repayment of debt | $ 69,000,000 | ||||
Maximum borrowing capacity | $ 300,000,000 | ||||
Imputed interest rate (as a percent) | 5.05% | ||||
Outstanding borrowings | $ 147,300,000 | ||||
Equipment Financing, Mortgages And Acquisition-Related Notes [Abstract] | |||||
Loan outstanding | 147,990,000 | 155,815,000 | |||
Brightwater Matter [Member] | |||||
Debt Instrument [Line Items] | |||||
Pre-tax charges | 23,900,000 | ||||
Five Star Electric [Member] | |||||
Debt Instrument [Line Items] | |||||
Pre-tax charges | $ 45,600,000 | ||||
Liability Component [Member] | Convertible Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Face amount | 200,000,000 | ||||
Issuance of convertible notes | 153,200,000 | ||||
Unamortized debt issuance costs | 5,051,000 | ||||
Reclassified amortization of deferred debt issuance costs | 4,519,000 | ||||
Equity Component [Member] | Convertible Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Conversion feature | 46,800,000 | ||||
Unamortized debt issuance costs | $ 1,543,000 | ||||
Prime Rate [Member] | 2014 Revolver [Member] | Minimum [Member] | Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate (as a percent)) | 1.25% | ||||
Equipment Financing, Mortgages And Acquisition-Related Notes [Abstract] | |||||
Basis points added to reference rate (as a percent) | 1.25% | ||||
Prime Rate [Member] | 2014 Revolver [Member] | Maximum [Member] | Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate (as a percent)) | 3.00% | ||||
Equipment Financing, Mortgages And Acquisition-Related Notes [Abstract] | |||||
Basis points added to reference rate (as a percent) | 3.00% | ||||
LIBOR [Member] | Mortgages [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate (as a percent)) | 3.00% | ||||
Equipment Financing, Mortgages And Acquisition-Related Notes [Abstract] | |||||
Basis points added to reference rate (as a percent) | 3.00% | ||||
LIBOR [Member] | 2014 Revolver [Member] | Minimum [Member] | Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate (as a percent)) | 1.25% | ||||
Equipment Financing, Mortgages And Acquisition-Related Notes [Abstract] | |||||
Basis points added to reference rate (as a percent) | 1.25% | ||||
LIBOR [Member] | 2014 Revolver [Member] | Maximum [Member] | Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate (as a percent)) | 3.00% | ||||
Equipment Financing, Mortgages And Acquisition-Related Notes [Abstract] | |||||
Basis points added to reference rate (as a percent) | 3.00% |
Financial Commitments (Long-Ter
Financial Commitments (Long-Term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Total debt | $ 759,519 | $ 817,684 |
Less - current maturities | (85,890) | (88,917) |
Long-term debt, net | 673,629 | 728,767 |
Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 54,650 | 222,120 |
2010 Notes [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 298,120 | 297,118 |
Convertible Notes [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 152,668 | |
Equipment Financing And Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 101,558 | 133,288 |
Other Indebtedness [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 4,533 | 9,343 |
2014 Revolver [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | $ 147,990 | $ 155,815 |
Financial Commitments (Reconcil
Financial Commitments (Reconciliation Of Outstanding Debt Balance To Reported Debt Balance) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Outstanding Long-Term Debt | $ 815,591 | |
Unamortized Discount and Issuance Cost | (56,072) | $ (6,697) |
Total debt | 759,519 | 817,684 |
2014 Revolver [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding Long-Term Debt | 152,500 | 158,000 |
Unamortized Discount and Issuance Cost | (4,510) | (2,185) |
Total debt | 147,990 | 155,815 |
Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding Long-Term Debt | 57,000 | 223,750 |
Unamortized Discount and Issuance Cost | (2,350) | (1,630) |
Total debt | 54,650 | 222,120 |
2010 Notes [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding Long-Term Debt | 300,000 | 300,000 |
Unamortized Discount and Issuance Cost | (1,880) | (2,882) |
Total debt | 298,120 | $ 297,118 |
Convertible Notes [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding Long-Term Debt | 200,000 | |
Unamortized Discount and Issuance Cost | (47,332) | |
Total debt | $ 152,668 |
Financial Commitments (Summary
Financial Commitments (Summary Of Information Related To The Liability And Equity Components Of The Convertible Notes) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||
Net deferred tax liability | $ (129,661,000) | $ (122,822,000) |
Convertible Notes [Member] | ||
Debt Instrument [Line Items] | ||
Principal | 200,000,000 | |
Liability Component [Member] | Convertible Notes [Member] | ||
Debt Instrument [Line Items] | ||
Principal | 200,000,000 | |
Conversion feature | (46,800,000) | |
Allocated debt issuance costs | (5,051,000) | |
Amortization of discount and debt issuance costs (non-cash interest expense) | 4,519,000 | |
Net carrying amount | 152,668,000 | |
Equity Component [Member] | Convertible Notes [Member] | ||
Debt Instrument [Line Items] | ||
Conversion feature | 46,800,000 | |
Allocated debt issuance costs | (1,543,000) | |
Net deferred tax liability | (18,815,000) | |
Net carrying amount | $ 26,442,000 |
Financial Commitments (Principa
Financial Commitments (Principal Payments of Long-Term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Financial Commitments [Abstract] | ||
2,017 | $ 85,890 | |
2,018 | 478,583 | |
2,019 | 12,294 | |
2,020 | 5,378 | |
2,021 | 218,923 | |
Thereafter | 14,523 | |
Subtotal | 815,591 | |
Less: Unamortized Discount and Issuance Cost | (56,072) | $ (6,697) |
Total debt | $ 759,519 | $ 817,684 |
Financial Commitments (Summar49
Financial Commitments (Summary Of Interest Expense As Reported In The Consolidated Statements of Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Interest on debt | $ 3,623 | $ 5,805 | $ 7,910 |
Total cash interest expense | 48,814 | 43,048 | 43,765 |
Total non-cash interest expense | 10,968 | 2,095 | 2,270 |
Interest Expense, Total | 59,782 | 45,143 | 46,035 |
2010 Notes [Member] | |||
Interest on debt | 22,875 | 22,875 | 22,875 |
Total non-cash interest expense | $ 1,002 | 979 | 951 |
Imputed interest rate (as a percent) | 7.99% | ||
Convertible Notes [Member] | |||
Interest on debt | $ 3,115 | ||
Total non-cash interest expense | $ 4,519 | ||
Imputed interest rate (as a percent) | 9.39% | ||
2014 Credit Facility [Member] | |||
Interest on debt | $ 19,201 | 14,368 | 12,980 |
Total non-cash interest expense | $ 5,447 | $ 1,116 | $ 1,319 |
Imputed interest rate (as a percent) | 9.86% |
Financial Commitments (Future M
Financial Commitments (Future Minimum Rent Payments under Non-Cancelable Operating Leases) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Financial Commitments [Abstract] | |
2,017 | $ 22,950 |
2,018 | 13,612 |
2,019 | 9,983 |
2,020 | 7,417 |
2,021 | 5,455 |
Thereafter | 19,260 |
Subtotal | 78,677 |
Less - Sublease rental agreements | (3,150) |
Total | $ 75,527 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Abstract] | ||||
Valuation allowance | $ 460 | $ 460 | ||
Undistributed earnings in its foreign operations | 19,700 | |||
Net increase (decrease) in unrecognized tax benefit | (4,000) | 4,000 | $ (2,200) | |
Gross unrecognized tax benefits | $ 7,574 | $ 3,612 | $ 7,636 | $ 5,459 |
Income Taxes (Summary of Income
Income Taxes (Summary of Income Before Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Abstract] | |||||||||||
United States Operations | $ 128,072 | $ 69,822 | $ 170,517 | ||||||||
Foreign Operations | 21,043 | 4,017 | 16,921 | ||||||||
INCOME BEFORE INCOME TAXES | $ 38,685 | $ 47,926 | $ 35,780 | $ 26,724 | $ 11,687 | $ 33,955 | $ 19,992 | $ 8,205 | $ 149,115 | $ 73,839 | $ 187,438 |
Income Taxes (Provision for Inc
Income Taxes (Provision for Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current expense: | |||
Federal | $ 43,850 | $ 5,465 | $ 45,074 |
State | 13,039 | (362) | 11,174 |
Foreign | 6,573 | 1,126 | 3,203 |
Total current | 63,462 | 6,229 | 59,451 |
Deferred (benefit) expense: | |||
Federal | (3,054) | 19,583 | 9,992 |
State | (5,302) | 2,735 | 10,059 |
Foreign | (1,813) | ||
Total deferred | (10,169) | 22,318 | 20,051 |
Total provision | $ 53,293 | $ 28,547 | $ 79,502 |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Provision for Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of Provision for Income Taxes | |||
Federal income expense at statutory tax rate | $ 52,190 | $ 25,844 | $ 65,603 |
State income taxes, net of federal tax benefit | 5,972 | 1,250 | 10,367 |
Officers' compensation | 3,807 | 2,900 | 3,657 |
Domestic Production Activities Deduction | (4,018) | (1,499) | (5,170) |
Impact of state tax rate changes on deferred taxes | (1,358) | 2,435 | 3,245 |
Other | (3,300) | (2,383) | 1,800 |
Total provision | $ 53,293 | $ 28,547 | $ 79,502 |
Reconciliation of Effective Income Tax Rate | |||
Federal income expense at statutory tax rate (in hundredths) | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal tax benefit (in hundredths) | 4.00% | 1.70% | 5.50% |
