Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 19, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Current Fiscal Year End Date | --12-31 | ||
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 | ||
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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 490,456,469 | ||
Entity Common Stock, Shares Outstanding (in shares) | 50,913,900 | ||
Documents Incorporated by Reference | Documents Incorporated by Reference The information required by Part III of this Annual Report on Form 10-K, to the extent not set forth herein, is incorporated herein by reference to the registrant’s definitive proxy statement relating to the Annual Meeting of Shareholders to be held in 2021, which definitive proxy statement shall be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year to which this Annual Report on Form 10-K relates. | ||
Entity Central Index Key | 0000077543 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | |||
REVENUE | $ 5,318,763 | $ 4,450,832 | $ 4,454,662 |
COST OF OPERATIONS | (4,832,610) | (4,209,060) | (4,000,209) |
GROSS PROFIT | 486,153 | 241,772 | 454,453 |
General and administrative expenses | (223,809) | (226,916) | (262,577) |
Goodwill impairment | 0 | (379,863) | 0 |
INCOME (LOSS) FROM CONSTRUCTION OPERATIONS | 262,344 | (365,007) | 191,876 |
Other income (expense) | (11,853) | 6,667 | 4,256 |
Interest expense | (76,212) | (67,494) | (63,519) |
INCOME (LOSS) BEFORE INCOME TAXES | 174,279 | (425,834) | 132,613 |
Income tax (expense) benefit | (21,942) | 65,609 | (34,832) |
NET INCOME (LOSS) | 152,337 | (360,225) | 97,781 |
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 43,943 | 27,465 | 14,345 |
NET INCOME (LOSS) ATTRIBUTABLE TO TUTOR PERINI CORPORATION | $ 108,394 | $ (387,690) | $ 83,436 |
Earnings Per Share, Basic (in dollars per share) | $ 2.14 | $ (7.72) | $ 1.67 |
Earnings Per Share, Diluted (in dollars per share) | $ 2.12 | $ (7.72) | $ 1.66 |
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING: | |||
Basic (in shares) | 50,656 | 50,220 | 49,952 |
Diluted (in shares) | 51,077 | 50,220 | 50,301 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
NET INCOME (LOSS) | $ 152,337 | $ (360,225) | $ 97,781 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | |||
Defined benefit pension plan adjustments | (6,261) | 844 | 771 |
Foreign currency translation adjustments | 279 | 1,337 | (2,945) |
Unrealized gain (loss) in fair value of investments | 1,571 | 1,561 | (778) |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | (4,411) | 3,742 | (2,952) |
COMPREHENSIVE INCOME (LOSS) | 147,926 | (356,483) | 94,829 |
LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 44,173 | 27,858 | 14,124 |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO TUTOR PERINI CORPORATION | $ 103,753 | $ (384,341) | $ 80,705 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
CURRENT ASSETS: | ||
Cash and cash equivalents ($105,735 and $103,850 related to VIEs) | $ 374,289 | $ 193,685 |
Restricted cash | 77,563 | 8,416 |
Restricted investments | 78,912 | 70,974 |
Accounts receivable ($86,012 and $91,090 related to VIEs) | 1,415,063 | 1,354,519 |
Retainage receivable ($122,335 and $89,132 related to VIEs) | 648,441 | 562,375 |
Costs and estimated earnings in excess of billings ($39,846 and $22,764 related to VIEs) | 1,236,734 | 1,123,544 |
Other current assets ($51,746 and $58,128 related to VIEs) | 249,455 | 197,473 |
Total current assets | 4,080,457 | 3,510,986 |
PROPERTY AND EQUIPMENT: | ||
Land | 44,167 | 39,047 |
Building and improvements | 116,422 | 115,041 |
Construction equipment | 570,675 | 560,547 |
Other equipment | 192,247 | 183,197 |
Total property and equipment, gross | 923,511 | 897,832 |
Less accumulated depreciation | (434,294) | (388,147) |
Total property and equipment, net ($12,840 and $49,919 related to VIEs) | 489,217 | 509,685 |
GOODWILL | 205,143 | 205,143 |
INTANGIBLE ASSETS, NET | 123,115 | 155,270 |
OTHER ASSETS | 147,685 | 104,693 |
TOTAL ASSETS | 5,045,617 | 4,485,777 |
CURRENT LIABILITIES: | ||
Current maturities of long-term debt, net of unamortized discount and debt issuance costs totaling $2,040 and $0 | 100,188 | 124,054 |
Accounts payable ($116,461 and $93,848 related to VIEs) | 794,611 | 682,699 |
Retainage payable ($26,439 and $13,967 related to VIEs) | 315,135 | 252,181 |
Billings in excess of costs and estimated earnings ($362,427 and $422,847 related to VIEs) | 839,222 | 844,389 |
Accrued expenses and other current liabilities ($9,595 and $25,402 related to VIEs) | 215,207 | 206,533 |
Total current liabilities | 2,264,363 | 2,109,856 |
LONG-TERM DEBT, less current maturities, net of unamortized discount and debt issuance costs totaling $20,209 and $23,343 | 925,277 | 710,422 |
DEFERRED INCOME TAXES | 82,966 | 35,686 |
OTHER LONG-TERM LIABILITIES | 230,066 | 199,288 |
TOTAL LIABILITIES | 3,502,672 | 3,055,252 |
COMMITMENTS AND CONTINGENCIES (Note 8) | ||
Stockholders' equity: | ||
Preferred stock – authorized 1,000,000 shares ($1 par value), none issued | 0 | 0 |
Common stock – authorized 112,500,000 and 75,000,000 shares ($1 par value), issued and outstanding 50,827,205 and 50,278,816 shares | 50,827 | 50,279 |
Additional paid-in capital | 1,127,385 | 1,117,972 |
Retained earnings | 422,385 | 313,991 |
Accumulated other comprehensive loss | (46,741) | (42,100) |
Total stockholders' equity | 1,553,856 | 1,440,142 |
Noncontrolling interests | (10,911) | (9,617) |
TOTAL EQUITY | 1,542,945 | 1,430,525 |
TOTAL LIABILITIES AND EQUITY | $ 5,045,617 | $ 4,485,777 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Cash and cash equivalent | $ 374,289 | $ 193,685 |
Accounts receivable | 1,415,063 | 1,354,519 |
Retainage receivable | 648,441 | 562,375 |
Costs and estimated earnings in excess of billings | 1,236,734 | 1,123,544 |
Other current assets | 249,455 | 197,473 |
Property and equipment, net | 489,217 | 509,685 |
Unamortized discount and debt issuance costs, current | 2,040 | 0 |
Accounts payable | 794,611 | 682,699 |
Retainage payable | 315,135 | 252,181 |
Billings in excess of costs and estimated earnings | 839,222 | 844,389 |
Accrued expenses and other current liabilities | 215,207 | 206,533 |
Unamortized discount and debt issuance costs, non-current | $ 20,209 | $ 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 (in shares) | 0 | 0 |
Common stock, shares authorized (in shares) | 112,500,000 | 75,000,000 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares issued (in shares) | 50,827,205 | 50,278,816 |
Common stock, shares outstanding (in shares) | 50,827,205 | 50,278,816 |
Variable Interest Entity, Primary Beneficiary | ||
Cash and cash equivalent | $ 105,735 | $ 103,850 |
Accounts receivable | 86,012 | 91,090 |
Retainage receivable | 122,335 | 89,132 |
Costs and estimated earnings in excess of billings | 39,846 | 22,764 |
Other current assets | 51,746 | 58,128 |
Property and equipment, net | 12,840 | 49,919 |
Accounts payable | 116,461 | 93,848 |
Retainage payable | 26,439 | 13,967 |
Billings in excess of costs and estimated earnings | 362,427 | 422,847 |
Accrued expenses and other current liabilities | $ 9,595 | $ 25,402 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash Flows from Operating Activities: | |||
Net income (loss) | $ 152,337 | $ (360,225) | $ 97,781 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Goodwill impairment | 0 | 379,863 | 0 |
Depreciation | 74,879 | 58,818 | 43,724 |
Amortization of intangible assets | 32,155 | 6,226 | 3,543 |
Share-based compensation expense | 11,833 | 19,143 | 22,782 |
Change in debt discounts and deferred debt issuance costs | 20,153 | 13,207 | 12,072 |
Deferred income taxes | 48,253 | (71,609) | (449) |
Gain on remeasurement of investment in joint venture | 0 | (37,792) | 0 |
(Gain) loss on sale of property and equipment | (1,673) | (4,688) | 402 |
Changes in other components of working capital, net of balances acquired | (169,976) | 131,257 | (156,844) |
Other long-term liabilities | 4,352 | 1,863 | (2,007) |
Other, net | 459 | 467 | 398 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 172,772 | 136,530 | 21,402 |
Cash Flows from Investing Activities: | |||
Business acquisition, cash balance acquired net of cash paid | 0 | 6,607 | 0 |
Acquisition of property and equipment | (54,781) | (84,196) | (77,069) |
Proceeds from sale of property and equipment | 14,550 | 12,581 | 6,387 |
Investments in securities | (31,331) | (35,167) | (20,848) |
Proceeds from maturities and sales of investments in securities | 25,204 | 24,120 | 21,322 |
NET CASH USED IN INVESTING ACTIVITIES | (46,358) | (76,055) | (70,208) |
Cash Flows from Financing Activities: | |||
Proceeds from debt | 1,301,282 | 931,594 | 1,753,160 |
Repayment of debt | (1,119,887) | (870,277) | (1,738,314) |
Business acquisition related payment | 0 | 0 | (15,951) |
Cash payments related to share-based compensation | (1,397) | (2,363) | (2,671) |
Distributions paid to noncontrolling interests | (48,467) | (46,500) | (29,000) |
Contributions from noncontrolling interests | 3,000 | 9,813 | 3,797 |
Debt issuance, extinguishment and modification costs | (11,194) | (504) | 0 |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 123,337 | 21,763 | (28,979) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 249,751 | 82,238 | (77,785) |
Cash, cash equivalents and restricted cash at beginning of year | 202,101 | 119,863 | 197,648 |
Cash, cash equivalents and restricted cash at end of year | $ 451,852 | $ 202,101 | $ 119,863 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Common Stock | Additional Paid-in Capital | Retained Earnings | Retained EarningsCumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Loss | Noncontrolling Interests | Noncontrolling InterestsCumulative Effect, Period of Adoption, Adjustment |
Balance at Dec. 31, 2017 | $ 1,704,780 | $ (5,476) | $ 49,781 | $ 1,084,205 | $ 622,007 | $ (3,762) | $ (42,718) | $ (8,495) | $ (1,714) |
Net income (loss) | 97,781 | 83,436 | 14,345 | ||||||
Other comprehensive income (loss) | (2,952) | (2,731) | (221) | ||||||
Share-based compensation | 21,544 | 21,544 | |||||||
Issuance of common stock, net | (2,585) | 245 | (2,830) | ||||||
Contributions from noncontrolling interests | 3,797 | 3,797 | |||||||
Distributions to noncontrolling interests | (29,000) | (29,000) | |||||||
Balance at Dec. 31, 2018 | 1,787,889 | 50,026 | 1,102,919 | 701,681 | (45,449) | (21,288) | |||
Net income (loss) | (360,225) | (387,690) | 27,465 | ||||||
Other comprehensive income (loss) | 3,742 | 3,349 | 393 | ||||||
Share-based compensation | 17,571 | 17,571 | |||||||
Reacquisition of equity component from convertible note repurchase, net of taxes | 0 | ||||||||
Issuance of common stock, net | (2,265) | 253 | (2,518) | ||||||
Contributions from noncontrolling interests | 9,813 | 9,813 | |||||||
Distributions to noncontrolling interests | (46,500) | (46,500) | |||||||
Recognized fair value of noncontrolling interest in joint venture upon consolidation | 20,500 | 20,500 | |||||||
Balance at Dec. 31, 2019 | 1,430,525 | 50,279 | 1,117,972 | 313,991 | (42,100) | (9,617) | |||
Net income (loss) | 152,337 | 108,394 | 43,943 | ||||||
Other comprehensive income (loss) | (4,411) | (4,641) | 230 | ||||||
Share-based compensation | 11,928 | 11,928 | |||||||
Reacquisition of equity component from convertible note repurchase, net of taxes | (764) | (764) | |||||||
Issuance of common stock, net | (1,203) | 548 | (1,751) | ||||||
Contributions from noncontrolling interests | 3,000 | 3,000 | |||||||
Distributions to noncontrolling interests | (48,467) | (48,467) | |||||||
Balance at Dec. 31, 2020 | $ 1,542,945 | $ 50,827 | $ 1,127,385 | $ 422,385 | $ (46,741) | $ (10,911) |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies (a) Basis of Presentation The accompanying consolidated financial statements have been prepared in compliance with generally accepted accounting principles in the United States (“GAAP”) as codified in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”). Certain amounts in the notes to the consolidated financial statements of prior years have been reclassified to conform to the current year presentation. (b) Principles of Consolidation The consolidated financial statements include the accounts of Tutor Perini Corporation and its wholly owned subsidiaries (the “Company”). The Company occasionally forms joint ventures with unrelated third parties for the execution of single contracts or projects. The Company assesses its joint ventures to determine if they meet the qualifications of a variable interest entity (“VIE”) in accordance with ASC 810, Consolidation (“ASC 810”). If a joint venture is a VIE and the Company is the primary beneficiary, the joint venture is fully consolidated (See Note 13). If a joint venture is not a VIE, it may be consolidated under the voting interest method if the Company holds a controlling financial interest in the joint venture. The Company is considered to hold a controlling financial interest when it is able to exercise control over the joint venture’s operating and financial decisions. For construction joint ventures that do not need to be consolidated, the Company accounts for its interest in the joint ventures using the proportionate consolidation method, whereby the Company’s proportionate share of the joint ventures’ assets, liabilities, revenue and cost of operations are included in the appropriate classifications in the Company’s consolidated financial statements. Intercompany balances and transactions have been eliminated. (c) Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect reported amounts. These estimates are based on information available through the date of the issuance of the financial statements; therefore, actual results could differ from those estimates. (d) Revenues Revenue Recognition The Company derives revenue from long-term construction contracts with public and private customers primarily in the United States and its territories and in certain other international locations. The Company’s construction contracts are generally each accounted for as a single unit of account (i.e., as a single performance obligation). Throughout the execution of construction contracts, the Company and its affiliated entities recognize revenue with the continuous transfer of control to the customer. The customer typically controls the asset under construction by either contractual termination clauses or by the Company’s rights to payment for work already performed on the asset under construction that does not have an alternative use for the Company. Because control transfers over time, revenue is recognized to the extent of progress towards completion of the performance obligations. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the products or services provided. The Company generally uses the cost-to-cost method for its contracts, which measures progress towards completion for each performance obligation based on the ratio of costs incurred to date to the total estimated costs at completion for the respective performance obligation. Incurred cost represents work performed, which corresponds with, and thereby best depicts, the transfer of control to the customer. Revenue, including estimated fees or profits, is recorded proportionately as costs are incurred. Cost of operations includes labor, materials, subcontractor costs, and other direct and indirect costs, including depreciation and amortization. Due to the nature of the work required to be performed on many of the Company’s performance obligations, estimating total revenue and cost at completion is complex, subject to many variables and requires significant judgment. Assumptions as to the occurrence of future events and the likelihood and amount of variable consideration, including the impact of change orders, claims, contract disputes and the achievement of contractual performance criteria, and award or other incentive fees are made during the contract performance period. The Company estimates variable consideration at the most likely amount it expects to receive. The Company includes estimated amounts in the transaction price 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. Estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of anticipated performance and all information (historical, current and forecasted) that is reasonably available to management. Back charges to suppliers or subcontractors are recognized as a reduction of cost when it is determined that recovery of such cost is probable and the amounts can be reliably estimated. Disputed back charges are recognized when the same requirements described above for variable consideration have been satisfied. Changes in Estimates on Construction Contracts The Company’s estimates of contract revenue and cost are highly detailed and many factors change during a contract performance period that result in a change to contract profitability. These factors include, but are not limited to, differing site conditions; availability of skilled contract labor; performance of major material suppliers and subcontractors; on-going subcontractor negotiations and buyout provisions; unusual weather conditions; changes in the timing of scheduled work; change orders; accuracy of the original bid estimate; changes in estimated labor productivity and costs based on experience to date; achievement of incentive-based income targets; and the expected, or actual, resolution terms for claims. The factors that cause changes in estimates vary depending on the maturation of the project within its lifecycle. For example, in the ramp-up phase, these factors typically consist of revisions in anticipated project costs and during the peak and closeout phases, these factors include the impact of change orders and claims, as well as additional revisions in remaining anticipated project costs. Generally, if the contract is at an early stage of completion, the current period impact is smaller than if the same change in estimate is made to the contract at a later stage of completion. Management evaluates changes in estimates on a contract-by-contract basis and discloses significant changes, if material, in the Notes to Consolidated Financial Statements. The cumulative catch-up method is used to account for revisions in estimates. (e) Depreciation of Property and Equipment and Amortization of Long-Lived Intangible Assets Property and equipment and long-lived intangible assets are generally depreciated or amortized on a straight-line basis over their estimated useful lives ranging from three (f) Recoverability of Long-Lived Assets Long-lived assets are reviewed for impairment whenever circumstances indicate that the future cash flows generated by the assets might be less than the assets’ net carrying value. In such circumstances, an impairment loss will be recognized by the amount the assets’ net carrying value exceeds their fair value. (g) Recoverability of Goodwill The Company tests goodwill for impairment annually as of October 1 for each reporting unit and between annual tests if events occur or circumstances change which suggest that goodwill should be reevaluated. Such events or circumstances include significant changes in legal factors and business climate, recent losses at a reporting unit, and industry trends, among other factors. The Civil, Building and Specialty Contractors segments each represent a reporting unit, and the Civil reporting unit carried the remaining goodwill balance at December 31, 2020 as a result of the $379.9 million impairment loss recognized in 2019. The Company performs its annual quantitative impairment assessment during the fourth quarter of each year 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. The income approach is based on estimated present value of future cash flows for each reporting unit carrying a goodwill balance. The market approach is based on assumptions about how market data relates to each reporting unit carrying a goodwill balance. The weighting of these two approaches is based on their individual correlation to the economics of each reporting unit carrying a goodwill balance. The annual quantitative assessment performed in the fourth quarter of 2020 resulted in an estimated fair value that exceeded the net book value of the Civil reporting unit; therefore, no impairment charge was necessary. (h) Recoverability of Non-Amortizable Trade Names Certain trade names have an estimated indefinite life and are not amortized to earnings, but instead are reviewed for impairment annually, or more often if events occur or circumstances change which suggest that the non-amortizable trade names should be reevaluated. The Company performs its annual quantitative impairment assessment during the fourth quarter of each year using an income approach (relief from royalty method). The assessment performed in the fourth quarter of 2020 resulted in an estimated fair value for the non-amortizable trade names that exceeded their respective net book values; therefore, no impairment charge was necessary. (i) Income Taxes Deferred income tax assets and liabilities are recognized for the effects of temporary differences between the financial statement carrying amounts and the income tax basis of assets and liabilities using tax rates expected to be in effect when such differences reverse. Income tax positions must meet a more-likely-than-not threshold to be recognized. The Company recognizes interest and penalties related to uncertain tax positions as a component of the income tax provision. (j) 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 7. 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 7 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. Year Ended December 31, (in thousands, except per common share data) 2020 2019 2018 Net income (loss) attributable to Tutor Perini Corporation $ 108,394 $ (387,690) $ 83,436 Weighted-average common shares outstanding, basic 50,656 50,220 49,952 Effect of dilutive restricted stock units and stock options 421 — 349 Weighted-average common shares outstanding, diluted 51,077 50,220 50,301 Net income (loss) attributable to Tutor Perini Corporation per common share: Basic $ 2.14 $ (7.72) $ 1.67 Diluted $ 2.12 $ (7.72) $ 1.66 Anti-dilutive securities not included above 1,862 3,640 2,670 For the year ended December 31, 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. (k) Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets to the amounts shown in the Consolidated Statements of Cash Flows: As of December 31, (in thousands) 2020 2019 Cash and cash equivalents available for general corporate purposes $ 210,841 $ 43,760 Joint venture cash and cash equivalents 163,448 149,925 Cash and cash equivalents 374,289 193,685 Restricted cash 77,563 8,416 Total cash, cash equivalents and restricted cash $ 451,852 $ 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. As of December 31, 2020, restricted cash consists primarily of $69.9 million held to repay the outstanding principal balance of Convertible Notes described in more detail in Note 7. Restricted cash also includes amounts held as collateral to secure insurance-related contingent obligations, such as insurance claim deductibles, in lieu of letters of credit. (l) Restricted Investments The Company has restricted investments primarily held as collateral to secure insurance-related contingent obligations, such as insurance claim deductibles, in lieu of letters of credit. Restricted investments are primarily comprised of investments in U.S. government agency securities and corporate debt securities that are rated A 3 or better. (m) Share-Based Compensation The Company’s long-term incentive plans allow the Company to grant share-based compensation awards in a variety of forms, including restricted and unrestricted stock units and stock options. Restricted stock units and stock options generally vest subject to service and/or performance requirements, with related compensation expense equal to the fair value of the award on the date of grant and recognized on a straight-line basis over the requisite period. The Company may grant awards that require liability classification and are remeasured at fair value at the end of each reporting period with the change in fair value recognized as compensation cost. For share-based awards that have a service requirement, the Company accounts for forfeitures upon occurrence, rather than estimating the probability of forfeiture at the date of grant. Accordingly, the Company recognizes the full grant-date fair value of these awards on a straight-line basis throughout the requisite service period, reversing any expense if, and only if, there is a forfeiture. For share-based awards that have a performance-based vesting requirement, the Company evaluates the probability of achieving the performance criteria throughout the performance period, and will adjust share-based compensation expense if it estimates that the achievement of the performance criteria is not probable. Certain performance-based awards contain market condition components and are valued on the date of grant using a Monte Carlo simulation model. The fair value of such awards is expensed ratably over the performance period and is not adjusted for actual achievement. (n) Insurance Liabilities The Company typically utilizes third-party insurance coverage subject to varying deductible levels with aggregate caps on losses retained. The Company assumes the risk for the amount of the deductible portion of the losses and liabilities primarily associated with workers’ compensation and general liability coverage. In addition, on certain projects, the Company assumes the risk for the amount of the deductible portion of losses that arise from any subcontractor defaults. Losses are accrued based upon the Company’s estimates of the aggregate liability for claims incurred using historical experience and certain actuarial assumptions followed in the insurance industry. The estimate of insurance liability within the deductible limits includes an estimate of incurred but not reported claims based on data compiled from historical experience. (o) Other Comprehensive Income (Loss) ASC 220, Comprehensive Income , establishes standards for reporting 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 years ended December 31, 2020, 2019 and 2018 were as follows: Year Ended December 31, 2020 2019 2018 (in thousands) Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount Other comprehensive income (loss): Defined benefit pension plan adjustments $ (8,700) $ 2,439 $ (6,261) $ 1,180 $ (336) $ 844 $ 1,079 $ (308) $ 771 Foreign currency translation adjustment 178 101 279 1,867 (530) 1,337 (4,067) 1,122 (2,945) Unrealized gain (loss) in fair value of investments 2,015 (444) 1,571 1,982 (421) 1,561 (1,005) 227 (778) Total other comprehensive income (loss) $ (6,507) $ 2,096 $ (4,411) $ 5,029 $ (1,287) $ 3,742 $ (3,993) $ 1,041 $ (2,952) Less: Other comprehensive income (loss) attributable to noncontrolling interests (a) 230 — 230 393 — 393 (221) — (221) Total other comprehensive income (loss) attributable to Tutor Perini Corporation $ (6,737) $ 2,096 $ (4,641) $ 4,636 $ (1,287) $ 3,349 $ (3,772) $ 1,041 $ (2,731) ________________________________________________________________________________________ (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 years ended December 31, 2020, 2019 and 2018 were as follows: (in thousands) Defined Benefit Pension Plan Foreign Currency Translation Unrealized Gain (Loss) in Fair Accumulated Other Comprehensive Attributable to Tutor Perini Corporation: Balance as of December 31, 2017 $ (39,441) $ (3,591) $ 314 $ (42,718) Other comprehensive loss before reclassifications (695) (2,724) (835) (4,254) Amounts reclassified from AOCI 1,466 — 57 1,523 Balance as of December 31, 2018 $ (38,670) $ (6,315) $ (464) $ (45,449) Other comprehensive income (loss) before reclassifications (539) 944 1,621 2,026 Amounts reclassified from AOCI 1,383 — (60) 1,323 Balance as of December 31, 2019 $ (37,826) $ (5,371) $ 1,097 $ (42,100) Other comprehensive income (loss) before reclassifications (7,993) 49 1,820 (6,124) Amounts reclassified from AOCI 1,732 — (249) 1,483 Balance as of December 31, 2020 $ (44,087) $ (5,322) $ 2,668 $ (46,741) The significant items reclassified out of AOCI and the corresponding location and impact on the Consolidated Statements of Operations during the years ended December 31, 2020, 2019 and 2018 are as follows: Location in Consolidated Year Ended December 31, (in thousands) Statements of Operations 2020 2019 2018 Component of AOCI: Defined benefit pension plan adjustments Other income (expense) $ 2,407 $ 1,933 $ 2,052 Income tax benefit Income tax expense (benefit) (675) (550) (586) Net of tax $ 1,732 $ 1,383 $ 1,466 Unrealized (gain) loss in fair value of investment adjustments Other income (expense) $ (315) $ (76) $ 72 Income tax expense (benefit) Income tax expense (benefit) 66 16 (15) Net of tax $ (249) $ (60) $ 57 (p) Recent Accounting Pronouncements In March 2020, the FASB issued Accounting Standards Update (“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. In June 2016, the FASB issued 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 February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), as amended and supplemented by subsequent ASUs (collectively, “ASC 842”). The Company adopted this ASU effective January 1, 2019 using the optional transition method. Under this method, financial results reported in periods prior to 2019 are unchanged. As such, the 2018 comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The following recent accounting pronouncements require implementation in future periods. In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”). The amendments in ASU 2020-06 simplify accounting for convertible instruments by removing major separation models required under current GAAP. Consequently, more convertible debt instruments will be reported as a single liability instrument with no separate accounting for embedded conversion features. ASU 2020-06 removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception. Also, ASU 2020-06 requires the application of the if-converted method for calculating diluted EPS and the treasury stock method will no longer be available. ASU 2020-06 is effective for interim and annual reporting periods beginning after December 15, 2021, with early adoption permitted. The Company does not expect to early adopt the new standard and does not expect it to have an impact on the Company's financial position, results of operations or cash flows. In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes (“ASU 2019-12”), modifying 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. |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows | 12 Months Ended |
Dec. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
