Tutor Perini (TPC) 10-Q 1 Aug 24 2024 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2024	Jul. 25, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	1-6314
Entity Registrant Name	Tutor Perini Corporation
Entity Incorporation, State or Country Code	MA
Entity Tax Identification Number	04-1717070
Entity Address, Address Line One	15901 OLDEN STREET
Entity Address, City or Town	SYLMAR
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91342-1093
City Area Code	818
Local Phone Number	362-8391
Title of 12(b) Security	Common Stock, $1.00 par value
Trading Symbol	TPC
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		52,389,430
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000077543
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
REVENUE	$ 1,127,470	$ 1,021,751	$ 2,176,457	$ 1,798,051
COST OF OPERATIONS	(1,010,392)	(956,790)	(1,944,129)	(1,757,259)
GROSS PROFIT	117,078	64,961	232,328	40,792
General and administrative expenses	(76,585)	(62,573)	(143,029)	(120,349)
INCOME (LOSS) FROM CONSTRUCTION OPERATIONS	40,493	2,388	89,299	(79,557)
Other income, net	5,838	3,058	11,149	9,475
Interest expense	(23,084)	(22,016)	(42,391)	(43,529)
INCOME (LOSS) BEFORE INCOME TAXES	23,247	(16,570)	58,057	(113,611)
Income tax (expense) benefit	(7,278)	(194)	(14,586)	47,918
NET INCOME (LOSS)	15,969	(16,764)	43,471	(65,693)
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	15,157	20,770	26,899	21,037
NET INCOME (LOSS) ATTRIBUTABLE TO TUTOR PERINI CORPORATION	$ 812	$ (37,534)	$ 16,572	$ (86,730)
BASIC EARNINGS (LOSS) PER COMMON SHARE (in dollars per share)	$ 0.02	$ (0.72)	$ 0.32	$ (1.68)
DILUTED BASIC EARNINGS (LOSS) PER COMMON SHARE (in dollars per share)	$ 0.02	$ (0.72)	$ 0.31	$ (1.68)
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING:
BASIC (in shares)	52,327	51,803	52,210	51,678
DILUTED (in shares)	52,848	51,803	52,682	51,678

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
NET INCOME (LOSS)	$ 15,969	$ (16,764)	$ 43,471	$ (65,693)
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
Defined benefit pension plan adjustments	321	296	642	597
Foreign currency translation adjustments	(703)	528	(1,630)	778
Unrealized gain (loss) in fair value of investments	125	(592)	(111)	737
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX	(257)	232	(1,099)	2,112
COMPREHENSIVE INCOME (LOSS)	15,712	(16,532)	42,372	(63,581)
LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	14,964	21,171	26,239	21,591
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO TUTOR PERINI CORPORATION	$ 748	$ (37,703)	$ 16,133	$ (85,172)

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
CURRENT ASSETS:
Cash and cash equivalents ($156,912 and $173,118 related to variable interest entities (“VIEs”))	$ 267,072	$ 380,564
Restricted cash	12,417	14,116
Restricted investments	134,182	130,287
Accounts receivable ($60,049 and $84,014 related to VIEs)	1,087,369	1,054,014
Retention receivable ($157,536 and $161,187 related to VIEs)	546,668	580,926
Costs and estimated earnings in excess of billings ($87,833 and $58,089 related to VIEs)	1,160,710	1,143,846
Other current assets ($18,918 and $26,725 related to VIEs)	187,822	217,601
Total current assets	3,396,240	3,521,354
PROPERTY AND EQUIPMENT (“P&E”), net of accumulated depreciation of $548,937 and $534,171 (net P&E of $29,449 and $35,135 related to VIEs)	434,371	441,291
GOODWILL	205,143	205,143
INTANGIBLE ASSETS, NET	67,187	68,305
DEFERRED INCOME TAXES	67,284	74,083
OTHER ASSETS	123,523	119,680
TOTAL ASSETS	4,293,748	4,429,856
CURRENT LIABILITIES:
Current maturities of long-term debt	18,602	117,431
Accounts payable ($28,980 and $24,160 related to VIEs)	622,776	466,545
Retention payable ($18,444 and $22,841 related to VIEs)	223,962	223,138
Billings in excess of costs and estimated earnings ($394,866 and $439,759 related to VIEs)	987,447	1,103,530
Accrued expenses and other current liabilities ($10,620 and $18,206 related to VIEs)	207,877	214,309
Total current liabilities	2,060,664	2,124,953
LONG-TERM DEBT, less current maturities, net of unamortized discount and debt issuance costs totaling $31,387 and $11,000	657,835	782,314
OTHER LONG-TERM LIABILITIES	259,132	238,678
TOTAL LIABILITIES	2,977,631	3,145,945
COMMITMENTS AND CONTINGENCIES (NOTE 11)
Stockholders' equity:
Preferred stock - authorized 1,000,000 shares ($1 par value), none issued	0	0
Common stock - authorized 112,500,000 shares ($1 par value), issued and outstanding 52,389,430 and 52,025,497 shares	52,389	52,025
Additional paid-in capital	1,148,074	1,146,204
Retained earnings	149,718	133,146
Accumulated other comprehensive loss	(40,226)	(39,787)
Total stockholders' equity	1,309,955	1,291,588
Noncontrolling interests	6,162	(7,677)
TOTAL EQUITY	1,316,117	1,283,911
TOTAL LIABILITIES AND EQUITY	$ 4,293,748	$ 4,429,856

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Cash and cash equivalents	$ 267,072	$ 380,564
Accounts receivable	1,087,369	1,054,014
Retention receivable	546,668	580,926
Costs and estimated earnings in excess of billings	1,160,710	1,143,846
Other current assets	187,822	217,601
Accumulated depreciation	548,937	534,171
Property and equipment, net	434,371	441,291
Accounts payable	622,776	466,545
Retention payable	223,962	223,138
Billings in excess of costs and estimated earnings	987,447	1,103,530
Accrued expenses and other current liabilities	207,877	214,309
Unamortized discount and debt issuance costs, non-current	$ 31,387	$ 11,000
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, shares issued (in shares)	0	0
Common stock, shares authorized (in shares)	112,500,000	112,500,000
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares issued (in shares)	52,389,430	52,025,497
Common stock, shares outstanding (in shares)	52,389,430	52,025,497
VIEs
Cash and cash equivalents	$ 156,912	$ 173,118
Accounts receivable	60,049	84,014
Retention receivable	157,536	161,187
Costs and estimated earnings in excess of billings	87,833	58,089
Other current assets	18,918	26,725
Property and equipment, net	29,449	35,135
Accounts payable	28,980	24,160
Retention payable	18,444	22,841
Billings in excess of costs and estimated earnings	394,866	439,759
Accrued expenses and other current liabilities	$ 10,620	$ 18,206

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash Flows from Operating Activities:
Net income (loss)	$ 43,471	$ (65,693)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation	26,470	19,636
Amortization of intangible assets	1,118	1,118
Share-based compensation expense	22,437	5,637
Change in debt discounts and deferred debt issuance costs	4,366	2,005
Deferred income taxes	5,969	(68,256)
(Gain) loss on sale of property and equipment	595	(5,038)
Changes in other components of working capital	49,150	188,761
Other long-term liabilities	1,188	(2,152)
Other, net	(3,351)	1,632
NET CASH PROVIDED BY OPERATING ACTIVITIES	151,413	77,650
Cash Flows from Investing Activities:
Acquisition of property and equipment	(21,352)	(30,623)
Proceeds from sale of property and equipment	1,434	6,758
Investments in securities	(22,073)	(14,521)
Proceeds from maturities and sales of investments in securities	17,979	9,227
NET CASH USED IN INVESTING ACTIVITIES	(24,012)	(29,159)
Cash Flows from Financing Activities:
Proceeds from debt	597,900	537,500
Repayment of debt	(800,819)	(571,332)
Cash payments related to share-based compensation	(2,194)	(284)
Distributions paid to noncontrolling interests	(12,400)	(15,250)
Contributions from noncontrolling interests	0	2,000
Debt issuance, extinguishment and modification costs	(25,079)	(497)
NET CASH USED IN FINANCING ACTIVITIES	(242,592)	(47,863)
Net increase (decrease) in cash, cash equivalents and restricted cash	(115,191)	628
Cash, cash equivalents and restricted cash at beginning of period	394,680	273,831
Cash, cash equivalents and restricted cash at end of period	$ 279,489	$ 274,459

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The Condensed Consolidated Financial Statements do not include footnotes and certain financial information normally presented annually under generally accepted accounting principles in the United States (“GAAP”). Therefore, they should be read in conjunction with the audited consolidated financial statements and the related notes included in Tutor Perini Corporation’s (the “Company”) Annual Report on Form 10-K for the year ended December 31, 2023. The results of operations for the three and six months ended June 30, 2024 may not be indicative of the results that will be achieved for the full year ending December 31, 2024. In the opinion of management, the accompanying unaudited Condensed Consolidated Financial Statements reflect all adjustments, including those of a normal recurring nature, necessary to present fairly the Company’s consolidated financial position as of June 30, 2024 and its consolidated statements of operations and cash flows for the interim periods presented. Intercompany balances and transactions have been eliminated. Certain amounts in the condensed consolidated financial statements and notes thereto of prior years have been reclassified to conform to the current year presentation.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (“Topic 280”): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires disclosure of incremental segment information on an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and requires retrospective application to all prior periods presented in the financial statements. Early adoption is permitted. The Company is currently evaluating the impact of this guidance on the consolidated financial statements and disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (“Topic 740”): Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires public entities to disclose specific categories in its annual effective tax rate reconciliation and disaggregated information about significant reconciling items by jurisdiction and by nature. ASU 2023-09 also requires entities to disclose their income tax payments (net of refunds) to international, federal, and state and local jurisdictions. This guidance is effective for fiscal years beginning after December 15, 2024, and requires prospective application with the option to apply it retrospectively. Early adoption is permitted. The Company is currently evaluating the impact of this guidance on the consolidated financial statements and disclosures.

Revenue

Revenue	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Disaggregation of Revenue The following tables disaggregate revenue by end market, customer type and contract type, which the Company believes best depict how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors for the three and six months ended June 30, 2024 and 2023. Three Months Ended Six Months Ended (in thousands) 2024 2023 2024 2023 Civil segment revenue by end market: Mass transit (includes certain transportation and tunneling projects) $ 289,587 $ 361,082 $ 542,103 $ 549,542 Military facilities 117,779 83,811 222,923 169,378 Bridges 62,308 51,326 89,980 81,971 Commercial and industrial sites 36,630 29,192 76,120 51,918 Power and energy 35,728 15,159 61,926 25,335 Other 4,456 13,553 25,601 25,849 Total Civil segment revenue $ 546,488 $ 554,123 $ 1,018,653 $ 903,993 Three Months Ended Six Months Ended (in thousands) 2024 2023 2024 2023 Building segment revenue by end market: Healthcare facilities $ 135,954 $ 55,839 $ 247,941 $ 106,256 Government 114,118 97,814 244,729 187,434 Education facilities 84,190 54,420 152,349 102,497 Mass transit (includes transportation projects) 57,323 62,871 118,498 96,191 Sports and entertainment 10,621 13,364 26,260 26,830 Commercial and industrial facilities 4,073 16,026 15,442 54,297 Hospitality and gaming 3,636 16,979 6,388 36,585 Other (a) 7,951 14,029 18,201 (49,095) Total Building segment revenue $ 417,866 $ 331,342 $ 829,808 $ 560,995 Three Months Ended Six Months Ended (in thousands) 2024 2023 2024 2023 Specialty Contractors segment revenue by end market: Mass transit (includes certain transportation and tunneling projects) $ 48,826 $ 4,973 $ 96,952 $ 52,518 Commercial and industrial facilities 30,213 53,583 58,423 107,810 Multi-unit residential 20,298 29,207 45,024 62,003 Government 18,491 20,763 41,444 41,832 Healthcare facilities 14,718 14,048 31,428 23,579 Water 14,702 20,147 28,918 48,481 Other (a) 15,868 (6,435) 25,807 (3,160) Total Specialty Contractors segment revenue $ 163,116 $ 136,286 $ 327,996 $ 333,063 Three Months Ended Three Months Ended (in thousands) Civil Building Specialty Total Civil Building Specialty Total Revenue by customer type: State and local agencies $ 345,619 $ 248,117 $ 83,127 $ 676,863 $ 403,013 $ 177,247 $ 54,879 $ 635,139 Federal agencies 119,312 46,085 339 165,736 98,711 47,090 (5,414) 140,387 Private owners 81,557 123,664 79,650 284,871 52,399 107,005 86,821 246,225 Total revenue $ 546,488 $ 417,866 $ 163,116 $ 1,127,470 $ 554,123 $ 331,342 $ 136,286 $ 1,021,751 Six Months Ended Six Months Ended (in thousands) Civil Building Specialty Total Civil Building Specialty Total Revenue by customer type: State and local agencies $ 629,614 $ 494,636 $ 160,080 $ 1,284,330 $ 616,440 $ 313,848 $ 140,561 $ 1,070,849 Federal agencies 232,766 92,137 778 325,681 194,695 88,825 (3,521) 279,999 Private owners (a) 156,273 243,035 167,138 566,446 92,858 158,322 196,023 447,203 Total revenue $ 1,018,653 $ 829,808 $ 327,996 $ 2,176,457 $ 903,993 $ 560,995 $ 333,063 $ 1,798,051 Three Months Ended Three Months Ended (in thousands) Civil Building Specialty Total Civil Building Specialty Total Revenue by contract type: Fixed price $ 452,823 $ 186,050 $ 136,345 $ 775,218 $ 488,343 $ 136,053 $ 110,552 $ 734,948 Guaranteed maximum price 88 190,643 937 191,668 (107) 125,070 (1,734) 123,229 Unit price 75,313 — 20,280 95,593 58,662 — 21,068 79,730 Cost plus fee and other 18,264 41,173 5,554 64,991 7,225 70,219 6,400 83,844 Total revenue $ 546,488 $ 417,866 $ 163,116 $ 1,127,470 $ 554,123 $ 331,342 $ 136,286 $ 1,021,751 Six Months Ended Six Months Ended (in thousands) Civil Building Specialty Total Civil Building Specialty Total Revenue by contract type: Fixed price $ 875,543 $ 356,196 $ 275,848 $ 1,507,587 $ 799,716 $ 232,169 $ 276,707 $ 1,308,592 Guaranteed maximum price (a) 134 377,943 1,560 379,637 (45) 194,848 22 194,825 Unit price 109,167 — 40,825 149,992 91,674 — 45,132 136,806 Cost plus fee and other 33,809 95,669 9,763 139,241 12,648 133,978 11,202 157,828 Total revenue $ 1,018,653 $ 829,808 $ 327,996 $ 2,176,457 $ 903,993 $ 560,995 $ 333,063 $ 1,798,051 ____________________________________________________________________________________________________ (a) The six-month period ended June 30, 2023 includes the negative impact of a non-cash charge of $83.6 million that resulted from an adverse legal ruling (of which $72.2 million impacted the Building segment and $11.4 million impacted the Specialty Contractors segment). Refer to Note 18, Business Segments , for additional details. Changes in Contract Estimates that Impact Revenue Changes to the total estimated contract revenue or cost for a given project, either due to unexpected events or revisions to management’s initial estimates, are recognized in the period in which they are determine d. Revenue was negatively impacted during the three and six months ended June 30, 2024 related to performance obligations satisfied (or partially satisfied) in prior periods by $9.0 million and $15.6 million, respectively. Revenue was negatively impacted during the three and six months ended June 30, 2023 related to performance obligations satisfied (or partially satisfied) in prior periods by $3.1 million and $108.3 million, respectively. Refe r to Note 18, Business Segments , for additional details on significant adjustments . Remaining Performance Obligations Remaining performance obligations represent the transaction price of firm orders for which work has not been performed and exclude unexercised contract options. As of June 30, 2024, the aggregate amounts of the transaction prices allocated to the remaining performance obligations of the Company’s construction contracts were $4.4 billion, $2.2 billion and $1.1 billion for the Civil, Building and Specialty Contractors segments, respectively. As of June 30, 2023, the aggregate amounts of the transaction prices allocated to the remaining performance obligations of the Company’s construction contracts were $4.6 billion, $2.4 billion and $1.2 billion for the Civil, Building and Specialty Contractors segments, respectively. The Company typically recognizes revenue on Civil segment projects over a period of three one

Contract Assets and Liabilities

Contract Assets and Liabilities	6 Months Ended
	Jun. 30, 2024
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Contract Assets and Liabilities	Contract Assets and Liabilities The Company classifies contract assets and liabilities that may be settled beyond one year from the balance sheet date as current, consistent with the length of time of the Company’s project operating cycle. Contract assets include amounts due under retention provisions, costs and estimated earnings in excess of billings and capitalized contract costs. The amounts as included on the Condensed Consolidated Balance Sheets consisted of the following: (in thousands) As of June 30, As of December 31, Retention receivable $ 546,668 $ 580,926 Costs and estimated earnings in excess of billings: Claims 511,564 562,646 Unapproved change orders 565,269 512,831 Other unbilled costs and profits 83,877 68,369 Total costs and estimated earnings in excess of billings 1,160,710 1,143,846 Capitalized contract costs 95,732 117,913 Total contract assets $ 1,803,110 $ 1,842,685 Retention receivable represents amounts invoiced to customers where payments have been partially withheld pending the completion of certain milestones, satisfaction of other contractual conditions or the completion of the project. Retention agreements vary from project to project, and balances could be outstanding for several months or years depending on a number of circumstances such as contract-specific terms, project performance and other variables that may arise as the Company makes progress toward completion. Costs and estimated earnings in excess of billings represent the excess of contract costs and profits (or contract revenue) over the amount of contract billings to date and are classified as a current asset. Costs and estimated earnings in excess of billings result when either: (1) the appropriate contract revenue amount has been recognized over time in accordance with Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers (“ASC 606”), but a portion of the revenue recorded cannot be billed currently due to the billing terms defined in the contract, or (2) costs are incurred related to certain claims and unapproved change orders. Claims occur when there is a dispute regarding both a change in the scope of work and the price associated with that change. Unapproved change orders occur when a change in the scope of work results in additional work being performed before the parties have agreed on the corresponding change in the contract price. The Company routinely estimates recovery related to claims and unapproved change orders as a form of variable consideration at the most likely amount it expects to receive and to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Claims and unapproved change orders are billable upon the agreement and resolution between the contractual parties and after the execution of contractual amendments. Increases in claims and unapproved change orders typically result from costs being incurred against existing or new positions; decreases normally result from resolutions and subsequent billings. As discussed in Note 11, Commitments and Contingencies , the resolution of these claims and unapproved change orders may require litigation or other forms of dispute resolution proceedings. Other unbilled costs and profits are billable in accordance with the billing terms of each of the existing contractual arrangements and, as such, the timing of contract billing cycles can cause fluctuations in the balance of unbilled costs and profits. Ultimate resolution of other unbilled costs and profits typically involves incremental progress toward contractual requirements or milestones. Capitalized contract costs are included in other current assets and primarily represent costs to fulfill a contract that (1) directly relate to an existing or anticipated contract, (2) generate or enhance resources that will be used in satisfying performance obligations in the future and (3) are expected to be recovered through the contract. Capitalized contract costs are generally e xpense d to the associated contract over the period of anticipated use on the project. During the three and six months ended June 30, 2024, $15.6 million and $31.9 million, respectively, of previously capitalized contract costs were amortized and recognized as expense on the related contracts. During the three and six months ended June 30, 2023, $9.0 million and $19.8 million, respectively, of previously capitalized contract costs were amortized and recognized as expense on the related contracts. Contract liabilities include amounts owed under retention provisions and billings in excess of costs and estimated earnings. The amount as reported on the Condensed Consolidated Balance Sheets consisted of the following: (in thousands) As of June 30, As of December 31, Retention payable $ 223,962 $ 223,138 Billings in excess of costs and estimated earnings 987,447 1,103,530 Total contract liabilities $ 1,211,409 $ 1,326,668 Retention payable represents amounts invoiced to the Company by subcontractors where payments have been partially withheld pending the completion of certain milestones, other contractual conditions or upon the completion of the project. Generally, retention payable is not remitted to subcontractors until the associated retention receivable from customers is collected. Billings in excess of costs and estimated earnings represent the excess of contract billings to date over the amount of contract costs and profits (or contract revenue) recognized to date. The balance may fluctuate depending on the timing of contract billings and the recognition of contract revenue. Revenue recognized during the three and six months ended June 30, 2024 and included in the opening billings in excess of costs and estimated earnings balances for each period totale d $483.2 million and $726.3 million, respectively. Revenue recognized during the three and six months ended June 30, 2023 and included in the opening billings in excess of costs and estimated earnings balances for each period totaled $439.5 million and $564.4 million, respectively.

