Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Jul. 22, 2020 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 1-6314 | |
Entity Registrant Name | Tutor Perini Corporation | |
Entity Incorporation, State or Country Code | MA | |
Entity Tax Identification Number | 04-1717070 | |
Entity Address, Address Line One | 15901 OLDEN STREET | |
Entity Address, City or Town | SYLMAR | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 91342-1093 | |
City Area Code | 818 | |
Local Phone Number | 362-8391 | |
Title of 12(b) Security | Common Stock, $1.00 par value | |
Trading Symbol | TPC | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 50,771,288 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0000077543 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
REVENUE | $ 1,276,427,000 | $ 1,125,275,000 | $ 2,527,156,000 | $ 2,083,762,000 |
COST OF OPERATIONS | (1,158,673,000) | (1,024,332,000) | (2,298,322,000) | (1,894,349,000) |
GROSS PROFIT | 117,754,000 | 100,943,000 | 228,834,000 | 189,413,000 |
General and administrative expenses | (60,058,000) | (62,797,000) | (123,911,000) | (128,354,000) |
Goodwill impairment | 0 | (379,863,000) | (379,863,000) | |
INCOME (LOSS) FROM CONSTRUCTION OPERATIONS | 57,696,000 | (341,717,000) | 104,923,000 | (318,804,000) |
Other income (expense) | (797,000) | 900,000 | (316,000) | 1,322,000 |
Interest expense | (16,464,000) | (17,522,000) | (32,900,000) | (33,947,000) |
INCOME (LOSS) BEFORE INCOME TAXES | 40,435,000 | (358,339,000) | 71,707,000 | (351,429,000) |
Income tax (expense) benefit | (9,576,000) | 42,900,000 | (14,710,000) | 40,712,000 |
NET INCOME (LOSS) | 30,859,000 | (315,439,000) | 56,997,000 | (310,717,000) |
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 12,150,000 | 5,091,000 | 20,917,000 | 10,169,000 |
NET INCOME (LOSS) ATTRIBUTABLE TO TUTOR PERINI CORPORATION | $ 18,709,000 | $ (320,530,000) | $ 36,080,000 | $ (320,886,000) |
BASIC EARNINGS (LOSS) PER COMMON SHARE | $ 0.37 | $ (6.38) | $ 0.71 | $ (6.40) |
DILUTED EARNINGS (LOSS) PER COMMON SHARE | $ 0.37 | $ (6.38) | $ 0.71 | $ (6.40) |
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING: | ||||
BASIC | 50,667 | 50,224 | 50,502 | 50,161 |
DILUTED | 50,935 | 50,224 | 50,885 | 50,161 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | ||||
NET INCOME (LOSS) | $ 30,859 | $ (315,439) | $ 56,997 | $ (310,717) |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | ||||
Defined benefit pension plan adjustments | 424 | 331 | 847 | 661 |
Foreign currency translation adjustments | 1,655 | 810 | (2,358) | 1,158 |
Unrealized gain in fair value of investments | 1,306 | 686 | 1,848 | 1,359 |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 3,385 | 1,827 | 337 | 3,178 |
COMPREHENSIVE INCOME (LOSS) | 34,244 | (313,612) | 57,334 | (307,539) |
LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 13,004 | 5,248 | 19,751 | 10,428 |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO TUTOR PERINI CORPORATION | $ 21,240 | $ (318,860) | $ 37,583 | $ (317,967) |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
CURRENT ASSETS: | ||
Cash and cash equivalents ($92,056 and $103,850 related to variable interest entities ("VIEs")) | $ 182,599 | $ 193,685 |
Restricted cash | 8,892 | 8,416 |
Restricted investments | 75,382 | 70,974 |
Accounts receivable ($129,081 and $91,090 related to VIEs) | 1,586,560 | 1,354,519 |
Retainage receivable ($98,304 and $89,132 related to VIEs) | 581,495 | 562,375 |
Costs and estimated earnings in excess of billings ($26,392 and $22,764 related to VIEs) | 1,149,103 | 1,123,544 |
Other current assets ($55,286 and $58,128 related to VIEs) | 222,392 | 197,473 |
Total current assets | 3,806,423 | 3,510,986 |
PROPERTY AND EQUIPMENT ("P&E"), net of accumulated depreciation of $417,575 and $388,147 (net P&E of $34,669 and $49,919 related to VIEs) | 504,722 | 509,685 |
GOODWILL | 205,143 | 205,143 |
INTANGIBLE ASSETS, NET | 140,674 | 155,270 |
OTHER ASSETS | 106,641 | 104,693 |
TOTAL ASSETS | 4,763,603 | 4,485,777 |
CURRENT LIABILITIES: | ||
Current maturities of long-term debt, net of unamortized discount and debt issuance costs totaling $11,911 and $0 | 320,790 | 124,054 |
Accounts payable ($110,676 and $93,848 related to VIEs) | 770,515 | 682,699 |
Retainage payable ($19,589 and $13,967 related to VIEs) | 278,045 | 252,181 |
Billings in excess of costs and estimated earnings ($434,608 and $422,847 related to VIEs) | 962,446 | 844,389 |
Accrued expenses and other current liabilities ($16,212 and $25,402 related to VIEs) | 209,576 | 206,533 |
Total current liabilities | 2,541,372 | 2,109,856 |
LONG-TERM DEBT, less current maturities, net of unamortized discount and debt issuance costs totaling $5,190 and $23,343 | 515,629 | 710,422 |
DEFERRED INCOME TAXES | 41,329 | 35,686 |
OTHER LONG-TERM LIABILITIES | 201,132 | 199,288 |
TOTAL LIABILITIES | 3,299,462 | 3,055,252 |
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 50,771,288 and 50,278,816 shares | 50,771 | 50,279 |
Additional paid-in capital | 1,124,672 | 1,117,972 |
Retained earnings | 350,071 | 313,991 |
Accumulated other comprehensive loss | (40,597) | (42,100) |
Total stockholders' equity | 1,484,917 | 1,440,142 |
Noncontrolling interests | (20,776) | (9,617) |
TOTAL EQUITY | 1,464,141 | 1,430,525 |
TOTAL LIABILITIES AND EQUITY | $ 4,763,603 | $ 4,485,777 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Cash and cash equivalents | $ 182,599 | $ 193,685 |
Accounts receivable | 1,586,560 | 1,354,519 |
Retainage receivable | 581,495 | 562,375 |
Costs and estimated earnings in excess of billings | 1,149,103 | 1,123,544 |
Other Current Assets | 222,392 | 197,473 |
Accumulated depreciation | 417,575 | 388,147 |
Property and equipment, net | 504,722 | 509,685 |
Unamortized discount and debt issuance costs, current | 11,911 | 0 |
Accounts payable | 770,515 | 682,699 |
Retainage payable | 278,045 | 252,181 |
Billings in excess of costs and estimated earnings | 962,446 | 844,389 |
Accrued expenses and other current liabilities | 209,576 | 206,533 |
Unamortized discount and debt issuance costs, non-current | $ 5,190 | $ 23,343 |
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 | 50,771,288 | 50,278,816 |
Common stock, shares outstanding | 50,771,288 | 50,278,816 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Cash and cash equivalents | $ 92,056 | $ 103,850 |
Accounts receivable | 129,081 | 91,090 |
Retainage receivable | 98,304 | 89,132 |
Costs and estimated earnings in excess of billings | 26,392 | 22,764 |
Other Current Assets | 55,286 | 58,128 |
Property and equipment, net | 34,669 | 49,919 |
Accounts payable | 110,676 | 93,848 |
Retainage payable | 19,589 | 13,967 |
Billings in excess of costs and estimated earnings | 434,608 | 422,847 |
Accrued expenses and other current liabilities | $ 16,212 | $ 25,402 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | ||
Cash Flows from Operating Activities: | |||
Net income (loss) | $ 56,997,000 | $ (310,717,000) | |
Adjustments to reconcile net income (loss) to net cash provided by (used) in operating activities: | |||
Goodwill impairment | 379,863,000 | ||
Depreciation | 34,180,000 | 26,543,000 | |
Amortization of intangible assets | 14,596,000 | 1,771,000 | |
Share-based compensation expense | 8,264,000 | 10,078,000 | |
Change in debt discount and deferred debt issuance costs | [1] | 7,046,000 | 6,442,000 |
Deferred income taxes | 5,423,000 | (50,321,000) | |
Gain (loss) on sale of property and equipment | 31,000 | (1,479,000) | |
Changes in other components of working capital | (68,471,000) | (177,471,000) | |
Other long-term liabilities | 1,295,000 | 3,209,000 | |
Other, net | (1,131,000) | 596,000 | |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 58,230,000 | (111,486,000) | |
Cash Flows from Investing Activities: | |||
Acquisition of property and equipment | (31,386,000) | (39,346,000) | |
Proceeds from sale of property and equipment | 1,082,000 | 3,629,000 | |
Investment in securities | (13,319,000) | (13,660,000) | |
Proceeds from maturities and sales of investments in securities | 10,985,000 | 8,131,000 | |
NET CASH USED IN INVESTING ACTIVITIES | (32,638,000) | (41,246,000) | |
Cash Flows from Financing Activities: | |||
Proceeds from debt | 752,843,000 | 716,139,000 | |
Repayment of debt | (757,141,000) | (527,159,000) | |
Cash payments related to share-based compensation | (994,000) | (2,363,000) | |
Distributions paid to noncontrolling interests | (30,910,000) | (4,000,000) | |
Contributions from noncontrolling interests | 5,379,000 | ||
Debt modification costs | (504,000) | ||
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | (36,202,000) | 187,492,000 | |
Net increase (decrease) in cash, cash equivalents and restricted cash | (10,610,000) | 34,760,000 | |
Cash, cash equivalents and restricted cash at beginning of period | 202,101,000 | 119,863,000 | |
Cash, cash equivalents and restricted cash at end of period | $ 191,491,000 | $ 154,623,000 | |
[1] | The combination of cash and non-cash interest expense produces effective interest rates that are higher than contractual rates. Accordingly, the effective interest rates for the 2017 Senior Notes and the Convertible Notes were 7.13 % and 9.39 %, respectively, for the six months ended June 30, 2020. |
Basis Of Presentation
Basis Of Presentation | 6 Months Ended |
Jun. 30, 2020 | |
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, 2019. The results of operations for the three and six months ended June 30, 2020 may not be indicative of the results that will be achieved for the full year ending December 31, 2020 . In the opinion of management, the accompanying unaudited Condensed Consolidated Financial Statements reflect all adjustments, including those of a normal recurring nature, necessary to present fairly the Company’s consolidated financial position as of June 30, 2020 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 | 6 Months Ended |
Jun. 30, 2020 | |
Recent Accounting Pronouncements [Abstract] | |
Recent Accounting Pronouncements | (2) Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Measurement of Credit Losses on Financial Instruments , and issued subsequent amendments to the initial guidance within ASU 2019-04 and ASU 2019-05 (collectively, “ASU 2016-13”). The amendments in ASU 2016-13 replace the incurred loss impairment methodology with the current expected credit loss model, which requires consideration of a broader range of reasonable and supportable information to estimate credit losses. The Company adopted this ASU effective January 1, 2020. The adoption of ASU 2016-13 did not have a material impact on the Company’s financial position, results of operations or cash flows. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). The amendments in ASU 2020-04 provide temporary optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships and other transactions to ease the potential accounting and financial reporting burden associated with transitioning away from reference rates that are expected to be discontinued, including the London Interbank Offered Rate (“LIBOR”). ASU 2020-04 is effective as of March 12, 2020 through December 31, 2022. The adoption of the new standard has not had and is not expected to have a material impact on the Company’s financial position, results of operations or cash flows. The following new accounting pronouncement requires implementation in future periods. In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes (“ASU 2019-12”), modifying Accounting Standards Codification (“ASC”) 740, Income Taxes (“ASC 740”). The amendments in ASU 2019-12, among other things, remove certain exceptions to the general principles in ASC 740 and seek more consistent application by clarifying and amending the existing guidance. ASU 2019-12 is effective for interim and annual reporting periods beginning after December 15, 2020. The Company is currently evaluating the new standard, which is not expected to have a material impact on the Company’s financial position, results of operations or cash flows. |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2020 | |
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 six months ended June 30, 2020 and 2019. Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2020 2019 2020 2019 Civil segment revenue by end market: Mass transit (includes transportation and tunneling projects) $ 354,809 $ 243,620 $ 651,952 $ 389,870 Bridges 89,100 86,467 141,284 155,774 Highways 35,591 60,244 68,173 101,287 Military defense facilities 35,042 13,140 58,652 23,421 Water 29,548 4,658 53,292 14,326 Other 24,886 65,529 82,252 122,474 Total Civil segment revenue $ 568,976 $ 473,658 $ 1,055,605 $ 807,152 Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2020 2019 2020 2019 Building segment revenue by end market: Commercial and industrial facilities $ 106,899 $ 115,193 $ 239,948 $ 224,546 Hospitality and gaming 107,942 53,576 226,929 122,885 Municipal and government 79,223 68,580 148,725 130,542 Mass transit (includes transportation projects) 66,552 41,211 124,399 70,388 Education facilities 47,038 47,062 78,660 89,590 Health care facilities 32,418 60,796 68,307 141,023 Mixed use 13,101 9,316 23,073 24,591 Other 19,848 32,584 44,744 58,219 Total Building segment revenue $ 473,021 $ 428,318 $ 954,785 $ 861,784 Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2020 2019 2020 2019 Specialty Contractors segment revenue by end market: Mass transit (includes transportation and tunneling projects) $ 118,634 $ 100,016 $ 267,305 $ 181,411 Commercial and industrial facilities 20,499 43,618 74,004 87,641 Multi-unit residential 37,611 19,225 64,104 30,614 Education facilities 10,338 14,036 26,895 25,616 Mixed use 10,536 18,036 24,338 28,705 Health care facilities 4,283 9,248 6,805 20,899 Other 32,529 19,120 53,315 39,940 Total Specialty Contractors segment revenue $ 234,430 $ 223,299 $ 516,766 $ 414,826 Three Months Ended June 30, 2020 Three Months Ended June 30, 2019 Specialty Specialty (in thousands) Civil Building Contractors Total Civil Building Contractors Total Revenue by customer type: State and local agencies $ 503,828 $ 157,748 $ 113,623 $ 775,199 $ 381,438 $ 133,798 $ 114,255 $ 629,491 Federal agencies 42,590 34,648 11,292 88,530 26,979 44,396 2,761 74,136 Private owners 22,558 280,625 109,515 412,698 65,241 250,124 106,283 421,648 Total revenue $ 568,976 $ 473,021 $ 234,430 $ 1,276,427 $ 473,658 $ 428,318 $ 223,299 $ 1,125,275 Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 Specialty Specialty (in thousands) Civil Building Contractors Total Civil Building Contractors Total Revenue by customer type: State and local agencies $ 899,873 $ 303,764 $ 246,496 $ 1,450,133 $ 638,545 $ 278,484 $ 211,326 $ 1,128,355 Federal agencies 79,251 66,621 21,048 166,920 50,137 84,547 10,530 145,214 Private owners 76,481 584,400 249,222 910,103 118,470 498,753 192,970 810,193 Total revenue $ 1,055,605 $ 954,785 $ 516,766 $ 2,527,156 $ 807,152 $ 861,784 $ 414,826 $ 2,083,762 Three Months Ended June 30, 2020 Three Months Ended June 30, 2019 Specialty Specialty (in thousands) Civil Building Contractors Total Civil Building Contractors Total Revenue by contract type: Fixed price $ 455,928 $ 114,229 $ 205,531 $ 775,688 $ 349,945 $ 136,250 $ 187,826 $ 674,021 Guaranteed maximum price 281 248,738 4,038 253,057 1,644 185,050 7,315 194,009 Unit price 111,790 629 18,442 130,861 116,285 2,800 20,183 139,268 Cost plus fee and other 977 109,425 6,419 116,821 5,784 104,218 7,975 117,977 Total revenue $ 568,976 $ 473,021 $ 234,430 $ 1,276,427 $ 473,658 $ 428,318 $ 223,299 $ 1,125,275 Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 Specialty Specialty (in thousands) Civil Building Contractors Total Civil Building Contractors Total Revenue by contract type: Fixed price $ 864,899 $ 219,827 $ 454,047 $ 1,538,773 $ 592,811 $ 250,609 $ 343,090 $ 1,186,510 Guaranteed maximum price 589 486,511 6,587 493,687 3,878 392,182 10,921 406,981 Unit price 183,148 1,163 39,593 223,904 201,163 8,028 39,186 248,377 Cost plus fee and other 6,969 247,284 16,539 270,792 9,300 210,965 21,629 241,894 Total revenue $ 1,055,605 $ 954,785 $ 516,766 $ 2,527,156 $ 807,152 $ 861,784 $ 414,826 $ 2,083,762 Changes in Contract Estimates that Impact Revenue Changes to the total estimated contract revenue or cost for a given project, either due to unexpected events or revisions to management’s initial estimates, are recognized in the period in which they are determined. Revenue was negatively impacted during the three- and six-month periods ended June 30, 2020 related to performance obligations satisfied (or partially satisfied) in prior periods by $ 19.8 million and $ 35.6 million, respectively. Likewise, revenue was negatively impacted during the three- and six-month periods ended June 30, 2019 related to performance obligations satisfied (or partially satisfied) in prior periods by $ 14.6 million and $ 27.7 million, respectively. Remaining Performance Obligations Remaining performance obligations represent the transaction price of firm orders for which work has not been performed and exclude unexercised contract options. As of June 30, 2020, the aggregate amounts of the transaction prices allocated to the remaining performance obligations of the Company’s construction contracts were $ 5.1 billion, $ 1.7 billion and $ 2.2 billion for the Civil, Building and Specialty Contractors segments, respectively. As of June 30, 2019, the aggregate amounts of the transaction prices allocated to the remaining performance obligations of the Company’s construction contracts were $ 5.5 billion, $ 1.7 billion and $ 2.2 billion for the Civil, Building and Specialty Contractors segments, respectively. The Company typically recognizes revenue on Civil segment projects over a period of three 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 | 6 Months Ended |
Jun. 30, 2020 | |