Consolidated Statements of Cash Flows | Consolidated Statements of Cash Flows Below are the changes in other components of working capital, net of balances related to incremental interest acquired in a Civil segment joint venture during 2019 (see Note 12), as shown in the Consolidated Statements of Cash Flows, the supplemental disclosure of cash paid for interest and income taxes and the supplemental disclosure of non-cash investing activities: Year Ended December 31, (in thousands) 2020 2019 2018 (Increase) Decrease in: Accounts receivable $ (104,901) $ (81,983) $ 3,899 Retainage receivable (85,769) (78,520) 56,754 Costs and estimated earnings in excess of billings (113,190) 18,751 (209,537) Other current assets (49,468) (76,146) 15,398 (Decrease) Increase in: Accounts payable 111,912 53,999 (78,243) Retainage payable 62,954 35,013 (49,864) Billings in excess of costs and estimated earnings (5,168) 245,292 76,703 Accrued expenses and other current liabilities 13,654 14,851 28,046 Changes in other components of working capital $ (169,976) $ 131,257 $ (156,844) Cash paid during the year for: Interest $ 57,038 $ 56,137 $ 51,063 Income taxes $ 11,204 $ 43,374 $ 13,652 Supplemental disclosure of non-cash investing activities: Real property acquired in settlement of a receivable $ 11,660 $ — $ — |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue Disaggregation of Revenue The following tables disaggregate revenue by end market, customer type and contract type, which the Company believes best depict how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors for the years ended December 31, 2020, 2019 and 2018. Year Ended December 31, (in thousands) 2020 2019 2018 Civil segment revenue by end market: Mass transit (includes certain transportation and tunneling projects) $ 1,367,412 $ 992,755 $ 702,614 Bridges 306,161 334,117 431,202 Military defense facilities 146,969 59,082 26,225 Highways 122,254 86,747 202,423 Water 101,705 33,370 10,195 Other 155,398 273,281 213,434 Total Civil segment revenue $ 2,199,899 $ 1,779,352 $ 1,586,093 Year Ended December 31, (in thousands) 2020 2019 2018 Building segment revenue by end market: Commercial and industrial facilities $ 580,297 $ 459,806 $ 374,312 Hospitality and gaming 474,329 297,700 301,871 Municipal and government 287,337 254,736 261,496 Mass transit (includes transportation projects) 218,930 201,400 67,588 Education facilities 173,472 143,382 145,147 Health care facilities 117,968 239,299 428,819 Mixed use 59,391 31,685 150,549 Other 72,917 114,032 131,917 Total Building segment revenue $ 1,984,641 $ 1,742,040 $ 1,861,699 Year Ended December 31, (in thousands) 2020 2019 2018 Specialty Contractors segment revenue by end market: Mass transit (includes certain transportation and tunneling projects) $ 592,430 $ 419,402 $ 296,092 Commercial and industrial facilities 152,868 186,819 189,632 Multi-unit residential 139,924 83,903 81,023 Water 73,769 37,403 22,390 Mixed use 47,022 64,302 163,308 Education facilities 44,762 70,229 99,214 Other 83,448 67,382 155,211 Total Specialty Contractors segment revenue $ 1,134,223 $ 929,440 $ 1,006,870 Year Ended December 31, 2020 (in thousands) Civil Building Specialty Total Revenue by customer type: State and local agencies $ 1,875,653 $ 534,449 $ 533,768 $ 2,943,870 Federal agencies 175,933 143,327 75,067 394,327 Private owners 148,313 1,306,865 525,388 1,980,566 Total revenue $ 2,199,899 $ 1,984,641 $ 1,134,223 $ 5,318,763 Year Ended December 31, 2019 (in thousands) Civil Building Specialty Total Revenue by customer type: State and local agencies $ 1,401,001 $ 573,049 $ 496,195 $ 2,470,245 Federal agencies 116,869 153,467 11,326 281,662 Private owners 261,482 1,015,524 421,919 1,698,925 Total revenue $ 1,779,352 $ 1,742,040 $ 929,440 $ 4,450,832 Year Ended December 31, 2018 (in thousands) Civil Building Specialty Total Revenue by customer type: State and local agencies $ 1,294,630 $ 617,133 $ 406,782 $ 2,318,545 Federal agencies 95,567 201,745 53,335 350,647 Private owners 195,896 1,042,821 546,753 1,785,470 Total revenue $ 1,586,093 $ 1,861,699 $ 1,006,870 $ 4,454,662 State and local agencies . The Company’s state and local government customers include state transportation departments, metropolitan authorities, cities, municipal agencies, school districts and public universities. Services provided to state and local customers are primarily pursuant to contracts awarded through competitive bidding processes. Construction services for state and local government customers have included mass-transit systems, tunnels, bridges, highways, judicial and correctional facilities, schools and dormitories, health care facilities, convention centers, parking structures and other municipal buildings. The vast majority of the Company’s civil contracting and building construction services are provided in locations throughout the United States and its territories. Federal agencies . The Company’s federal government customers include the U.S. State Department, the U.S. Navy, the U.S. Army Corps of Engineers, the U.S. Air Force and the National Park Service. Services provided to federal agencies are typically pursuant to competitively bid contracts for specific or multi-year assignments that involve new construction or infrastructure repairs or improvements. A portion of revenue from federal agencies is derived from projects in overseas locations. Private owners . The Company’s private owners (i.e., customers) include real estate developers, health care companies, technology companies, hospitality and gaming resort owners, Native American sovereign nations, public corporations and private universities. Services are provided to private customers through negotiated contract arrangements, as well as through competitive bids. Most federal, state and local government contracts contain provisions that permit the termination of contracts, in whole or in part, for the convenience of government customers, among other reasons. Year Ended December 31, 2020 (in thousands) Civil Building Specialty Total Revenue by contract type: Fixed price $ 1,792,765 $ 508,655 $ 1,010,973 $ 3,312,393 Guaranteed maximum price 1,829 1,136,782 15,417 1,154,028 Unit price 392,548 867 83,257 476,672 Cost plus fee and other 12,757 338,337 24,576 375,670 Total revenue $ 2,199,899 $ 1,984,641 $ 1,134,223 $ 5,318,763 Year Ended December 31, 2019 (in thousands) Civil Building Specialty Total Revenue by contract type: Fixed price $ 1,315,195 $ 561,831 $ 769,410 $ 2,646,436 Guaranteed maximum price 6,951 752,110 21,291 780,352 Unit price 436,015 12,063 91,803 539,881 Cost plus fee and other 21,191 416,036 46,936 484,163 Total revenue $ 1,779,352 $ 1,742,040 $ 929,440 $ 4,450,832 Year Ended December 31, 2018 (in thousands) Civil Building Specialty Total Revenue by contract type: Fixed price $ 1,054,473 $ 377,538 $ 857,742 $ 2,289,753 Guaranteed maximum price 15,709 1,040,093 62,132 1,117,934 Unit price 469,305 32,468 32,562 534,335 Cost plus fee and other 46,606 411,600 54,434 512,640 Total revenue $ 1,586,093 $ 1,861,699 $ 1,006,870 $ 4,454,662 Fixed price . Fixed price or lump sum contracts are most commonly used for projects in the Civil and Specialty Contractors segments and generally commit the Company to provide all of the resources required to complete a project for a fixed sum. Usually, fixed price contracts transfer more risk to the Company, but offer the opportunity for greater profits. Billings on fixed price contracts are typically based on estimated progress against predetermined contractual milestones. Guaranteed maximum price (“GMP”). GMP contracts provide for a cost plus fee arrangement up to a maximum agreed upon price. These contracts place risks on the Company for amounts in excess of the GMP, but may permit an opportunity for greater profits than under cost plus fee contracts through sharing agreements with the owner on any cost savings that may be realized. Services provided by our Building segment to various private customers are often performed under GMP contracts. Billings on GMP contracts typically occur on a monthly basis and are based on actual costs incurred plus a negotiated margin. Unit price. Unit price contracts are most prevalent for projects in the Civil and Specialty Contractors segments and generally commit the Company to provide an estimated or undetermined number of units or components that comprise a project at a fixed price per unit. This approach shifts the risk of estimating the quantity of units required to the project owner, but the risk of increased cost per unit is borne by the Company, unless otherwise allowed for in the contract. Billings on unit price contracts typically occur on a monthly basis and are based on actual quantity of work performed or completed during the billing period. Cost plus fee. Cost plus fee contracts are used for many projects in the Building and Specialty Contractors segments. Cost plus fee contracts include cost plus fixed fee contracts and cost plus award fee contracts. Cost plus fixed fee contracts provide for reimbursement of approved project costs plus a fixed fee. Cost plus award fee contracts provide for reimbursement of the project costs plus a base fee, as well as an incentive fee based on cost and/or schedule performance. Cost plus fee contracts serve to minimize the Company’s financial risk, but may also limit profits. Billings on cost plus fee contracts typically occur on a monthly basis based on actual costs incurred plus a negotiated margin. 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 year ended December 31, 2020 related to performance obligations satisfied (or partially satisfied) in prior periods by a net $77.0 million for various projects. Revenue was negatively impacted during the year ended December 31, 2019 related to performance obligations satisfied (or partially satisfied) in prior periods by a net $177.5 million for various projects, including a $123.9 million revenue impact that resulted from the charge related to the Alaskan Way Viaduct (SR 99) Matter discussed in Note 8. Revenue was positively impacted during the year ended December 31, 2018 related to performance obligations satisfied (or partially satisfied) in prior periods by a net $19.4 million for various projects. 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 December 31, 2020, the aggregate amounts of the transaction prices allocated to the remaining performance obligations of the Company’s construction contracts were $4.8 billion, $1.5 billion and $1.8 billion for the Civil, Building and Specialty Contractors segments, respectively. As of December 31, 2019, the aggregate amounts of the transaction prices allocated to the remaining performance obligations of the Company’s construction contracts were $5.2 billion, $2.2 billion and $2.2 billion for the Civil, Building and Specialty Contractors segments, respectively. The Company typically recognizes revenue on Civil segment projects over a period of three one |
Contract Assets And Liabilities
Contract Assets And Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract] | |
Contract Assets And Liabilities | Contract Assets and Liabilities The Company classifies contract assets and liabilities that may be settled beyond one year from the balance sheet date as current, consistent with the length of time of the Company’s project operating cycle. Contract assets include amounts due under retainage provisions, costs and estimated earnings in excess of billings and capitalized contract costs. The amounts as included on the Consolidated Balance Sheets consisted of the following: As of December 31, (in thousands) 2020 2019 Retainage receivable $ 648,441 $ 562,375 Costs and estimated earnings in excess of billings: Claims 752,783 705,993 Unapproved change orders 415,489 362,264 Other unbilled costs and profits 68,462 55,287 Total costs and estimated earnings in excess of billings 1,236,734 1,123,544 Capitalized contract costs 74,452 80,294 Total contract assets $ 1,959,627 $ 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. As of December 31, 2020, the amount of retainage receivable estimated by management to be collected beyond one year is approximately 38% of the balance. Costs and estimated earnings in excess of billings represent the excess of contract costs and profits (or contract revenue) over the amount of contract billings to date and are classified as a current asset. Costs and estimated earnings in excess of billings result when either: (1) the appropriate contract revenue amount has been recognized over time in accordance with ASC 606, Revenue from Contracts with Customers (“ASC 606”) , but a portion of the revenue recorded cannot be billed currently due to the billing terms defined in the contract, or (2) costs are incurred related to certain claims and unapproved change orders. Claims occur when there is a dispute regarding both a change in the scope of work and the price associated with that change. Unapproved change orders occur when a change in the scope of work results in additional work being performed before the parties have agreed on the corresponding change in the contract price. The Company routinely estimates recovery related to claims and unapproved change orders as a form of variable consideration at the most likely amount it expects to receive and to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Claims and unapproved change orders are billable upon the agreement and resolution between the contractual parties and after the execution of contractual amendments. Increases in claims and unapproved change orders typically result from costs being incurred against existing or new positions; decreases normally result from resolutions and subsequent billings. As discussed in Note 8, 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. The amount of costs and estimated earnings in excess of billings as of December 31, 2020 estimated by management to be collected beyond one year is approximately $756.2 million. 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 years ended December 31, 2020, 2019 and 2018, $46.7 million, $33.8 million and $16.3 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 Consolidated Balance Sheets consisted of the following: As of December 31, (in thousands) 2020 2019 Retainage payable $ 315,135 $ 252,181 Billings in excess of costs and estimated earnings 839,222 844,389 Total contract liabilities $ 1,154,357 $ 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. As of December 31, 2020, the amount of retainage payable estimated by management to be remitted beyond one year is approximately 38% of the balance. Billings in excess of costs and estimated earnings represent the excess of contract billings to date over the amount of contract costs and profits (or contract revenue) recognized to date. The balance may fluctuate depending on the timing of contract billings and the recognition of contract revenue. Revenue recognized during the years ended December 31, 2020, 2019 and 2018 and included in the opening billings in excess of costs and estimated earnings balances for each period totaled $690.7 million, $479.6 million and $382.7 million, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income (loss) before taxes is summarized as follows: Year Ended December 31, (in thousands) 2020 2019 2018 United States operations $ 138,426 $ (456,403) $ 106,222 Foreign and U.S. territory operations 35,853 30,569 26,391 Total $ 174,279 $ (425,834) $ 132,613 The income tax expense (benefit) is as follows: Year Ended December 31, (in thousands) 2020 2019 2018 Current (benefit) expense: Federal $ (36,159) $ (2,884) $ 21,055 State (1,282) 3,585 8,676 Foreign and U.S. territories 11,130 5,299 5,550 Total current (benefit) expense: (26,311) 6,000 35,281 Deferred expense (benefit): Federal 38,667 (43,579) (1,773) State 10,608 (27,566) 1,278 Foreign and U.S. territories (1,022) (464) 46 Total deferred expense (benefit): 48,253 (71,609) (449) Total expense (benefit): $ 21,942 $ (65,609) $ 34,832 The following table is a reconciliation of the Company’s income tax provision at the statutory federal tax rate to the Company’s effective tax rate: Year Ended December 31, 2020 2019 2018 (dollars in thousands) Amount Rate Amount Rate Amount Rate Federal income tax expense (benefit) at statutory tax rate $ 36,599 21.0 % $ (89,425) 21.0 % $ 27,849 21.0 % State income taxes, net of federal tax benefit 8,518 4.9 (18,442) 4.3 9,011 6.8 Stock based compensation 3,185 1.8 1,706 (0.4) — — Impact of federal tax law changes (14,476) (8.3) — — 211 0.2 Officers' compensation 2,486 1.4 2,938 (0.7) 3,078 2.3 Goodwill impairment — — 43,990 (10.3) — — Noncontrolling interests (9,799) (5.6) (6,064) 1.4 (3,232) (2.4) Federal R&D credits (3,007) (1.7) (3,998) 0.9 (2,658) (2.0) Reversal of reserve for uncertain tax positions due to statute expirations (489) (0.3) (773) 0.2 (1,958) (1.5) Foreign tax rate differences 1,491 0.9 4,940 (1.2) (19) — Other (2,566) (1.5) (481) 0.2 2,550 1.9 Income tax expense (benefit) $ 21,942 12.6 % $ (65,609) 15.4 % $ 34,832 26.3 % The Company's provision for income taxes and effective tax rate for the year ended December 31, 2020 was significantly impacted by a change in tax law. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed into law. A major provision of the CARES Act allows net operating losses from the 2018, 2019 and 2020 tax years to be carried back up to five years. As a result, for the year ended December 31, 2020, the Company was able to recognize tax benefits substantially in excess of the current federal statutory rate of 21% due to the effects of carrying back its net operating loss arising in 2019 to tax years in which the federal statutory rate was 35%. The Company’s provision for income taxes and effective tax rate for the year ended December 31, 2019 was significantly impacted by the goodwill impairment charge discussed in Note 6. Of the total goodwill impairment charge of $379.9 million, approximately $209.5 million pertained to goodwill that was not tax deductible and yielded permanent differences between book income and taxable income. For the year ended December 31, 2019, the Company recognized U.S. federal and state tax benefits totaling $49.4 million as a result of the impairment charge. The following is a summary of the significant components of the deferred tax assets and liabilities: As of December 31, (in thousands) 2020 2019 Deferred tax assets: Timing of expense recognition $ 24,470 $ 44,761 Net operating losses 19,968 23,711 Goodwill 19,315 26,658 Other, net 10,155 17,098 Deferred tax assets 73,908 112,228 Valuation allowance — (2,212) Net deferred tax assets 73,908 110,016 Deferred tax liabilities: Intangible assets, due primarily to purchase accounting (15,212) (15,309) Fixed assets (76,567) (75,461) Construction contract accounting (9,769) (13,464) Joint ventures (41,669) (24,331) Other (11,962) (16,567) Deferred tax liabilities (155,179) (145,132) Net deferred tax liabilities $ (81,271) $ (35,116) As of December 31, 2020, the Company had net operating loss carryforwards for income tax purposes in various states totaling $196.5 million with expiration dates ranging from 2022 to 2039, and no net operating loss carryforwards for federal income tax purposes. As of December 31, 2019, the Company had federal and various state net operating loss carryforwards for income tax purposes of $29.3 million and $184.8 million, respectively. As of December 31, 2020, the Company had federal and state credit carryforwards of approximately $1.4 million and $2.0 million, respectively. As of December 31, 2019, the Company had federal and state credit carryforwards of approximately $6.0 million and $1.2 million, respectively. The net deferred tax liabilities are presented in the Consolidated Balance Sheets as follows: As of December 31, (in thousands) 2020 2019 Deferred tax assets $ 1,695 $ 570 Deferred tax liabilities (82,966) (35,686) Net deferred tax liabilities $ (81,271) $ (35,116) The Company’s policy is to record interest and penalties on unrecognized tax benefits as an element of income tax expense. The cumulative amounts related to interest and penalties are added to the total unrecognized tax liabilities on the balance sheet. The total amount of gross unrecognized tax benefits as of December 31, 2020 that, if recognized, would affect the effective tax rate is $8.7 million. The Company does not expect any significant release of unrecognized tax benefits within the next twelve months. The Company accounts for its uncertain tax positions in accordance with GAAP. The following is a reconciliation of the beginning and ending amounts of these unrecognized tax benefits for the three years ended December 31, 2020: As of December 31, (in thousands) 2020 2019 2018 Beginning balance $ 5,682 $ 4,998 $ 6,495 Change in tax positions of prior years 2,286 351 (302) Change in tax positions of current year 1,202 1,106 763 Reduction in tax positions for statute expirations (489) (773) (1,958) Ending Balance $ 8,681 $ 5,682 $ 4,998 The Company conducts business internationally and, as a result, one or more of its subsidiaries files income tax returns in U.S. federal, U.S. state and certain foreign jurisdictions. Accordingly, in the normal course of business, the Company is subject to examination by taxing authorities principally throughout the United States, Guam and Canada. The Company's open tax years for a U.S. federal income tax audit are for fiscal years 2017 and later, although there is currently no audit being conducted by the Internal Revenue Service. The Company has various years open to audit in a number of state and local jurisdictions and is currently under audit by certain state taxing authorities. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill The following table presents the changes in the carrying amount of goodwill since its inception through December 31, 2020: (in thousands) Civil Building Specialty Total Gross goodwill as of December 31, 2018 $ 492,074 $ 424,724 $ 156,193 $ 1,072,991 Accumulated impairment as of December 31, 2018 (76,716) (411,269) — (487,985) Goodwill as of December 31, 2018 415,358 13,455 156,193 585,006 2019 impairment (210,215) (13,455) (156,193) (379,863) Goodwill as of December 31, 2019 205,143 — — 205,143 Current year activity — — — — Goodwill as of December 31, 2020 (a) $ 205,143 $ — $ — $ 205,143 _____________________________________________________________________________________________________________ (a) As of December 31, 2020, accumulated impairment was $867.8 million. The Company performed its annual impairment test in the fourth quarter of 2020 and concluded goodwill was not impaired. In addition, the Company determined that no triggering events occurred and no circumstances changed since the date of our annual impairment test that would more likely than not reduce the fair value of the Civil reporting unit below its carrying amount. During the year ended December 31, 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. 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 are affected, the pandemic's future impact on the Company’s business, financial condition or performance remains uncertain. Among other things, governments could prohibit the continuation of certain projects that to date have been designated as “essential” or could impose health, safety and other operational requirements on such projects that could result in delays or suspensions of such projects. In addition, employees and contractors working on such projects could be unable or unwilling to continue working on them, perhaps for extended periods, because they may be unable or unwilling to be immunized against COVID-19, or for other reasons. 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 considered the above factors in its annual impairment test in the fourth quarter of 2020. 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. Second Quarter of 2019 Goodwill Impairment The net change in the carrying amount of goodwill for the year ended December 31, 2019 was primarily due to a goodwill impairment charge of $379.9 million recorded in the second quarter of 2019. In connection with the preparation of its quarterly financial statements during the second quarter of 2019, the Company assessed the changes in circumstances that occurred during the quarter to determine whether it was more likely than not that the fair values of any of its reporting units were below their carrying amounts. While there was no single determinative event or factor, potential triggering events identified in the accounting guidance (ASC 350, Intangibles – Goodwill and Other ) developed during the second quarter of 2019, which led the Company to conclude that, when considering the events and factors in totality, it was more likely than not that the fair values of each of its reporting units were below their carrying amounts. The triggering factors included: • The Company faced a declining stock price and observed a sustained decrease subsequent to the filing of the Company’s first quarter Form 10-Q on May 8, 2019, in both absolute terms and relative to its peers. Consistent with the average stock prices of companies in its peer group, the Company’s stock price had been trending lower over several prior periods; however, during the second quarter of 2019, the Company’s stock price dropped to a 52-week low while the average stock price of companies in its peer group increased. The Company believes that delays experienced in resolving certain claims and unapproved change orders, which when combined with the increased working capital needs and significant negative operating cash flows in the first quarter of 2019, has contributed significantly to the sustained decrease in the Company’s stock price; • The Company experienced significant negative operating cash flows from each of its reporting units in the first quarter of 2019, and that trend continued at the beginning of the second quarter; and • The Company’s debt rating was downgraded by a major credit rating agency on May 17, 2019. As the Company determined that it was more likely than not that the fair values of its reporting units were below their carrying amounts, the Company performed an interim impairment test as of June 1, 2019 (the “Interim Test”) and, as described below, recognized a non-cash impairment loss totaling $379.9 million. The decrease in the Company’s stock price reduced its total market capitalization and increased the implied control premium to a level beyond observable market-comparable data. As a result, when performing the Interim Test, the Company increased the discount rates and the projected investments in working capital compared to the assumptions used in the previous October 1, 2018 test, which extended the timing of certain expected future cash flows in the calculation of fair value under the income-based approach. The Company believes these changes were consistent with market participant inputs as reflected in the decrease in the Company’s market valuation at that time. Consistent with the previous October 1, 2018 test, the Company utilized a weighted average of (1) an income approach and (2) a market approach to determine the fair value of the Company and each of its reporting units for the Interim Test. The income approach was based on estimated present value of future cash flows for each reporting unit. The market approach was based on assumptions about how market data relates to each reporting unit. The weighting of these two approaches was based on their individual correlation to the economics of each reporting unit as impacted by factors such as the availability of comparable market data for each reporting unit. Assessing impairment inherently involves management judgments as to the assumptions used to calculate fair value of the reporting units and the impact of market conditions on those assumptions. The key inputs that the Company uses in its assumptions to estimate the fair value of its reporting units under the income-based approach are as follows: • Weighted-average cost of capital (“WACC”), the risk-adjusted rate used to discount the projected cash flows; • Cash flows generated from existing work and new awards; and • Projected operating margins. Expected future after-tax operating cash flows of each reporting unit are discounted to a present value using a risk-adjusted discount rate. Estimates of future cash flows require management to make significant assumptions concerning future operating performance including cash flows generated from existing work and new awards, projected operating margins, variations in the amount and timing of cash flows and the probability of achieving the estimated cash flows, as well as future economic conditions, which may differ from actual future cash flows. The discount rate, which is intended to reflect the risks inherent in future cash flow projections, used in estimating the present value of future cash flows, is based on estimates of the WACC of market participants relative to the reporting units. Financial and credit market volatility can directly impact certain inputs and assumptions used to develop the WACC. To develop the cash flows generated from new awards and future operating margins, the Company tracks known prospects of significance for each of its reporting units and considers the estimated timing of when the work is expected to be bid, started and completed. The Company also gives consideration to its relationships with the prospective owners; the pool of competitors that are capable of performing large, complex work; business strategy; and the Company’s history of success in winning new work in each reporting unit. With regard to operating margins, the Company gives consideration to its historical reporting unit operating margins in the end markets that the prospective work opportunities are most significant, expected margins from existing work, current market trends in recent new work procurement, and business strategy. The Company also estimated the fair value of its reporting units under a market-based approach by applying industry-comparable multiples of revenues and operating earnings to its reporting units’ revenues and operating earnings. The conditions and prospects of companies in the engineering and construction industry depend on common factors such as overall demand for services. The Company believes that the discount rates, timing of cash flows and other inputs and assumptions used in the Interim Test were consistent with those that a market participant would use based on the events described above which occurred during the second quarter of 2019 and were reflective of the market assessment of the fair value of its reporting units at that time. In addition, the Company believes that its estimates and assumptions about future revenues and margin projections in the Interim Test were reasonable and consistent with the estimates and assumptions used in the annual goodwill impairment test as of October 1, 2018. As an additional step to corroborate the Interim Test results, the Company compared its implied control premium with those of recent comparable market transactions and concluded that the implied control premium was within the range of control premiums observed in prior industry-specific M&A transactions. The assumption changes described above were relatively larger in the Specialty Contractors reporting unit than in the Civil or Building reporting units, as Specialty Contractors had not met recent market expectations at the time of the Interim Test. Intangible Assets Intangible assets consist of the following: As of December 31, 2020 Weighted-Average Amortization Period (in thousands) Cost Accumulated Accumulated Impairment Charge Carrying Value Trade names (non-amortizable) $ 117,600 $ — $ (67,190) $ 50,410 Indefinite Trade names (amortizable) 74,350 (23,754) (23,232) 27,364 20 years Contractor license 6,000 — (6,000) — N/A Customer relationships 39,800 (22,103) (16,645) 1,052 12 years Construction contract backlog 149,290 (105,001) — 44,289 3 years Total $ 387,040 $ (150,858) $ (113,067) $ 123,115 As of December 31, 2019 Weighted-Average Amortization Period (in thousands) Cost Accumulated Accumulated Impairment Charge Carrying Value Trade names (non-amortizable) $ 117,600 $ — $ (67,190) $ 50,410 Indefinite Trade names (amortizable) 74,350 (21,267) (23,232) 29,851 20 years Contractor license 6,000 — (6,000) — N/A Customer relationships 39,800 (21,048) (16,645) 2,107 12 years Construction contract backlog 149,290 (76,388) — 72,902 3 years Total $ 387,040 $ (118,703) $ (113,067) $ 155,270 The Company performs its annual quantitative impairment assessment during the fourth quarter of each year for non-amortizable trade names. If the estimated fair value for the non-amortizable trade names exceeds their respective net book values, no impairment charge is necessary. Other amortizable intangible assets are reviewed for impairment whenever circumstances indicate that the future cash flows generated by the assets might be less than the assets’ net carrying value. The Company had no impairment of intangible assets during the years ended December 31, 2020 or 2019. Amortization expense related to amortizable intangible assets was $32.2 million and $6.2 million for the years ended December 31, 2020 and 2019, respectively. The increase in accumulated amortization for construction contract backlog was due to the acquisition of an additional interest in a joint venture during the fourth quarter of 2019, as discussed in Note 12. Future amortization expense related to amortizable intangible assets for the years 2021 and 2022 will be approximately $32.4 million and $17.9 million, respectively, $2.5 million for the years 2023, 2024 and 2025, and $14.9 million thereafter. |
