Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 19, 2014 | Jun. 28, 2013 | |
Document and Entity Information | ' | ' | ' |
Entity Registrant Name | 'TUTOR PERINI Corp | ' | ' |
Entity Central Index Key | '0000077543 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $685,752,880 |
Entity Common Stock, Shares Outstanding | ' | 48,421,467 | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ' | ' |
Cash, including cash equivalents of $6,437 and $23,140 | $119,923 | $168,056 |
Restricted cash | 42,594 | 38,717 |
Accounts receivable, including retainage of $364,239 and $354,269 | 1,291,246 | 1,224,613 |
Costs and estimated earnings in excess of billings | 573,248 | 465,002 |
Deferred income taxes | 8,240 | 10,071 |
Other current assets | 50,669 | 75,388 |
Total current assets | 2,085,920 | 1,981,847 |
LONG-TERM INVESTMENTS | 46,283 | 46,283 |
PROPERTY AND EQUIPMENT, at cost: | ' | ' |
Land | 41,307 | 41,307 |
Buildings and improvements | 118,312 | 115,504 |
Construction equipment | 370,452 | 346,326 |
Other equipment | 151,847 | 128,511 |
Property and Equipment, gross | 681,918 | 631,648 |
Less - Accumulated depreciation | 183,793 | 146,553 |
Total property and equipment, net | 498,125 | 485,095 |
GOODWILL | 577,756 | 570,646 |
INTANGIBLE ASSETS, NET | 113,740 | 126,821 |
OTHER ASSETS | 75,614 | 85,718 |
Total assets | 3,397,438 | 3,296,410 |
CURRENT LIABILITIES: | ' | ' |
Current maturities of long-term debt | 114,658 | 67,710 |
Accounts payable, including retainage of $137,944 and $137,662 | 758,225 | 696,473 |
Billings in excess of costs and estimated earnings | 267,586 | 301,761 |
Accrued expenses and other current liabilities | 158,017 | 168,326 |
Total current liabilities | 1,298,486 | 1,234,270 |
LONG-TERM DEBT, less current maturities | 619,226 | 669,380 |
DEFERRED INCOME TAXES | 114,333 | 109,900 |
OTHER LONG-TERM LIABILITIES | 117,858 | 138,996 |
Total liabilities | 2,149,903 | 2,152,546 |
CONTINGENCIES AND COMMITMENTS (Note 9) | ' | ' |
STOCKHOLDERS' EQUITY: | ' | ' |
Preferred stock, $1 par value: Authorized - 1,000,000 shares Issued and outstanding - none | ' | ' |
Common stock, $1 par value: Authorized - 75,000,000 shares Issued and outstanding - 48,421,467 shares and 47,556,056 shares | 48,421 | 47,556 |
Additional paid-in capital | 1,007,918 | 1,002,603 |
Retained earnings | 224,575 | 137,279 |
Accumulated other comprehensive loss | -33,379 | -43,574 |
Total stockholders' equity | 1,247,535 | 1,143,864 |
Total liabilities and stockholders' equity | $3,397,438 | $3,296,410 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
CURRENT ASSETS: | ' | ' |
Cash equivalents (in dollars) | $6,437 | $23,140 |
Accounts receivable, retainage (in dollars) | 364,239 | 354,269 |
CURRENT LIABILITIES: | ' | ' |
Accounts payable, retainage (in dollars) | $137,944 | $137,662 |
STOCKHOLDERS' EQUITY: | ' | ' |
Preferred stock, par value (in dollars per share) | $1 | $1 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $1 | $1 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 48,421,467 | 47,556,056 |
Common stock, shares outstanding | 48,421,467 | 47,556,056 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CONSOLIDATED STATEMENTS OF OPERATIONS | ' | ' | ' |
Revenues | $4,175,672 | $4,111,471 | $3,716,317 |
Cost of operations | 3,708,768 | 3,696,339 | 3,320,976 |
Gross profit | 466,904 | 415,132 | 395,341 |
General and administrative expenses | 263,082 | 260,369 | 226,965 |
Goodwill and intangible asset impairment | ' | 376,574 | ' |
INCOME (LOSS) FROM CONSTRUCTION OPERATIONS | 203,822 | -221,811 | 168,376 |
Other (expense) income, net | -18,575 | -1,857 | 4,421 |
Interest expense | -45,632 | -44,174 | -35,750 |
Income (Loss) before income taxes | 139,615 | -267,842 | 137,047 |
(Provision) benefit for income taxes | -52,319 | 2,442 | -50,899 |
NET INCOME (LOSS) | $87,296 | ($265,400) | $86,148 |
BASIC EARNINGS (LOSS) PER COMMON SHARE (in dollars per share) | $1.82 | ($5.59) | $1.82 |
DILUTED EARNINGS (LOSS) PER COMMON SHARE (in dollars per share) | $1.80 | ($5.59) | $1.80 |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | ' | ' | ' |
BASIC (in shares) | 47,851 | 47,470 | 47,226 |
Effect of dilutive stock options and restricted stock units (in shares) | 738 | ' | 664 |
DILUTED (in shares) | 48,589 | 47,470 | 47,890 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ' | ' | ' |
NET INCOME (LOSS) | $87,296 | ($265,400) | $86,148 |
OTHER COMPREHENSIVE INCOME (LOSS): | ' | ' | ' |
Change in pension benefit plans assets/liabilities | 18,675 | -1,697 | 718 |
Foreign currency translation | -1,212 | 608 | -733 |
Change in fair value of investments | -744 | 396 | 352 |
Change in fair value of interest rate swap | 948 | -1,659 | ' |
Realized loss on sale of investments recorded in net income (loss) | ' | 3,224 | ' |
Other comprehensive income before taxes | 17,667 | 872 | 337 |
INCOME TAX EXPENSE (BENEFIT): | ' | ' | ' |
Tax adjustment on minimum pension liability | 7,765 | -87 | 7,759 |
Foreign currency translation | -474 | 226 | ' |
Change in fair value of investments | -189 | 158 | 153 |
Change in fair value of interest rate swap | 370 | -685 | ' |
Realized loss on sale of investments recorded in net income (loss) | ' | 1,219 | ' |
Income tax expense | 7,472 | 831 | 7,912 |
NET OTHER COMPREHENSIVE INCOME (LOSS) | 10,195 | 41 | -7,575 |
TOTAL COMPREHENSIVE INCOME (LOSS) | $97,491 | ($265,359) | $78,573 |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss |
In Thousands | |||||
Balance at Dec. 31, 2010 | $1,312,994 | $47,090 | $985,413 | $316,531 | ($36,040) |
Net income (loss) | 86,148 | ' | ' | 86,148 | ' |
Other comprehensive income (loss) | -7,575 | ' | ' | ' | -7,575 |
TOTAL COMPREHENSIVE INCOME (LOSS) | 78,573 | ' | ' | ' | ' |
Tax effect of stock-based compensation | -367 | ' | -367 | ' | ' |
Stock-based compensation expense | 8,818 | ' | 8,818 | ' | ' |
Issuance of common stock, net | -191 | 239 | -430 | ' | ' |
Balance at Dec. 31, 2011 | 1,399,827 | 47,329 | 993,434 | 402,679 | -43,615 |
Net income (loss) | -265,400 | ' | ' | -265,400 | ' |
Other comprehensive income (loss) | 41 | ' | ' | ' | 41 |
TOTAL COMPREHENSIVE INCOME (LOSS) | -265,359 | ' | ' | ' | ' |
Tax effect of stock-based compensation | -195 | ' | -195 | ' | ' |
Stock-based compensation expense | 9,470 | ' | 9,470 | ' | ' |
Issuance of common stock, net | 121 | 227 | -106 | ' | ' |
Balance at Dec. 31, 2012 | 1,143,864 | 47,556 | 1,002,603 | 137,279 | -43,574 |
Net income (loss) | 87,296 | ' | ' | 87,296 | ' |
Other comprehensive income (loss) | 10,195 | ' | ' | ' | 10,195 |
TOTAL COMPREHENSIVE INCOME (LOSS) | 97,491 | ' | ' | ' | ' |
Tax effect of stock-based compensation | -7 | ' | -7 | ' | ' |
Stock-based compensation expense | 6,623 | ' | 6,623 | ' | ' |
Issuance of common stock, net | -436 | 865 | -1,301 | ' | ' |
Balance at Dec. 31, 2013 | $1,247,535 | $48,421 | $1,007,918 | $224,575 | ($33,379) |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash Flows from Operating Activities: | ' | ' | ' |
Net income (loss) | $87,296 | ($265,400) | $86,148 |
Adjustments to reconcile net (loss) income to net cash from operating activities: | ' | ' | ' |
Goodwill and intangible asset impairment | ' | 376,574 | ' |
Depreciation | 43,383 | 40,583 | 32,193 |
Amortization of intangible assets and debt issuance costs | 16,027 | 20,874 | 15,438 |
Stock-based compensation expense | 6,623 | 9,470 | 8,818 |
Excess income tax benefit from stock-based compensation | -1,148 | ' | -18 |
Deferred income taxes | 9,009 | -25,606 | 10,854 |
Adjustment interest rate swap to fair value | ' | 264 | ' |
Adjustment of investments to fair value | ' | ' | 4,750 |
Loss on sale of investments | ' | 2,699 | 10 |
Loss (gain) on sale of property and equipment | 49 | 316 | -726 |
Gain on bargain purchase | ' | ' | -47 |
Other long-term liabilities | 23,107 | -5,104 | -13,819 |
Other non-cash items | -3,719 | 148 | -601 |
(Increase) decrease in: | ' | ' | ' |
Accounts receivable | -62,991 | 50,655 | 6,657 |
Costs and estimated earnings in excess of billings | -107,983 | -106,604 | -80,670 |
Other current assets | 25,250 | 2,237 | 6,631 |
Increase (decrease) in: | ' | ' | ' |
Accounts payable | 59,169 | -89,252 | -45,278 |
Billings in excess of costs and estimated earnings | -36,835 | -82,521 | -25,310 |
Accrued expenses | -6,509 | 2,804 | -36,650 |
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES | 50,728 | -67,863 | -31,620 |
Cash Flows from Investing Activities: | ' | ' | ' |
Acquisitions, net of cash balance acquired | ' | ' | -341,898 |
Acquisition of property and equipment | -42,360 | -41,352 | -66,747 |
Proceeds from sale of property and equipment | 2,663 | 11,759 | 10,049 |
Investment in available-for-sale securities | ' | -535 | ' |
Proceeds from sale of available-for-sale securities | ' | 16,553 | 30,191 |
Change in restricted cash | -3,877 | -3,280 | -6,816 |
NET CASH USED BY INVESTING ACTIVITIES | -43,574 | -16,855 | -375,221 |
Cash Flows from Financing Activities: | ' | ' | ' |
Proceeds from debt | 653,280 | 688,425 | 701,753 |
Repayment of debt | -676,795 | -626,122 | -554,969 |
Business acquisition related payments | -31,038 | -11,462 | -1,904 |
Excess income tax benefit from stock-based compensation | 1,148 | ' | 18 |
Issuance of Common stock and effect of cashless exercise | -1,882 | -308 | -191 |
Debt issuance costs | ' | -1,999 | -5,004 |
NET CASH (USED) PROVIDED BY FINANCING ACTIVITIES | -55,287 | 48,534 | 139,703 |
Net Decrease in Cash and Cash Equivalents | -48,133 | -36,184 | -267,138 |
Cash and Cash Equivalents at Beginning of Year | 168,056 | 204,240 | 471,378 |
Cash and Cash Equivalents at End of Year | 119,923 | 168,056 | 204,240 |
Supplemental Disclosure of Cash Paid For: | ' | ' | ' |
Interest | 41,207 | 40,183 | 31,379 |
Income taxes | 28,898 | 16,309 | 53,055 |
Supplemental Disclosure of Non-Cash Transactions: | ' | ' | ' |
Grant date fair value of common stock issued for services | 18,290 | 5,075 | 5,608 |
Property and equipment acquired through financing arrangements | $16,689 | $2,050 | $1,604 |
Description_of_Business_and_Su
Description of Business and Summary of Significant Accounting Policies | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Description of Business and Summary of Significant Accounting Policies | ' | |||||||
Description of Business and Summary of Significant Accounting Policies | ' | |||||||
[1] Description of Business and Summary of Significant Accounting Policies | ||||||||
(a) Nature of Business | ||||||||
Tutor Perini Corporation, formerly known as Perini Corporation, was incorporated in 1918 as a successor to businesses which had been engaged in providing construction services since 1894. Tutor Perini Corporation and its wholly owned subsidiaries (the “Company”) provide diversified general contracting, construction management and design-build services to private customers and public agencies throughout the world. The Company’s construction business is conducted through four basic segments or operations: Civil, Building, Specialty Contractors and Management Services. The Civil segment specializes in public works construction and the repair, replacement and reconstruction of infrastructure, including highways, bridges, mass transit systems and water and wastewater treatment facilities. The Building segment has significant experience providing services to a number of specialized building markets, including the hospitality and gaming, transportation, healthcare, municipal offices, sports and entertainment, educational, correctional facilities, biotech, pharmaceutical and high-tech markets. The Specialty Contractors segment specializes in plumbing, HVAC, electrical, mechanical, and pneumatically placed concrete for a full range of civil, building and management services construction projects in the industrial, commercial, hospitality and gaming, and transportation end markets, among others. The Management Services segment provides diversified construction and design-build services to the U.S. military and federal government agencies, as well as surety companies and multi-national corporations in the United States and overseas. | ||||||||
The Company offers general contracting, pre-construction planning and comprehensive project management services, including planning and scheduling of the 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, including site work, concrete forming and placement, steel erection, electrical and mechanical, plumbing and HVAC. The Company provides these services by using traditional general contracting arrangements, such as fixed price, guaranteed maximum price and cost plus fee contracts. | ||||||||
In an effort to leverage the Company’s expertise and limit its financial and/or operational risk on certain large or complex projects, the Company participates in construction joint ventures, often as the sponsor or manager of the project, for the purpose of bidding and, if awarded, providing the agreed upon construction services. Each participant usually agrees in advance to provide a predetermined percentage of capital, as required, and to share in the same percentage of profit or loss of the project. | ||||||||
(b) Basis of Presentation | ||||||||
The accompanying consolidated financial statements have been prepared in compliance with accounting principles accepted in the United States (“U.S. GAAP”) as codified in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification. | ||||||||
Prior to 2012, the Company had presented payments related to the deferred purchase price obligation of previous acquisitions within cash flows used by investing activities in the Consolidated Statement of Cash Flows. The Company corrected this presentation to appropriately reflect the cash paid to settle the liability recognized at fair value at the conclusion of the measurement period within cash flows used by financing activities, and the remaining cash paid (e.g. changes in fair value of the liability after the conclusion of the measurement period), was reclassified within cash flows used by operating activities. For the year ended December 31, 2011 this correction resulted in a decrease in cash flows provided by operating activities of $1.1 million, an increase in cash flows provided by investing activities of $3.0 million, and a decrease in cash flows provided by financing activities of $1.9 million in the Consolidated Statements of Cash Flows. There was no impact on the Company’s Consolidated Statements of Operations or Balance Sheets. | ||||||||
(c) Principles of Consolidation | ||||||||
The consolidated financial statements include the accounts of Tutor Perini Corporation and its wholly owned subsidiaries. The Company’s interests in construction joint ventures are accounted for using the proportionate consolidation method whereby the Company’s proportionate share of each joint venture’s assets, liabilities, revenues and cost of operations are included in the appropriate classifications in the consolidated financial statements. All intercompany transactions and balances have been eliminated in consolidation. | ||||||||
(d) Use of and Changes in Estimates | ||||||||
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company’s construction business involves making significant estimates and assumptions in the normal course of business relating to its contracts and its joint venture contracts due to, among other things, the one-of-a-kind nature of most of its projects, the long-term duration of its contract cycle and the type of contract utilized. The most significant estimates with regard to these financial statements relate to the estimating of total forecasted construction contract revenues, costs and profits in accordance with accounting for long-term contracts and estimating potential liabilities in conjunction with certain contingencies, including the outcome of pending or future litigation, arbitration or other dispute resolution proceedings relating to contract claims. Actual results could differ from these estimates and such differences could be material. | ||||||||
The Company’s estimates of contract revenue and cost are highly detailed. The Company believes that, based on its experience, its current systems of management and accounting controls allow it to produce materially reliable estimates of total contract revenue and cost during any accounting period. However, many factors can and do change during a contract performance period which can result in a change to contract profitability from one financial reporting period to another. Some of the factors that can change the estimate of total contract revenue and cost include differing site conditions (to the extent that contract remedies are unavailable), the availability of skilled contract labor, the performance of major material suppliers to deliver on time, the performance of major subcontractors, unusual weather conditions and the accuracy of the original bid estimate. Because the Company has many contracts in process at any given time, these changes in estimates can offset each other minimizing the impact on overall profitability. However, large changes in cost estimates on larger, more complex construction projects can have a material impact on the Company’s financial statements and are reflected in results of operations when they become known. | ||||||||
Management focuses on evaluating the performance of contracts individually. These estimates and assumptions can vary in the normal course of business as projects progress, when estimated productivity assumptions change based on experience to date and uncertainties are resolved. Change orders and claims, as well as changes in related estimates of costs to complete, are considered revisions in estimates. The Company uses the cumulative catch-up method applicable to construction contract accounting to account for revisions in estimates. In the ordinary course of business, and at a minimum on a quarterly basis, the Company updates projected total contract revenue, cost and profit or loss for each of its contracts based on changes in facts, such as an approved scope change, and changes in estimates. Normal, recurring changes in estimates include, but are not limited to: (i) changes in estimated scope as a result of unapproved or unpriced customer change orders; (ii) changes in estimated productivity assumptions based on experience to date; (iii) changes in estimated materials costs based on experience to date; (iv) changes in estimated subcontractor costs based on subcontractor buyout experience; (v) changes in the timing of scheduled work that may impact future costs; (vi) achievement of incentive income; and (vii) changes in estimated recoveries through the settlement of litigation. | ||||||||
During the year ended December 31, 2013, the Company’s results of operations were impacted by a $13.8 million increase in the estimated recovery projected for a Building segment project due to changes in facts and circumstances that occurred during 2013. This change in estimate resulted in an increase of $13.8 million in income from construction operations, $8.6 million in net income and $0.18 in diluted earnings per common share during 2013. During the year ended December 31, 2012, the Company’s results of operations were impacted by a $12.4 million increase in the estimated recovery projected for a large hospitality and gaming project which was primarily driven by changes in cost recovery assumptions. Excluding the discrete items that impacted the Company’s effective tax rate, this change in estimate resulted in a $12.4 million increase in income from construction operations, a $7.5 million increase in net income and a $0.16 increase in diluted earnings per common share during 2012. | ||||||||
Contracts vary in lengths and larger contracts can span over two to six years. At various stages of a contract’s lifecycle, different types of changes in estimates are more typical. Generally during the early ramp up stage, cost estimates relating to purchases of materials and subcontractors are frequently subject to revisions. As a contract moves into the most productive phase of execution, change orders, project cost estimate revisions and claims are frequently the sources for changes in estimates. During the contract’s final phase, remaining estimated costs to complete or provisions for claims will be closed out and adjusted based on actual costs incurred. The impact on operating margin in a reporting period and future periods from a change in estimate will depend on the stage of contract completion. Generally, if the contract is at an early stage of completion, the current period impact is smaller than if the same change in estimate is made to the contract at a later stage of completion. Likewise, if the company’s overall project portfolio was to be at a later stage of completion during the reporting period, the overall gross margin could be subject to greater variability from changes in estimates. | ||||||||
When recording revenue on contracts relating to unapproved change orders and claims, the Company includes in revenue an amount less than or equal to the amount of costs incurred by it to date for contract price adjustments that it seeks to collect from customers for delays, errors in specifications or designs, change orders in dispute or unapproved as to scope or price, or other unanticipated additional costs, in each case when recovery of the costs is considered probable. The amount of unapproved change orders and claim revenues is included in Consolidated Balance Sheets as part of costs and estimated earnings in excess of billings. When determining the likelihood of eventual recovery, the Company considers such factors as evaluation of entitlement, settlements reached to date and our experience with the customer. The settlement of these issues may take years depending upon whether the item can be resolved directly with the customer or involves litigation or arbitration. When new facts become known, an adjustment to the estimated recovery is made and reflected in the current period results. | ||||||||
(e) Method of Accounting for Contracts | ||||||||
Revenues and profits from the Company’s contracts and construction joint venture contracts are recognized by applying percentages of completion for the period to the total estimated revenues for the respective contracts. Percentage of completion is determined by relating the actual cost of the work performed to date to the current estimated total cost of the respective contracts. However, on contracts under which we provide construction management services, profit is generally recognized in accordance with the contract terms, usually on the as-billed method, which is generally consistent with the level of effort incurred over the contract period. When the estimate on a contract indicates a loss, the Company’s policy is to record the entire loss during the accounting period in which it is estimable. In the ordinary course of business, at a minimum on a quarterly basis, the Company updates estimates projected total contract revenue, cost and profit or loss for each contract based on changes in facts, such as an approved scope change, and changes in estimates. The cumulative effect of revisions in estimates of the total forecasted revenue and costs, including unapproved change orders and claims, during the course of the work is reflected in the accounting period in which the facts that caused the revision become known. The financial impact of these revisions to any one contract is a function of both the amount of the revision and the percentage of completion of the contract. Amounts up to the costs incurred which are attributable to unapproved change orders and claims are included in the total estimated revenue when realization is probable. Profit from unapproved change orders and claims is recorded in the period such amounts are resolved. | ||||||||
In accordance with normal practice in the construction industry, the Company includes in current assets and current liabilities amounts related to construction contracts realizable and payable over a period in excess of one year. Billings in excess of costs and estimated earnings represents the excess of contract billings to date over the amount of contract costs and profits (or contract revenue) recognized to date on the percentage of completion accounting method on certain contracts. Costs and estimated earnings in excess of billings represents the excess of contract costs and profits (or contract revenue) recognized to date on the percentage of completion accounting method over the amount of contract billings to date on the remaining contracts. Costs and estimated earnings in excess of billings results when (1) the appropriate contract revenue amount has been recognized in accordance with the percentage of completion accounting method, but a portion of the revenue recorded cannot be billed currently due to the billing terms defined in the contract and/or (2) costs, recorded at estimated realizable value, related to unapproved change orders or claims are incurred. | ||||||||
For unapproved change orders or claims that cannot be resolved in accordance with the normal change order process as defined in the contract, the Company employs other dispute resolution methods, including mediation, binding and non-binding arbitration, or litigation. | ||||||||
Costs and estimated earnings in excess of billings related to the Company’s contracts and joint venture contracts consisted of the following: | ||||||||
At December 31, | ||||||||
2013 | 2012 | |||||||
(in thousands) | ||||||||
Unbilled costs and profits incurred to date* | $ | 204,276 | $ | 157,119 | ||||
Unapproved change orders | 146,787 | 141,596 | ||||||
Claims | 222,185 | 166,287 | ||||||
$ | 573,248 | $ | 465,002 | |||||
* Represents the excess of contract costs and profits recognized to date on the percentage of completion accounting method over the amount of contract billings to date on certain contracts. | ||||||||
Of the balance of “Unapproved change orders” and “Claims” included above in costs and estimated earnings in excess of billings at December 31, 2013 and December 31, 2012, approximately $58.8 million and $62.0 million, respectively, are amounts subject to pending litigation or dispute resolution proceedings as described in Note 9 — Contingencies and Commitments. These amounts are management’s estimate of the probable cost recovery from the disputed claims considering such factors as evaluation of entitlement, settlements reached to date and experience with the customer. In the event that future facts and circumstances, including the resolution of disputed claims, cause a reduction in the aggregate amount of the estimated probable cost recovery from the disputed claims, the amount of such reduction will be recorded against earnings in the relevant future period. | ||||||||
The prerequisite for billing “Unbilled costs and profits incurred to date” is provided in the defined billing terms of each of the applicable contracts. The prerequisite for billing “Unapproved change orders” or “Claims” is the final resolution and agreement between the parties. The amount of costs and estimated earnings in excess of billings at December 31, 2013 estimated by management to be collected beyond one year is approximately $235.6 million. | ||||||||
(f) Property and Equipment | ||||||||
Land, buildings and improvements, construction and computer-related equipment and other equipment are recorded at cost. Major renewals and betterments are capitalized and maintenance and repairs are charged to operations as incurred. Depreciation is primarily calculated using the straight-line method for all classifications of depreciable property. Construction equipment is depreciated over estimated useful lives ranging from five to twenty years after an allowance for salvage. The remaining depreciable property is depreciated over estimated useful lives ranging from three to forty years after an allowance for salvage. | ||||||||
(g) Long-Lived Assets | ||||||||
Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Recoverability is evaluated by comparing the carrying value of the assets to the undiscounted associated cash flows. When this comparison indicates that the carrying value of the asset is greater than the undiscounted cash flows, a loss is recognized for the difference between the carrying value and estimated fair value. Fair value is determined based either on market quotes or appropriate valuation techniques. | ||||||||
(h) Goodwill and Intangible Assets | ||||||||
Intangible assets with finite lives are amortized over their useful lives. Construction contract backlog is amortized on a weighted average basis over the corresponding contract period. Customer relationships and certain trade names are amortized on a straight-line basis over their estimated useful lives. Goodwill and intangible assets with indefinite lives are not amortized. The Company evaluates intangible assets that are not being amortized at the end of each reporting period to determine whether events and circumstances continue to support an indefinite useful life. | ||||||||
The Company tests goodwill and intangible assets with indefinite lives for impairment by applying a fair value test in the fourth quarter of each year and between annual tests if events occur or circumstances change which suggest that the goodwill or intangible assets should be evaluated. Intangible assets with finite lives are tested for impairment whenever events or circumstances indicate that the carrying value may not be recoverable. The first step in the two-step process of the impairment analysis is to determine the fair value of the Company and each of its reporting units and compare the fair value of each reporting unit to its carrying value. If the carrying value of the reporting unit exceeds its fair value, a second step must be followed to calculate the goodwill impairment. The second step involves determining the fair value of the individual assets and liabilities of the reporting unit that failed the first step and calculating the implied fair value of goodwill. To determine the fair value of the Company and each of its reporting units, the Company utilizes both an income-based valuation approach as well as a market-based valuation approach. The income-based valuation approach is based on the cash flows that the reporting unit expects to generate in the future and it requires the Company to project revenues, operating expenses, working capital investment, capital spending and cash flows for the reporting unit in a discrete period, as well as determine the weighted-average cost of capital to be used as a discount rate and a terminal value growth rate for the non-discrete period. The market-based valuation approach to estimate the fair value of the Company’s reporting units utilizes industry multiples of revenues and operating earnings. The Company concludes on the fair value of the reporting units by assuming a 67% weighting on the income-based approach and a 33% weighing on the market-based valuation approach. | ||||||||
As part of the valuation process, the aggregate fair value of the Company is compared to its market capitalization at the valuation date in order to determine an implied control premium. In evaluating whether the Company’s implied control premium is reasonable, the Company considers a number of factors including the following factors of greatest significance. | ||||||||
· Market control premium: The Company compares its implied control premium to the average control premium paid in transactions of companies in the construction industry during the year of evaluation. | ||||||||
· Sensitivity analysis: The Company performs a sensitivity analysis to determine the minimum control premium required to recover the book value of the Company at the testing date. The minimum control premium required is then compared to the average control premium paid in transactions of companies in the construction industry during the year of evaluation. | ||||||||
· Impact of low public float and limited trading activity: A significant portion of the Company’s common stock is owned by the Company’s Chairman and CEO. As a result, the public float of the Company’s common stock, calculated as the percentage of shares of common stock freely traded by public investors divided by the Company’s total shares outstanding, is significantly lower than that of its publicly traded peers. This circumstance does not impact the fair value of the Company, however based on its evaluation of third party market data, the Company believes it does lead to an inherent marketability discount impacting its stock price. | ||||||||
Impairment assessment inherently involves management judgments as to the assumptions used for projections and to evaluate the impact of market conditions on those assumptions. The key assumptions that the Company uses to estimate the fair value of its reporting units under the income-based approach are as follows: | ||||||||
· Weighted average cost of capital used to discount the projected cash flows; | ||||||||
· Cash flows generated from existing and new work awards; and | ||||||||
· Projected operating margins. | ||||||||
Weighted average cost of capital rates used to discount the projected cash flows are developed via the capital asset pricing model which is primarily based upon market inputs. The Company uses discount rates that management feels are an accurate reflection of the risks associated with the forecasted cash flows of its respective reporting units. | ||||||||
To develop the cash flows generated from new work awards and future operating margins, the Company primarily tracks prospective work for each of its reporting units on a project-by-project basis as well as the estimated timing of when the work would be bid or prequalified, started and completed. The Company also gives consideration to its relationships with the prospective owners, the pool of competitors that are capable of performing large, complex work, changes in business strategy and the Company’s history of success in winning new work in each reporting unit. With regard to operating margins, the Company gives consideration to its historical reporting unit operating margins in the end markets that the prospective work opportunities are most significant, current market trends in recent new work procurement, and changes in business strategy. | ||||||||
The Company also estimates the fair value of its reporting units under a market-based approach by applying industry-comparable multiples of revenues and operating earnings to its reporting units’ projected performance. The conditions and prospects of companies in the construction industry depend on common factors such as overall demand for services. | ||||||||
Changes in the Company’s assumptions or estimates could materially affect the determination of the fair value of a reporting unit. Such changes in assumptions could be caused by: | ||||||||
· Terminations, suspensions, reductions in scope or delays in the start-up of the revenues and cash flows from backlog as well as the prospective work the Company tracks; | ||||||||
· Reductions in available government, state and local agencies and non-residential private industry funding and spending; | ||||||||