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 June 30, As of December 31, (in thousands) 2020 2019 Retainage receivable $ 581,495 $ 562,375 Costs and estimated earnings in excess of billings: Claims 729,170 705,993 Unapproved change orders 348,043 362,264 Other unbilled costs and profits 71,890 55,287 Total costs and estimated earnings in excess of billings 1,149,103 1,123,544 Capitalized contract costs 88,185 80,294 Total contract assets $ 1,818,783 $ 1,766,213 Retainage receivable represents amounts invoiced to customers where payments have been partially withheld pending the completion of certain milestones, satisfaction of other contractual conditions or the completion of the project. Retainage agreements vary from project to project, and balances could be outstanding for several months or years depending on a number of circumstances such as contract-specific terms, project performance and other variables that may arise as the Company makes progress toward completion. Costs and estimated earnings in excess of billings represent the excess of contract costs and profits (or contract revenue) over the amount of contract billings to date and are classified as a current asset. Costs and estimated earnings in excess of billings result when either: (1) the appropriate contract revenue amount has been recognized over time in accordance with ASC 606, Revenue from Contracts with Customers (“ASC 606”) , but a portion of the revenue recorded cannot be billed currently due to the billing terms defined in the contract, or (2) costs are incurred related to certain claims and unapproved change orders. Claims occur when there is a dispute regarding both a change in the scope of work and the price associated with that change. Unapproved change orders occur when a change in the scope of work results in additional work being performed before the parties have agreed on the corresponding change in the contract price. The Company routinely estimates recovery related to claims and unapproved change orders as a form of variable consideration at the most likely amount it expects to receive and to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Claims and unapproved change orders are billable upon the agreement and resolution between the contractual parties and after the execution of contractual amendments. Increases in claims and unapproved change orders typically result from costs being incurred against existing or new positions; decreases normally result from resolutions and subsequent billings. As discussed in Note 11, the resolution of these claims and unapproved change orders may require litigation or other forms of dispute resolution proceedings. Other unbilled costs and profits are billable in accordance with the billing terms of each of the existing contractual arrangements and, as such, the timing of contract billing cycles can cause fluctuations in the balance of unbilled costs and profits. Ultimate resolution of other unbilled costs and profits typically involves incremental progress toward contractual requirements or milestones. Capitalized contract costs primarily represent costs to fulfill a contract that (1) directly relate to an existing or anticipated contract, (2) generate or enhance resources that will be used in satisfying performance obligations in the future and (3) are expected to be recovered through the contract, and are included in other current assets. Capitalized contract costs are generally expensed to the associated contract over the period of anticipated use on the project. During the three and six months ended June 30, 2020, $ 12.5 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 six months ended June 30, 2019, $ 8.6 million and $ 14.3 million, respectively, of previously capitalized contract costs were amortized and recognized as expense on the related contracts. Contract liabilities include amounts owed under retainage provisions and billings in excess of costs and estimated earnings. The amount as reported on the Condensed Consolidated Balance Sheets consisted of the following: As of June 30, As of December 31, (in thousands) 2020 2019 Retainage payable $ 278,045 $ 252,181 Billings in excess of costs and estimated earnings 962,446 844,389 Total contract liabilities $ 1,240,491 $ 1,096,570 Retainage payable represents amounts invoiced to the Company by subcontractors where payments have been partially withheld pending the completion of certain milestones, other contractual conditions or upon the completion of the project. Generally, retainage payable is not remitted to subcontractors until the associated retainage receivable from customers is collected. Billings in excess of costs and estimated earnings represent the excess of contract billings to date over the amount of contract costs and profits (or contract revenue) recognized to date. The balance may fluctuate depending on the timing of contract billings and the recognition of contract revenue. Revenue recognized during the three and six months ended June 30, 2020 and included in the opening billings in excess of costs and estimated earnings balances for each period totaled $ 470.8 million and $ 565.9 million, respectively. Revenue recognized during the three and six months ended June 30, 2019 and included in the opening billings in excess of costs and estimated earnings balances for each period totaled $ 289.4 million and $ 391.9 million, respectively. |
Cash, Cash Equivalents And Rest
Cash, Cash Equivalents And Restricted Cash | 6 Months Ended |
Jun. 30, 2020 | |
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 June 30, As of December 31, (in thousands) 2020 2019 Cash and cash equivalents available for general corporate purposes $ 57,651 $ 43,760 Joint venture cash and cash equivalents 124,948 149,925 Cash and cash equivalents 182,599 193,685 Restricted cash 8,892 8,416 Total cash, cash equivalents and restricted cash $ 191,491 $ 202,101 Cash equivalents include short-term, highly liquid investments with maturities of three months or less when acquired. Cash and cash equivalents consist of amounts available for the Company’s general purposes, the Company’s proportionate share of cash held by the Company’s unconsolidated joint ventures and 100% of amounts held by the Company’s consolidated joint ventures. In both cases, cash held by joint ventures is available only for joint venture-related uses, including future distributions to joint venture partners. 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) | 6 Months Ended |
Jun. 30, 2020 | |
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. In accordance with ASC 260, Earnings Per Share , the settlement of the principal amount of the Convertible Notes has no impact on diluted EPS because the Company has the intent and ability to settle the principal amount in cash. See Note 9 for further discussion of the Convertible Notes. The Company calculates the effect of the potentially dilutive restricted stock units and stock options using the treasury stock method. Three Months Ended June 30, Six Months Ended June 30, (in thousands, except per common share data) 2020 2019 2020 2019 Net income (loss) attributable to Tutor Perini Corporation $ 18,709 $ ( 320,530 ) $ 36,080 $ ( 320,886 ) Weighted-average common shares outstanding, basic 50,667 50,224 50,502 50,161 Effect of dilutive restricted stock units and stock options 268 — 383 — Weighted-average common shares outstanding, diluted 50,935 50,224 50,885 50,161 Net income (loss) attributable to Tutor Perini Corporation per common share: Basic $ 0.37 $ ( 6.38 ) $ 0.71 $ ( 6.40 ) Diluted $ 0.37 $ ( 6.38 ) $ 0.71 $ ( 6.40 ) Anti-dilutive securities not included above 2,209 4,191 2,209 4,354 For the three and six months ended June 30, 2019, all outstanding restricted stock units and stock options were excluded from the calculation of weighted-average diluted shares outstanding due to the net loss for the period. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2020 | |
Income Taxes [Abstract] | |
Income Taxes | (7) Income Taxes The Company’s effective income tax rate was 23.7 % and 20.5 % for the three and six months ended June 30, 2020, respectively. The effective income tax rate for the six months ended June 30, 2020 primarily reflects the favorable impact of the 2019 net operating loss (“NOL”), which is allowed to be carried back up to five years as a result of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), enacted on March 27, 2020. Under the CARES Act, the Company’s NOL generated in 2019 may be carried back to tax years when the federal statutory tax rate was 35 % rather than the current rate of 21 %, consequently generating a larger tax benefit from the NOL due to the enactment of the CARES Act. The favorable impact resulting from the enactment of the CARES Act was partially offset by the unfavorable impact of the vesting of restricted stock units for which a large portion of the share-based compensation expense recognized in prior periods will not be deductible for income tax purposes. For the three and six months ended June 30, 2020, the effective income tax rates differed from the federal statutory rate also as a result of state income taxes, with the increases partially offset by earnings attributable to noncontrolling interests for which income taxes are not the responsibility of the Company. For the three and six months ended June 30, 2019, the Company recognized income tax benefits of $ 42.9 million and $ 40.7 million, with effective income tax rates of 12.0 % and 11.6 %, respectively. The Company’s provisions for income taxes and effective tax rates for the three and six months ended June 30, 2019 were significantly impacted by the goodwill impairment charge of $ 379.9 million. Of the total goodwill impairment charge, approximately $ 209.5 million pertained to goodwill that was not tax deductible and yielded permanent differences between book income and taxable income. The Company recognized a tax benefit totaling $ 50.4 million as a result of the impairment charge. The adjusted effective income tax rates, which exclude the tax benefit resulting from the goodwill impairment charge, were 34.7 % and 34.0 % for the three and six months ended June 30, 2019, respectively, and primarily reflected 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. For the three and six months ended June 30, 2019, the adjusted effective income tax rates were higher than the federal statutory rate also as a result of state income taxes, with the increases partially offset by earnings attributable to noncontrolling interests for which income taxes are not the responsibility of the Company. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Jun. 30, 2020 | |
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 June 30, 2020: Specialty (in thousands) Civil Building Contractors Total Gross goodwill $ 492,074 $ 424,724 $ 156,193 $ 1,072,991 Accumulated impairment ( 286,931 ) ( 424,724 ) ( 156,193 ) ( 867,848 ) Balance as of December 31, 2019 205,143 — — 205,143 Current year activity — — — — Balance as of June 30, 2020 $ 205,143 $ — $ — $ 205,143 The Company tests the goodwill allocated to its reporting units for impairment annually on October 1, or more frequently if events or circumstances indicate it is more likely than not that the fair value of a reporting unit is less than its carrying amount. The Company performed its annual impairment test in the fourth quarter of 2019 using a weighted-average of an income and a market approach. These approaches utilize various valuation assumptions, and small changes to the assumptions could have a significant impact on the concluded fair value. Based on this assessment, the Company concluded goodwill was no t impaired since the estimated fair value of the Civil reporting unit exceeded its carrying value. In addition, the Company determined that no triggering events occurred and no circumstances changed since the date of our annual impairment test that would more likely than not reduce the fair value of the Civil reporting unit below its carrying amount. During the first half of 2020, the novel coronavirus (“COVID-19”) pandemic, as well as the actions taken to contain and mitigate its public health effects, caused disruptions in domestic and global economies and financial markets. The vast majority of the Company’s projects, especially in its Civil reporting unit, have been designated as essential business, which allows the Company to continue its work on those projects. As such, the Civil reporting unit’s operations were not materially impacted during the three and six months ended June 30, 2020. However, due to the fluidity of the pandemic, uncertainties as to its scope and duration, and ongoing changes in the way that governments, businesses and individuals react and respond to the COVID-19 pandemic, the Company is unable at this time to accurately predict the pandemic’s future impact on the Company’s business, financial condition or performance. Among other things, governments could prohibit the continuation of certain projects that to date have been designated as “essential” or could impose health, safety and other operational requirements on such projects that could result in delays to or suspensions of such projects. In addition, employees and contractors working on such projects could be unable or unwilling to continue working on them, perhaps for extended periods. The COVID-19 pandemic also could negatively affect the ability of counterparties or joint venture partners to make required payments on a timely basis or at all. The Company will continue to monitor events and circumstances for changes that indicate the Civil reporting unit goodwill would need to be reevaluated for impairment during future interim periods prior to the annual impairment test. These future events and circumstances include, but are not limited to, changes in the overall financial performance of the Civil reporting unit, impacts to our business as a result of the COVID-19 pandemic, as well as other quantitative and qualitative factors which could indicate potential triggering events for possible impairment. Intangible Assets Intangible assets consist of the following: As of June 30, 2020 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 ( 22,511 ) ( 23,232 ) 28,607 20 years Contractor license 6,000 — ( 6,000 ) — N/A Customer relationships 39,800 ( 21,575 ) ( 16,645 ) 1,580 12 years Construction contract backlog 149,290 ( 89,213 ) — 60,077 3 years Total $ 387,040 $ ( 133,299 ) $ ( 113,067 ) $ 140,674 As of December 31, 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 ( 21,267 ) ( 23,232 ) 29,851 20 years Contractor license 6,000 — ( 6,000 ) — N/A Customer relationships 39,800 ( 21,048 ) ( 16,645 ) 2,107 12 years Construction contract backlog 149,290 ( 76,388 ) — 72,902 3 years Total $ 387,040 $ ( 118,703 ) $ ( 113,067 ) $ 155,270 Amortization expense for the three and six months ended June 30, 2020 was $ 8.8 million and $ 14.6 million, respectively. Amortization expense for the three and six months ended June 30, 2019 was $ 0.9 million and $ 1.8 million, respectively. As of June 30, 2020, amortization expense is estimated to be $ 19.5 million for the remainder of 2020, $ 26.4 million in 2021, $ 22.0 million in 2022 and $ 2.5 million per year for the years 2023 through 2025. The Company performed an annual impairment assessment of its non-amortizable trade names in the fourth quarter of 2019 using a qualitative approach to determine whether conditions existed to indicate that it was more likely than not that the fair value of non-amortizable trade names is less than their carrying values. Based on this assessment, the Company concluded that it was more likely than not that the fair value of the non-amortizable trade names was greater than their carrying values, and therefore a quantitative analysis was not required. In addition, no triggering events occurred and no circumstances changed since the date of our annual impairment test that would indicate impairment of the Company’s non-amortizable trade names. |
Financial Commitments
Financial Commitments | 6 Months Ended |
Jun. 30, 2020 | |
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 June 30, As of December 31, (in thousands) 2020 2019 2017 Senior Notes $ 494,810 $ 494,365 2017 Credit Facility 100,000 114,000 Convertible Notes 188,089 182,292 Equipment financing and mortgages 44,917 39,159 Other indebtedness 8,603 4,660 Total debt 836,419 834,476 Less: Current maturities 320,790 124,054 Long-term debt, net $ 515,629 $ 710,422 The following table reconciles the outstanding debt balance to the reported debt balances as of June 30, 2020 and December 31, 2019: As of June 30, 2020 As of December 31, 2019 (in thousands) Outstanding Debt Unamortized Discount and Issuance Costs Debt, as reported Outstanding Debt Unamortized Discount and Issuance Costs Debt, as reported 2017 Senior Notes $ 500,000 $ ( 5,190 ) $ 494,810 $ 500,000 $ ( 5,635 ) $ 494,365 Convertible Notes 200,000 ( 11,911 ) 188,089 200,000 ( 17,708 ) 182,292 The unamortized issuance costs related to the 2017 Credit Facility were $ 2.9 million and $ 3.7 million as of June 30, 2020 and December 31, 2019, 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 could have redeemed 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 also could have redeemed 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. Since May 1, 2020, the Company may redeem the 2017 Senior Notes at specified redemption prices described in the indenture. Upon a change of control, holders of the 2017 Senior Notes may require the Company to repurchase all or part of the 2017 Senior Notes at 101 % of the principal amount thereof, plus accrued and unpaid interest to the redemption date. The 2017 Senior Notes are senior unsecured obligations of the Company and are guaranteed by substantially all of the Company’s existing and future subsidiaries that also guarantee obligations under the Company’s 2017 Credit Facility, as defined below. In addition, the indenture for the 2017 Senior Notes provides for customary covenants, including events of default and restrictions on the payment of dividends and share repurchases. 2017 Credit Facility On April 20, 2017, the Company entered into a credit agreement (the “2017 Credit Facility”) with SunTrust Bank, now known as Truist Bank, as Administrative Agent, Swing Line Lender and L/C Issuer and a syndicate of other lenders. The 2017 Credit Facility provides for a $ 350 million revolving credit facility (the “2017 Revolver”) and a sublimit for the issuance of letters of credit and swingline loans up to the aggregate amount of $ 150 million and $ 10 million, respectively, both maturing on April 20, 2022 unless any of the Convertible Notes, as defined below, are outstanding on December 17, 2020, in which case all such borrowings will mature on December 17, 2020 (the “spring-forward provision”), provided however (i) if the Convertible Notes are refinanced in full with the proceeds of permitted refinancing indebtedness in accordance with the terms of the 2017 Credit Facility, the maturity date for the 2017 Credit Facility will remain April 20, 2022 and (ii) if the Company issues “New Convertible Notes” (as defined in the 2017 Credit Facility) and retires the Convertible Notes in full, the maturity date for the 2017 Credit Facility will be the earlier of (x) April 20, 2022 or (y) 90 days prior to the maturity date for such New Convertible Notes. The 2017 Credit Facility also permits additional borrowings in an aggregate amount of $ 150 million, which can be in the form of increased capacity on the 2017 Revolver or the establishment of one or more term loans. Borrowings under the 2017 Revolver bear interest, at the Company’s option, at a rate equal to (a) LIBOR plus a margin of between 1.50 % and 3.00 % or (b) a base rate (determined by reference to the highest of (i) the administrative agent’s prime lending rate, (ii) the federal funds effective rate plus 50 basis points, (iii) the LIBOR rate for a one-month interest period plus 100 basis points and (iv) 0 %), plus a margin of between 0.50 % and 2.00 %, in each case based on the Consolidated Leverage Ratio (as defined in the 2017 Credit Facility). In addition to paying interest on outstanding principal under the 2017 Credit Facility, the Company will pay a commitment fee to the lenders under the 2017 Revolver in respect of the unutilized commitments thereunder. The Company will pay customary letter of credit fees. If an event of default occurs and is continuing, the otherwise applicable margin and letter of credit fees will be increased 2 % per annum. The weighted-average annual interest rate on borrowings under the 2017 Revolver was approximately 3.66 % during the six months ended June 30, 2020. 