Financial Commitments
Financial Commitments | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Financial Commitments | Financial Commitments Long-Term Debt Long-term debt as reported on the Consolidated Balance Sheets consisted of the following: As of December 31, (in thousands) 2020 2019 2017 Senior Notes $ 495,271 $ 494,365 Term Loan B 408,458 N/A 2020 Revolver — N/A 2017 Credit Facility N/A 114,000 Convertible Notes (a) 67,878 182,292 Equipment financing and mortgages 47,594 39,159 Other indebtedness 6,264 4,660 Total debt 1,025,465 834,476 Less: Current maturities 100,188 124,054 Long-term debt, net $ 925,277 $ 710,422 _____________________________________________________________________________________________________________ (a) The Company will repurchase or retire the remaining Convertible Notes at or before their June 15, 2021 maturity using proceeds from the Term Loan B, $69.9 million of which is currently held in a restricted cash account for this purpose. The following table reconciles the outstanding debt balances to the reported debt balances as of December 31, 2020 and 2019: As of December 31, 2020 As of December 31, 2019 (in thousands) Outstanding Debt Unamortized Discounts and Issuance Outstanding Debt Unamortized Discount and Issuance Costs Debt, as reported 2017 Senior Notes $ 500,000 $ (4,729) $ 495,271 $ 500,000 $ (5,635) $ 494,365 Term Loan B 423,938 (15,480) 408,458 N/A N/A N/A Convertible Notes 69,918 (2,040) 67,878 200,000 (17,708) 182,292 The unamortized issuance costs related to the 2020 Revolver were $2.6 million as of December 31, 2020 and are included in other assets on the Consolidated Balance Sheets. The unamortized issuance costs related to the 2017 Credit Facility, which was terminated on August 18, 2020 (as discussed below) were $3.7 million as of December 31, 2019 and were included in other assets on the Consolidated Balance Sheets. 2020 Credit Agreement On August 18, 2020, the Company entered into a new credit agreement (the “2020 Credit Agreement”) with BMO Harris Bank N.A., as Administrative Agent, Swing Line Lender and L/C Issuer and other lenders. The 2020 Credit Agreement provides for a $425.0 million term loan B facility (the “Term Loan B”) and a $175.0 million revolving credit facility (the “2020 Revolver”), with sublimits for the issuance of letters of credit and swing line loans up to the aggregate amounts of $75.0 million and $10.0 million, respectively. The Term Loan B will mature on August 18, 2027 and the 2020 Revolver will mature on August 18, 2025, in each case, unless any of the 2017 Senior Notes are outstanding on January 30, 2025 (which is 91 days prior to the maturity of the 2017 Senior Notes), in which case, both the Term Loan B and the 2020 Revolver will mature on January 30, 2025 (subject to certain further exceptions). The 2020 Credit Agreement permits the Company to repay any or all borrowings outstanding under the 2020 Credit Agreement at any time prior to maturity without penalty, except that the Company must pay a 1.00% premium in respect to the Term Loan B in connection with any transactions that reduce the yield applicable to the Term Loan B within the first twelve months after August 18, 2020 (subject to certain further exceptions). The 2020 Credit Agreement requires the Company to make regularly scheduled payments of principal on the Term Loan B in quarterly installments equal to 0.25% of the initial principal amount of the Term Loan B. The 2020 Credit Agreement also requires the Company to make prepayments on the Term Loan B in connection with certain asset sales, receipts of insurance proceeds, incurrences of unpermitted indebtedness and annual excess cash flow (subject to certain exceptions). Subject to certain exceptions, at any time prior to maturity, the 2020 Credit Agreement provides the Company with the right to increase the commitments under the 2020 Revolver and/or to establish one or more term loan facilities in an aggregate amount up to (i) the greater of $173.5 million and 50% LTM EBITDA (as defined in the 2020 Credit Agreement) plus (ii) additional amounts if (A) in the case of pari passu first lien secured indebtedness, the First Lien Net Leverage Ratio (as defined in the 2020 Credit Agreement) does not exceed 1.35:1.00, (B) in the case of junior lien secured indebtedness, the Total Net Leverage Ratio (as defined in the 2020 Credit Agreement) does not exceed 3.50:1.00 and (C) in the case of unsecured indebtedness, (x) the Total Net Leverage Ratio does not exceed 3.50:1.00 or (y) the Fixed Charge Coverage Ratio (as defined in the 2020 Credit Agreement) is no less than 2.00:1.00. Borrowings under the 2020 Credit Agreement bear interest, at the Company’s option, at a rate equal to (i) (a) LIBOR or (b) a base rate (determined by reference to the highest of (1) the administrative agent’s prime lending rate, (2) the federal funds effective rate plus 50 basis points and (3) the LIBOR rate for a one-month interest period plus 100 basis points) plus, (ii) an applicable margin. The margin applicable to the Term Loan B is between 4.50% and 4.75% for LIBOR and between 3.50% and 3.75% for base rate (which was initially 4.75% for LIBOR and 3.75% for base rate), and, in each case, is based on the Total Net Leverage Ratio. The margin applicable to the 2020 Revolver is between 4.25% and 4.75% for LIBOR and 3.25% and 3.75% for base rate (which was initially 4.75% for LIBOR and 3.75% for base rate), and, in each case, is based on the First Lien Net Leverage Ratio. In addition to paying interest on outstanding principal under the 2020 Credit Agreement, the Company will pay a commitment fee to the lenders under the 2020 Revolver in respect of the unutilized commitments thereunder. The Company will pay customary letter of credit fees. If a payment or bankruptcy event of default occurs and is continuing, the otherwise applicable margin on overdue amounts will be increased by 2% per annum. The agreement includes provisions for the replacement of LIBOR with an alternative benchmark rate in the event LIBOR is discontinued. The weighted-average annual interest rate on borrowings under the 2020 Revolver was 6.74% during the year ended December 31, 2020. The 2020 Credit Agreement requires, with respect to the 2020 Revolver only, the Company and its restricted subsidiaries to maintain a maximum First Lien Net Leverage Ratio range of 2.75:1:00, stepping down to 2.25:1.00 beginning the quarter ending March 31, 2022. The 2020 Credit Agreement also includes certain customary representations and warranties, affirmative covenants and events of default. Subject to certain exceptions, substantially all of the Company’s existing and future material wholly-owned subsidiaries unconditionally guarantee the obligations of the Company under the 2020 Credit Agreement; additionally, subject to certain exceptions, the obligations are secured by a lien on substantially all of the assets of the Company and its subsidiaries guaranteeing these obligations. As of December 31, 2020, the entire $175 million was available under the 2020 Revolver and the Company had not utilized the 2020 Revolver for letters of credit. The Company was in compliance with the financial covenants under the 2020 Credit Agreement for the period ended December 31, 2020. Termination of 2017 Credit Facility On April 20, 2017, the Company entered into a credit agreement (the “2017 Credit Facility”) with SunTrust Bank, now known as Truist Bank, as Administrative Agent, Swing Line Lender and L/C Issuer and a syndicate of other lenders. The 2017 Credit Facility provided for a $350 million revolving credit facility (the “2017 Revolver”) and a sublimit for the issuance of letters of credit and swing line loans up to the aggregate amount of $150 million and $10 million, respectively, both maturing on April 20, 2022 unless any of the Convertible Notes, as defined below, were outstanding on December 17, 2020, in which case all such borrowings would have matured on December 17, 2020 (the “spring-forward provision”). On August 18, 2020, the Company used proceeds from the Term Loan B to repay outstanding amounts under the 2017 Credit Facility. As a result of repaying the outstanding amounts under the 2017 Credit Facility and entering into the 2020 Credit Agreement, the Company terminated the 2017 Credit Facility, including its spring-forward provision that would have accelerated the maturity of the facility to December 17, 2020. The weighted-average annual interest rate on borrowings under the 2017 Revolver was 3.55% during the year ended December 31, 2020. At December 31, 2019, the balance outstanding on the 2017 Revolver of $114 million was included in “Current maturities of long-term debt” on the Consolidated Balance Sheet. Convertible Notes On June 15, 2016, the Company issued $200 million of 2.875% Convertible Senior Notes due June 15, 2021 (the “Convertible Notes”) in a private placement offering. On August 19, 2020, the Company used proceeds from the Term Loan B to repurchase $130.1 million aggregate principal amount of the Convertible Notes for an aggregate purchase price of $132.4 million (including accrued and unpaid interest to the repurchase date). At December 31, 2020, $69.9 million ($67.9 million net of unamortized discount and debt issuance costs) of the Convertible Notes remain outstanding and are included in “Current maturities of long-term debt” on the Consolidated Balance Sheet. The Company will repurchase or retire at or before maturity the remaining Convertible Notes and repay the principal balance using proceeds from the Term Loan B, which are currently held in a restricted cash account for this purpose. The Convertible Notes are unsecured obligations of the Company and do not contain any financial covenants or restrictions on the payments of dividends, the incurrence of indebtedness or the issuance or repurchase of securities by the Company. The Convertible Notes bear interest at a rate of 2.875% per year, payable in cash semi-annually in June and December. To account for the Convertible Notes, the Company applied the provisions of ASC 470-20, Debt with Conversion and Other Options (“ASC 470-20”). ASC 470-20 requires issuers of certain convertible debt instruments that may be settled in cash upon conversion to separately account for the liability (debt) and equity (conversion option) components of the instrument in a manner that reflects the issuer’s nonconvertible debt borrowing rate. This is done by allocating the proceeds from issuance to the liability component based on the fair value of the debt instrument excluding the conversion feature, with the residual allocated to the equity component and classified in additional paid in capital. The $46.8 million difference between the initial principal amount of the Convertible Notes ($200.0 million) and the proceeds initially allocated to the liability component ($153.2 million) is treated as a discount on the Convertible Notes. This difference is being amortized as non-cash interest expense using the interest method, as shown below under Interest Expense . The equity component, however, is not subject to amortization nor subsequent remeasurement. In addition, ASC 470-20 requires that the debt issuance costs associated with a convertible debt instrument be allocated between the liability and equity components in proportion to the allocation of the debt proceeds between these two components. The debt issuance costs attributable to the liability component of the Convertible Notes ($5.1 million) are also treated as a discount on the Convertible Notes and amortized as non-cash interest expense. The debt issuance costs attributable to the equity component ($1.5 million) were netted with the equity component and are not amortized. The following table presents information related to the liability and equity components of the Convertible Notes: (in thousands) December 31, 2020 December 31, 2019 Liability component: Principal $ 69,918 $ 200,000 Conversion feature (46,800) (46,800) Allocated debt issuance costs (5,051) (5,051) Amortization and extinguishment of discount and debt issuance costs (non-cash interest expense) 49,811 34,143 Net carrying amount $ 67,878 $ 182,292 Equity component: Conversion feature $ 46,800 $ 46,800 Reacquisition of conversion option from repurchase of notes, net of tax (764) — Allocated debt issuance costs (1,543) (1,543) Deferred taxes (18,815) (18,815) Net carrying amount $ 25,678 $ 26,442 Prior to January 15, 2021, the Convertible Notes were convertible only under certain circumstances including upon the occurrence of specified corporate events. The holders did not convert any of the Convertible Notes prior to January 15, 2021. 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 are 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 December 31, 2020, the conversion provisions of the Convertible Notes have not been triggered and none of the notes have been converted. 2017 Senior Notes On April 20, 2017, the Company issued $500 million in aggregate principal amount of 6.875% Senior Notes due May 1, 2025 (the “2017 Senior Notes”) in a private placement offering. Interest on the 2017 Senior Notes is payable in arrears semi-annually in May and November of each year, beginning in November 2017. Prior to May 1, 2020, the Company could have redeemed the 2017 Senior Notes under certain conditions described in the agreement. Since May 1, 2020, the Company may redeem the 2017 Senior Notes at specified redemption prices described in the indenture. Upon a change of control, holders of the 2017 Senior Notes may require the Company to repurchase all or part of the 2017 Senior Notes at 101% of the principal amount thereof, plus accrued and unpaid interest to the redemption date. The 2017 Senior Notes are senior unsecured obligations of the Company and are guaranteed by substantially all of the Company’s existing and future subsidiaries that also guarantee obligations under the Company’s 2020 Credit Agreement, as defined above. In addition, the indenture for the 2017 Senior Notes provides for customary covenants, including events of default and restrictions on the payment of dividends and share repurchases. Equipment Financing and Mortgages The Company has certain loans entered into for the purchase of specific property, plant and equipment and secured by the assets purchased. The aggregate balance of equipment financing loans was approximately $36.9 million and $27.7 million at December 31, 2020 and 2019, respectively, with interest rates ranging from 2.74% to 3.89% with equal monthly installment payments over periods up to 7 years with balloon payments of $12.4 million in 2021 and $6.3 million in 2022. The aggregate balance of mortgage loans was approximately $10.7 million and $11.5 million at December 31, 2020 and 2019, respectively, with interest rates ranging from LIBOR plus 3% to a fixed 3.50% and equal monthly installment payments over periods up to 10 years with balloon payments of $2.9 million in 2021 and $6.8 million in 2023. The following table presents the future principal payments required under all of the Company’s debt obligations, discussed above: Year (in thousands) 2021 $ 102,228 2022 14,822 2023 14,282 2024 7,498 2025 506,156 Thereafter 402,728 1,047,714 Less: Unamortized discount and issuance costs 22,249 Total $ 1,025,465 Interest Expense Interest expense as reported in the Consolidated Statements of Operations consisted of the following: For the year ended December 31, (in thousands) 2020 2019 2018 Cash interest expense: Interest on 2017 Senior Notes $ 34,375 $ 34,375 $ 34,375 Interest on Term Loan B 9,028 N/A N/A Interest on 2020 Revolver 77 N/A N/A Interest on 2017 Credit Facility 5,341 11,990 8,575 Interest on Convertible Notes 4,373 5,750 5,750 Other interest 2,079 2,172 2,747 Cash portion of loss on extinguishment 786 — — Total cash interest expense 56,059 54,287 51,447 Non-cash interest expense (a) : Amortization of discount and debt issuance costs on Convertible Notes 8,944 10,811 9,846 Amortization of discount and debt issuance costs on Term Loan B 784 N/A N/A Amortization of debt issuance costs on 2020 Revolver 206 N/A N/A Amortization of debt issuance costs on 2017 Credit Facility 1,001 1,552 1,439 Amortization of debt issuance costs on 2017 Senior Notes 906 844 787 Non-cash portion of loss on extinguishment 8,312 — — Total non-cash interest expense 20,153 13,207 12,072 Total interest expense $ 76,212 $ 67,494 $ 63,519 _____________________________________________________________________________________________________________ (a) The combination of cash and non-cash interest expense produces effective interest rates that are higher than contractual rates. Accordingly, the effective interest rates for the 2017 Senior Notes, Term Loan B and the Convertible Notes were 7.13%, 6.49% and 9.39%, respectively, for the year ended December 31, 2020. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The Company and certain of its subsidiaries are involved in litigation and other legal proceedings and forms of dispute resolution in the ordinary course of business, including but not limited to disputes over contract payment and/or performance-related issues (such as disagreements regarding delay or a change in the scope of work of a project and/or the price associated with that change) and other matters incidental to the Company’s business. In accordance with ASC 606, the Company makes assessments of these types of matters on a routine basis and, to the extent permitted by ASC 606, estimates and records recovery related to these matters as a form of variable consideration at the most likely amount the Company expects to receive, as discussed further in Note 1(d) and 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 December 31, 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 (SR 99) 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 early 2021. 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 late 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 was for non-cash write-downs primarily related to the costs and estimated earnings in excess of billings and receivables that the Company previously recorded to reflect its expected recovery in this case. 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 Corp. (“TPBC”) entered into a contract with the George Washington Bridge Bus Station Development Venture, LLC (the “Developer”) to renovate the George Washington Bridge Bus Station, a mixed-use facility owned by the Port Authority of New York and New Jersey (the “Port Authority”) that serves as a transit facility and retail space. The $100 million project experienced significant design errors and associated delays, resulting in damages to TPBC and its subcontractors, including WDF and Five Star, wholly owned subsidiaries of the Company. The project reached substantial completion on May 16, 2017. On February 26, 2015, the Developer filed a demand for arbitration, subsequently amended, seeking $30 million in alleged damages and declaratory relief that TPBC’s requests for additional compensation are invalid due to lack of notice. TPBC denied the Developer’s claims and filed a counterclaim in March 2018. TPBC seeks in excess of $113 million in the arbitration, which includes unpaid contract balance claims, the return of $29 million retained by the Developer in alleged damages, as well as extra work claims, pass-through claims and delay claims. Hearings on the merits commenced on September 24, 2018 before the arbitration panel. On June 4, 2019, the arbitration panel, as confirmed by the U.S. District Court in the Southern District of New York, issued a writ of attachment for $23 million of the $29 million discussed above. On October 7, 2019, the Developer filed for bankruptcy protection in the Southern District of New York under Chapter 11 of the Bankruptcy Code. The filing for bankruptcy stayed the pending arbitration proceedings. TPBC appeared in the bankruptcy proceedings on October 8, 2019 and filed a Proof of Claim in the amount of $113 million on December 13, 2019. On June 5, 2020, the Developer, secured lenders and the Port Authority announced that they had reached a settlement of their disputes. As part of the settlement, the Port Authority waived the enforcement of its right to seek a “cure” pursuant to its lease agreement with the Developer which requires construction costs be paid prior to any sale of the leasehold, the sole asset in the Developer’s bankruptcy estate to be distributed in this bankruptcy. On July 14, 2020, the bankruptcy court conducted a hearing to determine (1) whether to approve the settlement agreement between the Developer, secured lenders and the Port Authority; and (2) whether TPBC can assert third-party beneficiary rights to the lease agreement and require that prior to the sale of the leasehold, any outstanding costs owed to contractors for the cost of building the project must be paid pursuant to the lease agreement’s “cure” provisions. On August 12, 2020, the bankruptcy court approved the settlement and denied TPBC’s third-party beneficiary rights under the lease agreement. On August 20, 2020, TPBC filed an appeal with the U.S. District Court for the Southern District of New York seeking to challenge the denial of its third-party beneficiary rights under the lease agreement’s “cure” provisions to avoid being subordinate to the claims of the secured lenders in the bankruptcy proceedings. Separately, on July 2, 2018, TPBC filed a lawsuit against the Port Authority, as owner of the project, 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 all causes of action, which was denied by the court on July 1, 2019. The Port Authority appealed this decision on July 15, 2019. On February 18, 2021, the Appellate Division affirmed in part and reversed in part the trial court's denial of the Port Authority's motion to dismiss TPBC’s causes of action. 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. On December 29, 2020, the District Court ordered that limited discovery take place before it decides the merits of the motions to dismiss. As of December 31, 2020, the Company has concluded that the potential for a material adverse financial impact due to the Developer’s claims is remote. With respect to TPBC’s claims against the Developer, its owners, certain lenders and the Port Authority, management has made an estimate of the total anticipated recovery on this project, and such estimate is included in revenue recorded to date. |
Lease
Lease | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | Leases The Company leases certain office space, construction and office equipment, vehicles and temporary housing generally under non-cancelable operating leases. Leases with an initial term of one year or less are not recorded on the balance sheet, and the Company generally recognizes lease expense for these leases on a straight-line basis over the lease term. As of December 31, 2020, the Company’s operating leases have remaining lease terms ranging from less than one year to 18 years, some of which include options to renew the leases. The exercise of lease renewal options is generally at the Company’s sole discretion. The Company’s leases do not contain any material residual value guarantees or material restrictive covenants. The Company determines if an arrangement is a lease at inception. Operating lease ROU assets are included in other assets, while current and long-term operating lease liabilities are included in accrued expenses and other current liabilities, and other long-term liabilities, respectively, on the Consolidated Balance Sheet as of December 31, 2020. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The present value of future lease payments are discounted using either the implicit rate in the lease, if known, or the Company’s incremental borrowing rate for the specific lease as of the lease commencement date. The ROU asset is also adjusted for any prepayments made or incentives received. The lease terms include options to extend or terminate the lease only to the extent it is reasonably certain any of those options will be exercised. Lease expense is recognized on a straight-line basis over the lease term. The Company accounts for lease components (e.g., fixed payments) separate from the non-lease components (e.g., common-area maintenance costs). The Company does not have any material financing leases. The following table presents components of lease expense for the years ended December 31, 2020 and 2019: For the year ended December 31, (in thousands) 2020 2019 Operating lease expense $ 14,547 $ 15,854 Short-term lease expense (a) 87,969 72,562 102,516 88,416 Less: Sublease income 1,026 1,077 Total lease expense $ 101,490 $ 87,339 (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 December 31, (dollars in thousands) Balance Sheet Line Item 2020 2019 Assets ROU assets Other assets $ 55,897 $ 40,156 Total lease assets $ 55,897 $ 40,156 Liabilities Current lease liabilities Accrued expenses and other current liabilities $ 7,661 $ 11,392 Long-term lease liabilities Other long-term liabilities 51,336 31,900 Total lease liabilities $ 58,997 $ 43,292 Weighted-average remaining lease term 12.5 years 5.0 years Weighted-average discount rate 9.22 % 5.96 % The following table presents supplemental cash flow information and non-cash activity related to operating leases: As of December 31, (in thousands) 2020 2019 Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ (14,591) $ (15,658) Non-cash activity: ROU assets obtained in exchange for lease liabilities $ 29,244 $ 9,784 The following table presents maturities of operating lease liabilities on an undiscounted basis as of December 31, 2020: Year (in thousands) Operating Leases 2021 $ 12,512 2022 10,528 2023 7,723 2024 6,141 2025 5,354 Thereafter 65,633 Total lease payments 107,891 Less: Imputed interest 48,894 Total $ 58,997 |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation | Share-Based CompensationOn April 10, 2018, the Company adopted the Tutor Perini Corporation Omnibus Incentive Plan (the “Current Plan”), which was approved by the Company’s shareholders on May 23, 2018. The Current Plan effected the merger of the Company’s Amended and Restated Tutor Perini Corporation Long-Term Incentive Plan, as amended and restated on October 2, 2014 (the “2014 Plan”) and the Tutor Perini Corporation Incentive Compensation Plan adopted on April 3, 2017 (the “2017 Plan,” together with the 2014 Plan and the Current Plan, the “Plans”). The Current Plan provides for various types of share-based grants, including restricted and unrestricted stock units and stock options. Restricted and unrestricted stock units give the holder the right to exchange their stock units for shares of the Company’s common stock on a one-for-one basis. Stock options give the holder the right to purchase shares of the Company’s common stock subsequent to the vesting date at a defined exercise price. A stock option exercise price must be equal to or greater than the fair value of the Company’s common stock on the date of the award. Restricted stock units and stock options are usually subject to certain service and performance conditions as well as other restrictions. The term for stock options is limited to 10 years from the award date. As of December 31, 2020, there were 1,539,172 shares of common stock available for grant under the Company’s Current Plan. As of December 31, 2020, the Plans had an aggregate of 3,310,265 of restricted stock units and stock options from outstanding, historical awards that either have not vested or have vested but have not been exercised. Any awards that were granted under the 2014 Plan or the 2017 Plan that are forfeited, cancelled or held back for net settlement will become available to be issued under the Current Plan. The terms of the Plans give the Company the right to settle the vesting of share-based grants in cash or shares. Many of the awards issued under the Plans contain separate tranches, each for a separate performance period and each with a performance target to be established subsequent to the award date; accordingly, the tranches are accounted for under ASC 718, Stock Compensation (“ASC 718”) as separate grants, with the grant date being the date the performance targets for a given tranche are established and communicated to the grantee. Similarly, for these awards, compliance with the requirements of the Plans is also based on the number of units granted in a given year, as determined by ASC 718, rather than the number of units awarded in a given year. The following table summarizes restricted stock unit and stock option activity: Restricted Stock Units Stock Options Number Weighted- Number Weighted- Outstanding as of December 31, 2017 1,397,984 $ 30.11 2,554,034 $ 20.45 Granted 699,000 24.21 664,000 23.20 Expired or cancelled (240,289) 32.76 (274,990) 22.82 Vested/exercised (387,695) 28.67 — — Outstanding as of December 31, 2018 1,469,000 $ 27.27 2,943,044 $ 20.89 Granted 530,000 20.23 220,000 19.66 Expired or cancelled (104,029) 28.98 (884,029) 21.03 Vested/exercised (179,971) 25.39 — — Outstanding as of December 31, 2019 1,715,000 $ 25.19 2,279,015 $ 20.62 Granted 245,000 20.67 165,000 19.24 Expired or cancelled (403,750) 25.52 (168,750) 25.87 Vested/exercised (521,250) 29.44 — — Outstanding as of December 31, 2020 1,035,000 $ 21.85 2,275,265 $ 20.13 Included in the above table are certain restricted stock unit grants which are classified as liabilities in accordance with ASC 718 because they contain a guaranteed minimum payout. These awards may be performance-based or time-based and may be settled in shares of the Company's stock, cash or a combination thereof, at the Company's discretion. As of December 31, 2020 and 2019, there were 270,000 and 390,000 restricted stock units with guaranteed minimum payouts outstanding, with weighted-average grant date fair values per share of $27.80 and $27.89, respectively. The Company recognized liabilities for these awards totaling approximately $2.4 million and $2.9 million as of December 31, 2020 and 2019, respectively. During 2020, the Company paid approximately $0.3 million to settle these awards, and there were no cash settlements in 2019 or 2018. The following table summarizes unrestricted stock units, which are generally issued to the non-employee members of the Company’s Board of Directors as part of their annual retainer fees: Unrestricted Stock Units Year Number Weighted-Average 2018 115,420 $ 21.26 2019 98,591 15.72 2020 194,177 8.60 Unrestricted stock units vest immediately upon grant and are converted to shares of the Company’s stock on a one-for-one basis. The fair value of unrestricted stock units issued during 2020, 2019 and 2018 was approximately $1.7 million, $1.5 million and $2.5 million, respectively. The fair value of restricted stock units that vested during 2020, 2019 and 2018 was approximately $4.1 million, $3.1 million and $7.9 million, respectively. As of December 31, 2020, the balance of unamortized restricted stock and stock option expense was $9.0 million and $2.3 million, respectively, which is expected to be recognized over weighted-average periods of 2.0 years for restricted stock units and 2.0 years for stock options. The 2,275,265 outstanding stock options as of December 31, 2020 had an intrinsic value of $0.9 million and a weighted-average remaining contractual life of 4.6 years. Of those outstanding options: (1) 1,715,265 were exercisable with an intrinsic value of $0.9 million, a weighted-average exercise price of $20.43 per share and a weighted-average remaining contractual life of 3.5 years; (2) 560,000 have not vested and have no intrinsic value, a weighted-average exercise price of $19.21 per share and a weighted-average remaining contractual life of 8.1 years. The 560,000 unvested stock options include 328,125 with time-based or market-based vesting conditions that are expected to vest, as well as 231,875 with market-based vesting conditions that are not expected to vest. 