· The Company’s ability to effectively compete for new work and maintain and grow market penetration in the regions that the Company operates in; | ||||||||
· The Company’s ability to successfully control costs, work schedule, and project delivery; or | ||||||||
· Broader market conditions, including stock market volatility in the construction industry and its impact on the weighted average cost of capital assumption. | ||||||||
On a quarterly basis the Company considers whether events or changes in circumstances indicate that assets, including goodwill and intangible assets not subject to amortization might be impaired. In conjunction with this analysis, the Company evaluates whether its current market capitalization is less than its stockholders’ equity and specifically considers (1) changes in macroeconomic conditions, (2) changes in general economic conditions in the construction industry including any declines in market-dependent multiples, (3) cost factors such as increases in raw materials, labor, or other costs that have a negative effect on earnings and cash flows analyses, (4) a reconciliation of the implied control premium to a current market control premium, (5) target price assessments by third party analysts and (6) the impact of current market conditions on its forecast of future cash flows including consideration of specific projects in backlog, pending awards, or large prospect opportunities. The Company also evaluates its most recent assessment of the fair value for each of its reporting units, considering whether its current forecast of future cash flows is in line with those used in its annual impairment assessment and whether there are any significant changes in trends or any other material assumptions used. | ||||||||
As of December 31, 2013 the Company has concluded that it does not have an impairment of its goodwill or its indefinite-lived intangible assets and that the estimated fair value of each reporting unit exceeds its carrying value. See Note 4 — Goodwill and Other Intangible Assets for additional goodwill disclosure. | ||||||||
(i) Income Taxes | ||||||||
Deferred income tax assets and liabilities are recognized for the effects of temporary differences between the financial statement carrying amounts and the income tax basis of assets and liabilities using tax rates expected to be in effect when such differences reverse. In addition, future tax benefits, such as non-deductible accrued expenses, are recognized to the extent such benefits are more likely than not to be realized as an economic benefit in the form of a reduction of income taxes in future years. The Company recognizes interest and penalties related to uncertain tax positions as a component of the income tax provision. | ||||||||
(j) Earnings (Loss) Per Common Share | ||||||||
Basic earnings (loss) per common share were computed by dividing net income (loss) by the weighted average number of common shares outstanding. Diluted earnings (loss) per common share were similarly computed after giving consideration to the dilutive effect of stock options and restricted stock unit awards outstanding on the weighted average number of common shares outstanding. | ||||||||
The computation of diluted earnings (loss) per common share excludes 860,000 stock option shares during 2013, 1,315,465 stock option shares and 1,291,665 restricted stock units during 2012, and880,000 stock option shares during 2011 because these shares would have an antidilutive effect. | ||||||||
(k) Cash and Cash Equivalents and Restricted Cash | ||||||||
Cash equivalents include short-term, highly liquid investments with original maturities of three months or less when acquired. | ||||||||
Cash and cash equivalents, as reported in the accompanying Consolidated Balance Sheets, consist of amounts held by the Company that are available for general corporate purposes and the Company’s proportionate share of amounts held by construction joint ventures that are available only for joint venture-related uses, including future distributions to joint venture partners. Restricted cash is primarily held to secure insurance-related contingent obligations, such as insurance claim deductibles, in lieu of letters of credit. | ||||||||
Cash and cash equivalents and restricted cash consisted of the following: | ||||||||
At December 31, | ||||||||
2013 | 2012 | |||||||
(in thousands) | ||||||||
Corporate cash and cash equivalents (available for general corporate purposes) | $ | 36,579 | $ | 70,780 | ||||
Company’s share of joint venture cash and cash equivalents (available only for joint venture purposes, including future distributions) | 83,344 | 97,276 | ||||||
Total Cash and Cash Equivalents | $ | 119,923 | $ | 168,056 | ||||
Restricted Cash | $ | 42,594 | $ | 38,717 | ||||
(l) Long-term Investments | ||||||||
The Company’s investment in auction rate securities (“ARS”) is classified as available-for-sale securities based on the Company’s intentions. ARS are recorded at cost with unrealized gains and temporary unrealized losses recorded in accumulated other comprehensive income (loss), net of applicable taxes. Upon realization, those amounts are reclassified from accumulated other comprehensive income (loss) to other income, net. Unrealized losses that are other than temporary and due to a decline in expected cash flows are charged against income. | ||||||||
The Company performs a fair market value assessment of its ARS on a quarterly basis. To estimate fair value, the Company utilizes an income approach valuation model, with consideration given to market-based valuation inputs. The model considers, among other items, the following inputs: (i) the underlying structure of each security; (ii) the present value of future principal and interest payments discounted at rates considered to reflect current market conditions (discount rates range from 3% to 7% for investment grade securities); (iii) consideration of the probabilities of default or repurchase at par for each period (term periods range from 6 to 8 years); (iv) prices from recent comparable transactions; and (v) other third party pricing information. | ||||||||
The inputs and the Company’s analysis consider: (i) contractual terms of the ARS instruments; (ii) government- backed guarantees, if any; (iii) credit ratings on the ARS; (iv) current interest rates on the ARS and other market interest rate data; (v) trade data available, including trade data from secondary markets, for the Company’s ARS or similar ARS; (vi) recovery rates for any non-government guaranteed assets; (vii) historical transactions of the Company’s ARS being called at par; (viii) refunding initiatives of ARS; and (ix) risk of downgrade and default. Current market conditions, including repayment status of student loans, credit market risk, market liquidity and macro-economic influences are reflected in these inputs. | ||||||||
On a quarterly basis, the Company also assesses the recoverability of the ARS balance by reviewing: (i) the regularity and timely payment of interest on the securities; (ii) the probabilities of default or repurchase at par; (iii) the risk of loss of principal from government-backed versus non-government-backed securities; and (iv) the prioritization of the Company’s tranche of securities within the investment in case of default. The potential impact of any principal loss is included in the valuation model. | ||||||||
When the Company’s analysis indicates an impairment of a security, several factors are considered to determine the proper classification of the charge including: (i) any requirement or intent to sell the security; (ii) failure of the issuer to pay interest or principal; (iii) volatility of fair value; (iv) changes to the ratings of the security; (v) adverse conditions specific to the security or market; (vi) expected defaults; and (vii) length of time and extent that fair value has been less than the cost basis. The accumulation of this data is used to conclude if a credit loss exists for the specific security, and then to determine the classification of the impairment charge as temporary or other-than- temporary. | ||||||||
(m) Stock-Based Compensation | ||||||||
The Company’s long-term incentive plan allows it to grant stock-based compensation awards in a variety of forms including restricted stock units and stock options. The terms and conditions of the awards granted are established by the Compensation Committee of the Company’s Board of Directors. | ||||||||
Restricted stock unit awards and stock option awards generally vest subject to the satisfaction of service requirements or the satisfaction of both service requirements and achievement of certain performance targets. For restricted stock unit awards that vest subject to the satisfaction of service requirements, compensation expense is measured based on the fair value of the award on the date of grant and is recognized as expense on a straight-line basis (net of estimated forfeitures) over the requisite service period. For restricted stock unit awards which have a performance component, compensation cost is measured based on the fair value on the grant date (the date performance targets are established) and is recognized on a straight-line basis (net of estimated forfeitures) over the applicable requisite service period as achievement of the performance objective becomes probable. | ||||||||
(n) Insurance Liabilities | ||||||||
The Company typically utilizes third party insurance coverage subject to varying deductible levels with aggregate caps on losses retained. The Company assumes the risk for the amount of the deductible portion of the losses and liabilities primarily associated with workers’ compensation and general liability coverage. In addition, on certain projects, the Company assumes the risk for the amount of the deductible portion of losses that arise from any subcontractor defaults. Losses are accrued based upon the Company’s estimates of the aggregate liability for claims incurred using historical experience and certain actuarial assumptions followed in the insurance industry. The estimate of insurance liability within the deductible limits includes an estimate of incurred but not reported claims based on data compiled from historical experience. | ||||||||
(o) Fair Value of Financial Instruments | ||||||||
The carrying amount of cash and cash equivalents approximates fair value due to the short-term nature of these items. The carrying values of receivables, payables and other amounts arising out of normal contract activities, including retentions, which may be settled beyond one year, are estimated to approximate fair values. The fair value of receivables subject to pending litigation or dispute resolution proceedings is determined based upon the length of time that these matters take to be resolved and, as a result, the fair value can be greater than or less than the recorded book value depending on the facts and circumstances of each matter. See Note 3 — Fair Value Measurements for disclosure of the fair value of investments, long-term debt and contingent consideration associated with our acquisitions in 2011. | ||||||||
(p) Foreign Currency Translation | ||||||||
The functional currency for the Company’s foreign subsidiaries is the local currency. Accordingly, the assets and liabilities of those operations are translated into U.S. dollars using current exchange rates at the balance sheet date and operating statement items are translated at average exchange rates prevailing during the period. The resulting cumulative translation adjustment is recorded in the foreign currency translation adjustment account as part of accumulated other comprehensive income (loss) in stockholders’ equity. Foreign currency transaction gains and losses, if any, are included in operations as they occur. | ||||||||
(q) New Accounting Pronouncements | ||||||||
In January 2013, the FASB issued ASU 2013-01, which clarifies which instruments and transactions are subject to the offsetting disclosure requirements established by ASU 2011-11, “Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities.” ASU 2013-01 is effective for the fiscal years beginning on or after January 1, 2013, and interim periods within. Retrospective application is required for any period presented that begins before the entity’s initial application of the new requirements. The adoption of this guidance did not have a material impact on the Company’s financial statements. | ||||||||
In February 2013, the FASB issued ASU 2013-02, “Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income,” an amendment to FASB ASC Topic 220, “Comprehensive Income”. The update requires disclosure of amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement of operations or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required to be reclassified to net income in its entirety in the same reporting period. For amounts not reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures that provide additional detail about those amounts. This ASU is effective prospectively for the Company fiscal years, and interim periods within those years beginning after December 15, 2012. The adoption of this guidance did not have a material impact on the Company’s financial statements. | ||||||||
In February 2013, the FASB issued ASU 2013-04, which provides guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting date. This ASU is an update to FASB ASC Topic 405, “Liabilities”. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The adoption of this guidance is not expected to have a material impact on the Company’s financial statements. | ||||||||
In July 2013, the FASB issued ASU No. 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (a consensus of the Emerging Issues Task Force). This ASU addresses when unrecognized tax benefits should be presented as reductions to deferred tax assets for net operating loss carryforwards in the financial statements. This ASU is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013. The adoption of this guidance is not expected to have a material impact on the Company’s financial statements. |
Mergers_and_Acquisitions
Mergers and Acquisitions | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Mergers and Acquisitions | ' | ||||
Mergers and Acquisitions | ' | ||||
[2] Mergers and Acquisitions | |||||
(a) Information regarding acquisitions that are material in the aggregate | |||||
On January 3, 2011, the Company completed the acquisition of Fisk Electric Company (“Fisk”) to expand the Company’s nationwide electrical construction capabilities. On April 1, 2011, the Company completed the acquisition of Anderson Companies (“Anderson”) to strengthen the Company’s position in the southeastern United States. On June 1, 2011, the Company completed the acquisition of Frontier-Kemper Constructors, Inc. (“Frontier-Kemper”) to bolster the Company’s tunneling business in the United States and expand the Company’s geographic reach into Canada. On August 18, 2011, the Company completed the acquisition of Becho, Inc. (“Becho”) to bolster the Company’s drilling capabilities in the southwestern United States. | |||||
The transactions were accounted for using the acquisition method of accounting. During the twelve months ended December 31, 2013 and December 31, 2012, the Company did not materially revise any of the assumptions, estimates or amounts used to complete its purchase price accounting as of December 31, 2011. | |||||
The following unaudited pro forma summary financial information presents the operating results of the combined Company for the twelve months ended December 31, 2011 assuming that the acquisitions occurred on January 1, 2010. This unaudited pro forma summary financial information is presented for informational purposes only and is not indicative either of the operating results that actually would have occurred had the acquisitions been completed on January 1, 2010, or of future results. | |||||
Pro Forma (unaudited) | Year ended | ||||
(in thousands, except per share data) | December 31, 2011 | ||||
Revenues | $ | 3,894,867 | |||
Income from Construction Operations | $ | 178,631 | |||
Net Income | $ | 88,123 | |||
Basic earnings per common share | $ | 1.87 | |||
Diluted earnings per common share | $ | 1.84 | |||
The pro forma results have been prepared for comparative purposes only and include certain adjustments such as (i) interest expense on acquisition debt; (ii) adjustments to depreciation expense resulting from the adjustment of fixed asset bases to fair value at acquisition; (iii) additional amortization expense related to identifiable intangible assets arising from the acquisitions; (iv) elimination of acquisition related expenses incurred; and (v) to reflect a statutory income tax rate on the pretax income of Fisk, Anderson, Frontier-Kemper and Becho, as well as on the applicable pro forma adjustments made. The pro forma results are not necessarily indicative either of the results of operations that actually would have resulted had the acquisitions been in effect on January 1, 2010 or of future results. | |||||
(b) Merger with GreenStar Services Corporation | |||||
On July 1, 2011, the Company acquired GreenStar Services Corporation (“GreenStar”) via a merger of GreenStar into a wholly owned subsidiary of the Company to expand the Company’s presence in the northeastern markets. GreenStar, one of the nation’s largest specialty contractors, is primarily comprised of the following operating entities: Five Star Electric Corporation and WDF, Inc., which are located in New York, and Nagelbush Mechanical, Inc., which is located in Florida. | |||||
The transaction was accounted for using the acquisition method of accounting. During the twelve months ended December 31, 2013 and December 31, 2012, the Company did not materially revise any of the assumptions, estimates or amounts used to complete its purchase price accounting as of December 31, 2011. | |||||
The following unaudited pro forma summary financial information presents the operating results of the combined Company for the twelve months ended December 31, 2011 assuming that the merger occurred on January 1, 2010. This unaudited pro forma summary financial information is presented for informational purposes only and is not indicative either of the operating results that actually would have occurred had the merger been completed on January 1, 2010, or of future results. | |||||
Pro Forma (unaudited) | Year ended | ||||
(in thousands, except per share data) | December 31, 2011 | ||||
Revenues | $ | 4,068,804 | |||
Income from Construction Operations | $ | 207,579 | |||
Net Income | $ | 108,712 | |||
Basic earnings per common share | $ | 2.3 | |||
Diluted earnings per common share | $ | 2.27 | |||
The pro forma results have been prepared for comparative purposes only and include certain adjustments such as (i) interest expense on merger debt; (ii) adjustments to depreciation expense resulting from the adjustment of fixed asset bases to fair value at the merger date; (iii) additional amortization expense related to identifiable intangible assets arising from the merger; (iv) elimination of merger related expenses incurred; and (v) to reflect a statutory income tax rate on the pretax income of GreenStar, as well as on the applicable pro forma adjustments made. The pro forma results are not necessarily indicative either of the results of operations that actually would have resulted had the merger been in effect on January 1, 2010 or of future results. | |||||
(c) Acquisition of Lunda Construction Company | |||||
On July 1, 2011, the Company completed the acquisition of Lunda Construction Company (“Lunda”) to expand the Company’s civil business into the Midwestern United States. Lunda is a heavy civil contractor engaged in the construction, rehabilitation and maintenance of bridges, railroads, and other civil structures in the Midwest and throughout the United States. | |||||
The transaction was accounted for using the acquisition method of accounting. During the twelve months ended December 31, 2013 and December 31, 2012, the Company did not materially revise any of the assumptions, estimates or amounts used to complete its purchase price accounting as of December 31, 2011. | |||||
The following unaudited pro forma summary financial information presents the operating results of the combined Company for the twelve months ended December 31, 2011 assuming that the acquisition occurred on January 1, 2010. This unaudited pro forma summary financial information is presented for informational purposes only and is not indicative either of the operating results that actually would have occurred had the acquisitions been completed on January 1, 2010, or of future results. | |||||
Pro Forma (unaudited) | Year ended | ||||
(in thousands, except per share data) | December 31, 2011 | ||||
Revenues | $ | 3,872,694 | |||
Income from Construction Operations | $ | 191,565 | |||
Net Income | $ | 98,270 | |||
Basic earnings per common share | $ | 2.08 | |||
Diluted earnings per common share | $ | 2.05 | |||
The pro forma results have been prepared for comparative purposes only and include certain adjustments such as (i) interest expense on acquisition debt; (ii) adjustments to depreciation expense resulting from the adjustment of fixed asset bases to fair value at acquisition; (iii) additional amortization expense related to identifiable intangible assets arising from the acquisitions; (iv) elimination of acquisition related expenses incurred; and (v) to reflect a statutory income tax rate on the pretax income of Lunda, as well as on the applicable pro forma adjustments made. The pro forma results are not necessarily indicative either of the results of operations that actually would have resulted had the acquisitions been in effect on January 1, 2010, or of future results. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Fair Value Measurements | ' | |||||||||||||
Fair Value Measurements | ' | |||||||||||||
[3] Fair Value Measurements | ||||||||||||||
The Company measures certain financial instruments, including cash and cash equivalents, such as money market funds, at their fair values. The fair values were determined based on a three-tier valuation hierarchy for disclosure of significant inputs. These hierarchical tiers are defined as follows: | ||||||||||||||
Level 1 — inputs are unadjusted quoted prices in active markets for identical assets or liabilities. | ||||||||||||||
Level 2 — inputs are other than quoted prices in active markets that are either directly or indirectly observable through market corroboration. | ||||||||||||||
Level 3 — inputs are unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions based on the best information available in the circumstances. | ||||||||||||||
The carrying amount of cash and cash equivalents approximates fair value due to the short-term nature of these items. The carrying values of receivables, payables, other amounts arising out of normal contract activities, including retainage, which may be settled beyond one year, are estimated to approximate fair value. The fair value of receivables subject to pending litigation or dispute resolution proceedings is determined based upon the length of time that these matters take to be resolved and, as a result, the fair value can be greater than or less than the recorded book value depending on the facts and circumstances of each matter. Of the Company’s long-term debt, the fair values of the fixed rate senior unsecured notes as of December 31, 2013 and 2012 were $321.0 million and $309.8 million, respectively, compared to the carrying values of $298.5 million and $298.3 million, respectively. The fair value of the senior unsecured notes was estimated using Level 1 inputs based on market quotations including broker quotes or interest rates for the same or similar financial instruments at December 31, 2013 and 2012. For other fixed rate debt, fair value is determined using Level 3 inputs based on discounted cash flows for the debt at the Company’s current incremental borrowing rate for similar types of debt. The estimated fair values of other fixed rate debt at December 31, 2013 and 2012 were $150.0 million and $145.4 million, respectively, compared to the carrying amounts of $151.4 million and $140.7 million, respectively. The fair value of variable rate debt, which includes the Term Loan, approximated its carrying value of $283.9 million and $298.1 million at December 31, 2013 and 2012, respectively. See Note 5 — Financial Commitments for a discussion of the Term Loan. | ||||||||||||||
The following is a summary of financial statement items carried at estimated fair value measured on a recurring basis as of the dates presented: | ||||||||||||||
Fair Value Measurements Using | ||||||||||||||
Significant | ||||||||||||||
Quoted prices | other | Significant | ||||||||||||
Total | in active | observable | unobservable | |||||||||||
Carrying | markets | inputs | inputs | |||||||||||
At December 31, 2013 | Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||
(in thousands) | ||||||||||||||
Assets: | ||||||||||||||
Cash and cash equivalents (1) | $ | 119,923 | $ | 119,923 | $ | — | $ | — | ||||||
Restricted cash (1) | 42,594 | 42,594 | — | — | ||||||||||
Short-term investments (2) | 2,336 | — | 2,336 | — | ||||||||||
Investments in lieu of retainage (3) | 21,913 | 12,184 | 9,729 | — | ||||||||||
Long-term investments - auction rate securities (4) | 46,283 | — | — | 46,283 | ||||||||||
Total | $ | 233,049 | $ | 174,701 | $ | 12,065 | $ | 46,283 | ||||||
Liabilities: | ||||||||||||||
Interest rate swap contract (5) | $ | 974 | $ | — | $ | 974 | $ | — | ||||||
Contingent consideration (6) | 46,022 | — | — | 46,022 | ||||||||||
Total | $ | 46,996 | $ | — | $ | 974 | $ | 46,022 | ||||||
Fair Value Measurements Using | ||||||||||||||
Significant | ||||||||||||||
Quoted prices | other | Significant | ||||||||||||
Total | in active | observable | unobservable | |||||||||||
Carrying | markets | inputs | inputs | |||||||||||
At December 31, 2012 | Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||
(in thousands) | ||||||||||||||
Assets: | ||||||||||||||
Cash and cash equivalents (1) | $ | 168,056 | $ | 168,056 | $ | — | $ | — | ||||||
Restricted cash (1) | 38,717 | 38,717 | — | — | ||||||||||
Short-term investments (2) | 2,679 | — | 2,679 | — | ||||||||||
Investments in lieu of retainage (3) | 21,934 | 10,553 | 11,381 | — | ||||||||||
Long-term investments - auction rate securities (4) | 46,283 | — | — | 46,283 | ||||||||||
Total | $ | 277,669 | $ | 217,326 | $ | 14,060 | $ | 46,283 | ||||||
Liabilities: | ||||||||||||||
Interest rate swap contract (5) | $ | 1,923 | $ | — | $ | 1,923 | $ | — | ||||||
Contingent consideration (6) | 42,624 | — | — | 42,624 | ||||||||||
Total | $ | 44,547 | $ | — | $ | 1,923 | $ | 42,624 | ||||||
(1) Cash, cash equivalents and restricted cash primarily consist of money market funds with original maturity dates of three months or less, for which fair value is determined through quoted market prices. | ||||||||||||||
(2) Short-term investments are classified as other current assets and are comprised of U.S. Treasury Notes and municipal bonds. The majority of the municipal bonds are rated Aa2 or better. The fair values of the municipal bonds are obtained from readily- available pricing sources for comparable instruments, and as such, the Company has classified these assets as Level 2. | ||||||||||||||
(3) Investments in lieu of retainage are classified as accounts receivable, including retainage and are comprised of money market funds, U.S. Treasury Notes and other municipal bonds, the majority of which are rated Aa3 or better. The fair values of the U.S. Treasury Notes and municipal bonds are obtained from readily-available pricing sources for comparable instruments, and as such, the Company has classified these assets as Level 2. | ||||||||||||||
(4) At December 31, 2013 and 2012 the Company had $46.3 million invested in auction rate securities (“ARS”) which the Company considers as available-for-sale long-term investments. The long-term investments ARS held by the Company at December 31, 2013 and 2012 are in securities collateralized by student loan portfolios. At December 31, 2013 and 2012, most of the Company’s ARS were rated AA+ and AA+, respectively. The Company estimated the fair value of its ARS utilizing an income approach valuation model which considered, among other items, the following inputs: (i) the underlying structure of each security; (ii) the present value of future principal and interest payments discounted at rates considered to reflect current market conditions (discount rates range from 3% to 7%); (iii) consideration of the probabilities of default or repurchase at par for each period (term periods range from 6 to 8 years); (iv) prices from recent comparable transactions; and (v) other third party pricing information without adjustment. | ||||||||||||||
(5) As discussed in Note 5 — Financial Commitments, the Company entered into a swap agreement with Bank of America, N.A. to establish a long-term interest rate for its $200 million five-year term loan. The swap agreement became effective for the term loan principal balance outstanding at January 31, 2012 and will remain effective through the maturity date of the term loan. The Company values the interest rate swap liability utilizing a discounted cash flow model that takes into consideration forward interest rates observable in the market and the counterparty’s credit risk. This liability is classified as a component of other long-term liabilities. | ||||||||||||||
(6) The liabilities listed as of December 31, 2013 and 2012 above represent the contingent consideration for the Company’s acquisitions in 2011 for which the measurement periods for purchase price analyses for the acquisitions have concluded. | ||||||||||||||
The Company did not have any transfers between Levels 1 and 2 of financial assets or liabilities that are fair valued on a recurring basis during the years ended December 31, 2013 and 2012. | ||||||||||||||
The following is a summary of changes in Level 3 assets measured at fair value on a recurring basis during 2013 and 2012: | ||||||||||||||
Auction Rate | ||||||||||||||
Securities | ||||||||||||||
(in thousands) | ||||||||||||||
Balance at December 31, 2012 | $ | 46,283 | ||||||||||||
Purchases | — | |||||||||||||
Settlements | — | |||||||||||||
Balance at December 31, 2013 | $ | 46,283 | ||||||||||||
Auction Rate | ||||||||||||||
Securities | ||||||||||||||
(in thousands) | ||||||||||||||
Balance at December 31, 2011 | $ | 62,311 | ||||||||||||
Purchases | — | |||||||||||||
Settlements | (16,553 | ) | ||||||||||||
Realized loss included in other income (expense), net | (2,699 | ) | ||||||||||||
Reversal of pre-tax impairment charges included in accumulated other comprehensive income (loss) | 3,224 | |||||||||||||
Balance at December 31, 2012 | $ | 46,283 | ||||||||||||
At both December 31, 2013 and 2012, the Company had $46.3 million invested in ARS classified as available-for-sale. All of the ARS are securities collateralized by student loan portfolios guaranteed by the United States government. At December 31, 2013 and 2012, most of the Company’s ARS were rated AA+ and AA+, respectively. | ||||||||||||||
The Company has classified its ARS investment as long- term investments due to the uncertainty in the timing of future ARS calls and the absence of an active market for government-backed student loans. The Company expects that it will take in excess of twelve months before the ARS can be refinanced or sold. | ||||||||||||||
During the twelve months ended December 31, 2012, the Company sold one ARS at auction for its full par value and two ARS in a secondary market. The settlement of the three securities resulted in a realized loss included in other income (expense), net of $2.7 million. | ||||||||||||||
The following is a summary of changes in Level 3 liabilities measured at fair value on a recurring basis during 2013 and 2012: | ||||||||||||||
Contingent | ||||||||||||||
Consideration | ||||||||||||||
(in thousands) | ||||||||||||||
Balance at December 31, 2012 | $ | 42,624 | ||||||||||||
Fair value adjustments included in other income (expense), net | 26,374 | |||||||||||||
Contingent consideration settled | (22,976 | ) | ||||||||||||
Balance at December 31, 2013 | $ | 46,022 | ||||||||||||
Contingent | ||||||||||||||
Consideration | ||||||||||||||
(in thousands) | ||||||||||||||
Balance at December 31, 2011 | $ | 51,555 | ||||||||||||
Fair value measured at conclusion of purchase price analysis measurement period | 3,344 | |||||||||||||
Fair value adjustments included in other income (expense), net | 654 | |||||||||||||
Contingent consideration settled | (12,929 | ) | ||||||||||||
Balance at December 31, 2012 | $ | 42,624 | ||||||||||||
The liabilities listed above represent the contingent consideration for the acquisitions discussed in Note 2 — Mergers and Acquisitions for which the measurement periods for purchase price analyses for all the acquisitions have concluded. | ||||||||||||||
The fair values of the contingent consideration were estimated based on an income approach which is based on the cash flows that the acquired entity is expected to generate in the future. This approach requires management to project revenues, operating expenses, working capital investment, capital spending and cash flows for the reporting unit over a multi-year period, as well as determine the weighted average cost of capital to be used as a discount rate (weighted average cost of capital inputs have ranged from 14%-18%). |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||||||
[4] Goodwill and Other Intangible Assets | |||||||||||||||||
The following table presents the changes in the carrying amount of goodwill allocated to the Company’s reporting units for the periods presented: | |||||||||||||||||
Specialty | Management | ||||||||||||||||
Civil | Building | Contractors | Services | Total | |||||||||||||
(in thousands) | |||||||||||||||||
Gross Goodwill Balance | 319,254 | 402,926 | — | 66,638 | 788,818 | ||||||||||||
Accumulated Impairment | — | (146,847 | ) | — | (20,051 | ) | (166,898 | ) | |||||||||
Goodwill recorded in connection with the acquisition of Fisk, Anderson, Lunda, GreenStar and Becho | 129,775 | 140,907 | — | — | 270,682 | ||||||||||||
Reallocation based on relative fair value (1) | (18,267 | ) | (123,566 | ) | 141,833 | — | — | ||||||||||
Balance at December 31, 2011 | 430,762 | 273,420 | 141,833 | 46,587 | 892,602 | ||||||||||||
Acquisition related adjustments | (869 | ) | — | — | — | (869 | ) | ||||||||||
Impairment charge | (55,740 | ) | (262,918 | ) | — | (2,429 | ) | (321,087 | ) | ||||||||
Balance at December 31, 2012 | $ | 374,153 | $ | 10,502 | $ | 141,833 | $ | 44,158 | $ | 570,646 | |||||||
Goodwill recorded in connection with an acquisition (2) | — | — | 7,110 | — | 7,110 | ||||||||||||
Balance at December 31, 2013 | $ | 374,153 | $ | 10,502 | $ | 148,943 | $ | 44,158 | $ | 577,756 | |||||||