Officers' compensation (in hundredths) | 2.60% | 3.90% | 2.00% |
Domestic Production Activities Deduction (in hundredths) | (2.70%) | (2.00%) | (2.80%) |
Impact of state tax rate changes on deferred taxes (in hundredths) | (0.90%) | 3.30% | 1.70% |
Other (in hundredths) | (2.30%) | (3.20%) | |
Other (in hundredths) | 1.00% | ||
Total (benefit) provision (in hundredths) | 35.70% | 38.70% | 42.40% |
Income Taxes (Significant Compo
Income Taxes (Significant Components of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred Tax Assets | ||
Timing of expense recognition | $ 36,055 | $ 23,580 |
Net operating losses | 10,140 | 5,478 |
Other, net | 33,507 | 29,342 |
Deferred tax assets | 79,702 | 58,400 |
Valuation Allowance | (460) | (460) |
Net deferred tax assets | 79,242 | 57,940 |
Deferred Tax Liabilities | ||
Intangible assets, due primarily to purchase accounting | (34,679) | (37,157) |
Fixed assets, due primarily to purchase accounting | (107,081) | (100,516) |
Construction contract accounting | (12,564) | (9,197) |
Joint ventures - construction | (29,609) | (29,949) |
Other | (24,970) | (3,943) |
Deferred tax liabilities | (208,903) | (180,762) |
Net deferred tax liability | (129,661) | (122,822) |
Net Deferred Tax Liability | ||
Deferred tax asset | 1,346 | |
Deferred tax liability | (131,007) | (122,822) |
Net deferred tax liability | $ (129,661) | $ (122,822) |
Income Taxes (Adjustment to Sig
Income Taxes (Adjustment to Significant Components of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Deferred Tax Assets | |||
Timing of expense recognition | $ 36,055 | $ 23,580 | |
Net operating losses | 10,140 | 5,478 | |
Other, net | 33,507 | 29,342 | |
Deferred tax assets | 79,702 | 58,400 | |
Valuation Allowance | (460) | (460) | |
Net deferred tax assets | 79,242 | 57,940 | |
Deferred Tax Liabilities | |||
Intangible assets, due primarily to purchase accounting | (34,679) | (37,157) | |
Fixed assets, due primarily to purchase accounting | (107,081) | (100,516) | |
Construction contract accounting | (12,564) | (9,197) | |
Joint ventures - construction | (29,609) | (29,949) | |
Other | (24,970) | (3,943) | |
Deferred tax liabilities | (208,903) | (180,762) | |
Net deferred tax liability | (129,661) | (122,822) | |
Total current assets | 2,837,756 | 2,608,939 | |
Other assets | 45,235 | 47,290 | |
Total assets | 4,038,620 | 3,861,300 | |
Accrued expenses and other current liabilities | 107,925 | 134,127 | |
Total current liabilities | 1,518,943 | 1,448,819 | |
Total liabilities | 2,485,597 | 2,441,073 | |
Total liabilities and stockholders' equity | 4,038,620 | 3,861,300 | |
Net Deferred Tax Liability | |||
Long-term deferred tax asset | 1,346 | ||
Long-term deferred tax liability | (131,007) | (122,822) | |
Net deferred tax liability | $ (129,661) | (122,822) | |
As Previously Reported [Member] | |||
Deferred Tax Assets | |||
Timing of expense recognition | 58,048 | ||
Net operating losses | 3,564 | ||
Other, net | 114,225 | ||
Deferred tax assets | 175,837 | ||
Valuation Allowance | (460) | ||
Net deferred tax assets | 175,377 | ||
Deferred Tax Liabilities | |||
Intangible assets, due primarily to purchase accounting | (99,549) | ||
Fixed assets, due primarily to purchase accounting | (101,022) | ||
Construction contract accounting | (7,530) | ||
Joint ventures - construction | (27,604) | ||
Other | (62,494) | ||
Deferred tax liabilities | (298,199) | ||
Net deferred tax liability | (122,822) | ||
Total current assets | 2,635,245 | ||
Other assets | 202,125 | ||
Total assets | 4,042,441 | ||
Accrued expenses and other current liabilities | (159,016) | ||
Total current liabilities | (1,473,708) | ||
Total liabilities | (2,622,214) | ||
Total liabilities and stockholders' equity | (4,042,441) | ||
Net Deferred Tax Liability | |||
Current deferred tax asset | 26,306 | ||
Long-term deferred tax asset | 149,071 | ||
Current deferred tax liability | (24,889) | ||
Long-term deferred tax liability | (273,310) | ||
Net deferred tax liability | (122,822) | ||
Adjustments [Member] | |||
Deferred Tax Assets | |||
Timing of expense recognition | (34,468) | ||
Net operating losses | 1,914 | ||
Other, net | (84,883) | ||
Deferred tax assets | (117,437) | ||
Net deferred tax assets | (117,437) | ||
Deferred Tax Liabilities | |||
Intangible assets, due primarily to purchase accounting | 62,392 | ||
Fixed assets, due primarily to purchase accounting | 506 | ||
Construction contract accounting | (1,667) | ||
Joint ventures - construction | (2,345) | ||
Other | 58,551 | ||
Deferred tax liabilities | 117,437 | ||
Total current assets | (24,889) | ||
Other assets | (149,071) | ||
Total assets | (173,960) | ||
Accrued expenses and other current liabilities | 24,889 | ||
Total current liabilities | 24,889 | ||
Total liabilities | 173,960 | ||
Total liabilities and stockholders' equity | 173,960 | ||
Net Deferred Tax Liability | |||
Current deferred tax asset | (24,889) | ||
Long-term deferred tax asset | (149,071) | ||
Current deferred tax liability | 24,889 | ||
Long-term deferred tax liability | 149,071 | ||
As Restated [Member] | |||
Deferred Tax Assets | |||
Timing of expense recognition | 23,580 | ||
Net operating losses | 5,478 | ||
Other, net | 29,342 | ||
Deferred tax assets | 58,400 | ||
Valuation Allowance | (460) | ||
Net deferred tax assets | 57,940 | ||
Deferred Tax Liabilities | |||
Intangible assets, due primarily to purchase accounting | (37,157) | ||
Fixed assets, due primarily to purchase accounting | (100,516) | ||
Construction contract accounting | (9,197) | ||
Joint ventures - construction | (29,949) | ||
Other | (3,943) | ||
Deferred tax liabilities | (180,762) | ||
Net deferred tax liability | [1] | (122,822) | |
Total current assets | [1] | 2,610,356 | |
Other assets | [1] | 53,054 | |
Total assets | [1] | 3,868,481 | |
Accrued expenses and other current liabilities | [1] | (134,127) | |
Total current liabilities | [1] | (1,448,819) | |
Total liabilities | [1] | (2,448,254) | |
Total liabilities and stockholders' equity | [1] | (3,868,481) | |
Net Deferred Tax Liability | |||
Current deferred tax asset | [1] | 1,417 | |
Long-term deferred tax liability | [1] | (124,239) | |
Net deferred tax liability | [1] | $ (122,822) | |
[1] | The amounts reflected are prior to the Company's adoption of ASU 2015-03 (see discussion in Note 1) and ASU 2015-17, discussed below. |
Income Taxes (Reconciliation 57
Income Taxes (Reconciliation of Gross Unrecognized Tax Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of gross unrecognized tax benefits | |||
Gross unrecognized tax benefit balance at beginning of year | $ 3,612 | $ 7,636 | $ 5,459 |
Change in tax positions of prior years | 3,543 | 426 | |
Change in tax positions of prior years | (3,073) | ||
Change in tax positions of current year | 419 | 169 | 2,929 |
Reduction in tax positions for statute expirations | (1,120) | (1,178) | |
Gross unrecognized tax benefit balance at end of year | $ 7,574 | $ 3,612 | $ 7,636 |
Contingencies and Commitments (
Contingencies and Commitments (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||||||||||||
Jan. 31, 2017USD ($) | Mar. 31, 2015USD ($) | Oct. 31, 2014USD ($) | Oct. 31, 2013USD ($) | Aug. 31, 2013USD ($) | Mar. 31, 2011USD ($) | Jun. 30, 2003USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014claim | Dec. 31, 2009property | Dec. 31, 2016USD ($)ft² | May 31, 2012USD ($) | Sep. 30, 2011USD ($) | Dec. 31, 2010USD ($) | Jul. 31, 2010USD ($) | May 31, 2010USD ($) | Mar. 31, 2010USD ($) | Jun. 30, 2009USD ($) | Feb. 28, 2006USD ($) | |
Contingencies and Commitments | |||||||||||||||||||
Contract receivables | $ 1,473,615 | $ 1,743,300 | |||||||||||||||||
Subsequent Event [Member] | |||||||||||||||||||
Contingencies and Commitments | |||||||||||||||||||
Release of retention plus interest from 2010 | $ 1,100 | ||||||||||||||||||
Long Island Expressway/Cross Island Parkway Matter [Member] | |||||||||||||||||||
Contingencies and Commitments | |||||||||||||||||||
Estimated value of project completed in Feb. 2006 | $ 130,000 | ||||||||||||||||||
Value of claim filed | $ 53,800 | ||||||||||||||||||
Amount receivable as per final agreement | $ 500 | ||||||||||||||||||
Value of counterclaim filed | $ 151,000 | ||||||||||||||||||
Fontainebleau Matter [Member] | |||||||||||||||||||
Contingencies and Commitments | |||||||||||||||||||
Number of rooms in hotel/casino complex | property | 3,800 | ||||||||||||||||||
Total outstanding liens on property, including subcontractors' liens | $ 44,000 | ||||||||||||||||||
Amount of court order in favor of plaintiff | $ 45,000 | ||||||||||||||||||
Amount set aside from approved sale for distribution to satisfy creditor claims | $ 125,000 | ||||||||||||||||||
Estimated sustainable lien amount | $ 350,000 | ||||||||||||||||||
Honeywell Street/Queens Boulevard Bridges Matter [Member] | |||||||||||||||||||
Contingencies and Commitments | |||||||||||||||||||
Value of claim filed | $ 8,800 | ||||||||||||||||||
Value of counterclaim filed | $ 74,600 | ||||||||||||||||||
Westgate Planet Hollywood Matter [Member] | |||||||||||||||||||
Contingencies and Commitments | |||||||||||||||||||
Settlement on judgment | 19,700 | ||||||||||||||||||