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 June 30, 2020, there was $ 250 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 June 30, 2020. As a result of the spring-forward provision mentioned above, the facility will mature on December 17, 2020 if the Convertible Notes remain outstanding at that time. The Company does not have call rights that allow it to unilaterally redeem the Convertible Notes. Due to the spring-forward provision in the 2017 Credit Facility, all borrowings under the facility are included in “Current maturities of long-term debt” on the Condensed Consolidated Balance Sheet as of June 30, 2020. The Company continues to evaluate options to address the spring-forward provision and refinancing or retirement of the outstanding Convertible Notes. Convertible Notes On June 15, 2016, the Company issued $ 200 million of 2.875 % Convertible Senior Notes due June 15, 2021 (the “Convertible Notes”) in a private placement offering. The Convertible Notes are unsecured obligations of the Company and do not contain any financial covenants or restrictions on the payments of dividends, the incurrence of indebtedness or the issuance or repurchase of securities by the Company. The Convertible Notes bear interest at a rate of 2.875 % per year, payable in cash semi-annually in June and December, and are included in “Current maturities of long-term debt” on the Condensed Consolidated Balance Sheet as of June 30, 2020. 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 June 30, 2020, 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 Six Months Ended June 30, June 30, (in thousands) 2020 2019 2020 2019 Cash interest expense: Interest on 2017 Senior Notes $ 8,593 $ 8,594 $ 17,187 $ 17,187 Interest on 2017 Credit Facility 2,338 3,682 4,753 6,327 Interest on Convertible Notes 1,438 1,438 2,875 2,875 Other interest 535 541 1,039 1,116 Total cash interest expense 12,904 14,255 25,854 27,505 Non-cash interest expense: (a) Amortization of discount and debt issuance costs on Convertible Notes 2,933 2,671 5,797 5,279 Amortization of debt issuance costs on 2017 Credit Facility 402 387 804 749 Amortization of debt issuance costs on 2017 Senior Notes 225 209 445 414 Total non-cash interest expense 3,560 3,267 7,046 6,442 Total interest expense $ 16,464 $ 17,522 $ 32,900 $ 33,947 ____________________________________________________________________________________________________ (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 six months ended June 30, 2020. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2020 | |
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 June 30, 2020, the Company’s operating leases have remaining lease terms ranging from less than one year to 10 years, some of which include options to renew the leases. The exercise of lease renewal options is generally at the Company’s sole discretion. The Company’s leases do not contain any material residual value guarantees or material restrictive covenants. The following table presents components of lease expense for the three and six months ended June 30, 2020 and 2019: Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2020 2019 2020 2019 Operating lease expense $ 3,661 $ 3,921 $ 7,428 $ 7,702 Short-term lease expense (a) 23,056 16,486 40,321 33,057 26,717 20,407 47,749 40,759 Less: Sublease income 329 262 658 521 Total lease expense $ 26,388 $ 20,145 $ 47,091 $ 40,238 ____________________________________________________________________________________________________ (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 June 30, As of December 31, (dollars in thousands) Balance Sheet Line Item 2020 2019 Assets ROU assets Other assets $ 38,909 $ 40,156 Total lease assets $ 38,909 $ 40,156 Liabilities Current lease liabilities Accrued expenses and other current liabilities $ 10,255 $ 11,392 Long-term lease liabilities Other long-term liabilities 31,869 31,900 Total lease liabilities $ 42,124 $ 43,292 Weighted-average remaining lease term (in years) 5.0 5.0 Weighted-average discount rate 6.77 % 5.96 % The following table presents supplemental cash flow information and non-cash activity related to operating leases: Six Months Ended June 30, (in thousands) 2020 2019 Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ ( 7,386 ) $ ( 7,622 ) Non-cash activity: ROU assets obtained in exchange for lease liabilities $ 4,923 $ 6,040 The following table presents maturities of operating lease liabilities on an undiscounted basis as of June 30, 2020: Year (in thousands) Operating Leases 2020 (excluding the six months ended June 30, 2020) $ 7,039 2021 10,588 2022 9,294 2023 7,582 2024 5,701 Thereafter 10,053 Total lease payments 50,257 Less: Imputed interest 8,133 Total $ 42,124 |
Commitments And Contingencies
Commitments And Contingencies | 6 Months Ended |
Jun. 30, 2020 | |
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 . In addition, the Company is contingently liable for litigation, performance guarantees and other commitments arising in the ordinary course of business, which are accounted for in accordance with ASC 450, Contingencies . Management reviews these matters regularly and updates or revises its estimates as warranted by subsequent information and developments. These assessments require judgments concerning matters that are inherently uncertain, such as litigation developments and outcomes, the anticipated outcome of negotiations and the estimated cost of resolving disputes. Consequently, these assessments are estimates, and actual amounts may vary from such estimates. In addition, because such matters are typically resolved over long periods of time, the Company’s assets and liabilities may change over time should the circumstances dictate. The description of the legal proceedings listed below include management’s assessment of those proceedings. Management believes that, based on current information and discussions with the Company’s legal counsel, the ultimate resolution of other matters is not expected to have a material effect on the Company’s consolidated financial position, results of operations or cash flows. A description of the material pending legal proceedings, other than ordinary routine litigation incidental to the business is as follows: Five Star Electric Matter In the third quarter of 2015, Five Star Electric Corp. (“Five Star”), a wholly owned subsidiary of the Company that was acquired in 2011, entered into a tolling agreement (which has since expired) related to an ongoing investigation being conducted by the United States Attorney’s Office for the Eastern District of New York (“USAO EDNY”). Five Star has been cooperating with the USAO EDNY since late June 2014, when it was first made aware of the investigation, and has provided information requested by the government related to its use of certain minority-owned, women-owned, small and disadvantaged business enterprises and certain of Five Star’s employee compensation, benefit and tax practices. As of June 30, 2020, the Company cannot predict the ultimate outcome of the investigation and cannot reasonably estimate the potential loss or range of loss that Five Star or the Company may incur or the impact of the results of the investigation on Five Star or the Company. Alaskan Way Viaduct Matter In January 2011, Seattle Tunnel Partners (“STP”), a joint venture between Dragados USA, Inc. and the Company, entered into a design-build contract with the Washington State Department of Transportation (“WSDOT”) for the construction of a large-diameter bored tunnel in downtown Seattle, King County, Washington to replace the Alaskan Way Viaduct, also known as State Route 99. The Company has a 45 % interest in STP. The construction of the large-diameter bored tunnel required the use of a tunnel boring machine (“TBM”). In December 2013, the TBM struck a steel pipe, installed by WSDOT as a well casing for an exploratory well. The TBM was significantly damaged and was required to be repaired. STP has asserted that the steel pipe casing was a differing site condition that WSDOT failed to properly disclose. The Disputes Review Board mandated by the contract to hear disputes issued a decision finding the steel casing was a Type I (material) differing site condition. WSDOT did not accept that finding. The TBM was insured under a Builder’s Risk Insurance Policy (the “Policy”) with Great Lakes Reinsurance (UK) PLC and a consortium of other insurers (the “Insurers”). STP submitted the claims to the Insurers and requested interim payments under the Policy. The Insurers refused to pay and denied coverage. In June 2015, STP filed a lawsuit in the King County Superior Court, State of Washington seeking declaratory relief concerning contract interpretation, as well as damages as a result of the Insurers’ breach of their obligations under the terms of the Policy. STP is also asserting extra-contractual and statutory claims against the Insurers. WSDOT is deemed a plaintiff since WSDOT is an insured under the Policy and had filed its own claim for damages. Hitachi Zosen (“Hitachi”), the manufacturer of the TBM, joined the case as a plaintiff for costs incurred to repair the damages to the TBM. In September 2018, rulings received on pre-trial motions effectively limited potential recovery under the Policy for STP, WSDOT and Hitachi. However, on December 19, 2018, the Court of Appeal granted the Company’s request for a discretionary appeal of those rulings. The appeal is expected to be heard in late 2020. STP submitted damages to the Insurers in the King County lawsuit in the amount of $ 532 million. STP also sought these damages from WSDOT related to the pipe-strike by the TBM in a related lawsuit in Thurston County (see following paragraph). In March 2016, WSDOT filed a complaint against STP in Thurston County Superior Court alleging breach of contract, seeking $ 57.2 million in delay-related damages and seeking declaratory relief concerning contract interpretation. STP filed its answer to WSDOT’s complaint and filed a counterclaim against WSDOT and Hitachi, as the TBM designer, seeking damages of $ 667 million. On October 3, 2019, STP and Hitachi entered into a settlement agreement which released and dismissed the claims that STP and Hitachi had against each other. The jury trial between STP and WSDOT commenced on October 7, 2019 and concluded on December 13, 2019, with a jury verdict in favor of WSDOT awarding them $ 57.2 million in damages. Judgment was entered on January 10, 2020, and a notice of appeal was filed by STP on January 17, 2020. The appeal is expected to be heard in 2021. The Company recorded the impact of the jury verdict during the fourth quarter of 2019, resulting in a pre-tax charge of $ 166.8 million. The charge includes a pre-tax accrual of $ 25.7 million (which is the Company’s 45 % proportionate share of the $ 57.2 million in damages awarded by the jury to WSDOT). Payment of damages will only be made if the adverse verdict is upheld on appeal, as the payment is secured by a bond for the course of the appeal. Other than the possible future payment in cash of $ 25.7 million in damages, the charge is for non-cash write-downs primarily related to the costs and estimated earnings in excess of billings and receivables that the Company previously recorded to reflect its expected recovery in this case. With respect to STP’s direct and indirect claims against the Insurers, management has included in receivables an estimate of the total anticipated recovery concluded to be probable. George Washington Bridge Bus Station Matter In August 2013, Tutor Perini Building Corporation (“TPBC”) entered into a contract with the George Washington Bridge Bus Station Development Venture, LLC (the “Developer”) to renovate the George Washington Bridge Bus Station, a mixed-use facility owned by the Port Authority of New York and New Jersey (the “Port Authority”) that serves as a transit facility and retail space. The $ 100 million project experienced significant design errors and associated delays, resulting in damages to TPBC and its subcontractors, including WDF and Five Star, wholly owned subsidiaries of the Company. The project reached substantial completion on May 16, 2017. On February 26, 2015, the Developer filed a demand for arbitration, subsequently amended, seeking $ 30 million in alleged damages and declaratory relief that TPBC’s requests for additional compensation are invalid due to lack of notice. TPBC denied the Developer’s claims and filed a counterclaim in March 2018. TPBC seeks in excess of $ 113 million in the arbitration, which includes unpaid contract balance claims, the return of $ 29 million retained by the Developer in alleged damages, as well as extra work claims, pass-through claims and delay claims. Hearings on the merits commenced on September 24, 2018 before the arbitration panel. On June 4, 2019, the arbitration panel, as confirmed by the U.S. District Court in the Southern District of New York, issued a writ of attachment for $ 23 million of the $ 29 million discussed above. On October 7, 2019, the Developer filed for bankruptcy protection in the Southern District of New York under Chapter 11 of the Bankruptcy Code. The filing for bankruptcy stayed the pending arbitration proceedings. TPBC appeared in the bankruptcy proceedings on October 8, 2019 and filed a Proof of Claim in the amount of $ 113 million on December 13, 2019. On June 5, 2020, the Developer, secured lenders and the Port Authority announced that they had reached a settlement of their disputes. As part of the settlement, the Port Authority waived the enforcement of its right to seek a “cure” pursuant to its lease agreement with the Developer which requires construction costs be paid prior to any sale of the leasehold, the sole asset in the Developer’s bankruptcy estate to be distributed in this bankruptcy. On July 14, 2020, the bankruptcy court conducted a hearing to determine (1) whether to approve the settlement agreement between the Developer, secured lenders and the Port Authority; and (2) whether TPBC can assert third-party beneficiary rights to the lease agreement and require that prior to the sale of the leasehold, any outstanding costs owed to contractors for the cost of building the project must be paid pursuant to the lease agreement’s “cure” provisions. At this hearing, the bankruptcy court indicated that it will issue a formal order approving the settlement and denying TPBC’s third-party beneficiary rights under the lease agreement. TPBC plans to appeal the decision, once it is formally issued, to challenge the denial of its third-party beneficiary rights under the lease agreement’s “cure” provisions and to avoid being subordinate to the claims of the secured lenders in the bankruptcy proceedings. Separately, on July 2, 2018, TPBC filed a lawsuit against the Port Authority, as owner of the project, and STV Incorporated, as designer, seeking the same $ 113 million in damages pursuant to the lease agreement between the Port Authority and the Developer. On August 20, 2018, the Port Authority filed a motion to dismiss, which was denied by the court on July 1, 2019. The Port Authority appealed this decision on July 15, 2019, and the appeal is expected to be decided in 2021. On December 2, 2019, the Court of Appeal denied the Port Authority’s request to stay the trial court action pending the appeal. As a result, the lawsuit is proceeding against the Port Authority before the trial court. On January 13, 2020, the court dismissed STV Incorporated from the case. On January 27, 2020, TPBC filed separate litigation in the U.S. District Court for the Southern District of New York in which TPBC asserted related claims against individual owners of the Developer for their wrongful conversion of project funds and against certain lenders that received interest payments from project funds and other amounts earmarked to pay the contractors. On June 1, 2020, the defendants filed motions to dismiss, and a decision remains pending from the court. As of June 30, 2020, the Company has concluded that the potential for a material adverse financial impact due to the Developer’s claims is remote. With respect to TPBC’s claims against the Developer, its owners and the Port Authority, management has made an estimate of the total anticipated recovery on this project, and such estimate is included in revenue recorded to date. |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Jun. 30, 2020 | |
Share-Based Compensation [Abstract] | |
Share-Based Compensation | (12) Share-Based Compensation As of June 30, 2020, there were 1,185,089 shares of common stock available for grant under the Tutor Perini Corporation Omnibus Incentive Plan. During the first six months of 2020 and 2019, the Company granted the following share-based instruments: (1) restricted stock units totaling 75,000 and 175,000 with weighted-average fair values per share of $ 13.93 and $ 20.41 , respectively; (2) stock options totaling 75,000 and 85,000 with weighted-average fair values per share of $ 3.94 and $ 7.57 , respectively, and weighted-average per share exercise prices of $ 25.70 and $ 25.62 , respectively; and (3) unrestricted stock units totaling 194,177 and 98,591 with weighted-average fair values per share of $ 8.60 and $ 15.72 , respectively. During the six months ended June 30, 2019, 750,000 stock options with a weighted-average per share exercise price of $ 20.33 expired. 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 six months of 2020 was determined using the Black-Scholes model based on the following weighted-average assumptions: (i) expected life of 6.0 years, (ii) expected volatility of 44.91 %, (iii) risk-free rate of 1.56 %, and (iv) no quarterly dividends. Certain performance-based awards contain market condition components and are valued on the date of grant using a Monte Carlo simulation model. For the three and six months ended June 30, 2020, the Company recognized, as part of general and administrative expenses, costs for share-based payment arrangements totaling $ 3.8 million and $ 8.3 million, respectively, and $ 4.6 million and $ 10.1 million for the three and six months ended June 30, 2019, respectively. As of June 30, 2020, the balance of unamortized share-based compensation expense was $ 14.8 million, which is expected to be recognized over a weighted-average period of 1.7 years. |