Cash, Cash Equivalents and Rest

Cash, Cash Equivalents and Restricted Cash	6 Months Ended
	Jun. 30, 2024
Cash and Cash Equivalents [Abstract]
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets to the amounts shown in the Condensed Consolidated Statements of Cash Flows: (in thousands) As of June 30, As of December 31, Cash and cash equivalents available for general corporate purposes $ 84,118 $ 145,055 Joint venture cash and cash equivalents 182,954 235,509 Cash and cash equivalents 267,072 380,564 Restricted cash 12,417 14,116 Total cash, cash equivalents and restricted cash $ 279,489 $ 394,680 Cash equivalents include short-term, highly liquid investments with maturities of three months or less when acquired. Cash and cash equivalents consist of amounts available for the Company’s general purposes, the Company’s proportionate share of cash held by the Company’s unconsolidated joint ventures and 100% of amounts held by the Company’s consolidated joint ventures. In both cases, cash held by joint ventures is available only for joint venture-related uses, including future distributions to joint venture partners. Restricted cash includes amounts primarily held as collateral to secure insurance-related contingent obligations, such as insurance claim deductibles, in lieu of letters of credit.

Earnings Per Common Share

Earnings Per Common Share	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Common Share	Earnings Per Common Share Basic earnings per common share (“EPS”) and diluted EPS are calculated by dividing net income (loss) attributable to Tutor Perini Corporation by the following: for basic EPS, the weighted-average number of common shares outstanding during the period; and for diluted EPS, the sum of the weighted-average number of both outstanding common shares and potentially dilutive securities, which for the Company can include restricted stock units (“RSUs”) and unexercised stock options. The Company calculates the effect of the potentially dilutive RSUs and stock options using the treasury stock method. Three Months Ended June 30, Six Months Ended June 30, (in thousands, except per common share data) 2024 2023 2024 2023 Net income (loss) attributable to Tutor Perini Corporation $ 812 $ (37,534) $ 16,572 $ (86,730) Weighted-average common shares outstanding, basic 52,327 51,803 52,210 51,678 Effect of dilutive RSUs and stock options 521 — 472 — Weighted-average common shares outstanding, diluted 52,848 51,803 52,682 51,678 Net income (loss) attributable to Tutor Perini Corporation per common share: Basic $ 0.02 $ (0.72) $ 0.32 $ (1.68) Diluted $ 0.02 $ (0.72) $ 0.31 $ (1.68) Anti-dilutive securities not included above 925 3,163 1,173 3,010 For the three and six months ended June 30, 2023 , all outstanding RSUs and stock options were excluded from the calculation of weighted-average diluted shares outstanding, as the shares have an anti-dilutive effect due to the net loss for the periods.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company recognized an income tax expense of $7.3 million and $14.6 million for the three and six months ended June 30, 2024, respectively. The effective income tax rate was 31.3% and 25.1% for the three and six months ended June 30, 2024, respectively. The effective income tax rate for both the three and six months ended June 30, 2024 was higher than the 21.0% federal statutory income tax rate primarily due to non-deductible expenses and state income taxes (net of the federal tax benefit), partially offset by the earnings attributable to noncontrolling interests (for which income taxes are not the responsibility of the Company). The Company recognized an income tax expense of $0.2 million for the three months ended June 30, 2023 and an income tax benefit of $47.9 million for the six months ended June 30, 2023. The effective income tax rate was (1.2)% and 42.2% for the three and six months ended June 30, 2023, respectively. The effective income tax rate for the three months ended June 30, 2023 was lower than the 21.0% federal statutory rate primarily due to the impact of a cumulative catch-up adjustment associated with the change in the Company’s projected 2023 effective tax rate that resulted from the revision of the Company’s forecast. The effective income tax rates for both periods were impacted by relatively large tax benefits generated against a forecasted pre-tax loss for the year, which magnified the impact these tax benefits had on the effective income tax rate. In periods with pre-tax losses, tax benefits generated during the period increase the effective income tax rate (and, thus, the income tax benefit to the Company) rather than decreasing the effective rate, as in periods with pre-tax income. The tax benefits that caused a higher effective tax rate primarily included the earnings attributable to noncontrolling interests (for which income taxes are not the responsibility of the Company) and state income taxes (net of the federal tax benefit), partially offset by non-deductible expenses.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill The following table presents the changes in the carrying amount of goodwill since its inception through June 30, 2024: (in thousands) Civil Building Specialty Total Gross goodwill as of December 31, 2023 $ 492,074 $ 424,724 $ 156,193 $ 1,072,991 Accumulated impairment as of December 31, 2023 (286,931) (424,724) (156,193) (867,848) Goodwill as of December 31, 2023 205,143 — — 205,143 Current year activity — — — — Goodwill as of June 30, 2024 $ 205,143 $ — $ — $ 205,143 The Company performed its annual impairment test in the fourth quarter of 2023 and concluded goodwill was not impaired. In addition, the Company determined that no triggering events occurred and no circumstances changed since the date of its annual impairment test that would more likely than not reduce the fair value of the Civil reporting unit below its carrying amount. The Company will continue to monitor events and circumstances for changes that indicate the Civil reporting unit goodwill would need to be reevaluated for impairment during future interim periods prior to the annual impairment test. These future events and circumstances include, but are not limited to, changes in the overall financial performance of the Civil reporting unit, as well as other quantitative and qualitative factors which could indicate potential triggering events for possible impairment. Intangible Assets Intangible assets consist of the following: As of June 30, 2024 Weighted-Average Amortization Period (in thousands) Cost Accumulated Accumulated Impairment Charge Carrying Value Trade names (non-amortizable) $ 117,600 $ — $ (67,190) $ 50,410 Indefinite Trade names (amortizable) 69,250 (29,241) (23,232) 16,777 20 years Contractor license 6,000 — (6,000) — N/A Customer relationships 39,800 (23,155) (16,645) — N/A Construction contract backlog 149,290 (149,290) — — N/A Total $ 381,940 $ (201,686) $ (113,067) $ 67,187 As of December 31, 2023 Weighted-Average Amortization Period (in thousands) Cost Accumulated Accumulated Impairment Charge Carrying Value Trade names (non-amortizable) $ 117,600 $ — $ (67,190) $ 50,410 Indefinite Trade names (amortizable) 69,250 (28,123) (23,232) 17,895 20 years Contractor license 6,000 — (6,000) — N/A Customer relationships 39,800 (23,155) (16,645) — N/A Construction contract backlog 149,290 (149,290) — — N/A Total $ 381,940 $ (200,568) $ (113,067) $ 68,305 Amortization expense related to amortizable intangible assets for the three and six months ended June 30, 2024 was $0.6 million and $1.1 million, respectively. Amortization expense related to amortizable intangible assets for the three and six months ended June 30, 2023 was $0.6 million and $1.1 million, respectively. As of June 30, 2024, future amortization expense related to amortizable intangible assets will be approximately $1.1 million for the remainder of 2024, $2.2 million per year for the years 2025 through 2029 and $4.7 million thereafter. The Company performed its annual impairment test for non-amortizable trade names during the fourth quarter of 2023. Based on this assessment, the Company concluded that its non-amortizable trade names were not impaired. In addition, the Company determined that no triggering events occurred and no circumstances changed since the date of its annual impairment test that would indicate impairment of its non-amortizable trade names. Other amortizable intangible assets are reviewed for impairment whenever circumstances indicate that the future cash flows generated by the assets might be less than the assets’ net carrying value. The Company had no impairment of intangible assets during the three and six months ended June 30, 2024 or 2023.

Financial Commitments

Financial Commitments	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Financial Commitments	Financial Commitments Long-Term Debt Long-term debt as reported on the Condensed Consolidated Balance Sheets consisted of the following: (in thousands) As of June 30, As of December 31, 2024 Senior Notes $ 376,232 $ — 2017 Senior Notes — 498,410 Term Loan B 266,369 357,744 Revolver — — Equipment financing and mortgages 31,724 34,807 Other indebtedness 2,112 8,784 Total debt 676,437 899,745 Less: Current maturities (a) 18,602 117,431 Long-term debt, net $ 657,835 $ 782,314 ____________________________________________________________________________________________________ (a) Cu rrent maturities at December 31, 2023 included the $91.0 million principal prepayment on the Term Loan B that was made in February 2024. The following table reconciles the outstanding debt balances to the reported debt balances as of June 30, 2024 and December 31, 2023: As of June 30, 2024 As of December 31, 2023 (in thousands) Outstanding Debt Unamortized Discounts and Issuance Costs Debt, Outstanding Debt Unamortized Discounts and Issuance Costs Debt, 2024 Senior Notes $ 400,000 $ (23,768) $ 376,232 $ — $ — $ — 2017 Senior Notes — — — 500,000 (1,590) 498,410 Term Loan B 273,988 (7,619) 266,369 367,154 (9,410) 357,744 The unamortized issuance costs related to the Revolver wer e $1.7 million and $1.4 million as of June 30, 2024 and December 31, 2023, respectively, and are included in other assets on the Condensed Conso lidated Balance Sheets. 2024 Senior Notes On April 22, 2024, the Company issued $400.0 million in aggregate principal amount of 11.875% Senior Notes due April 30, 2029 (the “2024 Senior Notes”) in a private placement offering. Interest on the 2024 Senior Notes is payable in arrears semi-annually in April and October of each year, beginning in October 2024. The proceeds from the 2024 Senior Notes were used to redeem the 2017 Senior Notes (as discussed below). Prior to April 30, 2026, the Company may redeem the 2024 Senior Notes at a redemption price equal to 100% of the principal amount plus a “make-whole” premium described in the indenture. In addition, prior to April 30, 2026, the Company may redeem up to 40% of the original aggregate principal amount of the 2024 Senior Notes at a redemption price of 111.875% of their principal amount with the “net cash proceeds” received by the Company from one or more equity offerings, as described in the indenture. On or after April 30, 2026, the Company may redeem the 2024 Senior Notes at specified redemption prices described in the indenture. If the Company experiences certain change of control events, holders of the 2024 Senior Notes may require the Company to repurchase all or part of the 2024 Senior Notes at 101% of the principal amount thereof, plus accrued and unpaid interest to the redemption date. The 2024 Senior Notes are senior unsecured obligations of the Company and are guaranteed by the Company’s existing and future subsidiaries that also guarantee obligations under the Company’s 2020 Credit Agreement. In addition, the indenture for the 2024 Senior Notes provides for customary covenants, including restrictions on the payment of dividends and share repurchases, and includes customary events of default. Redemption of 2017 Senior Notes On April 20, 2017, the Company issued $500.0 million in aggregate principal amount of 6.875% Senior Notes due May 1, 2025 (the “2017 Senior Notes”) in a private placement offering. The proceeds of the 2024 Senior Notes, together with cash on hand, were used to redeem in full, all of the outstanding obligations in respect of the 2017 Senior Notes. The redemption of the 2017 Senior Notes occurred on May 2, 2024 (the “2017 Senior Notes Redemption”). 2020 Credit Agreement On August 18, 2020, the Company entered into a credit agreement (as amended, the “2020 Credit Agreement”) with BMO Bank N.A. (f/k/a BMO Harris Bank N.A.), as Administrative Agent, Swing Line Lender and L/C Issuer and other lenders. The 2020 Credit Agreement originally provided for a $425.0 million term loan B facility (the “Term Loan B”) and a $175.0 million revolving credit facility (the “Revolver”), which was subsequently reduced to $170.0 million following the effectiveness of the 2024 Amendment (as defined and discussed below), with sub-limits for the issuance of letters of credit and swing line loans up to the aggregate amounts of $75.0 million and $10.0 million, respectively. The Term Loan B will mature on August 18, 2027. Prior to the 2017 Senior Notes Redemption, if any of the 2017 Senior Notes had remained outstanding beyond certain dates, the maturities of the Term Loan B and the Revolver would have been subject to acceleration (“spring-forward maturity”). However, following the 2017 Senior Notes Redemption and the consummation of the 2024 Amendment, the spring-forward maturity of the Term Loan B is no longer in effect and the spring-forward maturity of the Revolver has been extended (as described below). On April 15, 2024, the Company entered into an amendment in respect of the 2020 Credit Agreement (the “2024 Amendment”) which, among other changes, (1) extends the existing Revolver maturity date from August 18, 2025 to (a) if any tranche of the Term Loan B, any incremental term loan or any refinancing term loan (or any refinancing or replacement thereof) remains outstanding, the earlier of (i) May 20, 2027 and (ii) the date that is ninety (90) days prior to the final maturity of any tranche of the Term Loan B, any incremental term loan or any refinancing term loan (or any refinancing or replacement thereof), as applicable, and (b) if no obligations are outstanding with respect to any tranche of the Term Loan B, any incremental term loan or any refinancing term loan, August 18, 2027 and (2) permanently reduces the aggregate commitments in respect of the Revolver by $5.0 million from $175.0 million to $170.0 million. The 2024 Amendment became effective on May 2, 2024 upon the completion of the 2017 Senior Notes Redemption. The 2020 Credit Agreement permits the Company to repay any or all borrowings outstanding under the 2020 Credit Agreement at any time prior to maturity without penalty. The 2020 Credit Agreement requires the Company to make regularly scheduled payments of principal on the Term Loan B in quarterly installments equal to 0.25% of the initial principal amount of the Term Loan B. The 2020 Credit Agreement also requires the Company to make prepayments on the Term Loan B in connection with certain asset sales, receipts of insurance proceeds, incurrences of certain indebtedness and annual excess cash flow (in each case, subject to certain customary exceptions). At December 31, 2023, current maturities of long-term debt in the accompanying Condensed Consolidated Balance Sheet included $91.0 million prepayment of principal on the Term Loan B, relating to the mandatory prepayment provision of the 2020 Credit Agreement in respect of annual excess cash flow. The $91.0 million prepayment included in current maturities at December 31, 2023, which was due by the first week of April 2024, was paid in February 2024. Subject to certain exceptions, at any time prior to maturity, the 2020 Credit Agreement provides the Company with the right to increase the commitments under the Revolver and/or to establish one or more term loan facilities in an aggregate amount up to (i) the greater of $173.5 million and 50% LTM EBITDA (as defined in the 2020 Credit Agreement) plus (ii) additional amounts if (A) in the case of pari passu first lien secured indebtedness, the First Lien Net Leverage Ratio (as defined in the 2020 Credit Agreement) does not exceed 1.35:1.00, (B) in the case of junior lien secured indebtedness, the Total Net Leverage Ratio (as defined in the 2020 Credit Agreement) does not exceed 3.50:1.00 and (C) in the case of unsecured indebtedness, (x) the Total Net Leverage Ratio does not exceed 3.50:1.00 or (y) the Fixed Charge Coverage Ratio (as defined in the 2020 Credit Agreement) is no less than 2.00:1.00. Borrowings under the 2020 Credit Agreement bear interest, at the Company’s option, at a rate equal to (i) (A) in the case of the Term Loan B, following the amendment to the 2020 Credit Agreement on May 2, 2023 (as discussed below), (x) the Adjusted Term Secured Overnight Financing Rate (“Adjusted Term SOFR”) (calculated with a 11.448 basis point, 26.161 basis point and 42.826 basis point credit spread adjustment for a 1, 3 and 6 month interest period, respectively) or (y) a base rate (determined by reference to the highest of (1) the administrative agent’s prime lending rate, (2) the federal funds effective rate plus 50 basis points and (3) the Adjusted Term SOFR rate for a one-month interest period plus 100 basis points) and (B) in case of the Revolver, following the amendment to the 2020 Credit Agreement on October 31, 2022 (as discussed below), (x) the Adjusted Term SOFR rate (calculated with a 10 basis point credit spread adjustment for all interest periods) or (y) a base rate (determined by reference to the highest of (1) the administrative agent’s prime lending rate, (2) the federal funds effective rate plus 50 basis points and (3) the Adjusted Term SOFR rate for a one-month interest period plus 100 basis points) plus, in each case, (ii) an applicable margin. The margin applicable to the Term Loan B is between 4.50% and 4.75% for Adjusted Term SOFR and between 3.50% and 3.75% for base rate, and, in each case, is based on the Total Net Leverage Ratio. The margin applicable to the Revolver is between 4.25% and 4.75% for Adjusted Term SOFR and 3.25% and 3.75% for base rate, and, in each case, is based on the First Lien Net Leverage Ratio. Effective following the amendment to the 2020 Credit Agreement on October 31, 2022, the Company’s original London Interbank Offered Rate (“LIBOR”) option in respect of the Revolver was transitioned to Adjusted Term SOFR. Effective May 2, 2023, the 2020 Credit Agreement was further amended to transition the Company’s original LIBOR option in respect of the Term Loan B to Adjusted Term SOFR. In addition to paying interest on outstanding principal under the 2020 Credit Agreement, the Company will pay a commitment fee to the lenders under the Revolver in respect of the unutilized commitments thereunder. The Company will pay customary letter of credit fees. If a payment or bankruptcy event of default occurs and is continuing, the otherwise applicable margin on overdue amounts will be increased by 2% per annum. The 2020 Credit Agreement includes customary provisions for the replacement of Adjusted Term SOFR with an alternative benchmark rate upon Adjusted Term SOFR being discontinued. The weighted-average annual interest rate on borrowings under the Revolver was 12.0% during the six months ended June 30, 2024 . The 2020 Credit Agreement requires, solely with respect to the Revolver, the Company and its restricted subsidiaries to maintain a maximum First Lien Net Leverage Ratio of 3.50:1.00, effective the fiscal quarter ended December 31, 2022 and increasing to 3.75:1.00 for the fiscal quarter ending March 31, 2023 and subsequently stepping down to 3.00:1.00 for the fiscal quarter ending June 30, 2023, 2.50:1.00 for the fiscal quarter ending September 30, 2023 and 2.25:1.00 for the fiscal quarter ending December 31, 2023 and each fiscal quarter thereafter. The 2020 Credit Agreement also includes certain customary representations and warranties, affirmative covenants and events of default. Subject to certain exceptions, substantially all of the Company’s existing and future material wholly-owned subsidiaries unconditionally guarantee the obligations of the Company under the 2020 Credit Agreement; additionally, subject to certain exceptions, the obligations are secured by a lien on substantially all of the assets of the Company and its subsidiaries guaranteeing these obligations. As of June 30, 2024, the entire $170.0 million was available under the Revolver. The Company was in compliance with the financial covenant under the 2020 Credit Agreement for the period ended June 30, 2024. Interest Expense Interest expense as reported in the Condensed Consolidated Statements of Operations consisted of the following: Three Months Ended Six Months Ended (in thousands) 2024 2023 2024 2023 Cash interest expense: Interest on Term Loan B $ 7,084 $ 9,250 $ 15,572 $ 18,999 Interest on 2017 Senior Notes 2,960 8,594 11,554 17,188 Interest on 2024 Senior Notes 8,708 — 8,708 — Interest on Revolver 973 2,807 973 4,552 Other interest 799 364 1,218 785 Total cash interest expense 20,524 21,015 38,025 41,524 Non-cash interest expense: (a) Amortization of discount and debt issuance costs on Term Loan B 473 529 1,791 1,100 Amortization of debt issuance costs on 2017 Senior Notes 99 277 392 550 Amortization of debt issuance costs on 2024 Senior Notes 632 — 632 — Amortization of debt issuance costs on Revolver 158 195 353 355 Non-cash portion of loss on extinguishment 1,198 — 1,198 — Total non-cash interest expense 2,560 1,001 4,366 2,005 Total interest expense $ 23,084 $ 22,016 $ 42,391 $ 43,529 ____________________________________________________________________________________________________ (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 2024 Senior Notes, 2017 Senior Notes and Term Loan B were 13.56% , 7.13% and 12.27%, respec tively, for the six months ended June 30, 2024.