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. Certain performance-based awards contain market condition components tied to the Company’s total shareholder return in relation to its peer companies, as calculated over a multi-year performance period (“TSR awards”). The fair value of the TSR awards is determined using a Monte Carlo simulation model. Significant assumptions used in this simulation model include the Company’s expected volatility, a risk-free rate based on U.S. Treasury yield curve rates with maturities consistent with the performance period, and the volatilities for each of the Company’s peers. The ultimate payout on TSR awards is determined at the end of the performance period and will vary based on actual total shareholder return performance results. Compensation expense related to the TSR awards is recognized regardless of whether the market condition is satisfied, provided that the requisite service period has been completed. The fair value on the grant date and the significant assumptions used in the Black-Scholes option-pricing model are as follows: Year Ended December 31, 2020 2019 2018 Total stock options granted 165,000 220,000 664,000 Weighted-average grant date fair value $ 7.67 $ 7.59 $ 11.09 Weighted-average assumptions: Risk-free rate 1.2 % 2.1 % 2.6 % Expected life of options (a) 6.3 years 6.1 years 5.8 years Expected volatility (b) 60.7 % 39.4 % 42.2 % Expected quarterly dividends $ — $ — $ — _____________________________________________________________________________________________________________ (a) Calculated using the simplified method due to the terms of the stock options and the limited pool of grantees. (b) Calculated using historical volatility of the Company’s common stock over periods commensurate with the expected life of the option. For the respective years ended December 31, 2020, 2019 and 2018, the Company recognized, as part of general and administrative expenses, costs for share-based payment arrangements for employees of $10.2 million, $17.5 million and $21.1 million. Additionally for the same periods, the Company recognized as part of general and administrative expenses costs for share-based awards to non-employee directors of $1.6 million, $1.6 million and $1.7 million, respectively. The aggregate tax benefits for these awards were approximately $1.3 million, $2.9 million and $3.8 million, for the respective periods. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans Defined Benefit Pension Plan The Company has a defined benefit pension plan that covers certain of its executive, professional, administrative and clerical employees, subject to certain specified service requirements. The pension plan is noncontributory and benefits are based on an employee’s years of service and “final average earnings,” as defined by the pension plan. The pension plan provides reduced benefits for early retirement and takes into account offsets for social security benefits. The Company also has an unfunded supplemental retirement plan (“Benefit Equalization Plan”) for certain employees whose benefits under the defined benefit pension plan were reduced because of compensation limitations under federal tax laws. Effective June 1, 2004, all benefit accruals under the Company’s pension plan and Benefit Equalization Plan were frozen; however, the current vested benefit was preserved. Pension disclosure as presented below includes aggregated amounts for both of the Company’s plans, except where otherwise indicated. The Company historically has used the date of its year-end as its measurement date to determine the funded status of the pension plan. The long-term investment goals of the Company’s pension plan are to manage the assets in accordance with the legal requirements of all applicable laws; produce investment returns which maximize return within reasonable and prudent levels of risks; and achieve a fully funded status with regard to current pension liabilities. Some risk must be assumed in order to achieve the investment goals. Investments with the ability to withstand short and intermediate term variability are considered and some interim fluctuations in market value and rates of return are tolerated in order to achieve the pension plan’s longer-term objectives. The pension plan’s assets are managed by a third-party investment manager. The Company monitors investment performance and risk on an ongoing basis. The following table sets forth a summary of net periodic benefit cost for the years ended December 31, 2020, 2019 and 2018: Year Ended December 31, (in thousands) 2020 2019 2018 Interest cost $ 3,032 $ 3,801 $ 3,496 Service cost 925 900 875 Expected return on plan assets (4,022) (4,170) (4,302) Recognized net actuarial losses 2,407 1,933 2,067 Net periodic benefit cost $ 2,342 $ 2,464 $ 2,136 Actuarial assumptions used to determine net cost: Discount rate 3.07 % 4.12 % 3.45 % Expected return on assets 5.75 % 5.75 % 6.00 % Rate of increase in compensation N/A N/A N/A The target asset allocation for the Company’s pension plan by asset category for 2021 and the actual asset allocation as of December 31, 2020 and 2019 by asset category are as follows: Percentage of Plan Assets as of December 31, Target Allocation 2021 Actual Allocation Asset Category 2020 2019 Cash 5 % 5 % 4 % Equity funds: Domestic 35 34 47 International 15 17 18 Fixed income funds 45 44 31 Total 100 % 100 % 100 % The Company expects to contribute approximately $4.0 million to its defined benefit pension plan in 2021. Future benefit payments under the plans are estimated as follows: (in thousands) Year ended December 31, 2021 $ 6,800 2022 6,746 2023 6,657 2024 6,617 2025 6,526 2026-2030 30,704 Total $ 64,050 The following tables provide a reconciliation of the changes in the fair value of plan assets and plan benefit obligations during 2020 and 2019, and a summary of the funded status as of December 31, 2020 and 2019: Year Ended December 31, (in thousands) 2020 2019 Change in Fair Value of Plan Assets Balance at beginning of year $ 73,357 $ 63,109 Actual return on plan assets 899 12,123 Company contribution 4,408 4,793 Benefit payments (6,724) (6,668) Balance at end of year $ 71,940 $ 73,357 Year Ended December 31, (in thousands) 2020 2019 Change in Benefit Obligations Balance at beginning of year $ 102,607 $ 95,869 Interest cost 3,032 3,801 Service cost 925 900 Assumption change loss 7,902 8,373 Actuarial loss 81 332 Benefit payments (6,723) (6,668) Balance at end of year $ 107,824 $ 102,607 As of December 31, (in thousands) 2020 2019 Funded status $ (35,884) $ (29,250) Net unfunded amounts recognized in Consolidated Balance Sheets consist of: Current liabilities $ (293) $ (279) Long-term liabilities (35,591) (28,971) Total net unfunded amount recognized in Consolidated Balance Sheets $ (35,884) $ (29,250) Amounts not yet recognized in net periodic benefit cost and included in accumulated other comprehensive loss consist of net actuarial losses before income taxes of $65.2 million and $56.5 million as of December 31, 2020 and 2019, respectively. The discount rate used in determining the accumulated post-retirement benefit obligation was 2.2% as of December 31, 2020 and 3.1% as of December 31, 2019. The discount rate used for the accumulated post-retirement obligation was derived using a blend of U.S. Treasury and high-quality corporate bond discount rates. The expected long-term rate of return on assets assumption was 5.8% for both 2020 and 2019. The expected long-term rate of return on assets assumption was developed considering forward looking capital market assumptions and historical return expectations for each asset class assuming the plans’ target asset allocation and full availability of invested assets. Closely held fund strategies seek to capitalize on inefficiencies identified across different asset classes or markets and include long-short equity and long equity, event-driven, multi-strategy and distressed credit. Plan assets were measured at fair value. Registered investment companies are public investment vehicles valued using the Net Asset Value (“NAV”) of shares held by the pension plan at year-end. Equity and fixed income funds are valued based on quoted market prices in active markets. Closely held funds held by the pension plan, which are only available through private offerings, do not have readily determinable fair values. Estimates of fair value of these funds were determined using the information provided by the fund managers and are generally based on the NAV per share or its equivalent. The following table sets forth the pension plan assets at fair value in accordance with the fair value hierarchy described in Note 12: As of December 31, 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 $ 1,582 $ — $ — $ 1,582 $ 2,867 $ — $ — $ 2,867 Fixed income funds 2,000 3,086 — 5,086 — 2,861 — 2,861 Mutual funds 54,671 — — 54,671 54,085 — — 54,085 $ 58,253 $ 3,086 $ — $ 61,339 $ 56,952 $ 2,861 $ — $ 59,813 Closely held funds (a) Equity partnerships 3,700 3,660 Hedge fund investments 6,901 9,884 Total closely held funds (a) 10,601 13,544 Total $ 58,253 $ 3,086 $ — $ 71,940 $ 56,952 $ 2,861 $ — $ 73,357 _____________________________________________________________________________________________________________ (a) Closely held funds in private investment were comprised of a combination of Level 1, 2 and 3 investments, but were not categorized in the fair value hierarchy because they were measured at NAV using the practical expedient under ASC 820, Fair Value Measurement (“ASC 820”). As of December 31, 2020 and 2019, pension plan assets included approximately $10.6 million and $13.5 million, respectively, of investments in hedge funds and equity partnerships which do not have readily determinable fair values. The underlying holdings of the funds were comprised of a combination of assets for which the estimate of fair value is determined using information provided by fund managers. The plans have benefit obligations in excess of the fair value of each plan’s assets as follows: As of December 31, 2020 As of December 31, 2019 (in thousands) Pension Benefit Total Pension Benefit Total Projected benefit obligation $ 104,657 $ 3,167 $ 107,824 $ 99,515 $ 3,092 $ 102,607 Accumulated benefit obligation $ 104,657 $ 3,167 $ 107,824 $ 99,515 $ 3,092 $ 102,607 Fair value of plans' assets 71,940 — 71,940 73,357 — 73,357 Projected benefit obligation greater than fair value of plans' assets $ 32,717 $ 3,167 $ 35,884 $ 26,158 $ 3,092 $ 29,250 Accumulated benefit obligation greater than fair value of plans' assets $ 32,717 $ 3,167 $ 35,884 $ 26,158 $ 3,092 $ 29,250 Section 401(k) Plan The Company has a contributory Section 401(k) plan which covers its executive, professional, administrative and clerical employees, subject to certain specified service requirements. The cost recognized by the Company for its 401(k) plan was $4.3 million in 2020, $4.1 million in 2019 and $4.2 million in 2018. The Company’s contribution is based on a non-discretionary match of employees’ contributions, as defined by the plan. Multiemployer Plans In addition to the Company’s defined benefit pension and contribution plans discussed above, the Company participates in multiemployer pension plans for its union construction employees. Contributions are based on the hours worked by employees covered under various collective bargaining agreements. Under the Employee Retirement Income Security Act, a contributor to a multiemployer plan is only liable for its proportionate share of a plan’s unfunded vested liability upon termination, or withdrawal from a plan. The Company currently has no intention of withdrawing from any of the multiemployer pension plans in which it participates and, therefore, has not recognized a liability for its proportionate share of any unfunded vested liabilities associated with these plans. The following table summarizes key information for the plans that the Company made significant contributions to during the three years ended December 31, 2020: Pension Protections Act FIP/RP Company Contributions Expiration Pension Fund EIN/Pension 2020 2019 2020 (b) 2019 (b) 2018 Surcharge The Pension, Hospitalization and Benefit Plan of the Electrical Industry - Pension Trust Fund 13-6123601/001 Green Green N/A $ 10.1 $ 9.3 (a) $ 12.2 (a) No 4/13/2022 Excavators Union Local 731 Pension Fund 13-1809825/002 Green Green N/A 4.8 5.1 4.1 No 4/30/2022 Carpenters Pension Trust Fund for Northern California 94-6050970 Red Red Implemented 4.6 4.0 4.9 No 6/30/2023 Northern California Electrical Workers Pension Plan 94-6062674 Green Green N/A 3.5 3.0 4.1 No 5/31/2022 _____________________________________________________________________________________________________________ (a) These amounts exceeded 5% of the respective total plan contributions. (b) The Company's contributions as a percentage of total plan contributions were not available for the 2020 and 2019 plan years for any of the above pension funds, excluding The Pension, Hospitalization and Benefit Plan of the Electrical Industry - Pension Trust Fund, Excavators Union Local 731 Pension Fund and Northern California Electrical Workers Pension Plan for the 2019 plan year. In addition to the individually significant plans described above, the Company also contributed approximately $46.8 million in 2020, $36.5 million in 2019 and $36.6 million in 2018 to other multiemployer pension plans. Funding for these payments is principally provided for in the contracts with our customers. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The fair value hierarchy established by ASC 820 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 December 31, 2020 and 2019: As of December 31, 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) $ 374,289 $ — $ — $ 374,289 $ 193,685 $ — $ — $ 193,685 Restricted cash (a) 77,563 — — 77,563 8,416 — — 8,416 Restricted investments (b) — 78,912 — 78,912 — 70,974 — 70,974 Investments in lieu of retainage (c) 92,609 1,300 — 93,909 89,572 1,219 — 90,791 Total $ 544,461 $ 80,212 $ — $ 624,673 $ 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 December 31, 2020, consist of investments in U.S. government agency securities of $40.5 million, corporate debt securities of $37.5 million and corporate certificates of deposits of $0.9 million, all 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 and U.S. government agency securities of $33.8 million and corporate certificates of deposits of $1.4 million, all with maturities of up to five years. The amortized cost of these available-for-sale securities at December 31, 2020 and 2019 was not materially different from the fair value. (c) Investments in lieu of retainage are included in retainage receivable and as of December 31, 2020 are comprised of money market funds of $92.6 million and municipal bonds of $1.3 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 December 31, 2020 and 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 $495.0 million and $485.0 million as of December 31, 2020 and 2019, respectively. The fair value of the Term Loan B was $425.0 million as of December 31, 2020 and was determined using Level 2 inputs, specifically third-party quoted market prices. The fair value of the Convertible Notes was $69.1 million and $193.4 million as of December 31, 2020 and 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 fair value of the Convertible Notes repurchased on the extinguishment date was used in determining the loss on extinguishment. The fair value on the extinguishment date approximated the face value of the notes and was determined using Level 2 inputs. The reported value of the Company’s remaining borrowings approximates fair value as of December 31, 2020 and 2019. During the year ended December 31, 2019, the Company acquired an additional 25% interest in a Civil segment joint venture. The Company’s 50% ownership interest prior to the acquisition was accounted for under the proportionate consolidation method and had a carrying value of $3.2 million. Through this acquisition, the Company’s interest increased from 50% to 75%, and it obtained a controlling financial interest in the joint venture, thereby requiring consolidation by the Company. The transaction was accounted for as a business combination achieved in stages, and under ASC 805, Business Combinations , the previously held equity interest in the joint venture was remeasured at the acquisition date fair value with the resulting gain of $37.8 million recognized in earnings, which was included in general and administrative expenses in the Company’s Consolidated Statement of Operations. The fair value of the joint venture and the Company’s existing investment therein was determined based on the fair value of the underlying assets and liabilities acquired by applying an income approach that used discounted future estimated cash flows based on projected revenues, expenses and weighted-average cost of capital. The fair value of the assets and liabilities of the joint venture was recognized in the Company’s consolidated financial statements as of the acquisition date with the 25% interest not owned by the Company recorded as a noncontrolling interest. The acquisition resulted in the recording of an intangible asset for construction contract backlog of $75.6 million. The fair values of the other assets acquired and liabilities assumed were not material. Pro forma results of operations for this acquisition of additional interest in the joint venture have not been presented because they are not material to the Company’s results of operations. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2020 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | 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, 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 December 31, 2020, the Company had unconsolidated VIE-related current assets and liabilities of $0.6 million and $0.5 million, respectively, included in the Company’s 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 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 December 31, 2020. As of December 31, 2020, the Company’s Consolidated Balance Sheet included current and noncurrent assets of $405.7 million and $14.2 million, respectively, as well as current liabilities of $514.9 million related to the operations of its consolidated VIEs. As of December 31, 2019, the Company’s 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. (“O&G”). 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. |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Business Segments | Business Segments The Company offers general contracting, pre-construction planning and comprehensive project management services, including planning and scheduling of manpower, equipment, materials and subcontractors required for the timely completion of a project in accordance with the terms and specifications contained in a construction contract. The Company also offers self-performed construction services: site work, concrete forming and placement, steel erection, electrical, mechanical, plumbing, and HVAC (heating, ventilation and air conditioning). As described below, the Company’s business is conducted through three segments: Civil, Building and Specialty Contractors. These segments are determined based on how the Company’s Chairman and Chief Executive Officer (chief operating decision maker) aggregates business units when evaluating performance and allocating resources. The Civil segment specializes in public works construction and the replacement and reconstruction of infrastructure. The contracting services provided by the Civil segment include construction and rehabilitation of highways, bridges, tunnels, mass-transit systems, military defense facilities, and water management and wastewater treatment facilities. The Building segment has significant experience providing services for private and public works customers in a number of specialized building markets, including: hospitality and gaming, transportation, health care, commercial offices, government facilities, sports and entertainment, education, correctional facilities, biotech, pharmaceutical, industrial and high-tech. 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 years ended December 31, 2020, 2019 and 2018: Reportable Segments (in thousands) Civil Building Specialty Total Corporate Consolidated Year ended December 31, 2020 Total revenue $ 2,565,210 $ 2,114,459 $ 1,135,018 $ 5,814,687 $ — $ 5,814,687 Elimination of intersegment revenue (365,311) (129,818) (795) (495,924) — (495,924) Revenue from external customers $ 2,199,899 $ 1,984,641 $ 1,134,223 $ 5,318,763 $ — $ 5,318,763 Income (loss) from construction operations (a) $ 245,835 $ 53,158 $ 17,203 $ 316,196 $ (53,852) (b) $ 262,344 Capital expenditures $ 51,044 $ 878 $ 1,917 $ 53,839 $ 942 $ 54,781 Depreciation and amortization (c) $ 90,250 $ 1,703 $ 3,983 $ 95,936 $ 11,098 $ 107,034 Year ended December 31, 2019 Total revenue $ 2,054,097 $ 1,764,753 $ 929,738 $ 4,748,588 $ — $ 4,748,588 Elimination of intersegment revenue (274,745) (22,713) (298) (297,756) — (297,756) Revenue from external customers $ 1,779,352 $ 1,742,040 $ 929,440 $ 4,450,832 $ — $ 4,450,832 Income (loss) from construction operations (d) $ (150,837) $ 23,655 $ (172,637) $ (299,819) $ (65,188) (b) $ (365,007) Capital expenditures $ 82,156 $ 518 $ 688 $ 83,362 $ 834 $ 84,196 Depreciation and amortization (c) $ 47,905 $ 1,934 $ 4,136 $ 53,975 $ 11,069 $ 65,044 Year ended December 31, 2018 Total revenue $ 1,810,232 $ 1,866,902 $ 1,006,870 $ 4,684,004 $ — $ 4,684,004 Elimination of intersegment revenue (224,139) (5,203) — (229,342) — (229,342) Revenue from external customers $ 1,586,093 $ 1,861,699 $ 1,006,870 $ 4,454,662 $ — $ 4,454,662 Income (loss) from construction operations (e) $ 168,256 $ 43,939 $ 43,430 $ 255,625 $ (63,749) (b) $ 191,876 Capital expenditures $ 73,866 $ 1,655 $ 777 $ 76,298 $ 771 $ 77,069 Depreciation and amortization (c) $ 29,685 $ 1,956 $ 4,358 $ 35,999 $ 11,268 $ 47,267 _____________________________________________________________________________________________________________ (a) During the year ended December 31, 2020, the Company recorded a charge of $15.2 million in income (loss) from construction operations (an after-tax impact of $11.0 million, or $0.22 per diluted share) due to an unfavorable legal ruling pertaining to a mechanical project in California in the Specialty Contractors segment, as well as a charge of $13.2 million (an after-tax impact of $9.6 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. The Company also recorded a gain of $25.7 million in Specialty Contractors segment general and administrative expenses (an after-tax impact of $18.6 million, or $0.36 per diluted share) as a result of a favorable arbitration decision and subsequent settlement of the related employment dispute. (b) Consists primarily of corporate general and administrative expenses. (c) Depreciation and amortization is included in income (loss) from construction operations. (d) During the year ended December 31, 2019, the Company recorded a non-cash goodwill impairment charge of $379.9 million in income (loss) from construction operations (an after-tax impact of $330.5 million, or $6.58 per diluted share) resulting from an interim impairment test the Company performed as of June 1, 2019. For further information and breakdown of the goodwill impairment charge by segment, see Note 6. In addition, during the year ended December 31, 2019 the Company recorded a charge of $166.8 million in income (loss) from construction operations (an after-tax impact of $119.4 million, or $2.38 per diluted share), which principally impacted the Civil segment, as a result of the adverse jury verdict on the Alaskan Way Viaduct (SR 99) Matter, as discussed in Note 8. Lastly, the Company recognized a one-time gain of $37.8 million (an after-tax impact of $27.1 million, or $0.54 per diluted share) in Civil segment general and administrative expenses related to a remeasurement of its investment in a joint venture (see Note 12). (e) During the year ended December 31, 2018, the Company recorded a charge of $17.8 million in income (loss) from construction operations (an after-tax impact of $12.8 million, or $0.25 per diluted share), which was primarily non-cash, as a result of the unexpected adverse outcome of an arbitration decision related to a subcontract back charge dispute on a Civil segment project in New York that was completed in 2013. The above were the only changes in estimates considered material to the Company’s results of operations during the periods presented herein. Total assets by segment were as follows: As of December 31, (in thousands) 2020 2019 Civil $ 3,141,991 $ 2,791,402 Building 1,147,649 995,298 Specialty Contractors 673,891 635,180 Corporate and other (a) 82,086 63,897 Total assets $ 5,045,617 $ 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. Geographic Information Information concerning principal geographic areas is as follows: Year Ended December 31, (in thousands) 2020 2019 2018 Revenue: United States $ 4,953,045 $ 4,073,691 $ 4,180,206 Foreign and U.S. territories 365,718 377,141 274,456 Total revenue $ 5,318,763 $ 4,450,832 $ 4,454,662 As of December 31, (in thousands) 2020 2019 Assets: United States $ 4,836,735 $ 4,271,722 Foreign and U.S. territories 208,882 214,055 Total assets $ 5,045,617 $ 4,485,777 Reconciliation of Segment Information to Consolidated Amounts A reconciliation of segment results to the consolidated income (loss) before income taxes is as follows: Year Ended December 31, (in thousands) 2020 2019 2018 Income (loss) from construction operations $ 262,344 $ (365,007) $ 191,876 Other income (expense) (11,853) 6,667 4,256 Interest expense (76,212) (67,494) (63,519) Income (loss) before income taxes $ 174,279 $ (425,834) $ 132,613 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions The Company leases, at market rates, certain facilities from an entity owned by Ronald N. Tutor, the Company’s Chairman and Chief Executive Officer. Under these leases, the Company paid $3.2 million in 2020, $3.1 million in 2019 and $3.0 million in 2018, and recognized expense of $3.2 million in each of the three years. Raymond R. Oneglia, Vice Chairman of O&G, is a director of the Company. The Company occasionally forms construction project joint ventures with O&G. During the three years ended December 31, 2020, the Company had active joint ventures with O&G including two infrastructure projects in the northeastern United States that were completed in 2017 and two mass-transit projects in Los Angeles, California to construct the Purple Line Extension Section 2 (Tunnels and Stations) and Section 3 (Stations), in which the Company’s and O&G’s joint venture interests are 75% and 25%, respectively. O&G may provide equipment and services to these joint ventures on customary trade terms; there were no material payments made by these joint ventures to O&G for services and equipment during the years ended December 31, 2020, 2019 and 2018. |
Unaudited Quarterly Financial D
Unaudited Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Unaudited Quarterly Financial Data | Unaudited Quarterly Financial Data The following table presents selected unaudited quarterly financial data for each full quarterly period of 2020 and 2019: (in thousands, except per common share amounts) First Second Third Fourth Year Ended December 31, 2020 Revenue $ 1,250,729 $ 1,276,427 $ 1,442,091 $ 1,349,516 Gross profit 111,080 117,754 124,915 132,404 Income from construction operations 47,227 57,696 83,021 74,400 Income before income taxes 31,272 40,435 49,360 53,212 Net income 26,138 30,859 49,323 46,017 Net income attributable to Tutor Perini Corporation 17,371 18,709 36,819 35,495 Earnings per common share: Basic $ 0.35 $ 0.37 $ 0.72 $ 0.70 Diluted $ 0.34 $ 0.37 $ 0.72 $ 0.69 (in thousands, except per common share amounts) First Second Third Fourth Year Ended December 31, 2019 Revenue $ 958,487 $ 1,125,275 $ 1,189,345 $ 1,177,725 Gross profit (loss) 88,470 100,943 115,063 (62,704) Income (loss) from construction operations 22,913 (341,717) 47,943 (94,146) Income (loss) before income taxes 6,910 (358,339) 32,312 (106,717) Net income (loss) 4,722 (315,439) 26,721 (76,229) Net income (loss) attributable to Tutor Perini Corporation (356) (320,530) 19,313 (86,117) Earnings (loss) per common share: Basic $ (0.01) $ (6.38) $ 0.38 $ (1.71) Diluted $ (0.01) $ (6.38) $ 0.38 $ (1.71) |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | (a) Basis of Presentation The accompanying consolidated financial statements have been prepared in compliance with generally accepted accounting principles in the United States (“GAAP”) as codified in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”). Certain amounts in the notes to the consolidated financial statements of prior years have been reclassified to conform to the current year presentation. |
Principles of Consolidation | (b) Principles of Consolidation The consolidated financial statements include the accounts of Tutor Perini Corporation and its wholly owned subsidiaries (the “Company”). The Company occasionally forms joint ventures with unrelated third parties for the execution of single contracts or projects. The Company assesses its joint ventures to determine if they meet the qualifications of a variable interest entity (“VIE”) in accordance with ASC 810, Consolidation (“ASC 810”). If a joint venture is a VIE and the Company is the primary beneficiary, the joint venture is fully consolidated (See Note 13). If a joint venture is not a VIE, it may be consolidated under the voting interest method if the Company holds a controlling financial interest in the joint venture. The Company is considered to hold a controlling financial interest when it is able to exercise control over the joint venture’s operating and financial decisions. For construction joint ventures that do not need to be consolidated, the Company accounts for its interest in the joint ventures using the proportionate consolidation method, whereby the Company’s proportionate share of the joint ventures’ assets, liabilities, revenue and cost of operations are included in the appropriate classifications in the Company’s consolidated financial statements. Intercompany balances and transactions have been eliminated. |
Use of Estimates | (c) Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect reported amounts. These estimates are based on information available through the date of the issuance of the financial statements; therefore, actual results could differ from those estimates. |