Employee Pension Plans
Employee Pension Plans | 6 Months Ended |
Jun. 30, 2020 | |
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 six months ended June 30, 2020 and 2019 : Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2020 2019 2020 2019 Interest cost $ 758 $ 948 $ 1,516 $ 1,896 Expected return on plan assets ( 1,006 ) ( 1,043 ) ( 2,012 ) ( 2,086 ) Amortization of net loss 592 463 1,184 926 Other 231 225 462 450 Net periodic benefit cost $ 575 $ 593 $ 1,150 $ 1,186 The Company contributed $ 2.2 million and $ 2.0 million to its defined benefit pension plan during each of the six-month periods ended June 30, 2020 and 2019, respectively, and expects to contribute an additional $ 1.9 million by the end of 2020. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2020 | |
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 June 30, 2020 and December 31, 2019: As of June 30, 2020 As of December 31, 2019 Fair Value Hierarchy Fair Value Hierarchy (in thousands) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash and cash equivalents (a) $ 182,599 $ — $ — $ 182,599 $ 193,685 $ — $ — $ 193,685 Restricted cash (a) 8,892 — — 8,892 8,416 — — 8,416 Restricted investments (b) — 75,382 — 75,382 — 70,974 — 70,974 Investments in lieu of retainage (c) 98,837 1,208 — 100,045 89,572 1,219 — 90,791 Total $ 290,328 $ 76,590 $ — $ 366,918 $ 291,673 $ 72,193 $ — $ 363,866 ____________________________________________________________________________________________________ (a) Includes money market funds and short-term investments with maturity dates of three months or less when acquired. (b) Restricted investments, as of June 30, 2020, consist of investments in U.S. government agency securities of $ 37.5 million, corporate debt securities of $ 36.8 million and corporate certificates of deposits of $ 1.1 million with maturities of up to five years , and are valued based on pricing models, which are determined from a compilation of primarily observable market information, broker quotes in non-active markets or similar assets and are therefore classified as Level 2 assets. As of December 31, 2019, restricted investments consisted of investments in corporate debt securities of $ 35.8 million, U.S. government agency securities of $ 33.8 million and corporate certificates of deposits of $ 1.4 million with maturities of up to five years . The amortized cost of these available-for-sale securities at June 30, 2020 and December 31, 2019 was not materially different from the fair value. (c) Investments in lieu of retainage are included in retainage receivable and as of June 30, 2020 are comprised of money market funds of $ 98.8 million and municipal bonds of $ 1.2 million. The fair values of the money market funds are measured using quoted market prices; therefore, they are classified as Level 1 assets. The fair values of municipal bonds are measured using readily available pricing sources for comparable instruments; therefore, they are classified as Level 2 assets. As of December 31, 2019, investments in lieu of retainage consisted of money market funds of $ 89.6 million and municipal bonds of $ 1.2 million. The amortized cost of these available-for-sale securities at June 30, 2020 and December 31, 2019 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 $ 484.4 million and $ 485.0 million as of June 30, 2020 and December 31, 2019, respectively. The fair value of the Convertible Notes was $ 190.7 million and $ 193.4 million as of June 30, 2020 and December 31, 2019, 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 June 30, 2020 and December 31, 2019. |
Variable Interest Entities
Variable Interest Entities | 6 Months Ended |
Jun. 30, 2020 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | (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 a joint venture is a VIE. ASC 810 also requires the Company to determine whether it is the primary beneficiary of the VIE. The Company concludes that it is the primary beneficiary and consolidates the VIE if the Company has both (a) the power to direct the economically significant activities of the VIE and (b) the obligation to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE. The Company considers the contractual agreements that define the ownership structure, distribution of profits and losses, risks, responsibilities, indebtedness, voting rights and board representation of the respective parties in determining if the Company is the primary beneficiary. The Company also considers all parties that have direct or implicit variable interests when determining whether it is the primary beneficiary. In accordance with ASC 810, management’s assessment of whether the Company is the primary beneficiary of a VIE is performed continuously. As of June 30, 2020, the Company had unconsolidated VIE-related current assets and liabilities of $ 3.4 million and $ 3.3 million, respectively, included in the Company’s Condensed Consolidated Balance Sheet. As of December 31, 2019, the Company had unconsolidated VIE-related current assets and liabilities of $ 1.5 million and $ 1.4 million, respectively, included in the Company’s Condensed Consolidated Balance Sheet. The Company’s maximum exposure to loss as a result of its investments in unconsolidated VIEs is typically limited to the aggregate of the carrying value of the investment and future funding commitments. There were no future funding requirements for the unconsolidated VIEs as of June 30, 2020. As of June 30, 2020, the Company’s Condensed Consolidated Balance Sheet included current and noncurrent assets of $ 401.1 million and $ 36.4 million, respectively, as well as current liabilities of $ 581.1 million related to the operations of its consolidated VIEs. As of December 31, 2019, the Company’s Condensed Consolidated Balance Sheet included current and noncurrent assets of $ 365.0 million and $ 52.0 million, respectively, as well as current liabilities of $ 556.1 million related to the operations of its consolidated VIEs. Below is a discussion of some of the Company’s more significant or unique VIEs. The Company established a joint venture to construct the Purple Line Extension Section 2 (Tunnels and Stations) and Section 3 (Stations) mass-transit projects in Los Angeles, California with a combined value of approximately $ 2.8 billion. The Company has a 75 % interest in the joint venture with the remaining 25 % held by O&G Industries, Inc. The joint venture was initially financed with contributions from the partners and, per the terms of the joint venture agreement, the partners may be required to provide additional capital contributions in the future. The Company has determined that this joint venture is a VIE for which the Company is the primary beneficiary. The Company also established a joint venture with Parsons Corporation (“Parsons”) to construct the Newark Liberty International Airport Terminal One project, a $ 1.4 billion transportation infrastructure project in Newark, New Jersey. The 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 | 6 Months Ended |
Jun. 30, 2020 | |
Changes In Equity [Abstract] | |
Changes In Equity | (16) Changes in Equity A reconciliation of the changes in equity for the three and six months ended June 30, 2020 and 2019 is provided below: Three Months Ended June 30, 2020 Accumulated Additional Other Common Paid-in Retained Comprehensive Noncontrolling Total (in thousands) Stock Capital Earnings Loss Interests Equity Balance - March 31, 2020 $ 50,577 $ 1,120,487 $ 331,362 $ ( 43,128 ) $ ( 16,370 ) $ 1,442,928 Net income — — 18,709 — 12,150 30,859 Other comprehensive income — — — 2,531 854 3,385 Share-based compensation — 4,185 — — — 4,185 Issuance of common stock, net 194 — — — — 194 Distributions to noncontrolling interests — — — — ( 17,410 ) ( 17,410 ) Balance - June 30, 2020 $ 50,771 $ 1,124,672 $ 350,071 $ ( 40,597 ) $ ( 20,776 ) $ 1,464,141 Six Months Ended June 30, 2020 Accumulated Additional Other Common Paid-in Retained Comprehensive Noncontrolling Total (in thousands) Stock Capital Earnings Loss Interests Equity Balance - December 31, 2019 $ 50,279 $ 1,117,972 $ 313,991 $ ( 42,100 ) $ ( 9,617 ) $ 1,430,525 Net income — — 36,080 — 20,917 56,997 Other comprehensive income (loss) — — — 1,503 ( 1,166 ) 337 Share-based compensation — 7,692 — — — 7,692 Issuance of common stock, net 492 ( 992 ) — — — ( 500 ) Distributions to noncontrolling interests — — — — ( 30,910 ) ( 30,910 ) Balance - June 30, 2020 $ 50,771 $ 1,124,672 $ 350,071 $ ( 40,597 ) $ ( 20,776 ) $ 1,464,141 Three Months Ended June 30, 2019 Accumulated Additional Other Common Paid-in Retained Comprehensive Noncontrolling Total (in thousands) Stock Capital Earnings Loss Interests Equity Balance - March 31, 2019 $ 50,180 $ 1,105,184 $ 701,325 $ ( 44,200 ) $ ( 17,310 ) $ 1,795,179 Net income (loss) — — ( 320,530 ) — 5,091 ( 315,439 ) Other comprehensive income — — — 1,670 157 1,827 Share-based compensation — 5,312 — — — 5,312 Issuance of common stock, net 99 — — — — 99 Contributions from noncontrolling interests — — — — 2,581 2,581 Balance - June 30, 2019 $ 50,279 $ 1,110,496 $ 380,795 $ ( 42,530 ) $ ( 9,481 ) $ 1,489,559 Six Months Ended June 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) — — ( 320,886 ) — 10,169 ( 310,717 ) Other comprehensive income — — — 2,919 259 3,178 Share-based compensation — 10,095 — — — 10,095 Issuance of common stock, net 253 ( 2,518 ) — — — ( 2,265 ) Contributions from noncontrolling interests — — — — 5,379 5,379 Distributions to noncontrolling interests — — — — ( 4,000 ) ( 4,000 ) Balance - June 30, 2019 $ 50,279 $ 1,110,496 $ 380,795 $ ( 42,530 ) $ ( 9,481 ) $ 1,489,559 |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2020 | |
Other Comprehensive Income (Loss) [Abstract] | |
Other Comprehensive Income (Loss) | (17) Other Comprehensive Income (Loss) ASC 220, Comprehensive Income , establishes standards for reporting comprehensive income and its components in the consolidated financial statements. The Company reports the change in pension benefit plan assets/liabilities, cumulative foreign currency translation and change in fair value of investments as components of accumulated other comprehensive income (loss) (“AOCI”). The components of other comprehensive income (loss) and the related tax effects for the three and six months ended June 30, 2020 and 2019 were as follows: Three Months Ended Three Months Ended June 30, 2020 June 30, 2019 (in thousands) Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount Other comprehensive income: Defined benefit pension plan adjustments $ 592 $ ( 168 ) $ 424 $ 464 $ ( 133 ) $ 331 Foreign currency translation adjustments 1,973 ( 318 ) 1,655 1,072 ( 262 ) 810 Unrealized gain in fair value of investments 1,602 ( 296 ) 1,306 867 ( 181 ) 686 Total other comprehensive income 4,167 ( 782 ) 3,385 2,403 ( 576 ) 1,827 Less: Other comprehensive income attributable to noncontrolling interests (a) 854 — 854 157 — 157 Total other comprehensive income attributable to Tutor Perini Corporation $ 3,313 $ ( 782 ) $ 2,531 $ 2,246 $ ( 576 ) $ 1,670 (a) The only component of other comprehensive income (loss) attributable to noncontrolling interests is foreign currency translation. Six Months Ended Six Months Ended June 30, 2020 June 30, 2019 (in thousands) Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount Other comprehensive income: Defined benefit pension plan adjustments $ 1,183 $ ( 336 ) $ 847 $ 926 $ ( 265 ) $ 661 Foreign currency translation adjustment ( 2,954 ) 596 ( 2,358 ) 1,551 ( 393 ) 1,158 Unrealized gain in fair value of investments 2,359 ( 511 ) 1,848 1,725 ( 366 ) 1,359 Total other comprehensive income 588 ( 251 ) 337 4,202 ( 1,024 ) 3,178 Less: Other comprehensive income (loss) attributable to noncontrolling interests (a) ( 1,166 ) — ( 1,166 ) 259 — 259 Total other comprehensive income attributable to Tutor Perini Corporation $ 1,754 $ ( 251 ) $ 1,503 $ 3,943 $ ( 1,024 ) $ 2,919 (a) The only component of other comprehensive income (loss) attributable to noncontrolling interests is foreign currency translation. The changes in AOCI balances by component (after tax) attributable to Tutor Perini Corporation during the three and six months ended June 30, 2020 were as follows: Three Months Ended June 30, 2020 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 March 31, 2020 $ ( 37,403 ) $ ( 7,364 ) $ 1,639 $ ( 43,128 ) Other comprehensive income before reclassifications — 801 1,335 2,136 Amounts reclassified from AOCI 424 — ( 29 ) 395 Total other comprehensive income 424 801 1,306 2,531 Balance as of June 30, 2020 $ ( 36,979 ) $ ( 6,563 ) $ 2,945 $ ( 40,597 ) Six Months Ended June 30, 2020 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, 2019 $ ( 37,826 ) $ ( 5,371 ) $ 1,097 $ ( 42,100 ) Other comprehensive income (loss) before reclassifications — ( 1,192 ) 1,881 689 Amounts reclassified from AOCI 847 — ( 33 ) 814 Total other comprehensive income (loss) 847 ( 1,192 ) 1,848 1,503 Balance as of June 30, 2020 $ ( 36,979 ) $ ( 6,563 ) $ 2,945 $ ( 40,597 ) The changes in AOCI balances by component (after tax) attributable to Tutor Perini Corporation during the three and six months ended June 30, 2019 were as follows: Three Months Ended June 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 March 31, 2019 $ ( 38,340 ) $ ( 6,069 ) $ 209 $ ( 44,200 ) Other comprehensive income before reclassifications — 653 714 1,367 Amounts reclassified from AOCI 331 — ( 28 ) 303 Total other comprehensive income 331 653 686 1,670 Balance as of June 30, 2019 $ ( 38,009 ) $ ( 5,416 ) $ 895 $ ( 42,530 ) Six Months Ended June 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 — 899 1,379 2,278 Amounts reclassified from AOCI 661 — ( 20 ) 641 Total other comprehensive income 661 899 1,359 2,919 Balance as of June 30, 2019 $ ( 38,009 ) $ ( 5,416 ) $ 895 $ ( 42,530 ) |
Business Segments
Business Segments | 6 Months Ended |
Jun. 30, 2020 | |
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 six months ended June 30, 2020 and 2019: Reportable Segments Specialty Consolidated (in thousands) Civil Building Contractors Total Corporate Total Three Months Ended June 30, 2020 Total revenue $ 644,685 $ 490,317 $ 234,497 $ 1,369,499 $ — $ 1,369,499 Elimination of intersegment revenue ( 75,709 ) ( 17,296 ) ( 67 ) ( 93,072 ) — ( 93,072 ) Revenue from external customers $ 568,976 $ 473,021 $ 234,430 $ 1,276,427 $ — $ 1,276,427 Income (loss) from construction operations $ 65,398 $ 17,789 $ ( 11,388 ) $ 71,799 (a) $ ( 14,103 ) (b) $ 57,696 Capital expenditures $ 18,951 $ 186 $ 255 $ 19,392 $ 301 $ 19,693 Depreciation and amortization (c) $ 21,775 $ 428 $ 995 $ 23,198 $ 2,767 $ 25,965 Three Months Ended June 30, 2019 Total revenue $ 541,117 $ 433,559 $ 223,299 $ 1,197,975 $ — $ 1,197,975 Elimination of intersegment revenue ( 67,459 ) ( 5,241 ) — ( 72,700 ) — ( 72,700 ) Revenue from external customers $ 473,658 $ 428,318 $ 223,299 $ 1,125,275 $ — $ 1,125,275 Income (loss) from construction operations $ ( 164,472 ) $ ( 3,810 ) $ ( 159,795 ) $ ( 328,077 ) (d) $ ( 13,640 ) (b) $ ( 341,717 ) Capital expenditures $ 24,439 $ 150 $ 110 $ 24,699 $ 235 $ 24,934 Depreciation and amortization (c) $ 10,285 $ 497 $ 1,061 $ 11,843 $ 2,754 $ 14,597 ____________________________________________________________________________________________________ (a) During the three months ended June 30, 2020, income (loss) from construction operations was impacted by $ 13.2 million (an unfavorable after-tax impact of $ 9.5 million, or $ 0.19 per diluted share) due to an adverse arbitration ruling pertaining to an electrical project in New York in the Specialty Contractors segment. (b) Consists primarily of corporate general and administrative expenses. (c) Depreciation and amortization is included in income (loss) from construction operations. (d) During the three months ended June 30, 2019, the Company recorded a non-cash goodwill impairment charge of $ 379.9 million in income (loss) from construction operations (an unfavorable after-tax impact of $ 329.5 million, or $ 6.56 per diluted share) resulting from an interim impairment test the Company performed as of June 1, 2019. Reportable Segments Specialty Consolidated (in thousands) Civil Building Contractors Total Corporate Total Six Months Ended June 30, 2020 Total revenue $ 1,224,771 $ 995,400 $ 516,949 $ 2,737,120 $ — $ 2,737,120 Elimination of intersegment revenue ( 169,166 ) ( 40,615 ) ( 183 ) ( 209,964 ) — ( 209,964 ) Revenue from external customers $ 1,055,605 $ 954,785 $ 516,766 $ 2,527,156 $ — $ 2,527,156 Income (loss) from construction operations $ 111,519 $ 21,305 $ ( 3,109 ) $ 129,715 (a) $ ( 24,792 ) (b) $ 104,923 Capital expenditures $ 30,143 $ 198 $ 728 $ 31,069 $ 317 $ 31,386 Depreciation and amortization (c) $ 40,391 $ 855 $ 1,988 $ 43,234 $ 5,542 $ 48,776 Six Months Ended June 30, 2019 Total revenue $ 924,739 $ 869,802 $ 414,826 $ 2,209,367 $ — $ 2,209,367 Elimination of intersegment revenue ( 117,587 ) ( 8,018 ) — ( 125,605 ) — ( 125,605 ) Revenue from external customers $ 807,152 $ 861,784 $ 414,826 $ 2,083,762 $ — $ 2,083,762 Income (loss) from construction operations $ ( 122,727 ) $ ( 677 ) $ ( 167,283 ) $ ( 290,687 ) (d) $ ( 28,117 ) (b) $ ( 318,804 ) Capital expenditures $ 38,451 $ 205 $ 233 $ 38,889 $ 457 $ 39,346 Depreciation and amortization (c) $ 19,655 $ 1,000 $ 2,125 $ 22,780 $ 5,534 $ 28,314 ____________________________________________________________________________________________________ (a) During the six months ended June 30, 2020, income (loss) from construction operations was impacted by $ 13.2 million (an unfavorable after-tax impact of $ 9.5 million, or $ 0.19 per diluted share) due to an adverse arbitration ruling pertaining to an electrical project in New York in the Specialty Contractors segment. (b) Consists primarily of corporate general and administrative expenses. (c) Depreciation and amortization is included in income (loss) from construction operations. (d) During the six months ended June 30, 2019, the Company recorded a non-cash goodwill impairment charge of $ 379.9 million in income (loss) from construction operations (an unfavorable after-tax impact of $ 329.5 million, or $ 6.57 per diluted share) resulting from an interim impairment test the Company performed as of June 1, 2019. A reconciliation of segment results to the consolidated income (loss) before income taxes is as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2020 2019 2020 2019 Income (loss) from construction operations $ 57,696 $ ( 341,717 ) $ 104,923 $ ( 318,804 ) Other income (expense) ( 797 ) 900 ( 316 ) 1,322 Interest expense ( 16,464 ) ( 17,522 ) ( 32,900 ) ( 33,947 ) Income (loss) before income taxes $ 40,435 $ ( 358,339 ) $ 71,707 $ ( 351,429 ) Total assets by segment were as follows : As of As of (in thousands) June 30, 2020 December 31, 2019 Civil $ 3,084,528 $ 2,791,402 Building 1,083,421 995,298 Specialty Contractors 664,161 635,180 Corporate and other (a) ( 68,507 ) 63,897 Total assets $ 4,763,603 $ 4,485,777 ____________________________________________________________________________________________________ (a) Consists principally of cash, equipment, tax-related assets and insurance-related assets, offset by the elimination of assets related to intersegment revenue. |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Revenue [Abstract] | |