Leases

Leases	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Leases	Leases The Company leases certain office space, construction and office equipment, vehicles and temporary housing generally under non-cancelable operating leases. Leases with an initial term of one year or less are not recorded on the balance sheet, and the Company generally recognizes lease expense for these leases on a straight-line basis over the lease term. As of June 30, 2024, the Company’s operating leases have remaining lease terms ranging from less than one year to 14 years, some of which include options to renew the leases. The exercise of lease renewal options is generally at the Company’s sole discretion. The Company’s leases do not contain any material residual value guarantees or material restrictive covenants. The following table presents components of lease expense for the three and six months ended June 30, 2024 and 2023: Three Months Ended Six Months Ended (in thousands) 2024 2023 2024 2023 Operating lease expense $ 3,202 $ 3,387 $ 6,522 $ 6,861 Short-term lease expense (a) 13,545 12,692 25,868 26,611 16,747 16,079 32,390 33,472 Less: Sublease income 203 198 402 392 Total lease expense $ 16,544 $ 15,881 $ 31,988 $ 33,080 ____________________________________________________________________________________________________ (a) Short-term lease expense includes all leases with lease terms of up to one year. Short-term leases include, among other things, construction equipment rented on an as-needed basis as well as temporary housing. The following table presents supplemental balance sheet information related to operating leases: (dollars in thousands) Balance Sheet Line Item As of June 30, As of December 31, Assets Right-of-use assets Other assets $ 51,461 $ 48,878 Total lease assets $ 51,461 $ 48,878 Liabilities Current lease liabilities Accrued expenses and other current liabilities $ 6,817 $ 6,275 Long-term lease liabilities Other long-term liabilities 50,107 47,781 Total lease liabilities $ 56,924 $ 54,056 Weighted-average remaining lease term 9.7 years 10.3 years Weighted-average discount rate 11.97 % 12.13 % The following table presents supplemental cash flow information and non-cash activity related to operating leases: Six Months Ended (in thousands) 2024 2023 Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ (6,359) $ (6,807) Non-cash activity: Right-of-use assets obtained in exchange for lease liabilities $ 6,147 $ 807 The following table presents maturities of operating lease liabilities on an undiscounted basis as of June 30, 2024: Year (in thousands) Operating Leases 2024 (excluding the six months ended June 30, 2024) $ 6,481 2025 12,044 2026 10,166 2027 8,750 2028 8,671 Thereafter 52,663 Total lease payments 98,775 Less: Imputed interest 41,851 Total $ 56,924

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company and certain of its subsidiaries are involved in litigation and other legal proceedings and forms of dispute resolution in the ordinary course of business, including but not limited to disputes over contract payment and/or performance-related issues (such as disagreements regarding delay or a change in the scope of work of a project and/or the price associated with that change) and other matters incidental to the Company’s business. In accordance with ASC 606, the Company makes assessments of these types of matters on a routine basis and, to the extent permitted by ASC 606, estimates and records recovery related to these matters as a form of variable consideration at the most likely amount the Company expects to receive, as discussed further in Note 4, Contract Assets and Liabilities . In addition, the Company is contingently liable for litigation, performance guarantees and other commitments arising in the ordinary course of business, which are accounted for in accordance with ASC 450, Contingencies . Management reviews these matters regularly and updates or revises its estimates as warranted by subsequent information and developments. These assessments require judgments concerning matters that are inherently uncertain, such as litigation developments and outcomes, the anticipated outcome of negotiations and the estimated cost of resolving disputes. Consequently, these assessments are estimates, and actual amounts may vary from such estimates. In addition, because such matters are typically resolved over long periods of time, the Company’s assets and liabilities may change over time should the circumstances dictate. The description of the legal proceedings listed below include management’s assessment of those proceedings. Management believes that, based on current information and discussions with the Company’s legal counsel, the ultimate resolution of other matters is not expected to have a material effect on the Company’s consolidated financial position, results of operations or cash flows. A description of the material pending legal proceedings, other than ordinary routine litigation incidental to the business, is as follows: Alaskan Way Viaduct Matter In January 2011, Seattle Tunnel Partners (“STP”), a joint venture between Dragados USA, Inc. and the Company, entered into a design-build contract with the Washington State Department of Transportation (“WSDOT”) for the construction of a large-diameter bored tunnel in downtown Seattle, King County, Washington to replace the Alaskan Way Viaduct, also known as State Route 99. The Company has a 45% interest in STP. The construction of the large-diameter bored tunnel required the use of a tunnel boring machine (“TBM”). In December 2013, the TBM struck a steel pipe, installed by WSDOT as a well casing for an exploratory well. The TBM was significantly damaged and was required to be repaired. STP has asserted that the steel pipe casing was a differing site condition that WSDOT failed to properly disclose. The Disputes Review Board mandated by the contract to hear disputes issued a decision finding the steel casing was a Type I (material) differing site condition. WSDOT did not accept that finding. The TBM was insured under a Builder’s Risk Insurance Policy (the “Policy”) with Great Lakes Reinsurance (UK) PLC and a consortium of other insurers (the “Insurers”). STP submitted the claims to the Insurers and requested interim payments under the Policy. The Insurers refused to pay and denied coverage. In June 2015, STP filed a lawsuit in the King County Superior Court, State of Washington seeking declaratory relief concerning contract interpretation, as well as damages as a result of the Insurers’ breach of their obligations under the terms of the Policy. STP is also asserting extra-contractual and statutory claims against the Insurers. STP submitted damages to the Insurers in the King County lawsuit in the amount of $532 million. WSDOT is deemed a plaintiff since WSDOT is an insured under the Policy and had filed its own claim for damages. Hitachi Zosen (“Hitachi”), the manufacturer of the TBM, joined the case as a plaintiff for costs incurred to repair the damages to the TBM. In April and September 2018, rulings received on pre-trial motions limited some of the potential recoveries under the Policy for STP, WSDOT and Hitachi. On August 2, 2021, the Court of Appeals reversed in part certain of those limitations but affirmed other parts of those rulings. On September 15, 2022, the Washington Supreme Court affirmed the decision of the Court of Appeals, which limits recovery of certain damages under the Policy. Based on the rulings of the Court of Appeals, the case will continue for adjudication on the remaining facts and legal issues, including the number of covered occurrences which could increase the amount of available coverage under the Policy and the amount of investigative costs that are subject to the Policy limits. STP also has claims for costs, fees, pre-judgment interest and extra-contractual and statutory claims, which are not subject to the Policy limits. The case has been scheduled for trial commencing September 23, 2024. In addition, STP has a pending case in the Washington Superior Court against HNTB Corporation (“HNTB”), its design firm on the project, wherein STP alleges that HNTB is liable for providing design services that resulted in the TBM striking the steel pipe described above and for additional steel quantity costs associated with the project. STP’s complaint seeks in excess of $640 million. The case is scheduled for trial to commence on April 27, 2025. With respect to STP’s direct and indirect claims against the Insurers and HNTB, management has included in receivables an estimate of the total anticipated recovery concluded to be probable. In March 2016, WSDOT filed a complaint against STP in Thurston County Superior Court alleging breach of contract, seeking $57.2 million in delay-related damages and seeking declaratory relief concerning contract interpretation. STP subsequently filed a counterclaim against WSDOT seeking the same damages in excess of $640 million. The jury trial between STP and WSDOT commenced on October 7, 2019 and concluded on December 13, 2019, with a jury verdict in favor of WSDOT awarding them $57.2 million in damages. The Company recorded the impact of the jury verdict during the fourth quarter of 2019, resulting in a pre-tax charge of $166.8 million, which included $25.7 million for the Company’s 45% proportionate share of the $57.2 million in damages awarded by the jury to WSDOT. The charge was for non-cash write-downs primarily related to the costs and estimated earnings in excess of billings and receivables that the Company previously recorded to reflect its expected recovery in this case. STP filed a petition for discretionary review by the Washington Supreme Court on July 12, 2022, which was denied by the Supreme Court on October 10, 2022. On October 18, 2022, STP paid the damages and associated interest from the judgment, which included the Company’s proportionate share of $34.6 million. As a result, the lawsuit between STP and WSDOT has concluded.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation As of June 30, 2024, there were 1,452,390 share s of common stock available for grant under the Tutor Perini Corporation Omnibus Incentive Plan. During the six months ended June 30, 2024 and 2023, the Company granted the following share-based instruments: (1) RSUs totaling 30,000 and 590,188, respectively, with weighted-average grant date fair values per unit of $12.68 and $8.66, respectively; (2) cash-settled performance stock units (“CPSUs”) totaling 645,180 and 901,541, respectively, with weighted-average grant date fair values per unit of $19.17 and $11.18, respectively; (3) deferred cash awards (“DCAs”), including cash-settled stock units, with service-based vesting conditions and payouts indexed to shares of the Company’s common stock totaling 673,855 and 90,000, respectively, with weighted-average grant date fair values per unit of $12.75 and $8.98, respectively; and (4) shares of unrestricted stock totaling 73,716 and 302,112 , respectively, with weighted-average grant date fair values per unit of $20.89 and $5.66 , respectively. As of June 30, 2024 and December 31, 2023, the Company recognized liabilities for CPSUs, RSUs with guaranteed minimum payouts and DCAs on the Condensed Consolidated Balance Sheets totaling approxima tely $20.7 million and $4.9 million, respectively. During the six months ended June 30, 2024 and 2023, the Company paid approximately $2.9 million and $0.2 million, respectively, to settle certain awards upon vesting. For the three and six months ended June 30, 2024, the Company recognized, as part of general and administrative expenses, costs for share-based payment arrangements total ing $16.9 million and $22.4 million , respectively, and $2.6 million and $5.6 million for the three and six months ended June 30, 2023, respectively. As of June 30, 2024, the balance of unamortized share-based compensation expense was $56.1 million, which is expected to be recognized over a weighted-average period of

Employee Pension Plans

Employee Pension Plans	6 Months Ended
	Jun. 30, 2024
Retirement Benefits [Abstract]
Employee Pension Plans	Employee Pension Plans The Company has a defined benefit pension plan and an unfunded supplemental retirement plan. Effective June 1, 2004, all benefit accruals under these plans were frozen; however, the current vested benefit was preserved. The pension disclosure presented below includes aggregated amounts for both of the Company’s plans. The following table sets forth a summary of the net periodic benefit cost for the three and six months ended June 30, 2024 and 2023: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Interest cost $ 910 $ 969 $ 1,821 $ 1,938 Service cost 232 255 463 510 Expected return on plan assets (944) (979) (1,888) (1,957) Recognized net actuarial losses 438 413 875 826 Net periodic benefit cost $ 636 $ 658 $ 1,271 $ 1,317 The Company contributed $1.3 million to its defined benefit pension plan during the six months ended June 30, 2024. The Company expects to contribute an additional $1.2 million in cash by the end of 2024. Due to availability of our prefunded pension balance related to the defined benefit pension plan, the Company was not required to make any cash payments during the six months ended June 30, 2023.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The fair value hierarchy established by ASC 820, Fair Value Measurement , prioritizes the use of inputs used in valuation techniques into the following three levels: • Level 1 inputs are observable quoted prices in active markets for identical assets or liabilities • Level 2 inputs are observable, either directly or indirectly, but are not Level 1 inputs • Level 3 inputs are unobservable The following fair value hierarchy table presents the Company’s assets that are measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023: As of June 30, 2024 As of December 31, 2023 Fair Value Hierarchy Fair Value Hierarchy (in thousands) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash and cash equivalents (a) $ 267,072 $ — $ — $ 267,072 $ 380,564 $ — $ — $ 380,564 Restricted cash (a) 12,417 — — 12,417 14,116 — — 14,116 Restricted investments (b) — 134,182 — 134,182 — 130,287 — 130,287 Investments in lieu of retention (c) 31,590 93,306 — 124,896 19,988 86,961 — 106,949 Total $ 311,079 $ 227,488 $ — $ 538,567 $ 414,668 $ 217,248 $ — $ 631,916 ____________________________________________________________________________________________________ (a) Includes money market funds and short-term investments with maturity dates of three months or less when acquired. (b) Restricted investments, as of June 30, 2024 and December 31, 2023, consist of available-for-sale (“AFS”) debt securities, which are valued based on pricing models determined from a compilation of primarily observable market information, broker quotes in non-active markets or similar assets; therefore, they are classified as Level 2 assets. (c) Investments in lieu of retention are included in retention receivable as of June 30, 2024 and December 31, 2023, and are composed of money market funds of $31.6 million and $20.0 million, respectively, and AFS debt securities of $93.3 million and $87.0 million, respectively. The fair values of the money market funds are measured using quoted market prices; therefore, they are classified as Level 1 assets. The fair values of AFS debt securities are determined from a compilation of primarily observable market information, broker quotes in non-active markets or similar assets; therefore, they are classified as Level 2 assets. Investments in AFS debt securities consisted of the following as of June 30, 2024 and December 31, 2023: As of June 30, 2024 As of December 31, 2023 (in thousands) Amortized Cost Unrealized Gains Unrealized Losses Fair Value Amortized Cost Unrealized Gains Unrealized Losses Fair Value Restricted investments: Corporate debt securities $ 108,764 $ 249 $ (2,199) $ 106,814 $ 95,903 $ 762 $ (2,202) $ 94,463 U.S. government agency securities 20,832 4 (972) 19,864 29,082 18 (1,054) 28,046 Municipal bonds 7,946 1 (908) 7,039 8,227 5 (914) 7,318 Corporate certificates of deposit 493 — (28) 465 498 — (38) 460 Total restricted investments 138,035 254 (4,107) 134,182 133,710 785 (4,208) 130,287 Investments in lieu of retention: Corporate debt securities 93,661 38 (1,425) 92,274 87,601 246 (1,950) 85,897 Municipal bonds 826 206 — 1,032 823 241 — 1,064 Total investments in lieu of retention 94,487 244 (1,425) 93,306 88,424 487 (1,950) 86,961 Total AFS debt securities $ 232,522 $ 498 $ (5,532) $ 227,488 $ 222,134 $ 1,272 $ (6,158) $ 217,248 The following table summarizes the fair value and gross unrealized losses aggregated by category and the length of time that individual securities have been in a continuous unrealized loss position as of June 30, 2024 and December 31, 2023: As of June 30, 2024 Less than 12 Months 12 Months or Greater Total (in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Restricted investments: Corporate debt securities $ 35,500 $ (258) $ 35,457 $ (1,941) $ 70,957 $ (2,199) U.S. government agency securities 3,406 (34) 14,902 (938) 18,308 (972) Municipal bonds 176 (1) 6,798 (907) 6,974 (908) Corporate certificates of deposit — — 464 (28) 464 (28) Total restricted investments 39,082 (293) 57,621 (3,814) 96,703 (4,107) Investments in lieu of retention: Corporate debt securities 31,399 (155) 51,020 (1,270) 82,419 (1,425) Total investments in lieu of retention 31,399 (155) 51,020 (1,270) 82,419 (1,425) Total AFS debt securities $ 70,481 $ (448) $ 108,641 $ (5,084) $ 179,122 $ (5,532) As of December 31, 2023 Less than 12 Months 12 Months or Greater Total (in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Restricted investments: Corporate debt securities $ 4,971 $ (3) $ 40,649 $ (2,199) $ 45,620 $ (2,202) U.S. government agency securities 1,280 (4) 22,858 (1,050) 24,138 (1,054) Municipal bonds 99 (2) 7,038 (912) 7,137 (914) Corporate certificates of deposit — — 460 (38) 460 (38) Total restricted investments 6,350 (9) 71,005 (4,199) 77,355 (4,208) Investments in lieu of retention: Corporate debt securities 11,398 (55) 49,726 (1,895) 61,124 (1,950) Total investments in lieu of retention 11,398 (55) 49,726 (1,895) 61,124 (1,950) Total AFS debt securities $ 17,748 $ (64) $ 120,731 $ (6,094) $ 138,479 $ (6,158) The unrealized losses in AFS debt securities as of June 30, 2024 and December 31, 2023 are primarily attributable to market interest rate increases and not a deterioration in credit quality of the issuers. Management evaluated the unrealized losses in AFS debt securities considering factors including credit ratings and other relevant information, which may indicate that contractual cash flows are not expected to occur. Based on the analysis, management determined that credit losses did not exist for AFS debt securities in an unrealized loss position as of June 30, 2024 and December 31, 2023. It is not considered likely that the Company will be required to sell the investments before full recovery of the amortized cost basis of the AFS debt securities, which may be at maturity. As a result, consistent with the same period in 2023, the Company has not recognized any impairment losses in earnings during the six months ended June 30, 2024. The amortized cost and fair value of AFS debt securities by contractual maturity as of June 30, 2024 are summarized in the table below. Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations. (in thousands) Amortized Cost Fair Value Due within one year $ 74,786 $ 73,104 Due after one year through five years 147,533 145,223 Due after five years 10,203 9,161 Total $ 232,522 $ 227,488 The carrying values of receivables, payables and other amounts arising out of normal contract activities, including retention, which may be settled beyond one year, are estimated to approximate fair value. Of the Company’s long-term debt, the fair value of the 2024 Senior Notes was $430.1 million as of June 30, 2024 and the fair value of the 2017 Senior Notes was $490.9 million as of December 31, 2023. The fair values of the 2024 Senior Notes and 2017 Senior Notes were determined using Level 1 inputs, specifically current observable market prices. The fair value of the Term Loan B was $274.0 million and $358.9 million as of June 30, 2024 and December 31, 2023, respectively. The fair values of the Term Loan B were determined using Level 2 inputs, specifically third-party quoted market prices. The reported value of the Company’s remaining borrowings approximates fair value as of June 30, 2024 and December 31, 2023.

Variable Interest Entities (VIE

Variable Interest Entities (VIEs)	6 Months Ended
	Jun. 30, 2024
Variable Interest Entities [Abstract]
Variable Interest Entities (VIEs)	Variable Interest Entities (VIEs) The Company may form joint ventures or partnerships with third parties for the execution of projects. In accordance with ASC 810, Consolidation (“ASC 810”), the Company assesses its partnerships and joint ventures at inception to determine if any meet the qualifications of a VIE. The Company considers a joint venture a VIE if either (a) the total equity investment is not sufficient to permit the entity to finance its activities without additional subordinated financial support, (b) characteristics of a controlling financial interest are missing (either the ability to make decisions through voting or other rights, the obligation to absorb the expected losses of the entity or the right to receive the expected residual returns of the entity), or (c) the voting rights of the equity holders are not proportional to their obligations to absorb the expected losses of the entity and/or their rights to receive the expected residual returns of the entity, and substantially all of the entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. Upon the occurrence of certain events outlined in ASC 810, the Company reassesses its initial determination of whether a joint venture is a VIE. ASC 810 also requires the Company to determine whether it is the primary beneficiary of the VIE. The Company concludes that it is the primary beneficiary and consolidates the VIE if the Company has both (a) the power to direct the economically significant activities of the VIE and (b) the obligation to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE. The Company considers the contractual agreements that define the ownership structure, distribution of profits and losses, risks, responsibilities, indebtedness, voting rights and board representation of the respective parties in determining if the Company is the primary beneficiary. The Company also considers all parties that have direct or implicit variable interests when determining whether it is the primary beneficiary. In accordance with ASC 810, management’s assessment of whether the Company is the primary beneficiary of a VIE is performed continuously. As of June 30, 2024, the Company had unconsolidated VIE-related current assets and liabilities of $0.5 million and $0.1 million, respectively, included in the Company’s Condensed Consolidated Balance Sheets. As of December 31, 2023, the Company had unconsolidated VIE-related current assets and liabilities of $0.5 million and $0.1 million, respectively, included in the Company’s Condensed Consolidated Balance Sheets. The Company’s maximum exposure to loss as a result of its investments in unconsolidated VIEs is typically limited to the aggregate of the carrying value of the investment and future funding commitments. The Company had future funding requirements of $3.0 million related to unconsolidated VIEs as of June 30, 2024. As of June 30, 2024, the Company’s Condensed Consolidated Balance Sheets included current and noncurrent assets of $481.2 million and $29.4 million, respectively, as well as current liabilities of $452.9 million related to the operations of its consolidated VIEs. As of December 31, 2023, the Company’s Condensed Consolidated Balance Sheets included current and noncurrent assets of $503.1 million and $35.1 million, respectively, as well as current liabilities of $505.0 million related to the operations of its consolidated VIEs. Below is a discussion of some of the Company’s more significant or unique VIEs. The Company established a joint venture to construct the Purple Line Extension Section 2 (Tunnels and Stations) and Section 3 (Stations) mass-transit projects in Los Angeles, California with an original combined value of approximately $2.8 billion. The Company has a 75% interest in the joint venture with the remaining 25% held by O&G Industries, Inc. The joint venture was initially financed with contributions from the partners and, per the terms of the joint venture agreement, the partners may be required to provide additional capital contributions in the future. The Company has determined that this joint venture is a VIE for which the Company is the primary beneficiary. The Company also established a joint venture with Parsons Corporation (“Parsons”) to construct the Newark Liberty International Airport Terminal One project, a transportation infrastructure project in Newark, New Jersey with an original value of approximately $1.4 billion. The Company has an 80% interest in the joint venture with the remaining 20% held by Parsons. The joint venture was initially financed with contributions from the partners and, per the terms of the joint venture agreement, the partners may be required to provide additional capital contributions in the future. The Company has determined that this joint venture is a VIE for which the Company is the primary beneficiary.