(1) During the third quarter of 2011, the Company completed a reorganization which resulted in the formation of the Specialty Contractors reporting unit and reportable segment. The Specialty Contractors reporting unit consists of the following subsidiary companies: WDF, FSE, Nagelbush, Fisk, Desert Mechanical, Inc. (“DMI”) (all previously included in the Building reporting unit), and Superior Gunite (previously included in the Civil reporting unit). The reorganization enabled the Company to focus on vertical integration through increased self- performed work capabilities, while maintaining the specialty contractors business with third parties, and strengthened the Company’s position as a full-service contractor with greater control over scheduled delivery and risk management. The Company reallocated goodwill between its reorganized reporting units based on a relative fair value assessment in accordance with the guidance on segment reporting. | |||||||||||||||||
(2) During the third quarter of 2013, the Company acquired a small fire protection systems contractor. As this acquisition is immaterial, no proforma disclosures are presented. | |||||||||||||||||
The Company tests goodwill and intangible assets with indefinite lives for impairment by applying a fair value test in the fourth quarter of each year and between annual tests if events occur or circumstances change that suggest a material adverse change to the most recently concluded valuation. Intangible assets with finite lives are also tested for impairment whenever events or circumstances indicate that the carrying value may not be recoverable. The Company did not observe any changes in facts or circumstances during the twelve months ended December 31, 2013 that would suggest a material decline in the value of goodwill and intangible assets as concluded in the fourth quarter of the year ended December 31, 2012. | |||||||||||||||||
At December 31, 2013, the fair value of the Management Services reporting unit increased from the concluded value as of December 31, 2012, and now exceeds its carrying value by greater than 10%. The Company concluded that the short- and long-term impacts of the debt ceiling and budget resolutions reached during and subsequent to the period ended December 31, 2013, were positive indicators of increased government spending and more definitive project timeframes; however, the Company acknowledges that future political determinations could have a material impact on the valuation of the reporting unit. | |||||||||||||||||
Despite these political impacts, the Management Services reporting unit and its competitors have been awarded Indefinite-delivery/indefinite-quantity (“IDIQ”) contracts with significant funding ceilings, although the timing of the actual funding and subsequent release of individual task orders under those contracts continues to be sporadic. | |||||||||||||||||
The net change in the carrying amount of goodwill for the year ended December 31, 2012 was primarily due to a goodwill impairment charge of $321.1 million recorded in the second quarter of 2012. See “Goodwill Impairment” below. | |||||||||||||||||
Goodwill Impairment | |||||||||||||||||
The Company performs its annual impairment test of goodwill and other indefinite-lived intangible assets in the fourth quarter of each year. The first step in the two step process is to compare the fair value of the reporting unit to its carrying value. If the carrying value of the reporting unit exceeds its fair value, a second step must be followed to calculate the goodwill impairment. The second step involves determining the fair value of the individual assets and liabilities of the reporting unit and calculating the implied fair value of goodwill. To determine the fair value of its reporting units, the Company uses the income approach, which is based on the cash flows that the reporting unit expects to generate in the future. This income valuation method requires management to project revenues, operating expenses, working capital investment, capital spending and cash flows for the reporting unit over a multi-year period, as well as determine the weighted-average cost of capital to be used as a discount rate. The Company also uses the market valuation method to estimate the fair value of its reporting units by utilizing industry multiples of operating earnings. Impairment assessment inherently involves management judgments as to assumptions used to project these amounts and the impact of market conditions on those assumptions. | |||||||||||||||||
As part of the valuation process, the aggregate fair value of the Company was compared to its market capitalization at the valuation date in order to determine the implied control premium. The implied control premium was then compared to the control premiums paid in recent transactions within the industry. The Company’s implied market control premium of 35.6% and 64.5%, as of the fourth quarter of 2013 and fourth quarter of 2012 valuation, respectively, were determined to be in an acceptable range of market transactions observed in the construction and engineering industry in the past several years. | |||||||||||||||||
As part of the review process for the reporting unit valuations, the Company created multiple income-based and market-based valuation models to understand the sensitivity of the variables used in determining the fair value. These models were reviewed with the Company’s external fair value specialists who assisted in the process by providing insight into acceptable ranges on various valuation assumptions as well as preferred valuation techniques. | |||||||||||||||||
Weighted average cost of capital rates used to discount the projected cash flows were developed via the capital asset pricing model which is primarily based upon market inputs. The Company used discount rates that management felt were an accurate reflection of the risks associated with the forecasted cash flows of its respective reporting units. Weighted average cost of capital inputs ranged from 13.5% - 15.5% for the Company’s reporting units. Since the Company’s 2012 annual impairment analysis, the weighted average cost of capital rates were positively impacted by broader market conditions including the recent rise in comparable companies within the construction industry. | |||||||||||||||||
Similar to previous valuations, the Company noted that small changes to valuation assumptions could have a significant impact on the concluded value; however, the Company gained comfort over the assumptions selected for valuation through comparison to historical transaction benchmarks, third party industry expectations, and the Company’s previous models. | |||||||||||||||||
During the second quarter of 2012, the Company experienced a sustained decrease in its stock price, causing its market capitalization to be substantially less than its carrying value and its implied control premium to increase beyond the implied control premium that was reconciled in its 2011 annual impairment analysis, and beyond the observable market comparable level. Additionally, deterioration in broader market conditions including stock market volatility, particularly in the construction industry, impacted the weighted average cost of capital rate assumptions used in deriving the fair values of the Company’s reporting units, which are primarily based on market inputs. Finally, several of the Company’s reporting units experienced degradation in the timing of projected cash flows used in deriving the fair values of those reporting units in its 2011 annual impairment analysis caused by delays in the timing of awards and start of new work that the Company anticipated would enter into backlog in the first half of 2012, and a general decrease in profit margins on new work awards that were factored into the Company’s forecast assumptions. | |||||||||||||||||
With regard to the Company’s reporting units, the carrying values of the Company’s Civil, Building, and Management Services reporting units were greater than their fair values, and as such, the Company performed the second step of the goodwill impairment test for these reporting units which resulted in goodwill impairments as discussed above. In this second step, the Company determined the fair value of the individual assets and liabilities of the reporting units that failed Step 1 and calculated the implied fair value of goodwill for those reporting units. The Company included in this calculation the valuation of assets and liabilities that would occur in a theoretical purchase price allocation of the reporting unit in accordance with the Financial Accounting Standards Board’s (the “FASB”) Accounting Standards Codification (“ASC”) 805 — Business Combinations, as well as the value of backlog, trade name, and customer relationships and the impact of deferred tax liabilities and assets arising from the fair valuation of these assets and liabilities. | |||||||||||||||||
The fair value of the Specialty Contractors reporting unit substantially exceeded its carrying value, and as such, it was not necessary to perform the second step of the goodwill impairment test for this reporting unit. | |||||||||||||||||
In conducting the initial step of its goodwill evaluation, the Company also evaluated its finite lived tangible and intangible assets due to the degradation in the timing of projected cash flows since the Company’s 2011 impairment analysis and changes in the planned use of certain intangible assets. The Company compared the fair value of the finite lived tangible and intangible assets to their carrying value and determined that the carrying value of a portion of these assets exceeded their fair value as determined by the income-based valuation approach and by benchmarking against observable market prices. This income-based valuation approach involved key assumptions similar to those used in the goodwill impairment analysis for the Company’s reporting units as discussed above, (e.g. projections of future cash flows associated with the Company’s trade name, contractor license, customer relationship and contract backlog intangible assets that were recorded in previous acquisitions). | |||||||||||||||||
Based on these circumstances and events, the Company performed an interim goodwill and indefinite lived intangible asset impairment test as of June 30, 2012 and, as a result, the Company recorded a goodwill impairment charge of $321.1 million and an indefinite lived intangible assets impairment charge of $16.4 million in the second quarter of 2012. The Company also evaluated its finite lived tangible and intangible assets due to the degradation in the timing of projected cash flows since the Company’s 2011 impairment analysis and changes in the planned use of certain intangible assets, and this analysis resulted in a $39.1 million impairment charge on the Company’s finite lived intangible assets in the second quarter of 2012. | |||||||||||||||||
Intangible assets consist of the following: | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Weighted | |||||||||||||||||
Accumulated | Average | ||||||||||||||||
Accumulated | Impairment | Carrying | Amortization | ||||||||||||||
Cost | Amortization | Charge | Value | Period | |||||||||||||
(in thousands) | |||||||||||||||||
Trade names (non-amortizable) | $ | 117,600 | $ | — | $ | (67,190 | ) | $ | 50,410 | Indefinite | |||||||
Trade names (amortizable) | 74,350 | (6,341 | ) | (23,232 | ) | 44,777 | 20 years | ||||||||||
Contractor license | 6,000 | — | (6,000 | ) | — | Indefinite | |||||||||||
Customer relationships | 39,800 | (14,315 | ) | (16,645 | ) | 8,840 | 11.4 years | ||||||||||
Construction contract backlog | 73,706 | (63,993 | ) | — | 9,713 | 3.6 years | |||||||||||
Total | $ | 311,456 | $ | (84,649 | ) | $ | (113,067 | ) | $ | 113,740 | |||||||
December 31, 2012 | |||||||||||||||||
Weighted | |||||||||||||||||
Accumulated | Average | ||||||||||||||||
Accumulated | Impairment | Carrying | Amortization | ||||||||||||||
Cost | Amortization | Charge | Value | Period | |||||||||||||
(in thousands) | |||||||||||||||||
Trade names (non-amortizable) | $ | 117,600 | $ | — | $ | (67,190 | ) | $ | 50,410 | Indefinite | |||||||
Trade names (amortizable) | 74,350 | (3,854 | ) | (23,232 | ) | 47,264 | 20 years | ||||||||||
Contractor license | 6,000 | — | (6,000 | ) | — | Indefinite | |||||||||||
Customer relationships | 39,800 | (13,029 | ) | (16,645 | ) | 10,126 | 11.4 years | ||||||||||
Construction contract backlog | 73,706 | (54,685 | ) | — | 19,021 | 3.6 years | |||||||||||
Total | $ | 311,456 | $ | (71,568 | ) | $ | (113,067 | ) | $ | 126,821 | |||||||
Amortization expense for the years ended December 31, 2013, 2012, and 2011 totaled $13.1 million, $18.3 million and $13.1 million, respectively. At December 31, 2013, amortization expense is estimated to be $11.9 million in 2014, $5.3 million in 2015, $3.5 million in 2016, $3.5 million in 2017, $3.5 million in 2018 and $35.5 million thereafter. |
Financial_Commitments
Financial Commitments | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Financial Commitments | ' | |||||||
Financial Commitments | ' | |||||||
[5] Financial Commitments | ||||||||
Long-term Debt | ||||||||
Long-term debt consists of the following: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(in thousands) | ||||||||
Senior unsecured notes due November 1, 2018 with interest rate of 7.625% payable in equal semi-annual installments beginning May 1, 2011 through November 1, 2018 | $ | 300,000 | $ | 300,000 | ||||
Less unamortized debt discount based on imputed interest rate of 7.75% | (1,493 | ) | (1,742 | ) | ||||
Total amount, net of unamortized discount | 298,507 | 298,258 | ||||||
$300.0 million revolving line of credit at lender’s prime rate (3.25%) or Euro rate, plus applicable spread rates, maturing in 2016 | 135,000 | 120,000 | ||||||
$200.0 million term loan including quarterly installments of principal and interest payable over a five-year period at rates as defined in the Amended Credit Agreement and the Swap Agreement | 115,000 | 152,500 | ||||||
Equipment financing at rates ranging from 2.21% to 3.98% payable in equal monthly installments over a five-year period, with balloon payments totaling $8.8 million in 2016 | 78,055 | 80,297 | ||||||
Loan on transportation equipment with interest rate of 6.44% payable in equal monthly installments over a five-year period, with a balloon payment of $29.2 million in 2014 | 29,582 | 30,905 | ||||||
Lunda seller notes payable at a rate of 5% with interest payable annually and principal payable in 2016 | 21,750 | 21,750 | ||||||
Loan on transportation equipment at a variable LIBOR-based rate plus 2.4% payable in equal monthly installments over a seven-year period, with a balloon payment of $12.1 million in 2015 | 13,363 | 14,087 | ||||||
Mortgage on land and improvements at a variable LIBOR-based interest rate plus 3.00% payable in equal monthly installments over a 30-year period, with a balloon payment of $6.7 million in 2023. | 9,404 | — | ||||||
Mortgages on land and office building, both at a variable LIBOR-based interest rate plus 2.0% with principal on both payable in equal monthly installments over seven years. The seven-year mortgages include balloon payments in 2016 of $3.0 million and $2.6 million, respectively | 6,952 | 7,599 | ||||||
Mortgage on office building at a variable rate of lender’s prime rate (3.25%) less 1.0% payable in equal monthly installments over a ten-year period, with a balloon payment of $2.6 million in 2018 | 3,671 | 3,915 | ||||||
Mortgage on land at a fixed interest rate of 0.20% with combined principal and interest paid in twenty-four equal monthly installments plus one fixed balloon payment of $1.5 million that was paid in 2013 | — | 1,750 | ||||||
Mortgage on office building at a rate of 5.62% payable in equal monthly installments over a five-year period, with a balloon payment of $1.1 million that was paid in 2013 | — | 1,111 | ||||||
Other indebtedness | 22,600 | 4,918 | ||||||
Total | 733,884 | 737,090 | ||||||
Less — current maturities | (114,658 | ) | (67,710 | ) | ||||
Long-term debt, net | $ | 619,226 | $ | 669,380 | ||||
Principal payments required under these obligations amount to approximately $114.6 million in 2014, 87.4 million in 2015, $75.9 million in 2016, $5.5 million in 2017, $306.6 million in 2018 and $143.8 million in 2019 and beyond. | ||||||||
7.625% Senior Notes due 2018 | ||||||||
On October 20, 2010, the Company completed a private placement offering of $300 million in aggregate principal amount of its 7.625% senior unsecured notes due November 1, 2018 (the “Senior Notes”). The Senior Notes were priced at 99.258%, resulting in a yield to maturity of 7.75%. The Senior Notes were made available in a private offering that is exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). The private placement of the Senior Notes resulted in proceeds to the Company of approximately $293.2 million after a debt discount of $2.2 million and initial debt issuance costs of $4.6 million. The Senior Notes were issued pursuant to an indenture (the “Indenture”), dated as of October 20, 2010 by and among the Company, its subsidiary guarantors and Wilmington Trust FSB, as trustee (the “Trustee”). | ||||||||
The Senior Notes mature on November 1, 2018, and bear interest at a rate of 7.625% per annum, payable semi- annually in cash in arrears on May 1 and November 1 of each year, beginning on May 1, 2011. The Senior Notes are senior unsecured obligations of the Company and are guaranteed by substantially all of the Company’s existing and future subsidiaries that guarantee obligations under the Company’s Amended Credit Agreement. | ||||||||
The terms of the Indenture, among other things, limit the ability of the Company and its restricted subsidiaries to (i) incur additional indebtedness or issue certain preferred stock; (ii) pay dividends on, or make distributions in respect of, the Company’s capital stock or repurchase the Company’s capital stock; (iii) make certain investments or other restricted payments; (iv) sell certain assets; (v) create liens or use assets as security in other transactions; (vi) merge, consolidate or transfer or dispose of substantially all of the Company’s assets; and (vii) engage in certain transactions with affiliates. | ||||||||
The Senior Notes are redeemable, in whole or in part, at any time on or after November 1, 2014, at the redemption prices specified in the Indenture, together with accrued and unpaid interest, if any, to the redemption date. At any time prior to November 1, 2013, the Company could have redeemed up to 35% of the aggregate principal amount of the Senior Notes with the net cash proceeds from certain equity offerings at a redemption price equal to 107.625% of the principal amount thereof, together with accrued and unpaid interest, if any, to the redemption date. In addition, at any time prior to November 1, 2014, the Company may redeem the Senior Notes, in whole or in part, at a redemption price equal to 100% of the principal amount of the Senior Notes so redeemed, plus a “make whole” premium, together with accrued and unpaid interest, if any, to the redemption date. | ||||||||
Upon the occurrence of a change of control triggering event specified in the Indenture, the Company must offer to purchase the Senior Notes at a redemption price equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to the date of purchase. | ||||||||
The Indenture provides for customary events of default (subject in certain cases to customary grace and cure periods), which include nonpayment, breach of covenants in the Indenture, payment defaults or acceleration of other indebtedness, a failure to pay certain judgments and certain events of bankruptcy and insolvency. If an event of default occurs and is continuing, the Trustee or holders of at least 25% in principal amount of the outstanding Senior Notes may declare the principal, accrued and unpaid interest, if any, on all the Senior Notes to be due and payable. | ||||||||
In April 2011, the Company filed an amended registration statement with the Securities and Exchange Commission with respect to an offer to exchange the Senior Notes for a new issue of debt securities registered under the Securities Act (the “Exchange Offer”), with terms substantially identical to those of the Senior Notes, (except for provisions relating to the transfer restrictions and payment of additional interest), and to keep the Exchange Offer open for at least 30 business days (the “Registration Statement”). The Exchange Offer was consummated in June 2011. | ||||||||
Amended Credit Agreement | ||||||||
On August 3, 2011 the Company entered into a Fifth Amended and Restated Credit Agreement (the “Credit Agreement”) with Bank of America, N.A., which has been amended by a Joinder Agreement dated October 21, 2011 executed by Becho, Inc. The Credit Agreement allows the Company to borrow up to $300 million on a revolving credit basis (the “Revolving Facility”), with a $50 million sublimit for letters of credit, and an additional $200 million term loan (the “Term Loan”). | ||||||||
On August 2, 2012, the Company entered into a First Amendment (the “First Amendment”) to its Fifth Amended and Restated Credit Agreement (the “Amended Credit Agreement”) with Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer (the “Lender”). The First Amendment modifies the financial covenants under the Amended Credit Agreement beginning with the period ended September 30, 2012 to allow for more favorable minimum net worth, minimum fixed charge and maximum leverage ratios for the Company and also to add new financial covenants including minimum liquidity and consolidated senior leverage ratio covenants. The First Amendment also increases the sublimit for letters of credit from $50 million to $150 million. | ||||||||
Under the First Amendment, the minimum net worth covenant is modified such that the consolidated net worth of the Company cannot be less than the sum of: (i) 85% of the consolidated net worth as of March 31, 2012 less the actual goodwill and intangible assets impairment charge taken on or before September 30, 2012, not to exceed $450.0 million; (ii) an amount equal to 50% of net income for each fiscal quarter ending after June 30, 2012 (with no deduction for net losses); and (iii) an amount equal to 100% of the aggregate amount of all equity issuances after June 30, 2012 that increase stockholder’s equity. The minimum fixed charge ratio covenant is modified such that the minimum fixed charge ratio shall not be less than 1.00 to 1.00 for the quarterly periods ending September 30, 2012 and December 31, 2012, 1.10 to 1.00 for the quarterly periods ending March 31, 2013 and June 30, 2013, and 1.25 to 1.00 for the quarterly periods ending September 30, 2013 and thereafter. The consolidated leverage ratio covenant is modified such that the consolidated leverage ratio shall not be greater than 4.25 to 1.00 for the quarterly periods ending September 30, 2012 through March 31, 2013, 3.75 to 1.00 for the quarterly periods ending June 30, 2013 through December 31, 2013, 3.25 to 1.00 for the quarterly periods ending March 31, 2014 through September 30, 2014 and 2.75 to 1.00 for the quarterly periods ending December 31, 2014 and thereafter. The First Amendment allows for an add-back to EBITDA of up to $450.0 million for any goodwill and intangible asset impairment charges that impact the ratios for all fiscal quarters through March 31, 2013. | ||||||||
The Company was in compliance with the modified financial covenants of the Amended Credit Agreement for the period ended December 31, 2013. | ||||||||
The First Amendment also modifies the applicable interest rates for amounts outstanding such that they bear interest at a rate equal to, at the Company’s option, (a) the adjusted British Bankers Association LIBOR rate, as defined, plus 200 to 400 basis points (floor of 200 basis points) based on the ratio of consolidated funded indebtedness of the Company and its subsidiaries to consolidated EBITDA or (b) the higher of the Federal Funds Rate plus 50 basis points, or the prime rate announced by Bank of America, N.A., plus up to 300 basis points based on the ratio of consolidated funded indebtedness of the Company and its subsidiaries to consolidated EBITDA. In addition, the Company has agreed to pay quarterly facility fees ranging from 0.375% to 0.700% per annum of the unused portion of the credit facility. | ||||||||
The Amended Credit Agreement increases the sublimit for letters of credit from $50 million to $150 million. Substantially all of the Company’s subsidiaries unconditionally guarantee the obligations of the Company under the Amended Credit Agreement. The obligations under the Amended Credit Agreement are secured by a lien on all personal property of the Company and its subsidiaries party thereto. Any outstanding loans under the Revolving Facility mature on August 3, 2016, while the Term Loan includes quarterly installments of principal and interest payable over a five-year period. The Term Loan balance has been paid down to $115.0 million at December 31, 2013. | ||||||||
The Amended Credit Agreement also includes certain customary provisions for this type of facility, including operational covenants restricting liens, investments, indebtedness, fundamental changes in corporate organization, and dispositions of property, and events of default, certain of which include corresponding grace periods and notice requirements. | ||||||||
The Amended Credit Agreement provides for customary events of default with corresponding grace periods, including (i) failure to pay any principal or interest when due, (ii) failure to comply with covenants, (iii) any material representation or warranty made by the Company proving to be incorrect in any material respect, (iv) defaults relating to or acceleration of other material indebtedness, (v) certain insolvency or receivership events affecting the Company, (vi) a change in control of the Company, or (vii) the Company becoming subject to certain material judgments. | ||||||||
In the event of a default, the Administrative Agent, at the request of the requisite number of lenders, must terminate the lenders’ commitments to make loans under the Amended Credit Agreement and declare all obligations under the Amended Credit Agreement immediately due and payable. For certain events of default related to insolvency and receivership, the commitments of the lenders will be automatically terminated and all outstanding obligations of the Company under the Amended Credit Agreement will become immediately due and payable. | ||||||||
The Company had $135.0 million of outstanding borrowings under the Revolving Facility as of December 31, 2013 and $120.0 million of outstanding borrowings as of December 31, 2012. The Company utilized the Revolving Facility for letters of credit in the amount of $0.2 million as of both December 31, 2013 and 2012. Accordingly, at December 31, 2013, the Company had $164.9 million available to borrow under the Amended Credit Agreement. | ||||||||
On August 26, 2011, the Company entered into a swap agreement (“Swap Agreement”) with Bank of America, N.A. to establish a long-term interest rate for the Term Loan discussed above. The Swap Agreement pertains to the Term Loan principal balance outstanding at January 31, 2012 and will remain effective through the maturity date of the Term Loan. Amounts outstanding under the Swap Agreement will bear interest at a rate equal to the Applicable Rate, as defined in the Amended Credit Agreement (based upon the Company’s consolidated leverage ratio) plus 97.5 basis points. The Swap Agreement includes quarterly installments of principal and monthly installments of interest payable through the maturity date of the Term Loan. | ||||||||
Debt Agreements from Recent Acquisitions | ||||||||
In connection with the acquisition of Frontier-Kemper and GreenStar, we assumed certain debt, all of which was paid off in 2011. | ||||||||
In connection with the acquisition of Lunda, the Company issued to the former Lunda shareholders promissory notes in an aggregate amount of approximately $21.7 million (the “Lunda Seller Notes”). Interest under the Lunda Seller Notes accrues at the rate of 5% per annum with all accrued but unpaid interest payable annually. The Lunda Seller Notes mature on July 1, 2016. The Company may prepay all or any portion of the Lunda Seller Notes at any time without premium or penalty. To the extent that the Company prepays all or any portion of its outstanding Senior Notes, it is also required to repay a pro rata portion (based upon the amount being prepaid under the Senior Notes and the total amount outstanding under the Senior Notes) of the Lunda Seller Notes. The Lunda Seller Notes are guaranteed by Lunda, which, as a result of the acquisition, is a wholly owned subsidiary of the Company. | ||||||||
Collateralized Loans | ||||||||
During 2013 and 2011, the Company entered into several equipment financing arrangements for its existing and its recently acquired equipment fleets as discussed in more detail below. The Company attempted to take advantage of the opportunity to fix low interest rates for these fleets which has provided additional cash flows available for general corporate purposes. | ||||||||
During 2013, we obtained equipment financing totaling $25.8 million at fixed rates ranging from 2.28% to 3.09%, payable in equal monthly installments for sixty months. We obtained a mortgage loan of $9.6 million collateralized by land and improvements located in Houston, Texas, with equal monthly installments over a 30-year period at LIBOR plus 3.00% with a balloon payment of $6.7 million due in 2023. | ||||||||
In January of 2012, the Company obtained a mortgage loan of $2.1 million collateralized by land at a rate of 0.20% with 24 equal monthly installments of principal and interest and a balloon payment of $1.5 million that was paid in November of 2013. | ||||||||
In September 2011, the Company entered into two new equipment financing agreements. The Company obtained two loans for $12.5 million each, which are collateralized by construction equipment owned by the Company. The terms of each of the loans include equal monthly installments inclusive of principal and interest at an interest rate of 2.21% payable over a five-year period. In August 2011, the Company entered into a new equipment financing agreement. The Company obtained a loan totaling $25.0 million, which is collateralized by construction equipment owned by the Company. The terms of the loan include equal monthly installments inclusive of principal and interest at an interest rate of 2.53% payable over a five-year period. In March 2011, the Company paid off and subsequently refinanced several of its equipment financing agreements at lower interest rates and also entered into several new equipment financing agreements. The refinancing resulted in payments totaling $27.4 million which paid off the previous agreements in place. The Company obtained loans totaling $59.7 million, which are collateralized by construction equipment owned by the Company. The terms of the loans include equal monthly installments inclusive of principal and interest at an interest rate of 3.98% payable over a five-year period, with balloon payments totaling $8.8 million in 2016. | ||||||||
Leases | ||||||||
The Company leases certain construction equipment, vehicles and office space under non-cancelable operating leases. Future minimum rent payments under non-cancelable operating leases as of December 31, 2013 are as follows: | ||||||||
Amount | ||||||||
(in thousands) | ||||||||
2014 | $ | 17,886 | ||||||
2015 | 15,427 | |||||||
2016 | 10,694 | |||||||
2017 | 6,493 | |||||||
2018 | 2,864 | |||||||
Thereafter | 6,046 | |||||||
Subtotal | $ | 59,410 | ||||||
Less - Sublease rental agreements | (755 | ) | ||||||
$ | 58,655 | |||||||
Rental expense under operating leases of construction equipment, vehicles and office space was $18,524 in 2013, $17,730 in 2012 and $15,866 in 2011. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Income Taxes | ' | ||||||||||||||||
Income Taxes | ' | ||||||||||||||||
[6] Income Taxes | |||||||||||||||||
Income (Loss) before taxes is summarized as follows: | |||||||||||||||||
U.S. | Foreign | ||||||||||||||||
Year ended December 31, | Operations | Operations | Total | ||||||||||||||
(in thousands) | |||||||||||||||||
2013 | $ | 127,682 | $ | 11,933 | $ | 139,615 | |||||||||||
2012 | $ | (271,683 | ) | $ | 3,841 | $ | (267,842 | ) | |||||||||
2011 | $ | 133,501 | $ | 3,546 | $ | 137,047 | |||||||||||
The (benefit) provision for income taxes is as follows: | |||||||||||||||||
Year ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
(in thousands) | |||||||||||||||||
Current expense: | |||||||||||||||||
Federal | $ | 29,034 | $ | 19,573 | $ | 30,848 | |||||||||||
State | 9,018 | 3,508 | 6,303 | ||||||||||||||
Foreign | 4,256 | 1,542 | 1,325 | ||||||||||||||
Total current | 42,308 | 24,623 | 38,476 | ||||||||||||||
Deferred (benefit) expense: | |||||||||||||||||
Federal | 9,547 | (28,157 | ) | 16,351 | |||||||||||||
State | 577 | 1,104 | (3,718 | ) | |||||||||||||
Foreign | (113 | ) | (12 | ) | (210 | ) | |||||||||||
Total deferred | 10,011 | (27,065 | ) | 12,423 | |||||||||||||
Total (benefit) provision | $ | 52,319 | $ | (2,442 | ) | $ | 50,899 | ||||||||||
The following table is a reconciliation of the Company’s provision (benefit) for income taxes at the statutory rates to the provision (benefit) for income taxes at the Company’s effective rate. | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Amount | Rate | Amount | Rate | Amount | Rate | ||||||||||||
(dollars in thousands) | |||||||||||||||||
Federal income expense (benefit) at statutory tax rate | $ | 48,865 | 35 | % | $ | (93,745 | ) | 35 | % | $ | 47,963 | 35 | % | ||||
State income taxes, net of federal tax benefit | 6,236 | 4.5 | 3,214 | (1.2 | ) | 2,529 | 1.8 | ||||||||||
Officers’ compensation | 1,732 | 1.2 | 1,473 | (0.6 | ) | 224 | 0.2 | ||||||||||
Domestic Production Activities Deduction | (3,641 | ) | (2.6 | ) | (2,246 | ) | (2.4 | ) | (2,321 | ) | (4.8 | ) | |||||
Goodwill Impairment | — | — | 89,191 | (33.3 | ) | — | — | ||||||||||
Other | (873 | ) | (0.6 | ) | (329 | ) | 3.4 | 2,504 | 4.9 | ||||||||
(Benefit) provision for income taxes | $ | 52,319 | 37.5 | % | $ | (2,442 | ) | 0.9 | % | $ | 50,899 | 37.1 | % | ||||
The Company’s provision for income taxes and effective tax rate for the year ended December 31, 2012 were significantly impacted by the goodwill and intangible asset impairment charge discussed in Note 4 — Goodwill and Other Intangible Assets above. Of the total goodwill and intangible asset impairment charge of $376.6 million, approximately $255.0 million pertained to goodwill that had no corresponding tax basis. The tax effect of the impairment charge resulted in a reduction in the Company’s provision for income taxes of approximately $50.2 million in 2012. | |||||||||||||||||
The Internal Revenue Service has completed its audit of the Company’s 2010 U.S. Federal tax return and a refund of approximately $1.1 million was received during the third quarter of 2013. | |||||||||||||||||
The following is a summary of the significant components of the deferred tax assets and liabilities: | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Deferred Tax Assets | |||||||||||||||||