Disaggregation Of Revenue | Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2020 2019 2020 2019 Civil segment revenue by end market: Mass transit (includes transportation and tunneling projects) $ 354,809 $ 243,620 $ 651,952 $ 389,870 Bridges 89,100 86,467 141,284 155,774 Highways 35,591 60,244 68,173 101,287 Military defense facilities 35,042 13,140 58,652 23,421 Water 29,548 4,658 53,292 14,326 Other 24,886 65,529 82,252 122,474 Total Civil segment revenue $ 568,976 $ 473,658 $ 1,055,605 $ 807,152 Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2020 2019 2020 2019 Building segment revenue by end market: Commercial and industrial facilities $ 106,899 $ 115,193 $ 239,948 $ 224,546 Hospitality and gaming 107,942 53,576 226,929 122,885 Municipal and government 79,223 68,580 148,725 130,542 Mass transit (includes transportation projects) 66,552 41,211 124,399 70,388 Education facilities 47,038 47,062 78,660 89,590 Health care facilities 32,418 60,796 68,307 141,023 Mixed use 13,101 9,316 23,073 24,591 Other 19,848 32,584 44,744 58,219 Total Building segment revenue $ 473,021 $ 428,318 $ 954,785 $ 861,784 Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2020 2019 2020 2019 Specialty Contractors segment revenue by end market: Mass transit (includes transportation and tunneling projects) $ 118,634 $ 100,016 $ 267,305 $ 181,411 Commercial and industrial facilities 20,499 43,618 74,004 87,641 Multi-unit residential 37,611 19,225 64,104 30,614 Education facilities 10,338 14,036 26,895 25,616 Mixed use 10,536 18,036 24,338 28,705 Health care facilities 4,283 9,248 6,805 20,899 Other 32,529 19,120 53,315 39,940 Total Specialty Contractors segment revenue $ 234,430 $ 223,299 $ 516,766 $ 414,826 Three Months Ended June 30, 2020 Three Months Ended June 30, 2019 Specialty Specialty (in thousands) Civil Building Contractors Total Civil Building Contractors Total Revenue by customer type: State and local agencies $ 503,828 $ 157,748 $ 113,623 $ 775,199 $ 381,438 $ 133,798 $ 114,255 $ 629,491 Federal agencies 42,590 34,648 11,292 88,530 26,979 44,396 2,761 74,136 Private owners 22,558 280,625 109,515 412,698 65,241 250,124 106,283 421,648 Total revenue $ 568,976 $ 473,021 $ 234,430 $ 1,276,427 $ 473,658 $ 428,318 $ 223,299 $ 1,125,275 Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 Specialty Specialty (in thousands) Civil Building Contractors Total Civil Building Contractors Total Revenue by customer type: State and local agencies $ 899,873 $ 303,764 $ 246,496 $ 1,450,133 $ 638,545 $ 278,484 $ 211,326 $ 1,128,355 Federal agencies 79,251 66,621 21,048 166,920 50,137 84,547 10,530 145,214 Private owners 76,481 584,400 249,222 910,103 118,470 498,753 192,970 810,193 Total revenue $ 1,055,605 $ 954,785 $ 516,766 $ 2,527,156 $ 807,152 $ 861,784 $ 414,826 $ 2,083,762 Three Months Ended June 30, 2020 Three Months Ended June 30, 2019 Specialty Specialty (in thousands) Civil Building Contractors Total Civil Building Contractors Total Revenue by contract type: Fixed price $ 455,928 $ 114,229 $ 205,531 $ 775,688 $ 349,945 $ 136,250 $ 187,826 $ 674,021 Guaranteed maximum price 281 248,738 4,038 253,057 1,644 185,050 7,315 194,009 Unit price 111,790 629 18,442 130,861 116,285 2,800 20,183 139,268 Cost plus fee and other 977 109,425 6,419 116,821 5,784 104,218 7,975 117,977 Total revenue $ 568,976 $ 473,021 $ 234,430 $ 1,276,427 $ 473,658 $ 428,318 $ 223,299 $ 1,125,275 Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 Specialty Specialty (in thousands) Civil Building Contractors Total Civil Building Contractors Total Revenue by contract type: Fixed price $ 864,899 $ 219,827 $ 454,047 $ 1,538,773 $ 592,811 $ 250,609 $ 343,090 $ 1,186,510 Guaranteed maximum price 589 486,511 6,587 493,687 3,878 392,182 10,921 406,981 Unit price 183,148 1,163 39,593 223,904 201,163 8,028 39,186 248,377 Cost plus fee and other 6,969 247,284 16,539 270,792 9,300 210,965 21,629 241,894 Total revenue $ 1,055,605 $ 954,785 $ 516,766 $ 2,527,156 $ 807,152 $ 861,784 $ 414,826 $ 2,083,762 |
Contract Assets And Liabiliti_2
Contract Assets And Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Contract Assets And Liabilities [Abstract] | |
Schedule Of Contract Assets And Liabilities | As of June 30, As of December 31, (in thousands) 2020 2019 Retainage receivable $ 581,495 $ 562,375 Costs and estimated earnings in excess of billings: Claims 729,170 705,993 Unapproved change orders 348,043 362,264 Other unbilled costs and profits 71,890 55,287 Total costs and estimated earnings in excess of billings 1,149,103 1,123,544 Capitalized contract costs 88,185 80,294 Total contract assets $ 1,818,783 $ 1,766,213 Retainage receivable represents amounts invoiced to customers where payments have been partially withheld pending the completion of certain milestones, satisfaction of other contractual conditions or the completion of the project. Retainage agreements vary from project to project, and balances could be outstanding for several months or years depending on a number of circumstances such as contract-specific terms, project performance and other variables that may arise as the Company makes progress toward completion. Costs and estimated earnings in excess of billings represent the excess of contract costs and profits (or contract revenue) over the amount of contract billings to date and are classified as a current asset. Costs and estimated earnings in excess of billings result when either: (1) the appropriate contract revenue amount has been recognized over time in accordance with ASC 606, Revenue from Contracts with Customers (“ASC 606”) , but a portion of the revenue recorded cannot be billed currently due to the billing terms defined in the contract, or (2) costs are incurred related to certain claims and unapproved change orders. Claims occur when there is a dispute regarding both a change in the scope of work and the price associated with that change. Unapproved change orders occur when a change in the scope of work results in additional work being performed before the parties have agreed on the corresponding change in the contract price. The Company routinely estimates recovery related to claims and unapproved change orders as a form of variable consideration at the most likely amount it expects to receive and to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Claims and unapproved change orders are billable upon the agreement and resolution between the contractual parties and after the execution of contractual amendments. Increases in claims and unapproved change orders typically result from costs being incurred against existing or new positions; decreases normally result from resolutions and subsequent billings. As discussed in Note 11, the resolution of these claims and unapproved change orders may require litigation or other forms of dispute resolution proceedings. Other unbilled costs and profits are billable in accordance with the billing terms of each of the existing contractual arrangements and, as such, the timing of contract billing cycles can cause fluctuations in the balance of unbilled costs and profits. Ultimate resolution of other unbilled costs and profits typically involves incremental progress toward contractual requirements or milestones. Capitalized contract costs primarily represent costs to fulfill a contract that (1) directly relate to an existing or anticipated contract, (2) generate or enhance resources that will be used in satisfying performance obligations in the future and (3) are expected to be recovered through the contract, and are included in other current assets. Capitalized contract costs are generally expensed to the associated contract over the period of anticipated use on the project. During the three and six months ended June 30, 2020, $ 12.5 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 six months ended June 30, 2019, $ 8.6 million and $ 14.3 million, respectively, of previously capitalized contract costs were amortized and recognized as expense on the related contracts. Contract liabilities include amounts owed under retainage provisions and billings in excess of costs and estimated earnings. The amount as reported on the Condensed Consolidated Balance Sheets consisted of the following: As of June 30, As of December 31, (in thousands) 2020 2019 Retainage payable $ 278,045 $ 252,181 Billings in excess of costs and estimated earnings 962,446 844,389 Total contract liabilities $ 1,240,491 $ 1,096,570 |
Cash, Cash Equivalents And Re_2
Cash, Cash Equivalents And Restricted Cash (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Cash, Cash Equivalents And Restricted Cash [Abstract] | |
Reconciliation Of Cash, Cash Equivalents And Restricted Cash | As of June 30, As of December 31, (in thousands) 2020 2019 Cash and cash equivalents available for general corporate purposes $ 57,651 $ 43,760 Joint venture cash and cash equivalents 124,948 149,925 Cash and cash equivalents 182,599 193,685 Restricted cash 8,892 8,416 Total cash, cash equivalents and restricted cash $ 191,491 $ 202,101 |
Earnings Per Common Share (EP_2
Earnings Per Common Share (EPS) (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Common Share (EPS) [Abstract] | |
Calculations Of The Basic And Diluted EPS | Three Months Ended June 30, Six Months Ended June 30, (in thousands, except per common share data) 2020 2019 2020 2019 Net income (loss) attributable to Tutor Perini Corporation $ 18,709 $ ( 320,530 ) $ 36,080 $ ( 320,886 ) Weighted-average common shares outstanding, basic 50,667 50,224 50,502 50,161 Effect of dilutive restricted stock units and stock options 268 — 383 — Weighted-average common shares outstanding, diluted 50,935 50,224 50,885 50,161 Net income (loss) attributable to Tutor Perini Corporation per common share: Basic $ 0.37 $ ( 6.38 ) $ 0.71 $ ( 6.40 ) Diluted $ 0.37 $ ( 6.38 ) $ 0.71 $ ( 6.40 ) Anti-dilutive securities not included above 2,209 4,191 2,209 4,354 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Goodwill And Intangible Assets [Abstract] | |
Changes In Carrying Amount Of Goodwill | Specialty (in thousands) Civil Building Contractors Total Gross goodwill $ 492,074 $ 424,724 $ 156,193 $ 1,072,991 Accumulated impairment ( 286,931 ) ( 424,724 ) ( 156,193 ) ( 867,848 ) Balance as of December 31, 2019 205,143 — — 205,143 Current year activity — — — — Balance as of June 30, 2020 $ 205,143 $ — $ — $ 205,143 |
Intangible Assets | As of June 30, 2020 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 ( 22,511 ) ( 23,232 ) 28,607 20 years Contractor license 6,000 — ( 6,000 ) — N/A Customer relationships 39,800 ( 21,575 ) ( 16,645 ) 1,580 12 years Construction contract backlog 149,290 ( 89,213 ) — 60,077 3 years Total $ 387,040 $ ( 133,299 ) $ ( 113,067 ) $ 140,674 As of December 31, 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 ( 21,267 ) ( 23,232 ) 29,851 20 years Contractor license 6,000 — ( 6,000 ) — N/A Customer relationships 39,800 ( 21,048 ) ( 16,645 ) 2,107 12 years Construction contract backlog 149,290 ( 76,388 ) — 72,902 3 years Total $ 387,040 $ ( 118,703 ) $ ( 113,067 ) $ 155,270 |
Financial Commitments (Tables)
Financial Commitments (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Financial Commitments [Abstract] | |
Long-Term Debt | As of June 30, As of December 31, (in thousands) 2020 2019 2017 Senior Notes $ 494,810 $ 494,365 2017 Credit Facility 100,000 114,000 Convertible Notes 188,089 182,292 Equipment financing and mortgages 44,917 39,159 Other indebtedness 8,603 4,660 Total debt 836,419 834,476 Less: Current maturities 320,790 124,054 Long-term debt, net $ 515,629 $ 710,422 |
Reconciliation Of Outstanding Debt Balance To Reported Debt Balance | As of June 30, 2020 As of December 31, 2019 (in thousands) Outstanding Debt Unamortized Discount and Issuance Costs Debt, as reported Outstanding Debt Unamortized Discount and Issuance Costs Debt, as reported 2017 Senior Notes $ 500,000 $ ( 5,190 ) $ 494,810 $ 500,000 $ ( 5,635 ) $ 494,365 Convertible Notes 200,000 ( 11,911 ) 188,089 200,000 ( 17,708 ) 182,292 |
Summary Of Interest Expense As Reported In The Consolidated Statements of Operations | Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2020 2019 2020 2019 Cash interest expense: Interest on 2017 Senior Notes $ 8,593 $ 8,594 $ 17,187 $ 17,187 Interest on 2017 Credit Facility 2,338 3,682 4,753 6,327 Interest on Convertible Notes 1,438 1,438 2,875 2,875 Other interest 535 541 1,039 1,116 Total cash interest expense 12,904 14,255 25,854 27,505 Non-cash interest expense: (a) Amortization of discount and debt issuance costs on Convertible Notes 2,933 2,671 5,797 5,279 Amortization of debt issuance costs on 2017 Credit Facility 402 387 804 749 Amortization of debt issuance costs on 2017 Senior Notes 225 209 445 414 Total non-cash interest expense 3,560 3,267 7,046 6,442 Total interest expense $ 16,464 $ 17,522 $ 32,900 $ 33,947 ____________________________________________________________________________________________________ (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 six months ended June 30, 2020. |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Components Of Lease Expense | Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2020 2019 2020 2019 Operating lease expense $ 3,661 $ 3,921 $ 7,428 $ 7,702 Short-term lease expense (a) 23,056 16,486 40,321 33,057 26,717 20,407 47,749 40,759 Less: Sublease income 329 262 658 521 Total lease expense $ 26,388 $ 20,145 $ 47,091 $ 40,238 ____________________________________________________________________________________________________ (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 June 30, As of December 31, (dollars in thousands) Balance Sheet Line Item 2020 2019 Assets ROU assets Other assets $ 38,909 $ 40,156 Total lease assets $ 38,909 $ 40,156 Liabilities Current lease liabilities Accrued expenses and other current liabilities $ 10,255 $ 11,392 Long-term lease liabilities Other long-term liabilities 31,869 31,900 Total lease liabilities $ 42,124 $ 43,292 Weighted-average remaining lease term (in years) 5.0 5.0 Weighted-average discount rate 6.77 % 5.96 % The following table presents supplemental cash flow information and non-cash activity related to operating leases: Six Months Ended June 30, (in thousands) 2020 2019 Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ ( 7,386 ) $ ( 7,622 ) Non-cash activity: ROU assets obtained in exchange for lease liabilities $ 4,923 $ 6,040 |
Maturity Of Leases Liabilities On An Undiscounted Basis | The following table presents maturities of operating lease liabilities on an undiscounted basis as of June 30, 2020: Year (in thousands) Operating Leases 2020 (excluding the six months ended June 30, 2020) $ 7,039 2021 10,588 2022 9,294 2023 7,582 2024 5,701 Thereafter 10,053 Total lease payments 50,257 Less: Imputed interest 8,133 Total $ 42,124 |
Employee Pension Plans (Tables)
Employee Pension Plans (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Employee Pension Plans [Abstract] | |
Summary Of Net Periodic Benefit Cost | Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2020 2019 2020 2019 Interest cost $ 758 $ 948 $ 1,516 $ 1,896 Expected return on plan assets ( 1,006 ) ( 1,043 ) ( 2,012 ) ( 2,086 ) Amortization of net loss 592 463 1,184 926 Other 231 225 462 450 Net periodic benefit cost $ 575 $ 593 $ 1,150 $ 1,186 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Measurements [Abstract] | |
Assets And Liabilities Measured At Fair Value On Recurring Basis | As of June 30, 2020 As of December 31, 2019 Fair Value Hierarchy Fair Value Hierarchy (in thousands) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash and cash equivalents (a) $ 182,599 $ — $ — $ 182,599 $ 193,685 $ — $ — $ 193,685 Restricted cash (a) 8,892 — — 8,892 8,416 — — 8,416 Restricted investments (b) — 75,382 — 75,382 — 70,974 — 70,974 Investments in lieu of retainage (c) 98,837 1,208 — 100,045 89,572 1,219 — 90,791 Total $ 290,328 $ 76,590 $ — $ 366,918 $ 291,673 $ 72,193 $ — $ 363,866 ____________________________________________________________________________________________________ (a) Includes money market funds and short-term investments with maturity dates of three months or less when acquired. (b) Restricted investments, as of June 30, 2020, consist of investments in U.S. government agency securities of $ 37.5 million, corporate debt securities of $ 36.8 million and corporate certificates of deposits of $ 1.1 million with maturities of up to five years , and are valued based on pricing models, which are determined from a compilation of primarily observable market information, broker quotes in non-active markets or similar assets and are therefore classified as Level 2 assets. As of December 31, 2019, restricted investments consisted of investments in corporate debt securities of $ 35.8 million, U.S. government agency securities of $ 33.8 million and corporate certificates of deposits of $ 1.4 million with maturities of up to five years . The amortized cost of these available-for-sale securities at June 30, 2020 and December 31, 2019 was not materially different from the fair value. (c) Investments in lieu of retainage are included in retainage receivable and as of June 30, 2020 are comprised of money market funds of $ 98.8 million and municipal bonds of $ 1.2 million. The fair values of the money market funds are measured using quoted market prices; therefore, they are classified as Level 1 assets. The fair values of municipal bonds are measured using readily available pricing sources for comparable instruments; therefore, they are classified as Level 2 assets. As of December 31, 2019, investments in lieu of retainage consisted of money market funds of $ 89.6 million and municipal bonds of $ 1.2 million. The amortized cost of these available-for-sale securities at June 30, 2020 and December 31, 2019 was not materially different from the fair value. |
Changes In Equity (Tables)
Changes In Equity (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Changes In Equity [Abstract] | |