Changes in Equity

Changes in Equity	6 Months Ended
	Jun. 30, 2024
Stockholders' Equity Note [Abstract]
Changes in Equity	Changes in Equity A reconciliation of the changes in equity for the three and six months ended June 30, 2024 and 2023 is provided below: Three Months Ended June 30, 2024 (in thousands) Common Additional Retained Accumulated Noncontrolling Total Balance - March 31, 2024 $ 52,284 $ 1,146,008 $ 148,906 $ (40,162) $ (3,802) $ 1,303,234 Net income — — 812 — 15,157 15,969 Other comprehensive loss — — — (64) (193) (257) Share-based compensation — 2,852 — — — 2,852 Issuance of common stock, net 105 (786) — — — (681) Distributions to noncontrolling interests — — — — (5,000) (5,000) Balance - June 30, 2024 $ 52,389 $ 1,148,074 $ 149,718 $ (40,226) $ 6,162 $ 1,316,117 Six Months Ended June 30, 2024 (in thousands) Common Additional Retained Accumulated Noncontrolling Total Balance - December 31, 2023 $ 52,025 $ 1,146,204 $ 133,146 $ (39,787) $ (7,677) $ 1,283,911 Net income — — 16,572 — 26,899 43,471 Other comprehensive loss — — — (439) (660) (1,099) Share-based compensation — 4,355 — — — 4,355 Issuance of common stock, net 364 (2,485) — — — (2,121) Contributions from noncontrolling interests — — — — — — Distributions to noncontrolling interests — — — — (12,400) (12,400) Balance - June 30, 2024 $ 52,389 $ 1,148,074 $ 149,718 $ (40,226) $ 6,162 $ 1,316,117 Three Months Ended June 30, 2023 (in thousands) Common Additional Retained Accumulated Noncontrolling Total Balance - March 31, 2023 $ 51,645 $ 1,142,081 $ 255,105 $ (45,310) $ (13,814) $ 1,389,707 Net income (loss) — — (37,534) — 20,770 (16,764) Other comprehensive income (loss) — — — (169) 401 232 Share-based compensation — 1,635 — — — 1,635 Issuance of common stock, net 325 (184) — — — 141 Contributions from noncontrolling interests — — — — — — Distributions to noncontrolling interests — — — — (6,750) (6,750) Balance - June 30, 2023 $ 51,970 $ 1,143,532 $ 217,571 $ (45,479) $ 607 $ 1,368,201 Six Months Ended June 30, 2023 (in thousands) Common Additional Retained Accumulated Noncontrolling Total Balance - December 31, 2022 $ 51,521 $ 1,140,933 $ 304,301 $ (47,037) $ (7,734) $ 1,441,984 Net income (loss) — — (86,730) — 21,037 (65,693) Other comprehensive income — — — 1,558 554 2,112 Share-based compensation — 3,030 — — — 3,030 Issuance of common stock, net 449 (431) — — — 18 Contributions from noncontrolling interests — — — — 2,000 2,000 Distributions to noncontrolling interests — — — — (15,250) (15,250) Balance - June 30, 2023 $ 51,970 $ 1,143,532 $ 217,571 $ (45,479) $ 607 $ 1,368,201

Other Comprehensive Income (Los

Other Comprehensive Income (Loss)	6 Months Ended
	Jun. 30, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Other Comprehensive Income (Loss)	Other Comprehensive Income (Loss) ASC 220, Comprehensive Income , establishes standards for reporting comprehensive income and its components in the consolidated financial statements. The Company reports the change in pension benefit plan assets/liabilities, cumulative foreign currency translation and the unrealized gain (loss) of investments as components of accumulated other comprehensive income (loss) (“AOCI”). The components of other comprehensive income (loss) and the related tax effects for the three and six months ended June 30, 2024 and 2023 were as follows: Three Months Ended June 30, 2024 Three Months Ended June 30, 2023 (in thousands) Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount Other comprehensive income (loss): Defined benefit pension plan adjustments $ 438 $ (117) $ 321 $ 411 $ (115) $ 296 Foreign currency translation adjustments (869) 166 (703) 562 (34) 528 Unrealized gain (loss) in fair value of investments 153 (28) 125 (751) 159 (592) Total other comprehensive income (loss) (278) 21 (257) 222 10 232 Less: Other comprehensive income (loss) attributable to noncontrolling interests (193) — (193) 401 — 401 Total other comprehensive loss attributable to Tutor Perini Corporation $ (85) $ 21 $ (64) $ (179) $ 10 $ (169) Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 (in thousands) Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount Before-Tax Amount Tax Expense Net-of-Tax Amount Other comprehensive income (loss): Defined benefit pension plan adjustments $ 875 $ (233) $ 642 $ 826 $ (229) $ 597 Foreign currency translation adjustments (1,951) 321 (1,630) 902 (124) 778 Unrealized gain (loss) in fair value of investments (148) 37 (111) 934 (197) 737 Total other comprehensive income (loss) (1,224) 125 (1,099) 2,662 (550) 2,112 Less: Other comprehensive income (loss) attributable to noncontrolling interests (660) — (660) 554 — 554 Total other comprehensive income (loss) attributable to Tutor Perini Corporation $ (564) $ 125 $ (439) $ 2,108 $ (550) $ 1,558 The changes in AOCI balances by component (after tax) attributable to Tutor Perini Corporation and attributable to noncontrolling interests during the three and six months ended June 30, 2024 and 2023 were as follows: Three Months Ended June 30, 2024 (in thousands) Defined Foreign Unrealized Gain (Loss) in Fair Value of Investments, Net Accumulated Attributable to Tutor Perini Corporation: Balance as of March 31, 2024 $ (29,033) $ (7,321) $ (3,808) $ (40,162) Other comprehensive income (loss) before reclassifications — (463) 108 (355) Amounts reclassified from AOCI 321 — (30) 291 Total other comprehensive income (loss) 321 (463) 78 (64) Balance as of June 30, 2024 $ (28,712) $ (7,784) $ (3,730) $ (40,226) Attributable to Noncontrolling Interests: Balance as of March 31, 2024 $ — $ (811) $ (387) $ (1,198) Other comprehensive income (loss) — (240) 47 (193) Balance as of June 30, 2024 $ — $ (1,051) $ (340) $ (1,391) Six Months Ended June 30, 2024 (in thousands) Defined Foreign Unrealized Gain (Loss) in Fair Value of Investments, Net Accumulated Attributable to Tutor Perini Corporation: Balance as of December 31, 2023 $ (29,354) $ (6,893) $ (3,540) $ (39,787) Other comprehensive loss before reclassifications — (891) (205) (1,096) Amounts reclassified from AOCI 642 — 15 657 Total other comprehensive income (loss) 642 (891) (190) (439) Balance as of June 30, 2024 $ (28,712) $ (7,784) $ (3,730) $ (40,226) Attributable to Noncontrolling Interests: Balance as of December 31, 2023 $ — $ (312) $ (419) $ (731) Other comprehensive income (loss) — (739) 79 (660) Balance as of June 30, 2024 $ — $ (1,051) $ (340) $ (1,391) Three Months Ended June 30, 2023 (in thousands) Defined Foreign Unrealized Gain (Loss) in Fair Value of Investments, Net Accumulated Attributable to Tutor Perini Corporation: Balance as of March 31, 2023 $ (32,336) $ (7,010) $ (5,964) $ (45,310) Other comprehensive income (loss) before reclassifications — 90 (598) (508) Amounts reclassified from AOCI 296 — 43 339 Total other comprehensive income (loss) 296 90 (555) (169) Balance as of June 30, 2023 $ (32,040) $ (6,920) $ (6,519) $ (45,479) Attributable to Noncontrolling Interests: Balance as of March 31, 2023 $ — $ (780) $ (797) $ (1,577) Other comprehensive income (loss) — 438 (37) 401 Balance as of June 30, 2023 $ — $ (342) $ (834) $ (1,176) Six Months Ended June 30, 2023 (in thousands) Defined Foreign Unrealized Gain (Loss) in Fair Value of Investments, Net Accumulated Attributable to Tutor Perini Corporation: Balance as of December 31, 2022 $ (32,637) $ (7,241) $ (7,159) $ (47,037) Other comprehensive income before reclassifications — 321 573 894 Amounts reclassified from AOCI 597 — 67 664 Total other comprehensive income 597 321 640 1,558 Balance as of June 30, 2023 $ (32,040) $ (6,920) $ (6,519) $ (45,479) Attributable to Noncontrolling Interests: Balance as of December 31, 2022 $ — $ (799) $ (931) $ (1,730) Other comprehensive income — 457 97 554 Balance as of June 30, 2023 $ — $ (342) $ (834) $ (1,176) The significant items reclassified out of AOCI and the corresponding location and impact on the Condensed Consolidated Statements of Operations during the three and six months ended June 30, 2024 and 2023 were as follows: Three Months Ended Six Months Ended (in thousands) 2024 2023 2024 2023 Component of AOCI: Defined benefit pension plan adjustments (a) $ 438 $ 411 $ 875 $ 826 Income tax benefit (b) (117) (115) (233) (229) Net of tax $ 321 $ 296 $ 642 $ 597 Unrealized (gain) loss in fair value of investment adjustments (a) $ (38) $ 55 $ 19 $ 85 Income tax expense (benefit) (b) 8 (12) (4) (18) Net of tax $ (30) $ 43 $ 15 $ 67 ___________________________________________________________________________________________________ (a) Amounts included in other income, net on the Condensed Consolidated Statements of Operations. (b) Amounts included in income tax (expense) benefit on the Condensed Consolidated Statements of Operations.

Business Segments

Business Segments	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Business Segments	Business Segments The Company offers general contracting, pre-construction planning and comprehensive project management services, including planning and scheduling of manpower, equipment, materials and subcontractors required for the timely completion of a project in accordance with the terms and specifications contained in a construction contract. The Company also offers self-performed construction services: site work, concrete forming and placement, steel erection, electrical, mechanical, plumbing, and HVAC (heating, ventilation and air conditioning). As described below, the Company’s business is conducted through three segments: Civil, Building and Specialty Contractors. These segments are determined based on how the Company’s Chairman and Chief Executive Officer (chief operating decision maker) aggregates business units when evaluating performance and allocating resources. The Civil segment specializes in public works construction and the replacement and reconstruction of infrastructure. The contracting services provided by the Civil segment include construction and rehabilitation of highways, bridges, tunnels, mass-transit systems, military facilities, and water management and wastewater treatment facilities. The Building segment has significant experience providing services for private and public works customers in a number of specialized building markets, including: hospitality and gaming, transportation, healthcare, commercial offices, government facilities, sports and entertainment, education, correctional and detention facilities, biotech, pharmaceutical, industrial and technology. The Specialty Contractors segment specializes in electrical, mechanical, plumbing, HVAC and fire protection systems for a full range of civil and building construction projects in the industrial, commercial, hospitality and gaming, and mass-transit end markets. This segment provides the Company with unique strengths and capabilities that allow the Company to position itself as a full-service contractor with greater control over scheduled work, project delivery, and cost and risk management. To the extent that a contract is co-managed and co-executed among segments, the Company allocates the share of revenues and costs of the contract to each segment to reflect the shared responsibilities in the management and execution of the project. The following tables set forth certain reportable segment information relating to the Company’s operations for the three and six months ended June 30, 2024 and 2023: Reportable Segments (in thousands) Civil Building Specialty Total Corporate Consolidated Three Months Ended June 30, 2024 Total revenue $ 577,519 $ 433,797 $ 163,066 $ 1,174,382 $ — $ 1,174,382 Elimination of intersegment revenue (31,031) (15,931) 50 (46,912) — (46,912) Revenue from external customers $ 546,488 $ 417,866 $ 163,116 $ 1,127,470 $ — $ 1,127,470 Income (loss) from construction operations $ 75,587 $ 5,047 $ (7,846) $ 72,788 (a) $ (32,295) (b) $ 40,493 Capital expenditures $ 9,479 $ 68 $ (30) $ 9,517 $ 1,401 $ 10,918 Depreciation and amortization (c) $ 10,727 $ 585 $ 574 $ 11,886 $ 2,120 $ 14,006 Three Months Ended June 30, 2023 Total revenue $ 555,553 $ 321,933 $ 136,323 $ 1,013,809 $ — $ 1,013,809 Elimination of intersegment revenue (1,430) 9,409 (37) 7,942 — 7,942 Revenue from external customers $ 554,123 $ 331,342 $ 136,286 $ 1,021,751 $ — $ 1,021,751 Income (loss) from construction operations $ 105,407 $ (13,831) $ (69,832) $ 21,744 (d) $ (19,356) (b) $ 2,388 Capital expenditures $ 9,643 $ 1,458 $ 256 $ 11,357 $ 1,470 $ 12,827 Depreciation and amortization (c) $ 7,074 $ 455 $ 622 $ 8,151 $ 2,195 $ 10,346 ____________________________________________________________________________________________________ (a) During the three months ended June 30, 2024, the Company’s income (loss) from construction operations was impacted by an unfavorable adjustment of $12.4 million ($9.1 million, or $0.17 per diluted share, after tax) due to the impact of a settlement on two completed Civil segment highway projects in the Northeast. (b) Consists primarily of corporate general and administrative expenses. Corporate general and administrative expenses for the three months ended June 30, 2024 and 2023 included share-based compensation expense of $16.9 million ($12.4 million, or $0.23 per diluted share, after tax) and $2.6 million ($1.9 million, or $0.04 per diluted share, after tax), respectively. The increase in share-based compensation expense in the second quarter of 2024 was primarily due to a substantial increase in the Company’s stock price during the period, which impacted the fair value of liability-classified awards. These awards are remeasured at fair value at the end of each reporting period with the change in fair value recognized in earnings. (c) Depreciation and amortization is included in income (loss) from construction operations. (d) During the three months ended June 30, 2023, the Company’s income (loss) from construction operations was impacted by favorable adjustments totaling $58.1 million ($46.1 million, or $0.89 per diluted share, after tax) resulting from changes in estimates due to improved performance on a Civil segment mass-transit project in California; $35.8 million ($26.0 million, or $0.50 per diluted share, after tax) of unfavorable non-cash adjustments due to changes in estimates on the Specialty Contractors segment’s electrical and mechanical scope of a transportation project in the Northeast associated with a change in the expected recovery on certain unapproved change orders; a non-cash charge of $24.7 million ($18.0 million, or $0.35 per diluted share, after tax) that resulted from an adverse legal ruling on a Specialty Contractors segment educational facilities project in New York; and a $13.1 million ($10.2 million, or $0.20 per diluted share, after tax) unfavorable adjustment on a transportation project in the Northeast, split evenly between the Civil and Building segments, due to the settlement of certain change orders during project closeout. Reportable Segments (in thousands) Civil Building Specialty Total Corporate Consolidated Six Months Ended June 30, 2024 Total revenue $ 1,080,341 $ 855,973 $ 327,946 $ 2,264,260 $ — $ 2,264,260 Elimination of intersegment revenue (61,688) (26,165) 50 (87,803) — (87,803) Revenue from external customers $ 1,018,653 $ 829,808 $ 327,996 $ 2,176,457 $ — $ 2,176,457 Income (loss) from construction operations $ 146,330 $ 21,167 $ (26,158) $ 141,339 (a) $ (52,040) (b) $ 89,299 Capital expenditures $ 17,610 $ 285 $ 273 $ 18,168 $ 3,184 $ 21,352 Depreciation and amortization (c) $ 20,981 $ 1,170 $ 1,172 $ 23,323 $ 4,265 $ 27,588 Six Months Ended June 30, 2023 Total revenue $ 933,777 $ 551,224 $ 333,071 $ 1,818,072 $ — $ 1,818,072 Elimination of intersegment revenue (29,784) 9,771 (8) (20,021) — (20,021) Revenue from external customers $ 903,993 $ 560,995 $ 333,063 $ 1,798,051 $ — $ 1,798,051 Income (loss) from construction operations $ 123,419 $ (84,040) $ (82,280) $ (42,901) (d) $ (36,656) (b) $ (79,557) Capital expenditures $ 24,708 $ 3,475 $ 700 $ 28,883 $ 1,740 $ 30,623 Depreciation and amortization (c) $ 14,055 $ 912 $ 1,241 $ 16,208 $ 4,546 $ 20,754 ____________________________________________________________________________________________________ (a) During the six months ended June 30, 2024, the Company’s income (loss) from construction operations was impacted by unfavorable adjustments of $12.4 million ($9.1 million, or $0.17 per diluted share, after tax) due to the impact of a settlement on two completed Civil segment highway projects in the Northeast and $12.0 million ($8.8 million, or $0.17 per diluted share, after tax) due to an arbitration ruling that only provided a partial award to the Company pertaining to a completed Specialty Contractors segment electrical project in New York. The period was also impacted by a favorable adjustment of $10.2 million ($7.5 million, or $0.14 per diluted share, after tax) on a Civil segment mass-transit project in California related to a dispute resolution and associated expected cost savings. (b) Consists primarily of corporate general and administrative expenses. Corporate general and administrative expenses for the six months ended June 30, 2024 and 2023 included share-based compensation expense of $22.4 million ($16.5 million, or $0.31 per diluted share, after tax) and $5.6 million ($4.1 million, or $0.08 per diluted share, after tax), respectively. The increase in share-based compensation expense in the current-year period was primarily due to a substantial increase in the Company’s stock price during the period, which impacted the fair value of liability-classified awards. These awards are remeasured at fair value at the end of each reporting period with the change in fair value recognized in earnings. (c) Depreciation and amortization is included in income (loss) from construction operations. (d) During the six months ended June 30, 2023, the Company’s income (loss) from construction operations was impacted by an adverse legal ruling on a completed mixed-use project in New York, which resulted in a non-cash, pre-tax charge of $83.6 million ($60.1 million, or $1.16 per diluted share, after tax), of which $72.2 million impacted the Building segment and $11.4 million impacted the Specialty Contractors segment; $35.8 million ($26.0 million, or $0.50 per diluted share, after tax) of unfavorable non-cash adjustments due to changes in estimates on the Specialty Contractors segment’s electrical and mechanical scope of a transportation project in the Northeast associated with a change in the expected recovery on certain unapproved change orders; net favorable adjustments of $30.1 million ($23.9 million, or $0.46 per diluted share, after tax) for a Civil segment mass-transit project in California that resulted from changes in estimates due to improved performance; a non-cash charge of $24.7 million ($18.0 million, or $0.35 per diluted share, after tax) that resulted from an adverse legal ruling on a Specialty Contractors segment educational facilities project in New York; and a $13.1 million ($10.2 million, or $0.20 per diluted share, after tax) unfavorable adjustment on a transportation project in the Northeast, split evenly between the Civil and Building segments, due to the settlement of certain change orders during project closeout. A reconciliation of segment results to the consolidated income (loss) before income taxes is as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Income (loss) from construction operations $ 40,493 $ 2,388 $ 89,299 $ (79,557) Other income, net 5,838 3,058 11,149 9,475 Interest expense (23,084) (22,016) (42,391) (43,529) Income (loss) before income taxes $ 23,247 $ (16,570) $ 58,057 $ (113,611) Total assets by segment were as follows: (in thousands) As of June 30, As of December 31, Civil $ 3,520,109 $ 3,539,608 Building 1,028,958 898,902 Specialty Contractors 246,128 307,171 Corporate and other (a) (501,447) (315,825) Total assets $ 4,293,748 $ 4,429,856 ____________________________________________________________________________________________________ (a) Consists principally of cash, equipment, tax-related assets and insurance-related assets, offset by the elimination of assets related to intersegment revenue. Major Customer Revenue from a single customer with multiple projects, impacting the Civil, Building and Specialty Contractors segments, represent ed 19.0% and 18.9% o f the Company’s consolidated revenue for the three and six months ended June 30, 2024, respectively. Revenue from the same customer with multiple projects, impacting the Civil, Building and Specialty Contractors segments, represented 15.8% and 17.4% o

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income (loss) attributable to Tutor Perini Corporation	$ 812	$ (37,534)	$ 16,572	$ (86,730)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (“Topic 280”): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires disclosure of incremental segment information on an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and requires retrospective application to all prior periods presented in the financial statements. Early adoption is permitted. The Company is currently evaluating the impact of this guidance on the consolidated financial statements and disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (“Topic 740”): Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires public entities to disclose specific categories in its annual effective tax rate reconciliation and disaggregated information about significant reconciling items by jurisdiction and by nature. ASU 2023-09 also requires entities to disclose their income tax payments (net of refunds) to international, federal, and state and local jurisdictions. This guidance is effective for fiscal years beginning after December 15, 2024, and requires prospective application with the option to apply it retrospectively. Early adoption is permitted. The Company is currently evaluating the impact of this guidance on the consolidated financial statements and disclosures.