Timing of expense recognition | $ | 24,170 | $ | 28,448 | |||||||||||||
Net operating losses | 4,123 | 5,517 | |||||||||||||||
Other, net | 5,641 | 8,763 | |||||||||||||||
Deferred tax assets | 33,934 | 42,728 | |||||||||||||||
Valuation Allowance | (2,817 | ) | (2,817 | ) | |||||||||||||
Net deferred tax assets | 31,117 | 39,911 | |||||||||||||||
Deferred Tax Liabilities | |||||||||||||||||
Intangible assets, due primarily to purchase accounting | (18,260 | ) | (26,768 | ) | |||||||||||||
Fixed assets, due primarily to purchase accounting | (79,243 | ) | (76,095 | ) | |||||||||||||
Construction contract accounting | (6,432 | ) | (5,613 | ) | |||||||||||||
Joint ventures - construction | (5,229 | ) | (7,038 | ) | |||||||||||||
Contested Legal Settlement | (12,012 | ) | — | ||||||||||||||
Other | (3,408 | ) | (390 | ) | |||||||||||||
Deferred tax liabilities | (124,584 | ) | (115,904 | ) | |||||||||||||
Net deferred tax liability | $ | (93,467 | ) | $ | (75,993 | ) | |||||||||||
The net deferred tax liability is classified in the Consolidated Balance Sheets based on when the future benefit (expense) is expected to be realized as follows: | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Current deferred tax asset | $ | 8,240 | $ | 10,071 | |||||||||||||
Long-term deferred tax asset | 22,877 | 29,840 | |||||||||||||||
Current deferred tax liability | (10,251 | ) | (6,004 | ) | |||||||||||||
Long-term deferred tax liability | (114,333 | ) | (109,900 | ) | |||||||||||||
Net deferred tax liability | $ | (93,467 | ) | $ | (75,993 | ) | |||||||||||
At December 31, 2012 and December 31, 2013, the Company had a valuation allowance of $2.8 million for federal and state capital loss carry-forwards as the ultimate utilization of this item was less than “more likely than not”. The valuation allowance increased in 2012 by $2.8 million due to the capital losses realized on the sale of auction rate securities. | |||||||||||||||||
In general, it is the practice and intention of the Company to reinvest the earnings of its non-U.S. subsidiaries in those operations. Generally, such amounts become subject to U.S. taxation upon the remittance of dividends and under certain other circumstances. As of the years ended December 31, 2013 and December 31, 2012, unremitted earnings of foreign subsidiaries, which have been or are intended to be permanently invested, aggregated approximately $4.3 million and $14.3 million, respectively. It is not practicable to estimate the amount of deferred tax liability related to investments in these foreign subsidiaries. | |||||||||||||||||
The Company adopted the provisions of FASB ASC 740-10, Income Taxes, Accounting for Uncertainty in Income Taxes, in the first quarter of 2007. It is the Company’s policy to record any accrued interest and penalties as part of the income tax provision. During 2012, the Company recognized a net increase of $2.0 million in liabilities. The amount of gross unrecognized tax benefits as of December 31, 2012 is $4.0 million. Included in this liability is $0.3 million of related interest. During 2013, the Company recognized a net increase of $1.4 million in liabilities. The amount of gross unrecognized tax benefits as of December 31, 2013 is $5.5 million. Included in this liability is $0.5 million of related interest. The Company does not expect any significant release of unrecognized tax benefits within the next twelve months. | |||||||||||||||||
A reconciliation of the beginning and ending amount of the gross unrecognized tax benefit is as follows (in thousands): | |||||||||||||||||
Gross unrecognized tax benefit balance at January 1, 2011: | $ | 1,150 | |||||||||||||||
Add: | |||||||||||||||||
Additions based on tax positions related to current year | 875 | ||||||||||||||||
Additions/reductions for tax positions of prior years | 47 | ||||||||||||||||
Less: | |||||||||||||||||
Reductions for tax positions of prior years (expiration of statute of limitations) | (29 | ) | |||||||||||||||
Gross unrecognized tax benefit balance at December 31, 2011: | $ | 2,043 | |||||||||||||||
Gross unrecognized tax benefit balance at January 1, 2012: | $ | 2,043 | |||||||||||||||
Add: | |||||||||||||||||
Additions based on tax positions related to current year | 1,281 | ||||||||||||||||
Additions/reductions for tax positions of prior years | 1,857 | ||||||||||||||||
Less: | |||||||||||||||||
Reductions for tax positions of prior years (expiration of statute of limitations) | (1,158 | ) | |||||||||||||||
Gross unrecognized tax benefit balance at December 31, 2012: | $ | 4,023 | |||||||||||||||
Gross unrecognized tax benefit balance at January 1, 2013: | $ | 4,023 | |||||||||||||||
Add: | |||||||||||||||||
Additions based on tax positions related to current year | 1,254 | ||||||||||||||||
Additions/reductions for tax positions of prior years | 182 | ||||||||||||||||
Less: | |||||||||||||||||
Reductions for tax positions of prior years (expiration of statute of limitations) | — | ||||||||||||||||
Gross unrecognized tax benefit balance at December 31, 2013: | $ | 5,459 | |||||||||||||||
The company records interest and penalties related to an unrecognized tax benefit in income tax expenses. Interest expense of $0.2 million was recorded during 2013. |
Other_Assets_Other_Longterm_Li
Other Assets, Other Long-term Liabilities and Other Income (Expense), Net | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Other Assets, Other Long-term Liabilities and Other Income (Expense), Net | ' | ||||||||||
Other Assets, Other Long-term Liabilities and Other Income (Expense), Net | ' | ||||||||||
[7] Other Assets, Other Long-term Liabilities and Other Income (Expense), Net | |||||||||||
Other Assets, Other Long-term Liabilities and Other Income (Expense), Net consist of the following: | |||||||||||
December 31, | |||||||||||
2013 | 2012 | ||||||||||
(in thousands) | |||||||||||
Other Assets | |||||||||||
Insurance claim receivable (1) | $ | 34,839 | $ | 39,309 | |||||||
Deferred income taxes | 22,877 | 29,840 | |||||||||
Deferred costs | 7,711 | 11,150 | |||||||||
Mineral reserves | 3,199 | 3,199 | |||||||||
Deposits | 677 | 997 | |||||||||
Other long-term assets | 6,311 | 1,223 | |||||||||
$ | 75,614 | $ | 85,718 | ||||||||
Other Long-term Liabilities | |||||||||||
Acquisition related liabilities | $ | 51,102 | $ | 50,624 | |||||||
Insurance claim payable (1) | 34,774 | 39,309 | |||||||||
Pension liability | 19,831 | 35,472 | |||||||||
Employee benefit related liabilities | 2,536 | 3,524 | |||||||||
Mineral royalties payable | 1,727 | 1,859 | |||||||||
Deferred lease incentive | 1,143 | 1,241 | |||||||||
Subcontractor insurance program | — | 962 | |||||||||
Other | 6,745 | 6,005 | |||||||||
$ | 117,858 | $ | 138,996 | ||||||||
Year ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
(in thousands) | |||||||||||
Other Income (Expense), Net | |||||||||||
Interest income | $ | 8,745 | $ | 2,842 | $ | 2,764 | |||||
Gain on sale of property used in operations | — | 456 | 726 | ||||||||
Adjustment of investments to fair value | — | — | (4,750 | ) | |||||||
Adjustment of acquisition related liabilities | (26,374 | ) | (256 | ) | 7,296 | ||||||
Amortization of deferred costs | (1,844 | ) | (1,585 | ) | (1,399 | ) | |||||
Bank fees | (1,559 | ) | (2,090 | ) | (1,549 | ) | |||||
Realized loss on sale of investments, net | 72 | (2,699 | ) | (10 | ) | ||||||
Miscellaneous income (expense), net | 2,385 | 1,475 | 1,343 | ||||||||
$ | (18,575 | ) | $ | (1,857 | ) | $ | 4,421 | ||||
(1) Insurance claims receivable and the corresponding insurance claims payable represent expected insurable loss amounts to be received from the insurance carriers and to be paid in claims respectively. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Employee Benefit Plans | ' | |||||||||||||||||||
Employee Benefit Plans | ' | |||||||||||||||||||
[8] Employee Benefit Plans | ||||||||||||||||||||
Defined Benefit Pension Plan | ||||||||||||||||||||
The Company has a defined benefit pension plan that covers certain of its executive, professional, administrative and clerical employees, subject to certain specified service requirements. The plan is noncontributory and benefits are based on an employee’s years of service and “final average earnings”, as defined. The plan provides reduced benefits for early retirement and takes into account offsets for social security benefits. The Company also has an unfunded supplemental retirement plan (“Benefit Equalization Plan”) for certain employees whose benefits under the defined benefit pension plan were reduced because of compensation limitations under federal tax laws. Effective June 1, 2004, all benefits accruals under the Company’s pension plan and Benefit Equalization Plan were frozen; however, the current vested benefit was preserved. Pension disclosure as presented below includes aggregated amounts for both of the Company’s plans, except where otherwise indicated. | ||||||||||||||||||||
The Company historically has used the date of its fiscal year-end as its measurement date to determine the funded status of the plan. | ||||||||||||||||||||
A summary of net periodic benefit cost is as follows: | ||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Interest cost on projected benefit obligation | $ | 3,710 | $ | 4,011 | $ | 4,526 | ||||||||||||||
Return on plan assets | (4,509 | ) | (4,783 | ) | (5,046 | ) | ||||||||||||||
Recognized net actuarial losses | 6,330 | 5,487 | 4,050 | |||||||||||||||||
Net periodic benefit cost | $ | 5,531 | $ | 4,715 | $ | 3,530 | ||||||||||||||
Actuarial assumptions used to determine net cost: | ||||||||||||||||||||
Discount rate | 3.58 | % | 4.1 | % | 5.18 | % | ||||||||||||||
Expected return on assets | 6.75 | % | 7 | % | 7.5 | % | ||||||||||||||
Rate of increase in compensation | n.a. | n.a. | n.a. | |||||||||||||||||
The target asset allocation for the Company’s pension plan by asset category for 2014 and the actual asset allocation at December 31, 2013 and 2012 by asset category are as follows: | ||||||||||||||||||||
Percentage of Plan Assets at December 31, | ||||||||||||||||||||
Target | ||||||||||||||||||||
Allocation | ||||||||||||||||||||
Asset Category | 2014 | 2013 | 2012 | |||||||||||||||||
Cash | 5 | % | 5.2 | % | 6.6 | % | ||||||||||||||
Equity securities: | ||||||||||||||||||||
Domestic | 65 | % | 63.4 | % | 67.5 | % | ||||||||||||||
International | 25 | % | 25.9 | % | 20.8 | % | ||||||||||||||
Fixed income securities | 5 | % | 5.5 | % | 5.1 | % | ||||||||||||||
Total | 100 | % | 100 | % | 100 | % | ||||||||||||||
The Company’s target allocation for 2014 will include 65.0% domestic equity securities, 25.0% international equity securities, and 5.0% fixed income securities. | ||||||||||||||||||||
As of December 31, 2013 and 2012, plan assets included approximately $44.7 million and $44.3 million, respectively, of investments in hedge funds which do not have readily determinable fair values. The underlying holdings of the funds are comprised of a combination of assets for which the estimate of fair value is determined using information provided by fund managers. | ||||||||||||||||||||
The Company expects to contribute approximately $2.8 million to its defined benefit pension plan in 2014. Future benefit payments under the plans are estimated as follows: | ||||||||||||||||||||
Year ended December 31, | (in thousands) | |||||||||||||||||||
2014 | $ | 6,046 | ||||||||||||||||||
2015 | 6,158 | |||||||||||||||||||
2016 | 6,174 | |||||||||||||||||||
2017 | 6,178 | |||||||||||||||||||
2018 | 6,293 | |||||||||||||||||||
Thereafter | 31,554 | |||||||||||||||||||
$ | 62,403 | |||||||||||||||||||
The following tables provide a reconciliation of the changes in the fair value of plan assets and plan benefit obligations during 2013 and 2012, and a summary of the funded status as of December 31, 2013 and 2012: | ||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Change in Fair Value of Plan Assets | ||||||||||||||||||||
Balance at beginning of year | $ | 66,137 | $ | 62,105 | ||||||||||||||||
Actual return on plan assets | 8,545 | 3,621 | ||||||||||||||||||
Company contribution | 3,478 | 5,780 | ||||||||||||||||||
Benefit payments | (5,543 | ) | (5,369 | ) | ||||||||||||||||
Balance at end of year | $ | 72,617 | $ | 66,137 | ||||||||||||||||
Year ended December 31, | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Change in Benefit Obligations | ||||||||||||||||||||
Balance at beginning of year | $ | 105,320 | $ | 100,656 | ||||||||||||||||
Interest cost | 3,710 | 4,011 | ||||||||||||||||||
Assumption change loss | (9,627 | ) | 6,031 | |||||||||||||||||
Actuarial (gain) loss | 1,318 | (9 | ) | |||||||||||||||||
Benefit payments | (5,543 | ) | (5,369 | ) | ||||||||||||||||
Balance at end of year | $ | 95,178 | $ | 105,320 | ||||||||||||||||
At December 31, | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Funded Status | ||||||||||||||||||||
Funded status at December 31, | $ | (22,561 | ) | $ | (39,183 | ) | ||||||||||||||
Amounts recognized in Consolidated Balance Sheets consist of: | ||||||||||||||||||||
Current liabilities | $ | (194 | ) | $ | (187 | ) | ||||||||||||||
Long-term liabilities | (22,367 | ) | (38,996 | ) | ||||||||||||||||
Net amount recognized in Consolidated Balance Sheets | $ | (22,561 | ) | $ | (39,183 | ) | ||||||||||||||
Year ended December 31, | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive loss: | ||||||||||||||||||||
Net actuarial loss | $ | (42,261 | ) | $ | (60,935 | ) | ||||||||||||||
Accumulated other comprehensive loss | (42,261 | ) | (60,935 | ) | ||||||||||||||||
Cumulative Company contributions in excess of net periodic benefit cost | 19,700 | 21,752 | ||||||||||||||||||
Net amount recognized in Consolidated Balance Sheets | $ | (22,561 | ) | $ | (39,183 | ) | ||||||||||||||
The net actuarial gain arising during the period, netted against the amortization of the previously existing actuarial loss resulted in a net other comprehensive gain of $18.7 million in 2013, and a net comprehensive loss of $1.7 million in 2012 and $14.8 million in 2011. Other comprehensive loss attributable to a change in the unfunded projected benefit obligation amounted to a net increase of $44.5 million recognized in prior years. The cumulative net amount of $42.3 million represents the excess of the projected benefit obligations of the Company’s pension plans over the fair value of the plans’ assets as of December 31, 2013, compared to $19.7 million of contributions in excess of the net periodic benefit cost previously recognized. The net amount of $22.6 million is reflected as a liability as of December 31, 2013 with the offset being a reduction in stockholders’ equity. Adjustments to the amount of this pension liability will be recorded in future years, as required, based upon periodic re-evaluation of the funded status of the Company’s pension plans. | ||||||||||||||||||||
The estimated amount of the net accumulated loss that will be amortized from accumulated other comprehensive loss into net period benefit cost in 2014 is $4.3 million. | ||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
Actuarial assumptions used to determine benefit obligation: | ||||||||||||||||||||
Discount rate | 4.47% | 3.58% | ||||||||||||||||||
Rate of increase in compensation | n.a. | n.a. | ||||||||||||||||||
Measurement date | December 31 | December 31 | ||||||||||||||||||
The expected long-term rate of return on assets assumption remained at 6.75% for 2013 and 2014. The expected long-term rate of return on assets assumption was developed considering forward looking capital market assumptions and historical return expectations for each asset class assuming the Company’s target asset allocation and full availability of invested assets. | ||||||||||||||||||||
The following table sets forth the plan assets at fair value in accordance with the fair value hierarchy described in Note 3 — Fair Value Measurements: | ||||||||||||||||||||
Quoted Prices | ||||||||||||||||||||
in Active | ||||||||||||||||||||
Markets for | Significant | Significant | ||||||||||||||||||
Identical | Observable | Unobservable | ||||||||||||||||||
Assets | Inputs | Inputs | ||||||||||||||||||
At December 31, 2013 | (Level 1) | (Level 2) | (Level 3) | Total Value | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Cash and cash equivalents | $ | 3,762 | $ | — | $ | — | $ | 3,762 | ||||||||||||
Fixed Income | 4,000 | — | — | 4,000 | ||||||||||||||||
Mutual Funds | 13,234 | — | — | 13,234 | ||||||||||||||||
Equity Partnerships | — | 6,876 | — | 6,876 | ||||||||||||||||
Hedge Fund Investments: | — | |||||||||||||||||||
Cash | 527 | — | — | 527 | ||||||||||||||||
Long-Short Equity Fund | — | 14,566 | 11,655 | 26,221 | ||||||||||||||||
Event Driven Fund | — | 5,928 | 8,752 | 14,680 | ||||||||||||||||
Distressed Credit | — | — | 1,429 | 1,429 | ||||||||||||||||
Multi-Strategy Fund | — | — | 1,888 | 1,888 | ||||||||||||||||
Total | $ | 21,523 | $ | 27,370 | $ | 23,724 | $ | 72,617 | ||||||||||||
Quoted Prices | ||||||||||||||||||||
in Active | ||||||||||||||||||||
Markets for | Significant | Significant | ||||||||||||||||||
Identical | Observable | Unobservable | ||||||||||||||||||
Assets | Inputs | Inputs | ||||||||||||||||||
At December 31, 2012 | (Level 1) | (Level 2) | (Level 3) | Total Value | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Cash and cash equivalents | $ | 4,386 | $ | — | $ | — | $ | 4,386 | ||||||||||||
Fixed Income | 3,368 | — | — | 3,368 | ||||||||||||||||
Mutual Funds | 8,230 | — | — | 8,230 | ||||||||||||||||
Equity Partnerships | — | 5,823 | — | 5,823 | ||||||||||||||||
Hedge Fund Investments: | ||||||||||||||||||||
Cash | 2,591 | — | — | 2,591 | ||||||||||||||||
Long-Short Equity Fund | — | 9,826 | 9,992 | 19,818 | ||||||||||||||||
Event Driven Fund | — | 6,542 | 7,152 | 13,694 | ||||||||||||||||
Distressed Credit | — | 2,829 | 2,559 | 5,388 | ||||||||||||||||
Multi-Strategy Fund | — | 889 | 1,950 | 2,839 | ||||||||||||||||
Total | $ | 18,575 | $ | 25,909 | $ | 21,653 | $ | 66,137 | ||||||||||||
Fund strategies seek to capitalize on inefficiencies identified across different asset classes or markets. Hedge fund strategy types include long-short, event driven, multi-strategy and distressed credit. Generally the redemption of the Company’s hedge fund investments is subject to certain notice-period requirements and as such the Company has classified these assets as Level 3 assets. | ||||||||||||||||||||
The table below sets forth a summary of changes in the fair value of the Level 3 assets: | ||||||||||||||||||||
Changes in Fair Value of Level 3 Assets | ||||||||||||||||||||
Long- | ||||||||||||||||||||
Short | Event | Multi- | ||||||||||||||||||
Equity | Driven | Distressed | Strategy | |||||||||||||||||
Fund | Fund | Credit | Fund | Total | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Balance, December 31, 2012 | $ | 9,992 | $ | 7,152 | $ | 2,559 | $ | 1,950 | $ | 21,653 | ||||||||||
Realized gains | — | — | (7 | ) | (5 | ) | (12 | ) | ||||||||||||
Unrealized gains | 2,971 | 1,252 | 158 | 223 | 4,604 | |||||||||||||||
Purchases | 1,343 | 459 | 6 | 9 | 1,817 | |||||||||||||||
Sales | — | — | (517 | ) | (378 | ) | (895 | ) | ||||||||||||
Transfer to Level 2 (1) | (3,443 | ) | — | — | — | (3,443 | ) | |||||||||||||
Balance, December 31, 2013 | $ | 10,863 | $ | 8,863 | $ | 2,199 | $ | 1,799 | $ | 23,724 | ||||||||||
(1) The transfer of $3.4 million from Level 3 to Level 2 was comprised of certain hedge funds that became redeemable within 90 days from December 31, 2013. | ||||||||||||||||||||
Changes in Fair Value of Level 3 Assets | ||||||||||||||||||||
Long- | ||||||||||||||||||||
Short | Event | Multi- | ||||||||||||||||||
Equity | Driven | Distressed | Strategy | |||||||||||||||||
Fund | Fund | Credit | Fund | Total | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Balance, December 31, 2011 | $ | 12,821 | $ | 7,126 | $ | 6,252 | $ | 3,530 | $ | 29,729 | ||||||||||
Realized gains | — | — | 5 | 2 | 7 | |||||||||||||||
Unrealized gains | 1,624 | 522 | 365 | 173 | 2,684 | |||||||||||||||
Purchases | 5,555 | 3,798 | 20 | 19 | 9,392 | |||||||||||||||
Sales | — | — | (894 | ) | (773 | ) | (1,667 | ) | ||||||||||||
Transfer to Level 2 (2) | (10,008 | ) | (4,294 | ) | (3,189 | ) | (1,001 | ) | (18,492 | ) | ||||||||||
Balance, December 31, 2012 | $ | 9,992 | $ | 7,152 | $ | 2,559 | $ | 1,950 | $ | 21,653 | ||||||||||
(2) The transfer of $18.5 million from Level 3 to Level 2 was comprised of certain hedge funds that became redeemable within 90 days from December 31, 2012. | ||||||||||||||||||||
The Company’s plans have benefit obligations in excess of the fair value of the plans’ assets. The following table provides information relating to each of the plans’ benefit obligations compared to the fair value of its assets: | ||||||||||||||||||||
At December 31, 2013 | At December 31, 2012 | |||||||||||||||||||
Benefit | Benefit | |||||||||||||||||||
Pension | Equalization | Pension | Equalization | |||||||||||||||||
Plan | Plan | Total | Plan | Plan | Total | |||||||||||||||
(in thousands) | ||||||||||||||||||||
Projected benefit obligation | $ | 91,946 | $ | 3,232 | $ | 95,178 | $ | 101,796 | $ | 3,524 | $ | 105,320 | ||||||||
Accumulated benefit obligation | $ | 91,946 | $ | 3,232 | $ | 95,178 | $ | 101,796 | $ | 3,524 | $ | 105,320 | ||||||||
Fair value of plan assets | $ | 72,617 | $ | — | $ | 72,617 | $ | 66,137 | $ | — | $ | 66,137 | ||||||||
Projected benefit obligation greater than fair value of plan assets | $ | 19,329 | $ | 3,232 | $ | 22,561 | $ | 35,659 | $ | 3,524 | $ | 39,183 | ||||||||
Accumulated benefit obligation greater than fair value of plan assets | $ | 19,329 | $ | 3,232 | $ | 22,561 | $ | 35,659 | $ | 3,524 | $ | 39,183 | ||||||||
Section 401(k) Plans | ||||||||||||||||||||
The Company has several contributory Section 401(k) plans which cover its executive, professional, administrative and clerical employees, subject to certain specified service requirements. The 401(k) expense provision approximated $3.8 million in 2013, $3.8 million in 2012 and $4.2 million in 2011. The Company’s contribution is based on a non-discretionary match of employees’ contributions, as defined. | ||||||||||||||||||||
Cash-Based Compensation Plans | ||||||||||||||||||||
The Company has multiple cash-based compensation plans and a stock-based incentive compensation plan for key employees which are generally based on the Company’s achievement of a certain level of profit. For information on the Company’s stock-based incentive compensation plan, see Note 11 — Stock-Based Compensation. | ||||||||||||||||||||
Multiemployer Plans | ||||||||||||||||||||
The Company also contributes to various multi-employer union retirement plans under collective bargaining agreements which provide retirement benefits for substantially all of its union employees. The Company’s participation in the plans that it considers to be significant for the years ended December 31, 2013 and 2012, is outlined in the tables below. The “EIN/Pension Plan Number” column provides the Employer Identification Number (EIN) and the three-digit plan number, if applicable. Unless otherwise noted, the most recent Pension Protection Act zone status available in 2013 and 2012 is for the plan’s year-end at December 31, 2012, and December 31, 2011, respectively. The zone status is based on information that the Company received from the plan and is certified by the plan’s actuary. Among other factors, plans in the red zone are generally less than 65 percent funded, plans in the yellow zone are less than 80 percent funded, and plans in the green zone are at least 80 percent funded. The “FIP/RP Status Pending/Implemented” column indicates plans for which a financial improvement plan (FIP) or a rehabilitation plan (RP) is either pending or has been implemented. The last column lists the expiration date(s) of the collective-bargaining agreement(s) to which the plans are subject. Finally, the acquisitions of Fisk, Anderson, Frontier-Kemper, WDF, FSE, Nagelbush, Lunda, and Becho during 2011 have increased the number of employees covered by the Company’s multiemployer plans and contributions made. Aside from these acquisitions, there were no other significant changes that affect the comparability of 2011 through 2013 contributions. Under the Employee Retirement Income Security Act, a contributor to a multi-employer plan is liable, only upon termination or withdrawal from a plan, for its proportionate share of a plan’s unfunded vested liability. The Company currently has no intention of withdrawing from any of the multiemployer pension plans in which it participates. | ||||||||||||||||||||
Pension Protections Act | FIP/RP | Company Contributions | Expiration | |||||||||||||||||
Status | Date of | |||||||||||||||||||
Collective | ||||||||||||||||||||
EIN/Pension | Zone Status | Pending Or | (amounts in millions) | Surcharge | Bargaining | |||||||||||||||
Pension Fund | Plan Number | 2013 | 2012 | Implemented | 2013 | 2012 | 2011 | Imposed | Agreement | |||||||||||
Pension, Hospitalization and Benefit Plan of the Electrical Industry - Pension Trust Account | 13-6123601/001 | Green | Green | No | 13.4 | (b) | 12.9 | (b) | 6.3 | (a) | No | 5/8/16 | ||||||||
Steamfitters Industry Pension Fund | 13-6149680/001 | Yellow | Yellow | Implemented | 4.3 | (b) | 3.5 | (b) | 3.5 | (a) | No | 6/30/14 | ||||||||
Excavators Union Local 731 Pension Fund | 13-1809825/002 | Green | Green | No | 3.2 | 3.3 | 2.9 | No | 6/30/16 | |||||||||||
Carpenters Pension Trust Fund for Northern California | 94-6050970/001 | Red | Red | Implemented | 2.1 | 2.3 | 1.4 | No | 6/30/15 | |||||||||||
(a) Amounts pertaining to plans from one of the Company’s newly acquired entities during 2011. | ||||||||||||||||||||
(b) These amounts exceeded 5% of the respective total plan contributions. | ||||||||||||||||||||
In addition to the individually significant plans described above, the Company also contributed approximately $31.6 million in 2013, $29.9 million in 2012 and $29.8 million in 2011 to other multiemployer pension plans. |
Contingencies_and_Commitments
Contingencies and Commitments | 12 Months Ended |
Dec. 31, 2013 | |
Contingencies and Commitments | ' |
Contingencies and Commitments | ' |
[9] Contingencies and Commitments | |
The Company and certain of its subsidiaries are involved in litigation and are contingently liable for commitments and performance guarantees arising in the ordinary course of business. The Company and certain of its clients have made claims arising from the performance under their contracts. The Company recognizes certain significant claims for recovery of incurred cost when it is probable that the claim will result in additional contract revenue and when the amount of the claim can be reliably estimated. These assessments require judgments concerning matters such as litigation developments and outcomes, the anticipated outcome of negotiations, the number of future claims and the cost of both pending and future claims. In addition, because most contingencies are resolved over long periods of time, liabilities may change in the future due to various factors. | |
Several matters are in the litigation and dispute resolution process. The following discussion provides a background and current status of these matters. | |
Tutor-Saliba-Perini Joint Venture vs. Los Angeles MTA Matter | |
During 1995 Tutor-Saliba-Perini (“Joint Venture”) filed a complaint in the Superior Court of the State of California for the County of Los Angeles against the Los Angeles County Metropolitan Transportation Authority (“LAMTA”), seeking to recover costs for extra work required by LAMTA in connection with the construction of certain tunnel and station projects, all of which were completed by 1996. In 1999, LAMTA countered with civil claims under the California False Claims Act against the Joint Venture, Tutor-Saliba and the Company jointly and severally (together, “TSP”), and obtained a judgment that was reversed on appeal and remanded for retrial before a different judge. | |
Between 2005 and 2010, the court granted certain Joint Venture motions and LAMTA capitulated on others, which reduced the number of false claims LAMTA may seek and limited LAMTA’s claims for damages and penalties. In September 2010, LAMTA dismissed its remaining claims and agreed to pay the entire amount of the Joint Venture’s remaining claims plus interest. In the remanded proceedings, the Court subsequently entered judgment in favor of TSP and against LAMTA in the amount of $3.0 million after deducting $0.5 million, representing the tunnel handrail verdict plus accrued interest against TSP. The parties filed post-trial motions for costs and fees. The Court ruled that TSP’s sureties could recover costs, LAMTA could recover costs for the tunnel handrail trial, and no party could recover attorneys’ fees. TSP is appealing the false claims jury verdict on the tunnel handrail claim and other issues, including the denial of TSP’s and its sureties’ request for attorneys’ fees. LAMTA subsequently filed its notice of cross-appeal. All appellate briefing has been concluded and, in March 2012, the Court finalized the preparation of the record for the Court of Appeal; opening briefs were filed in August 2012 for the main appeal and September 2012 for the appeal of the Court’s denial of attorneys’ fees to TSP and its sureties. It is anticipated the hearing before the Court of Appeal will take place in 2014. | |
The Company does not expect this matter to have any material effect on its consolidated financial statements. | |
Perini/Kiewit/Cashman Joint Venture-Central Artery/Tunnel Project Matter | |
Perini/Kiewit/Cashman Joint Venture (“PKC”), a joint venture in which the Company holds a 56% interest and is the managing partner, is currently pursuing a series of claims, instituted at different times since 2000, for additional contract time and/or compensation against the Massachusetts Highway Department (“MHD”) for work performed by PKC on a portion of the Central Artery/Tunnel (“CA/T”) project in Boston, Massachusetts. During construction, MHD ordered PKC to perform changes to the work and issued related direct cost changes with an estimated value, excluding time delay and inefficiency costs, in excess of $100 million. In addition, PKC encountered a number of unforeseen conditions during construction that greatly increased PKC’s cost of performance. MHD has asserted counterclaims for liquidated damages and back charges. | |
Certain of PKC’s claims have been presented to a Disputes Review Board (“DRB”), which consists of three construction experts chosen by the parties. To date, five DRB panels issued several awards and interim decisions in favor of PKC’s claims, amounting to total awards to PKC in excess of $128 million plus interest, of which $110 million were binding awards. | |
In December 2010, the Suffolk County Superior Court granted MHD’s motion for summary judgment to vacate the Third DRB Panel’s awards to PKC for approximately $56.5 million on the grounds that the arbitrators do not have authority to decide whether particular claims are subject to the arbitration provision of the contract. MHD subsequently moved to vacate approximately $13.7 million of the Fourth DRB Panel’s total awards to PKC on the same arbitrability basis that the Third DRB’s awards were vacated. In October 2011, the Suffolk County Superior Court followed its earlier arbitrability rulings holding that the Fourth DRB exceeded its authority in deciding arbitrability with respect to certain of the Fourth DRB Panel’s awards (approximately $8 million of the $13.7 million discussed above). PKC appealed the Superior Court decisions and in January 2013, the Superior Court decisions were affirmed in MHD’s favor. The Appeals Court remanded the case back to the lower court to determine how and by whom the claims must be decided. PKC filed an application for further appellate review by the Massachusetts Supreme Judicial Court and a motion for reconsideration in the Appeals Court. The Appeals Court rejected PKC’s petition for rehearing. The Massachusetts Supreme Judicial Court denied the application in June 2013. PKC is now litigating the issue of arbitrability in Superior Court on review of the Engineer’s Decisions. The parties participated in a Court scheduled hearing on the motion for judgment on the pleadings challenging the Engineer’s Decisions in September 2013. The Court has not yet ruled and no trial dates have been set in any of the court cases. | |
In February 2012, PKC received a $22 million payment for an interest award associated with the Second DRB panel’s awards to PKC. In January 2013, PKC received a $14.8 million payment for back charges and interest associated with the Fourth DRB panel’s awards to PKC that were confirmed. | |
Management has made an estimate of the anticipated recovery on this project, and such estimate is included in revenue recorded to date. To the extent new facts become known or the final recovery included in the claim settlement varies from the estimate, the impact of the change will be reflected in the financial statements at that time. | |
Long Island Expressway/Cross Island Parkway Matter | |
The Company reconstructed the Long Island Expressway/Cross Island Parkway Interchange project for the New York State Department of Transportation (the “NYSDOT”). The $130 million project was substantially completed in January 2004 and was accepted by the NYSDOT as finally complete in February 2006. The Company incurred significant added costs in completing its work and suffered extended schedule costs due to numerous design errors, undisclosed utility conflicts, lack of coordination with local agencies and other interferences for which the Company believes that the NYSDOT is responsible. | |
In March 2011, the Company filed its claim and complaint with the New York State Court of Claims and served to the New York State Attorney General’s Office, seeking damages in the amount of $53.8 million. In May 2011, the NYSDOT filed a motion to dismiss the Company’s claim on the grounds that the Company had not provided required documentation for project closeout and filing of a claim. In September 2011, the Company reached agreement on final payment with the Comptroller’s Office on behalf of the NYSDOT which resulted in an amount of $0.5 million payable to the Company and formally closed out the project, which allowed the Company’s claim to be re-filed. The Company re-filed its claim in the amount of $53.8 million with the NYSDOT in February 2012 and with the Court of Claims in March 2012. In May 2012, the NYSDOT served its answer and counterclaims in the amount of $151 million alleging fraud in the inducement and punitive damages related to disadvantaged business enterprise (“DBE”) requirements for the project. Discovery is ongoing. The Company does not expect the counterclaim to have any material effect on its consolidated financial statements. | |
Management has made an estimate of the total anticipated recovery on this project, and such estimate is included in revenue recorded to date. To the extent new facts become known or the final recovery included in the claim settlement varies from the estimate, the impact of the change will be reflected in the financial statements at that time. | |