Schedule Of Stockholders Equity | Three Months Ended June 30, 2020 Accumulated Additional Other Common Paid-in Retained Comprehensive Noncontrolling Total (in thousands) Stock Capital Earnings Loss Interests Equity Balance - March 31, 2020 $ 50,577 $ 1,120,487 $ 331,362 $ ( 43,128 ) $ ( 16,370 ) $ 1,442,928 Net income — — 18,709 — 12,150 30,859 Other comprehensive income — — — 2,531 854 3,385 Share-based compensation — 4,185 — — — 4,185 Issuance of common stock, net 194 — — — — 194 Distributions to noncontrolling interests — — — — ( 17,410 ) ( 17,410 ) Balance - June 30, 2020 $ 50,771 $ 1,124,672 $ 350,071 $ ( 40,597 ) $ ( 20,776 ) $ 1,464,141 Six Months Ended June 30, 2020 Accumulated Additional Other Common Paid-in Retained Comprehensive Noncontrolling Total (in thousands) Stock Capital Earnings Loss Interests Equity Balance - December 31, 2019 $ 50,279 $ 1,117,972 $ 313,991 $ ( 42,100 ) $ ( 9,617 ) $ 1,430,525 Net income — — 36,080 — 20,917 56,997 Other comprehensive income (loss) — — — 1,503 ( 1,166 ) 337 Share-based compensation — 7,692 — — — 7,692 Issuance of common stock, net 492 ( 992 ) — — — ( 500 ) Distributions to noncontrolling interests — — — — ( 30,910 ) ( 30,910 ) Balance - June 30, 2020 $ 50,771 $ 1,124,672 $ 350,071 $ ( 40,597 ) $ ( 20,776 ) $ 1,464,141 Three Months Ended June 30, 2019 Accumulated Additional Other Common Paid-in Retained Comprehensive Noncontrolling Total (in thousands) Stock Capital Earnings Loss Interests Equity Balance - March 31, 2019 $ 50,180 $ 1,105,184 $ 701,325 $ ( 44,200 ) $ ( 17,310 ) $ 1,795,179 Net income (loss) — — ( 320,530 ) — 5,091 ( 315,439 ) Other comprehensive income — — — 1,670 157 1,827 Share-based compensation — 5,312 — — — 5,312 Issuance of common stock, net 99 — — — — 99 Contributions from noncontrolling interests — — — — 2,581 2,581 Balance - June 30, 2019 $ 50,279 $ 1,110,496 $ 380,795 $ ( 42,530 ) $ ( 9,481 ) $ 1,489,559 Six Months Ended June 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) — — ( 320,886 ) — 10,169 ( 310,717 ) Other comprehensive income — — — 2,919 259 3,178 Share-based compensation — 10,095 — — — 10,095 Issuance of common stock, net 253 ( 2,518 ) — — — ( 2,265 ) Contributions from noncontrolling interests — — — — 5,379 5,379 Distributions to noncontrolling interests — — — — ( 4,000 ) ( 4,000 ) Balance - June 30, 2019 $ 50,279 $ 1,110,496 $ 380,795 $ ( 42,530 ) $ ( 9,481 ) $ 1,489,559 |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Other Comprehensive Income (Loss) [Abstract] | |
Schedule Of Components Of Other Comprehensive Income (Loss) And Related Tax Effects | The components of other comprehensive income (loss) and the related tax effects for the three and six months ended June 30, 2020 and 2019 were as follows: Three Months Ended Three Months Ended June 30, 2020 June 30, 2019 (in thousands) Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount Other comprehensive income: Defined benefit pension plan adjustments $ 592 $ ( 168 ) $ 424 $ 464 $ ( 133 ) $ 331 Foreign currency translation adjustments 1,973 ( 318 ) 1,655 1,072 ( 262 ) 810 Unrealized gain in fair value of investments 1,602 ( 296 ) 1,306 867 ( 181 ) 686 Total other comprehensive income 4,167 ( 782 ) 3,385 2,403 ( 576 ) 1,827 Less: Other comprehensive income attributable to noncontrolling interests (a) 854 — 854 157 — 157 Total other comprehensive income attributable to Tutor Perini Corporation $ 3,313 $ ( 782 ) $ 2,531 $ 2,246 $ ( 576 ) $ 1,670 (a) The only component of other comprehensive income (loss) attributable to noncontrolling interests is foreign currency translation. Six Months Ended Six Months Ended June 30, 2020 June 30, 2019 (in thousands) Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount Other comprehensive income: Defined benefit pension plan adjustments $ 1,183 $ ( 336 ) $ 847 $ 926 $ ( 265 ) $ 661 Foreign currency translation adjustment ( 2,954 ) 596 ( 2,358 ) 1,551 ( 393 ) 1,158 Unrealized gain in fair value of investments 2,359 ( 511 ) 1,848 1,725 ( 366 ) 1,359 Total other comprehensive income 588 ( 251 ) 337 4,202 ( 1,024 ) 3,178 Less: Other comprehensive income (loss) attributable to noncontrolling interests (a) ( 1,166 ) — ( 1,166 ) 259 — 259 Total other comprehensive income attributable to Tutor Perini Corporation $ 1,754 $ ( 251 ) $ 1,503 $ 3,943 $ ( 1,024 ) $ 2,919 (a) The only component of other comprehensive income (loss) attributable to noncontrolling interests is foreign currency translation. |
Schedule Of Changes In AOCI Balances By Component (After-Tax) | The changes in AOCI balances by component (after tax) attributable to Tutor Perini Corporation during the three and six months ended June 30, 2020 were as follows: Three Months Ended June 30, 2020 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 March 31, 2020 $ ( 37,403 ) $ ( 7,364 ) $ 1,639 $ ( 43,128 ) Other comprehensive income before reclassifications — 801 1,335 2,136 Amounts reclassified from AOCI 424 — ( 29 ) 395 Total other comprehensive income 424 801 1,306 2,531 Balance as of June 30, 2020 $ ( 36,979 ) $ ( 6,563 ) $ 2,945 $ ( 40,597 ) Six Months Ended June 30, 2020 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, 2019 $ ( 37,826 ) $ ( 5,371 ) $ 1,097 $ ( 42,100 ) Other comprehensive income (loss) before reclassifications — ( 1,192 ) 1,881 689 Amounts reclassified from AOCI 847 — ( 33 ) 814 Total other comprehensive income (loss) 847 ( 1,192 ) 1,848 1,503 Balance as of June 30, 2020 $ ( 36,979 ) $ ( 6,563 ) $ 2,945 $ ( 40,597 ) The changes in AOCI balances by component (after tax) attributable to Tutor Perini Corporation during the three and six months ended June 30, 2019 were as follows: Three Months Ended June 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 March 31, 2019 $ ( 38,340 ) $ ( 6,069 ) $ 209 $ ( 44,200 ) Other comprehensive income before reclassifications — 653 714 1,367 Amounts reclassified from AOCI 331 — ( 28 ) 303 Total other comprehensive income 331 653 686 1,670 Balance as of June 30, 2019 $ ( 38,009 ) $ ( 5,416 ) $ 895 $ ( 42,530 ) Six Months Ended June 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 — 899 1,379 2,278 Amounts reclassified from AOCI 661 — ( 20 ) 641 Total other comprehensive income 661 899 1,359 2,919 Balance as of June 30, 2019 $ ( 38,009 ) $ ( 5,416 ) $ 895 $ ( 42,530 ) |
Business Segments (Tables)
Business Segments (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Business Segments [Abstract] | |
Reportable Segments | Reportable Segments Specialty Consolidated (in thousands) Civil Building Contractors Total Corporate Total Three Months Ended June 30, 2020 Total revenue $ 644,685 $ 490,317 $ 234,497 $ 1,369,499 $ — $ 1,369,499 Elimination of intersegment revenue ( 75,709 ) ( 17,296 ) ( 67 ) ( 93,072 ) — ( 93,072 ) Revenue from external customers $ 568,976 $ 473,021 $ 234,430 $ 1,276,427 $ — $ 1,276,427 Income (loss) from construction operations $ 65,398 $ 17,789 $ ( 11,388 ) $ 71,799 (a) $ ( 14,103 ) (b) $ 57,696 Capital expenditures $ 18,951 $ 186 $ 255 $ 19,392 $ 301 $ 19,693 Depreciation and amortization (c) $ 21,775 $ 428 $ 995 $ 23,198 $ 2,767 $ 25,965 Three Months Ended June 30, 2019 Total revenue $ 541,117 $ 433,559 $ 223,299 $ 1,197,975 $ — $ 1,197,975 Elimination of intersegment revenue ( 67,459 ) ( 5,241 ) — ( 72,700 ) — ( 72,700 ) Revenue from external customers $ 473,658 $ 428,318 $ 223,299 $ 1,125,275 $ — $ 1,125,275 Income (loss) from construction operations $ ( 164,472 ) $ ( 3,810 ) $ ( 159,795 ) $ ( 328,077 ) (d) $ ( 13,640 ) (b) $ ( 341,717 ) Capital expenditures $ 24,439 $ 150 $ 110 $ 24,699 $ 235 $ 24,934 Depreciation and amortization (c) $ 10,285 $ 497 $ 1,061 $ 11,843 $ 2,754 $ 14,597 ____________________________________________________________________________________________________ (a) During the three months ended June 30, 2020, income (loss) from construction operations was impacted by $ 13.2 million (an unfavorable after-tax impact of $ 9.5 million, or $ 0.19 per diluted share) due to an adverse arbitration ruling pertaining to an electrical project in New York in the Specialty Contractors segment. (b) Consists primarily of corporate general and administrative expenses. (c) Depreciation and amortization is included in income (loss) from construction operations. (d) During the three months ended June 30, 2019, the Company recorded a non-cash goodwill impairment charge of $ 379.9 million in income (loss) from construction operations (an unfavorable after-tax impact of $ 329.5 million, or $ 6.56 per diluted share) resulting from an interim impairment test the Company performed as of June 1, 2019. Reportable Segments Specialty Consolidated (in thousands) Civil Building Contractors Total Corporate Total Six Months Ended June 30, 2020 Total revenue $ 1,224,771 $ 995,400 $ 516,949 $ 2,737,120 $ — $ 2,737,120 Elimination of intersegment revenue ( 169,166 ) ( 40,615 ) ( 183 ) ( 209,964 ) — ( 209,964 ) Revenue from external customers $ 1,055,605 $ 954,785 $ 516,766 $ 2,527,156 $ — $ 2,527,156 Income (loss) from construction operations $ 111,519 $ 21,305 $ ( 3,109 ) $ 129,715 (a) $ ( 24,792 ) (b) $ 104,923 Capital expenditures $ 30,143 $ 198 $ 728 $ 31,069 $ 317 $ 31,386 Depreciation and amortization (c) $ 40,391 $ 855 $ 1,988 $ 43,234 $ 5,542 $ 48,776 Six Months Ended June 30, 2019 Total revenue $ 924,739 $ 869,802 $ 414,826 $ 2,209,367 $ — $ 2,209,367 Elimination of intersegment revenue ( 117,587 ) ( 8,018 ) — ( 125,605 ) — ( 125,605 ) Revenue from external customers $ 807,152 $ 861,784 $ 414,826 $ 2,083,762 $ — $ 2,083,762 Income (loss) from construction operations $ ( 122,727 ) $ ( 677 ) $ ( 167,283 ) $ ( 290,687 ) (d) $ ( 28,117 ) (b) $ ( 318,804 ) Capital expenditures $ 38,451 $ 205 $ 233 $ 38,889 $ 457 $ 39,346 Depreciation and amortization (c) $ 19,655 $ 1,000 $ 2,125 $ 22,780 $ 5,534 $ 28,314 ____________________________________________________________________________________________________ (a) During the six months ended June 30, 2020, income (loss) from construction operations was impacted by $ 13.2 million (an unfavorable after-tax impact of $ 9.5 million, or $ 0.19 per diluted share) due to an adverse arbitration ruling pertaining to an electrical project in New York in the Specialty Contractors segment. (b) Consists primarily of corporate general and administrative expenses. (c) Depreciation and amortization is included in income (loss) from construction operations. (d) During the six months ended June 30, 2019, the Company recorded a non-cash goodwill impairment charge of $ 379.9 million in income (loss) from construction operations (an unfavorable after-tax impact of $ 329.5 million, or $ 6.57 per diluted share) resulting from an interim impairment test the Company performed as of June 1, 2019. |
Reconciliation Of Segment Results To Consolidated Income Before Income Taxes | Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2020 2019 2020 2019 Income (loss) from construction operations $ 57,696 $ ( 341,717 ) $ 104,923 $ ( 318,804 ) Other income (expense) ( 797 ) 900 ( 316 ) 1,322 Interest expense ( 16,464 ) ( 17,522 ) ( 32,900 ) ( 33,947 ) Income (loss) before income taxes $ 40,435 $ ( 358,339 ) $ 71,707 $ ( 351,429 ) |
Total Assets For Reportable Segments | As of As of (in thousands) June 30, 2020 December 31, 2019 Civil $ 3,084,528 $ 2,791,402 Building 1,083,421 995,298 Specialty Contractors 664,161 635,180 Corporate and other (a) ( 68,507 ) 63,897 Total assets $ 4,763,603 $ 4,485,777 ____________________________________________________________________________________________________ (a) Consists principally of cash, equipment, tax-related assets and insurance-related assets, offset by the elimination of assets related to intersegment revenue. |
Revenue (Narrative) (Details)
Revenue (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Net revenue recognized related to performance obligations satisfies (or partially satisfied) in prior periods | $ 19.8 | $ 14.6 | $ 35.6 | $ 27.7 |
Civil [Member] | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Revenue, Remaining Performance Obligation, Amount | 5,100 | 5,500 | $ 5,100 | 5,500 |
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 | 1,700 | 1,700 | $ 1,700 | 1,700 |
Specialty Contractors [Member] | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Revenue, Remaining Performance Obligation, Amount | $ 2,200 | $ 2,200 | $ 2,200 | $ 2,200 |
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 | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | $ 1,276,427 | $ 1,125,275 | $ 2,527,156 | $ 2,083,762 |
State And Local Agencies [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 775,199 | 629,491 | 1,450,133 | 1,128,355 |
Federal Agencies [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 88,530 | 74,136 | 166,920 | 145,214 |
Private Owners [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 412,698 | 421,648 | 910,103 | 810,193 |
Civil [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 568,976 | 473,658 | 1,055,605 | 807,152 |
Civil [Member] | State And Local Agencies [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 503,828 | 381,438 | 899,873 | 638,545 |
Civil [Member] | Federal Agencies [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 42,590 | 26,979 | 79,251 | 50,137 |
Civil [Member] | Private Owners [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 22,558 | 65,241 | 76,481 | 118,470 |
Civil [Member] | Mass Transit [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 354,809 | 243,620 | 651,952 | 389,870 |
Civil [Member] | Bridges [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 89,100 | 86,467 | 141,284 | 155,774 |
Civil [Member] | Highways [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 35,591 | 60,244 | 68,173 | 101,287 |
Civil [Member] | Water [Member | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 29,548 | 4,658 | 53,292 | 14,326 |
Civil [Member] | Military Defense Facilities [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 35,042 | 13,140 | 58,652 | 23,421 |
Civil [Member] | Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 24,886 | 65,529 | 82,252 | 122,474 |
Building [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 473,021 | 428,318 | 954,785 | 861,784 |
Building [Member] | State And Local Agencies [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 157,748 | 133,798 | 303,764 | 278,484 |
Building [Member] | Federal Agencies [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 34,648 | 44,396 | 66,621 | 84,547 |
Building [Member] | Private Owners [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 280,625 | 250,124 | 584,400 | 498,753 |
Building [Member] | Mass Transit [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 66,552 | 41,211 | 124,399 | 70,388 |
Building [Member] | Commercial And Industrial Facilities [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 106,899 | 115,193 | 239,948 | 224,546 |
Building [Member] | Health Care Facilities [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 32,418 | 60,796 | 68,307 | 141,023 |
Building [Member] | Hospitality And Gaming [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 107,942 | 53,576 | 226,929 | 122,885 |
Building [Member] | Municipal And Government [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 79,223 | 68,580 | 148,725 | 130,542 |
Building [Member] | Mixed Use [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 13,101 | 9,316 | 23,073 | 24,591 |
Building [Member] | Education Facilities [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 47,038 | 47,062 | 78,660 | 89,590 |
Building [Member] | Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 19,848 | 32,584 | 44,744 | 58,219 |
Specialty Contractors [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 234,430 | 223,299 | 516,766 | 414,826 |
Specialty Contractors [Member] | State And Local Agencies [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 113,623 | 114,255 | 246,496 | 211,326 |
Specialty Contractors [Member] | Federal Agencies [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 11,292 | 2,761 | 21,048 | 10,530 |
Specialty Contractors [Member] | Private Owners [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 109,515 | 106,283 | 249,222 | 192,970 |
Specialty Contractors [Member] | Mass Transit [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 118,634 | 100,016 | 267,305 | 181,411 |
Specialty Contractors [Member] | Commercial And Industrial Facilities [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 20,499 | 43,618 | 74,004 | 87,641 |
Specialty Contractors [Member] | Health Care Facilities [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 4,283 | 9,248 | 6,805 | 20,899 |
Specialty Contractors [Member] | Mixed Use [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 10,536 | 18,036 | 24,338 | 28,705 |
Specialty Contractors [Member] | Education Facilities [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 10,338 | 14,036 | 26,895 | 25,616 |
Specialty Contractors [Member] | Multi-Unit Residential [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 37,611 | 19,225 | 64,104 | 30,614 |
Specialty Contractors [Member] | Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | $ 32,529 | $ 19,120 | $ 53,315 | $ 39,940 |
Revenue (Schedule Of Revenue By
Revenue (Schedule Of Revenue By Contract Type) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | $ 1,276,427 | $ 1,125,275 | $ 2,527,156 | $ 2,083,762 |
Fixed Price [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 775,688 | 674,021 | 1,538,773 | 1,186,510 |
Guaranteed Maximum Price [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 253,057 | 194,009 | 493,687 | 406,981 |
Unit Price [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 130,861 | 139,268 | 223,904 | 248,377 |
Cost Plus Fee And Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 116,821 | 117,977 | 270,792 | 241,894 |
Civil [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 568,976 | 473,658 | 1,055,605 | 807,152 |
Civil [Member] | Fixed Price [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 455,928 | 349,945 | 864,899 | 592,811 |
Civil [Member] | Guaranteed Maximum Price [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 281 | 1,644 | 589 | 3,878 |
Civil [Member] | Unit Price [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 111,790 | 116,285 | 183,148 | 201,163 |
Civil [Member] | Cost Plus Fee And Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 977 | 5,784 | 6,969 | 9,300 |
Building [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 473,021 | 428,318 | 954,785 | 861,784 |
Building [Member] | Fixed Price [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 114,229 | 136,250 | 219,827 | 250,609 |
Building [Member] | Guaranteed Maximum Price [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 248,738 | 185,050 | 486,511 | 392,182 |
Building [Member] | Unit Price [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 629 | 2,800 | 1,163 | 8,028 |