Revenues | (d) Revenues Revenue Recognition The Company derives revenue from long-term construction contracts with public and private customers primarily in the United States and its territories and in certain other international locations. The Company’s construction contracts are generally each accounted for as a single unit of account (i.e., as a single performance obligation). Throughout the execution of construction contracts, the Company and its affiliated entities recognize revenue with the continuous transfer of control to the customer. The customer typically controls the asset under construction by either contractual termination clauses or by the Company’s rights to payment for work already performed on the asset under construction that does not have an alternative use for the Company. Because control transfers over time, revenue is recognized to the extent of progress towards completion of the performance obligations. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the products or services provided. The Company generally uses the cost-to-cost method for its contracts, which measures progress towards completion for each performance obligation based on the ratio of costs incurred to date to the total estimated costs at completion for the respective performance obligation. Incurred cost represents work performed, which corresponds with, and thereby best depicts, the transfer of control to the customer. Revenue, including estimated fees or profits, is recorded proportionately as costs are incurred. Cost of operations includes labor, materials, subcontractor costs, and other direct and indirect costs, including depreciation and amortization. Due to the nature of the work required to be performed on many of the Company’s performance obligations, estimating total revenue and cost at completion is complex, subject to many variables and requires significant judgment. Assumptions as to the occurrence of future events and the likelihood and amount of variable consideration, including the impact of change orders, claims, contract disputes and the achievement of contractual performance criteria, and award or other incentive fees are made during the contract performance period. The Company estimates variable consideration at the most likely amount it expects to receive. The Company includes estimated amounts in the transaction price 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. Estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of anticipated performance and all information (historical, current and forecasted) that is reasonably available to management. Back charges to suppliers or subcontractors are recognized as a reduction of cost when it is determined that recovery of such cost is probable and the amounts can be reliably estimated. Disputed back charges are recognized when the same requirements described above for variable consideration have been satisfied. Changes in Estimates on Construction Contracts The Company’s estimates of contract revenue and cost are highly detailed and many factors change during a contract performance period that result in a change to contract profitability. These factors include, but are not limited to, differing site conditions; availability of skilled contract labor; performance of major material suppliers and subcontractors; on-going subcontractor negotiations and buyout provisions; unusual weather conditions; changes in the timing of scheduled work; change orders; accuracy of the original bid estimate; changes in estimated labor productivity and costs based on experience to date; achievement of incentive-based income targets; and the expected, or actual, resolution terms for claims. The factors that cause changes in estimates vary depending on the maturation of the project within its lifecycle. For example, in the ramp-up phase, these factors typically consist of revisions in anticipated project costs and during the peak and closeout phases, these factors include the impact of change orders and claims, as well as additional revisions in remaining anticipated project costs. Generally, if the contract is at an early stage of completion, the current period impact is smaller than if the same change in estimate is made to the contract at a later stage of completion. Management evaluates changes in estimates on a contract-by-contract basis and discloses significant changes, if material, in the Notes to Consolidated Financial Statements. The cumulative catch-up method is used to account for revisions in estimates. |
Depreciation of Property and Equipment and Amortization of Long-Lived Intangible Assets | (e) Depreciation of Property and Equipment and Amortization of Long-Lived Intangible Assets Property and equipment and long-lived intangible assets are generally depreciated or amortized on a straight-line basis over their estimated useful lives ranging from three |
Recoverability of Long-Lived Assets | (f) Recoverability of Long-Lived Assets Long-lived assets are reviewed for impairment whenever circumstances indicate that the future cash flows generated by the assets might be less than the assets’ net carrying value. In such circumstances, an impairment loss will be recognized by the amount the assets’ net carrying value exceeds their fair value. |
Recoverability of Goodwill | (g) Recoverability of Goodwill The Company tests goodwill for impairment annually as of October 1 for each reporting unit and between annual tests if events occur or circumstances change which suggest that goodwill should be reevaluated. Such events or circumstances include significant changes in legal factors and business climate, recent losses at a reporting unit, and industry trends, among other factors. The Civil, Building and Specialty Contractors segments each represent a reporting unit, and the Civil reporting unit carried the remaining goodwill balance at December 31, 2020 as a result of the $379.9 million impairment loss recognized in 2019. The Company performs its annual quantitative impairment assessment during the fourth quarter of each year 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. The income approach is based on estimated present value of future cash flows for each reporting unit carrying a goodwill balance. The market approach is based on assumptions about how market data relates to each reporting unit carrying a goodwill balance. The weighting of these two approaches is based on their individual correlation to the economics of each reporting unit carrying a goodwill balance. The annual quantitative assessment performed in the fourth quarter of 2020 resulted in an estimated fair value that exceeded the net book value of the Civil reporting unit; therefore, no impairment charge was necessary. |
Recoverability of Non-Amortizable Trade Names | (h) Recoverability of Non-Amortizable Trade Names Certain trade names have an estimated indefinite life and are not amortized to earnings, but instead are reviewed for impairment annually, or more often if events occur or circumstances change which suggest that the non-amortizable trade names should be reevaluated. The Company performs its annual quantitative impairment assessment during the fourth quarter of each year using an income approach (relief from royalty method). The assessment performed in the fourth quarter of 2020 resulted in an estimated fair value for the non-amortizable trade names that exceeded their respective net book values; therefore, no impairment charge was necessary. |
Income Taxes | (i) Income Taxes Deferred income tax assets and liabilities are recognized for the effects of temporary differences between the financial statement carrying amounts and the income tax basis of assets and liabilities using tax rates expected to be in effect when such differences reverse. Income tax positions must meet a more-likely-than-not threshold to be recognized. The Company recognizes interest and penalties related to uncertain tax positions as a component of the income tax provision. |
Earnings Per Common Share (EPS) | (j) 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 7. 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 7 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. Year Ended December 31, (in thousands, except per common share data) 2020 2019 2018 Net income (loss) attributable to Tutor Perini Corporation $ 108,394 $ (387,690) $ 83,436 Weighted-average common shares outstanding, basic 50,656 50,220 49,952 Effect of dilutive restricted stock units and stock options 421 — 349 Weighted-average common shares outstanding, diluted 51,077 50,220 50,301 Net income (loss) attributable to Tutor Perini Corporation per common share: Basic $ 2.14 $ (7.72) $ 1.67 Diluted $ 2.12 $ (7.72) $ 1.66 Anti-dilutive securities not included above 1,862 3,640 2,670 For the year ended December 31, 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. |
Cash, Cash Equivalents and Restricted Cash | (k) Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets to the amounts shown in the Consolidated Statements of Cash Flows: As of December 31, (in thousands) 2020 2019 Cash and cash equivalents available for general corporate purposes $ 210,841 $ 43,760 Joint venture cash and cash equivalents 163,448 149,925 Cash and cash equivalents 374,289 193,685 Restricted cash 77,563 8,416 Total cash, cash equivalents and restricted cash $ 451,852 $ 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. As of December 31, 2020, restricted cash consists primarily of $69.9 million held to repay the outstanding principal balance of Convertible Notes described in more detail in Note 7. Restricted cash also includes amounts held as collateral to secure insurance-related contingent obligations, such as insurance claim deductibles, in lieu of letters of credit. |
Restricted Investments | (l) Restricted Investments The Company has restricted investments primarily held as collateral to secure insurance-related contingent obligations, such as insurance claim deductibles, in lieu of letters of credit. Restricted investments are primarily comprised of investments in U.S. government agency securities and corporate debt securities that are rated A 3 or better. |
Share-Based Compensation | (m) Share-Based Compensation The Company’s long-term incentive plans allow the Company to grant share-based compensation awards in a variety of forms, including restricted and unrestricted stock units and stock options. Restricted stock units and stock options generally vest subject to service and/or performance requirements, with related compensation expense equal to the fair value of the award on the date of grant and recognized on a straight-line basis over the requisite period. The Company may grant awards that require liability classification and are remeasured at fair value at the end of each reporting period with the change in fair value recognized as compensation cost. For share-based awards that have a service requirement, the Company accounts for forfeitures upon occurrence, rather than estimating the probability of forfeiture at the date of grant. Accordingly, the Company recognizes the full grant-date fair value of these awards on a straight-line basis throughout the requisite service period, reversing any expense if, and only if, there is a forfeiture. For share-based awards that have a performance-based vesting requirement, the Company evaluates the probability of achieving the performance criteria throughout the performance period, and will adjust share-based compensation expense if it estimates that the achievement of the performance criteria is not probable. Certain performance-based awards contain market condition components and are valued on the date of grant using a Monte Carlo simulation model. The fair value of such awards is expensed ratably over the performance period and is not adjusted for actual achievement. |
Insurance Liabilities | (n) Insurance Liabilities The Company typically utilizes third-party insurance coverage subject to varying deductible levels with aggregate caps on losses retained. The Company assumes the risk for the amount of the deductible portion of the losses and liabilities primarily associated with workers’ compensation and general liability coverage. In addition, on certain projects, the Company assumes the risk for the amount of the deductible portion of losses that arise from any subcontractor defaults. Losses are accrued based upon the Company’s estimates of the aggregate liability for claims incurred using historical experience and certain actuarial assumptions followed in the insurance industry. The estimate of insurance liability within the deductible limits includes an estimate of incurred but not reported claims based on data compiled from historical experience. |
Other Comprehensive Income (Loss) | (o) Other Comprehensive Income (Loss) ASC 220, Comprehensive Income , establishes standards for reporting 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 years ended December 31, 2020, 2019 and 2018 were as follows: Year Ended December 31, 2020 2019 2018 (in thousands) Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount Other comprehensive income (loss): Defined benefit pension plan adjustments $ (8,700) $ 2,439 $ (6,261) $ 1,180 $ (336) $ 844 $ 1,079 $ (308) $ 771 Foreign currency translation adjustment 178 101 279 1,867 (530) 1,337 (4,067) 1,122 (2,945) Unrealized gain (loss) in fair value of investments 2,015 (444) 1,571 1,982 (421) 1,561 (1,005) 227 (778) Total other comprehensive income (loss) $ (6,507) $ 2,096 $ (4,411) $ 5,029 $ (1,287) $ 3,742 $ (3,993) $ 1,041 $ (2,952) Less: Other comprehensive income (loss) attributable to noncontrolling interests (a) 230 — 230 393 — 393 (221) — (221) Total other comprehensive income (loss) attributable to Tutor Perini Corporation $ (6,737) $ 2,096 $ (4,641) $ 4,636 $ (1,287) $ 3,349 $ (3,772) $ 1,041 $ (2,731) ________________________________________________________________________________________ (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 years ended December 31, 2020, 2019 and 2018 were as follows: (in thousands) Defined Benefit Pension Plan Foreign Currency Translation Unrealized Gain (Loss) in Fair Accumulated Other Comprehensive Attributable to Tutor Perini Corporation: Balance as of December 31, 2017 $ (39,441) $ (3,591) $ 314 $ (42,718) Other comprehensive loss before reclassifications (695) (2,724) (835) (4,254) Amounts reclassified from AOCI 1,466 — 57 1,523 Balance as of December 31, 2018 $ (38,670) $ (6,315) $ (464) $ (45,449) Other comprehensive income (loss) before reclassifications (539) 944 1,621 2,026 Amounts reclassified from AOCI 1,383 — (60) 1,323 Balance as of December 31, 2019 $ (37,826) $ (5,371) $ 1,097 $ (42,100) Other comprehensive income (loss) before reclassifications (7,993) 49 1,820 (6,124) Amounts reclassified from AOCI 1,732 — (249) 1,483 Balance as of December 31, 2020 $ (44,087) $ (5,322) $ 2,668 $ (46,741) |
Recent Accounting Pronouncements | (p) Recent Accounting Pronouncements In March 2020, the FASB issued Accounting Standards Update (“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. In June 2016, the FASB issued 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 February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), as amended and supplemented by subsequent ASUs (collectively, “ASC 842”). The Company adopted this ASU effective January 1, 2019 using the optional transition method. Under this method, financial results reported in periods prior to 2019 are unchanged. As such, the 2018 comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The following recent accounting pronouncements require implementation in future periods. In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”). The amendments in ASU 2020-06 simplify accounting for convertible instruments by removing major separation models required under current GAAP. Consequently, more convertible debt instruments will be reported as a single liability instrument with no separate accounting for embedded conversion features. ASU 2020-06 removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception. Also, ASU 2020-06 requires the application of the if-converted method for calculating diluted EPS and the treasury stock method will no longer be available. ASU 2020-06 is effective for interim and annual reporting periods beginning after December 15, 2021, with early adoption permitted. The Company does not expect to early adopt the new standard and does not expect it to have an impact on the Company's financial position, results of operations or cash flows. In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes (“ASU 2019-12”), modifying 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. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Calculations of Basic and Diluted (EPS) | Year Ended December 31, (in thousands, except per common share data) 2020 2019 2018 Net income (loss) attributable to Tutor Perini Corporation $ 108,394 $ (387,690) $ 83,436 Weighted-average common shares outstanding, basic 50,656 50,220 49,952 Effect of dilutive restricted stock units and stock options 421 — 349 Weighted-average common shares outstanding, diluted 51,077 50,220 50,301 Net income (loss) attributable to Tutor Perini Corporation per common share: Basic $ 2.14 $ (7.72) $ 1.67 Diluted $ 2.12 $ (7.72) $ 1.66 Anti-dilutive securities not included above 1,862 3,640 2,670 |
Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets to the amounts shown in the Consolidated Statements of Cash Flows: As of December 31, (in thousands) 2020 2019 Cash and cash equivalents available for general corporate purposes $ 210,841 $ 43,760 Joint venture cash and cash equivalents 163,448 149,925 Cash and cash equivalents 374,289 193,685 Restricted cash 77,563 8,416 Total cash, cash equivalents and restricted cash $ 451,852 $ 202,101 |
Tax Effects of Components of Other Comprehensive Income (Loss) | The components of other comprehensive income (loss) and the related tax effects for the years ended December 31, 2020, 2019 and 2018 were as follows: Year Ended December 31, 2020 2019 2018 (in thousands) Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount Other comprehensive income (loss): Defined benefit pension plan adjustments $ (8,700) $ 2,439 $ (6,261) $ 1,180 $ (336) $ 844 $ 1,079 $ (308) $ 771 Foreign currency translation adjustment 178 101 279 1,867 (530) 1,337 (4,067) 1,122 (2,945) Unrealized gain (loss) in fair value of investments 2,015 (444) 1,571 1,982 (421) 1,561 (1,005) 227 (778) Total other comprehensive income (loss) $ (6,507) $ 2,096 $ (4,411) $ 5,029 $ (1,287) $ 3,742 $ (3,993) $ 1,041 $ (2,952) Less: Other comprehensive income (loss) attributable to noncontrolling interests (a) 230 — 230 393 — 393 (221) — (221) Total other comprehensive income (loss) attributable to Tutor Perini Corporation $ (6,737) $ 2,096 $ (4,641) $ 4,636 $ (1,287) $ 3,349 $ (3,772) $ 1,041 $ (2,731) ________________________________________________________________________________________ (a) The only component of other comprehensive income (loss) attributable to noncontrolling interests is foreign currency translation. |
Changes in AOCI Balances by Component | The changes in AOCI balances by component (after tax) attributable to Tutor Perini Corporation during the years ended December 31, 2020, 2019 and 2018 were as follows: (in thousands) Defined Benefit Pension Plan Foreign Currency Translation Unrealized Gain (Loss) in Fair Accumulated Other Comprehensive Attributable to Tutor Perini Corporation: Balance as of December 31, 2017 $ (39,441) $ (3,591) $ 314 $ (42,718) Other comprehensive loss before reclassifications (695) (2,724) (835) (4,254) Amounts reclassified from AOCI 1,466 — 57 1,523 Balance as of December 31, 2018 $ (38,670) $ (6,315) $ (464) $ (45,449) Other comprehensive income (loss) before reclassifications (539) 944 1,621 2,026 Amounts reclassified from AOCI 1,383 — (60) 1,323 Balance as of December 31, 2019 $ (37,826) $ (5,371) $ 1,097 $ (42,100) Other comprehensive income (loss) before reclassifications (7,993) 49 1,820 (6,124) Amounts reclassified from AOCI 1,732 — (249) 1,483 Balance as of December 31, 2020 $ (44,087) $ (5,322) $ 2,668 $ (46,741) |
Reclassification out of Accumulated Other Comprehensive Income | The significant items reclassified out of AOCI and the corresponding location and impact on the Consolidated Statements of Operations during the years ended December 31, 2020, 2019 and 2018 are as follows: Location in Consolidated Year Ended December 31, (in thousands) Statements of Operations 2020 2019 2018 Component of AOCI: Defined benefit pension plan adjustments Other income (expense) $ 2,407 $ 1,933 $ 2,052 Income tax benefit Income tax expense (benefit) (675) (550) (586) Net of tax $ 1,732 $ 1,383 $ 1,466 Unrealized (gain) loss in fair value of investment adjustments Other income (expense) $ (315) $ (76) $ 72 Income tax expense (benefit) Income tax expense (benefit) 66 16 (15) Net of tax $ (249) $ (60) $ 57 |
Consolidated Statements of Ca_3
Consolidated Statements of Cash Flows (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
Changes in Other Components of Working Capital | Below are the changes in other components of working capital, net of balances related to incremental interest acquired in a Civil segment joint venture during 2019 (see Note 12), as shown in the Consolidated Statements of Cash Flows, the supplemental disclosure of cash paid for interest and income taxes and the supplemental disclosure of non-cash investing activities: Year Ended December 31, (in thousands) 2020 2019 2018 (Increase) Decrease in: Accounts receivable $ (104,901) $ (81,983) $ 3,899 Retainage receivable (85,769) (78,520) 56,754 Costs and estimated earnings in excess of billings (113,190) 18,751 (209,537) Other current assets (49,468) (76,146) 15,398 (Decrease) Increase in: Accounts payable 111,912 53,999 (78,243) Retainage payable 62,954 35,013 (49,864) Billings in excess of costs and estimated earnings (5,168) 245,292 76,703 Accrued expenses and other current liabilities 13,654 14,851 28,046 Changes in other components of working capital $ (169,976) $ 131,257 $ (156,844) Cash paid during the year for: Interest $ 57,038 $ 56,137 $ 51,063 Income taxes $ 11,204 $ 43,374 $ 13,652 Supplemental disclosure of non-cash investing activities: Real property acquired in settlement of a receivable $ 11,660 $ — $ — |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation Of Revenue | The following tables disaggregate revenue by end market, customer type and contract type, which the Company believes best depict how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors for the years ended December 31, 2020, 2019 and 2018. Year Ended December 31, (in thousands) 2020 2019 2018 Civil segment revenue by end market: Mass transit (includes certain transportation and tunneling projects) $ 1,367,412 $ 992,755 $ 702,614 Bridges 306,161 334,117 431,202 Military defense facilities 146,969 59,082 26,225 Highways 122,254 86,747 202,423 Water 101,705 33,370 10,195 Other 155,398 273,281 213,434 Total Civil segment revenue $ 2,199,899 $ 1,779,352 $ 1,586,093 Year Ended December 31, (in thousands) 2020 2019 2018 Building segment revenue by end market: Commercial and industrial facilities $ 580,297 $ 459,806 $ 374,312 Hospitality and gaming 474,329 297,700 301,871 Municipal and government 287,337 254,736 261,496 Mass transit (includes transportation projects) 218,930 201,400 67,588 Education facilities 173,472 143,382 145,147 Health care facilities 117,968 239,299 428,819 Mixed use 59,391 31,685 150,549 Other 72,917 114,032 131,917 Total Building segment revenue $ 1,984,641 $ 1,742,040 $ 1,861,699 Year Ended December 31, (in thousands) 2020 2019 2018 Specialty Contractors segment revenue by end market: Mass transit (includes certain transportation and tunneling projects) $ 592,430 $ 419,402 $ 296,092 Commercial and industrial facilities 152,868 186,819 189,632 Multi-unit residential 139,924 83,903 81,023 Water 73,769 37,403 22,390 Mixed use 47,022 64,302 163,308 Education facilities 44,762 70,229 99,214 Other 83,448 67,382 155,211 Total Specialty Contractors segment revenue $ 1,134,223 $ 929,440 $ 1,006,870 Year Ended December 31, 2020 (in thousands) Civil Building Specialty Total Revenue by customer type: State and local agencies $ 1,875,653 $ 534,449 $ 533,768 $ 2,943,870 Federal agencies 175,933 143,327 75,067 394,327 Private owners 148,313 1,306,865 525,388 1,980,566 Total revenue $ 2,199,899 $ 1,984,641 $ 1,134,223 $ 5,318,763 Year Ended December 31, 2019 (in thousands) Civil Building Specialty Total Revenue by customer type: State and local agencies $ 1,401,001 $ 573,049 $ 496,195 $ 2,470,245 Federal agencies 116,869 153,467 11,326 281,662 Private owners 261,482 1,015,524 421,919 1,698,925 Total revenue $ 1,779,352 $ 1,742,040 $ 929,440 $ 4,450,832 Year Ended December 31, 2018 (in thousands) Civil Building Specialty Total Revenue by customer type: State and local agencies $ 1,294,630 $ 617,133 $ 406,782 $ 2,318,545 Federal agencies 95,567 201,745 53,335 350,647 Private owners 195,896 1,042,821 546,753 1,785,470 Total revenue $ 1,586,093 $ 1,861,699 $ 1,006,870 $ 4,454,662 Year Ended December 31, 2020 (in thousands) Civil Building Specialty Total Revenue by contract type: Fixed price $ 1,792,765 $ 508,655 $ 1,010,973 $ 3,312,393 Guaranteed maximum price 1,829 1,136,782 15,417 1,154,028 Unit price 392,548 867 83,257 476,672 Cost plus fee and other 12,757 338,337 24,576 375,670 Total revenue $ 2,199,899 $ 1,984,641 $ 1,134,223 $ 5,318,763 Year Ended December 31, 2019 (in thousands) Civil Building Specialty Total Revenue by contract type: Fixed price $ 1,315,195 $ 561,831 $ 769,410 $ 2,646,436 Guaranteed maximum price 6,951 752,110 21,291 780,352 Unit price 436,015 12,063 91,803 539,881 Cost plus fee and other 21,191 416,036 46,936 484,163 Total revenue $ 1,779,352 $ 1,742,040 $ 929,440 $ 4,450,832 Year Ended December 31, 2018 (in thousands) Civil Building Specialty Total Revenue by contract type: Fixed price $ 1,054,473 $ 377,538 $ 857,742 $ 2,289,753 Guaranteed maximum price 15,709 1,040,093 62,132 1,117,934 Unit price 469,305 32,468 32,562 534,335 Cost plus fee and other 46,606 411,600 54,434 512,640 Total revenue $ 1,586,093 $ 1,861,699 $ 1,006,870 $ 4,454,662 |
Contract Assets And Liabiliti_2
Contract Assets And Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract] | |
Schedule Of Contract Assets And Liabilities | The amounts as included on the Consolidated Balance Sheets consisted of the following: As of December 31, (in thousands) 2020 2019 Retainage receivable $ 648,441 $ 562,375 Costs and estimated earnings in excess of billings: Claims 752,783 705,993 Unapproved change orders 415,489 362,264 Other unbilled costs and profits 68,462 55,287 Total costs and estimated earnings in excess of billings 1,236,734 1,123,544 Capitalized contract costs 74,452 80,294 Total contract assets $ 1,959,627 $ 1,766,213 As of December 31, (in thousands) 2020 2019 Retainage payable $ 315,135 $ 252,181 Billings in excess of costs and estimated earnings 839,222 844,389 Total contract liabilities $ 1,154,357 $ 1,096,570 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Summary of Income Before Taxes | Income (loss) before taxes is summarized as follows: Year Ended December 31, (in thousands) 2020 2019 2018 United States operations $ 138,426 $ (456,403) $ 106,222 Foreign and U.S. territory operations 35,853 30,569 26,391 Total $ 174,279 $ (425,834) $ 132,613 |
Provision for Income Taxes | The income tax expense (benefit) is as follows: Year Ended December 31, (in thousands) 2020 2019 2018 Current (benefit) expense: Federal $ (36,159) $ (2,884) $ 21,055 State (1,282) 3,585 8,676 Foreign and U.S. territories 11,130 5,299 5,550 Total current (benefit) expense: (26,311) 6,000 35,281 Deferred expense (benefit): Federal 38,667 (43,579) (1,773) State 10,608 (27,566) 1,278 Foreign and U.S. territories (1,022) (464) 46 Total deferred expense (benefit): 48,253 (71,609) (449) Total expense (benefit): $ 21,942 $ (65,609) $ 34,832 |
Reconciliation of Provision for Income Taxes | The following table is a reconciliation of the Company’s income tax provision at the statutory federal tax rate to the Company’s effective tax rate: Year Ended December 31, 2020 2019 2018 (dollars in thousands) Amount Rate Amount Rate Amount Rate Federal income tax expense (benefit) at statutory tax rate $ 36,599 21.0 % $ (89,425) 21.0 % $ 27,849 21.0 % State income taxes, net of federal tax benefit 8,518 4.9 (18,442) 4.3 9,011 6.8 Stock based compensation 3,185 1.8 1,706 (0.4) — — Impact of federal tax law changes (14,476) (8.3) — — 211 0.2 Officers' compensation 2,486 1.4 2,938 (0.7) 3,078 2.3 Goodwill impairment — — 43,990 (10.3) — — Noncontrolling interests (9,799) (5.6) (6,064) 1.4 (3,232) (2.4) Federal R&D credits (3,007) (1.7) (3,998) 0.9 (2,658) (2.0) Reversal of reserve for uncertain tax positions due to statute expirations (489) (0.3) (773) 0.2 (1,958) (1.5) Foreign tax rate differences 1,491 0.9 4,940 (1.2) (19) — Other (2,566) (1.5) (481) 0.2 2,550 1.9 Income tax expense (benefit) $ 21,942 12.6 % $ (65,609) 15.4 % $ 34,832 26.3 % |
Significant Components of Deferred Tax Assets and Liabilities | The following is a summary of the significant components of the deferred tax assets and liabilities: As of December 31, (in thousands) 2020 2019 Deferred tax assets: Timing of expense recognition $ 24,470 $ 44,761 Net operating losses 19,968 23,711 Goodwill 19,315 26,658 Other, net 10,155 17,098 Deferred tax assets 73,908 112,228 Valuation allowance — (2,212) Net deferred tax assets 73,908 110,016 Deferred tax liabilities: Intangible assets, due primarily to purchase accounting (15,212) (15,309) Fixed assets (76,567) (75,461) Construction contract accounting (9,769) (13,464) Joint ventures (41,669) (24,331) Other (11,962) (16,567) Deferred tax liabilities (155,179) (145,132) Net deferred tax liabilities $ (81,271) $ (35,116) The net deferred tax liabilities are presented in the Consolidated Balance Sheets as follows: As of December 31, (in thousands) 2020 2019 Deferred tax assets $ 1,695 $ 570 Deferred tax liabilities (82,966) (35,686) Net deferred tax liabilities $ (81,271) $ (35,116) |
Reconciliation of Gross Unrecognized Tax Benefit | The Company accounts for its uncertain tax positions in accordance with GAAP. The following is a reconciliation of the beginning and ending amounts of these unrecognized tax benefits for the three years ended December 31, 2020: As of December 31, (in thousands) 2020 2019 2018 Beginning balance $ 5,682 $ 4,998 $ 6,495 Change in tax positions of prior years 2,286 351 (302) Change in tax positions of current year 1,202 1,106 763 Reduction in tax positions for statute expirations (489) (773) (1,958) Ending Balance $ 8,681 $ 5,682 $ 4,998 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Carrying Amount of Goodwill | The following table presents the changes in the carrying amount of goodwill since its inception through December 31, 2020: (in thousands) Civil Building Specialty Total Gross goodwill as of December 31, 2018 $ 492,074 $ 424,724 $ 156,193 $ 1,072,991 Accumulated impairment as of December 31, 2018 (76,716) (411,269) — (487,985) Goodwill as of December 31, 2018 415,358 13,455 156,193 585,006 2019 impairment (210,215) (13,455) (156,193) (379,863) Goodwill as of December 31, 2019 205,143 — — 205,143 Current year activity — — — — Goodwill as of December 31, 2020 (a) $ 205,143 $ — $ — $ 205,143 _____________________________________________________________________________________________________________ (a) As of December 31, 2020, accumulated impairment was $867.8 million. |
Schedule of Finite and Indefinite Lived Intangible Assets | Intangible assets consist of the following: As of December 31, 2020 Weighted-Average Amortization Period (in thousands) Cost Accumulated Accumulated Impairment Charge Carrying Value Trade names (non-amortizable) $ 117,600 $ — $ (67,190) $ 50,410 Indefinite Trade names (amortizable) 74,350 (23,754) (23,232) 27,364 20 years Contractor license 6,000 — (6,000) — N/A Customer relationships 39,800 (22,103) (16,645) 1,052 12 years Construction contract backlog 149,290 (105,001) — 44,289 3 years Total $ 387,040 $ (150,858) $ (113,067) $ 123,115 As of December 31, 2019 Weighted-Average Amortization Period (in thousands) Cost Accumulated Accumulated Impairment Charge Carrying Value Trade names (non-amortizable) $ 117,600 $ — $ (67,190) $ 50,410 Indefinite Trade names (amortizable) 74,350 (21,267) (23,232) 29,851 20 years Contractor license 6,000 — (6,000) — N/A Customer relationships 39,800 (21,048) (16,645) 2,107 12 years Construction contract backlog 149,290 (76,388) — 72,902 3 years Total $ 387,040 $ (118,703) $ (113,067) $ 155,270 |
Financial Commitments (Tables)
