Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Oct. 31, 2019 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Tutor Perini Corporation | |
Entity Central Index Key | 0000077543 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2019 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Incorporation, State or Country Code | MA | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 50,278,816 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Title of 12(b) Security | Common Stock, $1.00 par value | |
Trading Symbol | TPC | |
Security Exchange Name | NYSE | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Address, Address Line One | 15901 OLDEN STREET | |
Entity Address, City or Town | SYLMAR | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 91342-1093 | |
Entity File Number | 1-6314 | |
Entity Tax Identification Number | 04-1717070 | |
City Area Code | 818 | |
Local Phone Number | 362-8391 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
REVENUE | $ 1,189,345 | $ 1,123,137 | $ 3,273,107 | $ 3,271,378 |
COST OF OPERATIONS | (1,074,282) | (1,012,013) | (2,968,631) | (2,974,546) |
GROSS PROFIT | 115,063 | 111,124 | 304,476 | 296,832 |
General and administrative expenses | (67,120) | (63,818) | (195,474) | (195,636) |
Goodwill impairment | 0 | 0 | (379,863) | 0 |
INCOME (LOSS) FROM CONSTRUCTION OPERATIONS | 47,943 | 47,306 | (270,861) | 101,196 |
Other income, net | 1,674 | 1,909 | 2,996 | 3,739 |
Interest expense | (17,305) | (16,411) | (51,252) | (47,474) |
INCOME (LOSS) BEFORE INCOME TAXES | 32,312 | 32,804 | (319,117) | 57,461 |
Income tax (expense) benefit | (5,591) | (7,368) | 35,121 | (15,071) |
NET INCOME (LOSS) | 26,721 | 25,436 | (283,996) | 42,390 |
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 7,408 | 4,164 | 17,577 | 8,359 |
NET INCOME (LOSS) ATTRIBUTABLE TO TUTOR PERINI CORPORATION | $ 19,313 | $ 21,272 | $ (301,573) | $ 34,031 |
BASIC EARNINGS (LOSS) PER COMMON SHARE | $ 0.38 | $ 0.43 | $ (6.01) | $ 0.68 |
DILUTED EARNINGS (LOSS) PER COMMON SHARE | $ 0.38 | $ 0.42 | $ (6.01) | $ 0.68 |
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING: | ||||
BASIC (in shares) | 50,279 | 50,018 | 50,201 | 49,927 |
DILUTED (in shares) | 50,582 | 50,375 | 50,201 | 50,210 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) [Abstract] | ||||
NET INCOME (LOSS) | $ 26,721 | $ 25,436 | $ (283,996) | $ 42,390 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | ||||
Defined benefit pension plan adjustments | 331 | 365 | 992 | 1,100 |
Foreign currency translation adjustments | (450) | 376 | 708 | (1,432) |
Unrealized gain (loss) in fair value of investments | 256 | (129) | 1,615 | (1,143) |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 137 | 612 | 3,315 | (1,475) |
COMPREHENSIVE INCOME (LOSS) | 26,858 | 26,048 | (280,681) | 40,915 |
LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 7,309 | 4,164 | 17,737 | 8,359 |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO TUTOR PERINI CORPORATION | $ 19,549 | $ 21,884 | $ (298,418) | $ 32,556 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
CURRENT ASSETS: | ||
Cash and cash equivalents ($110,447 and $43,131 related to variable interest entities ("VIEs")) | $ 207,130 | $ 116,075 |
Restricted cash | 6,261 | 3,788 |
Restricted investments | 67,728 | 58,142 |
Accounts receivable ($142,749 and $62,482 related to VIEs) | 1,460,450 | 1,261,072 |
Retainage receivable ($73,424 and $36,724 related to VIEs) | 542,274 | 478,744 |
Costs and estimated earnings in excess of billings | 1,159,333 | 1,142,295 |
Other current assets ($36,859 and $30,185 related to VIEs) | 162,406 | 115,527 |
Total current assets | 3,605,582 | 3,175,643 |
PROPERTY AND EQUIPMENT ("P&E"), net of accumulated depreciation of $375,717 and $343,735 (net P&E of $54,729 and $51,508 related to VIEs) | 509,986 | 490,669 |
GOODWILL | 205,143 | 585,006 |
INTANGIBLE ASSETS, NET | 83,254 | 85,911 |
OTHER ASSETS | 90,943 | 50,523 |
TOTAL ASSETS | 4,494,908 | 4,387,752 |
CURRENT LIABILITIES: | ||
Current maturities of long-term debt | 10,862 | 16,767 |
Accounts payable ($74,183 and $18,070 related to VIEs) | 670,458 | 621,728 |
Retainage payable ($10,294 and $0 related to VIEs) | 232,209 | 211,956 |
Billings in excess of costs and estimated earnings ($404,357 and $263,764 related to VIEs) | 818,806 | 573,190 |
Accrued expenses and other current liabilities ($37,935 and $34,828 related to VIEs) | 188,373 | 174,325 |
Total current liabilities | 1,920,708 | 1,597,966 |
LONG-TERM DEBT, less current maturities, net of unamortized discounts and debt issuance costs totaling $26,358 and $34,998 | 825,382 | 744,737 |
DEFERRED INCOME TAXES | 58,305 | 105,521 |
OTHER LONG-TERM LIABILITIES | 186,965 | 151,639 |
TOTAL LIABILITIES | 2,991,360 | 2,599,863 |
COMMITMENTS AND CONTINGENCIES (NOTE 11) | ||
Stockholders' equity: | ||
Preferred stock - authorized 1,000,000 shares ($1 par value), none issued | ||
Common stock - authorized 75,000,000 shares ($1 par value), issued and outstanding 50,278,816 and 50,025,996 shares | 50,279 | 50,026 |
Additional paid-in capital | 1,113,987 | 1,102,919 |
Retained earnings | 400,108 | 701,681 |
Accumulated other comprehensive loss | (42,294) | (45,449) |
Total stockholders' equity | 1,522,080 | 1,809,177 |
Noncontrolling interests | (18,532) | (21,288) |
TOTAL EQUITY | 1,503,548 | 1,787,889 |
TOTAL LIABILITIES AND EQUITY | $ 4,494,908 | $ 4,387,752 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Cash and cash equivalents | $ 207,130 | $ 116,075 |
Accounts receivable | 1,460,450 | 1,261,072 |
Retainage receivable | 542,274 | 478,744 |
Other current assets | 162,406 | 115,527 |
Accumulated depreciation | 375,717 | 343,735 |
PROPERTY AND EQUIPMENT, net of accumulated depreciation | 509,986 | 490,669 |
Accounts payable | 670,458 | 621,728 |
Retainage payable | 232,209 | 211,956 |
Accrued expenses and other current liabilities | 188,373 | 174,325 |
Billings in excess of costs and estimated earnings | 818,806 | 573,190 |
Unamortized discounts and debt issuance costs | $ 26,358 | $ 34,998 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, shares issued | 0 | 0 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares issued | 50,278,816 | 50,025,996 |
Common stock, shares outstanding | 50,278,816 | 50,025,996 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Cash and cash equivalents | $ 110,447 | $ 43,131 |
Accounts receivable | 142,749 | 62,482 |
Retainage receivable | 73,424 | 36,724 |
Other current assets | 36,859 | 30,185 |
PROPERTY AND EQUIPMENT, net of accumulated depreciation | 54,729 | 51,508 |
Accounts payable | 74,183 | 18,070 |
Retainage payable | 10,294 | 0 |
Accrued expenses and other current liabilities | 37,935 | 34,828 |
Billings in excess of costs and estimated earnings | $ 404,357 | $ 263,764 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash Flows from Operating Activities: | ||
Net income (loss) | $ (283,996) | $ 42,390 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Goodwill impairment | 379,863 | 0 |
Depreciation | 41,884 | 30,924 |
Amortization of intangible assets | 2,657 | 2,657 |
Share-based compensation expense | 14,331 | 17,779 |
Change in debt discounts and deferred debt issuance costs | 9,790 | 8,962 |
Deferred income taxes | (48,318) | 233 |
(Gain) loss on sale of property and equipment | (1,799) | 823 |
Changes in other components of working capital | (7,148) | (136,113) |
Other long-term liabilities | 3,979 | (2,606) |
Other,net | 122 | 190 |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 111,365 | (34,761) |
Cash Flows from Investing Activities: | ||
Acquisition of property and equipment | (62,677) | (64,411) |
Proceeds from sale of property and equipment | 4,300 | 5,462 |
Investment in securities | (18,790) | (13,841) |
Proceeds from maturities and sales of investments in securities | 11,078 | 14,302 |
NET CASH USED IN INVESTING ACTIVITIES | (66,089) | (58,488) |
Cash Flows from Financing Activities: | ||
Proceeds from debt | 649,139 | 1,502,177 |
Repayment of debt | (583,039) | (1,444,760) |
Business acquisition related payment | 0 | (15,951) |
Cash payments related to share-based compensation | (2,363) | (2,671) |
Distributions paid to noncontrolling interests | (21,500) | (22,500) |
Contributions from noncontrolling interests | 6,519 | 1,000 |
Debt modification costs | (504) | 0 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 48,252 | 17,295 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 93,528 | (75,954) |
Cash, cash equivalents and restricted cash at beginning of period | 119,863 | 197,648 |
Cash, cash equivalents and restricted cash at end of period | $ 213,391 | $ 121,694 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2019 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | (1) Basis of Presentation The Condensed Consolidated Financial Statements do not include footnotes and certain financial information normally presented annually under generally accepted accounting principles in the United States (“GAAP”). Therefore, they should be read in conjunction with the audited consolidated financial statements and the related notes included in Tutor Perini Corporation’s (the “Company”) Annual Report on Form 10-K for the year ended December 31, 2018. The results of operations for the three and nine months ended September 30, 2019 may not be indicative of the results that will be achieved for the full year ending December 31, 2019 . In the opinion of management, the accompanying unaudited Condensed Consolidated Financial Statements reflect all adjustments, including those of a normal recurring nature, necessary to present fairly the Company’s consolidated financial position as of September 30, 2019 and its consolidated statements of operations and cash flows for the interim periods presented. Intercompany balances and transactions have been eliminated. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2019 | |
Recent Accounting Pronouncements [Abstract] | |
Recent Accounting Pronouncements | (2) Recent Accounting Pronouncements New accounting pronouncements adopted by the Company during the nine months ended September 30, 2019 are discussed below. In August 2018, the Securities and Exchange Commission (“SEC”) adopted the final rule under SEC Release No. 33-10532, “Disclosure Update and Simplification,” adopting amendments to certain disclosure rules that were redundant, duplicative, overlapping, outdated, or superseded, in light of other SEC disclosure requirements, GAAP or changes in the information environment. This release was subsequently codified in July 2019 as part of Accounting Standards Update (“ASU”) 2019-07, Codification Updates to SEC Sections - Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10532, “Disclosure Update and Simplification,” and Nos. 33-10231 and 33-10442, “Investment Company Reporting Modernization,” and Miscellaneous Updates . The amendments expanded the disclosure requirements relating to the analysis of equity for interim financial statements. Under the amendments, an analysis of the changes in each caption of stockholders’ equity and noncontrolling interests presented in the balance sheet must be provided in a note or separate statement. The analysis must present a reconciliation of the beginning balance to the ending balance of each period for which a statement of earnings is required to be filed. The final rule was effective on November 5, 2018. The Company adopted the final rule effective for the first quarter of 2019. The adoption of the final rule did not have an impact on the Company’s consolidated financial position or results of operations. See Note 16, Changes in Equity , for the new required disclosures. In February 2016, the Financial Accounting Standards Board issued ASU 2016-02, Leases (Topic 842), as amended and supplemented by subsequent ASUs (collectively, “ASC 842”). ASC 842 amends the existing guidance in Accounting Standards Codification (“ASC”) 840, Leases . This ASU requires, among other things, the recognition of lease right-of-use (“ROU”) assets and lease liabilities by lessees for those leases currently classified as operating leases. ASC 842 allowed companies to adopt the new standard by applying either a modified retrospective method to the beginning of the earliest period presented in the financial statements or an optional transition method to initially apply the standard on January 1, 2019 and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company adopted the standard using the optional transition method. Under this method, financial results reported in periods prior to 2019 are unchanged. The Company elected the package of practical expedients which provides relief from having to reassess (1) whether any expired or existing contracts contain leases, (2) lease classification (as operating or financing) for any expired or existing leases, and (3) initial direct costs for any existing leases. The Company also elected to separate non-lease components from lease components. Based on the Company’s evaluation of ASC 842, the adoption on January 1, 2019 resulted in an increase of $ 43.3 million to its assets and liabilities on the Condensed Consolidated Balance Sheets with no impact to its results of operations or cash flows . The effects of the changes made to the Company’s January 1, 2019 consolidated balance sheet for the adoption of ASC 842 were as follows: BALANCE SHEET Balance as of Adjustments due to Balance as of (in thousands) December 31, 2018 (a) ASC 842 January 1, 2019 ASSETS Other assets (b) $ 50,523 $ 43,273 $ 93,796 LIABILITIES Accrued expenses and other current liabilities (b) $ 174,325 $ 11,569 $ 185,894 Other long-term liabilities (b) 151,639 31,704 183,343 ____________________________________________________________________________________________________ (a) Balance as previously reported on the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. (b) Prior to the adoption of ASC 842, operating lease ROU assets and current and long-term operating lease liabilities were not recorded on the Condensed Consolidated Balance Sheets. The following table presents the impacts of adoption of the new leases standard on the Condensed Consolidated Balance Sheet: As of September 30, 2019 Balance Without BALANCE SHEET Adoption of Effect of (in thousands) As Reported ASC 842 Change ASSETS Other assets (a) $ 90,943 $ 49,823 $ 41,120 LIABILITIES Accrued expenses and other current liabilities (a) $ 188,373 $ 177,298 $ 11,075 Other long-term liabilities (a) 186,965 156,920 30,045 ____________________________________________________________________________________________________ (a) Prior to the adoption of ASC 842, operating lease ROU assets and current and long-term operating lease liabilities were not recorded on the Condensed Consolidated Balance Sheets. For the three and nine months ended September 30, 2019, the new requirements of ASC 842 did not have an impact on the Company’s results of operations or cash flows . |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2019 | |
Revenue [Abstract] | |
Revenue | (3) Revenue Disaggregation of Revenue The following tables disaggregate revenue by end market, customer type and contract type, which the Company believes best depict how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors for the three and nine months ended September 30, 2019 and 2018. Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2019 2018 2019 2018 Civil segment revenue by end market: Mass transit $ 265,671 $ 177,619 $ 655,541 $ 485,841 Bridges 113,743 128,240 269,517 311,979 Highways 44,630 46,553 145,917 129,619 Tunneling 32,076 33,377 96,602 66,009 Other 68,426 45,699 164,121 103,627 Total Civil segment revenue $ 524,546 $ 431,488 $ 1,331,698 $ 1,097,075 Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2019 2018 2019 2018 Building segment revenue by end market: Commercial and industrial facilities $ 121,206 $ 57,505 $ 345,752 $ 290,571 Health care facilities 58,323 127,219 199,347 320,416 Municipal and government 62,444 67,003 192,986 187,984 Hospitality and gaming 57,672 65,744 180,556 226,999 Mass transit 53,384 — 123,772 — Education facilities 33,469 43,405 123,059 108,763 Mixed use 2,183 40,758 26,774 121,348 Other 26,665 53,858 84,884 136,631 Total Building segment revenue $ 415,346 $ 455,492 $ 1,277,130 $ 1,392,712 Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2019 2018 2019 2018 Specialty Contractors segment revenue by end market: Mass transit $ 103,710 $ 63,457 $ 285,121 $ 216,808 Commercial and industrial facilities 51,471 48,601 139,112 136,892 Multi-unit residential 25,860 18,254 56,474 64,104 Education facilities 21,610 26,024 47,226 77,626 Mixed use 18,465 37,587 47,170 137,420 Health care facilities 5,217 12,873 26,116 43,861 Transportation 5,931 17,150 16,092 73,154 Other 17,189 12,211 46,968 31,726 Total Specialty Contractors segment revenue $ 249,453 $ 236,157 $ 664,279 $ 781,591 Three Months Ended September 30, 2019 Three Months Ended September 30, 2018 Specialty Specialty (in thousands) Civil Building Contractors Total Civil Building Contractors Total Revenue by customer type: State and local agencies $ 420,839 $ 144,106 $ 136,191 $ 701,136 $ 341,067 $ 177,377 $ 99,913 $ 618,357 Private owners 70,855 234,350 108,476 413,681 63,477 225,225 124,186 412,888 Federal agencies 32,852 36,890 4,786 74,528 26,944 52,890 12,058 91,892 Total revenue $ 524,546 $ 415,346 $ 249,453 $ 1,189,345 $ 431,488 $ 455,492 $ 236,157 $ 1,123,137 Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018 Specialty Specialty (in thousands) Civil Building Contractors Total Civil Building Contractors Total Revenue by customer type: State and local agencies $ 1,059,384 $ 422,590 $ 347,517 $ 1,829,491 $ 894,613 $ 452,918 $ 312,541 $ 1,660,072 Private owners 189,325 733,103 301,446 1,223,874 134,891 790,330 423,280 1,348,501 Federal agencies 82,989 121,437 15,316 219,742 67,571 149,464 45,770 262,805 Total revenue $ 1,331,698 $ 1,277,130 $ 664,279 $ 3,273,107 $ 1,097,075 $ 1,392,712 $ 781,591 $ 3,271,378 Three Months Ended September 30, 2019 Three Months Ended September 30, 2018 Specialty Specialty (in thousands) Civil Building Contractors Total Civil Building Contractors Total Revenue by contract type: Fixed price $ 376,230 $ 144,514 $ 208,689 $ 729,433 $ 272,996 $ 91,972 $ 193,607 $ 558,575 Guaranteed maximum price 639 159,217 4,405 164,261 3,025 269,069 18,720 290,814 Unit price 142,253 2,922 25,193 170,368 141,917 9,938 7,939 159,794 Cost plus fee and other 5,424 108,693 11,166 125,283 13,550 84,513 15,891 113,954 Total revenue $ 524,546 $ 415,346 $ 249,453 $ 1,189,345 $ 431,488 $ 455,492 $ 236,157 $ 1,123,137 Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018 Specialty Specialty (in thousands) Civil Building Contractors Total Civil Building Contractors Total Revenue by contract type: Fixed price $ 969,041 $ 395,123 $ 551,779 $ 1,915,943 $ 716,826 $ 267,630 $ 675,526 $ 1,659,982 Guaranteed maximum price 4,517 551,399 15,326 571,242 11,200 801,537 51,762 864,499 Unit price 343,416 10,950 64,379 418,745 332,118 29,526 21,829 383,473 Cost plus fee and other 14,724 319,658 32,795 367,177 36,931 294,019 32,474 363,424 Total revenue $ 1,331,698 $ 1,277,130 $ 664,279 $ 3,273,107 $ 1,097,075 $ 1,392,712 $ 781,591 $ 3,271,378 Changes in Contract Estimates that Impact Revenue Changes to the total estimated contract revenue or cost for a given project, either due to unexpected events or revisions to management’s initial estimates, are recognized in the period in which they are determined. Net revenue was negatively impacted during the three- and nine-month periods ended September 30, 2019 related to performance obligations satisfied (or partially satisfied) in prior periods by $ 13.8 million and $ 46.3 million, respectively. Net revenue recognized during the three and nine months ended September 30, 2018 related to performance obligations satisfied (or partially satisfied) in prior periods was immaterial. Remaining Performance Obligations Remaining performance obligations represent the transaction price of firm orders for which work has not been performed and exclude unexercised contract options. As of September 30, 2019, the aggregate amounts of the transaction prices allocated to the remaining performance obligations of the Company’s construction contracts were $ 5.3 billion, $ 1.6 billion and $ 2.2 billion for the Civil, Building and Specialty Contractors segments, respectively. As of September 30, 2018, the aggregate amounts of the transaction prices allocated to the remaining performance obligations of the Company’s construction contracts were $ 4.2 billion, $ 2.1 billion and $ 1.7 billion for the Civil, Building and Specialty Contractors segments, respectively. The Company typically recognizes revenue on Civil segment projects over a period of three to five years , whereas for projects in the Building and Specialty Contractors segments, the Company typically recognizes revenue over a period of one to three years . |
Contract Assets and Liabilities
Contract Assets and Liabilities | 9 Months Ended |
Sep. 30, 2019 | |
Contract Assets and Liabilities [Abstract] | |