Gaylord Hotel and Convention Center Matter | |
In 2005, Gaylord National, LLC (“Gaylord”), as Owner, and Perini Building Company, Inc. / Tompkins Builders, Joint Venture (“PTJV”), as Construction Manager, entered into a contract to construct the Gaylord National Resort and Convention Center project in Maryland. The project is complete and as part of its settlement with Gaylord reached in November 2008, PTJV agreed to pay all subcontractors and defend all claims and lien actions by them relating to the project. PTJV has closed out most subcontracts. Resolution of the issues with the remaining subcontractors may require mediation, arbitration and/or trial. | |
PTJV is pursuing an insurance claim for approximately $40 million related to work performed by Banker Steel Company, Inc. (“Banker Steel”), a subcontractor, including $11 million for business interruption costs incurred by Gaylord which have effectively been assigned to PTJV. In November 2009, PTJV filed suit against Factory Mutual Insurance Co. (“FM”) in the Maryland federal district court alleging FM breached the insurance contracts and for declaratory judgment with respect to the insurance coverage. In December 2010, PTJV filed suit against ACE American Insurance Company (“ACE”) in Maryland federal district court alleging ACE breached the general liability insurance contract and acted in bad faith, and PTJV requested a declaratory judgment with respect to the insurance coverage. FM and ACE each brought separate motions for summary judgment. In October, 2012, FM’s motion was denied; ACE’s motion was granted. | |
In June 2013, PTJV and FM reached an agreement to settle the dispute for which payment was received in August 2013. The Company has included the impact of the settlement in its balance sheet, statement of cash flows, and results of operations as of and for the twelve months ended December 31, 2013. | |
Fontainebleau Matter | |
Desert Mechanical Inc. (“DMI”) and Fisk Electric Company (“Fisk”), wholly owned subsidiaries of the Company, were subcontractors on the Fontainebleau Project in Las Vegas (“Fontainebleau”), a hotel/casino complex with approximately 3,800 rooms. In June 2009, Fontainebleau filed for bankruptcy protection, under Chapter 11 of the U.S. Bankruptcy Code, in the Southern District of Florida. Fontainebleau is headquartered in Miami, Florida. | |
DMI and Fisk filed liens in Nevada for approximately $44 million, representing unreimbursed costs to date and lost profits, including anticipated profits. Other unaffiliated subcontractors have also filed liens. In June 2009, DMI filed suit against Turnberry West Construction, Inc. (“Turnberry”), the general contractor, in the 8th Judicial District Court, Clark County, Nevada, and in May 2010, the court entered an order in favor of DMI for approximately $45 million. DMI is uncertain as to Turnberry’s present financial condition. | |
In January 2010, the Bankruptcy Court approved the sale of the property to Icahn Nevada Gaming Acquisition, LLC, and this transaction closed in February 2010. As a result of a July 2010 ruling relating to certain priming liens, there was approximately $125 million set aside from this sale, which is available for distribution to satisfy the creditor claims based on seniority. At that time, the total estimated sustainable lien amount was approximately $350 million. The project lender filed suit against the mechanic’s lien claimants, including DMI and Fisk, alleging that certain mechanic’s liens are invalid and that all mechanic’s liens are subordinate to the lender’s claims against the property. The Nevada Supreme Court ruled in October 2012 in an advisory opinion at the request of the Bankruptcy Court that lien priorities would be determined in favor of the mechanic lien holders under Nevada law. | |
In October 2013, a settlement was reached by and among the Statutory Lienholders and the other interested parties. The agreed upon settlement did not have an impact on the Company’s recorded accounting position as of the period ended December 31, 2013. | |
Management has made an estimate of the total anticipated recovery on this project, and such estimate is included in revenue recorded to date. To the extent new facts become known or the final recovery included in the claim settlement varies from the estimate, the impact of the change will be reflected in the financial statements at that time. | |
MGM CityCenter Matter | |
Tutor Perini Building Corp. (“TPBC”) (formerly Perini Building Company, Inc.), a wholly owned subsidiary of the Company, contracted with MGM MIRAGE Design Group (“MGM”) in March 2005 to construct the CityCenter project in Las Vegas, Nevada. The project, which encompasses nineteen separate contracts, is a 66-acre urban mixed use development consisting of hotels, condominiums, retail space and a casino. | |
The Company achieved substantial completion of the project in December 2009, and MGM opened the project to the public on the same date. In March 2010, the Company filed suit against MGM and certain other property owners in the Clark County District Court alleging several claims including breach of contract, among other items. | |
In a Current Report on Form 8-K filed by MGM in March 2010, and in subsequent communications issued, MGM has asserted that it believes it owes substantially less than the claimed amount and that it has claims for losses in connection with the construction of the Harmon Tower and is entitled to unspecified offsets for other work on the project. According to MGM, the total of the offsets and the Harmon Tower claims exceed the amount claimed by the Company. | |
In May 2010, MGM filed a counterclaim and third party complaint against the Company and its subsidiary TPBC. The court granted the Company and MGM’s joint motion to consolidate all subcontractor initiated actions into the main CityCenter lawsuit. In July 2012, the Court granted MGM’s motion to demolish the Harmon Tower, one of the CityCenter buildings, as a “business decision.” | |
Evidence had been presented at the Harmon related hearings that the Harmon Tower could be repaired for approximately $21 million, more than $15 million of which is due to design defects that are MGM’s responsibility. In mid-September 2012, MGM filed a request for additional destructive testing of the Harmon Tower. In October 2012, the Court ruled it would allow additional testing but with certain conditions including but not limited to the Court’s withdrawing MGM’s right to demolish the Harmon Tower and severing the Harmon Tower defects issue from the rest of the case. In February 2013, MGM filed third-party complaints against the project designers, which were resolved through third party settlements including $33.0 million attributable to MGM’s alleged damages on the Harmon, effective October 2013. In early April 2013, MGM started additional destructive testing of the Harmon Tower. | |
With respect to alleged losses at the Harmon Tower, the Company has contractual indemnities from the responsible subcontractor, as well as existing insurance coverage that it expects will be available and sufficient to cover any liability that may be associated with this matter. The Company’s insurance carrier initiated legal proceedings seeking declaratory relief that their insurance policies do not provide for defense or coverage for matters pertaining to the Harmon Towers. Those proceedings are stayed pending the outcome of the underlying dispute in Nevada District Court. The Company is not aware of a basis for other claims that would amount to material offsets against what MGM owes to the Company. The Company does not expect this matter to have any material effect on its consolidated financial statements. | |
During July 2013, a settlement was reached for $39.8 million related to outstanding receivables for various subcontractors, which included consideration for, and brought resolution to, disputes between the Company’s subsidiaries Fisk and DMI and MGM. Payment was received in August 2013. The Company has included the impact of the settlement in its balance sheet, statement of cash flows, and results of operations as of and for the twelve months ended December 31, 2013. | |
As of December 2013, MGM has reached agreements with subcontractors to settle $348 million of amounts previously billed to MGM. The Company has reduced and will continue to reduce amounts included in revenues, cost of construction operations, accounts receivable and accounts payable for the reduction in subcontractor pass-through billings, which the Company would not expect to have an impact on recorded profit. As of December 2013, the Company had approximately $165.7 million recorded as contract receivables for amounts due and owed to the Company. As of December 2013, the Company’s mechanic’s lien against the project was $166.8 million. | |
The Parties participated in a Court ordered settlement conference in December 2013 and reached a confidential settlement in January 2014, primarily around non-Harmon related issues. | |
The April 2014 trial date has been vacated and will be reset after the Court rules on other matters. | |
Management has made an estimate of the total anticipated recovery on this project, and such estimate is included in revenue recorded to date. To the extent new facts become known or the final recovery included in the claim settlement varies from the estimate, the impact of the change will be reflected in the financial statements at that time. | |
Honeywell Street/Queens Boulevard Bridges Matter | |
In 1999, the Company was awarded a contract for reconstruction of the Honeywell Street/Queens Boulevard Bridges project for the City of New York (the “City”). In June 2003, after substantial completion of the project, the Company initiated an action to recover $8.75 million in claims against the City on behalf of itself and its subcontractors. In March 2010, the City filed counterclaims for $74.6 million and other relief, alleging fraud in connection with the DBE requirements for the project. In May 2010, the Company served the City with its response to the City’s counterclaims and affirmative defenses. The Company’s motion to dismiss the City’s counterclaims was granted and is currently under appeal. | |
The Company does not expect this matter to have any material effect on its consolidated financial statements. | |
Westgate Planet Hollywood Matter | |
Tutor-Saliba Corporation (“TSC”), a wholly owned subsidiary of the Company, contracted to construct a time share development project in Las Vegas which was substantially completed in December 2009. The Company’s claims against the owner, Westgate Planet Hollywood Las Vegas, LLC (“WPH”), relate to unresolved owner change orders and other claims. The Company filed a lien on the project in the amount of $23.2 million, and filed its complaint with the District Court, Clark County, Nevada. Several subcontractors have also recorded liens, some of which have been released by bonds and some of which have been released as a result of subsequent payment. Westgate has posted a mechanic’s lien release bond for $22.3 million. | |
WPH filed a cross-complaint alleging non-conforming and defective work for approximately $51 million, primarily related to alleged defects, misallocated costs, and liquidated damages. Some or all of the allegations will be defended by counsel appointed by TSC’s insurance carrier. WPH has since revised the amount of their counterclaims to approximately $45 million. | |
Subcontractor claims settled before trial. Trial on the remaining issues began in October 2012. In late February 2013, the Court ordered judgment in favor of TSC in the amount of $9.0 million plus interest and attorneys’ fees. The Court also ordered judgment in favor of WPH in the amount of $2.6 million plus interest for defect claims that are anticipated to be paid by the owner-controlled insurance program (“OCIP”) carrier. | |
During the twelve months ended December 31, 2013, Westgate provided payment to TSC for the replacement OCIP insurance policies bringing resolution to that matter. On September 25, 2013, the Court entered judgment in favor of TSC confirming the previous ruling reached in February 2013. During a hearing in January 2014, the Court granted TSC’s motion for approximately $5.8 million of legal fees, while the Court’s award on pre-judgment interest is still pending. | |
The Company does not expect this matter to have any material effect on its consolidated financial statements. Management has made an estimate of the total anticipated recovery on this project and such estimate is included in revenue recorded to date. To the extent new facts become known or the final recovery included in the claim settlement varies from the estimate, the impact of the change will be reflected in the financial statements at that time. | |
100th Street Bus Depot Matter | |
The Company constructed the 100th Street Bus Depot for the New York City Transit Authority (“NYCTA”) in New York. Prior to receiving notice of final acceptance from the NYCTA, this project experienced a failure of the brick facade on the building due to faulty subcontractor work. The Company has not yet received notice of final acceptance of this project from the NYCTA. The Company contends defective structural installation by the Company’s steel subcontractor caused or was a causal factor of the brick facade failure. | |
The Company tendered its claim to the NYCTA OCIP and to Chartis Claims, Inc. (“Chartis”), its insurance carrier. Coverage was denied in January 2011. The OCIP and general liability carriers filed a declaratory relief action in the United States District Court, Southern District of New York against the Company seeking court determination that no coverage is afforded under their policies. In mid-February 2012, the Company filed a third-party action against certain underwriters (“Lloyd’s”). In mid-November 2012, the Court granted Chartis’ and Lloyd’s respective motions for summary judgment without oral argument. In May 2013, the Company filed its opening brief appealing those orders, with Chartis’ and Lloyd’s opposition briefs submitted in late August 2013. | |
Management has made an estimate of the total anticipated recovery on this project, and such estimate is included in revenue recorded to date. To the extent new facts become known or the final recovery included in the claim settlement varies from the estimate, the impact of the change will be reflected in the financial statements at that time. | |
Brightwater Matter | |
In 2006, the Department of Natural Resources and Parks Wastewater Treatment Division of King County (“King County”), as Owner, and Vinci Construction Grands Projects/Parsons RCI/Frontier-Kemper, Joint Venture (“VPFK”), as Contractor, entered into a contract to construct the Brightwater Conveyance System and tunnel sections in Washington State. Frontier-Kemper, a wholly owned subsidiary of the Company, is a 20% minority partner in the joint venture. | |
In April 2010, King County filed a lawsuit alleging damages in the amount of $74 million, plus costs, for VPFK’s failure to complete specified components of the project in the King County Superior Court, State of Washington. Shortly thereafter, VPFK filed a counterclaim in the amount of approximately $75 million, seeking reimbursement for additional costs incurred as a result of differing site conditions, King County’s defective specifications, for damages sustained on VPFK’s tunnel boring machines (“TBM”), and increased costs as a result of hyperbaric interventions. VPFK’s claims related to differing site conditions, defective design specifications, and damages to the TBM were presented to a Dispute Resolution Board (“DRB”). King County amended the amount sought in its lawsuit to approximately $132 million. In August 2011, the DRB generally found that King County was liable to VPFK for VPFK’s claims for encountering differing site conditions, including damages to the TBM, but not on VPFK’s alternative theory of defective specifications. From June through August 2012, each party filed several motions for summary judgment on certain claims and requests in preparation for trial, which were heard and ruled upon by the Court. The Court granted and denied various requests of each party related to evidence and damages. | |
In December 2012, a jury verdict was received in favor of King County in the amount of $155.8 million and a verdict in favor of VPFK in the amount of $26.3 million. In late April 2013, the Court ruled on post-trial motions and ordered VPFK’s sureties to pay King County’s attorneys’ fees and costs in the amount of $14.7 million. All other motions were denied. On May 7, 2013, VPFK paid the full verdict amount and the associated fees, thus terminating any interest on the judgment. VPFK’s notice of appeal was filed on May 31, 2013. | |
The ultimate financial impact of King County’s lawsuit is not yet specifically determinable. In the fourth quarter of 2012, management developed a range of possible outcomes and has recorded a charge to income and a contingent liability of $5.0 million in accrued expenses. In developing a range of possible outcomes, management considered the jury verdict, continued litigation and potential settlement strategies. Management determined that there was no estimate within the range of possible outcomes that was more probable than the other and recorded a liability at the low end of the range. As of December 31, 2013, there were no changes in facts or circumstances that led management to believe that there were any changes to the probability of outcomes. The amount of payments in excess of the established contingent liability is recorded in Accounts Receivable on the Company’s Consolidated Balance Sheet as of December 31, 2013. Estimating and recording future outcomes of litigation proceedings require significant judgment and assumptions about the future, which are inherently subject to risks and uncertainties. If a final recovery turns out to be materially less favorable than our estimates, this may have a significant impact on the Company’s financial results. To the extent new facts become known or the final recovery included in the claim settlement varies from the estimate, the impact of the change will be reflected in the financial statements at that time. | |
156 Stations Matter | |
In December 2003, Five Star Electric Corporation (“FSE”), a wholly owned subsidiary of the Company, entered into an agreement with the Prime Contractor Transit Technologies, L.L.C (“Transit”), a Consortium member of Siemens Transportation Transit Technologies, L.L.C (“Siemens”), to assist in the installation of new public address and customer information screens system for each of the 156 stations for the New York City Transit Authority (“NYCTA”) as the owner. Work on the project commenced in early 2004 and was substantially completed. | |
In June 2007, FSE submitted a Demand for Arbitration against Transit to terminate FSE’s subcontract due to: the execution of a Cure Agreement between the NYCTA, Siemens and Transit, which amended FSE’s rights under the Prime Contract; Transit’s failure to provide information and equipment to allow work to progress according to the approved schedule, and Transit’s failure to tender payment in excess of a year. In June 2012, the arbitration panel awarded FSE a total of approximately $11.9 million to be paid within 45 days, and Transit’s claims were denied. FSE filed a motion to confirm arbitration award in District Court in July 2012. In late August 2012, Transit Technologies filed a cross petition to vacate the award. In November 2012, the Court granted FSE’s petition to confirm the arbitration award and denied Transit Technologies’ cross-petition to vacate the award. In February 2013, the Court affirmed FSE’s award and entered judgment in the amount of $12.3 million including award, costs and interest. The deadline for Transit to file an appeal regarding the judgment passed on April 4, 2013, rendering the judgment final for all purposes. Settlement discussions have taken place with Siemens to avoid further litigation. FSE is also pursuing its bond claim to recover judgment. The eventual resolution of this matter is not expected to have a material effect on the Company’s consolidated financial statements. |
Capital_Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2013 | |
Capital Stock | ' |
Capital Stock | ' |
[10] Capital Stock | |
(a) Common Stock | |
On September 8, 2008, the Company’s shareholders approved an increase in the number of authorized shares of common stock from 40 million shares to 75 million shares. On the same day, the Company acquired all of the outstanding shares of Tutor-Saliba in exchange for 22,987,293 shares of the Company’s common stock. These shares are subject to certain liquidation restrictions contained in a shareholders agreement between Mr. Tutor, the Company and other former Tutor-Saliba shareholders. As of December 31, 2013, Mr. Tutor had beneficial ownership of approximately 8,306,375 shares of the Company’s common stock. | |
(b) Common Stock Repurchase Program | |
On March 19, 2010, the Company’s Board of Directors extended the common stock repurchase program put into place on November 13, 2008. The program allowed the Company to repurchase up to $100 million of its common stock through March 31, 2011, at which time the program expired. | |
There were no repurchases made during 2011. During 2010, the Company repurchased and cancelled 2,164,840 shares under the program for an aggregate purchase price of $39.4 million. On a cumulative basis during 2008 through 2010, the Company repurchased and cancelled 4,168,238 shares under the program for an aggregate purchase price of $71.2 million, or an average purchase price per share of $17.08. | |
(c) Preferred Stock | |
The Company is authorized to issue 1,000,000 shares of preferred stock. At December 31, 2013 and 2012, there were no preferred shares issued and outstanding. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Stock-Based Compensation | ' | |||||||||||||||||
Stock-Based Compensation | ' | |||||||||||||||||
[11] Stock-Based Compensation | ||||||||||||||||||
Tutor Perini Corporation Long-Term Incentive Plan | ||||||||||||||||||
The Company is authorized to grant up to 6,900,000 stock-based compensation awards to key executives, employees and directors of the Company under the Tutor Perini Corporation Long-Term Incentive Plan (the “Plan”). The Plan allows stock-based compensation awards to be granted in a variety of forms, including stock options, stock appreciation rights, restricted stock unit awards, unrestricted stock awards, deferred stock awards and dividend equivalent rights. The terms and conditions of the awards granted are established by the Compensation Committee of the Company’s Board of Directors who also administers the Plan. | ||||||||||||||||||
A total of 330,286 shares of common stock are available for future grant under the Plan at December 31, 2013. | ||||||||||||||||||
Restricted Stock Unit Awards | ||||||||||||||||||
Restricted stock unit awards generally vest subject to the satisfaction of service requirements or the satisfaction of both service requirements and achievement of certain performance targets. Upon vesting, each award is exchanged for one share of the Company’s common stock. The grant date fair values of these awards are determined based on the closing price of the Company’s common stock on either the award date (if subject only to service conditions), or the date that the Compensation Committee establishes the applicable performance target (if subject to performance conditions). The related compensation expense is amortized over the applicable requisite service period. As of December 31, 2013, the Compensation Committee has approved the grant of an aggregate of 5,188,333 restricted stock unit awards to eligible participants. | ||||||||||||||||||
The restricted stock unit awards granted in 2013, 2012 and 2011 had weighted-average grant date fair values of $19.87, $14.39 and $19.03, respectively. The grant date fair value is determined based on the closing price of the Company’s common stock on the date of grant. | ||||||||||||||||||
The following table presents the compensation expense recognized related to the restricted stock unit awards which is included in general and administrative expenses in the Consolidated Statements of Operations: | ||||||||||||||||||
Year ended December 31, | ||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||
(in millions) | ||||||||||||||||||
Restricted Stock Compensation Expense | $ | 4.9 | $ | 7.1 | $ | 5.7 | ||||||||||||
Related Income Tax Benefit | $ | 1.9 | $ | 1.5 | $ | 2.5 | ||||||||||||
As of December 31, 2013, there was $2.4 million of unrecognized compensation expense related to the unvested restricted stock unit awards which, absent significant forfeitures in the future, is expected to be recognized over a weighted-average period of approximately 2.0 years. | ||||||||||||||||||
During 2013, the Compensation Committee established the 2013 performance targets for 181,668 restricted stock units awarded in 2009 and 2010, and for 65,000 restricted stock units awarded in 2013. During 2013, the Compensation Committee approved the award of 312,500 new restricted stock units. | ||||||||||||||||||
A summary of restricted stock unit awards activity during the year ended December 31, 2013 is as follows: | ||||||||||||||||||
Aggregate | ||||||||||||||||||
Weighted Average | Intrinsic | |||||||||||||||||
Number | Grant Date | Value | ||||||||||||||||
of Shares | Fair Value | (in thousands) | ||||||||||||||||
Total Granted and Unvested - January 1, 2013 | 1,141,666 | $ | 18.12 | $ | 15,641 | |||||||||||||
Vested | (849,999 | ) | $ | 19.91 | $ | 17,505 | ||||||||||||
Granted | 246,668 | $ | 19.87 | $ | 6,487 | |||||||||||||
Forfeited | (176,667 | ) | $ | 13.66 | — | |||||||||||||
Total Granted and Unvested | 361,668 | $ | 17.3 | $ | 9,512 | |||||||||||||
Approved for grant | 957,500 | (a) | $ | 25,182 | ||||||||||||||
Total Awarded and Unvested — December 31, 2013 | 1,319,168 | n.a. | $ | 34,694 | ||||||||||||||
(a) Grant date fair value cannot be determined currently because the related performance targets for future years have not yet been established by the Compensation Committee. | ||||||||||||||||||
The outstanding unvested restricted stock unit awards at December 31, 2013 are scheduled to vest as follows, subject where applicable to the achievement of performance targets. As described above, certain performance targets have not yet been established. | ||||||||||||||||||
Number | ||||||||||||||||||
Vesting Date | of Awards | |||||||||||||||||
2014 | 286,668 | |||||||||||||||||
2015 | 342,500 | |||||||||||||||||
2016 | 202,500 | |||||||||||||||||
2017 | 442,500 | |||||||||||||||||
2018 | 36,000 | |||||||||||||||||
2019 | 9,000 | |||||||||||||||||
Total | 1,319,168 | |||||||||||||||||
Approximately 150,000 of the unvested restricted stock unit awards will vest based on the satisfaction of service requirements and 1,169,168 will vest based on the satisfaction of both service requirements and the achievement of pre-tax income performance targets. | ||||||||||||||||||
Stock Options | ||||||||||||||||||
Stock option awards generally vest subject to the satisfaction of service requirements or the satisfaction of both service requirements and achievement of certain performance targets. The grant date fair values of these awards are determined based on the Black-Scholes option price model on either the award date (if subject only to service conditions), or the date that the Compensation Committee establishes the applicable performance target (if subject to performance conditions). The related compensation expense is amortized over the applicable requisite service period. The exercise price of the options is equal to the closing price of the Company’s common stock on the date the awards were approved by the Compensation Committee, and the awards expire ten years from the award date. As of December 31, 2013, the Compensation Committee has approved an aggregate of 2,535,465 stock option awards to eligible participants. | ||||||||||||||||||
The stock option awards granted in 2013, 2012 and 2011 had weighted-average grant date fair values of $7.90, $5.65 and $9.31, respectively. The grant date fair value is determined based on the Black-Scholes option pricing model as discussed below. | ||||||||||||||||||
The following table presents the compensation expense recognized related to stock option grants which is included in general and administrative expenses in the Consolidated Statements of Operations: | ||||||||||||||||||
Year ended December 31, | ||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||
(in millions) | ||||||||||||||||||
Stock Option Compensation Expense | $ | 1.7 | $ | 2.4 | $ | 3.1 | ||||||||||||
Related Income Tax Benefit | $ | 0.7 | $ | 1 | $ | 1.3 | ||||||||||||
As of December 31, 2013, there was $979,000 of unrecognized compensation expense related to the outstanding stock option grants which, absent significant forfeitures in the future, is expected to be recognized over a weighted- average period of approximately 2.0 years. | ||||||||||||||||||
During 2013, the Compensation Committee established the 2013 performance targets for 150,000 stock options awarded in 2009 and 50,000 stock options awarded in 2013. During 2013, the Compensation Committee approved the award of 170,000 new stock options. | ||||||||||||||||||
A summary of stock option activity during the year ended December 31, 2013 is as follows: | ||||||||||||||||||
Weighted Average | ||||||||||||||||||
Number | Grant Date | Exercise | ||||||||||||||||
of Shares | Value | Price | ||||||||||||||||
Total Granted and Outstanding - January 1, 2013 | 1,315,465 | $ | 9.72 | $ | 18.91 | |||||||||||||
Granted | 200,000 | $ | 7.9 | $ | 20.8 | |||||||||||||
Exercised | (80,465 | ) | $ | 6.71 | $ | 13.16 | ||||||||||||
Forfeited | (140,000 | ) | $ | 6.76 | — | |||||||||||||
Total Granted and Outstanding | 1,295,000 | $ | 9.94 | $ | 20.2 | |||||||||||||
Approved for grant | 800,000 | (a) | $ | 12.61 | ||||||||||||||
Total Awarded and Outstanding — December 31, 2013 | 2,095,000 | n.a. | $ | 17.3 | ||||||||||||||
(a) Grant date fair value cannot be determined currently because the related performance targets for future years have not yet been established by the Compensation Committee. | ||||||||||||||||||
There were 1,045,000 options that have vested and were exercisable at December 31, 2013 at a weighted average exercise price of $20.41 per share. | ||||||||||||||||||
Of the remaining options outstanding, approximately 50,000 will vest based on the satisfaction of service requirements and 1,000,000 will vest based on the satisfaction of both service requirements and the achievement of performance targets. | ||||||||||||||||||
At December 31, 2013, the outstanding options of 1,295,000 had an intrinsic value of $7.9 million and a weighted- average remaining contractual life of 5.6 years. | ||||||||||||||||||
The following table details the key assumptions used in estimating the grant date fair values of stock option awards granted during 2013, 2012 and 2011 based on the Black-Scholes option pricing model: | ||||||||||||||||||
Grant dates established during | ||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||
Awarded during | 2013 | 2009 (1) | 2012 | 2009 (1) | 2011 | 2011 | 2011 | 2009 (1) | ||||||||||
Number of options | 50,000 | 150,000 | 15,000 | 150,000 | 140,000 | 30,000 | 40,465 | 150,000 | ||||||||||
Risk-free interest rate | 1.64 | % | 0.48 | % | 1.12 | % | 0.88 | % | 1.13 | % | 1.25 | % | 0.89 | % | 2.74 | % | ||
Expected life of options (years) | 5.7 | 3.6 | 7.3 | 4.4 | 6 | 6.5 | 5 | 6.5 | ||||||||||
Expected volatility of underlying stock | 51.81 | % | 51 | % | 50.59 | % | 53.89 | % | 49.86 | % | 48.7 | % | 51.62 | % | 46.94 | % | ||
Expected quarterly dividends (per share) | — | — | — | — | — | — | — | — | ||||||||||
(1) During 2009, the Compensation Committee approved the award of 750,000 stock options that vest in five equal annual installments from 2010 to 2014 subject to the achievement of pre-tax income performance targets established by the Compensation Committee for fiscal years 2009 to 2013. The Compensation Committee has established the performance targets for fiscal years 2011, 2012 and 2013, and these tranches were deemed granted for accounting purposes. |
Unaudited_Quarterly_Financial_
Unaudited Quarterly Financial Data | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Unaudited Quarterly Financial Data | ' | |||||||||||||
Unaudited Quarterly Financial Data | ' | |||||||||||||
[12] Unaudited Quarterly Financial Data | ||||||||||||||
The following table presents selected unaudited quarterly financial data for each full quarterly period of 2013 and 2012: | ||||||||||||||
(in thousands, except per share amounts) | ||||||||||||||
First | Second | Third | Fourth | |||||||||||
Year ended December 31, 2013 | Quarter | Quarter | Quarter | Quarter | ||||||||||
Revenues | $ | 992,928 | $ | 1,053,065 | $ | 1,030,388 | $ | 1,099,291 | ||||||
Gross profit | $ | 100,357 | $ | 105,955 | $ | 120,857 | $ | 139,735 | ||||||
Income (loss) from construction operations | $ | 36,079 | $ | 39,474 | $ | 58,094 | $ | 70,175 | ||||||
Income (loss) before income taxes | $ | 23,916 | $ | 25,157 | $ | 37,035 | $ | 53,507 | ||||||
Net (loss) income | $ | 14,800 | $ | 15,478 | $ | 23,759 | $ | 33,259 | ||||||
(Loss) earnings per share: | ||||||||||||||
Basic | $ | 0.31 | $ | 0.32 | $ | 0.5 | $ | 0.69 | ||||||
Diluted | $ | 0.31 | $ | 0.32 | $ | 0.49 | $ | 0.68 | ||||||
First | Second | Third | Fourth | |||||||||||
Year ended December 31, 2012 | Quarter | Quarter | Quarter | Quarter | ||||||||||
Revenues | $ | 912,534 | $ | 985,346 | $ | 1,099,393 | $ | 1,114,198 | ||||||
Gross profit | $ | 86,159 | $ | 87,061 | $ | 115,463 | $ | 126,449 | ||||||
Income from construction operations | $ | 16,963 | $ | (354,174 | )(a) | $ | 54,676 | $ | 60,724 | |||||
Income before income taxes | $ | 3,573 | $ | (363,695 | ) | $ | 44,182 | $ | 48,098 | |||||
Net income | $ | (1,203 | ) | $ | (348,423 | ) | $ | 42,591 | $ | 41,635 | ||||
Earnings per share: | ||||||||||||||
Basic | $ | (0.03 | ) | $ | (7.35 | ) | $ | 0.9 | $ | 0.88 | ||||
Diluted | $ | (0.03 | ) | $ | (7.35 | ) | $ | 0.88 | $ | 0.86 | ||||
(a) includes pre-tax goodwill and intangible asset impairment of $376.6 million. |
Business_Segments
Business Segments | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
Business Segments | ' | ||||||||||||||||||||||
Business Segments | ' | ||||||||||||||||||||||
[13] Business Segments | |||||||||||||||||||||||
The Company’s chief operating decision maker is the Chairman and Chief Executive Officer who decides how to allocate resources and assess performance of the business segments. Generally, the Company evaluates performance of its operating segments on the basis of income from operations and cash flow. | |||||||||||||||||||||||