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following tables disaggregate revenue by end market, customer type and contract type, which the Company believes best depict how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors for the three and six months ended June 30, 2024 and 2023. Three Months Ended Six Months Ended (in thousands) 2024 2023 2024 2023 Civil segment revenue by end market: Mass transit (includes certain transportation and tunneling projects) $ 289,587 $ 361,082 $ 542,103 $ 549,542 Military facilities 117,779 83,811 222,923 169,378 Bridges 62,308 51,326 89,980 81,971 Commercial and industrial sites 36,630 29,192 76,120 51,918 Power and energy 35,728 15,159 61,926 25,335 Other 4,456 13,553 25,601 25,849 Total Civil segment revenue $ 546,488 $ 554,123 $ 1,018,653 $ 903,993 Three Months Ended Six Months Ended (in thousands) 2024 2023 2024 2023 Building segment revenue by end market: Healthcare facilities $ 135,954 $ 55,839 $ 247,941 $ 106,256 Government 114,118 97,814 244,729 187,434 Education facilities 84,190 54,420 152,349 102,497 Mass transit (includes transportation projects) 57,323 62,871 118,498 96,191 Sports and entertainment 10,621 13,364 26,260 26,830 Commercial and industrial facilities 4,073 16,026 15,442 54,297 Hospitality and gaming 3,636 16,979 6,388 36,585 Other (a) 7,951 14,029 18,201 (49,095) Total Building segment revenue $ 417,866 $ 331,342 $ 829,808 $ 560,995 Three Months Ended Six Months Ended (in thousands) 2024 2023 2024 2023 Specialty Contractors segment revenue by end market: Mass transit (includes certain transportation and tunneling projects) $ 48,826 $ 4,973 $ 96,952 $ 52,518 Commercial and industrial facilities 30,213 53,583 58,423 107,810 Multi-unit residential 20,298 29,207 45,024 62,003 Government 18,491 20,763 41,444 41,832 Healthcare facilities 14,718 14,048 31,428 23,579 Water 14,702 20,147 28,918 48,481 Other (a) 15,868 (6,435) 25,807 (3,160) Total Specialty Contractors segment revenue $ 163,116 $ 136,286 $ 327,996 $ 333,063 Three Months Ended Three Months Ended (in thousands) Civil Building Specialty Total Civil Building Specialty Total Revenue by customer type: State and local agencies $ 345,619 $ 248,117 $ 83,127 $ 676,863 $ 403,013 $ 177,247 $ 54,879 $ 635,139 Federal agencies 119,312 46,085 339 165,736 98,711 47,090 (5,414) 140,387 Private owners 81,557 123,664 79,650 284,871 52,399 107,005 86,821 246,225 Total revenue $ 546,488 $ 417,866 $ 163,116 $ 1,127,470 $ 554,123 $ 331,342 $ 136,286 $ 1,021,751 Six Months Ended Six Months Ended (in thousands) Civil Building Specialty Total Civil Building Specialty Total Revenue by customer type: State and local agencies $ 629,614 $ 494,636 $ 160,080 $ 1,284,330 $ 616,440 $ 313,848 $ 140,561 $ 1,070,849 Federal agencies 232,766 92,137 778 325,681 194,695 88,825 (3,521) 279,999 Private owners (a) 156,273 243,035 167,138 566,446 92,858 158,322 196,023 447,203 Total revenue $ 1,018,653 $ 829,808 $ 327,996 $ 2,176,457 $ 903,993 $ 560,995 $ 333,063 $ 1,798,051 Three Months Ended Three Months Ended (in thousands) Civil Building Specialty Total Civil Building Specialty Total Revenue by contract type: Fixed price $ 452,823 $ 186,050 $ 136,345 $ 775,218 $ 488,343 $ 136,053 $ 110,552 $ 734,948 Guaranteed maximum price 88 190,643 937 191,668 (107) 125,070 (1,734) 123,229 Unit price 75,313 — 20,280 95,593 58,662 — 21,068 79,730 Cost plus fee and other 18,264 41,173 5,554 64,991 7,225 70,219 6,400 83,844 Total revenue $ 546,488 $ 417,866 $ 163,116 $ 1,127,470 $ 554,123 $ 331,342 $ 136,286 $ 1,021,751 Six Months Ended Six Months Ended (in thousands) Civil Building Specialty Total Civil Building Specialty Total Revenue by contract type: Fixed price $ 875,543 $ 356,196 $ 275,848 $ 1,507,587 $ 799,716 $ 232,169 $ 276,707 $ 1,308,592 Guaranteed maximum price (a) 134 377,943 1,560 379,637 (45) 194,848 22 194,825 Unit price 109,167 — 40,825 149,992 91,674 — 45,132 136,806 Cost plus fee and other 33,809 95,669 9,763 139,241 12,648 133,978 11,202 157,828 Total revenue $ 1,018,653 $ 829,808 $ 327,996 $ 2,176,457 $ 903,993 $ 560,995 $ 333,063 $ 1,798,051 ____________________________________________________________________________________________________ (a) The six-month period ended June 30, 2023 includes the negative impact of a non-cash charge of $83.6 million that resulted from an adverse legal ruling (of which $72.2 million impacted the Building segment and $11.4 million impacted the Specialty Contractors segment). Refer to Note 18, Business Segments , for additional details.

Contract Assets and Liabiliti_2

Contract Assets and Liabilities (Tables)	6 Months Ended
	Jun. 30, 2024
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Schedule of Contract Assets and Liabilities	Contract assets include amounts due under retention provisions, costs and estimated earnings in excess of billings and capitalized contract costs. The amounts as included on the Condensed Consolidated Balance Sheets consisted of the following: (in thousands) As of June 30, As of December 31, Retention receivable $ 546,668 $ 580,926 Costs and estimated earnings in excess of billings: Claims 511,564 562,646 Unapproved change orders 565,269 512,831 Other unbilled costs and profits 83,877 68,369 Total costs and estimated earnings in excess of billings 1,160,710 1,143,846 Capitalized contract costs 95,732 117,913 Total contract assets $ 1,803,110 $ 1,842,685 Contract liabilities include amounts owed under retention provisions and billings in excess of costs and estimated earnings. The amount as reported on the Condensed Consolidated Balance Sheets consisted of the following: (in thousands) As of June 30, As of December 31, Retention payable $ 223,962 $ 223,138 Billings in excess of costs and estimated earnings 987,447 1,103,530 Total contract liabilities $ 1,211,409 $ 1,326,668

Cash, Cash Equivalents and Re_2

Cash, Cash Equivalents and Restricted Cash (Tables)	6 Months Ended
	Jun. 30, 2024
Cash and Cash Equivalents [Abstract]
Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets to the amounts shown in the Condensed Consolidated Statements of Cash Flows: (in thousands) As of June 30, As of December 31, Cash and cash equivalents available for general corporate purposes $ 84,118 $ 145,055 Joint venture cash and cash equivalents 182,954 235,509 Cash and cash equivalents 267,072 380,564 Restricted cash 12,417 14,116 Total cash, cash equivalents and restricted cash $ 279,489 $ 394,680

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The Company calculates the effect of the potentially dilutive RSUs and stock options using the treasury stock method. Three Months Ended June 30, Six Months Ended June 30, (in thousands, except per common share data) 2024 2023 2024 2023 Net income (loss) attributable to Tutor Perini Corporation $ 812 $ (37,534) $ 16,572 $ (86,730) Weighted-average common shares outstanding, basic 52,327 51,803 52,210 51,678 Effect of dilutive RSUs and stock options 521 — 472 — Weighted-average common shares outstanding, diluted 52,848 51,803 52,682 51,678 Net income (loss) attributable to Tutor Perini Corporation per common share: Basic $ 0.02 $ (0.72) $ 0.32 $ (1.68) Diluted $ 0.02 $ (0.72) $ 0.31 $ (1.68) Anti-dilutive securities not included above 925 3,163 1,173 3,010

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Changes in Carrying Amount of Goodwill	The following table presents the changes in the carrying amount of goodwill since its inception through June 30, 2024: (in thousands) Civil Building Specialty Total Gross goodwill as of December 31, 2023 $ 492,074 $ 424,724 $ 156,193 $ 1,072,991 Accumulated impairment as of December 31, 2023 (286,931) (424,724) (156,193) (867,848) Goodwill as of December 31, 2023 205,143 — — 205,143 Current year activity — — — — Goodwill as of June 30, 2024 $ 205,143 $ — $ — $ 205,143
Schedule of Intangible Assets	Intangible assets consist of the following: As of June 30, 2024 Weighted-Average Amortization Period (in thousands) Cost Accumulated Accumulated Impairment Charge Carrying Value Trade names (non-amortizable) $ 117,600 $ — $ (67,190) $ 50,410 Indefinite Trade names (amortizable) 69,250 (29,241) (23,232) 16,777 20 years Contractor license 6,000 — (6,000) — N/A Customer relationships 39,800 (23,155) (16,645) — N/A Construction contract backlog 149,290 (149,290) — — N/A Total $ 381,940 $ (201,686) $ (113,067) $ 67,187 As of December 31, 2023 Weighted-Average Amortization Period (in thousands) Cost Accumulated Accumulated Impairment Charge Carrying Value Trade names (non-amortizable) $ 117,600 $ — $ (67,190) $ 50,410 Indefinite Trade names (amortizable) 69,250 (28,123) (23,232) 17,895 20 years Contractor license 6,000 — (6,000) — N/A Customer relationships 39,800 (23,155) (16,645) — N/A Construction contract backlog 149,290 (149,290) — — N/A Total $ 381,940 $ (200,568) $ (113,067) $ 68,305

Financial Commitments (Tables)

Financial Commitments (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Long-term debt as reported on the Condensed Consolidated Balance Sheets consisted of the following: (in thousands) As of June 30, As of December 31, 2024 Senior Notes $ 376,232 $ — 2017 Senior Notes — 498,410 Term Loan B 266,369 357,744 Revolver — — Equipment financing and mortgages 31,724 34,807 Other indebtedness 2,112 8,784 Total debt 676,437 899,745 Less: Current maturities (a) 18,602 117,431 Long-term debt, net $ 657,835 $ 782,314 ____________________________________________________________________________________________________ (a) Cu rrent maturities at December 31, 2023 included the $91.0 million principal prepayment on the Term Loan B that was made in February 2024.
Schedule of Reconciliation of Outstanding Debt Balance to Reported Debt Balance	The following table reconciles the outstanding debt balances to the reported debt balances as of June 30, 2024 and December 31, 2023: As of June 30, 2024 As of December 31, 2023 (in thousands) Outstanding Debt Unamortized Discounts and Issuance Costs Debt, Outstanding Debt Unamortized Discounts and Issuance Costs Debt, 2024 Senior Notes $ 400,000 $ (23,768) $ 376,232 $ — $ — $ — 2017 Senior Notes — — — 500,000 (1,590) 498,410 Term Loan B 273,988 (7,619) 266,369 367,154 (9,410) 357,744
Schedule of Interest Expense as Reported in the Consolidated Statements of Operations	Interest expense as reported in the Condensed Consolidated Statements of Operations consisted of the following: Three Months Ended Six Months Ended (in thousands) 2024 2023 2024 2023 Cash interest expense: Interest on Term Loan B $ 7,084 $ 9,250 $ 15,572 $ 18,999 Interest on 2017 Senior Notes 2,960 8,594 11,554 17,188 Interest on 2024 Senior Notes 8,708 — 8,708 — Interest on Revolver 973 2,807 973 4,552 Other interest 799 364 1,218 785 Total cash interest expense 20,524 21,015 38,025 41,524 Non-cash interest expense: (a) Amortization of discount and debt issuance costs on Term Loan B 473 529 1,791 1,100 Amortization of debt issuance costs on 2017 Senior Notes 99 277 392 550 Amortization of debt issuance costs on 2024 Senior Notes 632 — 632 — Amortization of debt issuance costs on Revolver 158 195 353 355 Non-cash portion of loss on extinguishment 1,198 — 1,198 — Total non-cash interest expense 2,560 1,001 4,366 2,005 Total interest expense $ 23,084 $ 22,016 $ 42,391 $ 43,529 ____________________________________________________________________________________________________ (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 2024 Senior Notes, 2017 Senior Notes and Term Loan B were 13.56% , 7.13% and 12.27%, respec tively, for the six months ended June 30, 2024.

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Schedule of Components of Lease Expense	The following table presents components of lease expense for the three and six months ended June 30, 2024 and 2023: Three Months Ended Six Months Ended (in thousands) 2024 2023 2024 2023 Operating lease expense $ 3,202 $ 3,387 $ 6,522 $ 6,861 Short-term lease expense (a) 13,545 12,692 25,868 26,611 16,747 16,079 32,390 33,472 Less: Sublease income 203 198 402 392 Total lease expense $ 16,544 $ 15,881 $ 31,988 $ 33,080 ____________________________________________________________________________________________________ (a) Short-term lease expense includes all leases with lease terms of up to one year. Short-term leases include, among other things, construction equipment rented on an as-needed basis as well as temporary housing.
Schedule of Supplemental Financial Statement Information Related to Leases	The following table presents supplemental balance sheet information related to operating leases: (dollars in thousands) Balance Sheet Line Item As of June 30, As of December 31, Assets Right-of-use assets Other assets $ 51,461 $ 48,878 Total lease assets $ 51,461 $ 48,878 Liabilities Current lease liabilities Accrued expenses and other current liabilities $ 6,817 $ 6,275 Long-term lease liabilities Other long-term liabilities 50,107 47,781 Total lease liabilities $ 56,924 $ 54,056 Weighted-average remaining lease term 9.7 years 10.3 years Weighted-average discount rate 11.97 % 12.13 % The following table presents supplemental cash flow information and non-cash activity related to operating leases: Six Months Ended (in thousands) 2024 2023 Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ (6,359) $ (6,807) Non-cash activity: Right-of-use assets obtained in exchange for lease liabilities $ 6,147 $ 807
Schedule of Maturity of Operating Lease Liabilities on an Undiscounted Basis	The following table presents maturities of operating lease liabilities on an undiscounted basis as of June 30, 2024: Year (in thousands) Operating Leases 2024 (excluding the six months ended June 30, 2024) $ 6,481 2025 12,044 2026 10,166 2027 8,750 2028 8,671 Thereafter 52,663 Total lease payments 98,775 Less: Imputed interest 41,851 Total $ 56,924

Employee Pension Plans (Tables)

Employee Pension Plans (Tables)	6 Months Ended
	Jun. 30, 2024
Retirement Benefits [Abstract]
Schedule of Net Periodic Benefit Cost	The following table sets forth a summary of the net periodic benefit cost for the three and six months ended June 30, 2024 and 2023: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Interest cost $ 910 $ 969 $ 1,821 $ 1,938 Service cost 232 255 463 510 Expected return on plan assets (944) (979) (1,888) (1,957) Recognized net actuarial losses 438 413 875 826 Net periodic benefit cost $ 636 $ 658 $ 1,271 $ 1,317

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis	The following fair value hierarchy table presents the Company’s assets that are measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023: As of June 30, 2024 As of December 31, 2023 Fair Value Hierarchy Fair Value Hierarchy (in thousands) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash and cash equivalents (a) $ 267,072 $ — $ — $ 267,072 $ 380,564 $ — $ — $ 380,564 Restricted cash (a) 12,417 — — 12,417 14,116 — — 14,116 Restricted investments (b) — 134,182 — 134,182 — 130,287 — 130,287 Investments in lieu of retention (c) 31,590 93,306 — 124,896 19,988 86,961 — 106,949 Total $ 311,079 $ 227,488 $ — $ 538,567 $ 414,668 $ 217,248 $ — $ 631,916 ____________________________________________________________________________________________________ (a) Includes money market funds and short-term investments with maturity dates of three months or less when acquired. (b) Restricted investments, as of June 30, 2024 and December 31, 2023, consist of available-for-sale (“AFS”) debt securities, which are valued based on pricing models determined from a compilation of primarily observable market information, broker quotes in non-active markets or similar assets; therefore, they are classified as Level 2 assets. (c) Investments in lieu of retention are included in retention receivable as of June 30, 2024 and December 31, 2023, and are composed of money market funds of $31.6 million and $20.0 million, respectively, and AFS debt securities of $93.3 million and $87.0 million, respectively. The fair values of the money market funds are measured using quoted market prices; therefore, they are classified as Level 1 assets. The fair values of AFS debt securities are determined from a compilation of primarily observable market information, broker quotes in non-active markets or similar assets; therefore, they are classified as Level 2 assets.
Schedule of Available-for-Sale Securities Reconciliation	Investments in AFS debt securities consisted of the following as of June 30, 2024 and December 31, 2023: As of June 30, 2024 As of December 31, 2023 (in thousands) Amortized Cost Unrealized Gains Unrealized Losses Fair Value Amortized Cost Unrealized Gains Unrealized Losses Fair Value Restricted investments: Corporate debt securities $ 108,764 $ 249 $ (2,199) $ 106,814 $ 95,903 $ 762 $ (2,202) $ 94,463 U.S. government agency securities 20,832 4 (972) 19,864 29,082 18 (1,054) 28,046 Municipal bonds 7,946 1 (908) 7,039 8,227 5 (914) 7,318 Corporate certificates of deposit 493 — (28) 465 498 — (38) 460 Total restricted investments 138,035 254 (4,107) 134,182 133,710 785 (4,208) 130,287 Investments in lieu of retention: Corporate debt securities 93,661 38 (1,425) 92,274 87,601 246 (1,950) 85,897 Municipal bonds 826 206 — 1,032 823 241 — 1,064 Total investments in lieu of retention 94,487 244 (1,425) 93,306 88,424 487 (1,950) 86,961 Total AFS debt securities $ 232,522 $ 498 $ (5,532) $ 227,488 $ 222,134 $ 1,272 $ (6,158) $ 217,248
Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value	The following table summarizes the fair value and gross unrealized losses aggregated by category and the length of time that individual securities have been in a continuous unrealized loss position as of June 30, 2024 and December 31, 2023: As of June 30, 2024 Less than 12 Months 12 Months or Greater Total (in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Restricted investments: Corporate debt securities $ 35,500 $ (258) $ 35,457 $ (1,941) $ 70,957 $ (2,199) U.S. government agency securities 3,406 (34) 14,902 (938) 18,308 (972) Municipal bonds 176 (1) 6,798 (907) 6,974 (908) Corporate certificates of deposit — — 464 (28) 464 (28) Total restricted investments 39,082 (293) 57,621 (3,814) 96,703 (4,107) Investments in lieu of retention: Corporate debt securities 31,399 (155) 51,020 (1,270) 82,419 (1,425) Total investments in lieu of retention 31,399 (155) 51,020 (1,270) 82,419 (1,425) Total AFS debt securities $ 70,481 $ (448) $ 108,641 $ (5,084) $ 179,122 $ (5,532) As of December 31, 2023 Less than 12 Months 12 Months or Greater Total (in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Restricted investments: Corporate debt securities $ 4,971 $ (3) $ 40,649 $ (2,199) $ 45,620 $ (2,202) U.S. government agency securities 1,280 (4) 22,858 (1,050) 24,138 (1,054) Municipal bonds 99 (2) 7,038 (912) 7,137 (914) Corporate certificates of deposit — — 460 (38) 460 (38) Total restricted investments 6,350 (9) 71,005 (4,199) 77,355 (4,208) Investments in lieu of retention: Corporate debt securities 11,398 (55) 49,726 (1,895) 61,124 (1,950) Total investments in lieu of retention 11,398 (55) 49,726 (1,895) 61,124 (1,950) Total AFS debt securities $ 17,748 $ (64) $ 120,731 $ (6,094) $ 138,479 $ (6,158)
Schedule of Investments Classified by Contractual Maturity Date	The amortized cost and fair value of AFS debt securities by contractual maturity as of June 30, 2024 are summarized in the table below. Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations. (in thousands) Amortized Cost Fair Value Due within one year $ 74,786 $ 73,104 Due after one year through five years 147,533 145,223 Due after five years 10,203 9,161 Total $ 232,522 $ 227,488

Changes in Equity (Tables)

Changes in Equity (Tables)	6 Months Ended
	Jun. 30, 2024
Stockholders' Equity Note [Abstract]
Schedule of Stockholders Equity	A reconciliation of the changes in equity for the three and six months ended June 30, 2024 and 2023 is provided below: Three Months Ended June 30, 2024 (in thousands) Common Additional Retained Accumulated Noncontrolling Total Balance - March 31, 2024 $ 52,284 $ 1,146,008 $ 148,906 $ (40,162) $ (3,802) $ 1,303,234 Net income — — 812 — 15,157 15,969 Other comprehensive loss — — — (64) (193) (257) Share-based compensation — 2,852 — — — 2,852 Issuance of common stock, net 105 (786) — — — (681) Distributions to noncontrolling interests — — — — (5,000) (5,000) Balance - June 30, 2024 $ 52,389 $ 1,148,074 $ 149,718 $ (40,226) $ 6,162 $ 1,316,117 Six Months Ended June 30, 2024 (in thousands) Common Additional Retained Accumulated Noncontrolling Total Balance - December 31, 2023 $ 52,025 $ 1,146,204 $ 133,146 $ (39,787) $ (7,677) $ 1,283,911 Net income — — 16,572 — 26,899 43,471 Other comprehensive loss — — — (439) (660) (1,099) Share-based compensation — 4,355 — — — 4,355 Issuance of common stock, net 364 (2,485) — — — (2,121) Contributions from noncontrolling interests — — — — — — Distributions to noncontrolling interests — — — — (12,400) (12,400) Balance - June 30, 2024 $ 52,389 $ 1,148,074 $ 149,718 $ (40,226) $ 6,162 $ 1,316,117 Three Months Ended June 30, 2023 (in thousands) Common Additional Retained Accumulated Noncontrolling Total Balance - March 31, 2023 $ 51,645 $ 1,142,081 $ 255,105 $ (45,310) $ (13,814) $ 1,389,707 Net income (loss) — — (37,534) — 20,770 (16,764) Other comprehensive income (loss) — — — (169) 401 232 Share-based compensation — 1,635 — — — 1,635 Issuance of common stock, net 325 (184) — — — 141 Contributions from noncontrolling interests — — — — — — Distributions to noncontrolling interests — — — — (6,750) (6,750) Balance - June 30, 2023 $ 51,970 $ 1,143,532 $ 217,571 $ (45,479) $ 607 $ 1,368,201 Six Months Ended June 30, 2023 (in thousands) Common Additional Retained Accumulated Noncontrolling Total Balance - December 31, 2022 $ 51,521 $ 1,140,933 $ 304,301 $ (47,037) $ (7,734) $ 1,441,984 Net income (loss) — — (86,730) — 21,037 (65,693) Other comprehensive income — — — 1,558 554 2,112 Share-based compensation — 3,030 — — — 3,030 Issuance of common stock, net 449 (431) — — — 18 Contributions from noncontrolling interests — — — — 2,000 2,000 Distributions to noncontrolling interests — — — — (15,250) (15,250) Balance - June 30, 2023 $ 51,970 $ 1,143,532 $ 217,571 $ (45,479) $ 607 $ 1,368,201