Contract Assets And Liabilities | (4) Contract Assets and Liabilities The Company classifies contract assets and liabilities that may be settled beyond one year from the balance sheet date as current, consistent with the length of time of the Company’s project operating cycle. Contract assets include amounts due under retainage provisions, costs and estimated earnings in excess of billings and capitalized contract costs. The amounts as included on the Condensed Consolidated Balance Sheets consisted of the following: As of September 30, As of December 31, (in thousands) 2019 2018 Retainage receivable $ 542,274 $ 478,744 Costs and estimated earnings in excess of billings: Claims 756,760 698,274 Unapproved change orders 334,125 354,000 Other unbilled costs and profits 68,448 90,021 Total costs and estimated earnings in excess of billings 1,159,333 1,142,295 Capitalized contract costs 60,290 37,404 Total contract assets $ 1,761,897 $ 1,658,443 Retainage receivable represents amounts invoiced to customers where payments have been partially withheld pending the completion of certain milestones, satisfaction of other contractual conditions or the completion of the project. Retainage agreements vary from project to project and balances could be outstanding for several months or years depending on a number of circumstances such as contract-specific terms, project performance and other variables that may arise as the Company makes progress towards completion. As of September 30, 2019, the amount of retainage receivables estimated by management to be collected beyond one year is approximately 39 % of the balance. Costs and estimated earnings in excess of billings represent the excess of contract costs and profits (or contract revenue) over the amount of contract billings to date and are classified as a current asset. Costs and estimated earnings in excess of billings result when either: 1) the appropriate contract revenue amount has been recognized over time in accordance with ASC 606, Revenue from Contracts with Customers (“ASC 606”) , but a portion of the revenue recorded cannot be billed currently due to the billing terms defined in the contract, or 2) costs are incurred related to certain claims and unapproved change orders. Claims occur when there is a dispute regarding both a change in the scope of work and the price associated with that change. Unapproved change orders occur when a change in the scope of work results in additional work being performed before the parties have agreed on the corresponding change in the contract price. The Company routinely estimates recovery related to claims and unapproved change orders as a form of variable consideration at the most likely amount it expects to receive and to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Claims and unapproved change orders are billable upon the agreement and resolution between the contractual parties and after the execution of contractual amendments. Increases in claims and unapproved change orders typically result from costs being incurred against existing or new positions; decreases normally result from resolutions and subsequent billings. As discussed in Note 11, Commitments and Contingencies , the resolution of these claims and unapproved change orders may require litigation or other forms of dispute resolution proceedings. Other unbilled costs and profits are billable in accordance with the billing terms of each of the existing contractual arrangements and, as such, the timing of contract billing cycles can cause fluctuations in the balance of unbilled costs and profits. Ultimate resolution of other unbilled costs and profits typically involves incremental progress toward contractual requirements or milestones. Capitalized contract costs primarily represent costs to fulfill a contract that (1) directly relate to an existing or anticipated contract, (2) generate or enhance resources that will be used in satisfying performance obligations in the future and (3) are expected to be recovered through the contract, and are included in other current assets. Capitalized contract costs are generally expensed to the associated contract over the period of anticipated use on the project. During the three and nine months ended September 30, 2019, $ 8.5 million and $ 22.8 million, respectively, of previously capitalized contract costs were amortized and recognized as expense on the related contracts. During the three and nine months ended September 30, 2018, $ 4.0 million and $ 12.2 million, respectively, of previously capitalized contract costs were amortized and recognized as expense on the related contracts. Contract liabilities include amounts owed under retainage provisions and billings in excess of costs and estimated earnings. The amount as reported on the Condensed Consolidated Balance Sheets consisted of the following: As of September 30, As of December 31, (in thousands) 2019 2018 Retainage payable $ 232,209 $ 211,956 Billings in excess of costs and estimated earnings 818,806 573,190 Total contract liabilities $ 1,051,015 $ 785,146 Retainage payable represents amounts invoiced to the Company by subcontractors where payments have been partially withheld pending the completion of certain milestones, other contractual conditions or upon the completion of the project. Generally, retainage payable is not remitted to subcontractors until the associated retainage receivable from customers is collected. As of September 30, 2019, the amount of retainage payable estimated by management to be remitted beyond one year is approximately 30 % of the balance. Billings in excess of costs and estimated earnings represent the excess of contract billings to date over the amount of contract costs and profits (or contract revenue) recognized to date. The balance may fluctuate depending on the timing of contract billings and the recognition of contract revenue. Revenue recognized during the three and nine months ended September 30, 2019 and included in the opening billings in excess of costs and estimated earnings balances for each period totaled $ 322.8 million and $ 437.1 million, respectively. Revenue recognized during the three and nine months ended September 30, 2018 and included in the opening billings in excess of costs and estimated earnings balances for each period totaled $ 251.4 million and $ 341.2 million, respectively. |
Cash, Cash Equivalents and Rest
Cash, Cash Equivalents and Restricted Cash | 9 Months Ended |
Sep. 30, 2019 | |
Cash, Cash Equivalents and Restricted Cash [Abstract] | |
Cash, Cash Equivalents and Restricted Cash | (5) Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets to the amounts shown in the Condensed Consolidated Statements of Cash Flows: As of September 30, As of December 31, (in thousands) 2019 2018 Cash and cash equivalents available for general corporate purposes $ 49,166 $ 51,749 Joint venture cash and cash equivalents 157,964 64,326 Cash and cash equivalents 207,130 116,075 Restricted cash 6,261 3,788 Total cash, cash equivalents and restricted cash $ 213,391 $ 119,863 Cash equivalents include short-term, highly liquid investments with maturities of three months or less when acquired. Cash and cash equivalents consist of amounts available for the Company’s general purposes, the Company’s proportionate share of cash held by the Company’s unconsolidated joint ventures and 100% of amounts held by the Company’s consolidated joint ventures. In both cases, cash held by joint ventures is available only for joint venture-related uses, including future distributions to joint venture partners. Amounts included in restricted cash are primarily held as collateral to secure insurance-related contingent obligations, such as insurance claim deductibles, in lieu of letters of credit. |
Earnings Per Common Share (EPS)
Earnings Per Common Share (EPS) | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Common Share (EPS) [Abstract] | |
Earnings Per Common Share (EPS) | (6) Earnings Per Common Share (EPS) Basic EPS and diluted EPS are calculated by dividing net income attributable to Tutor Perini Corporation by the following: for basic EPS, the weighted-average number of common shares outstanding during the period; and for diluted EPS, the sum of the weighted-average number of both outstanding common shares and potentially dilutive securities, which for the Company can include restricted stock units, unexercised stock options and the Convertible Notes, as defined in Note 9, Financial Commitments . In accordance with ASC 260, Earnings Per Share (“ASC 260”) , the settlement of the principal amount of the Convertible Notes has no impact on diluted EPS because the Company has the intent and ability to settle the principal amount in cash . The Company calculates the effect of the potentially dilutive restricted stock units and stock options using the treasury stock method. Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per common share data) 2019 2018 2019 2018 Net income (loss) attributable to Tutor Perini Corporation $ 19,313 $ 21,272 $ ( 301,573 ) $ 34,031 Weighted-average common shares outstanding, basic 50,279 50,018 50,201 49,927 Effect of dilutive restricted stock units and stock options 303 357 — 283 Weighted-average common shares outstanding, diluted 50,582 50,375 50,201 50,210 Net income (loss) attributable to Tutor Perini Corporation per common share: Basic $ 0.38 $ 0.43 $ ( 6.01 ) $ 0.68 Diluted $ 0.38 $ 0.42 $ ( 6.01 ) $ 0.68 Anti-dilutive securities not included above 1,665 2,107 3,458 2,765 The net loss attributable to Tutor Perini Corporation per common share for the nine months ended September 30, 2019 in the table above reflects the impact of the $ 379.9 million goodwill impairment charge discussed in Note 8, Goodwill and Intangible Assets , with an after-tax impact of $ 329.5 million, or $ 6.56 per diluted share . For the nine months ended September 30, 2019, all outstanding restricted stock units and stock options were excluded from the calculation of diluted shares outstanding due to the net loss for the period. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2019 | |
Income Taxes [Abstract] | |
Income Taxes | (7) Income Taxes The Company’s effective income tax rate was 17.3 % and 11.0 % for the three and nine months ended September 30, 2019 and 22.5 % and 26.2 % for the three and nine months ended September 30, 2018, respectively. The Company’s provision for income taxes and effective tax rate for the nine months ended September 30, 2019 were significantly impacted by the goodwill impairment charge discussed in Note 8, Goodwill and Intangible Assets . Of the total goodwill impairment charge of $ 379.9 million, approximately $ 209.5 million pertained to goodwill that is not tax deductible and yielded permanent differences between book income and taxable income. For the nine months ended September 30, 2019, the Company recognized a tax benefit totaling $ 50.4 million as a result of the impairment charge. Additionally, approximately $ 50.3 million was recorded as a deferred tax asset or a reduction of a previously recorded deferred tax liability due to the impairment charge. The effective tax rate for the three months ended September 30, 2019 of 17.3 % and the adjusted effective income tax rate for the nine months ended September 30, 2019 of 25.1 %, which excludes the goodwill impairment charge and associated tax benefit, were favorably impacted by earnings attributable to noncontrolling interests for which income taxes are not the responsibility of the Company and tax return-to-provision adjustments. The nine-month period ended September 30, 2019 also included the unfavorable impact of expired stock options for which the share-based compensation expense recognized in prior periods will not be deductible for income taxes. The effective tax rates for the 2018 periods were favorably impacted by the release of tax liabilities as a result of expirations of statutes of limitations and earnings attributable to noncontrolling interests for which income taxes are not the responsibility of the Company, partially offset by unfavorable rate impacts of share-based compensation-related changes. The effective tax rates for all periods also include provisions for state income taxes, net of the federal benefit. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 9 Months Ended |
Sep. 30, 2019 | |
Goodwill and Intangible Assets [Abstract] | |
Goodwill and Intangible Assets | (8) Goodwill and Intangible Assets Goodwill The following table presents the changes in the carrying amount of goodwill since its inception through September 30, 2019: Specialty (in thousands) Civil Building Contractors Total Gross goodwill $ 492,074 $ 424,724 $ 156,193 $ 1,072,991 Accumulated impairment ( 76,716 ) ( 411,269 ) — ( 487,985 ) Balance as of December 31, 2018 415,358 13,455 156,193 585,006 Second quarter 2019 impairment ( 210,215 ) ( 13,455 ) ( 156,193 ) ( 379,863 ) Balance as of September 30, 2019 (a) $ 205,143 $ — $ — $ 205,143 ____________________________________________________________________________________________________ (a) As of September 30, 2019, accumulated impairment was $ 867.8 million. The aggregate carrying amount of goodwill allocated to the Company’s three reporting units as of December 31, 2018 was $ 585.0 million. The Company tests the goodwill allocated to its reporting units for impairment annually on October 1, or more frequently if events or circumstances indicate it is more likely than not that the fair value of a reporting unit is less than its carrying amount. The Company performed its 2018 annual impairment test as of October 1, 2018 using a weighted average of (1) an income approach and (2) a market approach to determine the fair value of each reporting unit and concluded that the goodwill was not impaired since the estimated fair value of each reporting unit exceeded its respective net book value. In addition, the Company determined the implied control premium (the excess of the aggregated fair values of its reporting units over its market capitalization) was consistent with and within a reasonable range of actual premiums paid in industry-specific merger and acquisition (“M&A”) transactions over a sustained period of time. During the interim periods since the date of the last annual test, and prior to the second quarter of 2019, the Company concluded that no triggering events had occurred. In the second quarter of 2019, in connection with the preparation of its quarterly financial statements, the Company assessed the changes in circumstances that occurred during the quarter to determine whether it was more likely than not that the fair values of any of its reporting units were below their carrying amounts. While there was no single determinative event or factor, potential triggering events identified in the accounting guidance (ASC 350, Intangibles – Goodwill and Other ) developed during the second quarter of 2019, which led the Company to conclude that, when considering the events and factors in totality, it was more likely than not that the fair values of each of its reporting units were below their carrying amounts. The triggering factors included: The Company faced a declining stock price and observed a sustained decrease subsequent to the filing of the Company’s first quarter Form 10-Q on May 8, 2019, in both absolute terms and relative to its peers. Consistent with the average stock prices of companies in its peer group, the Company’s stock price had been trending lower over several prior periods; however, during the second quarter of 2019, the Company’s stock price dropped to a 52-week low while the average stock price of companies in its peer group increased. The Company believes that delays experienced in resolving certain claims and unapproved change orders, which when combined with the increased working capital needs and significant negative operating cash flows in the first quarter of 2019, has contributed significantly to the sustained decrease in the Company’s stock price; The Company experienced significant negative operating cash flows from each of its reporting units in the first quarter of 2019, and that trend continued at the beginning of the second quarter; and The Company’s debt rating was downgraded by a major credit rating agency on May 17, 2019. As the Company determined that it was more likely than not that the fair values of its reporting units were below their carrying amounts, the Company performed an interim impairment test as of June 1, 2019 (the “Interim Test”) and, as described below, recognized a non-cash impairment loss totaling $ 379.9 million. The decrease in the Company’s stock price reduced its total market capitalization and increased the implied control premium to a level beyond observable market-comparable data. As a result, when performing the Interim Test, the Company increased the discount rates and the projected investments in working capital compared to the assumptions used in the previous October 1 test, which extended the timing of certain expected future cash flows in the calculation of fair value under the income-based approach. The Company believes these are changes reflective of market participant inputs and the recent decrease in the Company’s market valuation. Consistent with the previous October 1, 2018 test, the Company utilized a weighted average of (1) an income approach and (2) a market approach to determine the fair value of the Company and each of its reporting units for the Interim Test. The income approach 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 each reporting unit. The weighting of these two approaches is based on their individual correlation to the economics of each reporting unit and is impacted by factors such as the availability of comparable market data for each reporting unit. Assessing impairment inherently involves management judgments as to the assumptions used to calculate fair value of the reporting units and the impact of market conditions on those assumptions. The key inputs that the Company uses in its assumptions to estimate the fair value of its reporting units under the income-based approach are as follows: Weighted average cost of capital (“WACC”), the risk-adjusted rate used to discount the projected cash flows; Cash flows generated from existing work and new awards; and Projected operating margins. Expected future after-tax operating cash flows of each reporting unit are discounted to a present value using a risk-adjusted discount rate. Estimates of future cash flows require management to make significant assumptions concerning future operating performance including cash flows generated from existing work and new awards, projected operating margins, variations in the amount and timing of cash flows and the probability of achieving the estimated cash flows, as well as future economic conditions, which may differ from actual future cash flows. The discount rate, which is intended to reflect the risks inherent in future cash flow projections, used in estimating the present value of future cash flows, is based on estimates of the WACC of market participants relative to the reporting units. Financial and credit market volatility can directly impact certain inputs and assumptions used to develop the WACC. To develop the cash flows generated from new awards and future operating margins, the Company tracks known prospects of significance for each of its reporting units and considers the estimated timing of when the work is expected to be bid, started and completed. The Company also gives consideration to its relationships with the prospective owners; the pool of competitors that are capable of performing large, complex work; business strategy; and the Company’s history of success in winning new work in each reporting unit. With regard to operating margins, the Company gives consideration to its historical reporting unit operating margins in the end markets that the prospective work opportunities are most significant, expected margins from existing work, current market trends in recent new work procurement, and business strategy. The Company also estimated the fair value of its reporting units under a market-based approach by applying industry-comparable multiples of revenues and operating earnings to its reporting units’ revenues and operating earnings. The conditions and prospects of companies in the engineering and construction industry depend on common factors such as overall demand for services. The Company believes that the discount rates, timing of cash flows and other inputs and assumptions used in the Interim Test were consistent with those that a market participant would use based on the events described above which occurred during the second quarter of 2019 and were reflective of the market assessment of the fair value of its reporting units at that time. In addition, the Company believes that its estimates and assumptions about future revenues and margin projections in the Interim Test were reasonable and consistent with the estimates and assumptions used in the annual goodwill impairment test as of October 1, 2018. As an additional step to corroborate the Interim Test results, the Company compared its implied control premium with those of recent comparable market transactions and concluded that the implied control premium was within the range of control premiums observed in prior industry-specific M&A transactions. Similar to previous valuations, the Company noted that small changes to valuation assumptions could have a significant impact on the concluded value. The assumption changes described above were relatively larger in the Specialty Contractors reporting unit than in the Civil or Building reporting units, as Specialty Contractors had not met recent market expectations at the time of the Interim Test. As of September 30, 2019, the Company determined that no triggering events occurred or circumstances changed since the date of our Interim Test that would more likely than not reduce the fair value of the Civil reporting unit below its carrying amount. However, since the Interim Test reduced the carrying value of the Civil reporting unit to approximate its fair value , there is a risk of additional goodwill impairment if future events related to the Civil reporting unit are less favorable than what the Company assumed or estimated in its Interim Test. The Company will continue to monitor events occurring or circumstances changing which may suggest that goodwill should be reevaluated during interim periods prior to the annual impairment test. These events and circumstances include, but are not limited to, a sustained decline in our stock price and market capitalization, as well as quantitative and qualitative factors specific to the Civil reporting unit which indicate potential triggering events that would more likely than not reduce the fair value of the Civil reporting unit below its carrying amount. Intangible Assets Intangible assets consist of the following: As of September 30, 2019 Weighted Accumulated Average Accumulated Impairment Carrying Amortization (in thousands) Cost Amortization Charge Value Period Trade names (non-amortizable) $ 117,600 $ — $ ( 67,190 ) $ 50,410 Indefinite Trade names (amortizable) 74,350 ( 20,645 ) ( 23,232 ) 30,473 20 years Contractor license 6,000 — ( 6,000 ) — N/A Customer relationships 39,800 ( 20,784 ) ( 16,645 ) 2,371 12 years Construction contract backlog 73,706 ( 73,706 ) — — N/A Total $ 311,456 $ ( 115,135 ) $ ( 113,067 ) $ 83,254 As of December 31, 2018 Weighted Accumulated Average Accumulated Impairment Carrying Amortization (in thousands) Cost Amortization Charge Value Period Trade names (non-amortizable) $ 117,600 $ — $ ( 67,190 ) $ 50,410 Indefinite Trade names (amortizable) 74,350 ( 18,780 ) ( 23,232 ) 32,338 20 years Contractor license 6,000 — ( 6,000 ) — N/A Customer relationships 39,800 ( 19,992 ) ( 16,645 ) 3,163 12 years Construction contract backlog 73,706 ( 73,706 ) — — N/A Total $ 311,456 $ ( 112,478 ) $ ( 113,067 ) $ 85,911 Amortization expense for the three and nine months ended September 30, 2019 was $ 0.9 million and $ 2.7 million, respectively. Amortization expense for the three and nine months ended September 30, 2018 was $ 0.9 million and $ 2.7 million, respectively. As of September 30, 2019, amortization expense is estimated to be $ 0.9 million for the remainder of 2019, $ 3.5 million in 2020, $ 3.4 million in 2021, $ 2.6 million in 2022 and $ 2.5 million in both 2023 and 2024. Certain trade names have an estimated indefinite life and are not amortized to earnings, but instead are reviewed for impairment annually, or more often if events occur or circumstances change which suggest that the non-amortizable trade names should be reevaluated. The Company has also monitored events and circumstances as well as any entity-specific quantitative or qualitative factors, which occurred during interim periods since the annual test, that suggest intangible assets should be reevaluated for impairment. During the interim periods since the date of the last annual test, and prior to the second quarter of 2019, management concluded that there have been no triggering events that would more likely than not reduce the fair value of the Company’s intangible assets below their carrying amounts. In conjunction with its interim goodwill test during the second quarter of 2019, the Company also evaluated its non-amortizable trade names for potential impairment due to the second quarter triggering factors related to goodwill mentioned above. The Company performed its interim impairment test by comparing the carrying value of its indefinite-lived intangible assets to their calculated fair value, which is determined by the income approach (relief from royalty method). This income-based valuation approach involves similar key assumptions to the goodwill impairment analysis discussed above. The interim impairment test performed in the second quarter of 2019 resulted in an estimated fair value for the non-amortizable trade names that substantially exceeded their respective net book values; therefore, no impairment charge was necessary for the second quarter. While the key assumptions used in the impairment test of the non-amortizable trade names are similar to those used in the evaluation of goodwill, historically, the headroom (the excess of calculated fair value over carrying value) has been relatively higher for non-amortizable trade names than for goodwill. Unlike goodwill, trade names possess inherent value based on market perception which is valued considering the cost savings available through ownership and the avoidance of paying royalties associated with revenue generation. The discounted value is not impacted by cash flow related assumptions such as working capital investment. Consequently, goodwill was impaired while the non-amortizable trade name intangible assets were not. As of September 30, 2019, management concluded that no triggering events occurred or circumstances changed since the date of the interim impairment test that would more likely than not reduce the fair value of the Company’s intangible assets below their carrying amounts. The Company also performed a qualitative assessment to evaluate its long-lived tangible and intangible assets with finite lives due to the changes in circumstances since the Company’s 2018 annual impairment analysis. Based on this assessment in which there were no identified changes to market prices, the manner of use or the planned purchase or sale of assets/asset groups, the Company concluded that no triggering events occurred since the date of its last annual test that would more likely than not reduce the fair value of its long-lived tangible and intangible assets with finite lives below their carrying amounts. |