As discussed in Note 4 — Goodwill and Other Intangible Assets, the Company completed a reorganization in 2011 which resulted in the formation of the Specialty Contractors reporting segment. The Specialty Contractors reporting segment consists of the following subsidiary companies: WDF, FSE, Nagelbush, Fisk, DMI (all previously included in the Building reporting segment), and Superior Gunite (previously included in the Civil reporting segment). The reorganization enabled the Company to focus on vertical integration through increased self-performed work capabilities while maintaining the specialty contractors business with third parties, and strengthened the Company’s position as a full-service contractor with greater control over scheduled delivery and risk management. | |||||||||||||||||||||||
The following tables set forth certain reportable segment information relating to the Company’s operations for the years ended December 31, 2013, 2012 and 2011. In accordance with the accounting guidance on segment reporting, the Company has restated comparative prior period information for the reorganized reportable segments in the tables below. | |||||||||||||||||||||||
Reportable Segments | |||||||||||||||||||||||
Specialty | Management | Consolidated | |||||||||||||||||||||
(in thousands) | Civil | Building | Contractors | Services | Totals | Corporate | Total | ||||||||||||||||
2013 | |||||||||||||||||||||||
Total Revenues | $ | 1,423,772 | $ | 1,537,227 | $ | 1,182,844 | $ | 181,076 | $ | 4,324,919 | $ | — | $ | 4,324,919 | |||||||||
Elimination of intersegment revenues | (77,954 | ) | (67,008 | ) | (567 | ) | (3,718 | ) | (149,247 | ) | — | (149,247 | ) | ||||||||||
Revenues from external customers | $ | 1,345,818 | $ | 1,470,219 | $ | 1,182,277 | $ | 177,358 | $ | 4,175,672 | $ | — | $ | 4,175,672 | |||||||||
Income from construction operations | $ | 167,868 | $ | 23,799 | $ | 49,008 | $ | 10,579 | $ | 251,254 | $ | (47,432 | ) | $ | 203,822 | ||||||||
Assets | $ | 1,295,713 | $ | 610,431 | $ | 727,303 | $ | 187,864 | $ | 2,821,311 | $ | 576,127 | (b) | $ | 3,397,438 | ||||||||
Capital Expenditures | $ | 29,497 | $ | 1,555 | $ | 4,137 | $ | 3,103 | $ | 38,292 | $ | 6,999 | $ | 45,291 | |||||||||
2012 | |||||||||||||||||||||||
Total Revenues | $ | 1,290,610 | $ | 1,478,508 | $ | 1,183,518 | $ | 241,483 | $ | 4,194,119 | $ | — | $ | 4,194,119 | |||||||||
Elimination of intersegment revenues | (42,329 | ) | (10,598 | ) | (481 | ) | (29,240 | ) | (82,648 | ) | — | (82,648 | ) | ||||||||||
Revenues from external customers | $ | 1,248,281 | $ | 1,467,910 | $ | 1,183,037 | $ | 212,243 | $ | 4,111,471 | $ | — | $ | 4,111,471 | |||||||||
(Loss) Income from construction operations: | |||||||||||||||||||||||
Before impairment charge | $ | 112,584 | $ | (4,098 | ) | $ | 79,080 | $ | 12,291 | $ | 199,857 | $ | (45,094 | )(a) | $ | 154,763 | |||||||
Impairment charge | (65,503 | ) | (282,608 | ) | (11,489 | ) | (16,974 | ) | (376,574 | ) | — | (376,574 | ) | ||||||||||
Total | $ | 47,081 | $ | (286,706 | ) | $ | 67,591 | $ | (4,683 | ) | $ | (176,717 | ) | $ | (45,094 | ) | $ | (221,811 | ) | ||||
Assets | $ | 1,046,712 | $ | 669,780 | $ | 672,074 | $ | 180,145 | $ | 2,568,711 | $ | 727,699 | (b) | $ | 3,296,410 | ||||||||
Capital Expenditures | $ | 27,037 | $ | 1,682 | $ | 10,201 | $ | 1,791 | $ | 40,711 | $ | 2,691 | $ | 43,402 | |||||||||
2011 | |||||||||||||||||||||||
Total Revenues | $ | 896,896 | $ | 1,952,030 | $ | 802,535 | $ | 275,975 | $ | 3,927,436 | $ | — | $ | 3,927,436 | |||||||||
Elimination of intersegment revenues | (11,651 | ) | (126,562 | ) | (75 | ) | (72,831 | ) | (211,119 | ) | — | (211,119 | ) | ||||||||||
Revenues from external customers | $ | 885,245 | $ | 1,825,468 | $ | 802,460 | $ | 203,144 | $ | 3,716,317 | $ | — | $ | 3,716,317 | |||||||||
Income from construction operations | $ | 78,546 | $ | 46,262 | $ | 65,582 | $ | 22,322 | $ | 212,712 | $ | (44,336 | )(a) | $ | 168,376 | ||||||||
Assets | $ | 1,102,471 | $ | 1,125,632 | $ | 597,986 | $ | 182,583 | $ | 3,008,672 | $ | 604,455 | (b) | $ | 3,613,127 | ||||||||
Capital Expenditures | $ | 49,892 | $ | 1,293 | $ | 4,727 | $ | 8,020 | $ | 63,932 | $ | 4,419 | $ | 68,351 | |||||||||
(a) Primarily consist of corporate general and administrative expenses. | |||||||||||||||||||||||
(b) Principally consist of cash and cash equivalents, corporate transportation equipment, construction equipment, and other investments available for general corporate purposes. | |||||||||||||||||||||||
Information concerning principal geographic areas is as follows: | |||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Revenues | |||||||||||||||||||||||
United States | $ | 4,000,380 | $ | 3,925,733 | $ | 3,508,349 | |||||||||||||||||
Foreign and U.S. Territories | 175,292 | 185,738 | 207,968 | ||||||||||||||||||||
Total | $ | 4,175,672 | $ | 4,111,471 | $ | 3,716,317 | |||||||||||||||||
Income (loss) from construction operations | |||||||||||||||||||||||
United States | $ | 238,989 | $ | (195,457 | ) | $ | 184,268 | ||||||||||||||||
Foreign and U.S. Territories | 12,265 | 18,740 | 28,444 | ||||||||||||||||||||
Corporate | (47,432 | ) | (45,094 | ) | (44,336 | ) | |||||||||||||||||
Total | $ | 203,822 | $ | (221,811 | ) | $ | 168,376 | ||||||||||||||||
At December 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||
United States | $ | 3,182,706 | $ | 3,107,808 | $ | 3,460,470 | |||||||||||||||||
Foreign and U.S. Territories | 214,732 | 188,602 | 152,657 | ||||||||||||||||||||
Total | $ | 3,397,438 | $ | 3,296,410 | $ | 3,613,127 | |||||||||||||||||
Income from construction operations has been allocated geographically based on the location of the job site. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions | ' |
Related Party Transactions | ' |
[14] Related Party Transactions | |
The Company leases certain facilities from Ronald N. Tutor, the Company’s chairman and chief executive officer, and an affiliate owned by Mr. Tutor under non-cancelable operating lease agreements with monthly payments of $0.2 million, which increase at 3% per annum beginning August 1, 2009 and expire on July 31, 2016. Lease expense for these leases, recorded on a straight-line basis, was $2.5 million for the year ended December 31, 2013 and $2.3 million for the years ended December 31, 2012 and 2011. | |
Raymond R. Oneglia, who is the Vice Chairman of O&G Industries, Inc. (“O&G”), is a director of the Company. Currently the Company has a 30% interest in a joint venture with O&G as the sponsor involving a highway construction project for the State of Connecticut, with an estimated total contract value of approximately $368 million, scheduled for completion in 2017. Under this arrangement, O&G provides project-related equipment and services directly to the customer (on customary trade terms). In accordance with the joint venture agreement, payments to O&G for equipment and services for each of the years ended December 31, 2013, December 31, 2012 and December 31, 2011 were $6.9, $6.3 and $2.9 million, respectively. O&G’s cumulative holdings of the Company’s stock as of December 31, 2013 and 2012 were 600,000 shares, or 1.24% and 1.26%, respectively, of total common shares outstanding at December 31, 2013 and 2012. | |
The Company had periodically utilized flight services from JF Aviation, LLC. James A. Frost is the Owner of JF Aviation, LLC and serves as Executive Vice President and Chief Executive Officer of the Company’s Civil segment. During the year ended December 31, 2012, the transaction amounted to approximately $0.4 million. The Company did not utilize the services of JF Aviation in 2013. |
Separate_Financial_Information
Separate Financial Information of Subsidiary Guarantors of Indebtedness | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Separate Financial Information of Subsidiary Guarantors of Indebtedness | ' | ||||||||||||||||
Separate Financial Information of Subsidiary Guarantors of Indebtedness | ' | ||||||||||||||||
[15] Separate Financial Information of Subsidiary Guarantors of Indebtedness | |||||||||||||||||
As discussed in Note 5 — Financial Commitments, the Company’s obligation to pay principal and interest on its 7.625% senior unsecured notes due November 1, 2018, is guaranteed on a joint and several basis by substantially all of the Company’s existing and future subsidiaries that guarantee obligations under the Company’s Amended Credit Agreement (the “Guarantors”). The guarantees are full and unconditional and the Guarantors are 100%-owned by the Company. | |||||||||||||||||
The following supplemental condensed consolidating financial information reflects the summarized financial information of the Company as the issuer of the senior unsecured notes, the Guarantors and the Company’s non- guarantor subsidiaries on a combined basis. | |||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET - DECEMBER 31, 2013 | |||||||||||||||||
(in thousands) | |||||||||||||||||
Tutor | Non- | ||||||||||||||||
Perini | Guarantor | Guarantor | Total | ||||||||||||||
Corporation | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||
ASSETS | |||||||||||||||||
Cash and cash equivalents | $ | 88,995 | $ | 18,031 | $ | 12,897 | $ | — | $ | 119,923 | |||||||
Restricted cash | 18,833 | 8,040 | 15,721 | — | 42,594 | ||||||||||||
Accounts receivable, including retainage | 208,227 | 1,126,012 | 47,958 | (90,951 | ) | 1,291,246 | |||||||||||
Costs and estimated earnings in excess of billings | 99,779 | 505,979 | 152 | (32,662 | ) | 573,248 | |||||||||||
Deferred income taxes | — | 15,866 | — | (7,626 | ) | 8,240 | |||||||||||
Other current assets | 37,605 | 26,234 | 24,462 | (37,632 | ) | 50,669 | |||||||||||
Total current assets | 453,439 | 1,700,162 | 101,190 | (168,871 | ) | 2,085,920 | |||||||||||
Long-term investments | 46,283 | — | — | — | 46,283 | ||||||||||||
Property and equipment, net | 77,562 | 415,993 | 4,570 | — | 498,125 | ||||||||||||
Intercompany notes and receivables | — | 428,190 | — | (428,190 | ) | — | |||||||||||
Other assets: | |||||||||||||||||
Goodwill | — | 577,756 | — | — | 577,756 | ||||||||||||
Intangible assets, net | — | 113,740 | — | — | 113,740 | ||||||||||||
Investment in subsidiaries | 2,181,280 | 29 | 50 | (2,181,359 | ) | — | |||||||||||
Other | 70,269 | 10,528 | — | (5,183 | ) | 75,614 | |||||||||||
Total assets | $ | 2,828,833 | $ | 3,246,398 | $ | 105,810 | $ | (2,783,603 | ) | $ | 3,397,438 | ||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||
Current maturities of long-term debt | $ | 50,578 | $ | 64,080 | $ | — | $ | — | $ | 114,658 | |||||||
Accounts payable, including retainage | 162,292 | 677,997 | 6,039 | (88,103 | ) | 758,225 | |||||||||||
Billings in excess of costs and estimated earnings | 90,267 | 177,285 | 34 | — | 267,586 | ||||||||||||
Accrued expenses and other current liabilities | 58,232 | 99,257 | 48,369 | (47,841 | ) | 158,017 | |||||||||||
Total current liabilities | 361,369 | 1,018,619 | 54,442 | (135,944 | ) | 1,298,486 | |||||||||||
Long-term debt, less current maturities | 575,356 | 84,053 | — | (40,183 | ) | 619,226 | |||||||||||
Deferred income taxes | 107,448 | 6,885 | — | — | 114,333 | ||||||||||||
Other long-term liabilities | 114,677 | 3,181 | — | — | 117,858 | ||||||||||||
Intercompany notes and advances payable | 422,448 | — | 23,462 | (445,910 | ) | — | |||||||||||
Contingencies and commitments | |||||||||||||||||
Stockholders’ Equity | 1,247,535 | 2,133,660 | 27,906 | (2,161,566 | ) | 1,247,535 | |||||||||||
Total liabilities and stockholders’ equity | $ | 2,828,833 | $ | 3,246,398 | $ | 105,810 | $ | (2,783,603 | ) | $ | 3,397,438 | ||||||
CONDENSED CONSOLIDATING BALANCE SHEET - DECEMBER 31, 2012 | |||||||||||||||||
(in thousands) | |||||||||||||||||
Tutor | Non- | ||||||||||||||||
Perini | Guarantor | Guarantor | Total | ||||||||||||||
Corporation | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||
ASSETS | |||||||||||||||||
Cash and cash equivalents | $ | 64,663 | $ | 74,385 | $ | 29,008 | $ | — | $ | 168,056 | |||||||
Restricted cash | 30,236 | 8,481 | — | — | 38,717 | ||||||||||||
Accounts receivable | 177,856 | 1,121,098 | 1,088 | (75,429 | ) | 1,224,613 | |||||||||||
Costs and estimated earnings in excess of billings | 111,821 | 377,132 | 152 | (24,103 | ) | 465,002 | |||||||||||
Deferred income taxes | — | 15,823 | — | (5,752 | ) | 10,071 | |||||||||||
Other current assets | 26,461 | 49,993 | 2,891 | (3,957 | ) | 75,388 | |||||||||||
Total current assets | 411,037 | 1,646,912 | 33,139 | (109,241 | ) | 1,981,847 | |||||||||||
Long-term investments | 46,283 | — | — | — | 46,283 | ||||||||||||
Property and equipment, net | 64,248 | 416,006 | 4,841 | — | 485,095 | ||||||||||||
Intercompany notes and receivables | — | 493,277 | — | (493,277 | ) | — | |||||||||||
Other assets: | |||||||||||||||||
Goodwill | — | 570,646 | — | — | 570,646 | ||||||||||||
Intangible assets, net | — | 126,821 | — | — | 126,821 | ||||||||||||
Investment in subsidiaries | 2,122,116 | 134 | 50 | (2,122,300 | ) | — | |||||||||||
Other | 81,198 | 9,058 | 35,375 | (39,913 | ) | 85,718 | |||||||||||
Total assets | $ | 2,724,882 | $ | 3,262,854 | $ | 73,405 | $ | (2,764,731 | ) | $ | 3,296,410 | ||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||
Current maturities of long-term debt | $ | 42,589 | $ | 25,121 | $ | — | $ | — | $ | 67,710 | |||||||
Accounts payable | 97,834 | 698,015 | 156 | (99,532 | ) | 696,473 | |||||||||||
Billings in excess of costs and estimated earnings | 95,657 | 206,070 | 34 | — | 301,761 | ||||||||||||
Accrued expenses and other current liabilities | 30,545 | 108,589 | 38,901 | (9,709 | ) | 168,326 | |||||||||||
Total current liabilities | 266,625 | 1,037,795 | 39,091 | (109,241 | ) | 1,234,270 | |||||||||||
Long-term debt, less current maturities | 603,371 | 105,922 | — | (39,913 | ) | 669,380 | |||||||||||
Deferred income taxes | 102,138 | 7,762 | — | — | 109,900 | ||||||||||||
Other long-term liabilities | 134,874 | 4,122 | — | — | 138,996 | ||||||||||||
Intercompany notes and advances payable | 474,010 | — | 19,267 | (493,277 | ) | — | |||||||||||
Contingencies and commitments | |||||||||||||||||
Stockholders’ Equity | 1,143,864 | 2,107,253 | 15,047 | (2,122,300 | ) | 1,143,864 | |||||||||||
$ | 2,724,882 | $ | 3,262,854 | $ | 73,405 | $ | (2,764,731 | ) | $ | 3,296,410 | |||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||
YEAR ENDED DECEMBER 31, 2013 | |||||||||||||||||
(in thousands) | |||||||||||||||||
Tutor | Non- | ||||||||||||||||
Perini | Guarantor | Guarantor | Total | ||||||||||||||
Corporation | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||
Revenues | $ | 680,440 | $ | 3,315,608 | $ | — | $ | 179,624 | $ | 4,175,672 | |||||||
Cost of operations | 590,675 | 2,960,569 | (22,100 | ) | 179,624 | 3,708,768 | |||||||||||
Gross profit | 89,765 | 355,039 | 22,100 | — | 466,904 | ||||||||||||
General and administrative expenses | 77,507 | 183,723 | 1,852 | — | 263,082 | ||||||||||||
INCOME FROM CONSTRUCTION OPERATIONS | 12,258 | 171,316 | 20,248 | — | 203,822 | ||||||||||||
Equity in earnings of subsidiaries | 122,875 | — | — | (122,875 | ) | — | |||||||||||
Other income (expense), net | (27,162 | ) | 8,075 | 512 | — | (18,575 | ) | ||||||||||
Interest expense | (41,987 | ) | (3,645 | ) | — | — | (45,632 | ) | |||||||||
Income before income taxes | 65,984 | 175,746 | 20,760 | (122,875 | ) | 139,615 | |||||||||||
Provision for Income Taxes | 21,312 | (65,852 | ) | (7,779 | ) | — | (52,319 | ) | |||||||||
NET INCOME (LOSS) | $ | 87,296 | $ | 109,894 | $ | 12,981 | $ | (122,875 | ) | $ | 87,296 | ||||||
Other Comprehensive Income: | |||||||||||||||||
Other Comprehensive Income of Subsidiaries | (1,293 | ) | — | — | 1,293 | — | |||||||||||
Change in pension benefit plans assets/liabilities | 10,910 | — | — | — | 10,910 | ||||||||||||
Foreign currency translation | — | (738 | ) | — | — | (738 | ) | ||||||||||
Change in fair value of investments | — | (555 | ) | — | — | (555 | ) | ||||||||||
Change in fair value of interest rate swap | 578 | — | — | — | 578 | ||||||||||||
Total other comprehensive income (loss) | 10,195 | (1,293 | ) | — | 1,293 | 10,195 | |||||||||||
Total Comprehensive Income (Loss) | $ | 97,491 | $ | 108,601 | $ | 12,981 | $ | (121,582 | ) | $ | 97,491 | ||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||
YEAR ENDED DECEMBER 31, 2012 | |||||||||||||||||
(in thousands) | |||||||||||||||||
Tutor | Non- | ||||||||||||||||
Perini | Guarantor | Guarantor | Total | ||||||||||||||
Corporation | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||
Revenues | $ | 429,926 | $ | 3,769,814 | $ | — | $ | (88,269 | ) | $ | 4,111,471 | ||||||
Cost of operations | 375,914 | 3,421,877 | (13,183 | ) | (88,269 | ) | 3,696,339 | ||||||||||
Gross profit | 54,012 | 347,937 | 13,183 | — | 415,132 | ||||||||||||
General and administrative expenses | 71,983 | 186,831 | 1,555 | — | 260,369 | ||||||||||||
Goodwill and intangible assets impairment | — | 376,574 | — | — | 376,574 | ||||||||||||
INCOME FROM CONSTRUCTION OPERATIONS | (17,971 | ) | (215,468 | ) | 11,628 | — | (221,811 | ) | |||||||||
Equity in earnings of subsidiaries | (225,100 | ) | — | — | 225,100 | — | |||||||||||
Other income (expense), net | (2,603 | ) | 382 | 364 | — | (1,857 | ) | ||||||||||
Interest expense | (40,067 | ) | (4,107 | ) | — | — | (44,174 | ) | |||||||||
Income before income taxes | (285,741 | ) | (219,193 | ) | 11,992 | 225,100 | (267,842 | ) | |||||||||
Provision for Income Taxes | 20,341 | (13,155 | ) | (4,744 | ) | — | 2,442 | ||||||||||
NET INCOME (LOSS) | $ | (265,400 | ) | $ | (232,348 | ) | $ | 7,248 | $ | 225,100 | $ | (265,400 | ) | ||||
Other Comprehensive Income: | |||||||||||||||||
Other comprehensive income of subsidiaries | 620 | — | — | (620 | ) | — | |||||||||||
Tax adjustment on minimum pension liability | (1,610 | ) | — | — | — | (1,610 | ) | ||||||||||
Foreign currency translation | — | 382 | — | — | 382 | ||||||||||||
Change in fair value of investments | — | 238 | — | — | 238 | ||||||||||||
Change in fair value of interest rate swap | (974 | ) | — | — | — | (974 | ) | ||||||||||
Realized loss on sale of investments recorded in net income (loss) | 2,005 | — | — | — | 2,005 | ||||||||||||
Total other comprehensive income (loss) | 41 | 620 | — | (620 | ) | 41 | |||||||||||
Total Comprehensive Income (Loss) | $ | (265,359 | ) | $ | (231,728 | ) | $ | 7,248 | $ | 224,480 | $ | (265,359 | ) | ||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||
YEAR ENDED DECEMBER 31, 2011 | |||||||||||||||||
(in thousands) | |||||||||||||||||
Tutor | Non- | ||||||||||||||||
Perini | Guarantor | Guarantor | Total | ||||||||||||||
Corporation | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||
Revenues | $ | 300,791 | $ | 3,630,262 | $ | — | $ | (214,736 | ) | $ | 3,716,317 | ||||||
Cost of operations | 260,251 | 3,288,739 | (13,278 | ) | (214,736 | ) | 3,320,976 | ||||||||||
Gross profit | 40,540 | 341,523 | 13,278 | — | 395,341 | ||||||||||||
General and administrative expenses | 64,472 | 160,926 | 1,567 | — | 226,965 | ||||||||||||
INCOME FROM CONSTRUCTION OPERATIONS | (23,932 | ) | 180,597 | 11,711 | — | 168,376 | |||||||||||
Equity in earnings of subsidiaries | 118,521 | — | — | (118,521 | ) | — | |||||||||||
Other income (expense), net | 5,292 | (919 | ) | 48 | — | 4,421 | |||||||||||
Interest expense | (32,741 | ) | (3,009 | ) | — | — | (35,750 | ) | |||||||||
Income before income taxes | 67,140 | 176,669 | 11,759 | (118,521 | ) | 137,047 | |||||||||||
Provision for Income Taxes | 19,008 | (65,544 | ) | (4,363 | ) | — | (50,899 | ) | |||||||||
NET INCOME (LOSS) | $ | 86,148 | $ | 111,125 | $ | 7,396 | $ | (118,521 | ) | $ | 86,148 | ||||||
Other Comprehensive Income: | |||||||||||||||||
Other comprehensive income of subsidiaries | (534 | ) | — | — | 534 | — | |||||||||||
Tax adjustment on minimum pension liability | (7,041 | ) | — | — | — | (7,041 | ) | ||||||||||
Foreign currency translation | — | (733 | ) | — | — | (733 | ) | ||||||||||
Change in fair value of investments | — | 199 | — | — | 199 | ||||||||||||
Total other comprehensive income (loss) | (7,575 | ) | (534 | ) | — | 534 | (7,575 | ) | |||||||||
Total Comprehensive Income (Loss) | $ | 78,573 | $ | 110,591 | $ | 7,396 | $ | (117,987 | ) | $ | 78,573 | ||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||
YEAR ENDED DECEMBER 31, 2013 | |||||||||||||||||
(in thousands) | |||||||||||||||||
Tutor | Non- | ||||||||||||||||
Perini | Guarantor | Guarantor | Total | ||||||||||||||
Corporation | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||
Cash Flows from Operating Activities: | |||||||||||||||||
Net (loss) income | $ | 87,296 | $ | 109,894 | $ | 12,981 | $ | (122,875 | ) | $ | 87,296 | ||||||
Adjustments to reconcile net (loss) income to net cash from operating activities: | |||||||||||||||||
Depreciation and amortization | 10,893 | 48,246 | 271 | — | 59,410 | ||||||||||||
Equity in earnings of subsidiaries | (122,875 | ) | — | — | 122,875 | — | |||||||||||
Stock-based compensation expense | 6,623 | — | — | — | 6,623 | ||||||||||||
Excess income tax benefit from stock-based compensation | (1,148 | ) | — | — | — | (1,148 | ) | ||||||||||
Deferred income taxes | 921 | 8,088 | — | — | 9,009 | ||||||||||||
(Gain) loss on sale of property and equipment | — | 49 | — | — | 49 | ||||||||||||
Other non-cash items | (4,341 | ) | 622 | — | — | (3,719 | ) | ||||||||||
Other long-term liabilities | 24,359 | (1,252 | ) | — | — | 23,107 | |||||||||||
Changes in other components of working capital | 72,359 | (184,543 | ) | (17,715 | ) | — | (129,899 | ) | |||||||||
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES | 74,087 | (18,896 | ) | (4,463 | ) | — | 50,728 | ||||||||||
Cash Flows from Investing Activities: | |||||||||||||||||
Acquisition of property and equipment | (21,267 | ) | (21,093 | ) | — | — | (42,360 | ) | |||||||||
Proceeds from sale of property and equipment | 6 | 2,657 | — | — | 2,663 | ||||||||||||
Change in restricted cash | 11,403 | 441 | (15,721 | ) | — | (3,877 | ) | ||||||||||
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES | (9,858 | ) | (17,995 | ) | (15,721 | ) | — | (43,574 | ) | ||||||||
Cash Flows from Financing Activities: | |||||||||||||||||
Proceeds from debt | 627,520 | 25,760 | — | — | 653,280 | ||||||||||||
Repayment of debt | (647,795 | ) | (29,000 | ) | — | — | (676,795 | ) | |||||||||
Business acquisition related payments | (31,038 | ) | — | — | — | (31,038 | ) | ||||||||||
Excess income tax benefit from stock-based compensation | 1,148 | — | — | — | 1,148 | ||||||||||||
Issuance of common stock and effect of cashless exercise | (1,882 | ) | — | — | — | (1,882 | ) | ||||||||||
Increase (decrease) in intercompany advances | 12,150 | (16,223 | ) | 4,073 | — | — | |||||||||||
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES | (39,897 | ) | (19,463 | ) | 4,073 | — | (55,287 | ) | |||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | 24,332 | (56,354 | ) | (16,111 | ) | — | (48,133 | ) | |||||||||
Cash and Cash Equivalents at Beginning of Year | 64,663 | 74,385 | 29,008 | — | 168,056 | ||||||||||||
Cash and Cash Equivalents at End of Year | $ | 88,995 | $ | 18,031 | $ | 12,897 | $ | — | $ | 119,923 | |||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||
YEAR ENDED DECEMBER 31, 2012 | |||||||||||||||||
(in thousands) | |||||||||||||||||
Tutor | Non- | ||||||||||||||||
Perini | Guarantor | Guarantor | Total | ||||||||||||||
Corporation | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||
Cash Flows from Operating Activities: | |||||||||||||||||
Net (loss) income | $ | (265,400 | ) | $ | (232,348 | ) | $ | 7,248 | $ | 225,100 | $ | (265,400 | ) | ||||
Adjustments to reconcile net (loss) income to net cash from operating activities: | |||||||||||||||||
Goodwill and intangible assets impairment | — | 376,574 | — | — | 376,574 | ||||||||||||
Depreciation and amortization | 5,373 | 55,812 | 272 | — | 61,457 | ||||||||||||
Equity in earnings of subsidiaries | 225,100 | — | — | (225,100 | ) | — | |||||||||||
Stock-based compensation expense | 9,470 | — | — | — | 9,470 | ||||||||||||
Adjustment of interest rate swap to fair value | 264 | — | — | — | 264 | ||||||||||||
Deferred income taxes | (20,220 | ) | (5,386 | ) | — | — | (25,606 | ) | |||||||||
Loss on sale of investments | 2,699 | — | — | — | 2,699 | ||||||||||||
Loss on sale of property and equipment | — | 316 | — | — | 316 | ||||||||||||
Other non-cash items | (228 | ) | 376 | — | — | 148 | |||||||||||
Other long-term liabilities | (2,518 | ) | (2,586 | ) | — | — | (5,104 | ) | |||||||||
Changes in other components of working capital | 25,251 | (268,525 | ) | 20,593 | — | (222,681 | ) | ||||||||||
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES | (20,209 | ) | (75,767 | ) | 28,113 | — | (67,863 | ) | |||||||||
Cash Flows from Investing Activities: | |||||||||||||||||
Acquisition of property and equipment | (15,041 | ) | (26,311 | ) | — | — | (41,352 | ) | |||||||||
Proceeds from sale of property and equipment | 364 | 11,395 | — | — | 11,759 | ||||||||||||
Investment in available-for-sale securities | — | (535 | ) | — | — | (535 | ) | ||||||||||
Proceeds from sale of available-for-sale securities | 16,553 | — | — | — | 16,553 | ||||||||||||
Change in restricted cash | (3,251 | ) | (29 | ) | — | — | (3,280 | ) | |||||||||
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES | (1,375 | ) | (15,480 | ) | — | — | (16,855 | ) | |||||||||
Cash Flows from Financing Activities: | |||||||||||||||||
Proceeds from debt | 688,425 | — | — | — | 688,425 | ||||||||||||
Repayment of debt | (601,282 | ) | (24,840 | ) | — | — | (626,122 | ) | |||||||||
Business acquisition related payments | (11,462 | ) | — | — | — | (11,462 | ) | ||||||||||
Issuance of common stock and effect of cashless exercise | (308 | ) | — | — | — | (308 | ) | ||||||||||
Debt issuance costs | (1,999 | ) | — | — | — | (1,999 | ) | ||||||||||
Increase (decrease) in intercompany advances | (122,063 | ) | 137,980 | (15,917 | ) | — | — | ||||||||||
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES | (48,689 | ) | 113,140 | (15,917 | ) | — | 48,534 | ||||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | (70,273 | ) | 21,893 | 12,196 | — | (36,184 | ) | ||||||||||
Cash and Cash Equivalents at Beginning of Year | 134,936 | 52,492 | 16,812 | — | 204,240 | ||||||||||||
Cash and Cash Equivalents at End of Year | $ | 64,663 | $ | 74,385 | $ | 29,008 | $ | — | $ | 168,056 | |||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||
YEAR ENDED DECEMBER 31, 2011 | |||||||||||||||||
(in thousands) | |||||||||||||||||
Tutor | Non- | ||||||||||||||||
Perini | Guarantor | Guarantor | Total | ||||||||||||||
Corporation | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||
Cash Flows from Operating Activities: | |||||||||||||||||
Net income | $ | 86,148 | $ | 111,125 | $ | 7,396 | $ | (118,521 | ) | $ | 86,148 | ||||||
Adjustments to reconcile net income to net cash from operating activities: | |||||||||||||||||
Depreciation and amortization | 6,143 | 41,194 | 294 | — | 47,631 | ||||||||||||
Equity in earnings of subsidiaries | (118,521 | ) | — | — | 118,521 | — | |||||||||||
Stock-based compensation expense | 8,818 | — | — | — | 8,818 | ||||||||||||
Adjustment of investments to fair value | 4,750 | — | — | — | 4,750 | ||||||||||||
Excess income tax benefit from stock-based compensation | (18 | ) | — | — | — | (18 | ) | ||||||||||
Deferred income taxes | 8,054 | 2,800 | — | — | 10,854 | ||||||||||||
Loss on sale of investments | 10 | — | — | — | 10 | ||||||||||||
(Gain) loss on sale of property and equipment | (142 | ) | (584 | ) | — | — | (726 | ) | |||||||||
Gain on bargain purchase | (47 | ) | — | — | — | (47 | ) | ||||||||||
Other non-cash items | (659 | ) | 58 | — | — | (601 | ) | ||||||||||
Other long-term liabilities | (9,964 | ) | (3,855 | ) | — | — | (13,819 | ) | |||||||||
Changes in other components of working capital | (18,898 | ) | (164,460 | ) | 8,738 | — | (174,620 | ) | |||||||||
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES | (34,326 | ) | (13,722 | ) | 16,428 | — | (31,620 | ) | |||||||||
Cash Flows from Investing Activities: | |||||||||||||||||
Acquisition, net of cash balance acquired | (341,898 | ) | — | — | — | (341,898 | ) | ||||||||||
Acquisition of property and equipment | (24,549 | ) | (42,198 | ) | — | — | (66,747 | ) | |||||||||
Proceeds from sale of property and equipment | 20 | 10,029 | — | — | 10,049 | ||||||||||||
Proceeds from sale of available-for-sale securities | 21,200 | 8,991 | — | — | 30,191 | ||||||||||||
Change in restricted cash | (3,435 | ) | (3,381 | ) | — | — | (6,816 | ) | |||||||||
NET CASH USED BY INVESTING ACTIVITIES | (348,662 | ) | (26,559 | ) | — | — | (375,221 | ) | |||||||||
Cash Flows from Financing Activities: | |||||||||||||||||
Proceeds from debt | 599,832 | 101,921 | — | — | 701,753 | ||||||||||||
Repayment of debt | (488,592 | ) | (66,377 | ) | — | — | (554,969 | ) | |||||||||
Business acquisition related payments | (1,904 | ) | — | — | (1,904 | ) | |||||||||||
Excess income tax benefit from stock-based compensation | 18 | — | — | — | 18 | ||||||||||||
Issuance of common stock and effect of cashless exercise | (191 | ) | — | — | — | (191 | ) | ||||||||||
Debt issuance costs | (5,004 | ) | — | — | — | (5,004 | ) | ||||||||||
Increase (decrease) in intercompany advances | 191,609 | (162,857 | ) | (28,752 | ) | — | — | ||||||||||
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES | 295,768 | (127,313 | ) | (28,752 | ) | — | 139,703 | ||||||||||
Net Decrease in Cash and Cash Equivalents | (87,220 | ) | (167,594 | ) | (12,324 | ) | — | (267,138 | ) | ||||||||
Cash and Cash Equivalents at Beginning of Year | 222,156 | 220,086 | 29,136 | — | 471,378 | ||||||||||||
Cash and Cash Equivalents at End of Year | $ | 134,936 | $ | 52,492 | $ | 16,812 | $ | — | $ | 204,240 | |||||||
Description_of_Business_and_Su1
Description of Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Description of Business and Summary of Significant Accounting Policies | ' | |||||||
Basis of Presentation | ' | |||||||
Basis of Presentation | ||||||||
The accompanying consolidated financial statements have been prepared in compliance with accounting principles accepted in the United States (“U.S. GAAP”) as codified in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification. | ||||||||
Prior to 2012, the Company had presented payments related to the deferred purchase price obligation of previous acquisitions within cash flows used by investing activities in the Consolidated Statement of Cash Flows. The Company corrected this presentation to appropriately reflect the cash paid to settle the liability recognized at fair value at the conclusion of the measurement period within cash flows used by financing activities, and the remaining cash paid (e.g. changes in fair value of the liability after the conclusion of the measurement period), was reclassified within cash flows used by operating activities. For the year ended December 31, 2011 this correction resulted in a decrease in cash flows provided by operating activities of $1.1 million, an increase in cash flows provided by investing activities of $3.0 million, and a decrease in cash flows provided by financing activities of $1.9 million in the Consolidated Statements of Cash Flows. There was no impact on the Company’s Consolidated Statements of Operations or Balance Sheets. | ||||||||
Principles of Consolidation | ' | |||||||
Principles of Consolidation | ||||||||
The consolidated financial statements include the accounts of Tutor Perini Corporation and its wholly owned subsidiaries. The Company’s interests in construction joint ventures are accounted for using the proportionate consolidation method whereby the Company’s proportionate share of each joint venture’s assets, liabilities, revenues and cost of operations are included in the appropriate classifications in the consolidated financial statements. All intercompany transactions and balances have been eliminated in consolidation. | ||||||||
Use of and Changes in Estimates | ' | |||||||
Use of and Changes in Estimates | ||||||||
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company’s construction business involves making significant estimates and assumptions in the normal course of business relating to its contracts and its joint venture contracts due to, among other things, the one-of-a-kind nature of most of its projects, the long-term duration of its contract cycle and the type of contract utilized. The most significant estimates with regard to these financial statements relate to the estimating of total forecasted construction contract revenues, costs and profits in accordance with accounting for long-term contracts and estimating potential liabilities in conjunction with certain contingencies, including the outcome of pending or future litigation, arbitration or other dispute resolution proceedings relating to contract claims. Actual results could differ from these estimates and such differences could be material. | ||||||||
The Company’s estimates of contract revenue and cost are highly detailed. The Company believes that, based on its experience, its current systems of management and accounting controls allow it to produce materially reliable estimates of total contract revenue and cost during any accounting period. However, many factors can and do change during a contract performance period which can result in a change to contract profitability from one financial reporting period to another. Some of the factors that can change the estimate of total contract revenue and cost include differing site conditions (to the extent that contract remedies are unavailable), the availability of skilled contract labor, the performance of major material suppliers to deliver on time, the performance of major subcontractors, unusual weather conditions and the accuracy of the original bid estimate. Because the Company has many contracts in process at any given time, these changes in estimates can offset each other minimizing the impact on overall profitability. However, large changes in cost estimates on larger, more complex construction projects can have a material impact on the Company’s financial statements and are reflected in results of operations when they become known. | ||||||||
Management focuses on evaluating the performance of contracts individually. These estimates and assumptions can vary in the normal course of business as projects progress, when estimated productivity assumptions change based on experience to date and uncertainties are resolved. Change orders and claims, as well as changes in related estimates of costs to complete, are considered revisions in estimates. The Company uses the cumulative catch-up method applicable to construction contract accounting to account for revisions in estimates. In the ordinary course of business, and at a minimum on a quarterly basis, the Company updates projected total contract revenue, cost and profit or loss for each of its contracts based on changes in facts, such as an approved scope change, and changes in estimates. Normal, recurring changes in estimates include, but are not limited to: (i) changes in estimated scope as a result of unapproved or unpriced customer change orders; (ii) changes in estimated productivity assumptions based on experience to date; (iii) changes in estimated materials costs based on experience to date; (iv) changes in estimated subcontractor costs based on subcontractor buyout experience; (v) changes in the timing of scheduled work that may impact future costs; (vi) achievement of incentive income; and (vii) changes in estimated recoveries through the settlement of litigation. | ||||||||