Financial Commitments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-term debt as reported on the Consolidated Balance Sheets consisted of the following: As of December 31, (in thousands) 2020 2019 2017 Senior Notes $ 495,271 $ 494,365 Term Loan B 408,458 N/A 2020 Revolver — N/A 2017 Credit Facility N/A 114,000 Convertible Notes (a) 67,878 182,292 Equipment financing and mortgages 47,594 39,159 Other indebtedness 6,264 4,660 Total debt 1,025,465 834,476 Less: Current maturities 100,188 124,054 Long-term debt, net $ 925,277 $ 710,422 _____________________________________________________________________________________________________________ (a) The Company will repurchase or retire the remaining Convertible Notes at or before their June 15, 2021 maturity using proceeds from the Term Loan B, $69.9 million of which is currently held in a restricted cash account for this purpose. |
Reconciliation Of Outstanding Debt Balance To Reported Debt Balance | The following table reconciles the outstanding debt balances to the reported debt balances as of December 31, 2020 and 2019: As of December 31, 2020 As of December 31, 2019 (in thousands) Outstanding Debt Unamortized Discounts and Issuance Outstanding Debt Unamortized Discount and Issuance Costs Debt, as reported 2017 Senior Notes $ 500,000 $ (4,729) $ 495,271 $ 500,000 $ (5,635) $ 494,365 Term Loan B 423,938 (15,480) 408,458 N/A N/A N/A Convertible Notes 69,918 (2,040) 67,878 200,000 (17,708) 182,292 |
Summary Of Information Related To The Liability And Equity Components Of The Convertible Notes | The following table presents information related to the liability and equity components of the Convertible Notes: (in thousands) December 31, 2020 December 31, 2019 Liability component: Principal $ 69,918 $ 200,000 Conversion feature (46,800) (46,800) Allocated debt issuance costs (5,051) (5,051) Amortization and extinguishment of discount and debt issuance costs (non-cash interest expense) 49,811 34,143 Net carrying amount $ 67,878 $ 182,292 Equity component: Conversion feature $ 46,800 $ 46,800 Reacquisition of conversion option from repurchase of notes, net of tax (764) — Allocated debt issuance costs (1,543) (1,543) Deferred taxes (18,815) (18,815) Net carrying amount $ 25,678 $ 26,442 |
Principal Payments of Long-Term Debt | The following table presents the future principal payments required under all of the Company’s debt obligations, discussed above: Year (in thousands) 2021 $ 102,228 2022 14,822 2023 14,282 2024 7,498 2025 506,156 Thereafter 402,728 1,047,714 Less: Unamortized discount and issuance costs 22,249 Total $ 1,025,465 |
Summary Of Interest Expense As Reported In The Consolidated Statements of Operations | Interest expense as reported in the Consolidated Statements of Operations consisted of the following: For the year ended December 31, (in thousands) 2020 2019 2018 Cash interest expense: Interest on 2017 Senior Notes $ 34,375 $ 34,375 $ 34,375 Interest on Term Loan B 9,028 N/A N/A Interest on 2020 Revolver 77 N/A N/A Interest on 2017 Credit Facility 5,341 11,990 8,575 Interest on Convertible Notes 4,373 5,750 5,750 Other interest 2,079 2,172 2,747 Cash portion of loss on extinguishment 786 — — Total cash interest expense 56,059 54,287 51,447 Non-cash interest expense (a) : Amortization of discount and debt issuance costs on Convertible Notes 8,944 10,811 9,846 Amortization of discount and debt issuance costs on Term Loan B 784 N/A N/A Amortization of debt issuance costs on 2020 Revolver 206 N/A N/A Amortization of debt issuance costs on 2017 Credit Facility 1,001 1,552 1,439 Amortization of debt issuance costs on 2017 Senior Notes 906 844 787 Non-cash portion of loss on extinguishment 8,312 — — Total non-cash interest expense 20,153 13,207 12,072 Total interest expense $ 76,212 $ 67,494 $ 63,519 _____________________________________________________________________________________________________________ |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Components of Lease Expense | The following table presents components of lease expense for the years ended December 31, 2020 and 2019: For the year ended December 31, (in thousands) 2020 2019 Operating lease expense $ 14,547 $ 15,854 Short-term lease expense (a) 87,969 72,562 102,516 88,416 Less: Sublease income 1,026 1,077 Total lease expense $ 101,490 $ 87,339 |
Supplemental Financial Statement Information Related To Leases | The following table presents supplemental balance sheet information related to operating leases: As of December 31, (dollars in thousands) Balance Sheet Line Item 2020 2019 Assets ROU assets Other assets $ 55,897 $ 40,156 Total lease assets $ 55,897 $ 40,156 Liabilities Current lease liabilities Accrued expenses and other current liabilities $ 7,661 $ 11,392 Long-term lease liabilities Other long-term liabilities 51,336 31,900 Total lease liabilities $ 58,997 $ 43,292 Weighted-average remaining lease term 12.5 years 5.0 years Weighted-average discount rate 9.22 % 5.96 % The following table presents supplemental cash flow information and non-cash activity related to operating leases: As of December 31, (in thousands) 2020 2019 Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ (14,591) $ (15,658) Non-cash activity: ROU assets obtained in exchange for lease liabilities $ 29,244 $ 9,784 |
Maturity of Leases Liabilities on an Undiscounted Basis | The following table presents maturities of operating lease liabilities on an undiscounted basis as of December 31, 2020: Year (in thousands) Operating Leases 2021 $ 12,512 2022 10,528 2023 7,723 2024 6,141 2025 5,354 Thereafter 65,633 Total lease payments 107,891 Less: Imputed interest 48,894 Total $ 58,997 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Restricted Stock Unit and Stock Option Activity | The following table summarizes restricted stock unit and stock option activity: Restricted Stock Units Stock Options Number Weighted- Number Weighted- Outstanding as of December 31, 2017 1,397,984 $ 30.11 2,554,034 $ 20.45 Granted 699,000 24.21 664,000 23.20 Expired or cancelled (240,289) 32.76 (274,990) 22.82 Vested/exercised (387,695) 28.67 — — Outstanding as of December 31, 2018 1,469,000 $ 27.27 2,943,044 $ 20.89 Granted 530,000 20.23 220,000 19.66 Expired or cancelled (104,029) 28.98 (884,029) 21.03 Vested/exercised (179,971) 25.39 — — Outstanding as of December 31, 2019 1,715,000 $ 25.19 2,279,015 $ 20.62 Granted 245,000 20.67 165,000 19.24 Expired or cancelled (403,750) 25.52 (168,750) 25.87 Vested/exercised (521,250) 29.44 — — Outstanding as of December 31, 2020 1,035,000 $ 21.85 2,275,265 $ 20.13 |
Summary Of Unrestricted Stock Units Issuance | The following table summarizes unrestricted stock units, which are generally issued to the non-employee members of the Company’s Board of Directors as part of their annual retainer fees: Unrestricted Stock Units Year Number Weighted-Average 2018 115,420 $ 21.26 2019 98,591 15.72 2020 194,177 8.60 |
Weighted-Average Assumptions Used in Estimating Grant Date Fair Values of Stock Option Awards | The fair value on the grant date and the significant assumptions used in the Black-Scholes option-pricing model are as follows: Year Ended December 31, 2020 2019 2018 Total stock options granted 165,000 220,000 664,000 Weighted-average grant date fair value $ 7.67 $ 7.59 $ 11.09 Weighted-average assumptions: Risk-free rate 1.2 % 2.1 % 2.6 % Expected life of options (a) 6.3 years 6.1 years 5.8 years Expected volatility (b) 60.7 % 39.4 % 42.2 % Expected quarterly dividends $ — $ — $ — _____________________________________________________________________________________________________________ (a) Calculated using the simplified method due to the terms of the stock options and the limited pool of grantees. (b) Calculated using historical volatility of the Company’s common stock over periods commensurate with the expected life of the option. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Summary of Net Periodic Benefit Cost | The following table sets forth a summary of net periodic benefit cost for the years ended December 31, 2020, 2019 and 2018: Year Ended December 31, (in thousands) 2020 2019 2018 Interest cost $ 3,032 $ 3,801 $ 3,496 Service cost 925 900 875 Expected return on plan assets (4,022) (4,170) (4,302) Recognized net actuarial losses 2,407 1,933 2,067 Net periodic benefit cost $ 2,342 $ 2,464 $ 2,136 Actuarial assumptions used to determine net cost: Discount rate 3.07 % 4.12 % 3.45 % Expected return on assets 5.75 % 5.75 % 6.00 % Rate of increase in compensation N/A N/A N/A |
Target and Actual Asset Allocation for Pension Plan by Asset Category | The target asset allocation for the Company’s pension plan by asset category for 2021 and the actual asset allocation as of December 31, 2020 and 2019 by asset category are as follows: Percentage of Plan Assets as of December 31, Target Allocation 2021 Actual Allocation Asset Category 2020 2019 Cash 5 % 5 % 4 % Equity funds: Domestic 35 34 47 International 15 17 18 Fixed income funds 45 44 31 Total 100 % 100 % 100 % |
Future Benefit Payments Under the Plans | Future benefit payments under the plans are estimated as follows: (in thousands) Year ended December 31, 2021 $ 6,800 2022 6,746 2023 6,657 2024 6,617 2025 6,526 2026-2030 30,704 Total $ 64,050 |
Reconciliation of Changes in Fair Value of Plan Assets, Plan Benefit Obligations and Funded Status | The following tables provide a reconciliation of the changes in the fair value of plan assets and plan benefit obligations during 2020 and 2019, and a summary of the funded status as of December 31, 2020 and 2019: Year Ended December 31, (in thousands) 2020 2019 Change in Fair Value of Plan Assets Balance at beginning of year $ 73,357 $ 63,109 Actual return on plan assets 899 12,123 Company contribution 4,408 4,793 Benefit payments (6,724) (6,668) Balance at end of year $ 71,940 $ 73,357 Year Ended December 31, (in thousands) 2020 2019 Change in Benefit Obligations Balance at beginning of year $ 102,607 $ 95,869 Interest cost 3,032 3,801 Service cost 925 900 Assumption change loss 7,902 8,373 Actuarial loss 81 332 Benefit payments (6,723) (6,668) Balance at end of year $ 107,824 $ 102,607 |
Amount Recognized in Consolidated Balance Sheets | As of December 31, (in thousands) 2020 2019 Funded status $ (35,884) $ (29,250) Net unfunded amounts recognized in Consolidated Balance Sheets consist of: Current liabilities $ (293) $ (279) Long-term liabilities (35,591) (28,971) Total net unfunded amount recognized in Consolidated Balance Sheets $ (35,884) $ (29,250) |
Plan Assets at Fair Value | The following table sets forth the pension plan assets at fair value in accordance with the fair value hierarchy described in Note 12: As of December 31, 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 $ 1,582 $ — $ — $ 1,582 $ 2,867 $ — $ — $ 2,867 Fixed income funds 2,000 3,086 — 5,086 — 2,861 — 2,861 Mutual funds 54,671 — — 54,671 54,085 — — 54,085 $ 58,253 $ 3,086 $ — $ 61,339 $ 56,952 $ 2,861 $ — $ 59,813 Closely held funds (a) Equity partnerships 3,700 3,660 Hedge fund investments 6,901 9,884 Total closely held funds (a) 10,601 13,544 Total $ 58,253 $ 3,086 $ — $ 71,940 $ 56,952 $ 2,861 $ — $ 73,357 _____________________________________________________________________________________________________________ (a) Closely held funds in private investment were comprised of a combination of Level 1, 2 and 3 investments, but were not categorized in the fair value hierarchy because they were measured at NAV using the practical expedient under ASC 820, Fair Value Measurement (“ASC 820”). |
Benefit Obligations in Excess of Fair Value of Plan's Assets | The plans have benefit obligations in excess of the fair value of each plan’s assets as follows: As of December 31, 2020 As of December 31, 2019 (in thousands) Pension Benefit Total Pension Benefit Total Projected benefit obligation $ 104,657 $ 3,167 $ 107,824 $ 99,515 $ 3,092 $ 102,607 Accumulated benefit obligation $ 104,657 $ 3,167 $ 107,824 $ 99,515 $ 3,092 $ 102,607 Fair value of plans' assets 71,940 — 71,940 73,357 — 73,357 Projected benefit obligation greater than fair value of plans' assets $ 32,717 $ 3,167 $ 35,884 $ 26,158 $ 3,092 $ 29,250 Accumulated benefit obligation greater than fair value of plans' assets $ 32,717 $ 3,167 $ 35,884 $ 26,158 $ 3,092 $ 29,250 |
Summary of Key Information for the Plans | The following table summarizes key information for the plans that the Company made significant contributions to during the three years ended December 31, 2020: Pension Protections Act FIP/RP Company Contributions Expiration Pension Fund EIN/Pension 2020 2019 2020 (b) 2019 (b) 2018 Surcharge The Pension, Hospitalization and Benefit Plan of the Electrical Industry - Pension Trust Fund 13-6123601/001 Green Green N/A $ 10.1 $ 9.3 (a) $ 12.2 (a) No 4/13/2022 Excavators Union Local 731 Pension Fund 13-1809825/002 Green Green N/A 4.8 5.1 4.1 No 4/30/2022 Carpenters Pension Trust Fund for Northern California 94-6050970 Red Red Implemented 4.6 4.0 4.9 No 6/30/2023 Northern California Electrical Workers Pension Plan 94-6062674 Green Green N/A 3.5 3.0 4.1 No 5/31/2022 _____________________________________________________________________________________________________________ (a) These amounts exceeded 5% of the respective total plan contributions. (b) The Company's contributions as a percentage of total plan contributions were not available for the 2020 and 2019 plan years for any of the above pension funds, excluding The Pension, Hospitalization and Benefit Plan of the Electrical Industry - Pension Trust Fund, Excavators Union Local 731 Pension Fund and Northern California Electrical Workers Pension Plan for the 2019 plan year. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | The following fair value hierarchy table presents the Company’s assets that are measured at fair value on a recurring basis as of December 31, 2020 and 2019: As of December 31, 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) $ 374,289 $ — $ — $ 374,289 $ 193,685 $ — $ — $ 193,685 Restricted cash (a) 77,563 — — 77,563 8,416 — — 8,416 Restricted investments (b) — 78,912 — 78,912 — 70,974 — 70,974 Investments in lieu of retainage (c) 92,609 1,300 — 93,909 89,572 1,219 — 90,791 Total $ 544,461 $ 80,212 $ — $ 624,673 $ 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 December 31, 2020, consist of investments in U.S. government agency securities of $40.5 million, corporate debt securities of $37.5 million and corporate certificates of deposits of $0.9 million, all 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 and U.S. government agency securities of $33.8 million and corporate certificates of deposits of $1.4 million, all with maturities of up to five years. The amortized cost of these available-for-sale securities at December 31, 2020 and 2019 was not materially different from the fair value. (c) Investments in lieu of retainage are included in retainage receivable and as of December 31, 2020 are comprised of money market funds of $92.6 million and municipal bonds of $1.3 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 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Reportable Segments | The following tables set forth certain reportable segment information relating to the Company’s operations for the years ended December 31, 2020, 2019 and 2018: Reportable Segments (in thousands) Civil Building Specialty Total Corporate Consolidated Year ended December 31, 2020 Total revenue $ 2,565,210 $ 2,114,459 $ 1,135,018 $ 5,814,687 $ — $ 5,814,687 Elimination of intersegment revenue (365,311) (129,818) (795) (495,924) — (495,924) Revenue from external customers $ 2,199,899 $ 1,984,641 $ 1,134,223 $ 5,318,763 $ — $ 5,318,763 Income (loss) from construction operations (a) $ 245,835 $ 53,158 $ 17,203 $ 316,196 $ (53,852) (b) $ 262,344 Capital expenditures $ 51,044 $ 878 $ 1,917 $ 53,839 $ 942 $ 54,781 Depreciation and amortization (c) $ 90,250 $ 1,703 $ 3,983 $ 95,936 $ 11,098 $ 107,034 Year ended December 31, 2019 Total revenue $ 2,054,097 $ 1,764,753 $ 929,738 $ 4,748,588 $ — $ 4,748,588 Elimination of intersegment revenue (274,745) (22,713) (298) (297,756) — (297,756) Revenue from external customers $ 1,779,352 $ 1,742,040 $ 929,440 $ 4,450,832 $ — $ 4,450,832 Income (loss) from construction operations (d) $ (150,837) $ 23,655 $ (172,637) $ (299,819) $ (65,188) (b) $ (365,007) Capital expenditures $ 82,156 $ 518 $ 688 $ 83,362 $ 834 $ 84,196 Depreciation and amortization (c) $ 47,905 $ 1,934 $ 4,136 $ 53,975 $ 11,069 $ 65,044 Year ended December 31, 2018 Total revenue $ 1,810,232 $ 1,866,902 $ 1,006,870 $ 4,684,004 $ — $ 4,684,004 Elimination of intersegment revenue (224,139) (5,203) — (229,342) — (229,342) Revenue from external customers $ 1,586,093 $ 1,861,699 $ 1,006,870 $ 4,454,662 $ — $ 4,454,662 Income (loss) from construction operations (e) $ 168,256 $ 43,939 $ 43,430 $ 255,625 $ (63,749) (b) $ 191,876 Capital expenditures $ 73,866 $ 1,655 $ 777 $ 76,298 $ 771 $ 77,069 Depreciation and amortization (c) $ 29,685 $ 1,956 $ 4,358 $ 35,999 $ 11,268 $ 47,267 _____________________________________________________________________________________________________________ (a) During the year ended December 31, 2020, the Company recorded a charge of $15.2 million in income (loss) from construction operations (an after-tax impact of $11.0 million, or $0.22 per diluted share) due to an unfavorable legal ruling pertaining to a mechanical project in California in the Specialty Contractors segment, as well as a charge of $13.2 million (an after-tax impact of $9.6 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. The Company also recorded a gain of $25.7 million in Specialty Contractors segment general and administrative expenses (an after-tax impact of $18.6 million, or $0.36 per diluted share) as a result of a favorable arbitration decision and subsequent settlement of the related employment dispute. (b) Consists primarily of corporate general and administrative expenses. (c) Depreciation and amortization is included in income (loss) from construction operations. (d) During the year ended December 31, 2019, the Company recorded a non-cash goodwill impairment charge of $379.9 million in income (loss) from construction operations (an after-tax impact of $330.5 million, or $6.58 per diluted share) resulting from an interim impairment test the Company performed as of June 1, 2019. For further information and breakdown of the goodwill impairment charge by segment, see Note 6. In addition, during the year ended December 31, 2019 the Company recorded a charge of $166.8 million in income (loss) from construction operations (an after-tax impact of $119.4 million, or $2.38 per diluted share), which principally impacted the Civil segment, as a result of the adverse jury verdict on the Alaskan Way Viaduct (SR 99) Matter, as discussed in Note 8. Lastly, the Company recognized a one-time gain of $37.8 million (an after-tax impact of $27.1 million, or $0.54 per diluted share) in Civil segment general and administrative expenses related to a remeasurement of its investment in a joint venture (see Note 12). (e) During the year ended December 31, 2018, the Company recorded a charge of $17.8 million in income (loss) from construction operations (an after-tax impact of $12.8 million, or $0.25 per diluted share), which was primarily non-cash, as a result of the unexpected adverse outcome of an arbitration decision related to a subcontract back charge dispute on a Civil segment project in New York that was completed in 2013. |
Total Assets for Reportable Segments | Total assets by segment were as follows: As of December 31, (in thousands) 2020 2019 Civil $ 3,141,991 $ 2,791,402 Building 1,147,649 995,298 Specialty Contractors 673,891 635,180 Corporate and other (a) 82,086 63,897 Total assets $ 5,045,617 $ 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. |
Principal Geographical Areas | Information concerning principal geographic areas is as follows: Year Ended December 31, (in thousands) 2020 2019 2018 Revenue: United States $ 4,953,045 $ 4,073,691 $ 4,180,206 Foreign and U.S. territories 365,718 377,141 274,456 Total revenue $ 5,318,763 $ 4,450,832 $ 4,454,662 As of December 31, (in thousands) 2020 2019 Assets: United States $ 4,836,735 $ 4,271,722 Foreign and U.S. territories 208,882 214,055 Total assets $ 5,045,617 $ 4,485,777 |
Reconciliation of Segment Results to Consolidated Income Before Income Taxes | A reconciliation of segment results to the consolidated income (loss) before income taxes is as follows: Year Ended December 31, (in thousands) 2020 2019 2018 Income (loss) from construction operations $ 262,344 $ (365,007) $ 191,876 Other income (expense) (11,853) 6,667 4,256 Interest expense (76,212) (67,494) (63,519) Income (loss) before income taxes $ 174,279 $ (425,834) $ 132,613 |
Unaudited Quarterly Financial_2
Unaudited Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Unaudited Quarterly Selected Financial Data | The following table presents selected unaudited quarterly financial data for each full quarterly period of 2020 and 2019: (in thousands, except per common share amounts) First Second Third Fourth Year Ended December 31, 2020 Revenue $ 1,250,729 $ 1,276,427 $ 1,442,091 $ 1,349,516 Gross profit 111,080 117,754 124,915 132,404 Income from construction operations 47,227 57,696 83,021 74,400 Income before income taxes 31,272 40,435 49,360 53,212 Net income 26,138 30,859 49,323 46,017 Net income attributable to Tutor Perini Corporation 17,371 18,709 36,819 35,495 Earnings per common share: Basic $ 0.35 $ 0.37 $ 0.72 $ 0.70 Diluted $ 0.34 $ 0.37 $ 0.72 $ 0.69 (in thousands, except per common share amounts) First Second Third Fourth Year Ended December 31, 2019 Revenue $ 958,487 $ 1,125,275 $ 1,189,345 $ 1,177,725 Gross profit (loss) 88,470 100,943 115,063 (62,704) Income (loss) from construction operations 22,913 (341,717) 47,943 (94,146) Income (loss) before income taxes 6,910 (358,339) 32,312 (106,717) Net income (loss) 4,722 (315,439) 26,721 (76,229) Net income (loss) attributable to Tutor Perini Corporation (356) (320,530) 19,313 (86,117) Earnings (loss) per common share: Basic $ (0.01) $ (6.38) $ 0.38 $ (1.71) Diluted $ (0.01) $ (6.38) $ 0.38 $ (1.71) |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill impairment charge | $ 0 | $ 379,863 | $ 0 |
Restricted cash held to repay outstanding debt | $ 69,900 | ||
Minimum | |||
Estimated useful lives | 3 years | ||
Maximum | |||
Estimated useful lives | 40 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Calculations of Basic and Diluted EPS) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | |||||||||||
Net income (loss) attributable to Tutor Perini Corporation | $ 35,495 | $ 36,819 | $ 18,709 | $ 17,371 | $ (86,117) | $ 19,313 | $ (320,530) | $ (356) | $ 108,394 | $ (387,690) | $ 83,436 |
Weighted-average common shares outstanding, basic (in shares) | 50,656 | 50,220 | 49,952 | ||||||||
Effect of dilutive restricted stock units and stock options (in shares) | 421 | 0 | 349 | ||||||||
Weighted-average common shares outstanding, diluted (in shares) | 51,077 | 50,220 | 50,301 | ||||||||
Basic (in dollars per share) | $ 0.70 | $ 0.72 | $ 0.37 | $ 0.35 | $ (1.71) | $ 0.38 | $ (6.38) | $ (0.01) | $ 2.14 | $ (7.72) | $ 1.67 |
Diluted (in dollars per share) | $ 0.69 | $ 0.72 | $ 0.37 | $ 0.34 | $ (1.71) | $ 0.38 | $ (6.38) | $ (0.01) | $ 2.12 | $ (7.72) | $ 1.66 |
Anti-dilutive securities not included above (in shares) | 1,862 | 3,640 | 2,670 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Schedule of Cash and Cash Equivalents) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Cash and cash equivalents | $ 374,289 | $ 193,685 | ||
Restricted cash | 77,563 | 8,416 | ||
Total cash, cash equivalents and restricted cash | 451,852 | 202,101 | $ 119,863 | $ 197,648 |
General Corporate Purposes | ||||
Cash and cash equivalents | 210,841 | 43,760 | ||
Joint Venture | ||||
Cash and cash equivalents | $ 163,448 | $ 149,925 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Tax Effects of Components of Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | |||
Defined benefit pension plan adjustments, Before-Tax Amount | $ (8,700) | $ 1,180 | $ 1,079 |
Defined benefit pension plan adjustments, Tax (Expense) Benefit | 2,439 | (336) | (308) |
Defined benefit pension plan adjustments, Net-of-Tax Amount | (6,261) | 844 | 771 |
Foreign currency translation adjustment, Before-Tax Amount | 178 | 1,867 | (4,067) |
Foreign currency translation adjustment, Tax (Expense) Benefit | 101 | (530) | 1,122 |
Foreign currency translation adjustment, Net-of-Tax Amount | 279 | 1,337 | (2,945) |
Unrealized gain (loss) in fair value of investments, Before-Tax Amount | 2,015 | 1,982 | (1,005) |
Unrealized gain (loss) in fair value of investments, Tax (Expense) Benefit | (444) | (421) | 227 |
Unrealized gain (loss) in fair value of investments, Net-of-Tax Amount | 1,571 | 1,561 | (778) |
Total other comprehensive income (loss), Before-Tax Amount | (6,507) | 5,029 | (3,993) |
Total other comprehensive income (loss), Tax (Expense) Benefit | 2,096 | (1,287) | 1,041 |
Total other comprehensive income (loss), Net-of-Tax Amount | (4,411) | 3,742 | (2,952) |
Less: Other comprehensive income (loss) attributable to noncontrolling interests, Before-Tax Amount | 230 | 393 | (221) |
Less: Other comprehensive income (loss) attributable to noncontrolling interest, Tax (Expense) Benefit | 0 | 0 | 0 |
Less: Other comprehensive income (loss) attributable to noncontrolling interests, Net-of-Tax Amount | 230 | 393 | (221) |
Total other comprehensive income (loss) attributable to Tutor Perini Corporation, Before-Tax Amount | (6,737) | 4,636 | (3,772) |
Total other comprehensive income (loss) attributable to Tutor Perini Corporation, Tax (Expense) Benefit | 2,096 | (1,287) | 1,041 |
Total other comprehensive income (loss) attributable to Tutor Perini Corporation, Net-of-Tax Amount | $ (4,641) | $ 3,349 | $ (2,731) |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies (Changes in AOCI Balances by Component) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Beginning balance | $ 1,440,142 | ||
Ending balance | 1,553,856 | $ 1,440,142 | |
Accumulated Other Comprehensive Loss | |||
Beginning balance | (42,100) | (45,449) | $ (42,718) |
Other comprehensive loss before reclassifications | (6,124) | 2,026 | (4,254) |
Amounts reclassified from AOCI | 1,483 | 1,323 | 1,523 |
Ending balance | (46,741) | (42,100) | (45,449) |
Defined Benefit Pension Plan | |||
Beginning balance | (37,826) | (38,670) | (39,441) |
Other comprehensive loss before reclassifications | (7,993) | (539) | (695) |
Amounts reclassified from AOCI | 1,732 | 1,383 | 1,466 |
Ending balance | (44,087) | (37,826) | (38,670) |
Foreign Currency Translation | |||
Beginning balance | (5,371) | (6,315) | (3,591) |
Other comprehensive loss before reclassifications | 49 | 944 | (2,724) |
Amounts reclassified from AOCI | 0 | 0 | 0 |
Ending balance | (5,322) | (5,371) | (6,315) |
Unrealized Gain (Loss) in Fair Value of Investments | |||
Beginning balance | 1,097 | (464) | 314 |
Other comprehensive loss before reclassifications | 1,820 | 1,621 | (835) |
Amounts reclassified from AOCI | (249) | (60) | 57 |
Ending balance | $ 2,668 | $ 1,097 | $ (464) |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Reclassification from AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Other income (expense) | $ (11,853) | $ 6,667 | $ 4,256 | ||||||||
Income tax expense (benefit) | (21,942) | 65,609 | (34,832) | ||||||||
Net income (loss) attributable to Tutor Perini Corporation | $ 35,495 | $ 36,819 | $ 18,709 | $ 17,371 | $ (86,117) | $ 19,313 | $ (320,530) | $ (356) | 108,394 | (387,690) | 83,436 |
Reclassification out of Accumulated Other Comprehensive Income | Defined Benefit Pension Plan | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Other income (expense) | 2,407 | 1,933 | 2,052 | ||||||||
Income tax expense (benefit) | (675) | (550) | (586) | ||||||||
Net income (loss) attributable to Tutor Perini Corporation | 1,732 | 1,383 | 1,466 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gain (Loss) in Fair Value of Investments | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Other income (expense) | (315) | (76) | 72 | ||||||||
Income tax expense (benefit) | 66 | 16 | (15) | ||||||||
Net income (loss) attributable to Tutor Perini Corporation | $ (249) | $ (60) | $ 57 |
Consolidated Statements of Ca_4
Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |||
Accounts receivable | $ (104,901) | $ (81,983) | $ 3,899 |
Retainage receivable | (85,769) | (78,520) | 56,754 |
Costs and estimated earnings in excess of billings | (113,190) | 18,751 | (209,537) |
Other current assets | (49,468) | (76,146) | 15,398 |
Accounts payable | 111,912 | 53,999 | (78,243) |
Retainage payable | 62,954 | 35,013 | (49,864) |
Billings in excess of costs and estimated earnings | (5,168) | 245,292 | 76,703 |
Accrued expenses and other current liabilities | 13,654 | 14,851 | 28,046 |
Changes in other components of working capital | (169,976) | 131,257 | (156,844) |
Interest | 57,038 | 56,137 | 51,063 |
Income taxes | 11,204 | 43,374 | 13,652 |
Supplemental disclosure of non-cash investing activities: | |||
Real property acquired in settlement of a receivable | $ 11,660 | $ 0 | $ 0 |
Revenue (Narrative) (Details)
Revenue (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Net revenue recognized related to performance obligations satisfies (or partially satisfied) in prior periods | $ 77 | $ 177.5 | $ 19.4 |
Alaskan Way Viaduct Matter | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Net revenue recognized related to performance obligations satisfies (or partially satisfied) in prior periods | 123.9 | ||
Civil | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Performance obligation amount | $ 4,800 | 5,200 | |
Civil | Minimum | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Remaining performance obligation period range | 3 years | ||
Civil | Maximum | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Remaining performance obligation period range | 5 years | ||
Building | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Performance obligation amount | $ 1,500 | 2,200 | |
Specialty Contractors | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Performance obligation amount | $ 1,800 | $ 2,200 | |
Building And Specialty Contractors | Minimum | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Remaining performance obligation period range | 1 year | ||
Building And Specialty Contractors | Maximum | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Remaining performance obligation period range | 3 years |
Revenue (Disaggregation Of Reve
Revenue (Disaggregation Of Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||||||||||
REVENUE | $ 1,349,516 | $ 1,442,091 | $ 1,276,427 | $ 1,250,729 | $ 1,177,725 | $ 1,189,345 | $ 1,125,275 | $ 958,487 | $ 5,318,763 | $ 4,450,832 | $ 4,454,662 |
State and local agencies | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
REVENUE | 2,943,870 | 2,470,245 | 2,318,545 | ||||||||
Federal agencies | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
REVENUE | 394,327 | 281,662 | 350,647 | ||||||||
Private owners | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
REVENUE | 1,980,566 | 1,698,925 | 1,785,470 | ||||||||
Civil | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
REVENUE | 2,199,899 | 1,779,352 | 1,586,093 | ||||||||
Civil | State and local agencies | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
REVENUE | 1,875,653 | 1,401,001 | 1,294,630 | ||||||||
Civil | Federal agencies | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
REVENUE | 175,933 | 116,869 | 95,567 | ||||||||
Civil | Private owners | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
REVENUE | 148,313 | 261,482 | 195,896 | ||||||||
Civil | Mass transit (includes certain transportation and tunneling projects) | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
REVENUE | 1,367,412 | 992,755 | 702,614 | ||||||||
Civil | Bridges | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
REVENUE | 306,161 | 334,117 | 431,202 | ||||||||
Civil | Military defense facilities | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