Financial Commitments
Financial Commitments | 9 Months Ended |
Sep. 30, 2019 | |
Financial Commitments [Abstract] | |
Financial Commitments | (9) Financial Commitments Long-Term Debt Long-term debt as reported on the Condensed Consolidated Balance Sheets consisted of the following: As of September 30, As of December 31, (in thousands) 2019 2018 2017 Senior Notes $ 494,148 $ 493,521 2017 Credit Facility 117,000 41,000 Convertible Notes 179,494 171,481 Equipment financing and mortgages 40,475 50,904 Other indebtedness 5,127 4,598 Total debt 836,244 761,504 Less: Current maturities 10,862 16,767 Long-term debt, net $ 825,382 $ 744,737 The following table reconciles the outstanding debt balance to the reported debt balances as of September 30, 2019 and December 31, 2018: As of September 30, 2019 As of December 31, 2018 (in thousands) Outstanding Long-Term Debt Unamortized Discount and Issuance Costs Long-Term Debt, as reported Outstanding Long-Term Debt Unamortized Discount and Issuance Costs Long-Term Debt, as reported 2017 Senior Notes $ 500,000 $ ( 5,852 ) $ 494,148 $ 500,000 $ ( 6,479 ) $ 493,521 Convertible Notes 200,000 ( 20,506 ) 179,494 200,000 ( 28,519 ) 171,481 The unamortized issuance costs related to the 2017 Credit Facility were $ 4.1 million and $ 4.8 million as of September 30, 2019 and December 31, 2018, respectively, and are included in other assets in the Condensed Consolidated Balance Sheets. 2017 Senior Notes On April 20 , 2017, the Company issued $ 500 million in aggregate principal amount of 6.875 % Senior Notes due 2025 (the “2017 Senior Notes”) in a private placement offering. Interest on the 2017 Senior Notes is payable in arrears semi-annually in May and November of each year, beginning in November 2017. Prior to May 1, 2020, the Company may redeem the 2017 Senior Notes at a redemption price equal to 100 % of their principal amount plus a “make-whole” premium described in the indenture. In addition, prior to May 1, 2020, the Company may redeem up to 40 % of the original aggregate principal amount of the notes at a redemption price of 106.875 % of their principal amount with the proceeds received by the Company from any offering of the Company’s equity. After May 1, 2020, the Company may redeem the 2017 Senior Notes at specified redemption prices described in the indenture. Upon a change of control, holders of the 2017 Senior Notes may require the Company to repurchase all or part of the 2017 Senior Notes at 101 % of the principal amount thereof, plus accrued and unpaid interest to the redemption date. The 2017 Senior Notes are senior unsecured obligations of the Company and are guaranteed by substantially all of the Company’s existing and future subsidiaries that also guarantee obligations under the Company’s 2017 Credit Facility, as defined below. In addition, the indenture for the 2017 Senior Notes provides for customary covenants, including events of default and restrictions on the payment of dividends and share repurchases. 2017 Credit Facility On April 20, 2017, the Company entered into a credit agreement (the “2017 Credit Facility”) with SunTrust Bank as Administrative Agent, Swing Line Lender and L/C Issuer and a syndicate of other lenders. The 2017 Credit Facility provides for a $ 350 million revolving credit facility (the “2017 Revolver”) and a sublimit for the issuance of letters of credit and swingline loans up to the aggregate amount of $ 150 million and $ 10 million, respectively, both maturing on April 20, 2022 , unless any of the Convertible Notes, as defined below, are outstanding on December 17, 2020, in which case all such borrowings will mature on December 17, 2020 (subject to certain further exceptions). In addition, the 2017 Credit Facility permits additional borrowings in an aggregate amount of $ 150 million, which can be in the form of increased capacity on the 2017 Revolver or the establishment of one or more term loans. Borrowings under the 2017 Revolver bear interest, at the Company’s option, at a rate equal to (a) the London Interbank Offered Rate (“LIBOR”) plus a margin of between 1.50 % and 3.00 % or (b) a base rate (determined by reference to the highest of (i) the administrative agent’s prime lending rate, (ii) the federal funds effective rate plus 50 basis points, (iii) the LIBOR rate for a one-month interest period plus 100 basis points and (iv) 0 %), plus a margin of between 0.50 % and 2.00 %, in each case based on the Consolidated Leverage Ratio (as defined in the 2017 Credit Facility). In addition to paying interest on outstanding principal under the 2017 Credit Facility, the Company will pay a commitment fee to the lenders under the 2017 Revolver in respect of the unutilized commitments thereunder. The Company will pay customary letter of credit fees. If an event of default occurs and is continuing, the otherwise applicable margin and letter of credit fees will be increased by 2 % per annum. The weighted-average annual interest rate on borrowings under the 2017 Revolver was approximately 5.03 % during the nine months ended September 30, 2019. The 2017 Credit Facility contains customary covenants for credit facilities of this type, including maximum consolidated leverage ratios ranging from 4.00 :1.00 to 3.25 :1.00 over the life of the facility and a minimum consolidated fixed charge coverage ratio of 1.25 :1.00. On May 7, 2019, certain provisions of the 2017 Credit Facility were amended, including setting the maximum leverage ratio at 3.50 :1.00 for the remainder of its term, thus eliminating the step down from 3.50 :1:00 to 3.25 :1.00. Substantially all of the Company’s subsidiaries unconditionally guarantee the obligations of the Company under the 2017 Credit Facility; additionally, the obligations are secured by a lien on all personal property of the Company and its subsidiaries guaranteeing these obligations. As of September 30, 2019, there was $ 233 million available under the 2017 Revolver, and the Company had not utilized the 2017 Credit Facility for letters of credit. The Company was in compliance with the financial covenants under the 2017 Credit Facility as of September 30, 2019 (the goodwill impairment charge, as discussed in Note 8, Goodwill and Intangible Assets , did not impact the financial covenant calculations). Convertible Notes On June 15, 2016, the Company issued $ 200 million of 2.875 % Convertible Senior Notes due June 15, 2021 (the “Convertible Notes”) in a private placement offering. The Convertible Notes are unsecured obligations and do not contain any financial covenants or restrictions on the payments of dividends, the incurrence of indebtedness or the issuance or repurchase of securities by the Company. The Convertible Notes bear interest at a rate of 2.875 % per year, payable in cash semi-annually in June and December. Prior to January 15, 2021, the Convertible Notes will be convertible only under the following circumstances: (1) during the five business day period after any ten consecutive trading day period in which the trading price per $ 1,000 principal amount of Convertible Notes for such trading day was less than 98 % of the product of the last reported sale price of the Company’s common stock and the conversion rate on each such trading day; (2) if the last reported sale price of the common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130 % of the conversion rate of 33.0579 (or $ 39.32 ) on each applicable trading day; or (3) upon the occurrence of specified corporate events. On or after January 15, 2021 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their notes, in multiples of $ 1,000 principal amount, at the option of the holder regardless of the foregoing circumstances. The Convertible Notes will be convertible at an initial conversion rate of 33.0579 shares of the Company’s common stock per $ 1,000 principal amount of the Convertible Notes, which is equivalent to an initial conversion price of approximately $ 30.25 . The conversion rate will be subject to adjustment for some events but will not be adjusted for any accrued and unpaid interest. In addition, following certain corporate events that occur prior to the maturity date, the Company is required to increase, in certain circumstances, the conversion rate for a holder who elects to convert their Convertible Notes in connection with such a corporate event including customary conversion rate adjustments in connection with a “make-whole fundamental change” described in the indenture. Upon conversion, and at the Company’s election, the Company may satisfy its conversion obligation with cash, shares of its common stock or a combination thereof. As of September 30, 2019, the conversion provisions of the Convertible Notes have not been triggered. Interest Expense Interest expense as reported in the Condensed Consolidated Statements of Operations consisted of the following: Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2019 2018 2019 2018 Cash interest expense: Interest on 2017 Senior Notes $ 8,594 $ 8,594 $ 25,781 $ 25,781 Interest on 2017 Credit Facility 3,385 2,596 9,712 6,300 Interest on Convertible Notes 1,438 1,437 4,313 4,312 Other interest 540 736 1,656 2,119 Total cash interest expense 13,957 13,363 41,462 38,512 Non-cash interest expense: (a) Amortization of discount and debt issuance costs on Convertible Notes 2,734 2,490 8,013 7,298 Amortization of debt issuance costs on 2017 Credit Facility 401 360 1,150 1,080 Amortization of debt issuance costs on 2017 Senior Notes 213 198 627 584 Total non-cash interest expense 3,348 3,048 9,790 8,962 Total interest expense $ 17,305 $ 16,411 $ 51,252 $ 47,474 ____________________________________________________________________________________________________ (a) The combination of cash and non-cash interest expense produces effective interest rates that are higher than contractual rates. Accordingly, the effective interest rates for the 2017 Senior Notes and the Convertible Notes were 7.13 % and 9.39 %, respectively, for the nine months ended September 30, 2019. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Leases | (10) Leases The Company leases certain office space, construction and office equipment, vehicles and temporary housing generally under non-cancelable operating leases. Leases with an initial term of one year or less are not recorded on the balance sheet, and the Company generally recognizes lease expense for these leases on a straight-line basis over the lease term. As of September 30, 2019, the Company’s operating leases have remaining lease terms ranging from less than one year to 10 years, some of which include options to renew the leases. The exercise of lease renewal options is generally at the Company’s sole discretion. The Company’s leases do not contain any material residual value guarantees or material restrictive covenants. The Company determines if an arrangement is a lease at inception. Operating lease ROU assets are included in other assets, while current and long-term operating lease liabilities are included in accrued expenses and other current liabilities, and other long-term liabilities, respectively, on the Condensed Consolidated Balance Sheet as of September 30, 2019. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The present value of future lease payments are discounted using either the implicit rate in the lease, if known, or the Company’s incremental borrowing rate for the specific lease as of the lease commencement date. The ROU asset is also adjusted for any prepayments made or incentives received. The lease terms include options to extend or terminate the lease only to the extent it is reasonably certain any of those options will be exercised. Lease expense is recognized on a straight-line basis over the lease term. The Company accounts for lease components (e.g., fixed payments) separate from the non-lease components (e.g., common-area maintenance costs). The Company does not have any material financing leases. The following table presents components of lease expense for the three and nine months ended September 30, 2019: Three Months Ended Nine Months Ended (in thousands) September 30, 2019 September 30, 2019 Operating lease expense $ 4,047 $ 11,749 Short-term lease expense (a) 17,786 50,843 21,833 62,592 Less: Sublease income 263 784 Total lease expense $ 21,570 $ 61,808 ____________________________________________________________________________________________________ (a) Short-term lease expense includes all leases with lease terms ranging from less than one month to one year . Short-term leases include, among other things, construction equipment rented on an as-needed basis as well as temporary housing. The following table presents supplemental balance sheet information related to operating leases as of September 30, 2019: As of September 30, (dollars in thousands) Balance Sheet Line Item 2019 Assets ROU assets Other assets $ 41,186 Total lease assets $ 41,186 Liabilities Current lease liabilities Accrued expenses and other current liabilities $ 11,267 Long-term lease liabilities Other long-term liabilities 33,027 Total lease liabilities $ 44,294 Weighted-average remaining lease term (in years) 5.1 Weighted-average discount rate 5.88 % The following table presents supplemental cash flow information and non-cash activity related to operating leases for the nine months ended September 30, 2019: Nine Months Ended (in thousands) September 30, 2019 Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ ( 11,586 ) Non-cash activity: ROU assets obtained in exchange for lease liabilities $ 7,621 The following table presents maturities of operating lease liabilities on an undiscounted basis as of September 30, 2019: Year (in thousands) Operating Leases 2019 (excluding the nine months ended September 30, 2019) $ 3,781 2020 12,339 2021 8,997 2022 7,695 2023 6,489 Thereafter 12,461 Total lease payments 51,762 Less: Imputed interest 7,468 Total $ 44,294 As of December 31, 2018, future minimum lease payments under long-term non-cancelable operating leases as classified under ASC 840 were as follows: Year (in thousands) Operating Leases 2019 $ 14,039 2020 10,706 2021 7,464 2022 6,567 2023 5,587 Thereafter 11,662 56,025 Less: Sublease rental agreements 1,398 Total $ 54,627 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | (11) Commitments and Contingencies The Company and certain of its subsidiaries are involved in litigation and other legal proceedings and forms of dispute resolution in the ordinary course of business, including but not limited to disputes over contract payment and/or performance-related issues (such as disagreements regarding delay or a change in the scope of work of a project and/or the price associated with that change) and other matters incidental to the Company’s business. In accordance with ASC 606, the Company makes assessments of these types of matters on a routine basis and, to the extent permitted by ASC 606, estimates and records recovery related to these matters as a form of variable consideration at the most likely amount the Company expects to receive, as discussed further in Note 4, Contract Assets and Liabilities. In addition, the Company is contingently liable for litigation, performance guarantees and other commitments arising in the ordinary course of business, which are accounted for in accordance with ASC 450, Contingencies . Management reviews these matters regularly and updates or revises its estimates from time to time as warranted by subsequent information and developments. These assessments require judgments concerning matters that are inherently uncertain, such as litigation developments and outcomes, the anticipated outcome of negotiations and the estimated cost of resolving disputes. Consequently, these assessments are estimates, and actual amounts may vary from such estimates. In addition, because such matters are typically resolved over long periods of time, the Company’s assets and liabilities may change over time should the circumstances dictate. 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 effect on the Company’s consolidated financial position. Long Island Expressway/Cross Island Parkway Matter The Company reconstructed the Long Island Expressway/Cross Island Parkway Interchange (“LIE Project”) for the New York State Department of Transportation (“NYSDOT”). The $ 130 million project was substantially completed in January 2004 and was accepted by 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 NYSDOT is responsible. In March 2011, the Company opened a case with the New York State Court of Claims against NYSDOT related to the LIE Project. In May 2011, 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 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. In March 2012, the Company filed its formal Verified Claim seeking $ 50.7 million in damages. In May 2012, NYSDOT served its answer and asserted counterclaims in the amount of $ 151 million alleging fraud in the inducement and punitive damages related to alleged violations of the 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 NYSDOT’s affirmative counterclaims. In June 2018, following additional summary judgment motions, the Court granted the Company’s motion to dismiss NYSDOT’s affirmative defenses, which eliminated the use of NYSDOT’s counterclaims of $ 151 million as a defense to the claims of the Company. In October 2018, NYSDOT filed a notice of appeal. A trial date for the underlying case will not be set until after the appeal is resolved. 