Value of counterclaim filed | $ 45,000 | ||||||||||||||||||
Total outstanding liens on property, including subcontractors' liens | 23,200 | ||||||||||||||||||
Settlement receipt | 600 | ||||||||||||||||||
Value of mechanic's lien release bond | 22,300 | 22,300 | |||||||||||||||||
Value of cross complaint filed | $ 51,000 | ||||||||||||||||||
Damages awarded to WPH which are anticipated to be paid by the OCIP carrier | 3,100 | ||||||||||||||||||
Additional supersedeas bond | 1,700 | ||||||||||||||||||
Total value of security | 24,000 | ||||||||||||||||||
Brightwater Matter [Member] | |||||||||||||||||||
Contingencies and Commitments | |||||||||||||||||||
Pre-tax charge | $ 23,900 | ||||||||||||||||||
U.S. Department of Commerce, National Oceanic and Atmospheric Administration Matter [Member] | |||||||||||||||||||
Contingencies and Commitments | |||||||||||||||||||
Settlement on judgment | $ 1,000 | ||||||||||||||||||
Value of claim filed | $ 700 | $ 2,600 | $ 26,800 | ||||||||||||||||
Square footage of facility | ft² | 287,000 | ||||||||||||||||||
Certified claims filed | claim | 3 | ||||||||||||||||||
Total awards denied | $ 29,500 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average remaining contractual term of outstanding stock options | 3 years 1 month 6 days | ||
Number of vested and exercisable stock options (in shares) | 1,402,500 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 11,300 | ||
Vested and exercisable stock options, weighted average exercise price (in dollars per share) | $ 19.95 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 3 years 1 month 6 days | ||
Share-based compensation expense | $ 13,423 | $ 9,477 | $ 18,615 |
Share based compensation, tax benefits | $ 6,100 | $ 4,600 | $ 8,100 |
Total stock options granted | 274,000 | 259,000 | 714,000 |
Employee [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | $ 13,400 | $ 9,500 | $ 18,600 |
Non-employee Directors [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | $ 1,400 | 1,500 | 1,400 |
Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares of common stock exchanged for each award | 1 | ||
Number of shares available for future grant (in shares) | 448,000 | ||
Fair value of restricted stock units that vested during period | $ 1,000 | $ 8,000 | 8,000 |
Aggregate intrinsic value | 1,100 | $ 300 | |
Restricted stock expense | $ 6,500 | ||
Weighted average period over which unrecognized compensation cost is expected to be recognized | 1 year 3 months 18 days | ||
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | $ 19.14 | $ 23.07 | $ 27.10 |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares of common stock exchanged for each award | 1 | ||
Term of Stock Options | 10 years | ||
Number of shares authorized for grant | 327,584 | ||
Number of shares available for future grant (in shares) | 448,000 | ||
Stock option expense | $ 700 | ||
Weighted average period over which unrecognized compensation cost is expected to be recognized | 6 months | ||
Total granted and outstanding (in shares) | 2,174,500 | ||
Intrinsic value of outstanding stock options | $ 18,500 | ||
Weighted average remaining contractual term of outstanding stock options | 4 years 3 months 18 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 4 years 3 months 18 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 772,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Granted In Period, Expected To Vest | 756,876 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Total Intrinsic Value | $ 7,200 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 18.49 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Granted In Period, Weighted Average Remaining Contractual Term | 6 years 6 months | ||
Granted, Grant Date Fair Value (in dollars per share) | $ 16.20 | $ 16.07 | $ 18.40 |
Unrestricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of unrestricted stock units issued | $ 1,400 | $ 1,500 | $ 1,500 |
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | $ 21.67 | $ 21.93 | $ 30.81 |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary of Restricted Stock Unit and Stock Option Activity) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Restricted Stock Units [Member] | |||
RSUs Number of Shares | |||
Outstanding, beginning of period (in shares) | 725,597 | 1,056,597 | 361,668 |
Granted (in shares) | 483,387 | 321,500 | 996,597 |
Expired or canceled (in shares) | (281,560) | (20,000) | |
Vested/exercised (in shares) | (52,500) | (370,940) | (281,668) |
Outstanding, end of period (in shares) | 1,156,484 | 725,597 | 1,056,597 |
Weighted Average Grant Date Fair Value | |||
Outstanding, beginning of period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 25.28 | $ 26.54 | $ 17.30 |
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | 19.14 | 23.07 | 27.10 |
Expired or canceled, Weighted Average Grant Date Fair Value (in dollars per share) | 23.89 | 24.77 | |
Vested/exercised, Weighted Average Grant Date Fair Value (in dollars per share) | 18.74 | 27.07 | 16.76 |
Outstanding, end of period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 22.64 | $ 25.28 | $ 26.54 |
Stock Options [Member] | |||
Stock Options Number of Shares | |||
Outstanding, beginning of period (in shares) | 1,998,000 | 1,989,000 | 1,295,000 |
Granted (in shares) | 274,000 | 259,000 | 714,000 |
Expired or canceled (in shares) | (250,000) | ||
Vested/exercised (in shares) | (97,500) | (20,000) | |
Outstanding, end of period (in shares) | 2,174,500 | 1,998,000 | 1,989,000 |
Weighted-Average Grant Date Fair Value | |||
Outstanding, beginning of period, Grant Date Fair Value (in dollars per share) | $ 19.62 | $ 19.63 | $ 20.20 |
Granted, Grant Date Fair Value (in dollars per share) | 16.20 | 16.07 | 18.40 |
Expired or canceled, Grant Date Fair Value (in dollars per share) | 15.97 | ||
Vested/exercised, Grant Date Fair Value (in dollars per share) | 12.72 | 12.54 | |
Outstanding, end of period, Grant Date Fair Value (in dollars per share) | $ 19.50 | $ 19.62 | $ 19.63 |
Stock-Based Compensation (Sum61
Stock-Based Compensation (Summary Of Unrestricted Stock Units Issuance) (Details) - Unrestricted Stock Units [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Number, Issued | 64,603 | 68,160 | 47,873 |
Weighted-Average Grant Date Fair Value, Issued | $ 21.67 | $ 21.93 | $ 30.81 |
Stock-Based Compensation (Weigh
Stock-Based Compensation (Weighted-Average Assumptions Used in Estimating Grant Date Fair Values of Stock Option Awards) (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Key assumptions used in estimating the grant date fair values of stock option awards granted | ||||
Total stock options granted | 274,000 | 259,000 | 714,000 | |
Weighted-average grant date fair value | $ 5.31 | $ 12.48 | $ 17.69 | |
Risk-Free Rate (as a percent) | 1.20% | 1.30% | 1.80% | |
Expected life of options | [1] | 4 years 2 months 12 days | 4 years 8 months 12 days | 5 years 8 months 12 days |
Expected volatility (as a percent) | [2] | 40.60% | 45.50% | 50.60% |
[1] | Calculated using the simplified method due to the terms of the stock options and the limited pool of grantees. | |||
[2] | Calculated using historical volatility of the Company's common stock over periods commensurate with the expected life of the option. |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Pension Plan Assets | |||
Expected contributions to the defined benefit pension plan in 2017 | $ 2.6 | ||
Expense provision for 401 (k) plans | 4 | $ 4 | $ 3.6 |
Hedge Fund Investments [Member] | |||
Pension Plan Assets | |||
Investments in hedge funds which do not have readily determinable fair values | 39.1 | 52.1 | |
Employee Pension Plans [Member] | |||
Pension Plan Assets | |||
Other comprehensive gain (loss) | 4.3 | $ 0.7 | $ 13.9 |
Amount to be amortized from other comprehensive loss into cost in 2017 | $ 1.8 | ||
Discount rate (as a percent) | 3.90% | 4.10% | |
Expected return on assets (as a percent) | 6.00% | 6.50% | 6.75% |
Other Multiemployer Pension Plans [Member] | |||
Pension Plan Assets | |||
Multiemployer Plan, Period Contributions | $ 38.8 | $ 37.5 | $ 30.8 |
Employee Benefit Plans (Summary
Employee Benefit Plans (Summary of Net Periodic Benefit Cost and Actuarial Assumptions Used to Determine Net Cost) (Details) - Employee Pension Plans [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Summary of net periodic benefit cost | |||
Interest cost | $ 4,153 | $ 4,055 | $ 4,144 |
Service cost | 600 | ||
Return on plan assets | (4,803) | (5,021) | (4,797) |
Recognized net actuarial losses | 1,745 | 1,869 | 4,385 |
Net periodic benefit cost | $ 1,695 | $ 903 | $ 3,732 |
Actuarial Assumptions Used to Determine Net Cost | |||
Discount rate (as a percent) | 4.10% | 3.75% | 4.47% |
Expected return on assets (as a percent) | 6.00% | 6.50% | 6.75% |
Employee Benefit Plans (Target
Employee Benefit Plans (Target and Actual Asset Allocation for Pension Plan by Asset Category) (Details) - Employee Pension Plans [Member] | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Pension Plan Assets | ||
Target asset allocation (as a percent) | 100.00% | |
Actual asset allocation (as a percent) | 100.00% | 100.00% |