During the year ended December 31, 2013, the Company’s results of operations were impacted by a $13.8 million increase in the estimated recovery projected for a Building segment project due to changes in facts and circumstances that occurred during 2013. This change in estimate resulted in an increase of $13.8 million in income from construction operations, $8.6 million in net income and $0.18 in diluted earnings per common share during 2013. During the year ended December 31, 2012, the Company’s results of operations were impacted by a $12.4 million increase in the estimated recovery projected for a large hospitality and gaming project which was primarily driven by changes in cost recovery assumptions. Excluding the discrete items that impacted the Company’s effective tax rate, this change in estimate resulted in a $12.4 million increase in income from construction operations, a $7.5 million increase in net income and a $0.16 increase in diluted earnings per common share during 2012. | ||||||||
Contracts vary in lengths and larger contracts can span over two to six years. At various stages of a contract’s lifecycle, different types of changes in estimates are more typical. Generally during the early ramp up stage, cost estimates relating to purchases of materials and subcontractors are frequently subject to revisions. As a contract moves into the most productive phase of execution, change orders, project cost estimate revisions and claims are frequently the sources for changes in estimates. During the contract’s final phase, remaining estimated costs to complete or provisions for claims will be closed out and adjusted based on actual costs incurred. The impact on operating margin in a reporting period and future periods from a change in estimate will depend on the stage of contract completion. Generally, if the contract is at an early stage of completion, the current period impact is smaller than if the same change in estimate is made to the contract at a later stage of completion. Likewise, if the company’s overall project portfolio was to be at a later stage of completion during the reporting period, the overall gross margin could be subject to greater variability from changes in estimates. | ||||||||
When recording revenue on contracts relating to unapproved change orders and claims, the Company includes in revenue an amount less than or equal to the amount of costs incurred by it to date for contract price adjustments that it seeks to collect from customers for delays, errors in specifications or designs, change orders in dispute or unapproved as to scope or price, or other unanticipated additional costs, in each case when recovery of the costs is considered probable. The amount of unapproved change orders and claim revenues is included in Consolidated Balance Sheets as part of costs and estimated earnings in excess of billings. When determining the likelihood of eventual recovery, the Company considers such factors as evaluation of entitlement, settlements reached to date and our experience with the customer. The settlement of these issues may take years depending upon whether the item can be resolved directly with the customer or involves litigation or arbitration. When new facts become known, an adjustment to the estimated recovery is made and reflected in the current period results. | ||||||||
Method of Accounting for Contracts | ' | |||||||
Method of Accounting for Contracts | ||||||||
Revenues and profits from the Company’s contracts and construction joint venture contracts are recognized by applying percentages of completion for the period to the total estimated revenues for the respective contracts. Percentage of completion is determined by relating the actual cost of the work performed to date to the current estimated total cost of the respective contracts. However, on contracts under which we provide construction management services, profit is generally recognized in accordance with the contract terms, usually on the as-billed method, which is generally consistent with the level of effort incurred over the contract period. When the estimate on a contract indicates a loss, the Company’s policy is to record the entire loss during the accounting period in which it is estimable. In the ordinary course of business, at a minimum on a quarterly basis, the Company updates estimates projected total contract revenue, cost and profit or loss for each contract based on changes in facts, such as an approved scope change, and changes in estimates. The cumulative effect of revisions in estimates of the total forecasted revenue and costs, including unapproved change orders and claims, during the course of the work is reflected in the accounting period in which the facts that caused the revision become known. The financial impact of these revisions to any one contract is a function of both the amount of the revision and the percentage of completion of the contract. Amounts up to the costs incurred which are attributable to unapproved change orders and claims are included in the total estimated revenue when realization is probable. Profit from unapproved change orders and claims is recorded in the period such amounts are resolved. | ||||||||
In accordance with normal practice in the construction industry, the Company includes in current assets and current liabilities amounts related to construction contracts realizable and payable over a period in excess of one year. Billings in excess of costs and estimated earnings represents the excess of contract billings to date over the amount of contract costs and profits (or contract revenue) recognized to date on the percentage of completion accounting method on certain contracts. Costs and estimated earnings in excess of billings represents the excess of contract costs and profits (or contract revenue) recognized to date on the percentage of completion accounting method over the amount of contract billings to date on the remaining contracts. Costs and estimated earnings in excess of billings results when (1) the appropriate contract revenue amount has been recognized in accordance with the percentage of completion accounting method, but a portion of the revenue recorded cannot be billed currently due to the billing terms defined in the contract and/or (2) costs, recorded at estimated realizable value, related to unapproved change orders or claims are incurred. | ||||||||
For unapproved change orders or claims that cannot be resolved in accordance with the normal change order process as defined in the contract, the Company employs other dispute resolution methods, including mediation, binding and non-binding arbitration, or litigation. | ||||||||
Costs and estimated earnings in excess of billings related to the Company’s contracts and joint venture contracts consisted of the following: | ||||||||
At December 31, | ||||||||
2013 | 2012 | |||||||
(in thousands) | ||||||||
Unbilled costs and profits incurred to date* | $ | 204,276 | $ | 157,119 | ||||
Unapproved change orders | 146,787 | 141,596 | ||||||
Claims | 222,185 | 166,287 | ||||||
$ | 573,248 | $ | 465,002 | |||||
* Represents the excess of contract costs and profits recognized to date on the percentage of completion accounting method over the amount of contract billings to date on certain contracts. | ||||||||
Of the balance of “Unapproved change orders” and “Claims” included above in costs and estimated earnings in excess of billings at December 31, 2013 and December 31, 2012, approximately $58.8 million and $62.0 million, respectively, are amounts subject to pending litigation or dispute resolution proceedings as described in Note 9 — Contingencies and Commitments. These amounts are management’s estimate of the probable cost recovery from the disputed claims considering such factors as evaluation of entitlement, settlements reached to date and experience with the customer. In the event that future facts and circumstances, including the resolution of disputed claims, cause a reduction in the aggregate amount of the estimated probable cost recovery from the disputed claims, the amount of such reduction will be recorded against earnings in the relevant future period. | ||||||||
The prerequisite for billing “Unbilled costs and profits incurred to date” is provided in the defined billing terms of each of the applicable contracts. The prerequisite for billing “Unapproved change orders” or “Claims” is the final resolution and agreement between the parties. The amount of costs and estimated earnings in excess of billings at December 31, 2013 estimated by management to be collected beyond one year is approximately $235.6 million. | ||||||||
Property and Equipment | ' | |||||||
Property and Equipment | ||||||||
Land, buildings and improvements, construction and computer-related equipment and other equipment are recorded at cost. Major renewals and betterments are capitalized and maintenance and repairs are charged to operations as incurred. Depreciation is primarily calculated using the straight-line method for all classifications of depreciable property. Construction equipment is depreciated over estimated useful lives ranging from five to twenty years after an allowance for salvage. The remaining depreciable property is depreciated over estimated useful lives ranging from three to forty years after an allowance for salvage. | ||||||||
Long-Lived Assets | ' | |||||||
Long-Lived Assets | ||||||||
Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Recoverability is evaluated by comparing the carrying value of the assets to the undiscounted associated cash flows. When this comparison indicates that the carrying value of the asset is greater than the undiscounted cash flows, a loss is recognized for the difference between the carrying value and estimated fair value. Fair value is determined based either on market quotes or appropriate valuation techniques. | ||||||||
Goodwill and Intangible Assets | ' | |||||||
Goodwill and Intangible Assets | ||||||||
Intangible assets with finite lives are amortized over their useful lives. Construction contract backlog is amortized on a weighted average basis over the corresponding contract period. Customer relationships and certain trade names are amortized on a straight-line basis over their estimated useful lives. Goodwill and intangible assets with indefinite lives are not amortized. The Company evaluates intangible assets that are not being amortized at the end of each reporting period to determine whether events and circumstances continue to support an indefinite useful life. | ||||||||
The Company tests goodwill and intangible assets with indefinite lives for impairment by applying a fair value test in the fourth quarter of each year and between annual tests if events occur or circumstances change which suggest that the goodwill or intangible assets should be evaluated. Intangible assets with finite lives are tested for impairment whenever events or circumstances indicate that the carrying value may not be recoverable. The first step in the two-step process of the impairment analysis is to determine the fair value of the Company and each of its reporting units and compare the fair value of each reporting unit to its carrying value. If the carrying value of the reporting unit exceeds its fair value, a second step must be followed to calculate the goodwill impairment. The second step involves determining the fair value of the individual assets and liabilities of the reporting unit that failed the first step and calculating the implied fair value of goodwill. To determine the fair value of the Company and each of its reporting units, the Company utilizes both an income-based valuation approach as well as a market-based valuation approach. The income-based valuation approach is based on the cash flows that the reporting unit expects to generate in the future and it requires the Company to project revenues, operating expenses, working capital investment, capital spending and cash flows for the reporting unit in a discrete period, as well as determine the weighted-average cost of capital to be used as a discount rate and a terminal value growth rate for the non-discrete period. The market-based valuation approach to estimate the fair value of the Company’s reporting units utilizes industry multiples of revenues and operating earnings. The Company concludes on the fair value of the reporting units by assuming a 67% weighting on the income-based approach and a 33% weighing on the market-based valuation approach. | ||||||||
As part of the valuation process, the aggregate fair value of the Company is compared to its market capitalization at the valuation date in order to determine an implied control premium. In evaluating whether the Company’s implied control premium is reasonable, the Company considers a number of factors including the following factors of greatest significance. | ||||||||
· Market control premium: The Company compares its implied control premium to the average control premium paid in transactions of companies in the construction industry during the year of evaluation. | ||||||||
· Sensitivity analysis: The Company performs a sensitivity analysis to determine the minimum control premium required to recover the book value of the Company at the testing date. The minimum control premium required is then compared to the average control premium paid in transactions of companies in the construction industry during the year of evaluation. | ||||||||
· Impact of low public float and limited trading activity: A significant portion of the Company’s common stock is owned by the Company’s Chairman and CEO. As a result, the public float of the Company’s common stock, calculated as the percentage of shares of common stock freely traded by public investors divided by the Company’s total shares outstanding, is significantly lower than that of its publicly traded peers. This circumstance does not impact the fair value of the Company, however based on its evaluation of third party market data, the Company believes it does lead to an inherent marketability discount impacting its stock price. | ||||||||
Impairment assessment inherently involves management judgments as to the assumptions used for projections and to evaluate the impact of market conditions on those assumptions. The key assumptions that the Company uses to estimate the fair value of its reporting units under the income-based approach are as follows: | ||||||||
· Weighted average cost of capital used to discount the projected cash flows; | ||||||||
· Cash flows generated from existing and new work awards; and | ||||||||
· Projected operating margins. | ||||||||
Weighted average cost of capital rates used to discount the projected cash flows are developed via the capital asset pricing model which is primarily based upon market inputs. The Company uses discount rates that management feels are an accurate reflection of the risks associated with the forecasted cash flows of its respective reporting units. | ||||||||
To develop the cash flows generated from new work awards and future operating margins, the Company primarily tracks prospective work for each of its reporting units on a project-by-project basis as well as the estimated timing of when the work would be bid or prequalified, started and completed. The Company also gives consideration to its relationships with the prospective owners, the pool of competitors that are capable of performing large, complex work, changes in business strategy and the Company’s history of success in winning new work in each reporting unit. With regard to operating margins, the Company gives consideration to its historical reporting unit operating margins in the end markets that the prospective work opportunities are most significant, current market trends in recent new work procurement, and changes in business strategy. | ||||||||
The Company also estimates the fair value of its reporting units under a market-based approach by applying industry-comparable multiples of revenues and operating earnings to its reporting units’ projected performance. The conditions and prospects of companies in the construction industry depend on common factors such as overall demand for services. | ||||||||
Changes in the Company’s assumptions or estimates could materially affect the determination of the fair value of a reporting unit. Such changes in assumptions could be caused by: | ||||||||
· Terminations, suspensions, reductions in scope or delays in the start-up of the revenues and cash flows from backlog as well as the prospective work the Company tracks; | ||||||||
· Reductions in available government, state and local agencies and non-residential private industry funding and spending; | ||||||||
· The Company’s ability to effectively compete for new work and maintain and grow market penetration in the regions that the Company operates in; | ||||||||
· The Company’s ability to successfully control costs, work schedule, and project delivery; or | ||||||||
· Broader market conditions, including stock market volatility in the construction industry and its impact on the weighted average cost of capital assumption. | ||||||||
On a quarterly basis the Company considers whether events or changes in circumstances indicate that assets, including goodwill and intangible assets not subject to amortization might be impaired. In conjunction with this analysis, the Company evaluates whether its current market capitalization is less than its stockholders’ equity and specifically considers (1) changes in macroeconomic conditions, (2) changes in general economic conditions in the construction industry including any declines in market-dependent multiples, (3) cost factors such as increases in raw materials, labor, or other costs that have a negative effect on earnings and cash flows analyses, (4) a reconciliation of the implied control premium to a current market control premium, (5) target price assessments by third party analysts and (6) the impact of current market conditions on its forecast of future cash flows including consideration of specific projects in backlog, pending awards, or large prospect opportunities. The Company also evaluates its most recent assessment of the fair value for each of its reporting units, considering whether its current forecast of future cash flows is in line with those used in its annual impairment assessment and whether there are any significant changes in trends or any other material assumptions used. | ||||||||
As of December 31, 2013 the Company has concluded that it does not have an impairment of its goodwill or its indefinite-lived intangible assets and that the estimated fair value of each reporting unit exceeds its carrying value. See Note 4 — Goodwill and Other Intangible Assets for additional goodwill disclosure. | ||||||||
Income Taxes | ' | |||||||
Income Taxes | ||||||||
Deferred income tax assets and liabilities are recognized for the effects of temporary differences between the financial statement carrying amounts and the income tax basis of assets and liabilities using tax rates expected to be in effect when such differences reverse. In addition, future tax benefits, such as non-deductible accrued expenses, are recognized to the extent such benefits are more likely than not to be realized as an economic benefit in the form of a reduction of income taxes in future years. The Company recognizes interest and penalties related to uncertain tax positions as a component of the income tax provision. | ||||||||
Earnings (Loss) Per Common Share | ' | |||||||
Earnings (Loss) Per Common Share | ||||||||
Basic earnings (loss) per common share were computed by dividing net income (loss) by the weighted average number of common shares outstanding. Diluted earnings (loss) per common share were similarly computed after giving consideration to the dilutive effect of stock options and restricted stock unit awards outstanding on the weighted average number of common shares outstanding. | ||||||||
The computation of diluted earnings (loss) per common share excludes 860,000 stock option shares during 2013, 1,315,465 stock option shares and 1,291,665 restricted stock units during 2012, and880,000 stock option shares during 2011 because these shares would have an antidilutive effect. | ||||||||
Cash and Cash Equivalents and Restricted Cash | ' | |||||||
Cash and Cash Equivalents and Restricted Cash | ||||||||
Cash equivalents include short-term, highly liquid investments with original maturities of three months or less when acquired. | ||||||||
Cash and cash equivalents, as reported in the accompanying Consolidated Balance Sheets, consist of amounts held by the Company that are available for general corporate purposes and the Company’s proportionate share of amounts held by construction joint ventures that are available only for joint venture-related uses, including future distributions to joint venture partners. Restricted cash is primarily held to secure insurance-related contingent obligations, such as insurance claim deductibles, in lieu of letters of credit. | ||||||||
Cash and cash equivalents and restricted cash consisted of the following: | ||||||||
At December 31, | ||||||||
2013 | 2012 | |||||||
(in thousands) | ||||||||
Corporate cash and cash equivalents (available for general corporate purposes) | $ | 36,579 | $ | 70,780 | ||||
Company’s share of joint venture cash and cash equivalents (available only for joint venture purposes, including future distributions) | 83,344 | 97,276 | ||||||
Total Cash and Cash Equivalents | $ | 119,923 | $ | 168,056 | ||||
Restricted Cash | $ | 42,594 | $ | 38,717 | ||||
Long-term Investments | ' | |||||||
Long-term Investments | ||||||||
The Company’s investment in auction rate securities (“ARS”) is classified as available-for-sale securities based on the Company’s intentions. ARS are recorded at cost with unrealized gains and temporary unrealized losses recorded in accumulated other comprehensive income (loss), net of applicable taxes. Upon realization, those amounts are reclassified from accumulated other comprehensive income (loss) to other income, net. Unrealized losses that are other than temporary and due to a decline in expected cash flows are charged against income. | ||||||||
The Company performs a fair market value assessment of its ARS on a quarterly basis. To estimate fair value, the Company utilizes an income approach valuation model, with consideration given to market-based valuation inputs. The model considers, among other items, the following inputs: (i) the underlying structure of each security; (ii) the present value of future principal and interest payments discounted at rates considered to reflect current market conditions (discount rates range from 3% to 7% for investment grade securities); (iii) consideration of the probabilities of default or repurchase at par for each period (term periods range from 6 to 8 years); (iv) prices from recent comparable transactions; and (v) other third party pricing information. | ||||||||
The inputs and the Company’s analysis consider: (i) contractual terms of the ARS instruments; (ii) government- backed guarantees, if any; (iii) credit ratings on the ARS; (iv) current interest rates on the ARS and other market interest rate data; (v) trade data available, including trade data from secondary markets, for the Company’s ARS or similar ARS; (vi) recovery rates for any non-government guaranteed assets; (vii) historical transactions of the Company’s ARS being called at par; (viii) refunding initiatives of ARS; and (ix) risk of downgrade and default. Current market conditions, including repayment status of student loans, credit market risk, market liquidity and macro-economic influences are reflected in these inputs. | ||||||||
On a quarterly basis, the Company also assesses the recoverability of the ARS balance by reviewing: (i) the regularity and timely payment of interest on the securities; (ii) the probabilities of default or repurchase at par; (iii) the risk of loss of principal from government-backed versus non-government-backed securities; and (iv) the prioritization of the Company’s tranche of securities within the investment in case of default. The potential impact of any principal loss is included in the valuation model. | ||||||||
When the Company’s analysis indicates an impairment of a security, several factors are considered to determine the proper classification of the charge including: (i) any requirement or intent to sell the security; (ii) failure of the issuer to pay interest or principal; (iii) volatility of fair value; (iv) changes to the ratings of the security; (v) adverse conditions specific to the security or market; (vi) expected defaults; and (vii) length of time and extent that fair value has been less than the cost basis. The accumulation of this data is used to conclude if a credit loss exists for the specific security, and then to determine the classification of the impairment charge as temporary or other-than- temporary. | ||||||||
Stock-Based Compensation | ' | |||||||
Stock-Based Compensation | ||||||||
The Company’s long-term incentive plan allows it to grant stock-based compensation awards in a variety of forms including restricted stock units and stock options. The terms and conditions of the awards granted are established by the Compensation Committee of the Company’s Board of Directors. | ||||||||
Restricted stock unit awards and stock option awards generally vest subject to the satisfaction of service requirements or the satisfaction of both service requirements and achievement of certain performance targets. For restricted stock unit awards that vest subject to the satisfaction of service requirements, compensation expense is measured based on the fair value of the award on the date of grant and is recognized as expense on a straight-line basis (net of estimated forfeitures) over the requisite service period. For restricted stock unit awards which have a performance component, compensation cost is measured based on the fair value on the grant date (the date performance targets are established) and is recognized on a straight-line basis (net of estimated forfeitures) over the applicable requisite service period as achievement of the performance objective becomes probable. | ||||||||
Insurance Liabilities | ' | |||||||
Insurance Liabilities | ||||||||
The Company typically utilizes third party insurance coverage subject to varying deductible levels with aggregate caps on losses retained. The Company assumes the risk for the amount of the deductible portion of the losses and liabilities primarily associated with workers’ compensation and general liability coverage. In addition, on certain projects, the Company assumes the risk for the amount of the deductible portion of losses that arise from any subcontractor defaults. Losses are accrued based upon the Company’s estimates of the aggregate liability for claims incurred using historical experience and certain actuarial assumptions followed in the insurance industry. The estimate of insurance liability within the deductible limits includes an estimate of incurred but not reported claims based on data compiled from historical experience. | ||||||||
Fair Value of Financial Instruments | ' | |||||||
Fair Value of Financial Instruments | ||||||||
The carrying amount of cash and cash equivalents approximates fair value due to the short-term nature of these items. The carrying values of receivables, payables and other amounts arising out of normal contract activities, including retentions, which may be settled beyond one year, are estimated to approximate fair values. The fair value of receivables subject to pending litigation or dispute resolution proceedings is determined based upon the length of time that these matters take to be resolved and, as a result, the fair value can be greater than or less than the recorded book value depending on the facts and circumstances of each matter. See Note 3 — Fair Value Measurements for disclosure of the fair value of investments, long-term debt and contingent consideration associated with our acquisitions in 2011. | ||||||||
Foreign Currency Translation | ' | |||||||
Foreign Currency Translation | ||||||||
The functional currency for the Company’s foreign subsidiaries is the local currency. Accordingly, the assets and liabilities of those operations are translated into U.S. dollars using current exchange rates at the balance sheet date and operating statement items are translated at average exchange rates prevailing during the period. The resulting cumulative translation adjustment is recorded in the foreign currency translation adjustment account as part of accumulated other comprehensive income (loss) in stockholders’ equity. Foreign currency transaction gains and losses, if any, are included in operations as they occur. | ||||||||
New Accounting Pronouncements | ' | |||||||
New Accounting Pronouncements | ||||||||
In January 2013, the FASB issued ASU 2013-01, which clarifies which instruments and transactions are subject to the offsetting disclosure requirements established by ASU 2011-11, “Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities.” ASU 2013-01 is effective for the fiscal years beginning on or after January 1, 2013, and interim periods within. Retrospective application is required for any period presented that begins before the entity’s initial application of the new requirements. The adoption of this guidance did not have a material impact on the Company’s financial statements. | ||||||||
In February 2013, the FASB issued ASU 2013-02, “Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income,” an amendment to FASB ASC Topic 220, “Comprehensive Income”. The update requires disclosure of amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement of operations or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required to be reclassified to net income in its entirety in the same reporting period. For amounts not reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures that provide additional detail about those amounts. This ASU is effective prospectively for the Company fiscal years, and interim periods within those years beginning after December 15, 2012. The adoption of this guidance did not have a material impact on the Company’s financial statements. | ||||||||
In February 2013, the FASB issued ASU 2013-04, which provides guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting date. This ASU is an update to FASB ASC Topic 405, “Liabilities”. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The adoption of this guidance is not expected to have a material impact on the Company’s financial statements. | ||||||||
In July 2013, the FASB issued ASU No. 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (a consensus of the Emerging Issues Task Force). This ASU addresses when unrecognized tax benefits should be presented as reductions to deferred tax assets for net operating loss carryforwards in the financial statements. This ASU is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013. The adoption of this guidance is not expected to have a material impact on the Company’s financial statements. |
Description_of_Business_and_Su2
Description of Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Description of Business and Summary of Significant Accounting Policies | ' | |||||||
Costs and estimated earnings in excess of billings | ' | |||||||
At December 31, | ||||||||
2013 | 2012 | |||||||
(in thousands) | ||||||||
Unbilled costs and profits incurred to date* | $ | 204,276 | $ | 157,119 | ||||
Unapproved change orders | 146,787 | 141,596 | ||||||
Claims | 222,185 | 166,287 | ||||||
$ | 573,248 | $ | 465,002 | |||||
* Represents the excess of contract costs and profits recognized to date on the percentage of completion accounting method over the amount of contract billings to date on certain contracts. | ||||||||
Cash and Cash Equivalents and Restricted Cash | ' | |||||||
At December 31, | ||||||||
2013 | 2012 | |||||||
(in thousands) | ||||||||
Corporate cash and cash equivalents (available for general corporate purposes) | $ | 36,579 | $ | 70,780 | ||||
Company’s share of joint venture cash and cash equivalents (available only for joint venture purposes, including future distributions) | 83,344 | 97,276 | ||||||
Total Cash and Cash Equivalents | $ | 119,923 | $ | 168,056 | ||||
Restricted Cash | $ | 42,594 | $ | 38,717 |
Mergers_and_Acquisitions_Table
Mergers and Acquisitions (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Acquisitions Material in the Aggregate | ' | ||||
Business Acquisition | ' | ||||
Unaudited Pro Forma Summary Financial Information | ' | ||||
Pro Forma (unaudited) | Year ended | ||||
(in thousands, except per share data) | December 31, 2011 | ||||
Revenues | $ | 3,894,867 | |||
Income from Construction Operations | $ | 178,631 | |||
Net Income | $ | 88,123 | |||
Basic earnings per common share | $ | 1.87 | |||
Diluted earnings per common share | $ | 1.84 | |||
GreenStar Services Corporation | ' | ||||
Business Acquisition | ' | ||||
Unaudited Pro Forma Summary Financial Information | ' | ||||
Pro Forma (unaudited) | Year ended | ||||
(in thousands, except per share data) | December 31, 2011 | ||||
Revenues | $ | 4,068,804 | |||
Income from Construction Operations | $ | 207,579 | |||
Net Income | $ | 108,712 | |||
Basic earnings per common share | $ | 2.3 | |||
Diluted earnings per common share | $ | 2.27 | |||
Lunda Construction Company | ' | ||||
Business Acquisition | ' | ||||
Unaudited Pro Forma Summary Financial Information | ' | ||||
Pro Forma (unaudited) | Year ended | ||||
(in thousands, except per share data) | December 31, 2011 | ||||
Revenues | $ | 3,872,694 | |||
Income from Construction Operations | $ | 191,565 | |||
Net Income | $ | 98,270 | |||
Basic earnings per common share | $ | 2.08 | |||
Diluted earnings per common share | $ | 2.05 |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Fair Value Measurements | ' | |||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | |||||||||||||
Fair Value Measurements Using | ||||||||||||||
Significant | ||||||||||||||
Quoted prices | other | Significant | ||||||||||||
Total | in active | observable | unobservable | |||||||||||
Carrying | markets | inputs | inputs | |||||||||||
At December 31, 2013 | Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||
(in thousands) | ||||||||||||||
Assets: | ||||||||||||||
Cash and cash equivalents (1) | $ | 119,923 | $ | 119,923 | $ | — | $ | — | ||||||
Restricted cash (1) | 42,594 | 42,594 | — | — | ||||||||||
Short-term investments (2) | 2,336 | — | 2,336 | — | ||||||||||
Investments in lieu of retainage (3) | 21,913 | 12,184 | 9,729 | — | ||||||||||
Long-term investments - auction rate securities (4) | 46,283 | — | — | 46,283 | ||||||||||
Total | $ | 233,049 | $ | 174,701 | $ | 12,065 | $ | 46,283 | ||||||
Liabilities: | ||||||||||||||
Interest rate swap contract (5) | $ | 974 | $ | — | $ | 974 | $ | — | ||||||
Contingent consideration (6) | 46,022 | — | — | 46,022 | ||||||||||
Total | $ | 46,996 | $ | — | $ | 974 | $ | 46,022 | ||||||