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. As of September 30, 2019, the Company has concluded that the potential for a material adverse financial impact due to NYSDOT’s counterclaims is remote. Five Star Electric Matter In the third quarter of 2015, Five Star Electric Corp. (“Five Star”), a wholly owned subsidiary of the Company that was acquired in 2011, entered into a tolling agreement (which has since expired) related to an ongoing investigation being conducted by the United States Attorney’s Office for the Eastern District of New York (“USAO EDNY”). Five Star has been cooperating with the USAO EDNY since late June 2014, when it was first made aware of the investigation, and has provided information requested by the government related to its use of certain minority-owned, women-owned, small and disadvantaged business enterprises and certain of Five Star’s employee compensation, benefit and tax practices. As of September 30, 2019, the Company cannot predict the ultimate outcome of the investigation and cannot reasonably estimate the potential loss or range of loss that Five Star or the Company may incur or the impact of the results of the investigation on Five Star or the Company. Alaskan Way Viaduct Matter In January 2011, Seattle Tunnel Partners (“STP”), a joint venture between Dragados USA, Inc. and the Company, entered into a design-build contract with the Washington State Department of Transportation (“WSDOT”) for the construction of a large diameter bored tunnel in downtown Seattle, King County, Washington to replace the Alaskan Way Viaduct, also known as State Route 99. The Company has a 45 % interest in STP. The construction of the large diameter bored tunnel required the use of a tunnel boring machine (“TBM”). In December 2013, the TBM struck a steel pipe, installed by WSDOT as a well casing for an exploratory well. The TBM was significantly damaged and was required to be repaired. STP has asserted that the steel pipe casing was a differing site condition that WSDOT failed to properly disclose. The Disputes Review Board mandated by the contract to hear disputes issued a decision finding the steel casing was a Type I (material) differing site condition. WSDOT has not accepted that finding. The TBM was insured under a Builder’s Risk Insurance Policy (the “Policy”) with Great Lakes Reinsurance (UK) PLC and a consortium of other insurers (the “Insurers”). STP submitted the claims to the Insurers and requested interim payments under the Policy. The Insurers refused to pay and denied coverage. In June 2015, STP filed a lawsuit in the King County Superior Court, State of Washington seeking declaratory relief concerning contract interpretation, as well as damages as a result of the Insurers’ breach of their obligations under the terms of the Policy. STP is also asserting extra-contractual and statutory claims against the Insurers. WSDOT is deemed a plaintiff since WSDOT is an insured under the Policy and had filed its own claim for damages. Hitachi Zosen (“Hitachi”), the manufacturer of the TBM, has also joined the case as a plaintiff for costs incurred to repair the damages to the TBM. In September 2018, rulings received on pre-trial motions effectively limited potential recovery under the Policy for STP, WSDOT and Hitachi. However, on December 19, 2018, the Court of Appeal granted the Company’s request for a discretionary appeal of those rulings. The appeal is expected to be heard in the first half of 2020. STP submitted damages to the Insurers in the King County lawsuit in the amount of $ 532 million. STP is also seeking these damages from WSDOT related to the pipe-strike by the TBM in a related lawsuit in Thurston County (see following paragraph). In March 2016, WSDOT filed a complaint against STP in Thurston County Superior Court for breach of contract alleging STP’s delays and failure to perform, seeking $ 57.2 million in damages and seeking declaratory relief concerning contract interpretation. STP filed its answer to WSDOT’s complaint and filed a counterclaim against WSDOT and Hitachi, as the TBM designer, seeking damages of $ 667 million. On October 3, 2019, STP and Hitachi entered into a settlement agreement which caused the release and dismissal of claims that STP and Hitachi had against each other. The trial between STP and WSDOT commenced on October 7, 2019. As of September 30, 2019, the Company has concluded that the potential for a material adverse financial impact due to the Insurers’ denial of coverage and WSDOT’s legal actions is neither probable nor remote, and the potential loss or range of loss is not reasonably estimable. With respect to STP’s direct and indirect claims against the Insurers, WSDOT and Hitachi, management has included an estimate of the total anticipated recovery, concluded to be both probable and reliably estimable, in receivables or costs and estimated earnings in excess of billings recorded to date. To the extent new facts become known or the final recoveries vary from the estimate, the impact of the change will be reflected in the financial statements at that time. George Washington Bridge Bus Station Matter In August 2013, Tutor Perini Building Corporation (“TPBC”) entered into a contract with the George Washington Bridge Bus Station Development Venture, LLC (the “Developer”) to renovate the George Washington Bridge Bus Station, a mixed-use facility owned by the Port Authority of New York and New Jersey that serves as a transit facility and retail space. The $ 100 million project experienced significant design errors and associated delays, resulting in damages to TPBC and its subcontractors, including WDF and Five Star, wholly owned subsidiaries of the Company. The project reached substantial completion on May 16, 2017. On February 26, 2015, the Developer filed a demand for arbitration, subsequently amended, seeking $ 30 million in alleged liquidated damages and declaratory relief that TPBC’s requests for additional compensation are invalid due to lack of notice. TPBC denied the Developer’s claims and filed a counterclaim in March 2018. TPBC seeks in excess of $ 113 million in the arbitration, which includes unpaid contract balance claims, the return of $ 29 million retained by the Developer in alleged liquidated damages, as well as extra work claims, pass-through claims and delay claims. Hearings on the merits commenced on September 24, 2018 before the arbitration panel, and were expected to continue over various weeks through March 2020. On April 15, 2019, the counsel for the Developer withdrew from the case, which resulted in further delays to the proceedings. On June 4, 2019, the arbitration panel, as confirmed by the U.S. District Court in the Southern District of New York, issued a writ of attachment for $ 23 million of the $ 29 million discussed above. On October 7, 2019, the Developer filed for bankruptcy protection in the Southern District of New York under Chapter 11 of the Bankruptcy Code. The filing for bankruptcy stayed the pending arbitration proceedings. Separately, on July 2, 2018, TPBC filed a lawsuit against the Port Authority of New York and New Jersey, as owner of the project, and STV Incorporated, as designer, seeking the same $ 113 million in damages. That lawsuit is proceeding in the discovery phase, and is not stayed by the Developer’s bankruptcy filing. As of September 30, 2019, the Company has concluded that the potential for a material adverse financial impact due to the Developer’s claims is remote. With respect to TPBC’s claims against the Developer, the Port Authority of New York and New Jersey, and STV Incorporated, 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. |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Sep. 30, 2019 | |
Share-Based Compensation [Abstract] | |
Share-Based Compensation | (12) Share-Based Compensation As of September 30, 2019, there were 1,368,243 shares of common stock available for grant under the Tutor Perini Corporation Omnibus Incentive Plan. During the first nine months of 2019 and 2018, the Company issued the following share-based instruments: (1) restricted stock units totaling 400,000 and 614,000 with weighted-average fair values per share of $ 20.90 and $ 25.19 , respectively; (2) stock options totaling 135,000 and 579,000 with weighted-average fair values per share of $ 6.84 and $ 11.45 , respectively, and weighted-average per share exercise prices of $ 20.94 and $ 23.99 , respectively; and (3) unrestricted stock units totaling 98,591 and 115,420 with weighted-average fair values per share of $ 15.72 and $ 21.26 , respectively . During the nine months ended September 30, 2019, 839,711 stock options with a weighted-average per share exercise price of $ 20.78 expired or were forfeited. The fair value of restricted and unrestricted stock units is based on the closing price of the Company’s common stock on the New York Stock Exchange on the date of the grant and the fair value of stock options is based on the Black-Scholes model. The fair value of stock options granted during the first nine months of 2019 was determined using the Black-Scholes model based on the following weighted-average assumptions: (i) expected life of 5.8 years, (ii) expected volatility of 38.17 %, (iii) risk-free rate of 2.31 %, and (iv) no quarterly dividends. For certain performance-based awards containing market condition components, the fair value on the grant date is determined using a Monte Carlo simulation model. For the three and nine months ended September 30, 2019, the Company recognized, as part of general and administrative expenses, costs for share-based payment arrangements totaling $ 4.3 million and $ 14.3 million, respectively, and $ 5.7 million and $ 17.8 million for the three and nine months ended September 30, 2018, respectively. As of September 30, 2019, the balance of unamortized share-based compensation expense was $ 22.8 million, which is expected to be recognized over a weighted-average period of 2.1 years. |
Employee Pension Plans
Employee Pension Plans | 9 Months Ended |
Sep. 30, 2019 | |
Employee Pension Plans [Abstract] | |
Employee Pension Plans | (13) Employee Pension Plans The Company has a defined benefit pension plan and an unfunded supplemental retirement plan. Effective June 1, 2004, all benefit accruals under these plans were frozen; however, the current vested benefit was preserved. The pension disclosure presented below includes aggregated amounts for both of the Company’s plans. The following table sets forth a summary of the net periodic benefit cost for the three and nine months ended September 30, 2019 and 2018 : Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2019 2018 2019 2018 Interest cost $ 948 $ 883 $ 2,844 $ 2,649 Expected return on plan assets ( 1,043 ) ( 1,077 ) ( 3,129 ) ( 3,231 ) Amortization of net loss 463 513 1,389 1,539 Other 225 213 675 639 Net periodic benefit cost $ 593 $ 532 $ 1,779 $ 1,596 The Company contributed $ 3.3 million and $ 2.1 million to its defined benefit pension plan during each of the nine-month periods ended September 30, 2019 and 2018, respectively, and expects to contribute an additional $ 1.3 million by the end of 2019. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | (14) Fair Value Measurements The fair value hierarchy established by ASC 820, Fair Value Measurement , prioritizes the use of inputs used in valuation techniques into the following three levels: Level 1 inputs are observable quoted prices in active markets for identical assets or liabilities Level 2 inputs are observable, either directly or indirectly, but are not Level 1 inputs Level 3 inputs are unobservable The following fair value hierarchy table presents the Company’s assets that are measured at fair value on a recurring basis as of September 30, 2019 and December 31, 2018: As of September 30, 2019 As of December 31, 2018 Fair Value Hierarchy Fair Value Hierarchy (in thousands) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash and cash equivalents (a) $ 207,130 $ — $ — $ 207,130 $ 116,075 $ — $ — $ 116,075 Restricted cash (a) 6,261 — — 6,261 3,788 — — 3,788 Restricted investments (b) — 67,728 — 67,728 — 58,142 — 58,142 Investments in lieu of retainage (c) 78,492 1,229 — 79,721 62,858 1,190 — 64,048 Total $ 291,883 $ 68,957 $ — $ 360,840 $ 182,721 $ 59,332 $ — $ 242,053 ____________________________________________________________________________________________________ (a) Includes money market funds and short-term investments with maturity dates of three months or less when acquired. (b) Restricted investments, as of September 30, 2019, consist of investments in corporate debt securities of $ 37.0 million and U.S. government agency securities of $ 30.7 million with maturities of up to five years , and are valued based on pricing models, which are determined from a compilation of primarily observable market information, broker quotes in non-active markets or similar assets and are therefore classified as Level 2 assets. As of December 31, 2018, restricted investments consisted of investments in corporate debt securities of $ 30.4 million and U.S. government agency securities of $ 27.7 million. The amortized cost of these available-for-sale securities at September 30, 2019 and December 31, 2018 was not materially different from the fair value. (c) Investments in lieu of retainage are included in retainage receivable and as of September 30, 2019 are comprised of money market funds of $ 78.5 million and municipal bonds of $ 1.2 million. The fair values of the money market funds are measured using quoted market prices; therefore, they are classified as Level 1 assets. The fair values of municipal bonds are measured using readily available pricing sources for comparable instruments; therefore, they are classified as Level 2 assets. As of December 31, 2018, investments in lieu of retainage consisted of money market funds of $ 62.9 million and municipal bonds of $ 1.2 million. The amortized cost of these available-for-sale securities at September 30, 2019 and December 31, 2018 was not materially different from the fair value. The carrying values of receivables, payables and other amounts arising out of normal contract activities, including retainage, which may be settled beyond one year, are estimated to approximate fair value. Of the Company’s long-term debt, the fair value of the 2017 Senior Notes was $ 486.0 million and $ 466.8 million as of September 30, 2019 and December 31, 2018, respectively. The fair value of the Convertible Notes was $ 190.3 million and $ 184.4 million as of September 30, 2019 and December 31, 2018, respectively. The fair values of the 2017 Senior Notes and Convertible Notes were determined using Level 1 inputs, specifically current observable market prices. The reported value of the Company’s remaining borrowings approximates fair value as of September 30, 2019 and December 31, 2018. |
Variable Interest Entities (VIE
Variable Interest Entities (VIEs) | 9 Months Ended |
Sep. 30, 2019 | |
Variable Interest Entities (VIEs) [Abstract] | |
Variable Interest Entities (VIEs) | (15) Variable Interest Entities (VIEs) The Company may form joint ventures or partnerships with third parties for the execution of projects. In accordance with ASC 810, Consolidation (“ASC 810”), the Company assesses its partnerships and joint ventures at inception to determine if any meet the qualifications of a VIE. The Company considers a joint venture a VIE if either (a) the total equity investment is not sufficient to permit the entity to finance its activities without additional subordinated financial support, (b) characteristics of a controlling financial interest are missing (either the ability to make decisions through voting or other rights, the obligation to absorb the expected losses of the entity or the right to receive the expected residual returns of the entity), or (c) the voting rights of the equity holders are not proportional to their obligations to absorb the expected losses of the entity and/or their rights to receive the expected residual returns of the entity, and substantially all of the entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. Upon the occurrence of certain events outlined in ASC 810, the Company reassesses its initial determination of whether the joint venture is a VIE. ASC 810 also requires the Company to determine whether it is the primary beneficiary of the VIE. The Company concludes that it is the primary beneficiary and consolidates the VIE if the Company has both (a) the power to direct the economically significant activities of the VIE and (b) the obligation to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE. The Company considers the contractual agreements that define the ownership structure, distribution of profits and losses, risks, responsibilities, indebtedness, voting rights and board representation of the respective parties in determining if the Company is the primary beneficiary. The Company also considers all parties that have direct or implicit variable interests when determining whether it is the primary beneficiary. In accordance with ASC 810, management’s assessment of whether the Company is the primary beneficiary of a VIE is performed continuously. As of September 30, 2019, the Company had unconsolidated VIE-related current assets and liabilities of $ 0.5 million and $ 0.4 million, respectively, included in the Company’s Condensed Consolidated Balance Sheet. As of December 31, 2018, the Company had unconsolidated VIE-related current assets and liabilities of $ 4.0 million and $ 3.8 million, respectively, included in the Company’s Condensed Consolidated Balance Sheet. The Company’s maximum exposure to loss as a result of its investments in unconsolidated VIEs is typically limited to the aggregate of the carrying value of the investment and future funding commitments. There were no future funding requirements for the unconsolidated VIEs as of September 30, 2019. As of September 30, 2019, the Company’s Condensed Consolidated Balance Sheet included current and noncurrent assets of $ 372.6 million and $ 56.8 million, respectively, as well as current liabilities of $ 526.8 million related to the operations of its consolidated VIEs. As of December 31, 2018, the Company’s Condensed Consolidated Balance Sheet included current and noncurrent assets of $ 173.9 million and $ 51.5 million, respectively, as well as current liabilities of $ 319.9 million related to the operations of its consolidated VIEs. Below is a discussion of some of the Company’s more significant or unique VIEs. The Company established a joint venture to construct the Purple Line Extension Section 2 (Tunnels and Stations) and Section 3 (Stations) mass-transit projects in Los Angeles, California with a combined value of approximately $ 2.8 billion. The Company has a 75 % interest in the joint venture with the remaining 25 % held by O&G Industries, Inc. The joint venture was initially financed with contributions from the partners and, per the terms of the joint venture agreement, the partners may be required to provide additional capital contributions in the future. The Company has determined that this joint venture is a VIE for which the Company is the primary beneficiary. The Company also established a joint venture with Parsons Corporation (“Parsons”) to construct the Newark Liberty International Airport Terminal One project, a $ 1.4 billion transportation infrastructure project in Newark, New Jersey. The Company has an 80 % interest in the joint venture with the remaining 20 % held by Parsons. The joint venture was initially financed with contributions from the partners and, per the terms of the joint venture agreement, the partners may be required to provide additional capital contributions in the future. The Company has determined that this joint venture is a VIE for which the Company is the primary beneficiary. |
Changes in Equity
Changes in Equity | 9 Months Ended |
Sep. 30, 2019 | |
Changes in Equity [Abstract] | |
Changes in Equity | (16) Changes in Equity A reconciliation of the changes in equity for the three and nine months ended September 30, 2019 and 2018 is provided below: Three Months Ended September 30, 2019 Accumulated Additional Other Common Paid-in Retained Comprehensive Noncontrolling Total (in thousands) Stock Capital Earnings Loss Interests Equity Balance - June 30, 2019 $ 50,279 $ 1,110,496 $ 380,795 $ ( 42,530 ) $ ( 9,481 ) $ 1,489,559 Net income — — 19,313 — 7,408 26,721 Other comprehensive income (loss) — — — 236 ( 99 ) 137 Share-based compensation — 3,491 — — — 3,491 Contributions from noncontrolling interests — — — — 1,140 1,140 Distributions to noncontrolling interests — — — — ( 17,500 ) ( 17,500 ) Balance - September 30, 2019 $ 50,279 $ 1,113,987 $ 400,108 $ ( 42,294 ) $ ( 18,532 ) $ 1,503,548 Nine Months Ended September 30, 2019 Accumulated Additional Other Common Paid-in Retained Comprehensive Noncontrolling Total (in thousands) Stock Capital Earnings Loss Interests Equity Balance - December 31, 2018 $ 50,026 $ 1,102,919 $ 701,681 $ ( 45,449 ) $ ( 21,288 ) $ 1,787,889 Net income (loss) — — ( 301,573 ) — 17,577 ( 283,996 ) Other comprehensive income — — — 3,155 160 3,315 Share-based compensation — 13,586 — — — 13,586 Issuance of common stock, net 253 ( 2,518 ) — — — ( 2,265 ) Contributions from noncontrolling interests — — — — 6,519 6,519 Distributions to noncontrolling interests — — — — ( 21,500 ) ( 21,500 ) Balance - September 30, 2019 $ 50,279 $ 1,113,987 $ 400,108 $ ( 42,294 ) $ ( 18,532 ) $ 1,503,548 Three Months Ended September 30, 2018 Accumulated Additional Other Common Paid-in Retained Comprehensive Noncontrolling Total (in thousands) Stock Capital Earnings Loss Interests Equity Balance - June 30, 2018 $ 50,011 $ 1,093,874 $ 631,004 $ ( 44,805 ) $ ( 17,540 ) $ 1,712,544 Net income — — 21,272 — 4,164 25,436 Other comprehensive income — — — 612 — 612 Share-based compensation — 4,993 — — — 4,993 Issuance of common stock, net 15 ( 228 ) — — — ( 213 ) Distributions to noncontrolling interests — — — — ( 10,000 ) ( 10,000 ) Balance - September 30, 2018 $ 50,026 $ 1,098,639 $ 652,276 $ ( 44,193 ) $ ( 23,376 ) $ 1,733,372 Nine Months Ended September 30, 2018 Accumulated Additional Other Common Paid-in Retained Comprehensive Noncontrolling Total (in thousands) Stock Capital Earnings Loss Interests Equity Balance - December 31, 2017 $ 49,781 $ 1,084,205 $ 622,007 $ ( 42,718 ) $ ( 8,495 ) $ 1,704,780 Cumulative effect of accounting change — — ( 3,762 ) — ( 1,740 ) ( 5,502 ) Net income — — 34,031 — 8,359 42,390 Other comprehensive loss — — — ( 1,475 ) — ( 1,475 ) Share-based compensation — 17,264 — — — 17,264 Issuance of common stock, net 245 ( 2,830 ) — — — ( 2,585 ) Contributions from noncontrolling interests — — — — 1,000 1,000 Distributions to noncontrolling interests — — — — ( 22,500 ) ( 22,500 ) Balance - September 30, 2018 $ 50,026 $ 1,098,639 $ 652,276 $ ( 44,193 ) $ ( 23,376 ) $ 1,733,372 |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2019 | |
Other Comprehensive Income (Loss) [Abstract] | |