Cash [Member] | ||
Pension Plan Assets | ||
Target asset allocation (as a percent) | 5.00% | |
Actual asset allocation (as a percent) | 4.00% | 4.00% |
Equity Securities: Domestic [Member] | ||
Pension Plan Assets | ||
Target asset allocation (as a percent) | 50.00% | |
Actual asset allocation (as a percent) | 47.00% | 61.00% |
Equity Securities: International [Member] | ||
Pension Plan Assets | ||
Target asset allocation (as a percent) | 25.00% | |
Actual asset allocation (as a percent) | 28.00% | 30.00% |
Fixed Income Securities [Member] | ||
Pension Plan Assets | ||
Target asset allocation (as a percent) | 20.00% | |
Actual asset allocation (as a percent) | 21.00% | 5.00% |
Employee Benefit Plans (Future
Employee Benefit Plans (Future Benefit Payments Under Defined Benefit Pension Plan) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Future Benefit Payments | |
2,017 | $ 6,488 |
2,018 | 6,632 |
2,019 | 6,691 |
2,020 | 6,717 |
2,021 | 6,732 |
Thereafter | 32,722 |
Total future benefit payments | $ 65,982 |
Employee Benefit Plans (Changes
Employee Benefit Plans (Changes in Fair Value of Plan Assets and Plan Benefit Obligations and Funded Status of Plan) (Details) - Employee Pension Plans [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Change in Fair Value of Plan Assets | |||
Balance at beginning of year | $ 72,296 | $ 75,956 | |
Actual return on plan assets | (1,909) | (984) | |
Company contribution | 2,025 | 2,900 | |
Benefit payments | (6,355) | (5,576) | |
Balance at end of year | 66,057 | 72,296 | $ 75,956 |
Change in Benefit Obligations | |||
Balance at beginning of year | 105,942 | 110,923 | |
Interest cost | 4,153 | 4,055 | 4,144 |
Service cost | 600 | ||
Assumption change (gain) loss | 308 | (3,838) | |
Actuarial (gain) loss | (967) | 378 | |
Benefit payments | (6,355) | (5,576) | |
Balance at end of year | $ 103,681 | $ 105,942 | $ 110,923 |
Employee Benefit Plans (Amounts
Employee Benefit Plans (Amounts Recognized in Consolidated Balance Sheets) (Details) - Employee Pension Plans [Member] - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Funded Status | ||
Funded status at end of year | $ (37,624) | $ (33,646) |
Amounts recognized in Consolidated Balance Sheets consist of: | ||
Current liabilities | (271) | (218) |
Long-term liabilities | (37,353) | (33,428) |
Net amount recognized in Consolidated Balance Sheets | $ (37,624) | $ (33,646) |
Employee Benefit Plans (Amoun69
Employee Benefit Plans (Amounts Not Yet Reflected in Net Periodic Benefit Cost and Included in Accumulated Other Comprehensive Loss) (Details) - Employee Pension Plans [Member] - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive loss: | ||
Net actuarial loss | $ (61,132) | $ (56,824) |
Cumulative Company contributions in excess of net periodic benefit cost | 23,508 | 23,178 |
Net amount recognized in Consolidated Balance Sheets | $ (37,624) | $ (33,646) |
Employee Benefit Plans (Plan As
Employee Benefit Plans (Plan Assets at Fair Value) (Details) - Employee Pension Plans [Member] - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan's assets | $ 66,057 | $ 72,296 | $ 75,956 |
Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan's assets | 26,949 | 20,243 | |
Cash And Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan's assets | 2,437 | 2,654 | |
Cash And Cash Equivalents [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan's assets | 2,437 | 2,654 | |
Fixed Income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan's assets | 14,023 | 4,029 | |
Fixed Income [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan's assets | 14,023 | 4,029 | |
Equities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan's assets | 6,566 | ||
Equities [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan's assets | 6,566 | ||
Mutual Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan's assets | 10,489 | 6,994 | |
Mutual Funds [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan's assets | 10,489 | 6,994 | |
Non-Closely Held Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan's assets | 26,949 | 20,243 | |
Non-Closely Held Funds [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan's assets | 26,949 | 20,243 | |
Equity Partnerships [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan's assets | 6,931 | 7,920 | |
Hedge Fund Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan's assets | 32,177 | 44,133 | |
Closely Held Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan's assets | $ 39,108 | $ 52,053 |
Employee Benefit Plans (Summa71
Employee Benefit Plans (Summary of Changes in the Fair Value of the Level 3 Plan Assets) (Details) - Employee Pension Plans [Member] - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Change in Fair Value of Plan Assets | ||
Balance at beginning of year | $ 72,296 | $ 75,956 |
Balance at end of year | 66,057 | 72,296 |
Hedge Fund Investments [Member] | ||
Change in Fair Value of Plan Assets | ||
Balance at beginning of year | 44,133 | |
Balance at end of year | $ 32,177 | $ 44,133 |
Employee Benefit Plans (Benefit
Employee Benefit Plans (Benefit Obligations in Excess of the Fair Value of Plan Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Employee Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | $ 103,681 | $ 105,942 | $ 110,923 |
Accumulated benefit obligation | 103,681 | 105,942 | |
Fair value of plan's assets | 66,057 | 72,296 | $ 75,956 |
Projected benefit obligation greater than fair value of plan's assets | 37,624 | 33,646 | |
Accumulated benefit obligation greater than fair value of plan's assets | 37,624 | 33,646 | |
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | 100,336 | 102,495 | |
Accumulated benefit obligation | 100,336 | 102,495 | |
Fair value of plan's assets | 66,057 | 72,296 | |
Projected benefit obligation greater than fair value of plan's assets | 34,279 | 30,199 | |
Accumulated benefit obligation greater than fair value of plan's assets | 34,279 | 30,199 | |
Benefit Equalization Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | 3,345 | 3,447 | |
Accumulated benefit obligation | 3,345 | 3,447 | |
Projected benefit obligation greater than fair value of plan's assets | 3,345 | 3,447 | |
Accumulated benefit obligation greater than fair value of plan's assets | $ 3,345 | $ 3,447 |
Employee Benefit Plans (Multiem
Employee Benefit Plans (Multiemployer Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Pension, Hospitalization and Benefit Plan of the Electrical Industry - Pension Trust Account [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
EIN | 136,123,601 | |||||
Pension Plan Number | 1 | |||||
FIP/RP Status Pending or Implemented | NA | |||||
Company Contributions | [2] | $ 15.8 | [1] | $ 13.6 | $ 11.8 | |
Surcharge Imposed | No | |||||
Expiration Date of Collective Bargaining Arrangement | May 31, 2019 | |||||
Laborers Pension Trust Fund for Northern California [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
EIN | 946,277,608 | |||||
FIP/RP Status Pending or Implemented | Implemented | |||||
Company Contributions | [2] | $ 5.6 | [1] | 2.8 | 1.9 | |
Surcharge Imposed | No | |||||
Expiration Date of Collective Bargaining Arrangement | Jun. 30, 2019 | |||||
Carpenters Pension Trust Fund for Northern California [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
EIN | 946,050,970 | |||||
FIP/RP Status Pending or Implemented | Implemented | |||||
Company Contributions | $ 4.4 | [1] | 2.7 | 1.9 | ||
Surcharge Imposed | No | |||||
Expiration Date of Collective Bargaining Arrangement | Jun. 30, 2019 | |||||
Excavators Union Local 731 Pension Fund [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
EIN | 131,809,825 | |||||
Pension Plan Number | 2 | |||||
FIP/RP Status Pending or Implemented | NA | |||||
Company Contributions | $ 4.2 | [1],[2] | 7.1 | 5.3 | ||
Surcharge Imposed | No | |||||
Expiration Date of Collective Bargaining Arrangement | Apr. 30, 2022 | |||||
Steamfitters Industry Pension Fund [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
EIN | 136,149,680 | |||||
Pension Plan Number | 1 | |||||
FIP/RP Status Pending or Implemented | NA | |||||
Company Contributions | [2] | $ 3.9 | [1] | 6.2 | 5.1 | |
Surcharge Imposed | No | |||||
Expiration Date of Collective Bargaining Arrangement | Jun. 30, 2017 | |||||
Iron Workers Locals 40,361 & 417 Pension Fund [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
EIN | 516,102,576 | |||||
Pension Plan Number | 1 | |||||
FIP/RP Status Pending or Implemented | Implemented | |||||
Company Contributions | $ 3.8 | [1] | 5.2 | [2] | 0.7 | |
Surcharge Imposed | No | |||||
Expiration Date of Collective Bargaining Arrangement | Jun. 30, 2020 | |||||
Local 147 Construction Workers Retirement Fund [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
EIN | 136,528,181 | |||||
FIP/RP Status Pending or Implemented | NA | |||||
Company Contributions | $ 3.7 | [1] | 5.6 | [2] | 1.3 | |
Surcharge Imposed | No | |||||
Expiration Date of Collective Bargaining Arrangement | Jun. 30, 2018 | |||||
Southern California Gunite Workers Pension Fund [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
EIN | 954,354,179 | |||||