Building [Member] | Cost Plus Fee And Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 109,425 | 104,218 | 247,284 | 210,965 |
Specialty Contractors [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 234,430 | 223,299 | 516,766 | 414,826 |
Specialty Contractors [Member] | Fixed Price [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 205,531 | 187,826 | 454,047 | 343,090 |
Specialty Contractors [Member] | Guaranteed Maximum Price [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 4,038 | 7,315 | 6,587 | 10,921 |
Specialty Contractors [Member] | Unit Price [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | 18,442 | 20,183 | 39,593 | 39,186 |
Specialty Contractors [Member] | Cost Plus Fee And Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contracts Revenue | $ 6,419 | $ 7,975 | $ 16,539 | $ 21,629 |
Contract Assets And Liabiliti_3
Contract Assets And Liabilities (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Contract Assets And Liabilities [Abstract] | ||||
Capitalized contract costs were amortized and recognized as expense | $ 12.5 | $ 8.6 | $ 22.8 | $ 14.3 |
Contract with Customer, Liability, Revenue Recognized | $ 470.8 | $ 289.4 | $ 565.9 | $ 391.9 |
Contract Assets And Liabiliti_4
Contract Assets And Liabilities (Schedule Of Contract Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Contract Assets And Liabilities [Abstract] | ||
Retainage receivable | $ 581,495 | $ 562,375 |
Claims | 729,170 | 705,993 |
Unapproved change orders | 348,043 | 362,264 |
Other unbilled costs and profits | 71,890 | 55,287 |
Total costs and estimated earnings in excess of billings | 1,149,103 | 1,123,544 |
Capitalized contract costs | 88,185 | 80,294 |
Total contract assets | $ 1,818,783 | $ 1,766,213 |
Contract Assets And Liabiliti_5
Contract Assets And Liabilities (Schedule Of Contract Liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Contract Assets And Liabilities [Abstract] | ||
Retainage payable | $ 278,045 | $ 252,181 |
Billings in excess of costs and estimated earnings | 962,446 | 844,389 |
Total contract liabilities | $ 1,240,491 | $ 1,096,570 |
Cash, Cash Equivalents And Re_3
Cash, Cash Equivalents And Restricted Cash (Reconciliation Of Cash, Cash Equivalents And Restricted Cash) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Cash and cash equivalents | $ 182,599 | $ 193,685 | ||
Restricted Cash | 8,892 | 8,416 | ||
Total cash, cash equivalents and restricted cash | 191,491 | 202,101 | $ 154,623 | $ 119,863 |
General Corporate Purposes [Member] | ||||
Cash and cash equivalents | 57,651 | 43,760 | ||
Joint Venture [Member] | ||||
Cash and cash equivalents | $ 124,948 | $ 149,925 |
Earnings Per Common Share (EP_3
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 | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Earnings Per Common Share (EPS) [Abstract] | ||||
Net income (loss) attributable to Tutor Perini Corporation | $ 18,709 | $ (320,530) | $ 36,080 | $ (320,886) |
Weighted-average common shares outstanding, basic | 50,667 | 50,224 | 50,502 | 50,161 |
Effect of dilutive restricted stock units and stock options | 268 | 383 | ||
Weighted-average common shares outstanding, diluted | 50,935 | 50,224 | 50,885 | 50,161 |
Net income (loss) attributable to Tutor Perini Corporation per common share: Basic | $ 0.37 | $ (6.38) | $ 0.71 | $ (6.40) |
Net income (loss) attributable to Tutor Perini Corporation per common share: Diluted | $ 0.37 | $ (6.38) | $ 0.71 | $ (6.40) |
Anti-dilutive securities not included above | 2,209 | 4,191 | 2,209 | 4,354 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2017 | |
Income Taxes [Line Items] | ||||||
Effective tax rate (as a percent) | 23.70% | 12.00% | 20.50% | 11.60% | ||
Income tax (expense) benefit | $ (9,576,000) | $ 42,900,000 | $ (14,710,000) | $ 40,712,000 | ||
Goodwill impairment, tax benefit | 50,400,000 | 50,400,000 | ||||
Income taxes, statutory rate | 21.00% | 35.00% | ||||
Goodwill, Impairment Loss | $ 0 | $ 0 | 379,863,000 | 379,863,000 | ||
Goodwill yielding permanent differences between book income and taxable income | $ 209,500,000 | $ 209,500,000 | ||||
Excluding Impact Of Goodwill Impairment Charge [Member] | ||||||
Income Taxes [Line Items] | ||||||
Effective tax rate (as a percent) | 34.70% | 34.00% |
Goodwill And Intangible Asset_2
Goodwill And Intangible Assets (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Goodwill And Intangible Assets [Abstract] | |||||
Goodwill impairment charge | $ 0 | $ 0 | $ 379,863,000 | $ 379,863,000 | |
Amortization expense | 8,800,000 | $ 900,000 | $ 14,596,000 | $ 1,771,000 | |
Remainder of 2020 | 19,500,000 | 19,500,000 | |||
2021 | 26,400,000 | 26,400,000 | |||
2022 | 22,000,000 | 22,000,000 | |||
2023 | 2,500,000 | 2,500,000 | |||
2024 | 2,500,000 | 2,500,000 | |||
2025 | $ 2,500,000 | $ 2,500,000 |
Goodwill And Intangible Asset_3
Goodwill And Intangible Assets (Changes In Carrying Amount Of Goodwill) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | |
Goodwill [Line Items] | ||
Balance at beginning of period | $ 205,143 | |
Gross goodwill | $ 1,072,991 | |
Accumulated Impairment | (867,848) | |
Current year activity | ||
Balance at end of period | 205,143 | |
Civil [Member] | ||
Goodwill [Line Items] | ||
Balance at beginning of period | 205,143 | |
Gross goodwill | 492,074 | |
Accumulated Impairment | (286,931) | |
Current year activity | ||
Balance at end of period | 205,143 | |
Building [Member] | ||
Goodwill [Line Items] | ||
Balance at beginning of period | ||
Gross goodwill | 424,724 | |
Accumulated Impairment | (424,724) | |
Current year activity | ||
Balance at end of period | ||
Specialty Contractors [Member] | ||
Goodwill [Line Items] | ||
Balance at beginning of period | ||
Gross goodwill | 156,193 | |
Accumulated Impairment | $ (156,193) | |
Current year activity | ||
Balance at end of period |
Goodwill And Intangible Asset_4
Goodwill And Intangible Assets (Intangible Assets) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Total intangible assets | ||
Cost | $ 387,040 | $ 387,040 |
Accumulated Amortization | (133,299) | (118,703) |
Accumulated Impairment Charge | (113,067) | (113,067) |
Carrying Value | 140,674 | 155,270 |
Trade Names [Member] | ||
Finite-Lived intangible assets | ||
Cost | 74,350 | 74,350 |
Accumulated Amortization | (22,511) | (21,267) |
Accumulated impairment charge | (23,232) | (23,232) |
Carrying Value | $ 28,607 | $ 29,851 |
Weighted Average Amortization Period | 20 years | 20 years |
Customer Relationships [Member] | ||
Finite-Lived intangible assets | ||
Cost | $ 39,800 | $ 39,800 |
Accumulated Amortization | (21,575) | (21,048) |
Accumulated impairment charge | (16,645) | (16,645) |
Carrying Value | $ 1,580 | $ 2,107 |
Weighted Average Amortization Period | 12 years | 12 years |
Construction Contract Backlog [Member] | ||
Finite-Lived intangible assets | ||
Cost | $ 149,290 | $ 149,290 |
Accumulated Amortization | (89,213) | (76,388) |
Carrying Value | $ 60,077 | $ 72,902 |
Weighted Average Amortization Period | 3 years | 3 years |
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) |
Financial Commitments (Narrativ
Financial Commitments (Narrative) (Details) | 6 Months Ended | |||
Jun. 30, 2020USD ($)item$ / sharesshares | Dec. 31, 2019USD ($) | May 07, 2019 | Apr. 20, 2017 | |
Senior Notes [Member] | Private Placement [Member] | 2017 Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Face amount | $ 500,000,000 | |||
Interest rate (as a percent) | 6.875% | |||
Redemption price, change of control triggering event (as a percent) | 101.00% | |||
Senior Notes [Member] | Circumstance One [Member] | Private Placement [Member] | 2017 Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Redemption price | 100.00% | |||
Senior Notes [Member] | Circumstance Two [Member] | Private Placement [Member] | 2017 Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Redemption price | 106.875% | |||
Percentage of notes that can be redeemed | 40.00% | |||
Convertible Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Face amount | $ 200,000,000 | |||
Interest rate (as a percent) | 2.875% | |||
Maturity date | Jun. 15, 2021 | |||
Conversion price, principal amount | $ 1,000 | |||
Conversion price, shares | shares | 33.0579 | |||
Conversion price | $ / shares | $ 30.25 | |||
Convertible Notes [Member] | Circumstance One [Member] | ||||
Debt Instrument [Line Items] | ||||
Business day period after consecutive trading day period | 5 days | |||
Consecutive trading day period | 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 | item | 30 | |||
Percentage of conversion price | 130.00% | |||
Business day period within consecutive trading day period | 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] | ||||
Maximum consolidated leverage ratio | 3.25 | |||
Maximum [Member] | 2017 Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Maximum consolidated leverage ratio | 3.50 | |||
Revolving Credit Facility [Member] | 2017 Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 350,000,000 | |||
Available borrowing capacity | $ 250,000,000 | |||
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 | 3.66% | |||
Minimum fixed charge coverage ratio, Required | 1.25 | |||
Unamortized debt issuance costs | $ 2,900,000 | $ 3,700,000 | ||
Additional borrowing | 150,000,000 | |||
Revolving Credit Facility [Member] | Letters Of Credit [Member] | 2017 Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | 150,000,000 | |||
Revolving Credit Facility [Member] | Swingline Loans [Member] | 2017 Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Face amount | $ 10,000,000 | |||
Revolving Credit Facility [Member] | Minimum [Member] | 2017 Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Maximum consolidated leverage ratio | 3.25 | |||
Revolving Credit Facility [Member] | Maximum [Member] | 2017 Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Maximum consolidated leverage ratio | 4 | |||
Revolving Credit Facility [Member] | Maximum [Member] | Amendment To 2017 Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Maximum consolidated leverage ratio | 3.50 | |||
LIBOR [Member] | Revolving Credit Facility [Member] | Circumstance Three [Member] | 2017 Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis points added to reference rate (as a percent)) | 1.00% | |||
LIBOR [Member] | Revolving Credit Facility [Member] | Minimum [Member] | 2017 Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis points added to reference rate (as a percent)) | 1.50% | |||
LIBOR [Member] | Revolving Credit Facility [Member] | Maximum [Member] | 2017 Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis points added to reference rate (as a percent)) | 3.00% | |||
Base Rate [Member] | Revolving Credit Facility [Member] | Circumstance Four [Member] | 2017 Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate (as a percent) | 0.00% | |||
Base Rate [Member] | Revolving Credit Facility [Member] | Minimum [Member] | 2017 Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis points added to reference rate (as a percent)) | 0.50% | |||
Base Rate [Member] | Revolving Credit Facility [Member] | Maximum [Member] | 2017 Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis points added to reference rate (as a percent)) | 2.00% | |||
Federal Funds Rate [Member] | Revolving Credit Facility [Member] | Circumstance Two [Member] | 2017 Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis points added to reference rate (as a percent)) | 0.50% |
Financial Commitments (Long-Ter
Financial Commitments (Long-Term Debt) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Total debt | $ 836,419 | $ 834,476 |
Less: Current maturities | 320,790 | 124,054 |
Long-term debt, net | 515,629 | 710,422 |
Convertible Notes [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 188,089 | 182,292 |
Equipment Financing And Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 44,917 | 39,159 |
Other Indebtedness [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 8,603 | 4,660 |
2017 Senior Notes [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 494,810 | 494,365 |
2017 Credit Facility [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | $ 100,000 | $ 114,000 |
Financial Commitments (Reconcil
Financial Commitments (Reconciliation Of Outstanding Debt Balance To Reported Debt Balance) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Total debt | $ 836,419 | $ 834,476 |
Convertible Notes [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding Debt | 200,000 | 200,000 |
Unamortized Discount and Issuance Costs | (11,911) | (17,708) |
Total debt | 188,089 | 182,292 |
2017 Senior Notes [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding Debt | 500,000 | 500,000 |
Unamortized Discount and Issuance Costs | (5,190) | (5,635) |
Total debt | $ 494,810 | $ 494,365 |
Financial Commitments (Summary
Financial Commitments (Summary Of Interest Expense As Reported In The Consolidated Statements of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | ||
Other interest | $ 535 | $ 541 | $ 1,039 | $ 1,116 | |
Total cash interest expense | 12,904 | 14,255 | 25,854 | 27,505 | |
Total non-cash interest expense | [1] | 3,560 | 3,267 | 7,046 | 6,442 |
Total interest expense | 16,464 | 17,522 | 32,900 | 33,947 | |
Convertible Notes [Member] | |||||
Total cash interest expense | 1,438 | 1,438 | 2,875 | 2,875 | |
Total non-cash interest expense | [1] | $ 2,933 | 2,671 | $ 5,797 | 5,279 |
Effective interest rates | 9.39% | 9.39% | |||
2017 Senior Notes [Member] | Senior Notes [Member] | |||||
Total cash interest expense | $ 8,593 | 8,594 | $ 17,187 | 17,187 | |
Total non-cash interest expense | [1] | $ 225 | 209 | $ 445 | 414 |
Effective interest rates | 7.13% | 7.13% | |||
2017 Credit Facility [Member] | Revolving Credit Facility [Member] | |||||
Total cash interest expense | $ 2,338 | 3,682 | $ 4,753 | 6,327 | |
Total non-cash interest expense | [1] | $ 402 | $ 387 | $ 804 | $ 749 |
[1] | The combination of cash and non-cash interest expense produces effective interest rates that are higher than contractual rates. Accordingly, the effective interest rates for the 2017 Senior Notes and the Convertible Notes were 7.13 % and 9.39 %, respectively, for the six months ended June 30, 2020. |
Leases (Narrative) (Details)
Leases (Narrative) (Details) | Jun. 30, 2020 |
Minimum [Member] | |
Lessee, Lease, Description [Line Items] | |
Operating lease, remaining lease terms | 1 year |
Maximum [Member] | |
Lessee, Lease, Description [Line Items] | |
Operating lease, remaining lease terms | 10 years |
Leases (Components Of Lease Exp
Leases (Components Of Lease Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | ||
Lessee, Lease, Description [Line Items] | |||||
Operating lease expense | $ 3,661 | $ 3,921 | $ 7,428 | $ 7,702 | |
Short-term lease expense | [1] | 23,056 | 16,486 | 40,321 | 33,057 |
Lease expense, gross | 26,717 | 20,407 | 47,749 | 40,759 | |
Less: Sublease income | 329 | 262 | 658 | 521 | |
Total lease expense | $ 26,388 | $ 20,145 | $ 47,091 | $ 40,238 | |
Minimum [Member] | |||||
Lessee, Lease, Description [Line Items] | |||||
Short term lease, lease term | 1 month | ||||
Maximum [Member] | |||||
Lessee, Lease, Description [Line Items] | |||||
Short term lease, lease term | 1 year | ||||
[1] | Short-term lease expense includes all leases with lease terms ranging from less than one month to one year . Short-term leases include, among other things, construction equipment rented on an as-needed basis as well as temporary housing. |
Leases (Supplemental Balance Sh
Leases (Supplemental Balance Sheet Information Related To Leases) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
ROU assets | $ 38,909 | $ 40,156 |
Current lease liabilities | 10,255 | 11,392 |
Long-term lease liabilities | 31,869 | 31,900 |
Total lease liabilities | $ 42,124 | $ 43,292 |
Weighted average remaining lease term (in years | 5 years | 5 years |
Weighted-average discount rate | 6.77% | 5.96% |
Leases (Supplemental Cash Flow
Leases (Supplemental Cash Flow And Other Information Related To Leases) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Leases [Abstract] | ||
Cash paid for amounts included in the measurement of lease liabilities | $ (7,386) | $ (7,622) |
ROU assets obtained in exchange for lease liabilities | $ 4,923 | $ 6,040 |
Leases (Maturity Of Leases Liab
Leases (Maturity Of Leases Liabilities On An Undiscounted Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
2020 (excluding the six months June 30, 2020) | $ 7,039 | |
2021 | 10,588 | |
2022 | 9,294 | |
2023 | 7,582 | |
2024 | 5,701 | |
Thereafter | 10,053 | |
Total lease payments | 50,257 | |
Less: Imputed interest | 8,133 | |
Total | $ 42,124 | $ 43,292 |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) - USD ($) $ in Millions | Dec. 13, 2019 | Jun. 04, 2019 | Feb. 26, 2015 | Mar. 31, 2016 | Jun. 30, 2015 | Aug. 31, 2013 | Dec. 31, 2019 | Jun. 30, 2020 | Jul. 02, 2018 | Mar. 31, 2018 |
Alaskan Way Viaduct Matter [Member] | ||||||||||
Contingencies and Commitments | ||||||||||
Settlement on judgment, awarded to other party | $ 57.2 | |||||||||
Value of claim filed | $ 57.2 | $ 532 | ||||||||
Value of counterclaim filed | $ 667 | |||||||||
Ownership percentage in joint venture | 45.00% | 45.00% | ||||||||
Pre-tax charge, impact from jury verdict | $ 166.8 | |||||||||
Pre-tax accrual, impact from jury verdict | $ 25.7 | |||||||||
George Washington Bridge Bus Station Matter [Member] | ||||||||||
Contingencies and Commitments | ||||||||||
Value of claim filed | $ 30 | |||||||||
Value of project | $ 100 | |||||||||
Court issued writ of attachment amount | $ 23 | |||||||||
Value of damages seeking | $ 113 | |||||||||
Proof of Claim amount | $ 113 | |||||||||
Return Of Retainage By Developer [Member] | George Washington Bridge Bus Station Matter [Member] | ||||||||||
Contingencies and Commitments | ||||||||||
Value of counterclaim filed | $ 29 | |||||||||
Minimum [Member] | George Washington Bridge Bus Station Matter [Member] | ||||||||||
Contingencies and Commitments | ||||||||||
Value of counterclaim filed | $ 113 |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares available for future grant (in shares) | 1,185,089 | 1,185,089 | ||
Weighted average period over which unrecognized compensation cost is expected to be recognized | 1 year 8 months 12 days | |||
Unamortized share-based compensation expense | $ 14,800,000 | $ 14,800,000 | ||
Costs for share-based payment arrangements | $ 3,800,000 | $ 4,600,000 | $ 8,300,000 | $ 10,100,000 |
Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Units granted | 75,000 | 175,000 | ||
Weighted-Average Grant Date Fair Value, Issued | $ 13.93 | $ 20.41 | ||
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock options granted | 75,000 | 85,000 | ||
Weighted-average exercise prices | $ 25.70 | $ 25.62 | ||
Stock options expired | 750,000 | |||
Weighted-average exercise prices, expired | $ 20.33 | |||