Other Comprehensive Income (Loss) | (17) Other Comprehensive Income (Loss) ASC 220, Comprehensive Income , establishes standards for reporting and displaying comprehensive income and its components in the consolidated financial statements. The Company reports the change in pension benefit plan assets/liabilities, cumulative foreign currency translation and change in fair value of investments as components of accumulated other comprehensive income (loss) (“AOCI”). The tax effects of the components of other comprehensive income (loss) for the three and nine months ended September 30, 2019 and 2018 were as follows: Three Months Ended Three Months Ended September 30, 2019 September 30, 2018 (in thousands) Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount Other comprehensive income (loss): Defined benefit pension plan adjustments $ 464 $ ( 133 ) $ 331 $ 513 $ ( 148 ) $ 365 Foreign currency translation adjustments ( 590 ) 140 ( 450 ) 519 ( 143 ) 376 Unrealized gain (loss) in fair value of investments 328 ( 72 ) 256 ( 173 ) 44 ( 129 ) Total other comprehensive income (loss) 202 ( 65 ) 137 859 ( 247 ) 612 Less: Other comprehensive income attributable to noncontrolling interests (a) ( 99 ) — ( 99 ) — — — Total other comprehensive income (loss) attributable to Tutor Perini Corporation $ 301 $ ( 65 ) $ 236 $ 859 $ ( 247 ) $ 612 ____________________________________________________________________________________________________ (a) The only component of other comprehensive income attributable to noncontrolling interests is foreign currency translation. Nine Months Ended Nine Months Ended September 30, 2019 September 30, 2018 (in thousands) Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount Other comprehensive income (loss): Defined benefit pension plan adjustments $ 1,390 $ ( 398 ) $ 992 $ 1,539 $ ( 439 ) $ 1,100 Foreign currency translation adjustment 961 ( 253 ) 708 ( 2,034 ) 602 ( 1,432 ) Unrealized gain (loss) in fair value of investments 2,053 ( 438 ) 1,615 ( 1,468 ) 325 ( 1,143 ) Total other comprehensive income (loss) 4,404 ( 1,089 ) 3,315 ( 1,963 ) 488 ( 1,475 ) Less: Other comprehensive income (loss) attributable to noncontrolling interests (a) 160 — 160 — — — Total other comprehensive income (loss) attributable to Tutor Perini Corporation $ 4,244 $ ( 1,089 ) $ 3,155 $ ( 1,963 ) $ 488 $ ( 1,475 ) ____________________________________________________________________________________________________ (a) The only component of other comprehensive income attributable to noncontrolling interests is foreign currency translation. The changes in AOCI balances by component (after tax) attributable to Tutor Perini Corporation during the three and nine months ended September 30, 2019 were as follows: Three Months Ended September 30, 2019 Defined Unrealized Accumulated Benefit Foreign Gain in Other Pension Currency Fair Value of Comprehensive (in thousands) Plan Translation Investments, Net Income (Loss) Attributable to Tutor Perini Corporation: Balance as of June 30, 2019 $ ( 38,009 ) $ ( 5,416 ) $ 895 $ ( 42,530 ) Other comprehensive income (loss) before reclassifications — ( 351 ) 254 ( 97 ) Amounts reclassified from AOCI 331 — 2 333 Total other comprehensive income 331 ( 351 ) 256 236 Balance as of September 30, 2019 $ ( 37,678 ) $ ( 5,767 ) $ 1,151 $ ( 42,294 ) Nine Months Ended September 30, 2019 Defined Unrealized Accumulated Benefit Foreign Gain (Loss) in Other Pension Currency Fair Value of Comprehensive (in thousands) Plan Translation Investments, Net Income (Loss) Attributable to Tutor Perini Corporation: Balance as of December 31, 2018 $ ( 38,670 ) $ ( 6,315 ) $ ( 464 ) $ ( 45,449 ) Other comprehensive income before reclassifications — 548 1,633 2,181 Amounts reclassified from AOCI 992 — ( 18 ) 974 Total other comprehensive income 992 548 1,615 3,155 Balance as of September 30, 2019 $ ( 37,678 ) $ ( 5,767 ) $ 1,151 $ ( 42,294 ) The changes in AOCI balances by component (after tax) attributable to Tutor Perini Corporation during the three and nine months ended September 30, 2018 were as follows: Three Months Ended September 30, 2018 Defined Unrealized Accumulated Benefit Foreign Gain (Loss) in Other Pension Currency Fair Value of Comprehensive (in thousands) Plan Translation Investments, Net Income (Loss) Attributable to Tutor Perini Corporation: Balance as of June 30, 2018 $ ( 38,706 ) $ ( 5,399 ) $ ( 700 ) $ ( 44,805 ) Other comprehensive income (loss) before reclassifications — 376 ( 145 ) 231 Amounts reclassified from AOCI 365 — 16 381 Total other comprehensive income (loss) 365 376 ( 129 ) 612 Balance as of September 30, 2018 $ ( 38,341 ) $ ( 5,023 ) $ ( 829 ) $ ( 44,193 ) Nine Months Ended September 30, 2018 Defined Unrealized Accumulated Benefit Foreign Gain (Loss) in Other Pension Currency Value of Comprehensive (in thousands) Plan Translation Investments, Net Income (Loss) Attributable to Tutor Perini Corporation: Balance as of December 31, 2017 $ ( 39,441 ) $ ( 3,591 ) $ 314 $ ( 42,718 ) Other comprehensive loss before reclassifications — ( 1,432 ) ( 1,159 ) ( 2,591 ) Amounts reclassified from AOCI 1,100 — 16 1,116 Total other comprehensive income (loss) 1,100 ( 1,432 ) ( 1,143 ) ( 1,475 ) Balance as of September 30, 2018 $ ( 38,341 ) $ ( 5,023 ) $ ( 829 ) $ ( 44,193 ) |
Business Segments
Business Segments | 9 Months Ended |
Sep. 30, 2019 | |
Business Segments [Abstract] | |
Business Segments | (18) Business Segments The Company offers general contracting, pre-construction planning and comprehensive project management services, including planning and scheduling of manpower, equipment, materials and subcontractors required for the timely completion of a project in accordance with the terms and specifications contained in a construction contract. The Company also offers self-performed construction services: site work, concrete forming and placement, steel erection, electrical, mechanical, plumbing, and HVAC (heating, ventilation and air conditioning). As described below, the Company’s business is conducted through three segments: Civil, Building and Specialty Contractors. These segments are determined based on how the Company’s Chairman and Chief Executive Officer (chief operating decision maker) aggregates business units when evaluating performance and allocating resources. The Civil segment specializes in public works construction and the replacement and reconstruction of infrastructure. The contracting services provided by the Civil segment include construction and rehabilitation of highways, bridges, tunnels, mass-transit systems, and water management and wastewater treatment facilities. The Building segment has significant experience providing services for private and public works customers in a number of specialized building markets, including: high-rise residential, hospitality and gaming, transportation, health care, commercial and government offices, sports and entertainment, education, correctional facilities, biotech, pharmaceutical, industrial and technology. The Specialty Contractors segment specializes in electrical, mechanical, plumbing, HVAC, fire protection systems and pneumatically placed concrete for a full range of civil and building construction projects in the industrial, commercial, hospitality and gaming, and mass-transit end markets. This segment provides the Company with unique strengths and capabilities that allow the Company to position itself as a full-service contractor with greater control over scheduled work, project delivery, and cost and risk management. To the extent that a contract is co-managed and co-executed among segments, the Company allocates the share of revenues and costs of the contract to each segment to reflect the shared responsibilities in the management and execution of the project. The following tables set forth certain reportable segment information relating to the Company’s operations for the three and nine months ended September 30, 2019 and 2018: Reportable Segments Specialty Consolidated (in thousands) Civil Building Contractors Total Corporate Total Three Months Ended September 30, 2019 Total revenue $ 591,884 $ 421,241 $ 249,453 $ 1,262,578 $ — $ 1,262,578 Elimination of intersegment revenue ( 67,338 ) ( 5,895 ) — ( 73,233 ) — ( 73,233 ) Revenue from external customers $ 524,546 $ 415,346 $ 249,453 $ 1,189,345 $ — $ 1,189,345 Income (loss) from construction operations $ 50,695 $ 7,580 $ 7,247 $ 65,522 $ ( 17,579 ) (a) $ 47,943 Capital expenditures $ 22,497 $ 144 $ 325 $ 22,966 $ 365 $ 23,331 Depreciation and amortization (b) $ 11,953 $ 495 $ 1,018 $ 13,466 $ 2,761 $ 16,227 Three Months Ended September 30, 2018 Total revenue $ 479,581 $ 457,304 $ 236,157 $ 1,173,042 $ — $ 1,173,042 Elimination of intersegment revenue ( 48,093 ) ( 1,812 ) — ( 49,905 ) — ( 49,905 ) Revenue from external customers $ 431,488 $ 455,492 $ 236,157 $ 1,123,137 $ — $ 1,123,137 Income (loss) from construction operations $ 41,282 $ 8,853 $ 11,561 $ 61,696 $ ( 14,390 ) (a) $ 47,306 Capital expenditures $ 15,364 $ 277 $ 70 $ 15,711 $ 397 $ 16,108 Depreciation and amortization (b) $ 8,031 $ 488 $ 1,081 $ 9,600 $ 2,817 $ 12,417 ____________________________________________________________________________________________________ (a) Consists primarily of corporate general and administrative expenses. (b) Depreciation and amortization is included in income (loss) from construction operations. Reportable Segments Specialty Consolidated (in thousands) Civil Building Contractors Total Corporate Total Nine Months Ended September 30, 2019 Total revenue $ 1,516,623 $ 1,291,043 $ 664,279 $ 3,471,945 $ — $ 3,471,945 Elimination of intersegment revenue ( 184,925 ) ( 13,913 ) — ( 198,838 ) — ( 198,838 ) Revenue from external customers $ 1,331,698 $ 1,277,130 $ 664,279 $ 3,273,107 $ — $ 3,273,107 Income (loss) from construction operations $ ( 72,032 ) $ 6,903 $ ( 160,036 ) $ ( 225,165 ) (a) $ ( 45,696 ) (b) $ ( 270,861 ) Capital expenditures $ 60,948 $ 349 $ 558 $ 61,855 $ 822 $ 62,677 Depreciation and amortization (c) $ 31,608 $ 1,495 $ 3,143 $ 36,246 $ 8,295 $ 44,541 Nine Months Ended September 30, 2018 Total revenue $ 1,266,595 $ 1,395,896 $ 781,591 $ 3,444,082 $ — $ 3,444,082 Elimination of intersegment revenue ( 169,520 ) ( 3,184 ) — ( 172,704 ) — ( 172,704 ) Revenue from external customers $ 1,097,075 $ 1,392,712 $ 781,591 $ 3,271,378 $ — $ 3,271,378 Income (loss) from construction operations (d) $ 93,560 $ 27,814 $ 26,250 $ 147,624 $ ( 46,428 ) (b) $ 101,196 Capital expenditures $ 61,912 $ 1,147 $ 704 $ 63,763 $ 648 $ 64,411 Depreciation and amortization (c) $ 20,356 $ 1,458 $ 3,299 $ 25,113 $ 8,468 $ 33,581 ____________________________________________________________________________________________________ (a) During the nine months ended September 30, 2019, the Company recorded a non-cash goodwill impairment charge of $ 379.9 million in income (loss) from continuing operations (an unfavorable after-tax impact of $ 329.5 million, or $ 6.56 per diluted share) resulting from an interim impairment test the Company performed as of June 1, 2019. (For further information and breakdown of the goodwill impairment charge by segment, see Note 8, Goodwill and Intangible Assets ). (b) Consists primarily of corporate general and administrative expenses. (c) Depreciation and amortization is included in income (loss) from construction operations. (d) During the nine months ended September 30, 2018, the Company recorded a charge of $ 17.8 million in income (loss) from construction operations (an after-tax impact of $ 12.8 million, or $ 0.25 per diluted share), which was primarily non-cash, as a result of the unexpected outcome of an arbitration decision related to a subcontract back charge dispute on a Civil segment project in New York that was completed in 2013. A reconciliation of segment results to the consolidated income (loss) before income taxes is as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2019 2018 2019 2018 Income (loss) from construction operations $ 47,943 $ 47,306 $ ( 270,861 ) $ 101,196 Other income, net 1,674 1,909 2,996 3,739 Interest expense ( 17,305 ) ( 16,411 ) ( 51,252 ) ( 47,474 ) Income (loss) before income taxes $ 32,312 $ 32,804 $ ( 319,117 ) $ 57,461 Total assets by segment were as follows : As of As of (in thousands) September 30, 2019 December 31, 2018 Civil $ 2,791,537 $ 2,574,326 Building 965,917 913,746 Specialty Contractors 644,016 745,313 Corporate and other (a) 93,438 154,367 Total assets $ 4,494,908 $ 4,387,752 ____________________________________________________________________________________________________ (a) Consists principally of cash, equipment, tax-related assets and insurance-related assets, offset by the elimination of assets related to intersegment revenue. |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Recent Accounting Pronouncements [Abstract] | |
Schedule of the Impact for the Adoption of ASU 842 | The effects of the changes made to the Company’s January 1, 2019 consolidated balance sheet for the adoption of ASC 842 were as follows: BALANCE SHEET Balance as of Adjustments due to Balance as of (in thousands) December 31, 2018 (a) ASC 842 January 1, 2019 ASSETS Other assets (b) $ 50,523 $ 43,273 $ 93,796 LIABILITIES Accrued expenses and other current liabilities (b) $ 174,325 $ 11,569 $ 185,894 Other long-term liabilities (b) 151,639 31,704 183,343 ____________________________________________________________________________________________________ (a) Balance as previously reported on the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. (b) Prior to the adoption of ASC 842, operating lease ROU assets and current and long-term operating lease liabilities were not recorded on the Condensed Consolidated Balance Sheets. The following table presents the impacts of adoption of the new leases standard on the Condensed Consolidated Balance Sheet: As of September 30, 2019 Balance Without BALANCE SHEET Adoption of Effect of (in thousands) As Reported ASC 842 Change ASSETS Other assets (a) $ 90,943 $ 49,823 $ 41,120 LIABILITIES Accrued expenses and other current liabilities (a) $ 188,373 $ 177,298 $ 11,075 Other long-term liabilities (a) 186,965 156,920 30,045 ____________________________________________________________________________________________________ (a) Prior to the adoption of ASC 842, operating lease ROU assets and current and long-term operating lease liabilities were not recorded on the Condensed Consolidated Balance Sheets. |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Revenue [Abstract] | |
Disaggregation of Revenue | Disaggregation of Revenue The following tables disaggregate revenue by end market, customer type and contract type, which the Company believes best depict how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors for the three and nine months ended September 30, 2019 and 2018. Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2019 2018 2019 2018 Civil segment revenue by end market: Mass transit $ 265,671 $ 177,619 $ 655,541 $ 485,841 Bridges 113,743 128,240 269,517 311,979 Highways 44,630 46,553 145,917 129,619 Tunneling 32,076 33,377 96,602 66,009 Other 68,426 45,699 164,121 103,627 Total Civil segment revenue $ 524,546 $ 431,488 $ 1,331,698 $ 1,097,075 Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2019 2018 2019 2018 Building segment revenue by end market: Commercial and industrial facilities $ 121,206 $ 57,505 $ 345,752 $ 290,571 Health care facilities 58,323 127,219 199,347 320,416 Municipal and government 62,444 67,003 192,986 187,984 Hospitality and gaming 57,672 65,744 180,556 226,999 Mass transit 53,384 — 123,772 — Education facilities 33,469 43,405 123,059 108,763 Mixed use 2,183 40,758 26,774 121,348 Other 26,665 53,858 84,884 136,631 Total Building segment revenue $ 415,346 $ 455,492 $ 1,277,130 $ 1,392,712 Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2019 2018 2019 2018 Specialty Contractors segment revenue by end market: Mass transit $ 103,710 $ 63,457 $ 285,121 $ 216,808 Commercial and industrial facilities 51,471 48,601 139,112 136,892 Multi-unit residential 25,860 18,254 56,474 64,104 Education facilities 21,610 26,024 47,226 77,626 Mixed use 18,465 37,587 47,170 137,420 Health care facilities 5,217 12,873 26,116 43,861 Transportation 5,931 17,150 16,092 73,154 Other 17,189 12,211 46,968 31,726 Total Specialty Contractors segment revenue $ 249,453 $ 236,157 $ 664,279 $ 781,591 Three Months Ended September 30, 2019 Three Months Ended September 30, 2018 Specialty Specialty (in thousands) Civil Building Contractors Total Civil Building Contractors Total Revenue by customer type: State and local agencies $ 420,839 $ 144,106 $ 136,191 $ 701,136 $ 341,067 $ 177,377 $ 99,913 $ 618,357 Private owners 70,855 234,350 108,476 413,681 63,477 225,225 124,186 412,888 Federal agencies 32,852 36,890 4,786 74,528 26,944 52,890 12,058 91,892 Total revenue $ 524,546 $ 415,346 $ 249,453 $ 1,189,345 $ 431,488 $ 455,492 $ 236,157 $ 1,123,137 Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018 Specialty Specialty (in thousands) Civil Building Contractors Total Civil Building Contractors Total Revenue by customer type: State and local agencies $ 1,059,384 $ 422,590 $ 347,517 $ 1,829,491 $ 894,613 $ 452,918 $ 312,541 $ 1,660,072 Private owners 189,325 733,103 301,446 1,223,874 134,891 790,330 423,280 1,348,501 Federal agencies 82,989 121,437 15,316 219,742 67,571 149,464 45,770 262,805 Total revenue $ 1,331,698 $ 1,277,130 $ 664,279 $ 3,273,107 $ 1,097,075 $ 1,392,712 $ 781,591 $ 3,271,378 Three Months Ended September 30, 2019 Three Months Ended September 30, 2018 Specialty Specialty (in thousands) Civil Building Contractors Total Civil Building Contractors Total Revenue by contract type: Fixed price $ 376,230 $ 144,514 $ 208,689 $ 729,433 $ 272,996 $ 91,972 $ 193,607 $ 558,575 Guaranteed maximum price 639 159,217 4,405 164,261 3,025 269,069 18,720 290,814 Unit price 142,253 2,922 25,193 170,368 141,917 9,938 7,939 159,794 Cost plus fee and other 5,424 108,693 11,166 125,283 13,550 84,513 15,891 113,954 Total revenue $ 524,546 $ 415,346 $ 249,453 $ 1,189,345 $ 431,488 $ 455,492 $ 236,157 $ 1,123,137 Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018 Specialty Specialty (in thousands) Civil Building Contractors Total Civil Building Contractors Total Revenue by contract type: Fixed price $ 969,041 $ 395,123 $ 551,779 $ 1,915,943 $ 716,826 $ 267,630 $ 675,526 $ 1,659,982 Guaranteed maximum price 4,517 551,399 15,326 571,242 11,200 801,537 51,762 864,499 Unit price 343,416 10,950 64,379 418,745 332,118 29,526 21,829 383,473 Cost plus fee and other 14,724 319,658 32,795 367,177 36,931 294,019 32,474 363,424 Total revenue $ 1,331,698 $ 1,277,130 $ 664,279 $ 3,273,107 $ 1,097,075 $ 1,392,712 $ 781,591 $ 3,271,378 |
Contract Assets and Liabiliti_2
Contract Assets and Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Contract Assets and Liabilities [Abstract] | |
Schedule of Contract Assets and Liabilities | As of September 30, As of December 31, (in thousands) 2019 2018 Retainage receivable $ 542,274 $ 478,744 Costs and estimated earnings in excess of billings: Claims 756,760 698,274 Unapproved change orders 334,125 354,000 Other unbilled costs and profits 68,448 90,021 Total costs and estimated earnings in excess of billings 1,159,333 1,142,295 Capitalized contract costs 60,290 37,404 Total contract assets $ 1,761,897 $ 1,658,443 Retainage receivable represents amounts invoiced to customers where payments have been partially withheld pending the completion of certain milestones, satisfaction of other contractual conditions or the completion of the project. Retainage agreements vary from project to project and balances could be outstanding for several months or years depending on a number of circumstances such as contract-specific terms, project performance and other variables that may arise as the Company makes progress towards completion. As of September 30, 2019, the amount of retainage receivables estimated by management to be collected beyond one year is approximately 39 % of the balance. Costs and estimated earnings in excess of billings represent the excess of contract costs and profits (or contract revenue) over the amount of contract billings to date and are classified as a current asset. Costs and estimated earnings in excess of billings result when either: 1) the appropriate contract revenue amount has been recognized over time in accordance with ASC 606, Revenue from Contracts with Customers (“ASC 606”) , but a portion of the revenue recorded cannot be billed currently due to the billing terms defined in the contract, or 2) costs are incurred related to certain claims and unapproved change orders. Claims occur when there is a dispute regarding both a change in the scope of work and the price associated with that change. Unapproved change orders occur when a change in the scope of work results in additional work being performed before the parties have agreed on the corresponding change in the contract price. The Company routinely estimates recovery related to claims and unapproved change orders as a form of variable consideration at the most likely amount it expects to receive and to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Claims and unapproved change orders are billable upon the agreement and resolution between the contractual parties and after the execution of contractual amendments. Increases in claims and unapproved change orders typically result from costs being incurred against existing or new positions; decreases normally result from resolutions and subsequent billings. As discussed in Note 11, Commitments and Contingencies , the resolution of these claims and unapproved change orders may require litigation or other forms of dispute resolution proceedings. Other unbilled costs and profits are billable in accordance with the billing terms of each of the existing contractual arrangements and, as such, the timing of contract billing cycles can cause fluctuations in the balance of unbilled costs and profits. Ultimate resolution of other unbilled costs and profits typically involves incremental progress toward contractual requirements or milestones. Capitalized contract costs primarily represent costs to fulfill a contract that (1) directly relate to an existing or anticipated contract, (2) generate or enhance resources that will be used in satisfying performance obligations in the future and (3) are expected to be recovered through the contract, and are included in other current assets. Capitalized contract costs are generally expensed to the associated contract over the period of anticipated use on the project. During the three and nine months ended September 30, 2019, $ 8.5 million and $ 22.8 million, respectively, of previously capitalized contract costs were amortized and recognized as expense on the related contracts. During the three and nine months ended September 30, 2018, $ 4.0 million and $ 12.2 million, respectively, of previously capitalized contract costs were amortized and recognized as expense on the related contracts. Contract liabilities include amounts owed under retainage provisions and billings in excess of costs and estimated earnings. The amount as reported on the Condensed Consolidated Balance Sheets consisted of the following: As of September 30, As of December 31, (in thousands) 2019 2018 Retainage payable $ 232,209 $ 211,956 Billings in excess of costs and estimated earnings 818,806 573,190 Total contract liabilities $ 1,051,015 $ 785,146 |
Cash, Cash Equivalents and Re_2
Cash, Cash Equivalents and Restricted Cash (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Cash, Cash Equivalents and Restricted Cash [Abstract] | |
Reconciliation of Cash, Cash Equivalents and Restricted Cash | As of September 30, As of December 31, (in thousands) 2019 2018 Cash and cash equivalents available for general corporate purposes $ 49,166 $ 51,749 Joint venture cash and cash equivalents 157,964 64,326 Cash and cash equivalents 207,130 116,075 Restricted cash 6,261 3,788 Total cash, cash equivalents and restricted cash $ 213,391 $ 119,863 |
Earnings Per Common Share (EP_2
Earnings Per Common Share (EPS) (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Common Share (EPS) [Abstract] | |
Calculations of the Basic and Diluted EPS | Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per common share data) 2019 2018 2019 2018 Net income (loss) attributable to Tutor Perini Corporation $ 19,313 $ 21,272 $ ( 301,573 ) $ 34,031 Weighted-average common shares outstanding, basic 50,279 50,018 50,201 49,927 Effect of dilutive restricted stock units and stock options 303 357 — 283 Weighted-average common shares outstanding, diluted 50,582 50,375 50,201 50,210 Net income (loss) attributable to Tutor Perini Corporation per common share: Basic $ 0.38 $ 0.43 $ ( 6.01 ) $ 0.68 Diluted $ 0.38 $ 0.42 $ ( 6.01 ) $ 0.68 Anti-dilutive securities not included above 1,665 2,107 3,458 2,765 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Goodwill and Intangible Assets [Abstract] | |