FIP/RP Status Pending or Implemented | NA | |||||
Company Contributions | $ 3.5 | [1] | $ 0.7 | $ 0.7 | ||
Surcharge Imposed | No | |||||
Expiration Date of Collective Bargaining Arrangement | Jun. 30, 2019 | |||||
Multiemployer Pension Plans | Pension, Hospitalization and Benefit Plan of the Electrical Industry - Pension Trust Account [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
Pension Protections Act Zone Status | Green | |||||
Exceeded percentage of total contributions | 5.00% | 5.00% | ||||
Multiemployer Pension Plans | Laborers Pension Trust Fund for Northern California [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
Pension Protections Act Zone Status | Yellow | |||||
Multiemployer Pension Plans | Carpenters Pension Trust Fund for Northern California [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
Pension Protections Act Zone Status | Red | |||||
Multiemployer Pension Plans | Excavators Union Local 731 Pension Fund [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
Pension Protections Act Zone Status | Green | |||||
Multiemployer Pension Plans | Steamfitters Industry Pension Fund [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
Pension Protections Act Zone Status | Green | |||||
Exceeded percentage of total contributions | 5.00% | 5.00% | ||||
Multiemployer Pension Plans | Iron Workers Locals 40,361 & 417 Pension Fund [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
Pension Protections Act Zone Status | Green | |||||
Exceeded percentage of total contributions | 5.00% | |||||
Multiemployer Pension Plans | Local 147 Construction Workers Retirement Fund [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
Pension Protections Act Zone Status | Green | |||||
Exceeded percentage of total contributions | 5.00% | |||||
Multiemployer Pension Plans | Southern California Gunite Workers Pension Fund [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
Pension Protections Act Zone Status | Green | |||||
Multiemployer Plans Pension Prior Period [Member] | Pension, Hospitalization and Benefit Plan of the Electrical Industry - Pension Trust Account [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
Pension Protections Act Zone Status | Green | |||||
Multiemployer Plans Pension Prior Period [Member] | Laborers Pension Trust Fund for Northern California [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
Pension Protections Act Zone Status | Yellow | |||||
Multiemployer Plans Pension Prior Period [Member] | Carpenters Pension Trust Fund for Northern California [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
Pension Protections Act Zone Status | Red | |||||
Multiemployer Plans Pension Prior Period [Member] | Excavators Union Local 731 Pension Fund [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
Pension Protections Act Zone Status | Green | |||||
Multiemployer Plans Pension Prior Period [Member] | Steamfitters Industry Pension Fund [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
Pension Protections Act Zone Status | Green | |||||
Multiemployer Plans Pension Prior Period [Member] | Iron Workers Locals 40,361 & 417 Pension Fund [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
Pension Protections Act Zone Status | Yellow | |||||
Multiemployer Plans Pension Prior Period [Member] | Local 147 Construction Workers Retirement Fund [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
Pension Protections Act Zone Status | Green | |||||
Multiemployer Plans Pension Prior Period [Member] | Southern California Gunite Workers Pension Fund [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
Pension Protections Act Zone Status | Green | |||||
[1] | The Company's contributions as a percentage of total plan contributions were not available for any of our plans | |||||
[2] | These amounts exceeded 5% of the respective total plan contributions. |
Business Segments (Narrative) (
Business Segments (Narrative) (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016USD ($)$ / shares | Sep. 30, 2016USD ($)$ / shares | Jun. 30, 2016USD ($)$ / shares | Mar. 31, 2016USD ($)$ / shares | Dec. 31, 2015USD ($)$ / shares | Sep. 30, 2015USD ($)$ / shares | Jun. 30, 2015USD ($)$ / shares | Mar. 31, 2015USD ($)$ / shares | Dec. 31, 2016USD ($)segment$ / shares | Dec. 31, 2015USD ($)$ / shares | Dec. 31, 2014USD ($)item$ / shares | |
Segment Reporting Information [Line Items] | |||||||||||
Number of basic segments | segment | 3 | ||||||||||
Income from construction operations | $ 52,050 | $ 60,919 | $ 48,829 | $ 40,122 | $ 15,474 | $ 38,974 | $ 30,881 | $ 20,084 | $ 201,920 | $ 105,413 | $ 241,690 |
DILUTED EARNINGS PER COMMON SHARE | $ / shares | $ 0.60 | $ 0.57 | $ 0.43 | $ 0.31 | $ 0.18 | $ 0.40 | $ 0.24 | $ 0.10 | $ 1.92 | $ 0.91 | $ 2.20 |
Tutor Perini Corporation [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income from construction operations | $ 30,589 | $ 68,595 | $ 70,574 | ||||||||
Building [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income from construction operations | 51,564 | (1,240) | 24,697 | ||||||||
Building [Member] | Unfavorable Adjustments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income from construction operations | $ (24,300) | ||||||||||
DILUTED EARNINGS PER COMMON SHARE | $ / shares | $ (0.28) | ||||||||||
Building [Member] | Favorable Adjustments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income from construction operations | $ 11,400 | ||||||||||
DILUTED EARNINGS PER COMMON SHARE | $ / shares | $ 0.14 | ||||||||||
Civil [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Number of projects | item | 2 | ||||||||||
Income from construction operations | 172,668 | $ 145,213 | $ 220,554 | ||||||||
Civil [Member] | Unfavorable Adjustments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income from construction operations | $ (23,900) | $ (9,400) | |||||||||
DILUTED EARNINGS PER COMMON SHARE | $ / shares | $ (0.28) | $ (0.11) | |||||||||
Civil [Member] | Favorable Adjustments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income from construction operations | $ 25,900 | ||||||||||
DILUTED EARNINGS PER COMMON SHARE | $ / shares | $ 0.30 | ||||||||||
Civil Runway Reconstruction Project [Member] | Unfavorable Adjustments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income from construction operations | $ (13,700) | ||||||||||
DILUTED EARNINGS PER COMMON SHARE | $ / shares | $ (0.16) | ||||||||||
Specialty Contractors [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income from construction operations | 37,908 | $ 15,682 | $ 50,998 | ||||||||
Specialty Contractors [Member] | Unfavorable Adjustments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income from construction operations | $ (13,800) | ||||||||||
DILUTED EARNINGS PER COMMON SHARE | $ / shares | $ (0.16) | ||||||||||
Specialty Contractors [Member] | Favorable Adjustments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income from construction operations | $ 14,000 | ||||||||||
DILUTED EARNINGS PER COMMON SHARE | $ / shares | $ 0.17 | ||||||||||
Five Star Electric [Member] | Unfavorable Adjustments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income from construction operations | $ (45,600) | ||||||||||
DILUTED EARNINGS PER COMMON SHARE | $ / shares | $ (0.53) |
Business Segments (Reportable S
Business Segments (Reportable Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Business Segments | ||||||||||||
Revenues | $ 1,246,599 | $ 1,332,978 | $ 1,308,130 | $ 1,085,369 | $ 1,200,830 | $ 1,340,739 | $ 1,312,438 | $ 1,066,465 | $ 4,973,076 | $ 4,920,472 | $ 4,492,309 | |
Income from construction operations | 52,050 | $ 60,919 | $ 48,829 | $ 40,122 | 15,474 | $ 38,974 | $ 30,881 | $ 20,084 | 201,920 | 105,413 | 241,690 | |
Capital Expenditures | 15,743 | 35,912 | 75,013 | |||||||||
Depreciation and amortization | [1] | 67,302 | 41,634 | 53,702 | ||||||||
Assets | 4,038,620 | 3,861,300 | 4,038,620 | 3,861,300 | ||||||||
External and Intersegment Customers [Member] | ||||||||||||
Business Segments | ||||||||||||
Revenues | 5,211,876 | 5,133,715 | 4,590,227 | |||||||||
Intersegment Elimination [Member] | ||||||||||||
Business Segments | ||||||||||||
Revenues | (238,800) | (213,243) | (97,918) | |||||||||
Corporate Cash And Cash Equivalents [Member] | ||||||||||||
Business Segments | ||||||||||||
Assets | [2] | 155,329 | 383,510 | 155,329 | 383,510 | |||||||
Civil [Member] | ||||||||||||
Business Segments | ||||||||||||
Revenues | 1,668,963 | 1,889,907 | 1,687,144 | |||||||||
Income from construction operations | 172,668 | 145,213 | 220,554 | |||||||||
Capital Expenditures | 13,541 | 8,383 | 65,377 | |||||||||
Depreciation and amortization | [1] | 48,561 | 22,601 | 31,674 | ||||||||
Assets | 2,152,123 | 1,957,991 | 2,152,123 | 1,957,991 | ||||||||
Civil [Member] | External and Intersegment Customers [Member] | ||||||||||||
Business Segments | ||||||||||||
Revenues | 1,830,857 | 2,005,193 | 1,730,468 | |||||||||
Civil [Member] | Intersegment Elimination [Member] | ||||||||||||
Business Segments | ||||||||||||
Revenues | (161,894) | (115,286) | (43,324) | |||||||||
Building [Member] | ||||||||||||
Business Segments | ||||||||||||