REVENUE | 146,969 | 59,082 | 26,225 | ||||||||
Civil | Highways | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
REVENUE | 122,254 | 86,747 | 202,423 | ||||||||
Civil | Water | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
REVENUE | 101,705 | 33,370 | 10,195 | ||||||||
Civil | Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
REVENUE | 155,398 | 273,281 | 213,434 | ||||||||
Building | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
REVENUE | 1,984,641 | 1,742,040 | 1,861,699 | ||||||||
Building | State and local agencies | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
REVENUE | 534,449 | 573,049 | 617,133 | ||||||||
Building | Federal agencies | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
REVENUE | 143,327 | 153,467 | 201,745 | ||||||||
Building | Private owners | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
REVENUE | 1,306,865 | 1,015,524 | 1,042,821 | ||||||||
Building | Mass transit (includes certain transportation and tunneling projects) | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
REVENUE | 218,930 | 201,400 | 67,588 | ||||||||
Building | Mixed use | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
REVENUE | 59,391 | 31,685 | 150,549 | ||||||||
Building | Commercial and industrial facilities | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
REVENUE | 580,297 | 459,806 | 374,312 | ||||||||
Building | Hospitality and gaming | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
REVENUE | 474,329 | 297,700 | 301,871 | ||||||||
Building | Municipal and government | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
REVENUE | 287,337 | 254,736 | 261,496 | ||||||||
Building | Education facilities | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
REVENUE | 173,472 | 143,382 | 145,147 | ||||||||
Building | Health care facilities | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
REVENUE | 117,968 | 239,299 | 428,819 | ||||||||
Building | Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
REVENUE | 72,917 | 114,032 | 131,917 | ||||||||
Specialty Contractors | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
REVENUE | 1,134,223 | 929,440 | 1,006,870 | ||||||||
Specialty Contractors | State and local agencies | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
REVENUE | 533,768 | 496,195 | 406,782 | ||||||||
Specialty Contractors | Federal agencies | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
REVENUE | 75,067 | 11,326 | 53,335 | ||||||||
Specialty Contractors | Private owners | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
REVENUE | 525,388 | 421,919 | 546,753 | ||||||||
Specialty Contractors | Mass transit (includes certain transportation and tunneling projects) | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
REVENUE | 592,430 | 419,402 | 296,092 | ||||||||
Specialty Contractors | Water | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
REVENUE | 73,769 | 37,403 | 22,390 | ||||||||
Specialty Contractors | Mixed use | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
REVENUE | 47,022 | 64,302 | 163,308 | ||||||||
Specialty Contractors | Commercial and industrial facilities | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
REVENUE | 152,868 | 186,819 | 189,632 | ||||||||
Specialty Contractors | Education facilities | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
REVENUE | 44,762 | 70,229 | 99,214 | ||||||||
Specialty Contractors | Multi-unit residential | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
REVENUE | 139,924 | 83,903 | 81,023 | ||||||||
Specialty Contractors | Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
REVENUE | $ 83,448 | $ 67,382 | $ 155,211 |
Revenue (Schedule Of Revenue By
Revenue (Schedule Of Revenue By Contract Type) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||||||||||
REVENUE | $ 1,349,516 | $ 1,442,091 | $ 1,276,427 | $ 1,250,729 | $ 1,177,725 | $ 1,189,345 | $ 1,125,275 | $ 958,487 | $ 5,318,763 | $ 4,450,832 | $ 4,454,662 |
Fixed price | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
REVENUE | 3,312,393 | 2,646,436 | 2,289,753 | ||||||||
Guaranteed maximum price | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
REVENUE | 1,154,028 | 780,352 | 1,117,934 | ||||||||
Unit price | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
REVENUE | 476,672 | 539,881 | 534,335 | ||||||||
Cost plus fee and other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
REVENUE | 375,670 | 484,163 | 512,640 | ||||||||
Civil | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
REVENUE | 2,199,899 | 1,779,352 | 1,586,093 | ||||||||
Civil | Fixed price | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
REVENUE | 1,792,765 | 1,315,195 | 1,054,473 | ||||||||
Civil | Guaranteed maximum price | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
REVENUE | 1,829 | 6,951 | 15,709 | ||||||||
Civil | Unit price | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
REVENUE | 392,548 | 436,015 | 469,305 | ||||||||
Civil | Cost plus fee and other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
REVENUE | 12,757 | 21,191 | 46,606 | ||||||||
Building | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
REVENUE | 1,984,641 | 1,742,040 | 1,861,699 | ||||||||
Building | Fixed price | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
REVENUE | 508,655 | 561,831 | 377,538 | ||||||||
Building | Guaranteed maximum price | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
REVENUE | 1,136,782 | 752,110 | 1,040,093 | ||||||||
Building | Unit price | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
REVENUE | 867 | 12,063 | 32,468 | ||||||||
Building | Cost plus fee and other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
REVENUE | 338,337 | 416,036 | 411,600 | ||||||||
Specialty Contractors | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
REVENUE | 1,134,223 | 929,440 | 1,006,870 | ||||||||
Specialty Contractors | Fixed price | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
REVENUE | 1,010,973 | 769,410 | 857,742 | ||||||||
Specialty Contractors | Guaranteed maximum price | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
REVENUE | 15,417 | 21,291 | 62,132 | ||||||||
Specialty Contractors | Unit price | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
REVENUE | 83,257 | 91,803 | 32,562 | ||||||||
Specialty Contractors | Cost plus fee and other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
REVENUE | $ 24,576 | $ 46,936 | $ 54,434 |
Contract Assets And Liabiliti_3
Contract Assets And Liabilities (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract] | |||
Retainage receivable estimated by management to be collected beyond one year, percentage | 38.00% | ||
Costs and estimated earnings in excess of billings estimated to be collected | $ 756.2 | ||
Capitalized contract costs were amortized and recognized as expense | $ 46.7 | $ 33.8 | $ 16.3 |
Retainage payable estimated by management to be remitted beyond one year, percentage | 38.00% | ||
Revenue recognized | $ 690.7 | $ 479.6 | $ 382.7 |
Contract Assets And Liabiliti_4
Contract Assets And Liabilities (Schedule Of Contract Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract] | ||
Retainage receivable | $ 648,441 | $ 562,375 |
Claims | 752,783 | 705,993 |
Unapproved change orders | 415,489 | 362,264 |
Other unbilled costs and profits | 68,462 | 55,287 |
Total costs and estimated earnings in excess of billings | 1,236,734 | 1,123,544 |
Capitalized contract costs | 74,452 | 80,294 |
Total contract assets | $ 1,959,627 | $ 1,766,213 |
Contract Assets And Liabiliti_5
Contract Assets And Liabilities (Schedule Of Contract Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract] | ||
Retainage payable | $ 315,135 | $ 252,181 |
Billings in excess of costs and estimated earnings | 839,222 | 844,389 |
Total contract liabilities | $ 1,154,357 | $ 1,096,570 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Loss Carryforwards [Line Items] | |||
Goodwill impairment charge | $ 0 | $ 379,863 | $ 0 |
Goodwill, not tax deductible and yielded permanent differences between book and taxable income | 209,500 | ||
Goodwill impairment, tax benefit | 49,400 | ||
Unrecognized tax benefits that would impact effective tax rate | 8,700 | ||
Domestic Tax Authority | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards | 0 | 29,300 | |
Credit carryforwards | 1,400 | 6,000 | |
State and Local Jurisdiction | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards | 196,500 | 184,800 | |
Credit carryforwards | $ 2,000 | $ 1,200 |
Income Taxes (Summary of Income
Income Taxes (Summary of Income Before Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||||||||||
United States operations | $ 138,426 | $ (456,403) | $ 106,222 | ||||||||
Foreign and U.S. territory operations | 35,853 | 30,569 | 26,391 | ||||||||
INCOME (LOSS) BEFORE INCOME TAXES | $ 53,212 | $ 49,360 | $ 40,435 | $ 31,272 | $ (106,717) | $ 32,312 | $ (358,339) | $ 6,910 | $ 174,279 | $ (425,834) | $ 132,613 |
Income Taxes (Provision for Inc
Income Taxes (Provision for Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current (benefit) expense: | |||
Federal | $ (36,159) | $ (2,884) | $ 21,055 |
State | (1,282) | 3,585 | 8,676 |
Foreign and U.S. territories | 11,130 | 5,299 | 5,550 |
Total current (benefit) expense: | (26,311) | 6,000 | 35,281 |
Deferred expense (benefit): | |||
Federal | 38,667 | (43,579) | (1,773) |
State | 10,608 | (27,566) | 1,278 |
Foreign and U.S. territories | (1,022) | (464) | 46 |
Total deferred expense (benefit): | 48,253 | (71,609) | (449) |
Total expense (benefit): | $ 21,942 | $ (65,609) | $ 34,832 |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Provision for Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Amount | |||
Federal income tax expense (benefit) at statutory tax rate | $ 36,599 | $ (89,425) | $ 27,849 |
State income taxes, net of federal tax benefit | 8,518 | (18,442) | 9,011 |
Stock based compensation | 3,185 | 1,706 | 0 |
Impact of federal tax law changes | (14,476) | 0 | 211 |
Officers' compensation | 2,486 | 2,938 | 3,078 |
Goodwill impairment | 0 | 43,990 | 0 |
Noncontrolling interests | (9,799) | (6,064) | (3,232) |
Federal R&D credits | (3,007) | (3,998) | (2,658) |
Reversal of reserve for uncertain tax positions due to statute expirations | (489) | (773) | (1,958) |
Foreign tax rate differences | 1,491 | 4,940 | (19) |
Other | (2,566) | (481) | 2,550 |
Total expense (benefit): | $ 21,942 | $ (65,609) | $ 34,832 |
Rate | |||
Federal income tax expense (benefit) at statutory tax rate | 21.00% | 21.00% | 21.00% |
State income taxes, net of federal tax benefit | 4.90% | 4.30% | 6.80% |
Stock based compensation | 1.80% | (0.40%) | 0.00% |
Impact of federal tax law changes | (8.30%) | 0.00% | 0.20% |
Officers' compensation | 1.40% | (0.70%) | 2.30% |
Goodwill impairment | 0.00% | (10.30%) | 0.00% |
Noncontrolling interests | (5.60%) | 1.40% | (2.40%) |
Federal R&D credits | (1.70%) | 0.90% | (2.00%) |
Reversal of reserve for uncertain tax positions due to statute expirations | (0.30%) | 0.20% | (1.50%) |
Foreign tax rate differences | 0.90% | (1.20%) | 0.00% |
Other | (1.50%) | 0.20% | 1.90% |
Income tax expense (benefit) | 12.60% | 15.40% | 26.30% |
Income Taxes (Significant Compo
Income Taxes (Significant Components of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
Timing of expense recognition | $ 24,470 | $ 44,761 |
Net operating losses | 19,968 | 23,711 |
Goodwill | 19,315 | 26,658 |
Other, net | 10,155 | 17,098 |
Deferred tax assets | 73,908 | 112,228 |
Valuation allowance | 0 | (2,212) |
Net deferred tax assets | 73,908 | 110,016 |
Deferred tax liabilities: | ||
Intangible assets, due primarily to purchase accounting | (15,212) | (15,309) |
Fixed assets | (76,567) | (75,461) |
Construction contract accounting | (9,769) | (13,464) |
Joint ventures | (41,669) | (24,331) |
Other | (11,962) | (16,567) |
Deferred tax liabilities | (155,179) | (145,132) |
Net deferred tax liabilities | (81,271) | (35,116) |
Net Deferred Tax Liabilities | ||
Deferred tax assets | 1,695 | 570 |
Deferred tax liabilities | (82,966) | (35,686) |
Net deferred tax liabilities | $ (81,271) | $ (35,116) |
Income Taxes (Reconciliation _2
Income Taxes (Reconciliation of Gross Unrecognized Tax Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of gross unrecognized tax benefits | ||||
Beginning balance | $ 5,682 | $ 4,998 | $ 6,495 | |
Change in tax positions of prior years | 2,286 | 351 | ||
Change in tax positions of prior years | $ (302) | |||
Change in tax positions of current year | 1,202 | 1,106 | 763 | |
Reduction in tax positions for statute expirations | (489) | (773) | (1,958) | |
Ending balance | $ 8,681 | $ 5,682 | $ 4,998 | $ 6,495 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill impairment charge | $ 0 | $ 379,863,000 | $ 0 |
Impairment of intangible assets | 0 | 0 | |
Amortization expense | 32,155,000 | $ 6,226,000 | $ 3,543,000 |
2021 | 32,400,000 | ||
2022 | 17,900,000 | ||
2023 | 2,500,000 | ||
2024 | 2,500,000 | ||
2025 | 2,500,000 | ||
Thereafter | $ 14,900,000 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets (Changes in Carrying Amount of Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill [Line Items] | |||
Gross goodwill as of December 31, 2018 | $ 1,072,991 | ||
Accumulated impairment as of December 31, 2018 | $ (867,800) | (487,985) | |
Balance at beginning of period | 205,143 | $ 585,006 | |
Goodwill impairment | 0 | (379,863) | 0 |
Current year activity | 0 | ||
Balance at end of period | 205,143 | 205,143 | 585,006 |
Civil | |||
Goodwill [Line Items] | |||
Gross goodwill as of December 31, 2018 | 492,074 | ||
Accumulated impairment as of December 31, 2018 | (76,716) | ||
Balance at beginning of period | 205,143 | 415,358 | |
Goodwill impairment | (210,215) | ||
Current year activity | 0 | ||
Balance at end of period | 205,143 | 205,143 | 415,358 |
Building | |||
Goodwill [Line Items] | |||
Gross goodwill as of December 31, 2018 | 424,724 | ||
Accumulated impairment as of December 31, 2018 | (411,269) | ||
Balance at beginning of period | 0 | 13,455 | |
Goodwill impairment | (13,455) | ||
Current year activity | 0 | ||
Balance at end of period | 0 | 0 | 13,455 |
Specialty Contractors | |||
Goodwill [Line Items] | |||
Gross goodwill as of December 31, 2018 | 156,193 | ||
Accumulated impairment as of December 31, 2018 | 0 | ||
Balance at beginning of period | 0 | 156,193 | |
Goodwill impairment | (156,193) | ||
Current year activity | 0 | ||
Balance at end of period | $ 0 | $ 0 | $ 156,193 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets (Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Total Intangible Assets [Abstract] | ||
Cost | $ 387,040 | $ 387,040 |
Accumulated Amortization | (150,858) | (118,703) |
Accumulated Impairment Charge | (113,067) | (113,067) |
Carrying Value | 123,115 | 155,270 |
Trade Names | ||
Finite-Lived intangible assets | ||
Cost | 74,350 | 74,350 |
Accumulated Amortization | (23,754) | (21,267) |
Accumulated Impairment Charge | (23,232) | (23,232) |
Carrying Value | $ 27,364 | $ 29,851 |
Weighted-Average Amortization Period | 20 years | 20 years |
Customer relationships | ||
Finite-Lived intangible assets | ||
Cost | $ 39,800 | $ 39,800 |
Accumulated Amortization | (22,103) | (21,048) |
Accumulated Impairment Charge | (16,645) | (16,645) |
Carrying Value | $ 1,052 | $ 2,107 |
Weighted-Average Amortization Period | 12 years | 12 years |
Construction contract backlog | ||
Finite-Lived intangible assets | ||
Cost | $ 149,290 | $ 149,290 |
Accumulated Amortization | (105,001) | (76,388) |
Carrying Value | $ 44,289 | $ 72,902 |
Weighted-Average Amortization Period | 3 years | 3 years |
Trade Names | ||
Indefinite-lived intangible assets | ||
Cost | $ 117,600 | $ 117,600 |
Accumulated Impairment Charge | (67,190) | (67,190) |
Carrying Value | 50,410 | 50,410 |
Contractor license | ||
Indefinite-lived intangible assets | ||
Cost | 6,000 | 6,000 |
Accumulated Impairment Charge | $ (6,000) | $ (6,000) |
Financial Commitments (Narrativ
Financial Commitments (Narrative) (Details) | Aug. 18, 2020USD ($) | Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2019USD ($) | Dec. 31, 2023USD ($) | Dec. 31, 2022USD ($) | Mar. 31, 2022 | Dec. 31, 2021USD ($) | Aug. 19, 2020USD ($) |
Debt Instrument [Line Items] | ||||||||
Loan outstanding | $ 1,025,465,000 | $ 834,476,000 | ||||||
Restricted cash held to repay outstanding debt | $ 69,900,000 | |||||||
Initial conversion rate | 0.0330579 | |||||||
BMO Harris Bank | ||||||||
Debt Instrument [Line Items] | ||||||||
Increase in applicable margin on overdue amounts upon default | 2.00% | |||||||
Credit Facility 2020 | ||||||||
Debt Instrument [Line Items] | ||||||||
Loan outstanding | $ 0 | |||||||
Credit Facility 2020 | BMO Harris Bank | ||||||||
Debt Instrument [Line Items] | ||||||||
Net leverage ratio (maximum) | 2.75 | |||||||
Weighted-average annual interest rate on borrowings | 6.74% | |||||||
Available borrowing capacity | $ 175,000,000 | |||||||
First Lien | BMO Harris Bank | ||||||||
Debt Instrument [Line Items] | ||||||||
Net leverage ratio (maximum) | 1.35 | |||||||
Equity Component | ||||||||
Debt Instrument [Line Items] | ||||||||
Unamortized debt issuance costs | 1,500,000 | |||||||
Liability Component | ||||||||
Debt Instrument [Line Items] | ||||||||
Unamortized debt issuance costs | 5,100,000 | |||||||
Forecast | Credit Facility 2020 | BMO Harris Bank | ||||||||
Debt Instrument [Line Items] | ||||||||
Net leverage ratio (maximum) | 2.25 | |||||||
Line of Credit | Credit Agreement 2020 | BMO Harris Bank | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 425,000,000 | |||||||
Premium percentage | 1.00% | |||||||
Initial principal amount installment percentage | 0.25% | |||||||
Unsecured Debt | BMO Harris Bank | ||||||||
Debt Instrument [Line Items] | ||||||||
Fixed charge coverage ratio (maximum) | 2 | |||||||
Convertible Debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Face amount | 200,000,000 | |||||||
Loan outstanding | $ 67,878,000 | 182,292,000 | ||||||
Interest rate (as a percent) | 2.875% | |||||||
Repurchased face amount | $ 130,100,000 | |||||||
Aggregate repurchase price | $ 132,400,000 | |||||||
Conversion price (in dollars per share) | $ / shares | $ 30.25 | |||||||
Convertible Debt | Equity Component | ||||||||
Debt Instrument [Line Items] | ||||||||
Unamortized debt issuance costs | $ 1,543,000 | 1,543,000 | ||||||
Conversion feature | 46,800,000 | 46,800,000 | ||||||
Convertible Debt | Liability Component | ||||||||
Debt Instrument [Line Items] | ||||||||
Unamortized debt issuance costs | 5,051,000 | 5,051,000 | ||||||
Face amount | 69,918,000 | 200,000,000 | ||||||
Issuance of convertible notes | 153,200,000 | |||||||
2017 Senior Notes | 2017 Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Loan outstanding | 495,271,000 | 494,365,000 | ||||||
2017 Senior Notes | Private Placement | 2017 Senior Notes | ||||||||
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% | |||||||
Equipment Financing Loans | ||||||||
Debt Instrument [Line Items] | ||||||||
Loan outstanding | $ 36,900,000 | 27,700,000 | ||||||
Equipment Financing, Mortgages And Acquisition-Related Notes [Abstract] | ||||||||
Term of debt | 7 years | |||||||
Equipment Financing Loans | Forecast | ||||||||
Equipment Financing, Mortgages And Acquisition-Related Notes [Abstract] | ||||||||
Balloon payments | $ 6,300,000 | $ 12,400,000 | ||||||
Mortgages | ||||||||
Debt Instrument [Line Items] | ||||||||
Loan outstanding | $ 10,700,000 | 11,500,000 | ||||||
Interest rate (as a percent) | 3.50% | |||||||
Equipment Financing, Mortgages And Acquisition-Related Notes [Abstract] | ||||||||
Term of debt | 10 years | |||||||
Mortgages | Forecast | ||||||||
Equipment Financing, Mortgages And Acquisition-Related Notes [Abstract] | ||||||||
Balloon payments | $ 6,800,000 | $ 2,900,000 | ||||||
Minimum | Equipment Financing Loans | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate (as a percent) | 2.74% | |||||||
Maximum | Equipment Financing Loans | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate (as a percent) | 3.89% | |||||||
Credit Facility | Credit Facility 2020 | ||||||||
Debt Instrument [Line Items] | ||||||||
Unamortized debt issuance costs | $ 2,600,000 | |||||||
Credit Facility | 2017 Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Unamortized debt issuance costs | 3,700,000 | |||||||
Maximum borrowing capacity | $ 350,000,000 | |||||||
Weighted-average annual interest rate on borrowings | 3.55% | |||||||
Loan outstanding | $ 114,000,000 | |||||||
Credit Facility | Credit Agreement 2020 | BMO Harris Bank | ||||||||
Debt Instrument [Line Items] | ||||||||
Increase in line of credit allowed amount | $ 173,500,000 | |||||||
Accordion feature percentage of LTM EBITDA | 50.00% | |||||||
Credit Facility | Line of Credit | Credit Agreement 2020 | BMO Harris Bank | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 175,000,000 | |||||||
Letters Of Credit | 2017 Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 150,000,000 | |||||||
Letters Of Credit | Line of Credit | Credit Agreement 2020 | BMO Harris Bank | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | 75,000,000 | |||||||
Bridge Loan | 2017 Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Face amount | $ 10,000,000 | |||||||
Bridge Loan | Line of Credit | Credit Agreement 2020 | BMO Harris Bank | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 10,000,000 | |||||||
Secured Debt | Unsecured Debt | BMO Harris Bank | Junior Lien | ||||||||
Debt Instrument [Line Items] | ||||||||
Total net leverage ratio (maximum) | 3.50 | |||||||
Federal Funds Rate | Credit Agreement 2020 | BMO Harris Bank | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis points added to reference rate (as a percent)) | 0.50% | |||||||
LIBOR | Credit Facility 2020 | BMO Harris Bank | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis points added to reference rate (as a percent)) | 4.75% | |||||||
LIBOR | Credit Agreement 2020 | BMO Harris Bank | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis points added to reference rate (as a percent)) | 1.00% | |||||||
LIBOR | Term Loan B | BMO Harris Bank | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis points added to reference rate (as a percent)) | 4.75% | |||||||
LIBOR | Mortgages | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis points added to reference rate (as a percent)) | 3.00% | |||||||
LIBOR | Minimum | Credit Facility 2020 | BMO Harris Bank | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis points added to reference rate (as a percent)) | 4.25% | |||||||
LIBOR | Minimum | Term Loan B | BMO Harris Bank | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis points added to reference rate (as a percent)) | 4.50% | |||||||
LIBOR | Maximum | Credit Facility 2020 | BMO Harris Bank | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis points added to reference rate (as a percent)) | 4.75% | |||||||
LIBOR | Maximum | Term Loan B | BMO Harris Bank | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis points added to reference rate (as a percent)) | 4.75% | |||||||
Base Rate | Credit Facility 2020 | BMO Harris Bank | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis points added to reference rate (as a percent)) | 3.75% | |||||||
Base Rate | Term Loan B | BMO Harris Bank | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis points added to reference rate (as a percent)) | 3.75% | |||||||
Base Rate | Minimum | Credit Facility 2020 | BMO Harris Bank | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis points added to reference rate (as a percent)) | 3.25% | |||||||
Base Rate | Minimum | Term Loan B | BMO Harris Bank | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis points added to reference rate (as a percent)) | 3.50% | |||||||
Base Rate | Maximum | Credit Facility 2020 | BMO Harris Bank | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis points added to reference rate (as a percent)) | 3.75% | |||||||
Base Rate | Maximum | Term Loan B | BMO Harris Bank | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis points added to reference rate (as a percent)) | 3.75% |
Financial Commitments (Long-Ter
Financial Commitments (Long-Term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Total debt | $ 1,025,465 | $ 834,476 |
Less: Current maturities | 100,188 | 124,054 |
Long-term debt, net | 925,277 | 710,422 |
Restricted cash held to repay outstanding debt | 69,900 | |
Convertible Debt | ||
Debt Instrument [Line Items] | ||
Total debt | 67,878 | 182,292 |
Equipment financing and mortgages | ||
Debt Instrument [Line Items] | ||
Total debt | 47,594 | 39,159 |
Other indebtedness | ||
Debt Instrument [Line Items] | ||
Total debt | 6,264 | 4,660 |
Term Loan B | ||
Debt Instrument [Line Items] | ||
Total debt | 408,458 | |
2017 Senior Notes | 2017 Senior Notes | ||
Debt Instrument [Line Items] | ||
Total debt | 495,271 | 494,365 |
2017 Credit Facility | Credit Facility | ||
Debt Instrument [Line Items] | ||
Total debt | $ 114,000 | |
Credit Facility 2020 | ||
Debt Instrument [Line Items] | ||
Total debt | $ 0 |
Financial Commitments (Reconcil
Financial Commitments (Reconciliation Of Outstanding Debt Balance To Reported Debt Balance) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Outstanding Debt | $ 1,047,714 | |
Unamortized Discounts and Issuance Costs | (22,249) | |
Total debt | 1,025,465 | $ 834,476 |
Convertible Debt | ||
Debt Instrument [Line Items] | ||
Outstanding Debt | 69,918 | 200,000 |
Unamortized Discounts and Issuance Costs | (2,040) | (17,708) |
Total debt | 67,878 | 182,292 |
Term Loan B | ||
Debt Instrument [Line Items] | ||
Outstanding Debt | 423,938 | |
Unamortized Discounts and Issuance Costs | (15,480) | |
Total debt | 408,458 | |
2017 Senior Notes | 2017 Senior Notes | ||
Debt Instrument [Line Items] | ||
Outstanding Debt | 500,000 | 500,000 |
Unamortized Discounts and Issuance Costs | (4,729) | (5,635) |
Total debt | $ 495,271 | $ 494,365 |
Financial Commitments (Summary
Financial Commitments (Summary Of Information Related To The Liability And Equity Components Of The Convertible Notes) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||
Reacquisition of conversion option from repurchase of notes, net of tax | $ (764,000) | $ 0 |
Deferred taxes | (81,271,000) | (35,116,000) |
Convertible Debt | ||
Debt Instrument [Line Items] | ||
Principal | 200,000,000 | |
Liability Component | ||
Debt Instrument [Line Items] | ||
Allocated debt issuance costs | (5,100,000) | |
Liability Component | Convertible Debt | ||
Debt Instrument [Line Items] | ||
Principal | 69,918,000 | 200,000,000 |
Conversion feature | (46,800,000) | (46,800,000) |
Allocated debt issuance costs | (5,051,000) | (5,051,000) |
Amortization and extinguishment of discount and debt issuance costs (non-cash interest expense) | 49,811,000 | 34,143,000 |
Net carrying amount | 67,878,000 | 182,292,000 |
Equity Component | ||
Debt Instrument [Line Items] | ||
Allocated debt issuance costs | (1,500,000) | |
Equity Component | Convertible Debt | ||
Debt Instrument [Line Items] | ||
Allocated debt issuance costs | (1,543,000) | (1,543,000) |
Net carrying amount | 25,678,000 | 26,442,000 |
Conversion feature | 46,800,000 | 46,800,000 |
Deferred taxes | $ (18,815,000) | $ (18,815,000) |
Financial Commitments (Principa
Financial Commitments (Principal Payments of Long-Term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Disclosure [Abstract] | ||
2021 | $ 102,228 | |
2022 | 14,822 | |
2023 | 14,282 | |
2024 | 7,498 | |
2025 | 506,156 | |
Thereafter | 402,728 | |
Subtotal | 1,047,714 | |
Unamortized Discounts and Issuance Costs | 22,249 | |
Total debt | $ 1,025,465 | $ 834,476 |
Financial Commitments (Summar_2
Financial Commitments (Summary Of Interest Expense As Reported In The Consolidated Statements of Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other interest | $ 2,079 | $ 2,172 | $ 2,747 |
Cash portion of loss on extinguishment | 786 | 0 | 0 |
Total cash interest expense | 56,059 | 54,287 | 51,447 |
Total non-cash interest expense | 20,153 | 13,207 | 12,072 |
Non-cash portion of loss on extinguishment | 8,312 | 0 | 0 |
Total interest expense | 76,212 | 67,494 | 63,519 |
Term Loan B | |||
Interest on debt | 9,028 | ||
Total non-cash interest expense | $ 784 | ||
Effective interest rates | 6.49% | ||
Convertible Debt | |||
Interest on debt | $ 4,373 | 5,750 | 5,750 |
Total non-cash interest expense | $ 8,944 | 10,811 | 9,846 |
Effective interest rates | 9.39% | ||
2017 Senior Notes | 2017 Senior Notes | |||
Interest on debt | $ 34,375 | 34,375 | 34,375 |
Total non-cash interest expense | $ 906 | 844 | 787 |
Effective interest rates | 7.13% | ||
Credit Facility 2020 | |||
Interest on debt | $ 77 | ||
Total non-cash interest expense | 206 | ||
2017 Credit Facility | Credit Facility | |||
Interest on debt | 5,341 | 11,990 | 8,575 |
Total non-cash interest expense | $ 1,001 | $ 1,552 | $ 1,439 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | Dec. 13, 2019 | Jun. 04, 2019 | Feb. 26, 2015 | Sep. 30, 2018 | Mar. 31, 2016 | Aug. 31, 2013 | Dec. 31, 2019 | Dec. 31, 2020 | Jul. 02, 2018 | Mar. 31, 2018 |
Alaskan Way Viaduct Matter | ||||||||||
Contingencies and Commitments | ||||||||||
Ownership percentage in joint venture | 45.00% | |||||||||
Value of claim filed | $ 532 | $ 57.2 | ||||||||
Value of counterclaim filed | $ 667 | |||||||||
Settlement on judgment, awarded to other party | $ 57.2 | |||||||||
Pre-tax charge, impact from jury verdict | $ 166.8 | |||||||||
Pre-tax accrual, impact from jury verdict | 25.7 | |||||||||
Settlement on judgment | $ 57.2 | |||||||||
George Washington Bridge Bus Station Matter | ||||||||||
Contingencies and Commitments | ||||||||||
Value of claim filed | $ 30 | |||||||||
Value of project | $ 100 | |||||||||
Value of counterclaim filed in excess of | $ 113 | |||||||||
Court issued writ of attachment amount | $ 23 | |||||||||
Proof of claim amount | $ 113 | |||||||||
Value of damages seeking | $ 113 | |||||||||
Return Of Retainage By Developer | George Washington Bridge Bus Station Matter | ||||||||||
Contingencies and Commitments | ||||||||||
Value of counterclaim filed in excess of | $ 29 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) | Dec. 31, 2020 |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Operating lease, remaining lease terms | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Operating lease, remaining lease terms | 18 years |
Leases (Components of Lease Exp
Leases (Components of Lease Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Lessee, Lease, Description [Line Items] | ||
Operating lease expense | $ 14,547 | $ 15,854 |
Short-term lease expense | 87,969 | 72,562 |
Lease expense, gross | 102,516 | 88,416 |
Less: Sublease income | 1,026 | 1,077 |
Total lease expense | $ 101,490 | $ 87,339 |
Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Short term lease, lease term | 1 month | |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Short term lease, lease term | 1 year |
Leases (Supplemental Balance Sh
Leases (Supplemental Balance Sheet Information Related To Leases) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
ROU assets | $ 55,897 | $ 40,156 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherAssets | us-gaap:OtherAssets |
Current lease liabilities | $ 7,661 | $ 11,392 |
Long-term lease liabilities | 51,336 | 31,900 |
Total lease liabilities | $ 58,997 | $ 43,292 |
Weighted-average remaining lease term | 12 years 6 months | 5 years |
Weighted-average discount rate | 9.22% | 5.96% |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:AccruedLiabilitiesCurrent | us-gaap:AccruedLiabilitiesCurrent |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesNoncurrent | us-gaap:OtherLiabilitiesNoncurrent |
Leases (Supplemental Cash Flow
Leases (Supplemental Cash Flow And Other Information Related To Leases) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Cash paid for amounts included in the measurement of lease liabilities | $ (14,591) | $ (15,658) |
ROU assets obtained in exchange for lease liabilities | $ 29,244 | $ 9,784 |