Schedule of Carrying Amount of Goodwill | Specialty (in thousands) Civil Building Contractors Total Gross goodwill $ 492,074 $ 424,724 $ 156,193 $ 1,072,991 Accumulated impairment ( 76,716 ) ( 411,269 ) — ( 487,985 ) Balance as of December 31, 2018 415,358 13,455 156,193 585,006 Second quarter 2019 impairment ( 210,215 ) ( 13,455 ) ( 156,193 ) ( 379,863 ) Balance as of September 30, 2019 (a) $ 205,143 $ — $ — $ 205,143 ____________________________________________________________________________________________________ (a) As of September 30, 2019, accumulated impairment was $ 867.8 million. |
Schedule of Intangible Assets | As of September 30, 2019 Weighted Accumulated Average Accumulated Impairment Carrying Amortization (in thousands) Cost Amortization Charge Value Period Trade names (non-amortizable) $ 117,600 $ — $ ( 67,190 ) $ 50,410 Indefinite Trade names (amortizable) 74,350 ( 20,645 ) ( 23,232 ) 30,473 20 years Contractor license 6,000 — ( 6,000 ) — N/A Customer relationships 39,800 ( 20,784 ) ( 16,645 ) 2,371 12 years Construction contract backlog 73,706 ( 73,706 ) — — N/A Total $ 311,456 $ ( 115,135 ) $ ( 113,067 ) $ 83,254 As of December 31, 2018 Weighted Accumulated Average Accumulated Impairment Carrying Amortization (in thousands) Cost Amortization Charge Value Period Trade names (non-amortizable) $ 117,600 $ — $ ( 67,190 ) $ 50,410 Indefinite Trade names (amortizable) 74,350 ( 18,780 ) ( 23,232 ) 32,338 20 years Contractor license 6,000 — ( 6,000 ) — N/A Customer relationships 39,800 ( 19,992 ) ( 16,645 ) 3,163 12 years Construction contract backlog 73,706 ( 73,706 ) — — N/A Total $ 311,456 $ ( 112,478 ) $ ( 113,067 ) $ 85,911 |
Financial Commitments (Tables)
Financial Commitments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Financial Commitments [Abstract] | |
Long-term Debt | As of September 30, As of December 31, (in thousands) 2019 2018 2017 Senior Notes $ 494,148 $ 493,521 2017 Credit Facility 117,000 41,000 Convertible Notes 179,494 171,481 Equipment financing and mortgages 40,475 50,904 Other indebtedness 5,127 4,598 Total debt 836,244 761,504 Less: Current maturities 10,862 16,767 Long-term debt, net $ 825,382 $ 744,737 |
Reconciliation of Outstanding Debt Balance to Reported Debt Balance | As of September 30, 2019 As of December 31, 2018 (in thousands) Outstanding Long-Term Debt Unamortized Discount and Issuance Costs Long-Term Debt, as reported Outstanding Long-Term Debt Unamortized Discount and Issuance Costs Long-Term Debt, as reported 2017 Senior Notes $ 500,000 $ ( 5,852 ) $ 494,148 $ 500,000 $ ( 6,479 ) $ 493,521 Convertible Notes 200,000 ( 20,506 ) 179,494 200,000 ( 28,519 ) 171,481 |
Summary of Interest Expense as Reported in the Condensed Consolidated Statements of Income | Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2019 2018 2019 2018 Cash interest expense: Interest on 2017 Senior Notes $ 8,594 $ 8,594 $ 25,781 $ 25,781 Interest on 2017 Credit Facility 3,385 2,596 9,712 6,300 Interest on Convertible Notes 1,438 1,437 4,313 4,312 Other interest 540 736 1,656 2,119 Total cash interest expense 13,957 13,363 41,462 38,512 Non-cash interest expense: (a) Amortization of discount and debt issuance costs on Convertible Notes 2,734 2,490 8,013 7,298 Amortization of debt issuance costs on 2017 Credit Facility 401 360 1,150 1,080 Amortization of debt issuance costs on 2017 Senior Notes 213 198 627 584 Total non-cash interest expense 3,348 3,048 9,790 8,962 Total interest expense $ 17,305 $ 16,411 $ 51,252 $ 47,474 ____________________________________________________________________________________________________ (a) The combination of cash and non-cash interest expense produces effective interest rates that are higher than contractual rates. Accordingly, the effective interest rates for the 2017 Senior Notes and the Convertible Notes were 7.13 % and 9.39 %, respectively, for the nine months ended September 30, 2019. |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Components of Lease Expense | Three Months Ended Nine Months Ended (in thousands) September 30, 2019 September 30, 2019 Operating lease expense $ 4,047 $ 11,749 Short-term lease expense (a) 17,786 50,843 21,833 62,592 Less: Sublease income 263 784 Total lease expense $ 21,570 $ 61,808 ____________________________________________________________________________________________________ (a) Short-term lease expense includes all leases with lease terms ranging from less than one month to one year . Short-term leases include, among other things, construction equipment rented on an as-needed basis as well as temporary housing. |
Supplemental Financial Statement Information Related To Leases | The following table presents supplemental balance sheet information related to operating leases as of September 30, 2019: As of September 30, (dollars in thousands) Balance Sheet Line Item 2019 Assets ROU assets Other assets $ 41,186 Total lease assets $ 41,186 Liabilities Current lease liabilities Accrued expenses and other current liabilities $ 11,267 Long-term lease liabilities Other long-term liabilities 33,027 Total lease liabilities $ 44,294 Weighted-average remaining lease term (in years) 5.1 Weighted-average discount rate 5.88 % The following table presents supplemental cash flow information and non-cash activity related to operating leases for the nine months ended September 30, 2019: Nine Months Ended (in thousands) September 30, 2019 Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ ( 11,586 ) Non-cash activity: ROU assets obtained in exchange for lease liabilities $ 7,621 |
Maturity of Leases Liabilities on an Undiscounted Basis | Year (in thousands) Operating Leases 2019 (excluding the nine months ended September 30, 2019) $ 3,781 2020 12,339 2021 8,997 2022 7,695 2023 6,489 Thereafter 12,461 Total lease payments 51,762 Less: Imputed interest 7,468 Total $ 44,294 |
Future Minimum Rent Payments under Non-Cancelable Operating Leases | Year (in thousands) Operating Leases 2019 $ 14,039 2020 10,706 2021 7,464 2022 6,567 2023 5,587 Thereafter 11,662 56,025 Less: Sublease rental agreements 1,398 Total $ 54,627 |
Employee Pension Plans (Tables)
Employee Pension Plans (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Employee Pension Plans [Abstract] | |
Components of Net Periodic Benefit Cost | Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2019 2018 2019 2018 Interest cost $ 948 $ 883 $ 2,844 $ 2,649 Expected return on plan assets ( 1,043 ) ( 1,077 ) ( 3,129 ) ( 3,231 ) Amortization of net loss 463 513 1,389 1,539 Other 225 213 675 639 Net periodic benefit cost $ 593 $ 532 $ 1,779 $ 1,596 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Measurements [Abstract] | |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | As of September 30, 2019 As of December 31, 2018 Fair Value Hierarchy Fair Value Hierarchy (in thousands) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash and cash equivalents (a) $ 207,130 $ — $ — $ 207,130 $ 116,075 $ — $ — $ 116,075 Restricted cash (a) 6,261 — — 6,261 3,788 — — 3,788 Restricted investments (b) — 67,728 — 67,728 — 58,142 — 58,142 Investments in lieu of retainage (c) 78,492 1,229 — 79,721 62,858 1,190 — 64,048 Total $ 291,883 $ 68,957 $ — $ 360,840 $ 182,721 $ 59,332 $ — $ 242,053 ____________________________________________________________________________________________________ (a) Includes money market funds and short-term investments with maturity dates of three months or less when acquired. (b) Restricted investments, as of September 30, 2019, consist of investments in corporate debt securities of $ 37.0 million and U.S. government agency securities of $ 30.7 million with maturities of up to five years , and are valued based on pricing models, which are determined from a compilation of primarily observable market information, broker quotes in non-active markets or similar assets and are therefore classified as Level 2 assets. As of December 31, 2018, restricted investments consisted of investments in corporate debt securities of $ 30.4 million and U.S. government agency securities of $ 27.7 million. The amortized cost of these available-for-sale securities at September 30, 2019 and December 31, 2018 was not materially different from the fair value. (c) Investments in lieu of retainage are included in retainage receivable and as of September 30, 2019 are comprised of money market funds of $ 78.5 million and municipal bonds of $ 1.2 million. The fair values of the money market funds are measured using quoted market prices; therefore, they are classified as Level 1 assets. The fair values of municipal bonds are measured using readily available pricing sources for comparable instruments; therefore, they are classified as Level 2 assets. As of December 31, 2018, investments in lieu of retainage consisted of money market funds of $ 62.9 million and municipal bonds of $ 1.2 million. The amortized cost of these available-for-sale securities at September 30, 2019 and December 31, 2018 was not materially different from the fair value. |
Changes in Equity (Tables)
Changes in Equity (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Changes in Equity [Abstract] | |
Schedule of Stockholders Equity | Three Months Ended September 30, 2019 Accumulated Additional Other Common Paid-in Retained Comprehensive Noncontrolling Total (in thousands) Stock Capital Earnings Loss Interests Equity Balance - June 30, 2019 $ 50,279 $ 1,110,496 $ 380,795 $ ( 42,530 ) $ ( 9,481 ) $ 1,489,559 Net income — — 19,313 — 7,408 26,721 Other comprehensive income (loss) — — — 236 ( 99 ) 137 Share-based compensation — 3,491 — — — 3,491 Contributions from noncontrolling interests — — — — 1,140 1,140 Distributions to noncontrolling interests — — — — ( 17,500 ) ( 17,500 ) Balance - September 30, 2019 $ 50,279 $ 1,113,987 $ 400,108 $ ( 42,294 ) $ ( 18,532 ) $ 1,503,548 Nine Months Ended September 30, 2019 Accumulated Additional Other Common Paid-in Retained Comprehensive Noncontrolling Total (in thousands) Stock Capital Earnings Loss Interests Equity Balance - December 31, 2018 $ 50,026 $ 1,102,919 $ 701,681 $ ( 45,449 ) $ ( 21,288 ) $ 1,787,889 Net income (loss) — — ( 301,573 ) — 17,577 ( 283,996 ) Other comprehensive income — — — 3,155 160 3,315 Share-based compensation — 13,586 — — — 13,586 Issuance of common stock, net 253 ( 2,518 ) — — — ( 2,265 ) Contributions from noncontrolling interests — — — — 6,519 6,519 Distributions to noncontrolling interests — — — — ( 21,500 ) ( 21,500 ) Balance - September 30, 2019 $ 50,279 $ 1,113,987 $ 400,108 $ ( 42,294 ) $ ( 18,532 ) $ 1,503,548 Three Months Ended September 30, 2018 Accumulated Additional Other Common Paid-in Retained Comprehensive Noncontrolling Total (in thousands) Stock Capital Earnings Loss Interests Equity Balance - June 30, 2018 $ 50,011 $ 1,093,874 $ 631,004 $ ( 44,805 ) $ ( 17,540 ) $ 1,712,544 Net income — — 21,272 — 4,164 25,436 Other comprehensive income — — — 612 — 612 Share-based compensation — 4,993 — — — 4,993 Issuance of common stock, net 15 ( 228 ) — — — ( 213 ) Distributions to noncontrolling interests — — — — ( 10,000 ) ( 10,000 ) Balance - September 30, 2018 $ 50,026 $ 1,098,639 $ 652,276 $ ( 44,193 ) $ ( 23,376 ) $ 1,733,372 Nine Months Ended September 30, 2018 Accumulated Additional Other Common Paid-in Retained Comprehensive Noncontrolling Total (in thousands) Stock Capital Earnings Loss Interests Equity Balance - December 31, 2017 $ 49,781 $ 1,084,205 $ 622,007 $ ( 42,718 ) $ ( 8,495 ) $ 1,704,780 Cumulative effect of accounting change — — ( 3,762 ) — ( 1,740 ) ( 5,502 ) Net income — — 34,031 — 8,359 42,390 Other comprehensive loss — — — ( 1,475 ) — ( 1,475 ) Share-based compensation — 17,264 — — — 17,264 Issuance of common stock, net 245 ( 2,830 ) — — — ( 2,585 ) Contributions from noncontrolling interests — — — — 1,000 1,000 Distributions to noncontrolling interests — — — — ( 22,500 ) ( 22,500 ) Balance - September 30, 2018 $ 50,026 $ 1,098,639 $ 652,276 $ ( 44,193 ) $ ( 23,376 ) $ 1,733,372 |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Other Comprehensive Income (Loss) [Abstract] | |
Schedule of Tax Effects of the Components of Other Comprehensive Income (Loss) | The tax effects of the components of other comprehensive income (loss) for the three and nine months ended September 30, 2019 and 2018 were as follows: Three Months Ended Three Months Ended September 30, 2019 September 30, 2018 (in thousands) Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount Other comprehensive income (loss): Defined benefit pension plan adjustments $ 464 $ ( 133 ) $ 331 $ 513 $ ( 148 ) $ 365 Foreign currency translation adjustments ( 590 ) 140 ( 450 ) 519 ( 143 ) 376 Unrealized gain (loss) in fair value of investments 328 ( 72 ) 256 ( 173 ) 44 ( 129 ) Total other comprehensive income (loss) 202 ( 65 ) 137 859 ( 247 ) 612 Less: Other comprehensive income attributable to noncontrolling interests (a) ( 99 ) — ( 99 ) — — — Total other comprehensive income (loss) attributable to Tutor Perini Corporation $ 301 $ ( 65 ) $ 236 $ 859 $ ( 247 ) $ 612 ____________________________________________________________________________________________________ (a) The only component of other comprehensive income attributable to noncontrolling interests is foreign currency translation. Nine Months Ended Nine Months Ended September 30, 2019 September 30, 2018 (in thousands) Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount Other comprehensive income (loss): Defined benefit pension plan adjustments $ 1,390 $ ( 398 ) $ 992 $ 1,539 $ ( 439 ) $ 1,100 Foreign currency translation adjustment 961 ( 253 ) 708 ( 2,034 ) 602 ( 1,432 ) Unrealized gain (loss) in fair value of investments 2,053 ( 438 ) 1,615 ( 1,468 ) 325 ( 1,143 ) Total other comprehensive income (loss) 4,404 ( 1,089 ) 3,315 ( 1,963 ) 488 ( 1,475 ) Less: Other comprehensive income (loss) attributable to noncontrolling interests (a) 160 — 160 — — — Total other comprehensive income (loss) attributable to Tutor Perini Corporation $ 4,244 $ ( 1,089 ) $ 3,155 $ ( 1,963 ) $ 488 $ ( 1,475 ) ____________________________________________________________________________________________________ (a) The only component of other comprehensive income attributable to noncontrolling interests is foreign currency translation. |
Schedule of Changes in AOCI Balances by Component (After-Tax) | Three Months Ended September 30, 2019 Defined Unrealized Accumulated Benefit Foreign Gain in Other Pension Currency Fair Value of Comprehensive (in thousands) Plan Translation Investments, Net Income (Loss) Attributable to Tutor Perini Corporation: Balance as of June 30, 2019 $ ( 38,009 ) $ ( 5,416 ) $ 895 $ ( 42,530 ) Other comprehensive income (loss) before reclassifications — ( 351 ) 254 ( 97 ) Amounts reclassified from AOCI 331 — 2 333 Total other comprehensive income 331 ( 351 ) 256 236 Balance as of September 30, 2019 $ ( 37,678 ) $ ( 5,767 ) $ 1,151 $ ( 42,294 ) Nine Months Ended September 30, 2019 Defined Unrealized Accumulated Benefit Foreign Gain (Loss) in Other Pension Currency Fair Value of Comprehensive (in thousands) Plan Translation Investments, Net Income (Loss) Attributable to Tutor Perini Corporation: Balance as of December 31, 2018 $ ( 38,670 ) $ ( 6,315 ) $ ( 464 ) $ ( 45,449 ) Other comprehensive income before reclassifications — 548 1,633 2,181 Amounts reclassified from AOCI 992 — ( 18 ) 974 Total other comprehensive income 992 548 1,615 3,155 Balance as of September 30, 2019 $ ( 37,678 ) $ ( 5,767 ) $ 1,151 $ ( 42,294 ) The changes in AOCI balances by component (after tax) attributable to Tutor Perini Corporation during the three and nine months ended September 30, 2018 were as follows: Three Months Ended September 30, 2018 Defined Unrealized Accumulated Benefit Foreign Gain (Loss) in Other Pension Currency Fair Value of Comprehensive (in thousands) Plan Translation Investments, Net Income (Loss) Attributable to Tutor Perini Corporation: Balance as of June 30, 2018 $ ( 38,706 ) $ ( 5,399 ) $ ( 700 ) $ ( 44,805 ) Other comprehensive income (loss) before reclassifications — 376 ( 145 ) 231 Amounts reclassified from AOCI 365 — 16 381 Total other comprehensive income (loss) 365 376 ( 129 ) 612 Balance as of September 30, 2018 $ ( 38,341 ) $ ( 5,023 ) $ ( 829 ) $ ( 44,193 ) Nine Months Ended September 30, 2018 Defined Unrealized Accumulated Benefit Foreign Gain (Loss) in Other Pension Currency Value of Comprehensive (in thousands) Plan Translation Investments, Net Income (Loss) Attributable to Tutor Perini Corporation: Balance as of December 31, 2017 $ ( 39,441 ) $ ( 3,591 ) $ 314 $ ( 42,718 ) Other comprehensive loss before reclassifications — ( 1,432 ) ( 1,159 ) ( 2,591 ) Amounts reclassified from AOCI 1,100 — 16 1,116 Total other comprehensive income (loss) 1,100 ( 1,432 ) ( 1,143 ) ( 1,475 ) Balance as of September 30, 2018 $ ( 38,341 ) $ ( 5,023 ) $ ( 829 ) $ ( 44,193 ) |
Business Segments (Tables)
Business Segments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Business Segments [Abstract] | |
Reportable Segments | Reportable Segments Specialty Consolidated (in thousands) Civil Building Contractors Total Corporate Total Three Months Ended September 30, 2019 Total revenue $ 591,884 $ 421,241 $ 249,453 $ 1,262,578 $ — $ 1,262,578 Elimination of intersegment revenue ( 67,338 ) ( 5,895 ) — ( 73,233 ) — ( 73,233 ) Revenue from external customers $ 524,546 $ 415,346 $ 249,453 $ 1,189,345 $ — $ 1,189,345 Income (loss) from construction operations $ 50,695 $ 7,580 $ 7,247 $ 65,522 $ ( 17,579 ) (a) $ 47,943 Capital expenditures $ 22,497 $ 144 $ 325 $ 22,966 $ 365 $ 23,331 Depreciation and amortization (b) $ 11,953 $ 495 $ 1,018 $ 13,466 $ 2,761 $ 16,227 Three Months Ended September 30, 2018 Total revenue $ 479,581 $ 457,304 $ 236,157 $ 1,173,042 $ — $ 1,173,042 Elimination of intersegment revenue ( 48,093 ) ( 1,812 ) — ( 49,905 ) — ( 49,905 ) Revenue from external customers $ 431,488 $ 455,492 $ 236,157 $ 1,123,137 $ — $ 1,123,137 Income (loss) from construction operations $ 41,282 $ 8,853 $ 11,561 $ 61,696 $ ( 14,390 ) (a) $ 47,306 Capital expenditures $ 15,364 $ 277 $ 70 $ 15,711 $ 397 $ 16,108 Depreciation and amortization (b) $ 8,031 $ 488 $ 1,081 $ 9,600 $ 2,817 $ 12,417 ____________________________________________________________________________________________________ (a) Consists primarily of corporate general and administrative expenses. (b) Depreciation and amortization is included in income (loss) from construction operations. Reportable Segments Specialty Consolidated (in thousands) Civil Building Contractors Total Corporate Total Nine Months Ended September 30, 2019 Total revenue $ 1,516,623 $ 1,291,043 $ 664,279 $ 3,471,945 $ — $ 3,471,945 Elimination of intersegment revenue ( 184,925 ) ( 13,913 ) — ( 198,838 ) — ( 198,838 ) Revenue from external customers $ 1,331,698 $ 1,277,130 $ 664,279 $ 3,273,107 $ — $ 3,273,107 Income (loss) from construction operations $ ( 72,032 ) $ 6,903 $ ( 160,036 ) $ ( 225,165 ) (a) $ ( 45,696 ) (b) $ ( 270,861 ) Capital expenditures $ 60,948 $ 349 $ 558 $ 61,855 $ 822 $ 62,677 Depreciation and amortization (c) $ 31,608 $ 1,495 $ 3,143 $ 36,246 $ 8,295 $ 44,541 Nine Months Ended September 30, 2018 Total revenue $ 1,266,595 $ 1,395,896 $ 781,591 $ 3,444,082 $ — $ 3,444,082 Elimination of intersegment revenue ( 169,520 ) ( 3,184 ) — ( 172,704 ) — ( 172,704 ) Revenue from external customers $ 1,097,075 $ 1,392,712 $ 781,591 $ 3,271,378 $ — $ 3,271,378 Income (loss) from construction operations (d) $ 93,560 $ 27,814 $ 26,250 $ 147,624 $ ( 46,428 ) (b) $ 101,196 Capital expenditures $ 61,912 $ 1,147 $ 704 $ 63,763 $ 648 $ 64,411 Depreciation and amortization (c) $ 20,356 $ 1,458 $ 3,299 $ 25,113 $ 8,468 $ 33,581 ____________________________________________________________________________________________________ (a) During the nine months ended September 30, 2019, the Company recorded a non-cash goodwill impairment charge of $ 379.9 million in income (loss) from continuing operations (an unfavorable after-tax impact of $ 329.5 million, or $ 6.56 per diluted share) resulting from an interim impairment test the Company performed as of June 1, 2019. (For further information and breakdown of the goodwill impairment charge by segment, see Note 8, Goodwill and Intangible Assets ). (b) Consists primarily of corporate general and administrative expenses. (c) Depreciation and amortization is included in income (loss) from construction operations. (d) During the nine months ended September 30, 2018, the Company recorded a charge of $ 17.8 million in income (loss) from construction operations (an after-tax impact of $ 12.8 million, or $ 0.25 per diluted share), which was primarily non-cash, as a result of the unexpected outcome of an arbitration decision related to a subcontract back charge dispute on a Civil segment project in New York that was completed in 2013. |
Reconciliation of Segment Results to Consolidated Income Before Income Taxes | Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2019 2018 2019 2018 Income (loss) from construction operations $ 47,943 $ 47,306 $ ( 270,861 ) $ 101,196 Other income, net 1,674 1,909 2,996 3,739 Interest expense ( 17,305 ) ( 16,411 ) ( 51,252 ) ( 47,474 ) Income (loss) before income taxes $ 32,312 $ 32,804 $ ( 319,117 ) $ 57,461 |
Schedule of Assets by Segment | As of As of (in thousands) September 30, 2019 December 31, 2018 Civil $ 2,791,537 $ 2,574,326 Building 965,917 913,746 Specialty Contractors 644,016 745,313 Corporate and other (a) 93,438 154,367 Total assets $ 4,494,908 $ 4,387,752 ____________________________________________________________________________________________________ (a) Consists principally of cash, equipment, tax-related assets and insurance-related assets, offset by the elimination of assets related to intersegment revenue. |
Recent Accounting Pronounceme_3
Recent Accounting Pronouncements (Narrative) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Other assets | $ 90,943 | $ 93,796 | $ 50,523 |
Liabilities | 44,294 | ||
Accounting Standards Update 2016-02 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Other assets | 43,300 | ||
Liabilities | 43,300 | ||
Reclassification [Member] | Accounting Standards Update 2016-02 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Other assets | $ 41,120 | $ 43,273 |
Recent Accounting Pronounceme_4
Recent Accounting Pronouncements (Schedule of the Impact for the Adoption of ASU 842) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
ASSETS | |||
Other assets | $ 90,943 | $ 93,796 | $ 50,523 |
LIABILITIES | |||
Accrued expenses and other current liabilities | 188,373 | 185,894 | 174,325 |
Other Long-term Liabilities | 186,965 | 183,343 | $ 151,639 |
Accounting Standards Update 2016-02 [Member] | |||
ASSETS | |||
Other assets | 43,300 | ||
Accounting Standards Update 2016-02 [Member] | Balance Without Adoption Of ASC 842 [Member] | |||
ASSETS | |||
Other assets | 49,823 | ||
LIABILITIES | |||
Accrued expenses and other current liabilities | 177,298 | ||
Other Long-term Liabilities | 156,920 | ||