Revenues | 2,069,841 | 1,802,535 | 1,503,837 | |||||||||
Income from construction operations | 51,564 | (1,240) | 24,697 | |||||||||
Capital Expenditures | 516 | 2,877 | 735 | |||||||||
Depreciation and amortization | [1] | 2,186 | 2,728 | 3,466 | ||||||||
Assets | 917,317 | 711,201 | 917,317 | 711,201 | ||||||||
Building [Member] | External and Intersegment Customers [Member] | ||||||||||||
Business Segments | ||||||||||||
Revenues | 2,146,747 | 1,900,492 | 1,558,431 | |||||||||
Building [Member] | Intersegment Elimination [Member] | ||||||||||||
Business Segments | ||||||||||||
Revenues | (76,906) | (97,957) | (54,594) | |||||||||
Specialty Contractors [Member] | ||||||||||||
Business Segments | ||||||||||||
Revenues | 1,234,272 | 1,228,030 | 1,301,328 | |||||||||
Income from construction operations | 37,908 | 15,682 | 50,998 | |||||||||
Capital Expenditures | 1,005 | 1,193 | 6,974 | |||||||||
Depreciation and amortization | [1] | 5,035 | 5,507 | 12,018 | ||||||||
Assets | $ 813,851 | $ 808,598 | 813,851 | 808,598 | ||||||||
Specialty Contractors [Member] | External and Intersegment Customers [Member] | ||||||||||||
Business Segments | ||||||||||||
Revenues | 1,234,272 | 1,228,030 | 1,301,328 | |||||||||
Segment [Member] | ||||||||||||
Business Segments | ||||||||||||
Revenues | 4,973,076 | 4,920,472 | 4,492,309 | |||||||||
Income from construction operations | 262,140 | 159,655 | 296,249 | |||||||||
Capital Expenditures | 15,062 | 12,453 | 73,086 | |||||||||
Depreciation and amortization | [1] | 55,782 | 30,836 | 47,158 | ||||||||
Segment [Member] | External and Intersegment Customers [Member] | ||||||||||||
Business Segments | ||||||||||||
Revenues | 5,211,876 | 5,133,715 | 4,590,227 | |||||||||
Segment [Member] | Intersegment Elimination [Member] | ||||||||||||
Business Segments | ||||||||||||
Revenues | (238,800) | (213,243) | (97,918) | |||||||||
Corporate Segment [Member] | ||||||||||||
Business Segments | ||||||||||||
Income from construction operations | [3] | (60,220) | (54,242) | (54,559) | ||||||||
Capital Expenditures | [3] | 681 | 23,459 | 1,927 | ||||||||
Depreciation and amortization | [1],[3] | $ 11,520 | $ 10,798 | $ 6,544 | ||||||||
[1] | Depreciation and amortization is included in income from construction operations. | |||||||||||
[2] | Consists principally of cash, equipment, tax-related assets and insurance-related assets, offset by the elimination of assets related to intersegment revenue. | |||||||||||
[3] | Consists primarily of corporate general and administrative expenses. |
Business Segments (Principal Ge
Business Segments (Principal Geographical Areas) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Principal Geographical Areas Information | |||||||||||
Revenues | $ 1,246,599 | $ 1,332,978 | $ 1,308,130 | $ 1,085,369 | $ 1,200,830 | $ 1,340,739 | $ 1,312,438 | $ 1,066,465 | $ 4,973,076 | $ 4,920,472 | $ 4,492,309 |
Assets | 4,038,620 | 3,861,300 | 4,038,620 | 3,861,300 | |||||||
United States [Member] | |||||||||||
Principal Geographical Areas Information | |||||||||||
Revenues | 4,802,393 | 4,694,165 | 4,323,471 | ||||||||
Assets | 3,911,865 | 3,687,973 | 3,911,865 | 3,687,973 | |||||||
Foreign and U.S. Territories [Member] | |||||||||||
Principal Geographical Areas Information | |||||||||||
Revenues | 170,683 | 226,307 | $ 168,838 | ||||||||
Assets | $ 126,755 | $ 173,327 | $ 126,755 | $ 173,327 |
Business Segments (Reconciliati
Business Segments (Reconciliation of Segment Results to Consolidated Income Before Income Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Business Segments [Abstract] | |||||||||||
Income from construction operations | $ 52,050 | $ 60,919 | $ 48,829 | $ 40,122 | $ 15,474 | $ 38,974 | $ 30,881 | $ 20,084 | $ 201,920 | $ 105,413 | $ 241,690 |
Other income (expense), net | 6,977 | 13,569 | (8,217) | ||||||||
Interest expense | (59,782) | (45,143) | (46,035) | ||||||||
INCOME BEFORE INCOME TAXES | $ 38,685 | $ 47,926 | $ 35,780 | $ 26,724 | $ 11,687 | $ 33,955 | $ 19,992 | $ 8,205 | $ 149,115 | $ 73,839 | $ 187,438 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Related party transactions | |||
Lease expense | $ 2.8 | $ 2.7 | $ 2.4 |
Expenses incurred with related party | $ 3.2 | 3.2 | 2.5 |
O&G [Member] | |||
Related party transactions | |||
Ownership percentage in joint venture | 30.00% | ||
Alliant [Member] | |||
Related party transactions | |||
Insurance expense | $ 8.9 | 9.8 | $ 14.2 |
Owed to related party | $ 5.2 | $ 7.5 |
Unaudited Quarterly Financial79
Unaudited Quarterly Financial Data (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016USD ($)$ / shares | Sep. 30, 2016USD ($)$ / shares | Jun. 30, 2016USD ($)$ / shares | Mar. 31, 2016USD ($)$ / shares | Dec. 31, 2015USD ($)$ / shares | Sep. 30, 2015USD ($)$ / shares | Jun. 30, 2015USD ($)$ / shares | Mar. 31, 2015USD ($)$ / shares | Dec. 31, 2016USD ($)segment$ / shares | Dec. 31, 2015USD ($)$ / shares | Dec. 31, 2014USD ($)$ / shares | |
Unaudited Quarterly Financial Data [Abstract] | |||||||||||
Revenues | $ 1,246,599 | $ 1,332,978 | $ 1,308,130 | $ 1,085,369 | $ 1,200,830 | $ 1,340,739 | $ 1,312,438 | $ 1,066,465 | $ 4,973,076 | $ 4,920,472 | $ 4,492,309 |
Gross profit | 117,660 | 124,668 | 109,770 | 105,092 | 66,673 | 100,201 | 98,620 | 90,759 | 457,190 | 356,253 | 505,442 |
Income from construction operations | 52,050 | 60,919 | 48,829 | 40,122 | 15,474 | 38,974 | 30,881 | 20,084 | 201,920 | 105,413 | 241,690 |
Income before income taxes | 38,685 | 47,926 | 35,780 | 26,724 | 11,687 | 33,955 | 19,992 | 8,205 | 149,115 | 73,839 | 187,438 |
Net income | $ 30,260 | $ 28,801 | $ 21,361 | $ 15,400 | $ 8,712 | $ 19,677 | $ 11,777 | $ 5,126 | $ 95,822 | $ 45,292 | $ 107,936 |
Earnings per share: | |||||||||||
Net income per share: Basic | $ / shares | $ 0.62 | $ 0.59 | $ 0.43 | $ 0.31 | $ 0.18 | $ 0.40 | $ 0.24 | $ 0.11 | $ 1.95 | $ 0.92 | $ 2.22 |
Diluted (in dollars per share) | $ / shares | $ 0.60 | $ 0.57 | $ 0.43 | $ 0.31 | $ 0.18 | $ 0.40 | $ 0.24 | $ 0.10 | $ 1.92 | $ 0.91 | $ 2.20 |
Number of Operating Segments | segment | 3 |
Separate Financial Informatio80
Separate Financial Information of Subsidiary Guarantors of Indebtedness (Condensed Consolidating Statement of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||
REVENUE | $ 1,246,599 | $ 1,332,978 | $ 1,308,130 | $ 1,085,369 | $ 1,200,830 | $ 1,340,739 | $ 1,312,438 | $ 1,066,465 | $ 4,973,076 | $ 4,920,472 | $ 4,492,309 |
COST OF OPERATIONS | (4,515,886) | (4,564,219) | (3,986,867) | ||||||||
GROSS PROFIT | 117,660 | 124,668 | 109,770 | 105,092 | 66,673 | 100,201 | 98,620 | 90,759 | 457,190 | 356,253 | 505,442 |
General and administrative expenses | (255,270) | (250,840) | (263,752) | ||||||||
INCOME FROM CONSTRUCTION OPERATIONS | 52,050 | 60,919 | 48,829 | 40,122 | 15,474 | 38,974 | 30,881 | 20,084 | 201,920 | 105,413 | 241,690 |
Other income (expense), net | 6,977 | 13,569 | (8,217) | ||||||||
Interest expense | (59,782) | (45,143) | (46,035) | ||||||||
INCOME BEFORE INCOME TAXES | 38,685 | 47,926 | 35,780 | 26,724 | 11,687 | 33,955 | 19,992 | 8,205 | 149,115 | 73,839 | 187,438 |
Provision for Income Taxes | (53,293) | (28,547) | (79,502) | ||||||||
NET INCOME | $ 30,260 | $ 28,801 | $ 21,361 | $ 15,400 | $ 8,712 | $ 19,677 | $ 11,777 | $ 5,126 | 95,822 | 45,292 | 107,936 |
Other Comprehensive Income: | |||||||||||
Change in pension benefit plans assets/liabilities | (2,623) | 2,026 | (8,155) | ||||||||
Foreign currency translation | (261) | (3,214) | (638) | ||||||||
Change in fair value of investments | (340) | 766 | 205 | ||||||||
Change in fair value of interest rate swap | (24) | (125) | 349 | ||||||||
Total other comprehensive loss, net of tax | (3,248) | (547) | (8,239) | ||||||||
TOTAL COMPREHENSIVE INCOME | 92,574 | 44,745 | 99,697 | ||||||||
Eliminations [Member] | |||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||
REVENUE | (337,427) | (262,527) | (156,776) | ||||||||
COST OF OPERATIONS | 337,427 | 262,527 | 156,776 | ||||||||
Equity in earnings of subsidiaries | (113,369) | (23,367) | (95,501) | ||||||||
Other income (expense), net | (1,211) | ||||||||||
Interest expense | 1,211 | ||||||||||
INCOME BEFORE INCOME TAXES | (113,369) | (23,367) | (95,501) | ||||||||
NET INCOME | (113,369) | (23,367) | (95,501) | ||||||||
Other Comprehensive Income: | |||||||||||
Other comprehensive income of subsidiaries | 601 | 2,448 | 433 | ||||||||
Total other comprehensive loss, net of tax | 601 | 2,448 | 433 | ||||||||
TOTAL COMPREHENSIVE INCOME | (112,768) | (20,919) | (95,068) | ||||||||
Tutor Perini Corporation [Member] | |||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||
REVENUE | 977,298 | 1,064,723 | 959,010 | ||||||||
COST OF OPERATIONS | (861,695) | (918,322) | (808,285) | ||||||||
GROSS PROFIT | 115,603 | 146,401 | 150,725 | ||||||||
General and administrative expenses | (85,014) | (77,806) | (80,151) | ||||||||
INCOME FROM CONSTRUCTION OPERATIONS | 30,589 | 68,595 | 70,574 | ||||||||
Equity in earnings of subsidiaries | 113,369 | 23,367 | 95,501 | ||||||||
Other income (expense), net | 892 | 9,271 | (7,003) | ||||||||
Interest expense | (58,787) | (42,123) | (41,977) | ||||||||
INCOME BEFORE INCOME TAXES | 86,063 | 59,110 | 117,095 | ||||||||