Leases (Maturity of Leases Liab
Leases (Maturity of Leases Liabilities on an Undiscounted Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
2021 | $ 12,512 | |
2022 | 10,528 | |
2023 | 7,723 | |
2024 | 6,141 | |
2025 | 5,354 | |
Thereafter | 65,633 | |
Total lease payments | 107,891 | |
Less: Imputed interest | 48,894 | |
Total | $ 58,997 | $ 43,292 |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized for grant | 1,539,172 | |||
Number of vested and exercisable stock options (in shares) | 1,715,265 | |||
Stock options exercised, intrinsic value | $ 900,000 | |||
Vested and exercisable stock options, weighted average exercise price (in dollars per share) | $ 20.43 | |||
Weighted average remaining contractual term of outstanding stock options | 3 years 6 months | |||
Share-based compensation expense | $ 11,833,000 | $ 19,143,000 | $ 22,782,000 | |
Share based compensation, tax benefits | 1,300,000 | 2,900,000 | 3,800,000 | |
Employee | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | 10,200,000 | 17,500,000 | 21,100,000 | |
Non-employee Directors | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 1,600,000 | $ 1,600,000 | $ 1,700,000 | |
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options expiration period | 10 years | |||
Stock option expense | $ 2,300,000 | |||
Weighted average period over which unrecognized compensation cost is expected to be recognized | 2 years | |||
Total granted and outstanding (in shares) | 2,275,265 | 2,279,015 | 2,943,044 | 2,554,034 |
Aggregate Intrinsic value | $ 900,000 | |||
Weighted average remaining contractual term of outstanding stock options | 4 years 7 months 6 days | |||
Stock options granted but not vested (in shares) | 560,000 | |||
Stock options granted, weighted-average exercise price (in dollars per share) | $ 19.21 | |||
Stock options granted, weighted-average remaining contractual life | 8 years 1 month 6 days | |||
Stock options granted and expected to vest (in shares) | 328,125 | |||
Stock options granted and not expected to vest (in shares) | 231,875 | |||
Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock units with guaranteed minimum payouts outstanding (in shares) | 1,035,000 | 1,715,000 | 1,469,000 | 1,397,984 |
Stock units with guaranteed minimum payouts outstanding, weighted-average grant date fair value (in dollars per share) | $ 21.85 | $ 25.19 | $ 27.27 | $ 30.11 |
Fair value of restricted stock units that vested during period | $ 4,100,000 | $ 3,100,000 | $ 7,900,000 | |
Restricted stock expense | $ 9,000,000 | |||
Weighted average period over which unrecognized compensation cost is expected to be recognized | 2 years | |||
Unrestricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Fair value of unrestricted stock units issued | $ 1,700,000 | $ 1,500,000 | 2,500,000 | |
Restricted Stock Units, Guaranteed Minimum Payouts | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock units with guaranteed minimum payouts outstanding (in shares) | 270,000 | 390,000 | ||
Stock units with guaranteed minimum payouts outstanding, weighted-average grant date fair value (in dollars per share) | $ 27.80 | $ 27.89 | ||
Stock units with guaranteed minimum payouts outstanding, recognized liabilities | $ 2,400,000 | $ 2,900,000 | ||
Paid to settle share-based awards | $ 300,000 | $ 0 | $ 0 | |
Amended and Restated Tutor Perini Corporation Long-Term Incentive Plan (“Incentive Plan”) | Restricted Stock Units And Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Aggregate number of shares outstanding, historical awards that either have not vested or have vested but not exercised | 3,310,265 |
Share-Based Compensation (Summa
Share-Based Compensation (Summary of Restricted Stock Unit and Stock Option Activity) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Stock Options Number of Shares | |||
Granted (in shares) | 165,000 | 220,000 | 664,000 |
Vested/exercised (in shares) | 0 | 0 | |
Stock Options Weighted Average Exercise/(Strike) Price Per Share | |||
Vested/exercised, Weighted Average Exercise/(Strike) Price Per Share (in dollars per share) | $ 0 | $ 0 | |
Restricted Stock Units | |||
RSUs Number of Shares | |||
Outstanding, beginning of period (in shares) | 1,715,000 | 1,469,000 | 1,397,984 |
Units granted (in shares) | 245,000 | 530,000 | 699,000 |
Expired or cancelled (in shares) | (403,750) | (104,029) | (240,289) |
Vested/exercised (in shares) | (521,250) | (179,971) | (387,695) |
Outstanding, end of period (in shares) | 1,035,000 | 1,715,000 | 1,469,000 |
RSUs Weighted Average Grant Date Fair Value | |||
Outstanding, beginning of period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 25.19 | $ 27.27 | $ 30.11 |
Units granted (in dollars per share) | 20.67 | 20.23 | 24.21 |
Expired or cancelled, Weighted Average Grant Date Fair Value (in dollars per share) | 25.52 | 28.98 | 32.76 |
Vested/exercised, Weighted Average Grant Date Fair Value (in dollars per share) | 29.44 | 25.39 | 28.67 |
Outstanding, end of period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 21.85 | $ 25.19 | $ 27.27 |
Stock Options | |||
Stock Options Number of Shares | |||
Outstanding, beginning of period (in shares) | 2,279,015 | 2,943,044 | 2,554,034 |
Granted (in shares) | 165,000 | 220,000 | 664,000 |
Expired or cancelled (in shares) | (168,750) | (884,029) | (274,990) |
Vested/exercised (in shares) | 0 | ||
Outstanding, end of period (in shares) | 2,275,265 | 2,279,015 | 2,943,044 |
Stock Options Weighted Average Exercise/(Strike) Price Per Share | |||
Outstanding, beginning of period, Weighted Average Exercise/(Strike) Price Per Share (in dollars per share) | $ 20.62 | $ 20.89 | $ 20.45 |
Granted, Weighted Average Exercise/(Strike) Price Per Share (in dollars per share) | 19.24 | 19.66 | 23.20 |
Expired or cancelled, Weighted Average Exercise/(Strike) Price Per Share (in dollars per share) | 25.87 | 21.03 | 22.82 |
Vested/exercised, Weighted Average Exercise/(Strike) Price Per Share (in dollars per share) | 0 | ||
Outstanding, end of period, Weighted Average Exercise/(Strike) Price Per Share (in dollars per share) | $ 20.13 | $ 20.62 | $ 20.89 |
Share-Based Compensation (Sum_2
Share-Based Compensation (Summary Of Unrestricted Stock Units Issuance) (Details) - Unrestricted Stock Units - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Units granted (in shares) | 194,177 | 98,591 | 115,420 |
Units granted (in dollars per share) | $ 8.60 | $ 15.72 | $ 21.26 |
Share-Based Compensation (Weigh
Share-Based Compensation (Weighted-Average Assumptions Used in Estimating Grant Date Fair Values of Stock Option Awards) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Key assumptions used in estimating the grant date fair values of stock option awards granted | |||
Total stock options granted | 165,000 | 220,000 | 664,000 |
Stock Options | |||
Key assumptions used in estimating the grant date fair values of stock option awards granted | |||
Total stock options granted | 165,000 | 220,000 | 664,000 |
Weighted-average grant date fair value (in dollars per share) | $ 7.67 | $ 7.59 | $ 11.09 |
Risk-free rate (as a percent) | 1.20% | 2.10% | 2.60% |
Expected life of options | 6 years 3 months 18 days | 6 years 1 month 6 days | 5 years 9 months 18 days |
Expected volatility (as a percent) | 60.70% | 39.40% | 42.20% |
Expected quarterly dividends | $ 0 | $ 0 | $ 0 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Pension Plan Assets | |||
Expected contributions to the defined benefit pension plan in 2020 | $ 4 | ||
Net actuarial loss | 65.2 | $ 56.5 | |
Expense provision for 401 (k) plans | 4.3 | 4.1 | $ 4.2 |
Company Contributions | 46.8 | 36.5 | $ 36.6 |
Hedge fund investments | |||
Pension Plan Assets | |||
Investments in hedge funds which do not have readily determinable fair values | $ 10.6 | $ 13.5 | |
Employee Pension Plans | |||
Pension Plan Assets | |||
Discount rate (as a percent) | 2.20% | 3.10% | |
Expected return on assets (as a percent) | 5.75% | 5.75% | 6.00% |
Employee Benefit Plans (Summary
Employee Benefit Plans (Summary of Net Periodic Benefit Cost) (Details) - Employee Pension Plans - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Summary of net periodic benefit cost | |||
Interest cost | $ 3,032 | $ 3,801 | $ 3,496 |
Service cost | 925 | 900 | 875 |
Expected return on plan assets | (4,022) | (4,170) | (4,302) |
Recognized net actuarial losses | 2,407 | 1,933 | 2,067 |
Net periodic benefit cost | $ 2,342 | $ 2,464 | $ 2,136 |
Actuarial assumptions used to determine net cost: | |||
Discount rate (as a percent) | 3.07% | 4.12% | 3.45% |
Expected return on assets (as a percent) | 5.75% | 5.75% | 6.00% |
Employee Benefit Plans (Target
Employee Benefit Plans (Target and Actual Asset Allocation for Pension Plan by Asset Category) (Details) - Employee Pension Plans | Dec. 31, 2020 | Dec. 31, 2019 |
Pension Plan Assets | ||
Target asset allocation (as a percent) | 100.00% | |
Actual asset allocation (as a percent) | 100.00% | 100.00% |
Cash | ||
Pension Plan Assets | ||
Target asset allocation (as a percent) | 5.00% | |
Actual asset allocation (as a percent) | 5.00% | 4.00% |
Domestic Equity Funds | ||
Pension Plan Assets | ||
Target asset allocation (as a percent) | 35.00% | |
Actual asset allocation (as a percent) | 34.00% | 47.00% |
International Equity Funds | ||
Pension Plan Assets | ||
Target asset allocation (as a percent) | 15.00% | |
Actual asset allocation (as a percent) | 17.00% | 18.00% |
Fixed income funds | ||
Pension Plan Assets | ||
Target asset allocation (as a percent) | 45.00% | |
Actual asset allocation (as a percent) | 44.00% | 31.00% |
Employee Benefit Plans (Future
Employee Benefit Plans (Future Benefit Payments Under Defined Benefit Pension Plan) (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Future Benefit Payments | |
2021 | $ 6,800 |
2022 | 6,746 |
2023 | 6,657 |
2024 | 6,617 |
2025 | 6,526 |
2026-2030 | 30,704 |
Total future benefit payments | $ 64,050 |
Employee Benefit Plans (Reconci
Employee Benefit Plans (Reconciliation of Changes in Fair Value of Plan Assets, Plan Benefit Obligations and Funded Status) (Details) - Employee Pension Plans - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Change in Fair Value of Plan Assets | |||
Balance at beginning of year | $ 73,357 | $ 63,109 | |
Actual return on plan assets | 899 | 12,123 | |
Company contribution | 4,408 | 4,793 | |
Benefit payments | (6,724) | (6,668) | |
Balance at end of year | 71,940 | 73,357 | $ 63,109 |
Change in Benefit Obligations | |||
Balance at beginning of year | 102,607 | 95,869 | |
Interest cost | 3,032 | 3,801 | 3,496 |
Service cost | 925 | 900 | 875 |
Assumption change loss | 7,902 | 8,373 | |
Actuarial loss | 81 | 332 | |
Benefit payments | (6,723) | (6,668) | |
Balance at end of year | $ 107,824 | $ 102,607 | $ 95,869 |
Employee Benefit Plans (Amounts
Employee Benefit Plans (Amounts Recognized in Consolidated Balance Sheets) (Details) - Employee Pension Plans - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Funded Status | ||
Funded status | $ (35,884) | $ (29,250) |
Net unfunded amounts recognized in Consolidated Balance Sheets consist of: | ||
Current liabilities | (293) | (279) |
Long-term liabilities | (35,591) | (28,971) |
Total net unfunded amount recognized in Consolidated Balance Sheets | $ (35,884) | $ (29,250) |
Employee Benefit Plans (Plan As
Employee Benefit Plans (Plan Assets at Fair Value) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Equity partnerships | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Fair Value by Hierarchy and NAV [Extensible List] | us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember | us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember | |
Hedge fund investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Fair Value by Hierarchy and NAV [Extensible List] | us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember | us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember | |
Employee Pension Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plans' assets | $ 71,940 | $ 73,357 | $ 63,109 |
Employee Pension Plans | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plans' assets | 58,253 | 56,952 | |
Employee Pension Plans | Level 1 | Non-Closely Held Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plans' assets | 58,253 | 56,952 | |
Employee Pension Plans | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plans' assets | 3,086 | 2,861 | |
Employee Pension Plans | Level 2 | Non-Closely Held Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plans' assets | 3,086 | 2,861 | |
Employee Pension Plans | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plans' assets | 0 | 0 | |
Employee Pension Plans | Level 3 | Non-Closely Held Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plans' assets | 0 | 0 | |
Employee Pension Plans | Fair Value, Inputs, Level 1, 2 and 3 | Non-Closely Held Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plans' assets | 61,339 | 59,813 | |
Employee Pension Plans | Fair Value Measured at Net Asset Value Per Share | Closely Held Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plans' assets | 10,601 | 13,544 | |
Employee Pension Plans | Cash and cash equivalents | Non-Closely Held Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plans' assets | 1,582 | 2,867 | |
Employee Pension Plans | Cash and cash equivalents | Level 1 | Non-Closely Held Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plans' assets | 1,582 | 2,867 | |
Employee Pension Plans | Cash and cash equivalents | Level 2 | Non-Closely Held Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plans' assets | 0 | 0 | |
Employee Pension Plans | Cash and cash equivalents | Level 3 | Non-Closely Held Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plans' assets | 0 | 0 | |
Employee Pension Plans | Fixed income funds | Non-Closely Held Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plans' assets | 5,086 | 2,861 | |
Employee Pension Plans | Fixed income funds | Level 1 | Non-Closely Held Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plans' assets | 2,000 | 0 | |
Employee Pension Plans | Fixed income funds | Level 2 | Non-Closely Held Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plans' assets | 3,086 | 2,861 | |
Employee Pension Plans | Fixed income funds | Level 3 | Non-Closely Held Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plans' assets | 0 | 0 | |
Employee Pension Plans | Mutual funds | Non-Closely Held Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plans' assets | 54,671 | 54,085 | |
Employee Pension Plans | Mutual funds | Level 1 | Non-Closely Held Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plans' assets | 54,671 | 54,085 | |
Employee Pension Plans | Mutual funds | Level 2 | Non-Closely Held Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plans' assets | 0 | 0 | |
Employee Pension Plans | Mutual funds | Level 3 | Non-Closely Held Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plans' assets | 0 | 0 | |
Employee Pension Plans | Equity partnerships | Closely Held Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plans' assets | 3,700 | 3,660 | |
Employee Pension Plans | Hedge fund investments | Closely Held Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plans' assets | $ 6,901 | $ 9,884 |
Employee Benefit Plans (Benefit
Employee Benefit Plans (Benefit Obligations in Excess of the Fair Value of Plan's Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Employee Pension Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | $ 107,824 | $ 102,607 | $ 95,869 |
Accumulated benefit obligation | 107,824 | 102,607 | |
Fair value of plans' assets | 71,940 | 73,357 | $ 63,109 |
Projected benefit obligation greater than fair value of plans' assets | 35,884 | 29,250 | |
Accumulated benefit obligation greater than fair value of plans' assets | 35,884 | 29,250 | |
Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | 104,657 | 99,515 | |
Accumulated benefit obligation | 104,657 | 99,515 | |
Fair value of plans' assets | 71,940 | 73,357 | |
Projected benefit obligation greater than fair value of plans' assets | 32,717 | 26,158 | |
Accumulated benefit obligation greater than fair value of plans' assets | 32,717 | 26,158 | |
Benefit Equalization Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | 3,167 | 3,092 | |
Accumulated benefit obligation | 3,167 | 3,092 | |
Fair value of plans' assets | 0 | 0 | |
Projected benefit obligation greater than fair value of plans' assets | 3,167 | 3,092 | |
Accumulated benefit obligation greater than fair value of plans' assets | $ 3,167 | $ 3,092 |
Employee Benefit Plans (Summa_2
Employee Benefit Plans (Summary of Key Information for the Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Multiemployer Plans [Line Items] | |||
Company Contributions | $ 46.8 | $ 36.5 | $ 36.6 |
The Pension, Hospitalization and Benefit Plan of the Electrical Industry - Pension Trust Fund | |||
Multiemployer Plans [Line Items] | |||
Pension Protections Act Zone Status | Green | Green | |
FIP/RP Status Pending Or Implemented | NA | ||
Company Contributions | $ 10.1 | $ 9.3 | 12.2 |
Surcharge Imposed | No | ||
Expiration Date of Collective Bargaining Agreement | Apr. 13, 2022 | ||
Excavators Union Local 731 Pension Fund | |||
Multiemployer Plans [Line Items] | |||
Pension Protections Act Zone Status | Green | Green | |
FIP/RP Status Pending Or Implemented | NA | ||
Company Contributions | $ 4.8 | $ 5.1 | 4.1 |
Surcharge Imposed | No | ||
Expiration Date of Collective Bargaining Agreement | Apr. 30, 2022 | ||
Carpenters Pension Trust Fund for Northern California | |||
Multiemployer Plans [Line Items] | |||
Pension Protections Act Zone Status | Red | Red | |
FIP/RP Status Pending Or Implemented | Implemented | ||
Company Contributions | $ 4.6 | $ 4 | 4.9 |
Surcharge Imposed | No | ||
Expiration Date of Collective Bargaining Agreement | Jun. 30, 2023 | ||
Northern California Electrical Workers Pension Plan | |||
Multiemployer Plans [Line Items] | |||
Pension Protections Act Zone Status | Green | Green | |
FIP/RP Status Pending Or Implemented | NA | ||
Company Contributions | $ 3.5 | $ 3 | $ 4.1 |
Surcharge Imposed | No | ||
Expiration Date of Collective Bargaining Agreement | May 31, 2022 | ||
Laborers Pension Trust Fund For Northern California | |||
Multiemployer Plans [Line Items] | |||
FIP/RP Status Pending Or Implemented | NA | ||
Steamfitters Industry Pension Fund | |||
Multiemployer Plans [Line Items] | |||
FIP/RP Status Pending Or Implemented | NA |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions | Jan. 01, 2020 | Dec. 31, 2019 | Dec. 31, 2020 |
Civil Segment Joint Venture | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Additional ownership percentage in joint venture | 25.00% | ||
Ownership percentage in joint venture | 75.00% | 50.00% | |
Noncontrolling interest, ownership percentage by noncontrolling owners | 25.00% | ||
Construction contract backlog | Civil Segment Joint Venture | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Intangible assets acquired | $ 75.6 | ||
Joint Venture | Civil Segment Joint Venture | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying value of investments | 3.2 | ||
Fair Value, Nonrecurring | Civil Segment Joint Venture | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Gain on remeasurement | 37.8 | ||
2017 Senior Notes | 2017 Senior Notes | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-term debt, fair value | 485 | $ 495 | |
Term Loan B | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-term debt, fair value | 425 | ||
Convertible Debt | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-term debt, fair value | $ 193.4 | $ 69.1 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Municipal Bonds | ||
Assets: | ||
Investments in lieu of retainage | $ 1,300 | $ 1,200 |
Fair Value, Measurements, Recurring | ||
Assets: | ||
Cash and cash equivalents | 374,289 | 193,685 |
Restricted cash | 77,563 | 8,416 |
Restricted investments | 78,912 | 70,974 |
Investments in lieu of retainage | 93,909 | 90,791 |
Total | 624,673 | 363,866 |
Fair Value, Measurements, Recurring | Level 1 | ||
Assets: | ||
Cash and cash equivalents | 374,289 | 193,685 |
Restricted cash | 77,563 | 8,416 |
Restricted investments | 0 | 0 |
Investments in lieu of retainage | 92,609 | 89,572 |
Total | 544,461 | 291,673 |
Fair Value, Measurements, Recurring | Level 2 | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Restricted investments | 78,912 | 70,974 |
Investments in lieu of retainage | 1,300 | 1,219 |
Total | 80,212 | 72,193 |
Fair Value, Measurements, Recurring | Level 3 | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Restricted investments | 0 | 0 |
Investments in lieu of retainage | 0 | 0 |
Total | $ 0 | $ 0 |
Maximum | ||
Assets: | ||
Restricted investment maturity period | 5 years | 5 years |
Corporate Debt Securities | ||
Assets: | ||
Restricted and other investments | $ 37,500 | $ 35,800 |
US Government Agencies Securities | ||
Assets: | ||
Restricted and other investments | 40,500 | 33,800 |
Certificates of Deposit | ||
Assets: | ||
Restricted and other investments | 900 | 1,400 |
Money Market Funds | ||
Assets: | ||
Investments in lieu of retainage | $ 92,600 | $ 89,600 |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current assets | $ 4,080,457 | $ 3,510,986 | $ 4,080,457 | $ 3,510,986 | |||||||
Current liabilities | 2,264,363 | 2,109,856 | 2,264,363 | 2,109,856 | |||||||
REVENUE | 1,349,516 | $ 1,442,091 | $ 1,276,427 | $ 1,250,729 | 1,177,725 | $ 1,189,345 | $ 1,125,275 | $ 958,487 | $ 5,318,763 | 4,450,832 | $ 4,454,662 |
O&G | |||||||||||
Ownership percentage in joint venture | 75.00% | ||||||||||
Related party ownership percentage in joint venture | 25.00% | ||||||||||
Purple Line Expansion Section 2 And Section 3 | O&G | |||||||||||
REVENUE | $ 2,800,000 | ||||||||||
Purple Line Segment 2 Expansion Project | O&G | |||||||||||
Ownership percentage in joint venture | 75.00% | ||||||||||
Related party ownership percentage in joint venture | 25.00% | ||||||||||
Parsons Corporation [Member] | Newark Liberty International Airport Terminal One Project | |||||||||||
Ownership percentage in joint venture | 80.00% | ||||||||||
Variable interest ownership percentage in joint venture | 20.00% | ||||||||||
Parsons Corporation [Member] | Newark Liberty International Airport Terminal One Project | Scenario, Plan | |||||||||||
REVENUE | $ 1,400,000 | ||||||||||
Variable Interest Entity, Not Primary Beneficiary | |||||||||||
Current assets | 600 | 1,500 | 600 | 1,500 | |||||||
Current liabilities | 500 | 1,400 | 500 | 1,400 | |||||||
Variable Interest Entity, Primary Beneficiary | |||||||||||
Current assets | 405,700 | 365,000 | 405,700 | 365,000 | |||||||
Current liabilities | 514,900 | 556,100 | 514,900 | 556,100 | |||||||
Noncurrent assets | $ 14,200 | $ 52,000 | $ 14,200 | $ 52,000 |
Business Segments (Narrative) (
Business Segments (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2020segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Business Segments (Reportable S
Business Segments (Reportable Segments) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Business Segments | |||||||||||
Revenue | $ 1,349,516 | $ 1,442,091 | $ 1,276,427 | $ 1,250,729 | $ 1,177,725 | $ 1,189,345 | $ 1,125,275 | $ 958,487 | $ 5,318,763 | $ 4,450,832 | $ 4,454,662 |
Income from construction operations | $ 74,400 | $ 83,021 | $ 57,696 | $ 47,227 | $ (94,146) | $ 47,943 | $ (341,717) | $ 22,913 | 262,344 | (365,007) | 191,876 |
Capital expenditures | 54,781 | 84,196 | 77,069 | ||||||||
Depreciation and amortization | 107,034 | 65,044 | 47,267 | ||||||||
Goodwill impairment charge | 0 | 379,863 | 0 | ||||||||
Goodwill impairment charge, after tax | $ 330,500 | ||||||||||
Goodwill impairment charge, after tax, diluted (in dollars per share) | $ 6.58 | ||||||||||
Operating Segments | |||||||||||
Business Segments | |||||||||||
Revenue | 5,814,687 | $ 4,748,588 | 4,684,004 | ||||||||
Income from construction operations | 316,196 | (299,819) | 255,625 | ||||||||
Capital expenditures | 53,839 | 83,362 | 76,298 | ||||||||
Depreciation and amortization | 95,936 | 53,975 | 35,999 | ||||||||
Corporate, Non-Segment | |||||||||||
Business Segments | |||||||||||
Income from construction operations | (53,852) | (65,188) | (63,749) | ||||||||
Capital expenditures | 942 | 834 | 771 | ||||||||
Depreciation and amortization | 11,098 | 11,069 | 11,268 | ||||||||
Intersegment Eliminations | |||||||||||
Business Segments | |||||||||||
Revenue | (495,924) | (297,756) | (229,342) | ||||||||
Civil | |||||||||||
Business Segments | |||||||||||
Revenue | 2,199,899 | 1,779,352 | 1,586,093 | ||||||||
Loss contingency | 37,800 | ||||||||||
Loss contingency, after tax | $ 27,100 | ||||||||||
Loss contingency, after tax, diluted (in dollars per share) | $ 0.54 | ||||||||||
Goodwill impairment charge | $ 210,215 | ||||||||||
Civil | Adverse Arbitration Ruling Pertaining To Subcontract Project In New York | |||||||||||
Business Segments | |||||||||||
Loss contingency | 17,800 | ||||||||||
Loss contingency, after tax | $ 12,800 | ||||||||||
Loss contingency, after tax, diluted (in dollars per share) | $ 0.25 | ||||||||||
Civil | Alaskan Way Viaduct Matter | |||||||||||
Business Segments | |||||||||||
Loss contingency | 166,800 | ||||||||||
Loss contingency, after tax | $ 119,400 | ||||||||||
Loss contingency, after tax, diluted (in dollars per share) | $ 2.38 | ||||||||||
Civil | Operating Segments | |||||||||||
Business Segments | |||||||||||
Revenue | 2,565,210 | $ 2,054,097 | $ 1,810,232 | ||||||||
Income from construction operations | 245,835 | (150,837) | 168,256 | ||||||||
Capital expenditures | 51,044 | 82,156 | 73,866 | ||||||||
Depreciation and amortization | 90,250 | 47,905 | 29,685 | ||||||||
Civil | Intersegment Eliminations | |||||||||||
Business Segments | |||||||||||
Revenue | (365,311) | (274,745) | (224,139) | ||||||||
Building | |||||||||||
Business Segments | |||||||||||
Revenue | 1,984,641 | 1,742,040 | 1,861,699 | ||||||||
Goodwill impairment charge | 13,455 | ||||||||||
Building | Operating Segments | |||||||||||
Business Segments | |||||||||||
Revenue | 2,114,459 | 1,764,753 | 1,866,902 | ||||||||
Income from construction operations | 53,158 | 23,655 | 43,939 | ||||||||
Capital expenditures | 878 | 518 | 1,655 | ||||||||
Depreciation and amortization | 1,703 | 1,934 | 1,956 | ||||||||
Building | Intersegment Eliminations | |||||||||||
Business Segments | |||||||||||
Revenue | (129,818) | (22,713) | (5,203) | ||||||||
Specialty Contractors | |||||||||||
Business Segments | |||||||||||
Revenue | 1,134,223 | 929,440 | 1,006,870 | ||||||||
Goodwill impairment charge | 156,193 | ||||||||||
Specialty Contractors | Unfavorable Legal Ruling Pertaining To Mechanical Project In California | |||||||||||
Business Segments | |||||||||||
Loss contingency | 15,200 | ||||||||||
Loss contingency, after tax | $ 11,000 | ||||||||||
Loss contingency, after tax, diluted (in dollars per share) | $ 0.22 | ||||||||||
Specialty Contractors | Adverse Arbitration Ruling Pertaining To Electrical Project In New York | |||||||||||
Business Segments | |||||||||||
Loss contingency | $ 13,200 | ||||||||||
Loss contingency, after tax | $ 9,600 | ||||||||||
Loss contingency, after tax, diluted (in dollars per share) | $ 0.19 | ||||||||||
Specialty Contractors | Favorable Arbitration Decision | |||||||||||
Business Segments | |||||||||||
Loss contingency | $ 25,700 | ||||||||||
Loss contingency, after tax | $ 18,600 | ||||||||||
Loss contingency, after tax, diluted (in dollars per share) | $ 0.36 | ||||||||||
Specialty Contractors | Operating Segments | |||||||||||
Business Segments | |||||||||||
Revenue | $ 1,135,018 | 929,738 | 1,006,870 | ||||||||
Income from construction operations | 17,203 | (172,637) | 43,430 | ||||||||
Capital expenditures | 1,917 | 688 | 777 | ||||||||
Depreciation and amortization | 3,983 | 4,136 | 4,358 | ||||||||
Specialty Contractors | Intersegment Eliminations | |||||||||||
Business Segments | |||||||||||
Revenue | $ (795) | $ (298) | $ 0 |
Business Segments (Reconciliati
Business Segments (Reconciliation of Segment Results to Consolidated Income Before Income Taxes) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | $ 5,045,617 | $ 4,485,777 |
Corporate, Non-Segment | ||
Assets | 82,086 | 63,897 |
Civil | Operating Segments | ||
Assets | 3,141,991 | 2,791,402 |
Building | Operating Segments | ||
Assets | 1,147,649 | 995,298 |
Specialty Contractors | Operating Segments | ||
Assets | $ 673,891 | $ 635,180 |
Business Segments (Principal Ge
Business Segments (Principal Geographical Areas) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Principal Geographical Areas Information | |||||||||||
Revenue | $ 1,349,516 | $ 1,442,091 | $ 1,276,427 | $ 1,250,729 | $ 1,177,725 | $ 1,189,345 | $ 1,125,275 | $ 958,487 | $ 5,318,763 | $ 4,450,832 | $ 4,454,662 |
Assets | 5,045,617 | 4,485,777 | 5,045,617 | 4,485,777 | |||||||
United States | |||||||||||
Principal Geographical Areas Information | |||||||||||
Revenue | 4,953,045 | 4,073,691 | 4,180,206 | ||||||||
Assets | 4,836,735 | 4,271,722 | 4,836,735 | 4,271,722 | |||||||
Foreign and U.S. Territories | |||||||||||
Principal Geographical Areas Information | |||||||||||
Revenue | 365,718 | 377,141 | $ 274,456 | ||||||||
Assets | $ 208,882 | $ 214,055 | $ 208,882 | $ 214,055 |
Business Segments Reconciliatio
Business Segments Reconciliation of Segment Information to Consolidated Amounts (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting [Abstract] | |||||||||||
Income from construction operations | $ 74,400 | $ 83,021 | $ 57,696 | $ 47,227 | $ (94,146) | $ 47,943 | $ (341,717) | $ 22,913 | $ 262,344 | $ (365,007) | $ 191,876 |
Other income (expense) | (11,853) | 6,667 | 4,256 | ||||||||
Interest expense | (76,212) | (67,494) | (63,519) | ||||||||
Income (loss) before income taxes | $ 53,212 | $ 49,360 | $ 40,435 | $ 31,272 | $ (106,717) | $ 32,312 | $ (358,339) | $ 6,910 | $ 174,279 | $ (425,834) | $ 132,613 |
Related Party Transactions (Det
Related Party Transactions (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($)project | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Related party transactions | |||
Expenses incurred with related party | $ 3.2 | $ 3.2 | $ 3.2 |
Chairman and Chief Executive Officer | |||
Related party transactions | |||
Related party, payment for leases | $ 3.2 | 3.1 | 3 |
O&G | |||
Related party transactions | |||
Ownership percentage in joint venture | 75.00% | ||
Related party ownership percentage in joint venture | 25.00% | ||
O&G | Project In Los Angeles, California | |||
Related party transactions | |||
Number of construction projects | project | 2 | ||
Alliant | |||
Related party transactions | |||
Insurance expense | $ 16 | 18.4 | $ 14.7 |
Owed to related party | $ 2.7 | $ 2.7 |
Unaudited Quarterly Financial_3
Unaudited Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenue | $ 1,349,516 | $ 1,442,091 | $ 1,276,427 | $ 1,250,729 | $ 1,177,725 | $ 1,189,345 | $ 1,125,275 | $ 958,487 | $ 5,318,763 | $ 4,450,832 | $ 4,454,662 |
Gross profit | 132,404 | 124,915 | 117,754 | 111,080 | (62,704) | 115,063 | 100,943 | 88,470 | 486,153 | 241,772 | 454,453 |
Income from construction operations | 74,400 | 83,021 | 57,696 | 47,227 | (94,146) | 47,943 | (341,717) | 22,913 | 262,344 | (365,007) | 191,876 |
Income before income taxes | 53,212 | 49,360 | 40,435 | 31,272 | (106,717) | 32,312 | (358,339) | 6,910 | 174,279 | (425,834) | 132,613 |
Net income (loss) | 46,017 | 49,323 | 30,859 | 26,138 | (76,229) | 26,721 | (315,439) | 4,722 | 152,337 | (360,225) | 97,781 |
Net income (loss) attributable to Tutor Perini Corporation | $ 35,495 | $ 36,819 | $ 18,709 | $ 17,371 | $ (86,117) | $ 19,313 | $ (320,530) | $ (356) | $ 108,394 | $ (387,690) | $ 83,436 |
Earnings per common share: | |||||||||||
Basic (in dollars per share) | $ 0.70 | $ 0.72 | $ 0.37 | $ 0.35 | $ (1.71) | $ 0.38 | $ (6.38) | $ (0.01) | $ 2.14 | $ (7.72) | $ 1.67 |
Diluted (in dollars per share) | $ 0.69 | $ 0.72 | $ 0.37 | $ 0.34 | $ (1.71) | $ 0.38 | $ (6.38) | $ (0.01) | $ 2.12 | $ (7.72) | $ 1.66 |