Accounting Standards Update 2016-02 [Member] | Reclassification [Member] | |||
ASSETS | |||
Other assets | 41,120 | 43,273 | |
LIABILITIES | |||
Accrued expenses and other current liabilities | 11,075 | 11,569 | |
Other Long-term Liabilities | $ 30,045 | $ 31,704 |
Revenue (Narrative) (Details)
Revenue (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Net revenue recognized related to performance obligations satisfied (or partially satisfied) in prior periods | $ (13.8) | $ (46.3) | |
Civil [Member] | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Revenue, Remaining Performance Obligation, Amount | 5.3 | $ 5.3 | $ 4.2 |
Civil [Member] | Minimum [Member] | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period Range | 3 years | ||
Civil [Member] | Maximum [Member] | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period Range | 5 years | ||
Building [Member] | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Revenue, Remaining Performance Obligation, Amount | 1.6 | $ 1.6 | 2.1 |
Specialty Contractors [Member] | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Revenue, Remaining Performance Obligation, Amount | $ 2.2 | $ 2.2 | $ 1.7 |
Building And Specialty Contractors [Member] | Minimum [Member] | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period Range | 1 year | ||
Building And Specialty Contractors [Member] | Maximum [Member] | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period Range | 3 years |
Revenue (Disaggregation of Reve
Revenue (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | $ 1,189,345 | $ 1,123,137 | $ 3,273,107 | $ 3,271,378 |
Civil [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 524,546 | 431,488 | 1,331,698 | 1,097,075 |
Civil [Member] | Mass Transit [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 265,671 | 177,619 | 655,541 | 485,841 |
Civil [Member] | Bridges [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 113,743 | 128,240 | 269,517 | 311,979 |
Civil [Member] | Highways [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 44,630 | 46,553 | 145,917 | 129,619 |
Civil [Member] | Tunneling [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 32,076 | 33,377 | 96,602 | 66,009 |
Civil [Member] | Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 68,426 | 45,699 | 164,121 | 103,627 |
Building [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 415,346 | 455,492 | 1,277,130 | 1,392,712 |
Building [Member] | Commercial And Industrial Facilities [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 121,206 | 57,505 | 345,752 | 290,571 |
Building [Member] | Health Care Facilities [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 58,323 | 127,219 | 199,347 | 320,416 |
Building [Member] | Municipal And Government [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 62,444 | 67,003 | 192,986 | 187,984 |
Building [Member] | Education Facilities [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 33,469 | 43,405 | 123,059 | 108,763 |
Building [Member] | Hospitality And Gaming [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 57,672 | 65,744 | 180,556 | 226,999 |
Building [Member] | Mass Transit [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 53,384 | 123,772 | ||
Building [Member] | Mixed Use [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 2,183 | 40,758 | 26,774 | 121,348 |
Building [Member] | Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 26,665 | 53,858 | 84,884 | 136,631 |
Specialty Contractors [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 249,453 | 236,157 | 664,279 | 781,591 |
Specialty Contractors [Member] | Commercial And Industrial Facilities [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 51,471 | 48,601 | 139,112 | 136,892 |
Specialty Contractors [Member] | Health Care Facilities [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 5,217 | 12,873 | 26,116 | 43,861 |
Specialty Contractors [Member] | Education Facilities [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 21,610 | 26,024 | 47,226 | 77,626 |
Specialty Contractors [Member] | Mass Transit [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 103,710 | 63,457 | 285,121 | 216,808 |
Specialty Contractors [Member] | Mixed Use [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 18,465 | 37,587 | 47,170 | 137,420 |
Specialty Contractors [Member] | Transportation [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 5,931 | 17,150 | 16,092 | 73,154 |
Specialty Contractors [Member] | Multi-Unit Residential [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 25,860 | 18,254 | 56,474 | 64,104 |
Specialty Contractors [Member] | Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | $ 17,189 | $ 12,211 | $ 46,968 | $ 31,726 |
Revenue (Schedule of Revenue by
Revenue (Schedule of Revenue by Contract Type) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | $ 1,189,345 | $ 1,123,137 | $ 3,273,107 | $ 3,271,378 |
Fixed Price [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 729,433 | 558,575 | 1,915,943 | 1,659,982 |
Guaranteed Maximum Price [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 164,261 | 290,814 | 571,242 | 864,499 |
Unit Price [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 170,368 | 159,794 | 418,745 | 383,473 |
Cost Plus Fee And Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 125,283 | 113,954 | 367,177 | 363,424 |
Civil [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 524,546 | 431,488 | 1,331,698 | 1,097,075 |
Civil [Member] | Fixed Price [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 376,230 | 272,996 | 969,041 | 716,826 |
Civil [Member] | Guaranteed Maximum Price [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 639 | 3,025 | 4,517 | 11,200 |
Civil [Member] | Unit Price [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 142,253 | 141,917 | 343,416 | 332,118 |
Civil [Member] | Cost Plus Fee And Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 5,424 | 13,550 | 14,724 | 36,931 |
Building [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 415,346 | 455,492 | 1,277,130 | 1,392,712 |
Building [Member] | Fixed Price [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 144,514 | 91,972 | 395,123 | 267,630 |
Building [Member] | Guaranteed Maximum Price [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 159,217 | 269,069 | 551,399 | 801,537 |
Building [Member] | Unit Price [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 2,922 | 9,938 | 10,950 | 29,526 |
Building [Member] | Cost Plus Fee And Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 108,693 | 84,513 | 319,658 | 294,019 |
Specialty Contractors [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 249,453 | 236,157 | 664,279 | 781,591 |
Specialty Contractors [Member] | Fixed Price [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 208,689 | 193,607 | 551,779 | 675,526 |
Specialty Contractors [Member] | Guaranteed Maximum Price [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 4,405 | 18,720 | 15,326 | 51,762 |
Specialty Contractors [Member] | Unit Price [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 25,193 | 7,939 | 64,379 | 21,829 |
Specialty Contractors [Member] | Cost Plus Fee And Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 11,166 | 15,891 | 32,795 | 32,474 |
State And Local Agencies [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 701,136 | 618,357 | 1,829,491 | 1,660,072 |
State And Local Agencies [Member] | Civil [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 420,839 | 341,067 | 1,059,384 | 894,613 |
State And Local Agencies [Member] | Building [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 144,106 | 177,377 | 422,590 | 452,918 |
State And Local Agencies [Member] | Specialty Contractors [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 136,191 | 99,913 | 347,517 | 312,541 |
Private Owners [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 413,681 | 412,888 | 1,223,874 | 1,348,501 |
Private Owners [Member] | Civil [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 70,855 | 63,477 | 189,325 | 134,891 |
Private Owners [Member] | Building [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 234,350 | 225,225 | 733,103 | 790,330 |
Private Owners [Member] | Specialty Contractors [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 108,476 | 124,186 | 301,446 | 423,280 |
Federal Agencies [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 74,528 | 91,892 | 219,742 | 262,805 |
Federal Agencies [Member] | Civil [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 32,852 | 26,944 | 82,989 | 67,571 |
Federal Agencies [Member] | Building [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 36,890 | 52,890 | 121,437 | 149,464 |
Federal Agencies [Member] | Specialty Contractors [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | $ 4,786 | $ 12,058 | $ 15,316 | $ 45,770 |
Contract Assets and Liabiliti_3
Contract Assets and Liabilities (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Contract Assets and Liabilities [Abstract] | ||||
Retainage receivable estimated by management to be collected beyond one year, percentage | 39.00% | |||
Capitalized contract costs were amortized and recognized as expense | $ 8.5 | $ 4 | $ 22.8 | $ 12.2 |
Retainage payable estimated by management to be remitted beyond one year, percentage | 30.00% | |||
Contract with Customer, Liability, Revenue Recognized | $ 322.8 | $ 251.4 | $ 437.1 | $ 341.2 |
Contract Assets and Liabiliti_4
Contract Assets and Liabilities (Schedule of Contract Assets) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Contract Assets and Liabilities [Abstract] | ||
Retainage receivable | $ 542,274 | $ 478,744 |
Claims | 756,760 | 698,274 |
Unapproved change orders | 334,125 | 354,000 |
Other unbilled costs and profits | 68,448 | 90,021 |
Total costs and estimated earnings in excess of billings | 1,159,333 | 1,142,295 |
Capitalized contract costs | 60,290 | 37,404 |
Total contract assets | $ 1,761,897 | $ 1,658,443 |
Contract Assets and Liabiliti_5
Contract Assets and Liabilities (Schedule of Contract Liabilities) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Contract Assets and Liabilities [Abstract] | ||
Retainage payable | $ 232,209 | $ 211,956 |
Billings in excess of costs and estimated earnings | 818,806 | 573,190 |
Total contract liabilities | $ 1,051,015 | $ 785,146 |
Cash, Cash Equivalents and Re_3
Cash, Cash Equivalents and Restricted Cash (Reconciliation of Cash, Cash Equivalents and Restricted Cash) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 |
Cash, Cash Equivalents And Restricted Cash [Line Items] | ||||
Cash and cash equivalents | $ 207,130 | $ 116,075 | ||
Restricted cash | 6,261 | 3,788 | ||
Total cash, cash equivalents and restricted cash | 213,391 | 119,863 | $ 121,694 | $ 197,648 |
Tutor Perini Corporation [Member] | ||||
Cash, Cash Equivalents And Restricted Cash [Line Items] | ||||
Cash and cash equivalents | 49,166 | 51,749 | ||
Joint Venture [Member] | ||||
Cash, Cash Equivalents And Restricted Cash [Line Items] | ||||
Cash and cash equivalents | $ 157,964 | $ 64,326 |
Earnings Per Common Share (EP_3
Earnings Per Common Share (EPS) (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Jun. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Goodwill, Impairment Loss | $ 0 | $ 379,863 | $ 0 | $ 379,863 | $ 0 |
Net income (loss) | $ 26,721 | $ 25,436 | $ (283,996) | $ 42,390 | |
Earnings Per Share, Diluted | $ 0.38 | $ 0.42 | $ (6.01) | $ 0.68 | |
Scenario Unfavorable Adjustment [Member] | |||||
Net income (loss) | $ 329,500 | ||||
Earnings Per Share, Diluted | $ 6.56 |
Earnings Per Common Share (EP_4
Earnings Per Common Share (EPS) (Calculations of the Basic and Diluted EPS) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Earnings Per Common Share (EPS) [Abstract] | ||||
Net income (loss) attributable to Tutor Perini Corporation | $ 19,313 | $ 21,272 | $ (301,573) | $ 34,031 |
Weighted-average common shares outstanding, basic | 50,279 | 50,018 | 50,201 | 49,927 |
Effect of dilutive restricted stock units and stock options | 303 | 357 | 283 | |
Weighted-average common shares outstanding, diluted | 50,582 | 50,375 | 50,201 | 50,210 |
Net income (loss) attributable to Tutor Perini Corporation per common share: Basic | $ 0.38 | $ 0.43 | $ (6.01) | $ 0.68 |
Net income (loss) attributable to Tutor Perini Corporation per common share: Diluted | $ 0.38 | $ 0.42 | $ (6.01) | $ 0.68 |
Anti-dilutive securities not included above | 1,665 | 2,107 | 3,458 | 2,765 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Jun. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Tax Contingency [Line Items] | |||||
Effective income tax rate | 17.30% | 22.50% | 11.00% | 26.20% | |
Goodwill, Impairment Loss | $ 0 | $ 379,863 | $ 0 | $ 379,863 | $ 0 |
Goodwill Yielding Permanent Differences Between Book Income And Taxable Income | $ 209,500 | 209,500 | |||
Goodwill Impairment Tax Benefit | 50,400 | ||||
Amount recorded as deferred tax asset / reduction of previously recorded deferred tax liability | $ 50,300 | ||||
Excluding Impact Of Goodwill Impairment Charge [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Effective income tax rate | 25.10% |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Narrative) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)segment | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($)segment | |
Goodwill [Line Items] | ||||||
Number of reportable segments | segment | 3 | 3 | ||||
Goodwill | $ 205,143 | $ 205,143 | $ 585,006 | |||
Goodwill, Impairment Loss | 0 | $ 379,863 | $ 0 | 379,863 | $ 0 | |
Amortization expense | 900 | $ 900 | 2,657 | $ 2,657 | ||
Remainder of 2019 | 900 | 900 | ||||
2020 | 3,500 | 3,500 | ||||
2021 | 3,400 | 3,400 | ||||
2022 | 2,600 | 2,600 | ||||
2023 | 2,500 | 2,500 | ||||
2024 | 2,500 | 2,500 | ||||
Specialty Contractors [Member] | ||||||
Goodwill [Line Items] | ||||||
Goodwill | 0 | 0 | 156,193 | |||
Goodwill, Impairment Loss | 156,193 | |||||
Civil [Member] | ||||||
Goodwill [Line Items] | ||||||
Goodwill | 205,143 | 205,143 | 415,358 | |||
Goodwill, Impairment Loss | 210,215 | |||||
Building [Member] | ||||||
Goodwill [Line Items] | ||||||
Goodwill | $ 0 | $ 0 | $ 13,455 | |||
Goodwill, Impairment Loss | $ 13,455 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets (Schedule of Carrying Amount of Goodwill) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019 | Jun. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Goodwill | ||||||
Gross Goodwill Balance | $ 1,072,991 | |||||
Accumulated Impairment | $ (867,800) | $ (867,800) | (487,985) | |||
Impairment charge | 0 | $ (379,863) | $ 0 | (379,863) | $ 0 | |
Goodwill | 205,143 | 205,143 | 585,006 | |||
Civil [Member] | ||||||
Goodwill | ||||||
Gross Goodwill Balance | 492,074 | |||||
Accumulated Impairment | (76,716) | |||||
Impairment charge | (210,215) | |||||
Goodwill | 205,143 | 205,143 | 415,358 | |||
Building [Member] | ||||||
Goodwill | ||||||
Gross Goodwill Balance | 424,724 | |||||
Accumulated Impairment | (411,269) | |||||
Impairment charge | (13,455) | |||||
Goodwill | 0 | 0 | 13,455 | |||
Specialty Contractors [Member] | ||||||
Goodwill | ||||||
Gross Goodwill Balance | 156,193 | |||||
Accumulated Impairment | 0 | |||||
Impairment charge | $ (156,193) | |||||
Goodwill | $ 0 | $ 0 | $ 156,193 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets (Schedule of Indefinite-Lived Intangible Assets) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Trade Names [Member] | ||
Indefinite-lived intangible assets | ||
Cost | $ 117,600 | $ 117,600 |
Accumulated Impairment Charge | (67,190) | (67,190) |
Carrying Value | 50,410 | 50,410 |
Contractor License [Member] | ||
Indefinite-lived intangible assets | ||
Cost | 6,000 | 6,000 |
Accumulated Impairment Charge | (6,000) | (6,000) |
Carrying Value | $ 0 | $ 0 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets (Schedule of Finite-Lived Intangible Assets) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Finite-Lived intangible assets | ||
Cost | $ 311,456 | $ 311,456 |
Accumulated Amortization | (115,135) | (112,478) |
Accumulated Impairment Charge | (113,067) | (113,067) |
Carrying Value | 83,254 | 85,911 |
Trade Names [Member] | ||
Finite-Lived intangible assets | ||
Cost | 74,350 | 74,350 |
Accumulated Amortization | (20,645) | (18,780) |
Accumulated Impairment Charge | (23,232) | (23,232) |
Carrying Value | $ 30,473 | $ 32,338 |
Weighted Average Amortization Period | 20 years | 20 years |
Customer Relationships [Member] | ||
Finite-Lived intangible assets | ||
Cost | $ 39,800 | $ 39,800 |
Accumulated Amortization | (20,784) | (19,992) |
Accumulated Impairment Charge | (16,645) | (16,645) |
Carrying Value | $ 2,371 | $ 3,163 |
Weighted Average Amortization Period | 12 years | 12 years |
Construction Contract Backlog [Member] | ||
Finite-Lived intangible assets | ||
Cost | $ 73,706 | $ 73,706 |
Accumulated Amortization | (73,706) | (73,706) |
Accumulated Impairment Charge | 0 | 0 |
Carrying Value | $ 0 | $ 0 |
Financial Commitments (Narrativ
Financial Commitments (Narrative) (Details) | 9 Months Ended | ||
Sep. 30, 2019USD ($)d / item$ / sharesshares | May 07, 2019 | Dec. 31, 2018USD ($) | |
Senior Notes [Member] | Private Placement [Member] | 2017 Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Face amount | $ 500,000,000 | ||
Interest rate | 6.875% | ||
Redemption price, change of control triggering event (as a percent) | 101.00% | ||
Senior Notes [Member] | Circumstance One [Member] | Private Placement [Member] | 2017 Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Redemption price | 100.00% | ||
Senior Notes [Member] | Circumstance Two [Member] | Private Placement [Member] | 2017 Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Redemption price | 106.875% | ||
Percentage of notes that can be redeemed | 40.00% | ||
Convertible Notes [Member] | |||
Debt Instrument [Line Items] | |||
Face amount | $ 200,000,000 | ||
Interest rate | 2.875% | ||
Maturity date | Jun. 15, 2021 | ||
Conversion price, principal amount | $ 1,000 | ||
Conversion price, shares | shares | 33.0579 | ||
Conversion price | $ / shares | $ 30.25 | ||
Convertible Notes [Member] | Circumstance One [Member] | |||
Debt Instrument [Line Items] | |||
Business day period after consecutive trading day period | 5 days | ||
Consecutive trading day period | d / item | 10 | ||
Conversion price, principal amount | $ 1,000 | ||
Percentage of conversion price | 98.00% | ||
Convertible Notes [Member] | Circumstance Two [Member] | |||
Debt Instrument [Line Items] | |||
Consecutive trading day period | d / item | 30 | ||
Percentage of conversion price | 130.00% | ||
Business day period within consecutive trading day period | d / item | 20 | ||
Conversion stock price trigger | $ / shares | $ 39.32 | ||
Conversion price, shares | shares | 33.0579 | ||
Minimum [Member] | 2017 Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Consolidated leverage ratio | 3.25 | ||
Maximum [Member] | 2017 Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Consolidated leverage ratio | 3.50 | ||
Credit Facility [Member] | 2017 Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | $ 350,000,000 | ||
Available borrowing capacity | 233,000,000 | ||
Additional borrowing | $ 150,000,000 | ||
Line of Credit Facility, Expiration Date | Apr. 20, 2022 | ||
Applicable margin and letter of credit fees will be increased percentage per annum. | 2.00% | ||
Weighted-average annual interest rate on borrowings | 5.03% | ||
Fixed charge coverage ratio | 1.25 | ||
Debt issuance costs | $ 4,100,000 | $ 4,800,000 | |
Credit Facility [Member] | Letters Of Credit [Member] | 2017 Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | 150,000,000 | ||
Credit Facility [Member] | Swingline Loans [Member] | 2017 Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Face amount | $ 10,000,000 | ||
Credit Facility [Member] | Minimum [Member] | 2017 Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Consolidated leverage ratio | 3.25 | ||
Credit Facility [Member] | Maximum [Member] | 2017 Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Consolidated leverage ratio | 4 | ||
Credit Facility [Member] | Maximum [Member] | Amendment To 2017 Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Consolidated leverage ratio | 3.50 | ||
LIBOR [Member] | Credit Facility [Member] | Minimum [Member] | 2017 Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate (as a percent)) | 1.50% | ||
LIBOR [Member] | Credit Facility [Member] | Maximum [Member] | 2017 Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate (as a percent)) | 3.00% | ||
Base Rate [Member] | Credit Facility [Member] | Circumstance Three [Member] | 2017 Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate (as a percent)) | 1.00% | ||
Base Rate [Member] | Credit Facility [Member] | Circumstance Four [Member] | 2017 Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 0.00% | ||
Base Rate [Member] | Credit Facility [Member] | Minimum [Member] | 2017 Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate (as a percent)) | 0.50% | ||
Base Rate [Member] | Credit Facility [Member] | Maximum [Member] | 2017 Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate (as a percent)) | 2.00% | ||
Federal Funds Rate [Member] | Credit Facility [Member] | Circumstance Two [Member] | 2017 Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate (as a percent)) | 0.50% |
Financial Commitments (Long-Ter
Financial Commitments (Long-Term Debt) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Total debt | $ 836,244 | $ 761,504 |
Less: Current maturities | 10,862 | 16,767 |
Long-term debt, net | 825,382 | 744,737 |
Convertible Notes [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 179,494 | 171,481 |
Equipment Financing And Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 40,475 | 50,904 |
Other Indebtedness [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 5,127 | 4,598 |
2017 Senior Notes [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 494,148 | 493,521 |
2017 Credit Facility [Member] | Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | $ 117,000 | $ 41,000 |
Financial Commitments (Reconcil
Financial Commitments (Reconciliation of Outstanding Debt Balance to Reported Debt Balance) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Unamortized Discount and Issuance Costs | $ (26,358) | $ (34,998) |
Total debt | 836,244 | 761,504 |
Convertible Notes [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding Long-Term Debt | 200,000 | 200,000 |
Unamortized Discount and Issuance Costs | (20,506) | (28,519) |
Total debt | 179,494 | 171,481 |
2017 Senior Notes [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding Long-Term Debt | 500,000 | 500,000 |
Unamortized Discount and Issuance Costs | (5,852) | (6,479) |
Total debt | $ 494,148 | $ 493,521 |
Financial Commitments (Summary
Financial Commitments (Summary of Interest Expense as Reported in the Condensed Consolidated Statements of Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Debt Instrument [Line Items] | ||||