Provision for Income Taxes | 9,759 | (13,818) | (9,159) | ||||||||
NET INCOME | 95,822 | 45,292 | 107,936 | ||||||||
Other Comprehensive Income: | |||||||||||
Other comprehensive income of subsidiaries | (601) | (2,448) | (433) | ||||||||
Change in pension benefit plans assets/liabilities | (2,623) | 2,026 | (8,155) | ||||||||
Change in fair value of interest rate swap | (24) | (125) | 349 | ||||||||
Total other comprehensive loss, net of tax | (3,248) | (547) | (8,239) | ||||||||
TOTAL COMPREHENSIVE INCOME | 92,574 | 44,745 | 99,697 | ||||||||
Guarantor Subsidiaries [Member] | |||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||
REVENUE | 4,316,658 | 4,104,871 | 3,690,075 | ||||||||
COST OF OPERATIONS | (3,991,618) | (3,908,424) | (3,353,098) | ||||||||
GROSS PROFIT | 325,040 | 196,447 | 336,977 | ||||||||
General and administrative expenses | (168,394) | (171,153) | (181,714) | ||||||||
INCOME FROM CONSTRUCTION OPERATIONS | 156,646 | 25,294 | 155,263 | ||||||||
Other income (expense), net | 6,294 | 3,745 | (1,705) | ||||||||
Interest expense | (2,206) | (3,020) | (4,058) | ||||||||
INCOME BEFORE INCOME TAXES | 160,734 | 26,019 | 149,500 | ||||||||
Provision for Income Taxes | (57,446) | (10,060) | (63,411) | ||||||||
NET INCOME | 103,288 | 15,959 | 86,089 | ||||||||
Other Comprehensive Income: | |||||||||||
Foreign currency translation | (261) | (3,214) | (638) | ||||||||
Change in fair value of investments | (340) | 766 | 205 | ||||||||
Total other comprehensive loss, net of tax | (601) | (2,448) | (433) | ||||||||
TOTAL COMPREHENSIVE INCOME | 102,687 | 13,511 | 85,656 | ||||||||
Non-Guarantor Subsidiaries [Member] | |||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||
REVENUE | 16,547 | 13,405 | |||||||||
COST OF OPERATIONS | 17,740 | ||||||||||
GROSS PROFIT | 16,547 | 13,405 | 17,740 | ||||||||
General and administrative expenses | (1,862) | (1,881) | (1,887) | ||||||||
INCOME FROM CONSTRUCTION OPERATIONS | 14,685 | 11,524 | 15,853 | ||||||||
Other income (expense), net | 1,002 | 553 | 491 | ||||||||
INCOME BEFORE INCOME TAXES | 15,687 | 12,077 | 16,344 | ||||||||
Provision for Income Taxes | (5,606) | (4,669) | (6,932) | ||||||||
NET INCOME | 10,081 | 7,408 | 9,412 | ||||||||
Other Comprehensive Income: | |||||||||||
TOTAL COMPREHENSIVE INCOME | $ 10,081 | $ 7,408 | $ 9,412 |
Separate Financial Informatio81
Separate Financial Information of Subsidiary Guarantors of Indebtedness (Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
ASSETS | ||||
Cash and cash equivalents | $ 146,103 | $ 75,452 | $ 135,583 | $ 119,923 |
Restricted cash | 50,504 | 45,853 | ||
Accounts receivable | 1,743,300 | 1,473,615 | ||
Costs and estimated earnings in excess of billings | 831,826 | 905,175 | ||
Other current assets | 66,023 | 108,844 | ||
Total current assets | 2,837,756 | 2,608,939 | ||
Property and equipment, net | 477,626 | 523,525 | ||
Other assets: | ||||
Goodwill | 585,006 | 585,006 | 585,000 | |
Intangible assets, net | 92,997 | 96,540 | ||
Other assets | 45,235 | 47,290 | ||
TOTAL ASSETS | 4,038,620 | 3,861,300 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Current maturities of long-term debt | 85,890 | 88,917 | ||
Accounts payable | 994,016 | 937,464 | ||
Billings in excess of costs and estimated earnings | 331,112 | 288,311 | ||
Accrued expenses and other current liabilities | 107,925 | 134,127 | ||
Total current liabilities | 1,518,943 | 1,448,819 | ||
Long-term debt, less current maturities | 673,629 | 728,767 | ||
Deferred income taxes | 131,007 | 122,822 | ||
Other long-term liabilities | 162,018 | 140,665 | ||
Contingencies and commitments | ||||
Stockholders' Equity | 1,553,023 | 1,420,227 | 1,365,505 | 1,247,535 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 4,038,620 | 3,861,300 | ||
Eliminations [Member] | ||||
ASSETS | ||||
Accounts receivable | (231,519) | (146,745) | ||
Costs and estimated earnings in excess of billings | (67,385) | (77,583) | ||
Other current assets | (56,817) | (11,419) | ||
Total current assets | (355,721) | (235,747) | ||
Intercompany notes and receivables | (242,382) | (148,637) | ||
Other assets: | ||||
Investment in subsidiaries | (2,223,971) | (1,962,983) | ||
Other assets | (8,401) | (24,147) | ||
TOTAL ASSETS | (2,830,475) | (2,371,514) | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Current maturities of long-term debt | (60,000) | (60,000) | ||
Accounts payable | (226,249) | (167,705) | ||
Billings in excess of costs and estimated earnings | (20,571) | (5,711) | ||
Accrued expenses and other current liabilities | (48,901) | (20,755) | ||
Total current liabilities | (355,721) | (254,171) | ||
Long-term debt, less current maturities | (5,994) | (5,723) | ||
Deferred income taxes | (2,407) | |||
Intercompany notes and advances payable | (242,382) | (148,637) | ||
Contingencies and commitments | ||||
Stockholders' Equity | (2,223,971) | (1,962,983) | ||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | (2,830,475) | (2,371,514) | ||
Tutor Perini Corporation [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 80,829 | 47,196 | 75,087 | 88,995 |
Restricted cash | 2,016 | 3,369 | ||
Accounts receivable | 426,176 | 358,437 | ||
Costs and estimated earnings in excess of billings | 140,901 | 114,580 | ||
Other current assets | 76,453 | 60,119 | ||
Total current assets | 726,375 | 583,701 | ||
Property and equipment, net | 74,739 | 105,306 | ||
Other assets: | ||||
Investment in subsidiaries | 2,223,971 | 1,962,983 | ||
Other assets | 42,324 | 60,978 | ||
TOTAL ASSETS | 3,067,409 | 2,712,968 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Current maturities of long-term debt | 122,166 | 107,283 | ||
Accounts payable | 280,342 | 211,679 | ||
Billings in excess of costs and estimated earnings | 102,373 | 89,303 | ||
Accrued expenses and other current liabilities | 60,227 | 6,146 | ||
Total current liabilities | 565,108 | 414,411 | ||
Long-term debt, less current maturities | 614,608 | 653,669 | ||
Deferred income taxes | 16,475 | |||
Other long-term liabilities | 111,108 | 106,588 | ||
Intercompany notes and advances payable | 207,087 | 118,073 | ||
Contingencies and commitments | ||||
Stockholders' Equity | 1,553,023 | 1,420,227 | ||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 3,067,409 | 2,712,968 | ||
Guarantor Subsidiaries [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 65,079 | 26,892 | 36,764 | 18,031 |
Restricted cash | 2,211 | 3,283 | ||
Accounts receivable | 1,441,263 | 1,179,919 | ||
Costs and estimated earnings in excess of billings | 758,158 | 868,026 | ||
Other current assets | 38,889 | 48,482 | ||
Total current assets | 2,305,600 | 2,126,602 | ||
Property and equipment, net | 399,091 | 414,143 | ||
Intercompany notes and receivables | 242,382 | 148,637 | ||
Other assets: | ||||
Goodwill | 585,006 | 585,006 | ||
Intangible assets, net | 92,997 | 96,540 | ||
Other assets | 8,905 | 7,067 | ||
TOTAL ASSETS | 3,633,981 | 3,377,995 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Current maturities of long-term debt | 23,724 | 41,634 | ||
Accounts payable | 937,428 | 890,268 | ||
Billings in excess of costs and estimated earnings | 229,746 | 203,003 | ||
Accrued expenses and other current liabilities | 76,002 | 123,497 | ||
Total current liabilities | 1,266,900 | 1,258,402 | ||
Long-term debt, less current maturities | 65,015 | 80,821 | ||
Deferred income taxes | 116,939 | 122,822 | ||
Other long-term liabilities | 2,415 | 3,278 | ||
Contingencies and commitments | ||||
Stockholders' Equity | 2,182,712 | 1,912,672 | ||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 3,633,981 | 3,377,995 | ||
Non-Guarantor Subsidiaries [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 195 | 1,364 | $ 23,732 | $ 12,897 |
Restricted cash | 46,277 | 39,201 | ||
Accounts receivable | 107,380 | 82,004 | ||
Costs and estimated earnings in excess of billings | 152 | 152 | ||
Other current assets | 7,498 | 11,662 | ||
Total current assets | 161,502 | 134,383 | ||
Property and equipment, net | 3,796 | 4,076 | ||
Other assets: | ||||
Other assets | 2,407 | 3,392 | ||
TOTAL ASSETS | 167,705 | 141,851 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Accounts payable | 2,495 | 3,222 | ||
Billings in excess of costs and estimated earnings | 19,564 | 1,716 | ||
Accrued expenses and other current liabilities | 20,597 | 25,239 | ||
Total current liabilities | 42,656 | 30,177 | ||
Other long-term liabilities | 48,495 | 30,799 | ||
Intercompany notes and advances payable | 35,295 | 30,564 | ||
Contingencies and commitments | ||||
Stockholders' Equity | 41,259 | 50,311 | ||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 167,705 | $ 141,851 | ||
2010 Notes [Member] | ||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||
Interest rate (as a percent) | 7.625% | |||
Maturity date | Nov. 1, 2018 |
Separate Financial Informatio82
Separate Financial Information of Subsidiary Guarantors of Indebtedness (Condensed Consolidating Statement of Cash Flows) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash Flows from Operating Activities: | |||||||||||