Weighted average grant date fair value | $ 3.94 | $ 7.57 | ||
Expected life | 6 years | |||
Expected quarterly dividends | $ 0 | |||
Expected volatility | 44.91% | |||
Risk-free rate | 1.56% | |||
Unrestricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Units granted | 194,177 | 98,591 | ||
Weighted-Average Grant Date Fair Value, Issued | $ 8.60 | $ 15.72 |
Employee Pension Plans (Narrati
Employee Pension Plans (Narrative) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Pension Plan Assets | ||
Company contribution | $ 2.2 | $ 2 |
Expected contributions remainder of current fiscal year | $ 1.9 |
Employee Pension Plans (Summary
Employee Pension Plans (Summary Of Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Summary of net periodic benefit cost | ||||
Interest cost | $ 758 | $ 948 | $ 1,516 | $ 1,896 |
Expected return on plan assets | (1,006) | (1,043) | (2,012) | (2,086) |
Amortization of net loss | 592 | 463 | 1,184 | 926 |
Other | 231 | 225 | 462 | 450 |
Net periodic benefit cost | $ 575 | $ 593 | $ 1,150 | $ 1,186 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Senior Notes [Member] | 2017 Senior Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | $ 484.4 | $ 485 |
Convertible Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | $ 190.7 | $ 193.4 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets And Liabilities Measured At Fair Value On Recurring Basis) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Assets: | ||
Restricted Investments | $ 75,382 | $ 70,974 |
Municipal Bonds [Member] | ||
Assets: | ||
Investments in lieu of retainage | 1,200 | 1,200 |
US Government Agencies Securities [Member] | ||
Assets: | ||
Restricted and other investments | 37,500 | 33,800 |
Corporate Debt Securities [Member] | ||
Assets: | ||
Restricted and other investments | 36,800 | 35,800 |
Fair value measured on a recurring basis | ||
Assets: | ||
Cash and cash equivalents | 182,599 | 193,685 |
Restricted cash | 8,892 | 8,416 |
Restricted investments | 75,382 | 70,974 |
Investments in lieu of retainage | 100,045 | 90,791 |
Total | 366,918 | 363,866 |
Fair value measured on a recurring basis | Quoted prices in active markets (Level 1) [Member] | ||
Assets: | ||
Cash and cash equivalents | 182,599 | 193,685 |
Restricted cash | 8,892 | 8,416 |
Investments in lieu of retainage | 98,837 | 89,572 |
Total | 290,328 | 291,673 |
Fair value measured on a recurring basis | Significant other observable inputs (Level 2) [Member] | ||
Assets: | ||
Restricted investments | 75,382 | 70,974 |
Investments in lieu of retainage | 1,208 | 1,219 |
Total | $ 76,590 | $ 72,193 |
Maximum [Member] | ||
Assets: | ||
Cash and cash equivalents maturity period | 3 months | |
Restricted And other investments, term | 5 years | 5 years |
Certificates of Deposit [Member] | ||
Assets: | ||
Restricted and other investments | $ 1,100 | $ 1,400 |
Money Market Funds [Member] | ||
Assets: | ||
Investments in lieu of retainage | $ 98,800 | $ 89,600 |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Variable Interest Entity [Line Items] | |||||
Assets, Current | $ 3,806,423 | $ 3,806,423 | $ 3,510,986 | ||
Liabilities, Current | 2,541,372 | 2,541,372 | 2,109,856 | ||
REVENUE | $ 1,276,427 | $ 1,125,275 | $ 2,527,156 | $ 2,083,762 | |
Newark Airport Terminal One Design Build Project [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Percent interest in the joint venture | 80.00% | ||||
Purple Line Extension Section 2 And Section 3 [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Percent interest in the joint venture | 75.00% | ||||
Joint Venture With O&G Industries [Member] | Scenario, Plan [Member] | Purple Line Extension Section 2 And Section 3 [Member] | |||||
Variable Interest Entity [Line Items] | |||||
REVENUE | $ 2,800,000 | ||||
Parsons Corporation [Member] | Newark Airport Terminal One Design Build Project [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 20.00% | 20.00% | |||
O&G [Member] | Purple Line Extension Section 2 And Section 3 [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 25.00% | 25.00% | |||
Joint Venture With Parsons [Member] | Scenario, Plan [Member] | Newark Airport Terminal One Design Build Project [Member] | |||||
Variable Interest Entity [Line Items] | |||||
REVENUE | $ 1,400,000 | ||||
Variable Interest Entity, Not Primary Beneficiary [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Assets, Current | $ 3,400 | 3,400 | 1,500 | ||
Liabilities, Current | 3,300 | 3,300 | 1,400 | ||
Variable Interest Entity, Primary Beneficiary [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Assets, Current | 401,100 | 401,100 | 365,000 | ||
Assets, Noncurrent | 36,400 | 36,400 | 52,000 | ||
Liabilities, Current | $ 581,100 | $ 581,100 | $ 556,100 |
Changes In Equity (Schedule Of
Changes In Equity (Schedule Of Stockholders Equity) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at the beginning of the period | $ 1,442,928 | $ 1,795,179 | $ 1,430,525 | $ 1,787,889 |
Net income (loss) | 30,859 | (315,439) | 56,997 | (310,717) |
Other comprehensive income (loss) | 3,385 | 1,827 | 337 | 3,178 |
Share-based compensation | 4,185 | 5,312 | 7,692 | 10,095 |
Issuance of common stock, net | 194 | 99 | (500) | (2,265) |
Contributions from noncontrolling interests | 2,581 | 5,379 | ||
Distributions to noncontrolling interests | (17,410) | (30,910) | (4,000) | |
Balance at the end of the period | 1,464,141 | 1,489,559 | 1,464,141 | 1,489,559 |
Common Stock [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at the beginning of the period | 50,577 | 50,180 | 50,279 | 50,026 |
Issuance of common stock, net | 194 | 99 | 492 | 253 |
Balance at the end of the period | 50,771 | 50,279 | 50,771 | 50,279 |
Additional Paid-In Capital [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at the beginning of the period | 1,120,487 | 1,105,184 | 1,117,972 | 1,102,919 |
Share-based compensation | 4,185 | 5,312 | 7,692 | 10,095 |
Issuance of common stock, net | (992) | (2,518) | ||
Balance at the end of the period | 1,124,672 | 1,110,496 | 1,124,672 | 1,110,496 |
Retained Earnings [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at the beginning of the period | 331,362 | 701,325 | 313,991 | 701,681 |
Net income (loss) | 18,709 | (320,530) | 36,080 | (320,886) |
Balance at the end of the period | 350,071 | 380,795 | 350,071 | 380,795 |
Accumulated Other Comprehensive Loss [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at the beginning of the period | (43,128) | (44,200) | (42,100) | (45,449) |
Other comprehensive income (loss) | 2,531 | 1,670 | 1,503 | 2,919 |
Balance at the end of the period | (40,597) | (42,530) | (40,597) | (42,530) |
Noncontrolling Interests [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at the beginning of the period | (16,370) | (17,310) | (9,617) | (21,288) |
Net income (loss) | 12,150 | 5,091 | 20,917 | 10,169 |
Other comprehensive income (loss) | 854 | 157 | (1,166) | 259 |
Contributions from noncontrolling interests | 2,581 | 5,379 | ||
Distributions to noncontrolling interests | (17,410) | (30,910) | (4,000) | |
Balance at the end of the period | $ (20,776) | $ (9,481) | $ (20,776) | $ (9,481) |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) (Schedule Of Components Of Other Comprehensive Income (Loss) And Related Tax Effects) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | ||
Other Comprehensive Income (Loss) [Abstract] | |||||
Defined benefit pension plan adjustments, Before-Tax Amount | $ 592 | $ 464 | $ 1,183 | $ 926 | |
Defined benefit pension plan adjustments, Tax (Expense) Benefit | (168) | (133) | (336) | (265) | |
Defined benefit pension plan adjustments, Net-of-Tax Amount | 424 | 331 | 847 | 661 | |
Foreign currency translation adjustment, Before-Tax Amount | 1,973 | 1,072 | (2,954) | 1,551 | |
Foreign currency translation adjustment, Tax (Expense) Benefit | (318) | (262) | 596 | (393) | |
Foreign currency translation adjustment, Net-of-Tax Amount | 1,655 | 810 | (2,358) | 1,158 | |
Unrealized gain in fair value of investments, Before-Tax Amount | 1,602 | 867 | 2,359 | 1,725 | |
Unrealized gain in fair value of investments, Tax (Expense) Benefit | (296) | (181) | (511) | (366) | |
Unrealized gain in fair value of investments, Net-of-Tax Amount | 1,306 | 686 | 1,848 | 1,359 | |
Total other comprehensive income, Before-Tax Amount | 4,167 | 2,403 | 588 | 4,202 | |
Total other comprehensive income, Tax Benefit (Expense) | (782) | (576) | (251) | (1,024) | |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 3,385 | 1,827 | 337 | 3,178 | |
Less: Other comprehensive income (loss) attributable to noncontrolling interests, Before-Tax Amount | [1] | 854 | 157 | (1,166) | 259 |
Less: Other comprehensive income (loss) attributable to noncontrolling interests, Tax (Expense) Benefit | [1] | 0 | 0 | 0 | 0 |
Less: Other comprehensive income (loss) attributable to noncontrolling interests, Net-of-Tax Amount | [1] | 854 | 157 | (1,166) | 259 |
Total other comprehensive income attributable to Tutor Perini Corporation, Before-Tax Amount | 3,313 | 2,246 | 1,754 | 3,943 | |
Total other comprehensive income attributable to Tutor Perini Corporation, Tax (Expense) Benefit | (782) | (576) | (251) | (1,024) | |
Total other comprehensive income (loss), net of tax | $ 2,531 | $ 1,670 | $ 1,503 | $ 2,919 | |
[1] | The only component of other comprehensive income (loss) attributable to noncontrolling interests is foreign currency translation. |
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 | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at the beginning of the period | $ 1,440,142 | |||
Total other comprehensive income (loss), net of tax | $ 2,531 | $ 1,670 | 1,503 | $ 2,919 |
Balance at the end of the period | 1,484,917 | 1,484,917 | ||
Accumulated Other Comprehensive Loss [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at the beginning of the period | (43,128) | (44,200) | (42,100) | (45,449) |
Other comprehensive income (loss) before reclassifications | 2,136 | 1,367 | 689 | 2,278 |
Amounts reclassified from AOCI | 395 | 303 | 814 | 641 |
Total other comprehensive income (loss), net of tax | 2,531 | 1,670 | 1,503 | 2,919 |
Balance at the end of the period | (40,597) | (42,530) | (40,597) | (42,530) |
Defined Benefit Pension Plan [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at the beginning of the period | (37,403) | (38,340) | (37,826) | (38,670) |
Other comprehensive income (loss) before reclassifications | 0 | 0 | 0 | 0 |
Amounts reclassified from AOCI | 424 | 331 | 847 | 661 |
Total other comprehensive income (loss), net of tax | 424 | 331 | 847 | 661 |
Balance at the end of the period | (36,979) | (38,009) | (36,979) | (38,009) |
Foreign Currency Translation [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at the beginning of the period | (7,364) | (6,069) | (5,371) | (6,315) |
Other comprehensive income (loss) before reclassifications | 801 | 653 | (1,192) | 899 |
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 |
Total other comprehensive income (loss), net of tax | 801 | 653 | (1,192) | 899 |
Balance at the end of the period | (6,563) | (5,416) | (6,563) | (5,416) |
Unrealized Gain (Loss) In Fair Value Of Investments, Net [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at the beginning of the period | 1,639 | 209 | 1,097 | (464) |
Other comprehensive income (loss) before reclassifications | 1,335 | 714 | 1,881 | 1,379 |
Amounts reclassified from AOCI | (29) | (28) | (33) | (20) |
Total other comprehensive income (loss), net of tax | 1,306 | 686 | 1,848 | 1,359 |
Balance at the end of the period | $ 2,945 | $ 895 | $ 2,945 | $ 895 |
Business Segments (Narrative) (
Business Segments (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2020segment | |
Business Segments [Abstract] | |
Number of reportable segments | 3 |
Business Segments (Reportable S
Business Segments (Reportable Segments) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | ||||||
Business Segments | |||||||||
Revenues | $ 1,276,427 | $ 1,125,275 | $ 2,527,156 | $ 2,083,762 | |||||
Income (loss) from construction operations | 57,696 | (341,717) | 104,923 | (318,804) | |||||
Capital expenditures | 19,693 | 24,934 | 31,386 | 39,346 | |||||
Depreciation and amortization | [1] | 25,965 | 14,597 | 48,776 | 28,314 | ||||
Net income (loss) | $ 30,859 | $ (315,439) | $ 56,997 | $ (310,717) | |||||
DILUTED EARNINGS (LOSS) PER COMMON SHARE | $ 0.37 | $ (6.38) | $ 0.71 | $ (6.40) | |||||
Elimination Of Intersegment Revenue [Member] | |||||||||
Business Segments | |||||||||
Revenues | $ (93,072) | $ (72,700) | $ (209,964) | $ (125,605) | |||||
External and Intersegment Customers [Member] | |||||||||
Business Segments | |||||||||
Revenues | 1,369,499 | 1,197,975 | 2,737,120 | 2,209,367 | |||||
Reporting Segments [Member] | |||||||||
Business Segments | |||||||||
Revenues | 1,276,427 | 1,125,275 | 2,527,156 | 2,083,762 | |||||
Income (loss) from construction operations | 71,799 | [2] | (328,077) | [3] | 129,715 | [4] | (290,687) | [5] | |
Capital expenditures | 19,392 | 24,699 | 31,069 | 38,889 | |||||
Depreciation and amortization | [1] | 23,198 | 11,843 | 43,234 | 22,780 | ||||
Reporting Segments [Member] | Elimination Of Intersegment Revenue [Member] | |||||||||
Business Segments | |||||||||
Revenues | (93,072) | (72,700) | (209,964) | (125,605) | |||||
Reporting Segments [Member] | External and Intersegment Customers [Member] | |||||||||
Business Segments | |||||||||
Revenues | 1,369,499 | 1,197,975 | 2,737,120 | 2,209,367 | |||||
Civil [Member] | |||||||||
Business Segments | |||||||||
Revenues | 568,976 | 473,658 | 1,055,605 | 807,152 | |||||
Income (loss) from construction operations | 65,398 | (164,472) | 111,519 | (122,727) | |||||
Capital expenditures | 18,951 | 24,439 | 30,143 | 38,451 | |||||
Depreciation and amortization | [1] | 21,775 | 10,285 | 40,391 | 19,655 | ||||
Civil [Member] | Elimination Of Intersegment Revenue [Member] | |||||||||
Business Segments | |||||||||
Revenues | (75,709) | (67,459) | (169,166) | (117,587) | |||||
Civil [Member] | External and Intersegment Customers [Member] | |||||||||
Business Segments | |||||||||
Revenues | 644,685 | 541,117 | 1,224,771 | 924,739 | |||||
Building [Member] | |||||||||
Business Segments | |||||||||
Revenues | 473,021 | 428,318 | 954,785 | 861,784 | |||||
Income (loss) from construction operations | 17,789 | (3,810) | 21,305 | (677) | |||||
Capital expenditures | 186 | 150 | 198 | 205 | |||||
Depreciation and amortization | [1] | 428 | 497 | 855 | 1,000 | ||||
Building [Member] | Elimination Of Intersegment Revenue [Member] | |||||||||
Business Segments | |||||||||
Revenues | (17,296) | (5,241) | (40,615) | (8,018) | |||||
Building [Member] | External and Intersegment Customers [Member] | |||||||||
Business Segments | |||||||||
Revenues | 490,317 | 433,559 | 995,400 | 869,802 | |||||
Specialty Contractors [Member] | |||||||||
Business Segments | |||||||||
Revenues | 234,430 | 223,299 | 516,766 | 414,826 | |||||
Income (loss) from construction operations | (11,388) | (159,795) | (3,109) | (167,283) | |||||
Capital expenditures | 255 | 110 | 728 | 233 | |||||
Depreciation and amortization | [1] | 995 | 1,061 | 1,988 | 2,125 | ||||
Specialty Contractors [Member] | Elimination Of Intersegment Revenue [Member] | |||||||||
Business Segments | |||||||||
Revenues | (67) | (183) | |||||||
Specialty Contractors [Member] | External and Intersegment Customers [Member] | |||||||||
Business Segments | |||||||||
Revenues | 234,497 | 223,299 | 516,949 | 414,826 | |||||
Corporate [Member] | |||||||||
Business Segments | |||||||||
Income (loss) from construction operations | [6] | (14,103) | (13,640) | (24,792) | (28,117) | ||||
Capital expenditures | 301 | 235 | 317 | 457 | |||||
Depreciation and amortization | [1] | 2,767 | 2,754 | 5,542 | 5,534 | ||||
Unfavorable Adjustments [Member] | |||||||||
Business Segments | |||||||||
Income (loss) from construction operations | 13,200 | 379,900 | 13,200 | 379,900 | |||||
Net income (loss) | $ 9,500 | $ 329,500 | $ 9,500 | $ 329,500 | |||||
DILUTED EARNINGS (LOSS) PER COMMON SHARE | $ 0.19 | $ 6.56 | $ 0.19 | $ 6.57 | |||||
[1] | Depreciation and amortization is included in income (loss) from construction operations. | ||||||||
[2] | During the three months ended June 30, 2020, income (loss) from construction operations was impacted by $ 13.2 million (an unfavorable after-tax impact of $ 9.5 million, or $ 0.19 per diluted share) due to an adverse arbitration ruling pertaining to an electrical project in New York in the Specialty Contractors segment. | ||||||||
[3] | During the three months ended June 30, 2019, the Company recorded a non-cash goodwill impairment charge of $ 379.9 million in income (loss) from construction operations (an unfavorable after-tax impact of $ 329.5 million, or $ 6.56 per diluted share) resulting from an interim impairment test the Company performed as of June 1, 2019. | ||||||||
[4] | During the six months ended June 30, 2020, income (loss) from construction operations was impacted by $ 13.2 million (an unfavorable after-tax impact of $ 9.5 million, or $ 0.19 per diluted share) due to an adverse arbitration ruling pertaining to an electrical project in New York in the Specialty Contractors segment. | ||||||||
[5] | During the six months ended June 30, 2019, the Company recorded a non-cash goodwill impairment charge of $ 379.9 million in income (loss) from construction operations (an unfavorable after-tax impact of $ 329.5 million, or $ 6.57 per diluted share) resulting from an interim impairment test the Company performed as of June 1, 2019. | ||||||||
[6] | Consists primarily of corporate general and administrative expenses. |
Business Segments (Reconciliati
Business Segments (Reconciliation Of Segment Results To Consolidated Income Before Income Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Business Segments [Abstract] | ||||
Income from construction operations | $ 57,696 | $ (341,717) | $ 104,923 | $ (318,804) |
Other income (expense) | (797) | 900 | (316) | 1,322 |
Interest expense | (16,464) | (17,522) | (32,900) | (33,947) |
INCOME (LOSS) BEFORE INCOME TAXES | $ 40,435 | $ (358,339) | $ 71,707 | $ (351,429) |
Business Segments (Total Assets
Business Segments (Total Assets For Reportable Segments) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Assets | $ 4,763,603 | $ 4,485,777 | |
Civil [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 3,084,528 | 2,791,402 | |
Building [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 1,083,421 | 995,298 | |
Specialty Contractors [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 664,161 | 635,180 | |
Corporate and Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | [1] | $ (68,507) | $ 63,897 |
[1] | Consists principally of cash, equipment, tax-related assets and insurance-related assets, offset by the elimination of assets related to intersegment revenue. |