Interest on debt | $ 13,957 | $ 13,363 | $ 41,462 | $ 38,512 |
Other interest | 540 | 736 | 1,656 | 2,119 |
Total non-cash interest expense | 3,348 | 3,048 | 9,790 | 8,962 |
Total interest expense | 17,305 | 16,411 | 51,252 | 47,474 |
Convertible Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest on debt | 1,438 | 1,437 | 4,313 | 4,312 |
Total non-cash interest expense | $ 2,734 | 2,490 | $ 8,013 | 7,298 |
Effective interest rates | 9.39% | 9.39% | ||
2017 Senior Notes [Member] | Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest on debt | $ 8,594 | 8,594 | $ 25,781 | 25,781 |
Total non-cash interest expense | $ 213 | 198 | $ 627 | 584 |
Effective interest rates | 7.13% | 7.13% | ||
2017 Credit Facility [Member] | Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest on debt | $ 3,385 | 2,596 | $ 9,712 | 6,300 |
Total non-cash interest expense | $ 401 | $ 360 | $ 1,150 | $ 1,080 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) | Sep. 30, 2019 |
Maximum [Member] | |
Lessee, Lease, Description [Line Items] | |
Operating lease, remaining lease terms | 10 years |
Minimum [Member] | |
Lessee, Lease, Description [Line Items] | |
Operating lease, remaining lease terms | 1 year |
Leases (Components of Lease Exp
Leases (Components of Lease Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Lessee, Lease, Description [Line Items] | ||
Operating lease expense | $ 4,047 | $ 11,749 |
Short-term lease expense | 17,786 | 50,843 |
Lease expense, gross | 21,833 | 62,592 |
Less: Sublease income | 263 | 784 |
Total lease expense | $ 21,570 | $ 61,808 |
Maximum [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Short-term lease, lease term | 1 year | |
Minimum [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Short-term lease, lease term | 1 month |
Leases (Supplemental Balance Sh
Leases (Supplemental Balance Sheet Information Related to Leases) (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Leases [Abstract] | |
ROU assets | $ 41,186 |
Current lease liabilities | 11,267 |
Long-term lease liabilities | 33,027 |
Total | $ 44,294 |
Weighted average remaining lease term (in years) | 5 years 1 month 6 days |
Weighted-average discount rate | 5.88% |
Leases (Supplemental Cash Flow
Leases (Supplemental Cash Flow and Other Information Related to Leases) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Leases [Abstract] | |
Cash paid for amount included in the measurement of lease liabilities | $ (11,586) |
ROU assets obtained in exchange for lease liabilities | $ 7,621 |
Leases (Maturity of Leases Liab
Leases (Maturity of Leases Liabilities on an Undiscounted Basis) (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Leases [Abstract] | |
2019 (excluding the nine months ended September 30, 2019) | $ 3,781 |
2020 | 12,339 |
2021 | 8,997 |
2022 | 7,695 |
2023 | 6,489 |
Thereafter | 12,461 |
Total lease payments | 51,762 |
Less: Imputed interest | 7,468 |
Total | $ 44,294 |
Leases (Future Minimum Rent Pay
Leases (Future Minimum Rent Payments under Non-Cancelable Operating Leases) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
2019 | $ 14,039 |
2020 | 10,706 |
2021 | 7,464 |
2022 | 6,567 |
2023 | 5,587 |
Thereafter | 11,662 |
Subtotal | 56,025 |
Less: Sublease rental agreements | 1,398 |
Total | $ 54,627 |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions | Jun. 04, 2019 | Feb. 26, 2015 | Mar. 31, 2016 | Jun. 30, 2015 | Aug. 31, 2013 | Mar. 31, 2012 | Sep. 30, 2019 | Jul. 02, 2018 | Mar. 31, 2018 | May 31, 2012 | Sep. 30, 2011 | Feb. 28, 2006 |
George Washington Bridge Bus Station Matter [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Value of claim filed | $ 113 | |||||||||||
George Washington Bridge Bus Station Matter [Member] | Return Of Retainage By Developer [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Value of counterclaim filed | $ 29 | |||||||||||
Long Island Expressway/Cross Island Parkway Matter [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Estimated value of project completed in Feb. 2006 | $ 130 | |||||||||||
Value of claim filed | $ 50.7 | |||||||||||
Amount receivable as per final agreement | $ 0.5 | |||||||||||
Value of counterclaim filed | $ 151 | |||||||||||
Alaska Way Viaduct Matter [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Ownership percentage in joint venture | 45.00% | |||||||||||
Value of claim filed | $ 57.2 | $ 532 | ||||||||||
Value of counterclaim filed | $ 667 | |||||||||||
George Washington Bridge Bus Station Matter [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Value of claim filed | $ 30 | |||||||||||
Value of project | $ 100 | |||||||||||
Court issued writ of attachment, amount | $ 23 | |||||||||||
Minimum [Member] | George Washington Bridge Bus Station Matter [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Value of counterclaim filed | $ 113 |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Share-Based Compensation [Line Items] | ||||
Number of shares available for grant | 1,368,243 | 1,368,243 | ||
Share-based compensation expense | $ 4,300,000 | $ 5,700,000 | $ 14,331,000 | $ 17,779,000 |
Unamortized share-based compensation expense | $ 22,800,000 | $ 22,800,000 | ||
Weighted average period over which unrecognized compensation cost is expected to be recognized | 2 years 1 month 6 days | |||
Restricted Stock Units [Member] | ||||
Share-Based Compensation [Line Items] | ||||
Units granted | 400,000 | 614,000 | ||
Weighted-average per share prices | $ 20.90 | $ 25.19 | ||
Stock Options [Member] | ||||
Share-Based Compensation [Line Items] | ||||
Stock options awarded | 135,000 | 579,000 | ||
Weighted-average exercise prices | $ 20.94 | $ 23.99 | ||
Stock options expired | 839,711 | |||
Weighted-average exercise prices, expired | $ 20.78 | |||
Weighted average grant date fair value | $ 6.84 | $ 11.45 | ||
Expected life | 5 years 9 months 18 days | |||
Expected volatility | 38.17% | |||
Risk-free rate | 2.31% | |||
Quarterly dividends | $ 0 | |||
Unrestricted Stock Units [Member] | ||||
Share-Based Compensation [Line Items] | ||||
Units granted | 98,591 | 115,420 | ||
Weighted-average per share prices | $ 15.72 | $ 21.26 |
Employee Pension Plans (Compone
Employee Pension Plans (Components of Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Summary of net periodic benefit cost | ||||
Interest cost | $ 948 | $ 883 | $ 2,844 | $ 2,649 |
Expected return on plan assets | (1,043) | (1,077) | (3,129) | (3,231) |
Amortization of net loss | 463 | 513 | 1,389 | 1,539 |
Other | 225 | 213 | 675 | 639 |
Net periodic benefit cost | 593 | $ 532 | 1,779 | 1,596 |
Company contribution | 3,300 | $ 2,100 | ||
Expected contributions remainder of current fiscal year | $ 1,300 | $ 1,300 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Convertible Notes [Member] | ||
Long-term Debt | ||
Long-term debt, fair value | $ 190.3 | $ 184.4 |
2017 Senior Notes [Member] | Senior Notes [Member] | ||
Long-term Debt | ||
Long-term debt, fair value | $ 486 | $ 466.8 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Municipal Bonds [Member] | ||
Assets: | ||
Investments in lieu of retainage | $ 1,200 | $ 1,200 |
Money Market Funds [Member] | ||
Assets: | ||
Investments in lieu of retainage | 78,500 | 62,900 |
US Government Agencies Debt Securities [Member] | ||
Assets: | ||
Restricted and other investments | 30,700 | 27,700 |
Corporate Debt Securities [Member] | ||
Assets: | ||
Restricted and other investments | 37,000 | 30,400 |
Fair Value Measured On A Recurring Basis [Member] | ||
Assets: | ||
Cash and cash equivalents | 207,130 | 116,075 |
Restricted cash | 6,261 | 3,788 |
Restricted investments | 67,728 | 58,142 |
Investments in lieu of retainage | 79,721 | 64,048 |
Total assets | 360,840 | 242,053 |
Fair Value Measured On A Recurring Basis [Member] | Quoted Prices In Active Markets (Level 1) [Member] | ||
Assets: | ||
Cash and cash equivalents | 207,130 | 116,075 |
Restricted cash | 6,261 | 3,788 |
Investments in lieu of retainage | 78,492 | 62,858 |
Total assets | 291,883 | 182,721 |
Fair Value Measured On A Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Restricted investments | 67,728 | 58,142 |
Investments in lieu of retainage | 1,229 | 1,190 |
Total assets | $ 68,957 | $ 59,332 |
Maximum [Member] | ||
Assets: | ||
Restricted And other investments, term | 5 years |
Variable Interest Entities (V_2
Variable Interest Entities (VIEs) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Variable Interest Entity [Line Items] | |||||
Assets, Current | $ 3,605,582 | $ 3,605,582 | $ 3,175,643 | ||
Liabilities, Current | 1,920,708 | 1,920,708 | 1,597,966 | ||
REVENUE | 1,189,345 | $ 1,123,137 | 3,273,107 | $ 3,271,378 | |
Variable Interest Entity, Primary Beneficiary [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Assets, Current | 372,600 | 372,600 | 173,900 | ||
Assets, Noncurrent | 56,800 | 56,800 | 51,500 | ||
Liabilities, Current | 526,800 | $ 526,800 | 319,900 | ||
Parsons Corporation (“Parsons”) [Member] | Newark Airport Terminal One Design-Build Project [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Percent interest in the joint venture | 80.00% | ||||
Noncontrolling interest party's ownership percentage | 20.00% | ||||
Parsons Corporation (“Parsons”) [Member] | Newark Airport Terminal One Design-Build Project [Member] | Plan [Member] | |||||
Variable Interest Entity [Line Items] | |||||
REVENUE | $ 1,400,000 | ||||
O&G [Member] | Purple Line Segment 2 Expansion Project [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Related party's ownership percentage in joint venture | 25.00% | ||||
Percent interest in the joint venture | 75.00% | ||||
O&G [Member] | Purple Line Extension Section 2 And Section 3 [Member] | Plan [Member] | |||||
Variable Interest Entity [Line Items] | |||||
REVENUE | $ 2,800,000 | ||||
Variable Interest Entity, Not Primary Beneficiary [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Assets, Current | 500 | 500 | 4,000 | ||
Liabilities, Current | $ 400 | $ 400 | $ 3,800 |
Changes in Equity (Details)
Changes in Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at the beginning of the period | $ 1,489,559 | $ 1,712,544 | $ 1,787,889 | $ 1,704,780 |
Cumulative effect of accounting change | (5,502) | (5,502) | ||
Net income (loss) | 26,721 | 25,436 | (283,996) | 42,390 |
Other comprehensive income (loss) | 137 | 612 | 3,315 | (1,475) |
Share-based compensation | 3,491 | 4,993 | 13,586 | 17,264 |
Issuance of common stock, net | (213) | (2,265) | (2,585) | |
Contributions from noncontrolling interests | 1,140 | 6,519 | 1,000 | |
Distributions to noncontrolling interests | (17,500) | (10,000) | (21,500) | (22,500) |
Balance at the end of the period | 1,503,548 | 1,733,372 | 1,503,548 | 1,733,372 |
Common Stock [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at the beginning of the period | 50,279 | 50,011 | 50,026 | 49,781 |
Issuance of common stock, net | 15 | 253 | 245 | |
Balance at the end of the period | 50,279 | 50,026 | 50,279 | 50,026 |
Additional Paid-in Capital [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at the beginning of the period | 1,110,496 | 1,093,874 | 1,102,919 | 1,084,205 |
Share-based compensation | 3,491 | 4,993 | 13,586 | 17,264 |
Issuance of common stock, net | (228) | (2,518) | (2,830) | |
Balance at the end of the period | 1,113,987 | 1,098,639 | 1,113,987 | 1,098,639 |
Retained Earnings [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at the beginning of the period | 380,795 | 631,004 | 701,681 | 622,007 |
Cumulative effect of accounting change | (3,762) | (3,762) | ||
Net income (loss) | 19,313 | 21,272 | (301,573) | 34,031 |
Balance at the end of the period | 400,108 | 652,276 | 400,108 | 652,276 |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at the beginning of the period | (42,530) | (44,805) | (45,449) | (42,718) |
Other comprehensive income (loss) | 236 | 612 | 3,155 | (1,475) |
Balance at the end of the period | (42,294) | (44,193) | (42,294) | (44,193) |
Noncontrolling Interests [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at the beginning of the period | (9,481) | (17,540) | (21,288) | (8,495) |
Cumulative effect of accounting change | (1,740) | (1,740) | ||
Net income (loss) | 7,408 | 4,164 | 17,577 | 8,359 |
Other comprehensive income (loss) | (99) | 160 | ||
Contributions from noncontrolling interests | 1,140 | 6,519 | 1,000 | |
Distributions to noncontrolling interests | (17,500) | (10,000) | (21,500) | (22,500) |
Balance at the end of the period | $ (18,532) | $ (23,376) | $ (18,532) | $ (23,376) |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) (Schedule of Tax Effects of the Components of Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Other Comprehensive Income (Loss) [Abstract] | ||||
Defined benefit pension plan adjustments, Before-Tax Amount | $ 464 | $ 513 | $ 1,390 | $ 1,539 |
Defined benefit pension plan adjustments, Tax (Expense) Benefit | (133) | (148) | (398) | (439) |
Defined benefit pension plan adjustments, Net-of-Tax Amount | 331 | 365 | 992 | 1,100 |
Foreign currency translation adjustments, Before-Tax Amount | (590) | 519 | 961 | (2,034) |
Foreign currency translation adjustments, Tax (Expense) Benefit | 140 | (143) | (253) | 602 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Total | (450) | 376 | 708 | (1,432) |
Unrealized gain (loss) in fair value of investments, Before-Tax Amount | 328 | (173) | 2,053 | (1,468) |
Unrealized gain (loss) in fair value of investments, Tax (Expense) Benefit | (72) | 44 | (438) | 325 |
Unrealized gain (loss) in fair value of investments, Net-of-Tax Amount | 256 | (129) | 1,615 | (1,143) |
Total other comprehensive income (loss), Before-Tax Amount | 202 | 859 | 4,404 | (1,963) |
Total other comprehensive income (loss), Tax (Expense) Benefit | (65) | (247) | (1,089) | 488 |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 137 | 612 | 3,315 | (1,475) |
Less: Other comprehensive income (loss) attributable to noncontrolling interests, Before-of-Tax Amount | (99) | 0 | 160 | 0 |
Less: Other comprehensive income (loss) attributable to noncontrolling interests, Tax (Expense) Benefit | 0 | 0 | 0 | 0 |
Less: Other comprehensive income (loss) attributable to noncontrolling interests, Net-of-Tax Amount | (99) | 0 | 160 | 0 |
Total other comprehensive income (loss) attributable to Tutor Perini Corporation, Before-Tax Amount | 301 | 859 | 4,244 | (1,963) |
Total other comprehensive income (loss) attributable to Tutor Perini Corporation, Tax (Expense) Benefit | (65) | (247) | (1,089) | 488 |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | $ 236 | $ 612 | $ 3,155 | $ (1,475) |
Other Comprehensive Income (L_4
Other Comprehensive Income (Loss) (Schedule of Changes in AOCI Balances by Component (After-Tax)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at the beginning of the period | $ 1,809,177 | |||
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | $ 236 | $ 612 | 3,155 | $ (1,475) |
Balance at the end of the period | 1,522,080 | 1,522,080 | ||
Defined Benefit Pension Plan [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at the beginning of the period | (38,009) | (38,706) | (38,670) | (39,441) |
Other comprehensive income (loss) before reclassifications | 0 | 0 | 0 | 0 |
Amounts reclassified from AOCI | 331 | 365 | 992 | 1,100 |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 331 | 365 | 992 | 1,100 |
Balance at the end of the period | (37,678) | (38,341) | (37,678) | (38,341) |
Foreign Currency Translation [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at the beginning of the period | (5,416) | (5,399) | (6,315) | (3,591) |
Other comprehensive income (loss) before reclassifications | (351) | 376 | 548 | (1,432) |
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | (351) | 376 | 548 | (1,432) |
Balance at the end of the period | (5,767) | (5,023) | (5,767) | (5,023) |
Unrealized Gain (Loss) in Fair Value of Investments, Net [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at the beginning of the period | 895 | (700) | (464) | 314 |
Other comprehensive income (loss) before reclassifications | 254 | (145) | 1,633 | (1,159) |
Amounts reclassified from AOCI | 2 | 16 | (18) | 16 |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 256 | (129) | 1,615 | (1,143) |
Balance at the end of the period | 1,151 | (829) | 1,151 | (829) |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at the beginning of the period | (42,530) | (44,805) | (45,449) | (42,718) |
Other comprehensive income (loss) before reclassifications | (97) | 231 | 2,181 | (2,591) |
Amounts reclassified from AOCI | 333 | 381 | 974 | 1,116 |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 236 | 612 | 3,155 | (1,475) |
Balance at the end of the period | $ (42,294) | $ (44,193) | $ (42,294) | $ (44,193) |
Business Segments (Narrative) (
Business Segments (Narrative) (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2019USD ($)$ / shares | Sep. 30, 2018USD ($)$ / shares | Sep. 30, 2019USD ($)segment$ / shares | Sep. 30, 2018USD ($)$ / shares | Dec. 31, 2018segment | |
Segment Reporting Information [Line Items] | |||||
Number of reportable segments | segment | 3 | 3 | |||
Operating Income (Loss) | $ 47,943 | $ 47,306 | $ (270,861) | $ 101,196 | |
Net income (loss) | $ 26,721 | $ 25,436 | $ (283,996) | $ 42,390 | |
DILUTED EARNINGS (LOSS) PER COMMON SHARE | $ / shares | $ 0.38 | $ 0.42 | $ (6.01) | $ 0.68 | |
Scenario Unfavorable Adjustment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating Income (Loss) | $ 379,900 | ||||
Net income (loss) | $ 329,500 | ||||
DILUTED EARNINGS (LOSS) PER COMMON SHARE | $ / shares | $ 6.56 | ||||
Building [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating Income (Loss) | $ 7,580 | $ 8,853 | $ 6,903 | $ 27,814 | |
Civil [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating Income (Loss) | 50,695 | 41,282 | (72,032) | 93,560 | |
Civil [Member] | Scenario Unfavorable Adjustment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating Income (Loss) | 17,800 | ||||
Net income (loss) | $ 12,800 | ||||
DILUTED EARNINGS (LOSS) PER COMMON SHARE | $ / shares | $ 0.25 | ||||
Specialty Contractors [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating Income (Loss) | 7,247 | 11,561 | (160,036) | $ 26,250 | |
Corporate [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating Income (Loss) | $ (17,579) | $ (14,390) | $ (45,696) | $ (46,428) |
Business Segments (Reportable S
Business Segments (Reportable Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Business Segments [Line items] | ||||
Revenue | $ 1,189,345 | $ 1,123,137 | $ 3,273,107 | $ 3,271,378 |
Income (loss) from construction operations | 47,943 | 47,306 | (270,861) | 101,196 |
Capital expenditures | 23,331 | 16,108 | 62,677 | 64,411 |
Depreciation and amortization | 16,227 | 12,417 | 44,541 | 33,581 |
External And Intersegment Customers [Member] | ||||
Business Segments [Line items] | ||||
Revenue | 1,262,578 | 1,173,042 | 3,471,945 | 3,444,082 |
Elimination Of Intersegment Revenues [Member] | ||||
Business Segments [Line items] | ||||
Revenue | (73,233) | (49,905) | (198,838) | (172,704) |
Reportable Segments [Member] | ||||
Business Segments [Line items] | ||||
Revenue | 1,189,345 | 1,123,137 | 3,273,107 | 3,271,378 |
Income (loss) from construction operations | 65,522 | 61,696 | (225,165) | 147,624 |
Capital expenditures | 22,966 | 15,711 | 61,855 | 63,763 |
Depreciation and amortization | 13,466 | 9,600 | 36,246 | 25,113 |
Reportable Segments [Member] | External And Intersegment Customers [Member] | ||||
Business Segments [Line items] | ||||
Revenue | 1,262,578 | 1,173,042 | 3,471,945 | 3,444,082 |
Reportable Segments [Member] | Elimination Of Intersegment Revenues [Member] | ||||
Business Segments [Line items] | ||||
Revenue | (73,233) | (49,905) | (198,838) | (172,704) |
Civil [Member] | ||||
Business Segments [Line items] | ||||
Revenue | 524,546 | 431,488 | 1,331,698 | 1,097,075 |
Income (loss) from construction operations | 50,695 | 41,282 | (72,032) | 93,560 |
Capital expenditures | 22,497 | 15,364 | 60,948 | 61,912 |
Depreciation and amortization | 11,953 | 8,031 | 31,608 | 20,356 |
Civil [Member] | External And Intersegment Customers [Member] | ||||
Business Segments [Line items] | ||||
Revenue | 591,884 | 479,581 | 1,516,623 | 1,266,595 |
Civil [Member] | Elimination Of Intersegment Revenues [Member] | ||||
Business Segments [Line items] | ||||
Revenue | (67,338) | (48,093) | (184,925) | (169,520) |
Building [Member] | ||||
Business Segments [Line items] | ||||
Revenue | 415,346 | 455,492 | 1,277,130 | 1,392,712 |
Income (loss) from construction operations | 7,580 | 8,853 | 6,903 | 27,814 |
Capital expenditures | 144 | 277 | 349 | 1,147 |
Depreciation and amortization | 495 | 488 | 1,495 | 1,458 |
Building [Member] | External And Intersegment Customers [Member] | ||||
Business Segments [Line items] | ||||
Revenue | 421,241 | 457,304 | 1,291,043 | 1,395,896 |
Building [Member] | Elimination Of Intersegment Revenues [Member] | ||||
Business Segments [Line items] | ||||
Revenue | (5,895) | (1,812) | (13,913) | (3,184) |
Specialty Contractors [Member] | ||||
Business Segments [Line items] | ||||
Revenue | 249,453 | 236,157 | 664,279 | 781,591 |
Income (loss) from construction operations | 7,247 | 11,561 | (160,036) | 26,250 |
Capital expenditures | 325 | 70 | 558 | 704 |
Depreciation and amortization | 1,018 | 1,081 | 3,143 | 3,299 |
Specialty Contractors [Member] | External And Intersegment Customers [Member] | ||||
Business Segments [Line items] | ||||
Revenue | 249,453 | 236,157 | 664,279 | 781,591 |
Corporate [Member] | ||||
Business Segments [Line items] | ||||
Income (loss) from construction operations | (17,579) | (14,390) | (45,696) | (46,428) |
Capital expenditures | 365 | 397 | 822 | 648 |
Depreciation and amortization | $ 2,761 | $ 2,817 | $ 8,295 | $ 8,468 |
Business Segments (Reconciliati
Business Segments (Reconciliation of Segment Results to Consolidated Income Before Income Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Business Segments [Abstract] | ||||
Income (loss) from construction operations | $ 47,943 | $ 47,306 | $ (270,861) | $ 101,196 |
Other income, net | 1,674 | 1,909 | 2,996 | 3,739 |
Interest expense | (17,305) | (16,411) | (51,252) | (47,474) |
INCOME (LOSS) BEFORE INCOME TAXES | $ 32,312 | $ 32,804 | $ (319,117) | $ 57,461 |
Business Segments (Schedule of
Business Segments (Schedule of Assets by Segment) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Reportable segment information | ||
Total Assets | $ 4,494,908 | $ 4,387,752 |
Civil [Member] | ||
Reportable segment information | ||
Total Assets | 2,791,537 | 2,574,326 |
Building [Member] | ||
Reportable segment information | ||
Total Assets | 965,917 | 913,746 |
Specialty Contractors [Member] | ||
Reportable segment information | ||
Total Assets | 644,016 | 745,313 |
Corporate and Other [Member] | ||
Reportable segment information | ||
Total Assets | $ 93,438 | $ 154,367 |