Other Comprehensive Income (L_2

Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jun. 30, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Components of Other Comprehensive Income (Loss) and Related Tax Effects	The components of other comprehensive income (loss) and the related tax effects for the three and six months ended June 30, 2024 and 2023 were as follows: Three Months Ended June 30, 2024 Three Months Ended June 30, 2023 (in thousands) Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount Other comprehensive income (loss): Defined benefit pension plan adjustments $ 438 $ (117) $ 321 $ 411 $ (115) $ 296 Foreign currency translation adjustments (869) 166 (703) 562 (34) 528 Unrealized gain (loss) in fair value of investments 153 (28) 125 (751) 159 (592) Total other comprehensive income (loss) (278) 21 (257) 222 10 232 Less: Other comprehensive income (loss) attributable to noncontrolling interests (193) — (193) 401 — 401 Total other comprehensive loss attributable to Tutor Perini Corporation $ (85) $ 21 $ (64) $ (179) $ 10 $ (169) Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 (in thousands) Before-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount Before-Tax Amount Tax Expense Net-of-Tax Amount Other comprehensive income (loss): Defined benefit pension plan adjustments $ 875 $ (233) $ 642 $ 826 $ (229) $ 597 Foreign currency translation adjustments (1,951) 321 (1,630) 902 (124) 778 Unrealized gain (loss) in fair value of investments (148) 37 (111) 934 (197) 737 Total other comprehensive income (loss) (1,224) 125 (1,099) 2,662 (550) 2,112 Less: Other comprehensive income (loss) attributable to noncontrolling interests (660) — (660) 554 — 554 Total other comprehensive income (loss) attributable to Tutor Perini Corporation $ (564) $ 125 $ (439) $ 2,108 $ (550) $ 1,558
Schedule of Changes in AOCI Balances by Component (After-Tax)	The changes in AOCI balances by component (after tax) attributable to Tutor Perini Corporation and attributable to noncontrolling interests during the three and six months ended June 30, 2024 and 2023 were as follows: Three Months Ended June 30, 2024 (in thousands) Defined Foreign Unrealized Gain (Loss) in Fair Value of Investments, Net Accumulated Attributable to Tutor Perini Corporation: Balance as of March 31, 2024 $ (29,033) $ (7,321) $ (3,808) $ (40,162) Other comprehensive income (loss) before reclassifications — (463) 108 (355) Amounts reclassified from AOCI 321 — (30) 291 Total other comprehensive income (loss) 321 (463) 78 (64) Balance as of June 30, 2024 $ (28,712) $ (7,784) $ (3,730) $ (40,226) Attributable to Noncontrolling Interests: Balance as of March 31, 2024 $ — $ (811) $ (387) $ (1,198) Other comprehensive income (loss) — (240) 47 (193) Balance as of June 30, 2024 $ — $ (1,051) $ (340) $ (1,391) Six Months Ended June 30, 2024 (in thousands) Defined Foreign Unrealized Gain (Loss) in Fair Value of Investments, Net Accumulated Attributable to Tutor Perini Corporation: Balance as of December 31, 2023 $ (29,354) $ (6,893) $ (3,540) $ (39,787) Other comprehensive loss before reclassifications — (891) (205) (1,096) Amounts reclassified from AOCI 642 — 15 657 Total other comprehensive income (loss) 642 (891) (190) (439) Balance as of June 30, 2024 $ (28,712) $ (7,784) $ (3,730) $ (40,226) Attributable to Noncontrolling Interests: Balance as of December 31, 2023 $ — $ (312) $ (419) $ (731) Other comprehensive income (loss) — (739) 79 (660) Balance as of June 30, 2024 $ — $ (1,051) $ (340) $ (1,391) Three Months Ended June 30, 2023 (in thousands) Defined Foreign Unrealized Gain (Loss) in Fair Value of Investments, Net Accumulated Attributable to Tutor Perini Corporation: Balance as of March 31, 2023 $ (32,336) $ (7,010) $ (5,964) $ (45,310) Other comprehensive income (loss) before reclassifications — 90 (598) (508) Amounts reclassified from AOCI 296 — 43 339 Total other comprehensive income (loss) 296 90 (555) (169) Balance as of June 30, 2023 $ (32,040) $ (6,920) $ (6,519) $ (45,479) Attributable to Noncontrolling Interests: Balance as of March 31, 2023 $ — $ (780) $ (797) $ (1,577) Other comprehensive income (loss) — 438 (37) 401 Balance as of June 30, 2023 $ — $ (342) $ (834) $ (1,176) Six Months Ended June 30, 2023 (in thousands) Defined Foreign Unrealized Gain (Loss) in Fair Value of Investments, Net Accumulated Attributable to Tutor Perini Corporation: Balance as of December 31, 2022 $ (32,637) $ (7,241) $ (7,159) $ (47,037) Other comprehensive income before reclassifications — 321 573 894 Amounts reclassified from AOCI 597 — 67 664 Total other comprehensive income 597 321 640 1,558 Balance as of June 30, 2023 $ (32,040) $ (6,920) $ (6,519) $ (45,479) Attributable to Noncontrolling Interests: Balance as of December 31, 2022 $ — $ (799) $ (931) $ (1,730) Other comprehensive income — 457 97 554 Balance as of June 30, 2023 $ — $ (342) $ (834) $ (1,176) The significant items reclassified out of AOCI and the corresponding location and impact on the Condensed Consolidated Statements of Operations during the three and six months ended June 30, 2024 and 2023 were as follows: Three Months Ended Six Months Ended (in thousands) 2024 2023 2024 2023 Component of AOCI: Defined benefit pension plan adjustments (a) $ 438 $ 411 $ 875 $ 826 Income tax benefit (b) (117) (115) (233) (229) Net of tax $ 321 $ 296 $ 642 $ 597 Unrealized (gain) loss in fair value of investment adjustments (a) $ (38) $ 55 $ 19 $ 85 Income tax expense (benefit) (b) 8 (12) (4) (18) Net of tax $ (30) $ 43 $ 15 $ 67 ___________________________________________________________________________________________________ (a) Amounts included in other income, net on the Condensed Consolidated Statements of Operations. (b) Amounts included in income tax (expense) benefit on the Condensed Consolidated Statements of Operations.

Business Segments (Tables)

Business Segments (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule of Reportable Segments	The following tables set forth certain reportable segment information relating to the Company’s operations for the three and six months ended June 30, 2024 and 2023: Reportable Segments (in thousands) Civil Building Specialty Total Corporate Consolidated Three Months Ended June 30, 2024 Total revenue $ 577,519 $ 433,797 $ 163,066 $ 1,174,382 $ — $ 1,174,382 Elimination of intersegment revenue (31,031) (15,931) 50 (46,912) — (46,912) Revenue from external customers $ 546,488 $ 417,866 $ 163,116 $ 1,127,470 $ — $ 1,127,470 Income (loss) from construction operations $ 75,587 $ 5,047 $ (7,846) $ 72,788 (a) $ (32,295) (b) $ 40,493 Capital expenditures $ 9,479 $ 68 $ (30) $ 9,517 $ 1,401 $ 10,918 Depreciation and amortization (c) $ 10,727 $ 585 $ 574 $ 11,886 $ 2,120 $ 14,006 Three Months Ended June 30, 2023 Total revenue $ 555,553 $ 321,933 $ 136,323 $ 1,013,809 $ — $ 1,013,809 Elimination of intersegment revenue (1,430) 9,409 (37) 7,942 — 7,942 Revenue from external customers $ 554,123 $ 331,342 $ 136,286 $ 1,021,751 $ — $ 1,021,751 Income (loss) from construction operations $ 105,407 $ (13,831) $ (69,832) $ 21,744 (d) $ (19,356) (b) $ 2,388 Capital expenditures $ 9,643 $ 1,458 $ 256 $ 11,357 $ 1,470 $ 12,827 Depreciation and amortization (c) $ 7,074 $ 455 $ 622 $ 8,151 $ 2,195 $ 10,346 ____________________________________________________________________________________________________ (a) During the three months ended June 30, 2024, the Company’s income (loss) from construction operations was impacted by an unfavorable adjustment of $12.4 million ($9.1 million, or $0.17 per diluted share, after tax) due to the impact of a settlement on two completed Civil segment highway projects in the Northeast. (b) Consists primarily of corporate general and administrative expenses. Corporate general and administrative expenses for the three months ended June 30, 2024 and 2023 included share-based compensation expense of $16.9 million ($12.4 million, or $0.23 per diluted share, after tax) and $2.6 million ($1.9 million, or $0.04 per diluted share, after tax), respectively. The increase in share-based compensation expense in the second quarter of 2024 was primarily due to a substantial increase in the Company’s stock price during the period, which impacted the fair value of liability-classified awards. These awards are remeasured at fair value at the end of each reporting period with the change in fair value recognized in earnings. (c) Depreciation and amortization is included in income (loss) from construction operations. (d) During the three months ended June 30, 2023, the Company’s income (loss) from construction operations was impacted by favorable adjustments totaling $58.1 million ($46.1 million, or $0.89 per diluted share, after tax) resulting from changes in estimates due to improved performance on a Civil segment mass-transit project in California; $35.8 million ($26.0 million, or $0.50 per diluted share, after tax) of unfavorable non-cash adjustments due to changes in estimates on the Specialty Contractors segment’s electrical and mechanical scope of a transportation project in the Northeast associated with a change in the expected recovery on certain unapproved change orders; a non-cash charge of $24.7 million ($18.0 million, or $0.35 per diluted share, after tax) that resulted from an adverse legal ruling on a Specialty Contractors segment educational facilities project in New York; and a $13.1 million ($10.2 million, or $0.20 per diluted share, after tax) unfavorable adjustment on a transportation project in the Northeast, split evenly between the Civil and Building segments, due to the settlement of certain change orders during project closeout. Reportable Segments (in thousands) Civil Building Specialty Total Corporate Consolidated Six Months Ended June 30, 2024 Total revenue $ 1,080,341 $ 855,973 $ 327,946 $ 2,264,260 $ — $ 2,264,260 Elimination of intersegment revenue (61,688) (26,165) 50 (87,803) — (87,803) Revenue from external customers $ 1,018,653 $ 829,808 $ 327,996 $ 2,176,457 $ — $ 2,176,457 Income (loss) from construction operations $ 146,330 $ 21,167 $ (26,158) $ 141,339 (a) $ (52,040) (b) $ 89,299 Capital expenditures $ 17,610 $ 285 $ 273 $ 18,168 $ 3,184 $ 21,352 Depreciation and amortization (c) $ 20,981 $ 1,170 $ 1,172 $ 23,323 $ 4,265 $ 27,588 Six Months Ended June 30, 2023 Total revenue $ 933,777 $ 551,224 $ 333,071 $ 1,818,072 $ — $ 1,818,072 Elimination of intersegment revenue (29,784) 9,771 (8) (20,021) — (20,021) Revenue from external customers $ 903,993 $ 560,995 $ 333,063 $ 1,798,051 $ — $ 1,798,051 Income (loss) from construction operations $ 123,419 $ (84,040) $ (82,280) $ (42,901) (d) $ (36,656) (b) $ (79,557) Capital expenditures $ 24,708 $ 3,475 $ 700 $ 28,883 $ 1,740 $ 30,623 Depreciation and amortization (c) $ 14,055 $ 912 $ 1,241 $ 16,208 $ 4,546 $ 20,754 ____________________________________________________________________________________________________ (a) During the six months ended June 30, 2024, the Company’s income (loss) from construction operations was impacted by unfavorable adjustments of $12.4 million ($9.1 million, or $0.17 per diluted share, after tax) due to the impact of a settlement on two completed Civil segment highway projects in the Northeast and $12.0 million ($8.8 million, or $0.17 per diluted share, after tax) due to an arbitration ruling that only provided a partial award to the Company pertaining to a completed Specialty Contractors segment electrical project in New York. The period was also impacted by a favorable adjustment of $10.2 million ($7.5 million, or $0.14 per diluted share, after tax) on a Civil segment mass-transit project in California related to a dispute resolution and associated expected cost savings. (b) Consists primarily of corporate general and administrative expenses. Corporate general and administrative expenses for the six months ended June 30, 2024 and 2023 included share-based compensation expense of $22.4 million ($16.5 million, or $0.31 per diluted share, after tax) and $5.6 million ($4.1 million, or $0.08 per diluted share, after tax), respectively. The increase in share-based compensation expense in the current-year period was primarily due to a substantial increase in the Company’s stock price during the period, which impacted the fair value of liability-classified awards. These awards are remeasured at fair value at the end of each reporting period with the change in fair value recognized in earnings. (c) Depreciation and amortization is included in income (loss) from construction operations. (d) During the six months ended June 30, 2023, the Company’s income (loss) from construction operations was impacted by an adverse legal ruling on a completed mixed-use project in New York, which resulted in a non-cash, pre-tax charge of $83.6 million ($60.1 million, or $1.16 per diluted share, after tax), of which $72.2 million impacted the Building segment and $11.4 million impacted the Specialty Contractors segment; $35.8 million ($26.0 million, or $0.50 per diluted share, after tax) of unfavorable non-cash adjustments due to changes in estimates on the Specialty Contractors segment’s electrical and mechanical scope of a transportation project in the Northeast associated with a change in the expected recovery on certain unapproved change orders; net favorable adjustments of $30.1 million ($23.9 million, or $0.46 per diluted share, after tax) for a Civil segment mass-transit project in California that resulted from changes in estimates due to improved performance; a non-cash charge of $24.7 million ($18.0 million, or $0.35 per diluted share, after tax) that resulted from an adverse legal ruling on a Specialty Contractors segment educational facilities project in New York; and a $13.1 million ($10.2 million, or $0.20 per diluted share, after tax) unfavorable adjustment on a transportation project in the Northeast, split evenly between the Civil and Building segments, due to the settlement of certain change orders during project closeout.
Schedule of Reconciliation of Segment Results to Consolidated Income (Loss) Before Income Taxes	A reconciliation of segment results to the consolidated income (loss) before income taxes is as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Income (loss) from construction operations $ 40,493 $ 2,388 $ 89,299 $ (79,557) Other income, net 5,838 3,058 11,149 9,475 Interest expense (23,084) (22,016) (42,391) (43,529) Income (loss) before income taxes $ 23,247 $ (16,570) $ 58,057 $ (113,611)
Schedule of Total Assets for Reportable Segments	Total assets by segment were as follows: (in thousands) As of June 30, As of December 31, Civil $ 3,520,109 $ 3,539,608 Building 1,028,958 898,902 Specialty Contractors 246,128 307,171 Corporate and other (a) (501,447) (315,825) Total assets $ 4,293,748 $ 4,429,856 ____________________________________________________________________________________________________ (a) Consists principally of cash, equipment, tax-related assets and insurance-related assets, offset by the elimination of assets related to intersegment revenue.

Revenue (Disaggregation of Reve

Revenue (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 1,127,470	$ 1,021,751	$ 2,176,457	$ 1,798,051
State and local agencies
Disaggregation of Revenue [Line Items]
Revenue	676,863	635,139	1,284,330	1,070,849
Federal agencies
Disaggregation of Revenue [Line Items]
Revenue	165,736	140,387	325,681	279,999
Private owners
Disaggregation of Revenue [Line Items]
Revenue	284,871	246,225	566,446	447,203
Civil
Disaggregation of Revenue [Line Items]
Revenue	546,488	554,123	1,018,653	903,993
Civil | State and local agencies
Disaggregation of Revenue [Line Items]
Revenue	345,619	403,013	629,614	616,440
Civil | Federal agencies
Disaggregation of Revenue [Line Items]
Revenue	119,312	98,711	232,766	194,695
Civil | Private owners
Disaggregation of Revenue [Line Items]
Revenue	81,557	52,399	156,273	92,858
Civil | Mass transit (includes certain transportation and tunneling projects)
Disaggregation of Revenue [Line Items]
Revenue	289,587	361,082	542,103	549,542
Civil | Military facilities
Disaggregation of Revenue [Line Items]
Revenue	117,779	83,811	222,923	169,378
Civil | Bridges
Disaggregation of Revenue [Line Items]
Revenue	62,308	51,326	89,980	81,971
Civil | Commercial and industrial sites
Disaggregation of Revenue [Line Items]
Revenue	36,630	29,192	76,120	51,918
Civil | Power and energy
Disaggregation of Revenue [Line Items]
Revenue	35,728	15,159	61,926	25,335
Civil | Other
Disaggregation of Revenue [Line Items]
Revenue	4,456	13,553	25,601	25,849
Building
Disaggregation of Revenue [Line Items]
Revenue	417,866	331,342	829,808	560,995
Building | State and local agencies
Disaggregation of Revenue [Line Items]
Revenue	248,117	177,247	494,636	313,848
Building | Federal agencies
Disaggregation of Revenue [Line Items]
Revenue	46,085	47,090	92,137	88,825
Building | Private owners
Disaggregation of Revenue [Line Items]
Revenue	123,664	107,005	243,035	158,322
Building | Mass transit (includes certain transportation and tunneling projects)
Disaggregation of Revenue [Line Items]
Revenue	57,323	62,871	118,498	96,191
Building | Other
Disaggregation of Revenue [Line Items]
Revenue	7,951	14,029	18,201	(49,095)
Building | Healthcare facilities
Disaggregation of Revenue [Line Items]
Revenue	135,954	55,839	247,941	106,256
Building | Government
Disaggregation of Revenue [Line Items]
Revenue	114,118	97,814	244,729	187,434
Building | Education facilities
Disaggregation of Revenue [Line Items]
Revenue	84,190	54,420	152,349	102,497
Building | Sports and entertainment
Disaggregation of Revenue [Line Items]
Revenue	10,621	13,364	26,260	26,830
Building | Commercial and industrial facilities
Disaggregation of Revenue [Line Items]
Revenue	4,073	16,026	15,442	54,297
Building | Hospitality and gaming
Disaggregation of Revenue [Line Items]
Revenue	3,636	16,979	6,388	36,585
Specialty Contractors
Disaggregation of Revenue [Line Items]
Revenue	163,116	136,286	327,996	333,063
Specialty Contractors | State and local agencies
Disaggregation of Revenue [Line Items]
Revenue	83,127	54,879	160,080	140,561
Specialty Contractors | Federal agencies
Disaggregation of Revenue [Line Items]
Revenue	339	(5,414)	778	(3,521)
Specialty Contractors | Private owners
Disaggregation of Revenue [Line Items]
Revenue	79,650	86,821	167,138	196,023
Specialty Contractors | Mass transit (includes certain transportation and tunneling projects)
Disaggregation of Revenue [Line Items]
Revenue	48,826	4,973	96,952	52,518
Specialty Contractors | Other
Disaggregation of Revenue [Line Items]
Revenue	15,868	(6,435)	25,807	(3,160)
Specialty Contractors | Healthcare facilities
Disaggregation of Revenue [Line Items]
Revenue	14,718	14,048	31,428	23,579
Specialty Contractors | Government
Disaggregation of Revenue [Line Items]
Revenue	18,491	20,763	41,444	41,832
Specialty Contractors | Commercial and industrial facilities
Disaggregation of Revenue [Line Items]
Revenue	30,213	53,583	58,423	107,810
Specialty Contractors | Multi-unit residential
Disaggregation of Revenue [Line Items]
Revenue	20,298	29,207	45,024	62,003
Specialty Contractors | Water
Disaggregation of Revenue [Line Items]
Revenue	$ 14,702	$ 20,147	$ 28,918	$ 48,481

Revenue (Schedule of Revenue by

Revenue (Schedule of Revenue by Contract Type) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 1,127,470	$ 1,021,751	$ 2,176,457	$ 1,798,051
Adverse Legal Ruling Pertaining to Mixed-Use Project in New York
Disaggregation of Revenue [Line Items]
Loss contingency			(83,600)	83,600
Fixed price
Disaggregation of Revenue [Line Items]
Revenue	775,218	734,948	1,507,587	1,308,592
Guaranteed maximum price
Disaggregation of Revenue [Line Items]
Revenue	191,668	123,229	379,637	194,825
Unit price
Disaggregation of Revenue [Line Items]
Revenue	95,593	79,730	149,992	136,806
Cost plus fee and other
Disaggregation of Revenue [Line Items]
Revenue	64,991	83,844	139,241	157,828
Civil
Disaggregation of Revenue [Line Items]
Revenue	546,488	554,123	1,018,653	903,993
Civil | Fixed price
Disaggregation of Revenue [Line Items]
Revenue	452,823	488,343	875,543	799,716
Civil | Guaranteed maximum price
Disaggregation of Revenue [Line Items]
Revenue	88	(107)	134	(45)
Civil | Unit price
Disaggregation of Revenue [Line Items]
Revenue	75,313	58,662	109,167	91,674
Civil | Cost plus fee and other
Disaggregation of Revenue [Line Items]
Revenue	18,264	7,225	33,809	12,648
Building
Disaggregation of Revenue [Line Items]
Revenue	417,866	331,342	829,808	560,995
Building | Adverse Legal Ruling Pertaining to Mixed-Use Project in New York
Disaggregation of Revenue [Line Items]
Loss contingency			(72,200)	72,200
Building | Fixed price
Disaggregation of Revenue [Line Items]
Revenue	186,050	136,053	356,196	232,169
Building | Guaranteed maximum price
Disaggregation of Revenue [Line Items]
Revenue	190,643	125,070	377,943	194,848
Building | Unit price
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Building | Cost plus fee and other
Disaggregation of Revenue [Line Items]
Revenue	41,173	70,219	95,669	133,978
Specialty Contractors
Disaggregation of Revenue [Line Items]
Revenue	163,116	136,286	327,996	333,063
Specialty Contractors | Adverse Legal Ruling Pertaining to Mixed-Use Project in New York
Disaggregation of Revenue [Line Items]
Loss contingency			(11,400)	11,400
Specialty Contractors | Fixed price
Disaggregation of Revenue [Line Items]
Revenue	136,345	110,552	275,848	276,707
Specialty Contractors | Guaranteed maximum price
Disaggregation of Revenue [Line Items]
Revenue	937	(1,734)	1,560	22
Specialty Contractors | Unit price
Disaggregation of Revenue [Line Items]
Revenue	20,280	21,068	40,825	45,132
Specialty Contractors | Cost plus fee and other
Disaggregation of Revenue [Line Items]
Revenue	$ 5,554	$ 6,400	$ 9,763	$ 11,202