Net (loss) income | $ 30,260 | $ 28,801 | $ 21,361 | $ 15,400 | $ 8,712 | $ 19,677 | $ 11,777 | $ 5,126 | $ 95,822 | $ 45,292 | $ 107,936 |
Adjustments to reconcile net income to net cash from operating activities: | |||||||||||
Depreciation and amortization | 67,302 | 41,634 | 53,702 | ||||||||
Share-based compensation expense | 13,423 | 9,477 | 18,615 | ||||||||
Excess income tax benefit from share-based compensation | (269) | (186) | (787) | ||||||||
Change in debt discount and deferred debt issuance costs | 10,968 | 2,095 | 2,270 | ||||||||
Deferred income taxes | (10,169) | 22,214 | 21,460 | ||||||||
(Gain) loss on sale of investments | 1,786 | ||||||||||
(Gain) loss on sale of property and equipment | 453 | (2,909) | 801 | ||||||||
Other long-term liabilities | 28,210 | 28,912 | 3,074 | ||||||||
Other non-cash items | (1,874) | (3,680) | 3,273 | ||||||||
Changes in other components of working capital | (90,530) | (128,777) | (268,808) | ||||||||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 113,336 | 14,072 | (56,678) | ||||||||
Cash Flows from Investing Activities: | |||||||||||
Acquisition of property and equipment excluding financed purchases | (15,743) | (35,912) | (75,013) | ||||||||
Proceeds from sale of property and equipment | 1,899 | 4,980 | 5,335 | ||||||||
Proceeds from sale of investments | 44,497 | ||||||||||
Change in restricted cash | (4,651) | (1,483) | (1,776) | ||||||||
NET CASH USED IN INVESTING ACTIVITIES | (18,495) | (32,415) | (26,957) | ||||||||
Cash Flows from Financing Activities: | |||||||||||
Issuance of convertible notes | 200,000 | ||||||||||
Proceeds from debt | 1,353,895 | 1,013,205 | 1,156,739 | ||||||||
Repayment of debt | (1,562,684) | (1,054,371) | (1,026,349) | ||||||||
Payments related to business acquisitions | (26,430) | ||||||||||
Excess income tax benefit from share-based compensation | 269 | 186 | 787 | ||||||||
Issuance of common stock and effect of cashless exercise | (584) | (808) | (1,771) | ||||||||
Debt issuance costs | (15,086) | (3,681) | |||||||||
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES | (24,190) | (41,788) | 99,295 | ||||||||
Net (decrease) increase in cash and cash equivalents | 70,651 | (60,131) | 15,660 | ||||||||
Cash and cash equivalents at beginning of year | 75,452 | 135,583 | 75,452 | 135,583 | 119,923 | ||||||
Cash and cash equivalents at end of year | 146,103 | 75,452 | 146,103 | 75,452 | 135,583 | ||||||
Eliminations [Member] | |||||||||||
Cash Flows from Operating Activities: | |||||||||||
Net (loss) income | (113,369) | (23,367) | (95,501) | ||||||||
Adjustments to reconcile net income to net cash from operating activities: | |||||||||||
Equity in earnings of subsidiaries | 113,369 | 23,367 | 95,501 | ||||||||
Cash Flows from Investing Activities: | |||||||||||
(Increase) decrease in intercompany advances | 94,732 | 102,763 | |||||||||
NET CASH USED IN INVESTING ACTIVITIES | 94,732 | 102,763 | |||||||||
Cash Flows from Financing Activities: | |||||||||||
Increase (decrease) in intercompany advances | (94,732) | (102,763) | |||||||||
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES | (94,732) | (102,763) | |||||||||
Tutor Perini Corporation [Member] | |||||||||||
Cash Flows from Operating Activities: | |||||||||||
Net (loss) income | 95,822 | 45,292 | 107,936 | ||||||||
Adjustments to reconcile net income to net cash from operating activities: | |||||||||||
Depreciation and amortization | 31,660 | 8,612 | 2,322 | ||||||||
Equity in earnings of subsidiaries | (113,369) | (23,367) | (95,501) | ||||||||
Share-based compensation expense | 13,423 | 9,477 | 19,256 | ||||||||
Excess income tax benefit from share-based compensation | (269) | (186) | (787) | ||||||||
Change in debt discount and deferred debt issuance costs | 10,968 | 2,095 | 2,270 | ||||||||
Adjustment interest rate swap to fair value | (224) | ||||||||||
Deferred income taxes | 2,256 | 1,399 | 39,186 | ||||||||
(Gain) loss on sale of investments | 1,786 | ||||||||||
(Gain) loss on sale of property and equipment | 148 | 82 | 833 | ||||||||
Other long-term liabilities | 4,168 | (3,157) | 20,221 | ||||||||
Other non-cash items | (1,125) | (248) | (7,029) | ||||||||
Changes in other components of working capital | (108,973) | (154,300) | (26,100) | ||||||||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | (65,291) | (114,525) | 64,393 | ||||||||
Cash Flows from Investing Activities: | |||||||||||
Acquisition of property and equipment excluding financed purchases | (1,405) | (21,587) | (17,626) | ||||||||
Proceeds from sale of property and equipment | 164 | (784) | |||||||||
Proceeds from sale of investments | 44,497 | ||||||||||
Change in restricted cash | 1,353 | 15,464 | |||||||||
NET CASH USED IN INVESTING ACTIVITIES | 112 | (21,587) | 41,551 | ||||||||
Cash Flows from Financing Activities: | |||||||||||
Issuance of convertible notes | 200,000 | ||||||||||
Proceeds from debt | 1,348,800 | 981,855 | 1,078,932 | ||||||||
Repayment of debt | (1,523,603) | (962,701) | (957,830) | ||||||||
Payments related to business acquisitions | (26,430) | ||||||||||
Excess income tax benefit from share-based compensation | 269 | 186 | 787 | ||||||||
Issuance of common stock and effect of cashless exercise | (584) | (808) | (1,772) | ||||||||
Debt issuance costs | (15,086) | (3,681) | |||||||||
Increase (decrease) in intercompany advances | 89,016 | 89,689 | (209,858) | ||||||||
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES | 98,812 | 108,221 | (119,852) | ||||||||
Net (decrease) increase in cash and cash equivalents | 33,633 | (27,891) | (13,908) | ||||||||
Cash and cash equivalents at beginning of year | 47,196 | 75,087 | 47,196 | 75,087 | 88,995 | ||||||
Cash and cash equivalents at end of year | 80,829 | 47,196 | 80,829 | 47,196 | 75,087 | ||||||
Guarantor Subsidiaries [Member] | |||||||||||
Cash Flows from Operating Activities: | |||||||||||
Net (loss) income | 103,288 | 15,959 | 86,089 | ||||||||
Adjustments to reconcile net income to net cash from operating activities: | |||||||||||
Depreciation and amortization | 35,362 | 32,746 | 51,109 | ||||||||
Share-based compensation expense | (641) | ||||||||||
Adjustment interest rate swap to fair value | 224 | ||||||||||
Deferred income taxes | (12,425) | 36,083 | (17,726) | ||||||||
(Gain) loss on sale of property and equipment | 305 | (2,991) | (32) | ||||||||
Other long-term liabilities | 6,346 | 32,069 | (17,147) | ||||||||
Other non-cash items | (749) | (3,432) | 10,302 | ||||||||
Changes in other components of working capital | 46,309 | 49,868 | (264,203) | ||||||||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 178,436 | 160,526 | (152,249) | ||||||||
Cash Flows from Investing Activities: | |||||||||||
Acquisition of property and equipment excluding financed purchases | (14,338) | (14,286) | (57,387) | ||||||||
Proceeds from sale of property and equipment | 1,735 | 4,980 | 6,119 | ||||||||
(Increase) decrease in intercompany advances | (94,732) | (102,763) | |||||||||
Change in restricted cash | 1,072 | 1,991 | 2,766 | ||||||||
NET CASH USED IN INVESTING ACTIVITIES | (106,263) | (110,078) | (48,502) | ||||||||
Cash Flows from Financing Activities: | |||||||||||
Proceeds from debt | 5,095 | 31,350 | 77,807 | ||||||||
Repayment of debt | (39,081) | (91,670) | (68,519) | ||||||||
Issuance of common stock and effect of cashless exercise | 1 | ||||||||||
Increase (decrease) in intercompany advances | 210,195 | ||||||||||
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES | (33,986) | (60,320) | 219,484 | ||||||||
Net (decrease) increase in cash and cash equivalents | 38,187 | (9,872) | 18,733 | ||||||||
Cash and cash equivalents at beginning of year | 26,892 | 36,764 | 26,892 | 36,764 | 18,031 | ||||||
Cash and cash equivalents at end of year | 65,079 | 26,892 | 65,079 | 26,892 | 36,764 | ||||||
Non-Guarantor Subsidiaries [Member] | |||||||||||
Cash Flows from Operating Activities: | |||||||||||
Net (loss) income | 10,081 | 7,408 | 9,412 | ||||||||
Adjustments to reconcile net income to net cash from operating activities: | |||||||||||
Depreciation and amortization | 280 | 276 | 271 | ||||||||
Deferred income taxes | (15,268) | ||||||||||
Other long-term liabilities | 17,696 | ||||||||||
Changes in other components of working capital | (27,866) | (24,345) | 21,495 | ||||||||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 191 | (31,929) | 31,178 | ||||||||
Cash Flows from Investing Activities: | |||||||||||
Acquisition of property and equipment excluding financed purchases | (39) | ||||||||||
Change in restricted cash | (7,076) | (3,474) | (20,006) | ||||||||
NET CASH USED IN INVESTING ACTIVITIES | (7,076) | (3,513) | (20,006) | ||||||||
Cash Flows from Financing Activities: | |||||||||||
Increase (decrease) in intercompany advances | 5,716 | 13,074 | (337) | ||||||||
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES | 5,716 | 13,074 | (337) | ||||||||
Net (decrease) increase in cash and cash equivalents | (1,169) | (22,368) | 10,835 | ||||||||
Cash and cash equivalents at beginning of year | $ 1,364 | $ 23,732 | 1,364 | 23,732 | 12,897 | ||||||
Cash and cash equivalents at end of year | $ 195 | $ 1,364 | $ 195 | $ 1,364 | $ 23,732 |