Revenue (Narrative) (Details)

Revenue (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Net revenue recognized related to performance obligations satisfies (or partially satisfied) in prior periods	$ 9	$ 3.1	$ 15.6	$ 108.3
Civil
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations revenue amount	4,400	4,600	$ 4,400	4,600
Civil | Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations revenue period			3 years
Civil | Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations revenue period			5 years
Building and Specialty Contractors | Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations revenue period			1 year
Building and Specialty Contractors | Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations revenue period			3 years
Building
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations revenue amount	2,200	2,400	$ 2,200	2,400
Specialty Contractors
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations revenue amount	$ 1,100	$ 1,200	$ 1,100	$ 1,200

Contract Assets and Liabiliti_3

Contract Assets and Liabilities (Schedule of Contract Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Retention receivable	$ 546,668	$ 580,926
Costs and estimated earnings in excess of billings:
Claims	511,564	562,646
Unapproved change orders	565,269	512,831
Other unbilled costs and profits	83,877	68,369
Total costs and estimated earnings in excess of billings	1,160,710	1,143,846
Capitalized contract costs	95,732	117,913
Total contract assets	$ 1,803,110	$ 1,842,685

Contract Assets and Liabiliti_4

Contract Assets and Liabilities (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Capitalized contract costs amortized and recognized as expense	$ 15.6	$ 9	$ 31.9	$ 19.8
Revenue recognized	$ 483.2	$ 439.5	$ 726.3	$ 564.4

Contract Assets and Liabiliti_5

Contract Assets and Liabilities (Schedule of Contract Liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Retention payable	$ 223,962	$ 223,138
Billings in excess of costs and estimated earnings	987,447	1,103,530
Total contract liabilities	$ 1,211,409	$ 1,326,668

Cash, Cash Equivalents and Re_3

Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 267,072	$ 380,564
Restricted cash	12,417	14,116
Total cash, cash equivalents and restricted cash	279,489	394,680	$ 274,459	$ 273,831
Joint venture cash and cash equivalents
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	182,954	235,509
Cash and cash equivalents available for general corporate purposes
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 84,118	$ 145,055

Earnings Per Common Share (Deta

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net income (loss) attributable to Tutor Perini Corporation	$ 812	$ (37,534)	$ 16,572	$ (86,730)
Weighted-average common shares outstanding, basic (in shares)	52,327	51,803	52,210	51,678
Effect of dilutive RSUs and stock options (in shares)	521	0	472	0
Weighted-average common shares outstanding, diluted (in shares)	52,848	51,803	52,682	51,678
Basic (in dollars per share)	$ 0.02	$ (0.72)	$ 0.32	$ (1.68)
Diluted (in dollars per share)	$ 0.02	$ (0.72)	$ 0.31	$ (1.68)
Anti-dilutive securities not included above (in shares)	925	3,163	1,173	3,010

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 7,278	$ 194	$ 14,586	$ (47,918)
Effective tax rate	31.30%	(1.20%)	(25.10%)	42.20%

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets (Changes in Carrying Amount of Goodwill) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Goodwill [Line Items]
Gross goodwill as of December 31, 2023		$ 1,072,991
Accumulated impairment as of December 31, 2023		(867,848)
Goodwill [Roll Forward]
Balance at beginning of period	$ 205,143
Current year activity	0
Balance at end of period	205,143
Civil
Goodwill [Line Items]
Gross goodwill as of December 31, 2023		492,074
Accumulated impairment as of December 31, 2023		(286,931)
Goodwill [Roll Forward]
Balance at beginning of period	205,143
Current year activity	0
Balance at end of period	205,143
Building
Goodwill [Line Items]
Gross goodwill as of December 31, 2023		424,724
Accumulated impairment as of December 31, 2023		(424,724)
Goodwill [Roll Forward]
Balance at beginning of period	0
Current year activity	0
Balance at end of period	0
Specialty Contractors
Goodwill [Line Items]
Gross goodwill as of December 31, 2023		156,193
Accumulated impairment as of December 31, 2023		$ (156,193)
Goodwill [Roll Forward]
Balance at beginning of period	0
Current year activity	0
Balance at end of period	$ 0

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets (Narrative) (Details) - USD ($)	3 Months Ended			6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill impairment charge		$ 0
Amortization expense	$ 600,000		$ 600,000	$ 1,118,000	$ 1,118,000
Estimated amortization expense, remainder of 2024	1,100,000			1,100,000
Estimated amortization expense, 2025	2,200,000			2,200,000
Estimated amortization expense, 2026	2,200,000			2,200,000
Estimated amortization expense, 2027	2,200,000			2,200,000
Estimated amortization expense, 2028	2,200,000			2,200,000
Estimated amortization expense, 2029	2,200,000			2,200,000
Estimated amortization expense, thereafter	4,700,000			4,700,000
Impairment of intangible assets	$ 0		$ 0	$ 0	$ 0

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets (Intangible Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Total intangible assets
Cost	$ 381,940	$ 381,940
Accumulated Amortization	(201,686)	(200,568)
Accumulated Impairment Charge	(113,067)	(113,067)
Carrying Value	67,187	68,305
Trade Names
Finite-Lived intangible assets
Cost	69,250	69,250
Accumulated Amortization	(29,241)	(28,123)
Accumulated Impairment Charge	(23,232)	(23,232)
Carrying Value	$ 16,777	$ 17,895
Weighted-Average Amortization Period	20 years	20 years
Customer relationships
Finite-Lived intangible assets
Cost	$ 39,800	$ 39,800
Accumulated Amortization	(23,155)	(23,155)
Accumulated Impairment Charge	(16,645)	(16,645)
Carrying Value	0	0
Construction contract backlog
Finite-Lived intangible assets
Cost	149,290	149,290
Accumulated Amortization	(149,290)	(149,290)
Carrying Value	0	0
Trade Names
Indefinite-lived intangible assets
Cost	117,600	117,600
Accumulated Impairment Charge	(67,190)	(67,190)
Carrying Value	50,410	50,410
Contractor license
Indefinite-lived intangible assets
Cost	6,000	6,000
Accumulated Impairment Charge	(6,000)	(6,000)
Finite-Lived intangible assets
Carrying Value	$ 0	$ 0

Financial Commitments (Long-Ter

Financial Commitments (Long-Term Debt) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total debt	$ 676,437	$ 899,745
Less: current maturities	18,602	117,431
Long-term debt, net	657,835	782,314
Term Loan B
Debt Instrument [Line Items]
Total debt	266,369	357,744
Less: current maturities		91,000
Equipment financing and mortgages
Debt Instrument [Line Items]
Total debt	31,724	34,807
Other indebtedness
Debt Instrument [Line Items]
Total debt	2,112	8,784
Revolver
Debt Instrument [Line Items]
Total debt	0	0
2017 Senior Notes | Senior Notes
Debt Instrument [Line Items]
Total debt	0	498,410
2024 Senior Notes | Senior Notes
Debt Instrument [Line Items]
Total debt	$ 376,232	$ 0

Financial Commitments (Reconcil

Financial Commitments (Reconciliation of Outstanding Debt Balance to Reported Debt Balance) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total debt	$ 676,437	$ 899,745
Term Loan B
Debt Instrument [Line Items]
Outstanding Debt	273,988	367,154
Unamortized Discounts and Issuance Costs	(7,619)	(9,410)
Total debt	266,369	357,744
2017 Senior Notes | Senior Notes
Debt Instrument [Line Items]
Outstanding Debt	0	500,000
Unamortized Discounts and Issuance Costs	0	(1,590)
Total debt	0	498,410
2024 Senior Notes | Senior Notes
Debt Instrument [Line Items]
Outstanding Debt	400,000	0
Unamortized Discounts and Issuance Costs	(23,768)	0
Total debt	$ 376,232	$ 0

Financial Commitments (Narrativ

Financial Commitments (Narrative) (Details)

1 Months Ended

Apr. 22, 2024 USD ($)

Apr. 15, 2024 USD ($)

May 02, 2023

Aug. 18, 2020 USD ($)

Oct. 31, 2022

Jun. 30, 2024 USD ($)

Apr. 14, 2024 USD ($)

Dec. 31, 2023 USD ($)

Sep. 30, 2023

Jun. 30, 2023

Dec. 31, 2022

Apr. 20, 2017 USD ($)

BMO Harris Bank

Debt Instrument [Line Items]

Applicable margin on overdue amounts (as a percent)

2%

Unsecured Debt | BMO Harris Bank

Debt Instrument [Line Items]

Fixed charge coverage ratio (maximum)

2

2024 Senior Notes | Senior Notes | Debt Instrument, Redemption, Period One

Debt Instrument [Line Items]

Redemption price (as a percent)

100%

2024 Senior Notes | Senior Notes | Debt Instrument, Redemption, Period Two

Debt Instrument [Line Items]

Redemption price (as a percent)

111.875%

Percentage of principal amount redeemed (as a percent)

40%

2024 Senior Notes | Senior Notes | Debt Instrument, Redemption, Period Three

Debt Instrument [Line Items]

Redemption price (as a percent)

101%

2024 Senior Notes | Senior Notes | Private Placement

Debt Instrument [Line Items]

Face amount

$ 400,000,000

Interest rate

11.875%

2017 Senior Notes | Senior Notes | Private Placement

Debt Instrument [Line Items]

Face amount

$ 500,000,000

Interest rate

6.875%

2020 Credit Agreement | BMO Harris Bank

Debt Instrument [Line Items]

Days prior to maturity

90 days

Increase (decrease) in line of credit

$ (5,000,000)

Weighted-average annual interest rate on borrowings

12%

2020 Credit Agreement | BMO Harris Bank | Secured Overnight Financing Rate (SOFR)

Debt Instrument [Line Items]

Basis point spread, 1 month interest period

0.11448%

Basis point spread, 3 month interest period

0.26161%

Basis point spread, 6 month interest period

0.42826%

Basis spread on variable rate

1%

1%

Debt instrument, basis spread on variable rate adjustment

0.10%

2020 Credit Agreement | BMO Harris Bank | Federal Funds Rate

Debt Instrument [Line Items]

Basis spread on variable rate

0.50%

0.50%

2020 Credit Agreement | Line of Credit | BMO Harris Bank

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 425,000,000

Periodic payment principal percentage

0.25%

First Lien | BMO Harris Bank

Debt Instrument [Line Items]

Net leverage ratio (maximum)

1.35

Term Loan B | BMO Harris Bank | Secured Overnight Financing Rate (SOFR) | Minimum

Debt Instrument [Line Items]

Basis spread on variable rate

4.50%

Term Loan B | BMO Harris Bank | Secured Overnight Financing Rate (SOFR) | Maximum

Debt Instrument [Line Items]

Basis spread on variable rate

4.75%

Term Loan B | BMO Harris Bank | Base Rate | Minimum

Debt Instrument [Line Items]

Basis spread on variable rate

3.50%

Term Loan B | BMO Harris Bank | Base Rate | Maximum

Debt Instrument [Line Items]

Basis spread on variable rate

3.75%

Revolver

Debt Instrument [Line Items]

Unamortized debt issuance costs

$ 1,700,000

$ 1,400,000

Revolver | BMO Harris Bank

Debt Instrument [Line Items]

Remaining borrowing capacity

$ 170,000,000

$ 175,000,000

Revolver | BMO Harris Bank | Secured Overnight Financing Rate (SOFR) | Minimum

Debt Instrument [Line Items]

Basis spread on variable rate

4.25%

Revolver | BMO Harris Bank | Secured Overnight Financing Rate (SOFR) | Maximum

Debt Instrument [Line Items]

Basis spread on variable rate

4.75%

Revolver | BMO Harris Bank | Base Rate | Minimum

Debt Instrument [Line Items]

Basis spread on variable rate

3.25%

Revolver | BMO Harris Bank | Base Rate | Maximum

Debt Instrument [Line Items]

Basis spread on variable rate

3.75%

Revolver | BMO Harris Bank | Net Leverage Ratio | Fiscal Quarter December 31, 2022

Debt Instrument [Line Items]

Net leverage ratio (maximum)

3.50

Revolver | BMO Harris Bank | Net Leverage Ratio | Fiscal Quarter March 31, 2023

Debt Instrument [Line Items]

Net leverage ratio (maximum)

3.75

Revolver | BMO Harris Bank | Net Leverage Ratio | Fiscal Quarter June 30, 2023

Debt Instrument [Line Items]

Net leverage ratio (maximum)

3

Revolver | BMO Harris Bank | Net Leverage Ratio | Fiscal Quarter September 30, 2023

Debt Instrument [Line Items]

Net leverage ratio (maximum)

2.50

Revolver | BMO Harris Bank | Net Leverage Ratio | Fiscal Quarter December 31, 2023

Debt Instrument [Line Items]

Net leverage ratio (maximum)

2.25

Revolver | 2020 Credit Agreement | BMO Harris Bank

Debt Instrument [Line Items]

Increase (decrease) in line of credit

$ 173,500,000

Accordion feature, percentage of LTM EBITDA

50%

Revolver | 2020 Credit Agreement | Line of Credit | BMO Harris Bank

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 170,000,000

$ 175,000,000

Letters of Credit | 2020 Credit Agreement | Line of Credit | BMO Harris Bank

Debt Instrument [Line Items]

Maximum borrowing capacity

75,000,000

Bridge Loan | 2020 Credit Agreement | Line of Credit | 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

Financial Commitments (Summary

Financial Commitments (Summary of Interest Expense as Reported in the Consolidated Statements of Operations) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Debt Instrument [Line Items]
Other interest	$ 799	$ 364	$ 1,218	$ 785
Total cash interest expense	20,524	21,015	38,025	41,524
Non-cash portion of loss on extinguishment	1,198	0	1,198	0
Total non-cash interest expense	2,560	1,001	4,366	2,005
Total interest expense	23,084	22,016	42,391	43,529
Term Loan B
Debt Instrument [Line Items]
Cash interest expense	7,084	9,250	15,572	18,999
Amortization of debt issuance costs and discounts	$ 473	529	$ 1,791	1,100
Effective interest rates	12.27%		12.27%
Revolver
Debt Instrument [Line Items]
Cash interest expense	$ 973	2,807	$ 973	4,552
Amortization of debt issuance costs and discounts	158	195	353	355
2017 Senior Notes | Senior Notes
Debt Instrument [Line Items]
Cash interest expense	2,960	8,594	11,554	17,188
Amortization of debt issuance costs and discounts	$ 99	277	$ 392	550
Effective interest rates	7.13%		7.13%
2024 Senior Notes | Senior Notes
Debt Instrument [Line Items]
Cash interest expense	$ 8,708	0	$ 8,708	0
Amortization of debt issuance costs and discounts	$ 632	$ 0	$ 632	$ 0
Effective interest rates	13.56%		13.56%

Leases (Narrative) (Details)

Leases (Narrative) (Details)	Jun. 30, 2024
Minimum
Lessee, Lease, Description [Line Items]
Operating lease, remaining lease terms	1 year
Maximum
Lessee, Lease, Description [Line Items]
Operating lease, remaining lease terms	14 years

Leases (Components of Lease Exp

Leases (Components of Lease Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Lessee, Lease, Description [Line Items]
Operating lease expense	$ 3,202	$ 3,387	$ 6,522	$ 6,861
Short-term lease expense	13,545	12,692	25,868	26,611
Lease expense, gross	16,747	16,079	32,390	33,472
Less: Sublease income	203	198	402	392
Total lease expense	$ 16,544	$ 15,881	$ 31,988	$ 33,080
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	Jun. 30, 2024	Dec. 31, 2023
ASSETS
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	OTHER ASSETS	OTHER ASSETS
Right-of-use assets	$ 51,461	$ 48,878
Liabilities
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Current lease liabilities	$ 6,817	$ 6,275
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Long-term lease liabilities	$ 50,107	$ 47,781
Total lease liabilities	$ 56,924	$ 54,056
Weighted-average remaining lease term	9 years 8 months 12 days	10 years 3 months 18 days
Weighted-average discount rate	11.97%	12.13%

Leases (Supplemental Cash Flow

Leases (Supplemental Cash Flow and Other Information Related to Leases) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities	$ (6,359)	$ (6,807)
Right-of-use assets obtained in exchange for lease liabilities	$ 6,147	$ 807

Leases (Maturity of Leases Liab

Leases (Maturity of Leases Liabilities on an Undiscounted Basis) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Leases [Abstract]
2024 (excluding the six months ended June 30, 2024)	$ 6,481
2025	12,044
2026	10,166
2027	8,750
2028	8,671
Thereafter	52,663
Total lease payments	98,775
Less: Imputed interest	41,851
Total	$ 56,924	$ 54,056

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions			1 Months Ended		3 Months Ended	6 Months Ended
	Oct. 18, 2022	Dec. 13, 2019	Mar. 31, 2016	Jun. 30, 2015	Dec. 31, 2019	Jun. 30, 2024
Alaskan Way Viaduct Matter
Contingencies and Commitments
Value of claim filed			$ 57.2	$ 532
Settlement on judgment, awarded to other party		$ 57.2
Pre-tax charge, impact from jury verdict					$ 166.8
Pre-tax accrual, impact from jury verdict					25.7
Settlement on judgment					$ 57.2
Loss contingency, damages paid, value	$ 34.6
Alaskan Way Viaduct Matter | Seattle Tunnel Partners
Contingencies and Commitments
Ownership percentage in joint venture						45%
Seattle Tunnel Partners
Contingencies and Commitments
Value of counterclaim filed in excess of						$ 640

Share-Based Compensation (Detai

Share-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for grant (in shares)	1,452,390		1,452,390
Costs for share-based payment arrangements	$ 16.9	$ 2.6	$ 22.4	$ 5.6
Unamortized share-based compensation expense	56.1		$ 56.1
Weighted average period over which unrecognized compensation cost is expected to be recognized			2 years 1 month 6 days
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units granted (in shares)			30,000	590,188
Weighted-average fair values per share (in dollars per share)			$ 12.68	$ 8.66
Cash-settled Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units granted (in shares)			645,180	901,541
Weighted-average fair values per share (in dollars per share)			$ 19.17	$ 11.18
Cash-settled Service-Based Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units granted (in shares)			673,855	90,000
Weighted-average fair values per share (in dollars per share)			$ 12.75	$ 8.98
Restricted Stock Units, Guaranteed Minimum Payouts
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Liabilities recognized for restricted stock grants	$ 20.7		$ 20.7		$ 4.9
Cash used to settle liabilities			$ 2.9	$ 0.2
Unrestricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units granted (in shares)			73,716	302,112
Weighted-average fair values per share (in dollars per share)			$ 20.89	$ 5.66

Employee Pension Plans (Summary

Employee Pension Plans (Summary of Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Summary of net periodic benefit cost
Interest cost	$ 910	$ 969	$ 1,821	$ 1,938
Service cost	232	255	463	510
Expected return on plan assets	(944)	(979)	(1,888)	(1,957)
Recognized net actuarial losses	438	413	875	826
Net periodic benefit cost	$ 636	$ 658	$ 1,271	$ 1,317

Employee Pension Plans (Narrati

Employee Pension Plans (Narrative) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Pension Plan Assets
Defined contribution plan, cost	$ 1.3
Expected future employer contribution, current year	$ 1.2

Fair Value Measurements (Assets

Fair Value Measurements (Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Assets:
Cash and cash equivalents maturity period (maximum)	3 months
Fair value measured on a recurring basis
Assets:
Cash and cash equivalents	$ 267,072	$ 380,564
Restricted cash	12,417	14,116
Restricted investments	134,182	130,287
Investments in lieu of retention	124,896	106,949
Total	538,567	631,916
Fair value measured on a recurring basis | Level 1
Assets:
Cash and cash equivalents	267,072	380,564
Restricted cash	12,417	14,116
Restricted investments	0	0
Investments in lieu of retention	31,590	19,988
Total	311,079	414,668
Fair value measured on a recurring basis | Level 1 | Money Market Funds
Assets:
Investments in lieu of retention	31,600	20,000
Fair value measured on a recurring basis | Level 2
Assets:
Cash and cash equivalents	0	0
Restricted cash	0	0
Restricted investments	134,182	130,287
Investments in lieu of retention	93,306	86,961
Total	227,488	217,248
Fair value measured on a recurring basis | Level 2 | Debt Securities
Assets:
Investments in lieu of retention	93,300	87,000
Fair value measured on a recurring basis | Level 3
Assets:
Cash and cash equivalents	0	0
Restricted cash	0	0
Restricted investments	0	0
Investments in lieu of retention	0	0
Total	$ 0	$ 0

Fair Value Measurements (Availa

Fair Value Measurements (Available for Sale) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amortized Cost	$ 232,522	$ 222,134
Unrealized Gains	498	1,272
Unrealized Losses	(5,532)	(6,158)
Fair Value	227,488	217,248
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Less than 12 Months, Fair Value	70,481	17,748
Less than 12 Months, Unrealized Losses	(448)	(64)
12 Months or Greater, Fair Value	108,641	120,731
12 Months or Greater, Unrealized Losses	(5,084)	(6,094)
Total, Fair Value	179,122	138,479
Total, Unrealized Losses	(5,532)	(6,158)
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Fair Value [Abstract]
Amortized Cost, Due within one year	74,786
Fair Value, Due within one year	73,104
Amortized Cost, Due after one year through five years	147,533
Fair Value, Due after one year through five years	145,223
Amortized Cost, Due after five years	10,203
Fair Value, Due after five years	9,161
Restricted investments:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amortized Cost	138,035	133,710
Unrealized Gains	254	785
Unrealized Losses	(4,107)	(4,208)
Fair Value	134,182	130,287
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Less than 12 Months, Fair Value	39,082	6,350
Less than 12 Months, Unrealized Losses	(293)	(9)
12 Months or Greater, Fair Value	57,621	71,005
12 Months or Greater, Unrealized Losses	(3,814)	(4,199)
Total, Fair Value	96,703	77,355
Total, Unrealized Losses	(4,107)	(4,208)
Investments in lieu of retention:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amortized Cost	94,487	88,424
Unrealized Gains	244	487
Unrealized Losses	(1,425)	(1,950)
Fair Value	93,306	86,961
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Less than 12 Months, Fair Value	31,399	11,398
Less than 12 Months, Unrealized Losses	(155)	(55)
12 Months or Greater, Fair Value	51,020	49,726
12 Months or Greater, Unrealized Losses	(1,270)	(1,895)
Total, Fair Value	82,419	61,124
Total, Unrealized Losses	(1,425)	(1,950)
Corporate debt securities | Restricted investments:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amortized Cost	108,764	95,903
Unrealized Gains	249	762
Unrealized Losses	(2,199)	(2,202)
Fair Value	106,814	94,463
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Less than 12 Months, Fair Value	35,500	4,971
Less than 12 Months, Unrealized Losses	(258)	(3)
12 Months or Greater, Fair Value	35,457	40,649
12 Months or Greater, Unrealized Losses	(1,941)	(2,199)
Total, Fair Value	70,957	45,620
Total, Unrealized Losses	(2,199)	(2,202)
Corporate debt securities | Investments in lieu of retention:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amortized Cost	93,661	87,601
Unrealized Gains	38	246
Unrealized Losses	(1,425)	(1,950)
Fair Value	92,274	85,897
U.S. government agency securities | Restricted investments:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amortized Cost	20,832	29,082
Unrealized Gains	4	18
Unrealized Losses	(972)	(1,054)
Fair Value	19,864	28,046
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Less than 12 Months, Fair Value	3,406	1,280
Less than 12 Months, Unrealized Losses	(34)	(4)
12 Months or Greater, Fair Value	14,902	22,858
12 Months or Greater, Unrealized Losses	(938)	(1,050)
Total, Fair Value	18,308	24,138
Total, Unrealized Losses	(972)	(1,054)
Municipal bonds | Restricted investments:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amortized Cost	7,946	8,227
Unrealized Gains	1	5
Unrealized Losses	(908)	(914)
Fair Value	7,039	7,318
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Less than 12 Months, Fair Value	176	99
Less than 12 Months, Unrealized Losses	(1)	(2)
12 Months or Greater, Fair Value	6,798	7,038
12 Months or Greater, Unrealized Losses	(907)	(912)
Total, Fair Value	6,974	7,137
Total, Unrealized Losses	(908)	(914)
Municipal bonds | Investments in lieu of retention:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amortized Cost	826	823
Unrealized Gains	206	241
Unrealized Losses	0	0
Fair Value	1,032	1,064
Corporate certificates of deposit | Restricted investments:
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amortized Cost	493	498
Unrealized Gains	0	0
Unrealized Losses	(28)	(38)
Fair Value	465	460
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Less than 12 Months, Fair Value	0	0
Less than 12 Months, Unrealized Losses	0	0
12 Months or Greater, Fair Value	464	460
12 Months or Greater, Unrealized Losses	(28)	(38)
Total, Fair Value	464	460
Total, Unrealized Losses	$ (28)	$ (38)

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Senior Notes | 2017 Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value		$ 490.9
Senior Notes | 2024 Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	$ 430.1
Term Loan B
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	$ 274	$ 358.9

Variable Interest Entities (V_2

Variable Interest Entities (VIEs) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Variable Interest Entity [Line Items]
Assets, current	$ 3,396,240		$ 3,396,240		$ 3,521,354
Liabilities, current	2,060,664		2,060,664		2,124,953
Revenue	$ 1,127,470	$ 1,021,751	$ 2,176,457	$ 1,798,051
Purple Line Extension Section 2 and Section 3
Variable Interest Entity [Line Items]
Percent interest in the joint venture			75%
Newark Airport Terminal One Design Build Project
Variable Interest Entity [Line Items]
Percent interest in the joint venture			80%
Related Party | Purple Line Extension Section 2 and Section 3
Variable Interest Entity [Line Items]
Revenue			$ 2,800,000
O&G | Purple Line Extension Section 2 and Section 3
Variable Interest Entity [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners	25%		25%
Joint Venture With Parsons | Newark Airport Terminal One Design Build Project
Variable Interest Entity [Line Items]
Revenue			$ 1,400,000
Parsons Corporation | Newark Airport Terminal One Design Build Project
Variable Interest Entity [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners	20%		20%
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Assets, current	$ 500		$ 500		500
Liabilities, current	100		100		100
Future funding commitments	3,000		3,000
VIEs
Variable Interest Entity [Line Items]
Assets, current	481,200		481,200		503,100
Liabilities, current	452,900		452,900		505,000
Assets, noncurrent	$ 29,400		$ 29,400		$ 35,100

Changes in Equity (Details)

Changes in Equity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Attributable to Tutor Perini Corporation:
Balance at the beginning of the period	$ 1,303,234	$ 1,389,707	$ 1,283,911	$ 1,441,984
Net income (loss)	15,969	(16,764)	43,471	(65,693)
Other comprehensive income (loss)	(257)	232	(1,099)	2,112
Share-based compensation	2,852	1,635	4,355	3,030
Issuance of common stock, net	(681)	141	(2,121)	18
Contributions from noncontrolling interests		0	0	2,000
Distributions to noncontrolling interests	(5,000)	(6,750)	(12,400)	(15,250)
Balance at the end of the period	1,316,117	1,368,201	1,316,117	1,368,201
Common Stock
Attributable to Tutor Perini Corporation:
Balance at the beginning of the period	52,284	51,645	52,025	51,521
Issuance of common stock, net	105	325	364	449
Balance at the end of the period	52,389	51,970	52,389	51,970
Additional Paid-in Capital
Attributable to Tutor Perini Corporation:
Balance at the beginning of the period	1,146,008	1,142,081	1,146,204	1,140,933
Share-based compensation	2,852	1,635	4,355	3,030
Issuance of common stock, net	(786)	(184)	(2,485)	(431)
Balance at the end of the period	1,148,074	1,143,532	1,148,074	1,143,532
Retained Earnings
Attributable to Tutor Perini Corporation:
Balance at the beginning of the period	148,906	255,105	133,146	304,301
Net income (loss)	812	(37,534)	16,572	(86,730)
Balance at the end of the period	149,718	217,571	149,718	217,571
Accumulated Other Comprehensive Loss
Attributable to Tutor Perini Corporation:
Balance at the beginning of the period	(40,162)	(45,310)	(39,787)	(47,037)
Other comprehensive income (loss)	(64)	(169)	(439)	1,558
Balance at the end of the period	(40,226)	(45,479)	(40,226)	(45,479)
Noncontrolling Interests
Attributable to Tutor Perini Corporation:
Balance at the beginning of the period	(3,802)	(13,814)	(7,677)	(7,734)
Net income (loss)	15,157	20,770	26,899	21,037
Other comprehensive income (loss)	(193)	401	(660)	554
Contributions from noncontrolling interests				2,000
Distributions to noncontrolling interests	(5,000)	(6,750)	(12,400)	(15,250)
Balance at the end of the period	$ 6,162	$ 607	$ 6,162	$ 607

Other Comprehensive Income (L_3

Other Comprehensive Income (Loss) (Schedule of Components of Other Comprehensive Income (Loss) and Related Tax Effects) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total other comprehensive income (loss), Before-Tax Amount	$ (278)	$ 222	$ (1,224)	$ 2,662
Total other comprehensive income (loss), Tax (Expense) Benefit	21	10	125	(550)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX	(257)	232	(1,099)	2,112
Total other comprehensive loss attributable to Tutor Perini Corporation
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total other comprehensive income (loss), Before-Tax Amount	(85)	(179)	(564)	2,108
Total other comprehensive income (loss), Tax (Expense) Benefit	21	10	125	(550)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX	(64)	(169)	(439)	1,558
Defined benefit pension plan adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total other comprehensive income (loss), Before-Tax Amount	438	411	875	826
Total other comprehensive income (loss), Tax (Expense) Benefit	(117)	(115)	(233)	(229)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX	321	296	642	597
Foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total other comprehensive income (loss), Before-Tax Amount	(869)	562	(1,951)	902
Total other comprehensive income (loss), Tax (Expense) Benefit	166	(34)	321	(124)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX	(703)	528	(1,630)	778
Unrealized gain (loss) in fair value of investments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total other comprehensive income (loss), Before-Tax Amount	153	(751)	(148)	934
Total other comprehensive income (loss), Tax (Expense) Benefit	(28)	159	37	(197)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX	125	(592)	(111)	737
Less: Other comprehensive income (loss) attributable to noncontrolling interests
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total other comprehensive income (loss), Before-Tax Amount	(193)	401	(660)	554
Total other comprehensive income (loss), Tax (Expense) Benefit	0	0	0	0
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX	$ (193)	$ 401	$ (660)	$ 554

Other Comprehensive Income (L_4

Other Comprehensive Income (Loss) (Schedule of Changes in AOCI Balances by Component (After-Tax)) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Attributable to Tutor Perini Corporation:
Balance at the beginning of the period			$ 1,291,588
Balance at the beginning of the period, noncontrolling interests			(7,677)
Other comprehensive income (loss) before reclassifications	$ (355)	$ (508)	(1,096)	$ 894
Amounts reclassified from AOCI	291	339	657	664
Total other comprehensive income (loss)	(64)	(169)	(439)	1,558
Other comprehensive income (loss)	(193)	401	(660)	554
Balance at the end of the period, noncontrolling interests	6,162		6,162
Balance at the end of the period	1,309,955		1,309,955
Accumulated Other Comprehensive Income (Loss)
Attributable to Tutor Perini Corporation:
Balance at the beginning of the period	(40,162)	(45,310)	(39,787)	(47,037)
Balance at the end of the period	(40,226)	(45,479)	(40,226)	(45,479)
Defined Benefit Pension Plan
Attributable to Tutor Perini Corporation:
Balance at the beginning of the period	(29,033)	(32,336)	(29,354)	(32,637)
Other comprehensive income (loss) before reclassifications	0	0	0	0
Amounts reclassified from AOCI	321	296	642	597
Total other comprehensive income (loss)	321	296	642	597
Balance at the end of the period	(28,712)	(32,040)	(28,712)	(32,040)
Foreign Currency Translation
Attributable to Tutor Perini Corporation:
Balance at the beginning of the period	(7,321)	(7,010)	(6,893)	(7,241)
Other comprehensive income (loss) before reclassifications	(463)	90	(891)	321
Amounts reclassified from AOCI	0	0	0	0
Total other comprehensive income (loss)	(463)	90	(891)	321
Balance at the end of the period	(7,784)	(6,920)	(7,784)	(6,920)
Unrealized Gain (Loss) in Fair Value of Investments, Net
Attributable to Tutor Perini Corporation:
Balance at the beginning of the period	(3,808)	(5,964)	(3,540)	(7,159)
Other comprehensive income (loss) before reclassifications	108	(598)	(205)	573
Amounts reclassified from AOCI	(30)	43	15	67
Total other comprehensive income (loss)	78	(555)	(190)	640
Balance at the end of the period	(3,730)	(6,519)	(3,730)	(6,519)
AOCI Attributable to Noncontrolling Interest
Attributable to Tutor Perini Corporation:
Balance at the beginning of the period, noncontrolling interests	(1,198)	(1,577)	(731)	(1,730)
Balance at the end of the period, noncontrolling interests	(1,391)	(1,176)	(1,391)	(1,176)
Defined Benefit Pension Plan
Attributable to Tutor Perini Corporation:
Balance at the beginning of the period, noncontrolling interests	0	0	0	0
Other comprehensive income (loss)	0	0	0	0
Balance at the end of the period, noncontrolling interests	0	0	0	0
Foreign Currency Translation
Attributable to Tutor Perini Corporation:
Balance at the beginning of the period, noncontrolling interests	(811)	(780)	(312)	(799)
Other comprehensive income (loss)	(240)	438	(739)	457
Balance at the end of the period, noncontrolling interests	(1,051)	(342)	(1,051)	(342)
Unrealized Gain (Loss) in Fair Value of Investments, Net
Attributable to Tutor Perini Corporation:
Balance at the beginning of the period, noncontrolling interests	(387)	(797)	(419)	(931)
Other comprehensive income (loss)	47	(37)	79	97
Balance at the end of the period, noncontrolling interests	$ (340)	$ (834)	$ (340)	$ (834)

Other Comprehensive Income (L_5

Other Comprehensive Income (Loss) (AOCI Reclassifications) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Defined benefit pension plan adjustments/Unrealized loss in fair value of investment adjustments	$ (5,838)	$ (3,058)	$ (11,149)	$ (9,475)
Income tax expense (benefit)	7,278	194	14,586	(47,918)
Net of tax	(812)	37,534	(16,572)	86,730
Defined benefit pension plan adjustments | Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Defined benefit pension plan adjustments/Unrealized loss in fair value of investment adjustments	438	411	875	826
Income tax expense (benefit)	(117)	(115)	(233)	(229)
Net of tax	321	296	642	597
Unrealized loss in fair value of investment adjustments | Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Defined benefit pension plan adjustments/Unrealized loss in fair value of investment adjustments	(38)	55	19	85
Income tax expense (benefit)	8	(12)	(4)	(18)
Net of tax	$ (30)	$ 43	$ 15	$ 67

Business Segments (Narrative) (

Business Segments (Narrative) (Details) - segment	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting [Abstract]
Number of reportable segments			3
Revenue Benchmark | Customer Concentration Risk | Civil, Building, And Specialty Contractors
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	19%	15.80%	18.90%	17.40%

Business Segments (Reportable S

Business Segments (Reportable Segments) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Revenue	$ 1,127,470	$ 1,021,751	$ 2,176,457	$ 1,798,051
Income (loss) from construction operations	40,493	2,388	89,299	(79,557)
Capital expenditures	10,918	12,827	21,352	30,623
Depreciation and amortization	14,006	10,346	27,588	20,754
Costs for share-based payment arrangements	16,900	2,600	22,400	5,600
Costs for share-based payment arrangements, after tax	$ (12,400)	$ (1,900)	$ (16,500)	$ (4,100)
Costs for share-based payment arrangements, after tax (in dollars per share)	$ (0.23)	$ (0.04)	$ (0.31)	$ (0.08)
Adverse Legal Ruling Pertaining to Mixed-Use Project in New York
Segment Reporting Information [Line Items]
Loss contingency			$ (83,600)	$ 83,600
Loss contingency, after tax				$ 60,100
Loss contingency, after tax, diluted (in dollars per share)				$ 1.16
Operating Segments
Segment Reporting Information [Line Items]
Revenue	$ 1,174,382	$ 1,013,809	2,264,260	$ 1,818,072
Income (loss) from construction operations	72,788	21,744	141,339	(42,901)
Capital expenditures	9,517	11,357	18,168	28,883
Depreciation and amortization	11,886	8,151	23,323	16,208
Intersegment Eliminations
Segment Reporting Information [Line Items]
Revenue	(46,912)	7,942	(87,803)	(20,021)
Corporate
Segment Reporting Information [Line Items]
Revenue	0	0	0	0
Income (loss) from construction operations	(32,295)	(19,356)	(52,040)	(36,656)
Capital expenditures	1,401	1,470	3,184	1,740
Depreciation and amortization	2,120	2,195	4,265	4,546
Civil
Segment Reporting Information [Line Items]
Revenue	546,488	554,123	1,018,653	903,993
Civil | Unfavorable Adjustment Due To Highway Project In Northeast
Segment Reporting Information [Line Items]
Loss contingency	12,400		12,400
Loss contingency, after tax	$ 9,100		$ 9,100
Loss contingency, after tax, diluted (in dollars per share)	$ 0.17		$ 0.17
Civil | Unfavorable Legal Ruling Pertaining to Mass-Transit Project in California
Segment Reporting Information [Line Items]
Gain contingency		58,100
Gain contingency, after tax		$ 46,100
Gain contingency, after tax, diluted (in dollars per share)		$ 0.89
Civil | Favorable Adjustment Legal Ruling Pertaining To Mass-Transit Project In California
Segment Reporting Information [Line Items]
Gain contingency			$ 10,200	30,100
Gain contingency, after tax			$ 7,500	$ 23,900
Gain contingency, after tax, diluted (in dollars per share)			$ 0.14	$ 0.46
Civil | Operating Segments
Segment Reporting Information [Line Items]
Revenue	$ 577,519	$ 555,553	$ 1,080,341	$ 933,777
Income (loss) from construction operations	75,587	105,407	146,330	123,419
Capital expenditures	9,479	9,643	17,610	24,708
Depreciation and amortization	10,727	7,074	20,981	14,055
Civil | Intersegment Eliminations
Segment Reporting Information [Line Items]
Revenue	(31,031)	(1,430)	(61,688)	(29,784)
Building
Segment Reporting Information [Line Items]
Revenue	417,866	331,342	829,808	560,995
Building | Adverse Legal Ruling Pertaining to Mixed-Use Project in New York
Segment Reporting Information [Line Items]
Loss contingency			(72,200)	72,200
Building | Operating Segments
Segment Reporting Information [Line Items]
Revenue	433,797	321,933	855,973	551,224
Income (loss) from construction operations	5,047	(13,831)	21,167	(84,040)
Capital expenditures	68	1,458	285	3,475
Depreciation and amortization	585	455	1,170	912
Building | Intersegment Eliminations
Segment Reporting Information [Line Items]
Revenue	(15,931)	9,409	(26,165)	9,771
Specialty Contractors
Segment Reporting Information [Line Items]
Revenue	163,116	136,286	327,996	333,063
Specialty Contractors | Unfavorable Arbitration Ruling Pertaining to Electrical Project in New York
Segment Reporting Information [Line Items]
Loss contingency			12,000
Loss contingency, after tax			$ 8,800
Loss contingency, after tax, diluted (in dollars per share)			$ 0.17
Specialty Contractors | Unfavorable Adjustment due to Changes in Estimates on Transportation Project in the Northeast
Segment Reporting Information [Line Items]
Loss contingency		35,800		35,800
Loss contingency, after tax		$ 26,000		$ 26,000
Loss contingency, after tax, diluted (in dollars per share)		$ 0.50		$ 0.50
Specialty Contractors | Adverse Legal Ruling Pertaining to Mixed-Use Project in New York
Segment Reporting Information [Line Items]
Loss contingency			$ (11,400)	$ 11,400
Specialty Contractors | Unfavorable Adjustment due to Educational Facilities Project in New York
Segment Reporting Information [Line Items]
Loss contingency		$ 24,700		24,700
Loss contingency, after tax		$ 18,000		$ 18,000
Loss contingency, after tax, diluted (in dollars per share)		$ 0.35		$ 0.35
Specialty Contractors | Operating Segments
Segment Reporting Information [Line Items]
Revenue	163,066	$ 136,323	327,946	$ 333,071
Income (loss) from construction operations	(7,846)	(69,832)	(26,158)	(82,280)
Capital expenditures	(30)	256	273	700
Depreciation and amortization	574	622	1,172	1,241
Specialty Contractors | Intersegment Eliminations
Segment Reporting Information [Line Items]
Revenue	$ 50	(37)	$ 50	(8)
Civil and Building | Unfavorable Adjustment due to Changes in Estimates on Transportation Project in the Northeast
Segment Reporting Information [Line Items]
Loss contingency		13,100		13,100
Loss contingency, after tax		$ 10,200		$ 10,200
Loss contingency, after tax, diluted (in dollars per share)		$ 0.20		$ 0.20

Business Segments (Reconciliati

Business Segments (Reconciliation of Segment Results to Consolidated Loss Before Income Taxes) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting [Abstract]
Income (loss) from construction operations	$ 40,493	$ 2,388	$ 89,299	$ (79,557)
Other income, net	5,838	3,058	11,149	9,475
Interest expense	(23,084)	(22,016)	(42,391)	(43,529)
Income (loss) before income taxes	$ 23,247	$ (16,570)	$ 58,057	$ (113,611)

Business Segments (Total Assets

Business Segments (Total Assets for Reportable Segments) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total assets	$ 4,293,748	$ 4,429,856
Corporate and other
Segment Reporting Information [Line Items]
Total assets	(501,447)	(315,825)
Civil | Operating Segments
Segment Reporting Information [Line Items]
Total assets	3,520,109	3,539,608
Building | Operating Segments
Segment Reporting Information [Line Items]
Total assets	1,028,958	898,902
Specialty Contractors | Operating Segments
Segment Reporting Information [Line Items]
Total assets	$ 246,128	$ 307,171