Fair Value Measurements Using | ||||||||||||||
Significant | ||||||||||||||
Quoted prices | other | Significant | ||||||||||||
Total | in active | observable | unobservable | |||||||||||
Carrying | markets | inputs | inputs | |||||||||||
At December 31, 2012 | Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||
(in thousands) | ||||||||||||||
Assets: | ||||||||||||||
Cash and cash equivalents (1) | $ | 168,056 | $ | 168,056 | $ | — | $ | — | ||||||
Restricted cash (1) | 38,717 | 38,717 | — | — | ||||||||||
Short-term investments (2) | 2,679 | — | 2,679 | — | ||||||||||
Investments in lieu of retainage (3) | 21,934 | 10,553 | 11,381 | — | ||||||||||
Long-term investments - auction rate securities (4) | 46,283 | — | — | 46,283 | ||||||||||
Total | $ | 277,669 | $ | 217,326 | $ | 14,060 | $ | 46,283 | ||||||
Liabilities: | ||||||||||||||
Interest rate swap contract (5) | $ | 1,923 | $ | — | $ | 1,923 | $ | — | ||||||
Contingent consideration (6) | 42,624 | — | — | 42,624 | ||||||||||
Total | $ | 44,547 | $ | — | $ | 1,923 | $ | 42,624 | ||||||
(1) Cash, cash equivalents and restricted cash primarily consist of money market funds with original maturity dates of three months or less, for which fair value is determined through quoted market prices. | ||||||||||||||
(2) Short-term investments are classified as other current assets and are comprised of U.S. Treasury Notes and municipal bonds. The majority of the municipal bonds are rated Aa2 or better. The fair values of the municipal bonds are obtained from readily- available pricing sources for comparable instruments, and as such, the Company has classified these assets as Level 2. | ||||||||||||||
(3) Investments in lieu of retainage are classified as accounts receivable, including retainage and are comprised of money market funds, U.S. Treasury Notes and other municipal bonds, the majority of which are rated Aa3 or better. The fair values of the U.S. Treasury Notes and municipal bonds are obtained from readily-available pricing sources for comparable instruments, and as such, the Company has classified these assets as Level 2. | ||||||||||||||
(4) At December 31, 2013 and 2012 the Company had $46.3 million invested in auction rate securities (“ARS”) which the Company considers as available-for-sale long-term investments. The long-term investments ARS held by the Company at December 31, 2013 and 2012 are in securities collateralized by student loan portfolios. At December 31, 2013 and 2012, most of the Company’s ARS were rated AA+ and AA+, respectively. The Company estimated the fair value of its ARS utilizing an income approach valuation model which considered, among other items, the following inputs: (i) the underlying structure of each security; (ii) the present value of future principal and interest payments discounted at rates considered to reflect current market conditions (discount rates range from 3% to 7%); (iii) consideration of the probabilities of default or repurchase at par for each period (term periods range from 6 to 8 years); (iv) prices from recent comparable transactions; and (v) other third party pricing information without adjustment. | ||||||||||||||
(5) As discussed in Note 5 — Financial Commitments, the Company entered into a swap agreement with Bank of America, N.A. to establish a long-term interest rate for its $200 million five-year term loan. The swap agreement became effective for the term loan principal balance outstanding at January 31, 2012 and will remain effective through the maturity date of the term loan. The Company values the interest rate swap liability utilizing a discounted cash flow model that takes into consideration forward interest rates observable in the market and the counterparty’s credit risk. This liability is classified as a component of other long-term liabilities. | ||||||||||||||
(6) The liabilities listed as of December 31, 2013 and 2012 above represent the contingent consideration for the Company’s acquisitions in 2011 for which the measurement periods for purchase price analyses for the acquisitions have concluded. | ||||||||||||||
Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis | ' | |||||||||||||
Auction Rate | ||||||||||||||
Securities | ||||||||||||||
(in thousands) | ||||||||||||||
Balance at December 31, 2012 | $ | 46,283 | ||||||||||||
Purchases | — | |||||||||||||
Settlements | — | |||||||||||||
Balance at December 31, 2013 | $ | 46,283 | ||||||||||||
Auction Rate | ||||||||||||||
Securities | ||||||||||||||
(in thousands) | ||||||||||||||
Balance at December 31, 2011 | $ | 62,311 | ||||||||||||
Purchases | — | |||||||||||||
Settlements | (16,553 | ) | ||||||||||||
Realized loss included in other income (expense), net | (2,699 | ) | ||||||||||||
Reversal of pre-tax impairment charges included in accumulated other comprehensive income (loss) | 3,224 | |||||||||||||
Balance at December 31, 2012 | $ | 46,283 | ||||||||||||
Changes in Level 3 Liabilities Measured at Fair Value on a Recurring Basis | ' | |||||||||||||
Contingent | ||||||||||||||
Consideration | ||||||||||||||
(in thousands) | ||||||||||||||
Balance at December 31, 2012 | $ | 42,624 | ||||||||||||
Fair value adjustments included in other income (expense), net | 26,374 | |||||||||||||
Contingent consideration settled | (22,976 | ) | ||||||||||||
Balance at December 31, 2013 | $ | 46,022 | ||||||||||||
Contingent | ||||||||||||||
Consideration | ||||||||||||||
(in thousands) | ||||||||||||||
Balance at December 31, 2011 | $ | 51,555 | ||||||||||||
Fair value measured at conclusion of purchase price analysis measurement period | 3,344 | |||||||||||||
Fair value adjustments included in other income (expense), net | 654 | |||||||||||||
Contingent consideration settled | (12,929 | ) | ||||||||||||
Balance at December 31, 2012 | $ | 42,624 |
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||||||
Carrying Amount of Goodwill | ' | ||||||||||||||||
Specialty | Management | ||||||||||||||||
Civil | Building | Contractors | Services | Total | |||||||||||||
(in thousands) | |||||||||||||||||
Gross Goodwill Balance | 319,254 | 402,926 | — | 66,638 | 788,818 | ||||||||||||
Accumulated Impairment | — | (146,847 | ) | — | (20,051 | ) | (166,898 | ) | |||||||||
Goodwill recorded in connection with the acquisition of Fisk, Anderson, Lunda, GreenStar and Becho | 129,775 | 140,907 | — | — | 270,682 | ||||||||||||
Reallocation based on relative fair value (1) | (18,267 | ) | (123,566 | ) | 141,833 | — | — | ||||||||||
Balance at December 31, 2011 | 430,762 | 273,420 | 141,833 | 46,587 | 892,602 | ||||||||||||
Acquisition related adjustments | (869 | ) | — | — | — | (869 | ) | ||||||||||
Impairment charge | (55,740 | ) | (262,918 | ) | — | (2,429 | ) | (321,087 | ) | ||||||||
Balance at December 31, 2012 | $ | 374,153 | $ | 10,502 | $ | 141,833 | $ | 44,158 | $ | 570,646 | |||||||
Goodwill recorded in connection with an acquisition (2) | — | — | 7,110 | — | 7,110 | ||||||||||||
Balance at December 31, 2013 | $ | 374,153 | $ | 10,502 | $ | 148,943 | $ | 44,158 | $ | 577,756 | |||||||
(1) During the third quarter of 2011, the Company completed a reorganization which resulted in the formation of the Specialty Contractors reporting unit and reportable segment. The Specialty Contractors reporting unit consists of the following subsidiary companies: WDF, FSE, Nagelbush, Fisk, Desert Mechanical, Inc. (“DMI”) (all previously included in the Building reporting unit), and Superior Gunite (previously included in the Civil reporting unit). The reorganization enabled the Company to focus on vertical integration through increased self- performed work capabilities, while maintaining the specialty contractors business with third parties, and strengthened the Company’s position as a full-service contractor with greater control over scheduled delivery and risk management. The Company reallocated goodwill between its reorganized reporting units based on a relative fair value assessment in accordance with the guidance on segment reporting. | |||||||||||||||||
(2) During the third quarter of 2013, the Company acquired a small fire protection systems contractor. As this acquisition is immaterial, no proforma disclosures are presented. | |||||||||||||||||
Intangible Assets | ' | ||||||||||||||||
December 31, 2013 | |||||||||||||||||
Weighted | |||||||||||||||||
Accumulated | Average | ||||||||||||||||
Accumulated | Impairment | Carrying | Amortization | ||||||||||||||
Cost | Amortization | Charge | Value | Period | |||||||||||||
(in thousands) | |||||||||||||||||
Trade names (non-amortizable) | $ | 117,600 | $ | — | $ | (67,190 | ) | $ | 50,410 | Indefinite | |||||||
Trade names (amortizable) | 74,350 | (6,341 | ) | (23,232 | ) | 44,777 | 20 years | ||||||||||
Contractor license | 6,000 | — | (6,000 | ) | — | Indefinite | |||||||||||
Customer relationships | 39,800 | (14,315 | ) | (16,645 | ) | 8,840 | 11.4 years | ||||||||||
Construction contract backlog | 73,706 | (63,993 | ) | — | 9,713 | 3.6 years | |||||||||||
Total | $ | 311,456 | $ | (84,649 | ) | $ | (113,067 | ) | $ | 113,740 | |||||||
December 31, 2012 | |||||||||||||||||
Weighted | |||||||||||||||||
Accumulated | Average | ||||||||||||||||
Accumulated | Impairment | Carrying | Amortization | ||||||||||||||
Cost | Amortization | Charge | Value | Period | |||||||||||||
(in thousands) | |||||||||||||||||
Trade names (non-amortizable) | $ | 117,600 | $ | — | $ | (67,190 | ) | $ | 50,410 | Indefinite | |||||||
Trade names (amortizable) | 74,350 | (3,854 | ) | (23,232 | ) | 47,264 | 20 years | ||||||||||
Contractor license | 6,000 | — | (6,000 | ) | — | Indefinite | |||||||||||
Customer relationships | 39,800 | (13,029 | ) | (16,645 | ) | 10,126 | 11.4 years | ||||||||||
Construction contract backlog | 73,706 | (54,685 | ) | — | 19,021 | 3.6 years | |||||||||||
Total | $ | 311,456 | $ | (71,568 | ) | $ | (113,067 | ) | $ | 126,821 |
Financial_Commitments_Tables
Financial Commitments (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Financial Commitments | ' | |||||||
Long-term Debt | ' | |||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(in thousands) | ||||||||
Senior unsecured notes due November 1, 2018 with interest rate of 7.625% payable in equal semi-annual installments beginning May 1, 2011 through November 1, 2018 | $ | 300,000 | $ | 300,000 | ||||
Less unamortized debt discount based on imputed interest rate of 7.75% | (1,493 | ) | (1,742 | ) | ||||
Total amount, net of unamortized discount | 298,507 | 298,258 | ||||||
$300.0 million revolving line of credit at lender’s prime rate (3.25%) or Euro rate, plus applicable spread rates, maturing in 2016 | 135,000 | 120,000 | ||||||
$200.0 million term loan including quarterly installments of principal and interest payable over a five-year period at rates as defined in the Amended Credit Agreement and the Swap Agreement | 115,000 | 152,500 | ||||||
Equipment financing at rates ranging from 2.21% to 3.98% payable in equal monthly installments over a five-year period, with balloon payments totaling $8.8 million in 2016 | 78,055 | 80,297 | ||||||
Loan on transportation equipment with interest rate of 6.44% payable in equal monthly installments over a five-year period, with a balloon payment of $29.2 million in 2014 | 29,582 | 30,905 | ||||||
Lunda seller notes payable at a rate of 5% with interest payable annually and principal payable in 2016 | 21,750 | 21,750 | ||||||
Loan on transportation equipment at a variable LIBOR-based rate plus 2.4% payable in equal monthly installments over a seven-year period, with a balloon payment of $12.1 million in 2015 | 13,363 | 14,087 | ||||||
Mortgage on land and improvements at a variable LIBOR-based interest rate plus 3.00% payable in equal monthly installments over a 30-year period, with a balloon payment of $6.7 million in 2023. | 9,404 | — | ||||||
Mortgages on land and office building, both at a variable LIBOR-based interest rate plus 2.0% with principal on both payable in equal monthly installments over seven years. The seven-year mortgages include balloon payments in 2016 of $3.0 million and $2.6 million, respectively | 6,952 | 7,599 | ||||||
Mortgage on office building at a variable rate of lender’s prime rate (3.25%) less 1.0% payable in equal monthly installments over a ten-year period, with a balloon payment of $2.6 million in 2018 | 3,671 | 3,915 | ||||||
Mortgage on land at a fixed interest rate of 0.20% with combined principal and interest paid in twenty-four equal monthly installments plus one fixed balloon payment of $1.5 million that was paid in 2013 | — | 1,750 | ||||||
Mortgage on office building at a rate of 5.62% payable in equal monthly installments over a five-year period, with a balloon payment of $1.1 million that was paid in 2013 | — | 1,111 | ||||||
Other indebtedness | 22,600 | 4,918 | ||||||
Total | 733,884 | 737,090 | ||||||
Less — current maturities | (114,658 | ) | (67,710 | ) | ||||
Long-term debt, net | $ | 619,226 | $ | 669,380 | ||||
Future Minimum Rent Payments under Non-Cancelable Operating Leases | ' | |||||||
Amount | ||||||||
(in thousands) | ||||||||
2014 | $ | 17,886 | ||||||
2015 | 15,427 | |||||||
2016 | 10,694 | |||||||
2017 | 6,493 | |||||||
2018 | 2,864 | |||||||
Thereafter | 6,046 | |||||||
Subtotal | $ | 59,410 | ||||||
Less - Sublease rental agreements | (755 | ) | ||||||
$ | 58,655 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Income Taxes | ' | ||||||||||||||||
Summary of Income (Loss) Before Taxes | ' | ||||||||||||||||
U.S. | Foreign | ||||||||||||||||
Year ended December 31, | Operations | Operations | Total | ||||||||||||||
(in thousands) | |||||||||||||||||
2013 | $ | 127,682 | $ | 11,933 | $ | 139,615 | |||||||||||
2012 | $ | (271,683 | ) | $ | 3,841 | $ | (267,842 | ) | |||||||||
2011 | $ | 133,501 | $ | 3,546 | $ | 137,047 | |||||||||||
(Benefit) Provision for Income Taxes | ' | ||||||||||||||||
Year ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
(in thousands) | |||||||||||||||||
Current expense: | |||||||||||||||||
Federal | $ | 29,034 | $ | 19,573 | $ | 30,848 | |||||||||||
State | 9,018 | 3,508 | 6,303 | ||||||||||||||
Foreign | 4,256 | 1,542 | 1,325 | ||||||||||||||
Total current | 42,308 | 24,623 | 38,476 | ||||||||||||||
Deferred (benefit) expense: | |||||||||||||||||
Federal | 9,547 | (28,157 | ) | 16,351 | |||||||||||||
State | 577 | 1,104 | (3,718 | ) | |||||||||||||
Foreign | (113 | ) | (12 | ) | (210 | ) | |||||||||||
Total deferred | 10,011 | (27,065 | ) | 12,423 | |||||||||||||
Total (benefit) provision | $ | 52,319 | $ | (2,442 | ) | $ | 50,899 | ||||||||||
Reconciliation of Provision (Benefit) for Income Taxes | ' | ||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Amount | Rate | Amount | Rate | Amount | Rate | ||||||||||||
(dollars in thousands) | |||||||||||||||||
Federal income expense (benefit) at statutory tax rate | $ | 48,865 | 35 | % | $ | (93,745 | ) | 35 | % | $ | 47,963 | 35 | % | ||||
State income taxes, net of federal tax benefit | 6,236 | 4.5 | 3,214 | (1.2 | ) | 2,529 | 1.8 | ||||||||||
Officers’ compensation | 1,732 | 1.2 | 1,473 | (0.6 | ) | 224 | 0.2 | ||||||||||
Domestic Production Activities Deduction | (3,641 | ) | (2.6 | ) | (2,246 | ) | (2.4 | ) | (2,321 | ) | (4.8 | ) | |||||
Goodwill Impairment | — | — | 89,191 | (33.3 | ) | — | — | ||||||||||
Other | (873 | ) | (0.6 | ) | (329 | ) | 3.4 | 2,504 | 4.9 | ||||||||
(Benefit) provision for income taxes | $ | 52,319 | 37.5 | % | $ | (2,442 | ) | 0.9 | % | $ | 50,899 | 37.1 | % | ||||
Significant Components of Deferred Tax Assets and Liabilities | ' | ||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Deferred Tax Assets | |||||||||||||||||
Timing of expense recognition | $ | 24,170 | $ | 28,448 | |||||||||||||
Net operating losses | 4,123 | 5,517 | |||||||||||||||
Other, net | 5,641 | 8,763 | |||||||||||||||
Deferred tax assets | 33,934 | 42,728 | |||||||||||||||
Valuation Allowance | (2,817 | ) | (2,817 | ) | |||||||||||||
Net deferred tax assets | 31,117 | 39,911 | |||||||||||||||
Deferred Tax Liabilities | |||||||||||||||||
Intangible assets, due primarily to purchase accounting | (18,260 | ) | (26,768 | ) | |||||||||||||
Fixed assets, due primarily to purchase accounting | (79,243 | ) | (76,095 | ) | |||||||||||||
Construction contract accounting | (6,432 | ) | (5,613 | ) | |||||||||||||
Joint ventures - construction | (5,229 | ) | (7,038 | ) | |||||||||||||
Contested Legal Settlement | (12,012 | ) | — | ||||||||||||||
Other | (3,408 | ) | (390 | ) | |||||||||||||
Deferred tax liabilities | (124,584 | ) | (115,904 | ) | |||||||||||||
Net deferred tax liability | $ | (93,467 | ) | $ | (75,993 | ) | |||||||||||
The net deferred tax liability is classified in the Consolidated Balance Sheets based on when the future benefit (expense) is expected to be realized as follows: | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Current deferred tax asset | $ | 8,240 | $ | 10,071 | |||||||||||||
Long-term deferred tax asset | 22,877 | 29,840 | |||||||||||||||
Current deferred tax liability | (10,251 | ) | (6,004 | ) | |||||||||||||
Long-term deferred tax liability | (114,333 | ) | (109,900 | ) | |||||||||||||
Net deferred tax liability | $ | (93,467 | ) | $ | (75,993 | ) | |||||||||||
Reconciliation of Gross Unrecognized Tax Benefit | ' | ||||||||||||||||
A reconciliation of the beginning and ending amount of the gross unrecognized tax benefit is as follows (in thousands): | |||||||||||||||||
Gross unrecognized tax benefit balance at January 1, 2011: | $ | 1,150 | |||||||||||||||
Add: | |||||||||||||||||
Additions based on tax positions related to current year | 875 | ||||||||||||||||
Additions/reductions for tax positions of prior years | 47 | ||||||||||||||||
Less: | |||||||||||||||||
Reductions for tax positions of prior years (expiration of statute of limitations) | (29 | ) | |||||||||||||||
Gross unrecognized tax benefit balance at December 31, 2011: | $ | 2,043 | |||||||||||||||
Gross unrecognized tax benefit balance at January 1, 2012: | $ | 2,043 | |||||||||||||||
Add: | |||||||||||||||||
Additions based on tax positions related to current year | 1,281 | ||||||||||||||||
Additions/reductions for tax positions of prior years | 1,857 | ||||||||||||||||
Less: | |||||||||||||||||
Reductions for tax positions of prior years (expiration of statute of limitations) | (1,158 | ) | |||||||||||||||
Gross unrecognized tax benefit balance at December 31, 2012: | $ | 4,023 | |||||||||||||||
Gross unrecognized tax benefit balance at January 1, 2013: | $ | 4,023 | |||||||||||||||
Add: | |||||||||||||||||
Additions based on tax positions related to current year | 1,254 | ||||||||||||||||
Additions/reductions for tax positions of prior years | 182 | ||||||||||||||||
Less: | |||||||||||||||||
Reductions for tax positions of prior years (expiration of statute of limitations) | — | ||||||||||||||||
Gross unrecognized tax benefit balance at December 31, 2013: | $ | 5,459 |
Other_Assets_Other_Longterm_Li1
Other Assets, Other Long-term Liabilities and Other Income (Expense), Net (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Other Assets, Other Long-term Liabilities and Other Income (Expense), Net | ' | ||||||||||
Other Assets and Other Long-term Liabilities | ' | ||||||||||
December 31, | |||||||||||
2013 | 2012 | ||||||||||
(in thousands) | |||||||||||
Other Assets | |||||||||||
Insurance claim receivable (1) | $ | 34,839 | $ | 39,309 | |||||||
Deferred income taxes | 22,877 | 29,840 | |||||||||
Deferred costs | 7,711 | 11,150 | |||||||||
Mineral reserves | 3,199 | 3,199 | |||||||||
Deposits | 677 | 997 | |||||||||
Other long-term assets | 6,311 | 1,223 | |||||||||
$ | 75,614 | $ | 85,718 | ||||||||
Other Long-term Liabilities | |||||||||||
Acquisition related liabilities | $ | 51,102 | $ | 50,624 | |||||||
Insurance claim payable (1) | 34,774 | 39,309 | |||||||||
Pension liability | 19,831 | 35,472 | |||||||||
Employee benefit related liabilities | 2,536 | 3,524 | |||||||||
Mineral royalties payable | 1,727 | 1,859 | |||||||||
Deferred lease incentive | 1,143 | 1,241 | |||||||||
Subcontractor insurance program | — | 962 | |||||||||
Other | 6,745 | 6,005 | |||||||||
$ | 117,858 | $ | 138,996 | ||||||||
(1) Insurance claims receivable and the corresponding insurance claims payable represent expected insurable loss amounts to be received from the insurance carriers and to be paid in claims respectively. | |||||||||||
Other Income (Expense), Net | ' | ||||||||||
Year ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
(in thousands) | |||||||||||
Other Income (Expense), Net | |||||||||||
Interest income | $ | 8,745 | $ | 2,842 | $ | 2,764 | |||||
Gain on sale of property used in operations | — | 456 | 726 | ||||||||
Adjustment of investments to fair value | — | — | (4,750 | ) | |||||||
Adjustment of acquisition related liabilities | (26,374 | ) | (256 | ) | 7,296 | ||||||
Amortization of deferred costs | (1,844 | ) | (1,585 | ) | (1,399 | ) | |||||
Bank fees | (1,559 | ) | (2,090 | ) | (1,549 | ) | |||||
Realized loss on sale of investments, net | 72 | (2,699 | ) | (10 | ) | ||||||
Miscellaneous income (expense), net | 2,385 | 1,475 | 1,343 | ||||||||
$ | (18,575 | ) | $ | (1,857 | ) | $ | 4,421 |
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Employee Benefit Plans | ' | |||||||||||||||||||
Summary of Net Periodic Benefit Cost and Actuarial Assumptions Used to Determine Net Cost | ' | |||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Interest cost on projected benefit obligation | $ | 3,710 | $ | 4,011 | $ | 4,526 | ||||||||||||||
Return on plan assets | (4,509 | ) | (4,783 | ) | (5,046 | ) | ||||||||||||||
Recognized net actuarial losses | 6,330 | 5,487 | 4,050 | |||||||||||||||||
Net periodic benefit cost | $ | 5,531 | $ | 4,715 | $ | 3,530 | ||||||||||||||
Actuarial assumptions used to determine net cost: | ||||||||||||||||||||
Discount rate | 3.58 | % | 4.1 | % | 5.18 | % | ||||||||||||||
Expected return on assets | 6.75 | % | 7 | % | 7.5 | % | ||||||||||||||
Rate of increase in compensation | n.a. | n.a. | n.a. | |||||||||||||||||
Target and Actual Asset Allocation for Pension Plan by Asset Category | ' | |||||||||||||||||||
Percentage of Plan Assets at December 31, | ||||||||||||||||||||
Target | ||||||||||||||||||||
Allocation | ||||||||||||||||||||
Asset Category | 2014 | 2013 | 2012 | |||||||||||||||||
Cash | 5 | % | 5.2 | % | 6.6 | % | ||||||||||||||
Equity securities: | ||||||||||||||||||||
Domestic | 65 | % | 63.4 | % | 67.5 | % | ||||||||||||||
International | 25 | % | 25.9 | % | 20.8 | % | ||||||||||||||
Fixed income securities | 5 | % | 5.5 | % | 5.1 | % | ||||||||||||||
Total | 100 | % | 100 | % | 100 | % | ||||||||||||||
Future Benefit Payments Under Defined Benefit Pension Plan | ' | |||||||||||||||||||
Year ended December 31, | (in thousands) | |||||||||||||||||||
2014 | $ | 6,046 | ||||||||||||||||||
2015 | 6,158 | |||||||||||||||||||
2016 | 6,174 | |||||||||||||||||||
2017 | 6,178 | |||||||||||||||||||
2018 | 6,293 | |||||||||||||||||||
Thereafter | 31,554 | |||||||||||||||||||
$ | 62,403 | |||||||||||||||||||
Changes in Fair Value of Plan Assets and Plan Benefit Obligations and Funded Status of Plan | ' | |||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Change in Fair Value of Plan Assets | ||||||||||||||||||||
Balance at beginning of year | $ | 66,137 | $ | 62,105 | ||||||||||||||||
Actual return on plan assets | 8,545 | 3,621 | ||||||||||||||||||
Company contribution | 3,478 | 5,780 | ||||||||||||||||||
Benefit payments | (5,543 | ) | (5,369 | ) | ||||||||||||||||
Balance at end of year | $ | 72,617 | $ | 66,137 | ||||||||||||||||
Year ended December 31, | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Change in Benefit Obligations | ||||||||||||||||||||
Balance at beginning of year | $ | 105,320 | $ | 100,656 | ||||||||||||||||
Interest cost | 3,710 | 4,011 | ||||||||||||||||||
Assumption change loss | (9,627 | ) | 6,031 | |||||||||||||||||
Actuarial (gain) loss | 1,318 | (9 | ) | |||||||||||||||||
Benefit payments | (5,543 | ) | (5,369 | ) | ||||||||||||||||
Balance at end of year | $ | 95,178 | $ | 105,320 | ||||||||||||||||
Amounts Recognized in Consolidated Balance Sheets | ' | |||||||||||||||||||
At December 31, | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Funded Status | ||||||||||||||||||||
Funded status at December 31, | $ | (22,561 | ) | $ | (39,183 | ) | ||||||||||||||
Amounts recognized in Consolidated Balance Sheets consist of: | ||||||||||||||||||||
Current liabilities | $ | (194 | ) | $ | (187 | ) | ||||||||||||||
Long-term liabilities | (22,367 | ) | (38,996 | ) | ||||||||||||||||
Net amount recognized in Consolidated Balance Sheets | $ | (22,561 | ) | $ | (39,183 | ) | ||||||||||||||
Amounts Not Yet Reflected in Net Periodic Benefit Cost and Included in Accumulated Other Comprehensive Loss | ' | |||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive loss: | ||||||||||||||||||||
Net actuarial loss | $ | (42,261 | ) | $ | (60,935 | ) | ||||||||||||||
Accumulated other comprehensive loss | (42,261 | ) | (60,935 | ) | ||||||||||||||||
Cumulative Company contributions in excess of net periodic benefit cost | 19,700 | 21,752 | ||||||||||||||||||
Net amount recognized in Consolidated Balance Sheets | $ | (22,561 | ) | $ | (39,183 | ) | ||||||||||||||
Actuarial Assumptions Used to Determine Benefit Obligation | ' | |||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
Actuarial assumptions used to determine benefit obligation: | ||||||||||||||||||||
Discount rate | 4.47% | 3.58% | ||||||||||||||||||
Rate of increase in compensation | n.a. | n.a. | ||||||||||||||||||
Measurement date | December 31 | December 31 | ||||||||||||||||||
Plan Assets at Fair Value | ' | |||||||||||||||||||
Quoted Prices | ||||||||||||||||||||
in Active | ||||||||||||||||||||
Markets for | Significant | Significant | ||||||||||||||||||
Identical | Observable | Unobservable | ||||||||||||||||||
Assets | Inputs | Inputs | ||||||||||||||||||
At December 31, 2013 | (Level 1) | (Level 2) | (Level 3) | Total Value | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Cash and cash equivalents | $ | 3,762 | $ | — | $ | — | $ | 3,762 | ||||||||||||
Fixed Income | 4,000 | — | — | 4,000 | ||||||||||||||||
Mutual Funds | 13,234 | — | — | 13,234 | ||||||||||||||||
Equity Partnerships | — | 6,876 | — | 6,876 | ||||||||||||||||
Hedge Fund Investments: | — | |||||||||||||||||||
Cash | 527 | — | — | 527 | ||||||||||||||||
Long-Short Equity Fund | — | 14,566 | 11,655 | 26,221 | ||||||||||||||||
Event Driven Fund | — | 5,928 | 8,752 | 14,680 | ||||||||||||||||
Distressed Credit | — | — | 1,429 | 1,429 | ||||||||||||||||
Multi-Strategy Fund | — | — | 1,888 | 1,888 | ||||||||||||||||
Total | $ | 21,523 | $ | 27,370 | $ | 23,724 | $ | 72,617 | ||||||||||||
Quoted Prices | ||||||||||||||||||||
in Active | ||||||||||||||||||||
Markets for | Significant | Significant | ||||||||||||||||||
Identical | Observable | Unobservable | ||||||||||||||||||
Assets | Inputs | Inputs | ||||||||||||||||||
At December 31, 2012 | (Level 1) | (Level 2) | (Level 3) | Total Value | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Cash and cash equivalents | $ | 4,386 | $ | — | $ | — | $ | 4,386 | ||||||||||||
Fixed Income | 3,368 | — | — | 3,368 | ||||||||||||||||
Mutual Funds | 8,230 | — | — | 8,230 | ||||||||||||||||
Equity Partnerships | — | 5,823 | — | 5,823 | ||||||||||||||||
Hedge Fund Investments: | ||||||||||||||||||||
Cash | 2,591 | — | — | 2,591 | ||||||||||||||||
Long-Short Equity Fund | — | 9,826 | 9,992 | 19,818 | ||||||||||||||||
Event Driven Fund | — | 6,542 | 7,152 | 13,694 | ||||||||||||||||
Distressed Credit | — | 2,829 | 2,559 | 5,388 | ||||||||||||||||
Multi-Strategy Fund | — | 889 | 1,950 | 2,839 | ||||||||||||||||
Total | $ | 18,575 | $ | 25,909 | $ | 21,653 | $ | 66,137 | ||||||||||||
Summary of Changes in the Fair Value of the Level 3 Plan Assets | ' | |||||||||||||||||||
Changes in Fair Value of Level 3 Assets | ||||||||||||||||||||
Long- | ||||||||||||||||||||
Short | Event | Multi- | ||||||||||||||||||
Equity | Driven | Distressed | Strategy | |||||||||||||||||
Fund | Fund | Credit | Fund | Total | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Balance, December 31, 2012 | $ | 9,992 | $ | 7,152 | $ | 2,559 | $ | 1,950 | $ | 21,653 | ||||||||||
Realized gains | — | — | (7 | ) | (5 | ) | (12 | ) | ||||||||||||
Unrealized gains | 2,971 | 1,252 | 158 | 223 | 4,604 | |||||||||||||||
Purchases | 1,343 | 459 | 6 | 9 | 1,817 | |||||||||||||||
Sales | — | — | (517 | ) | (378 | ) | (895 | ) | ||||||||||||
Transfer to Level 2 (1) | (3,443 | ) | — | — | — | (3,443 | ) | |||||||||||||
Balance, December 31, 2013 | $ | 10,863 | $ | 8,863 | $ | 2,199 | $ | 1,799 | $ | 23,724 | ||||||||||
(1) The transfer of $3.4 million from Level 3 to Level 2 was comprised of certain hedge funds that became redeemable within 90 days from December 31, 2013. | ||||||||||||||||||||
Changes in Fair Value of Level 3 Assets | ||||||||||||||||||||
Long- | ||||||||||||||||||||
Short | Event | Multi- | ||||||||||||||||||
Equity | Driven | Distressed | Strategy | |||||||||||||||||
Fund | Fund | Credit | Fund | Total | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Balance, December 31, 2011 | $ | 12,821 | $ | 7,126 | $ | 6,252 | $ | 3,530 | $ | 29,729 | ||||||||||
Realized gains | — | — | 5 | 2 | 7 | |||||||||||||||
Unrealized gains | 1,624 | 522 | 365 | 173 | 2,684 | |||||||||||||||
Purchases | 5,555 | 3,798 | 20 | 19 | 9,392 | |||||||||||||||
Sales | — | — | (894 | ) | (773 | ) | (1,667 | ) | ||||||||||||
Transfer to Level 2 (2) | (10,008 | ) | (4,294 | ) | (3,189 | ) | (1,001 | ) | (18,492 | ) | ||||||||||
Balance, December 31, 2012 | $ | 9,992 | $ | 7,152 | $ | 2,559 | $ | 1,950 | $ | 21,653 | ||||||||||
(2) The transfer of $18.5 million from Level 3 to Level 2 was comprised of certain hedge funds that became redeemable within 90 days from December 31, 2012. | ||||||||||||||||||||
Benefit Obligations in Excess of the Fair Value of Plan Assets | ' | |||||||||||||||||||
At December 31, 2013 | At December 31, 2012 | |||||||||||||||||||
Benefit | Benefit | |||||||||||||||||||
Pension | Equalization | Pension | Equalization | |||||||||||||||||
Plan | Plan | Total | Plan | Plan | Total | |||||||||||||||
(in thousands) | ||||||||||||||||||||
Projected benefit obligation | $ | 91,946 | $ | 3,232 | $ | 95,178 | $ | 101,796 | $ | 3,524 | $ | 105,320 | ||||||||
Accumulated benefit obligation | $ | 91,946 | $ | 3,232 | $ | 95,178 | $ | 101,796 | $ | 3,524 | $ | 105,320 | ||||||||
Fair value of plan assets | $ | 72,617 | $ | — | $ | 72,617 | $ | 66,137 | $ | — | $ | 66,137 | ||||||||
Projected benefit obligation greater than fair value of plan assets | $ | 19,329 | $ | 3,232 | $ | 22,561 | $ | 35,659 | $ | 3,524 | $ | 39,183 | ||||||||
Accumulated benefit obligation greater than fair value of plan assets | $ | 19,329 | $ | 3,232 | $ | 22,561 | $ | 35,659 | $ | 3,524 | $ | 39,183 | ||||||||
Multiemployer Plans | ' | |||||||||||||||||||
Pension Protections Act | FIP/RP | Company Contributions | Expiration | |||||||||||||||||
Status | Date of | |||||||||||||||||||
Collective | ||||||||||||||||||||
EIN/Pension | Zone Status | Pending Or | (amounts in millions) | Surcharge | Bargaining | |||||||||||||||
Pension Fund | Plan Number | 2013 | 2012 | Implemented | 2013 | 2012 | 2011 | Imposed | Agreement | |||||||||||
Pension, Hospitalization and Benefit Plan of the Electrical Industry - Pension Trust Account | 13-6123601/001 | Green | Green | No | 13.4 | (b) | 12.9 | (b) | 6.3 | (a) | No | 5/8/16 | ||||||||
Steamfitters Industry Pension Fund | 13-6149680/001 | Yellow | Yellow | Implemented | 4.3 | (b) | 3.5 | (b) | 3.5 | (a) | No | 6/30/14 | ||||||||
Excavators Union Local 731 Pension Fund | 13-1809825/002 | Green | Green | No | 3.2 | 3.3 | 2.9 | No | 6/30/16 | |||||||||||
Carpenters Pension Trust Fund for Northern California | 94-6050970/001 | Red | Red | Implemented | 2.1 | 2.3 | 1.4 | No | 6/30/15 | |||||||||||
(a) Amounts pertaining to plans from one of the Company’s newly acquired entities during 2011. | ||||||||||||||||||||
(b) These amounts exceeded 5% of the respective total plan contributions. |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Stock-Based Compensation | ' | |||||||||||||||||
Summary of Restricted Stock Unit Awards Activity | ' | |||||||||||||||||
Aggregate | ||||||||||||||||||
Weighted Average | Intrinsic | |||||||||||||||||
Number | Grant Date | Value | ||||||||||||||||
of Shares | Fair Value | (in thousands) | ||||||||||||||||
Total Granted and Unvested - January 1, 2013 | 1,141,666 | $ | 18.12 | $ | 15,641 | |||||||||||||
Vested | (849,999 | ) | $ | 19.91 | $ | 17,505 | ||||||||||||
Granted | 246,668 | $ | 19.87 | $ | 6,487 | |||||||||||||
Forfeited | (176,667 | ) | $ | 13.66 | — | |||||||||||||
Total Granted and Unvested | 361,668 | $ | 17.3 | $ | 9,512 | |||||||||||||
Approved for grant | 957,500 | (a) | $ | 25,182 | ||||||||||||||
Total Awarded and Unvested — December 31, 2013 | 1,319,168 | n.a. | $ | 34,694 | ||||||||||||||
(a) Grant date fair value cannot be determined currently because the related performance targets for future years have not yet been established by the Compensation Committee. | ||||||||||||||||||
Vesting Schedule of Outstanding Unvested Restricted Stock Unit Awards | ' | |||||||||||||||||
Number | ||||||||||||||||||
Vesting Date | of Awards | |||||||||||||||||
2014 | 286,668 | |||||||||||||||||
2015 | 342,500 | |||||||||||||||||
2016 | 202,500 | |||||||||||||||||
2017 | 442,500 | |||||||||||||||||
2018 | 36,000 | |||||||||||||||||
2019 | 9,000 | |||||||||||||||||
Total | 1,319,168 | |||||||||||||||||
Summary of Stock Options Activity | ' | |||||||||||||||||
Weighted Average | ||||||||||||||||||
Number | Grant Date | Exercise | ||||||||||||||||
of Shares | Value | Price | ||||||||||||||||
Total Granted and Outstanding - January 1, 2013 | 1,315,465 | $ | 9.72 | $ | 18.91 | |||||||||||||
Granted | 200,000 | $ | 7.9 | $ | 20.8 | |||||||||||||
Exercised | (80,465 | ) | $ | 6.71 | $ | 13.16 | ||||||||||||
Forfeited | (140,000 | ) | $ | 6.76 | — | |||||||||||||
Total Granted and Outstanding | 1,295,000 | $ | 9.94 | $ | 20.2 | |||||||||||||
Approved for grant | 800,000 | (a) | $ | 12.61 | ||||||||||||||
Total Awarded and Outstanding — December 31, 2013 | 2,095,000 | n.a. | $ | 17.3 | ||||||||||||||
(a) Grant date fair value cannot be determined currently because the related performance targets for future years have not yet been established by the Compensation Committee. | ||||||||||||||||||
Key Assumptions Used in Estimating Grant Date Fair Value of Stock Option Awards | ' | |||||||||||||||||
Grant dates established during | ||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||
Awarded during | 2013 | 2009 (1) | 2012 | 2009 (1) | 2011 | 2011 | 2011 | 2009 (1) | ||||||||||
Number of options | 50,000 | 150,000 | 15,000 | 150,000 | 140,000 | 30,000 | 40,465 | 150,000 | ||||||||||
Risk-free interest rate | 1.64 | % | 0.48 | % | 1.12 | % | 0.88 | % | 1.13 | % | 1.25 | % | 0.89 | % | 2.74 | % | ||
Expected life of options (years) | 5.7 | 3.6 | 7.3 | 4.4 | 6 | 6.5 | 5 | 6.5 | ||||||||||
Expected volatility of underlying stock | 51.81 | % | 51 | % | 50.59 | % | 53.89 | % | 49.86 | % | 48.7 | % | 51.62 | % | 46.94 | % | ||
Expected quarterly dividends (per share) | — | — | — | — | — | — | — | — | ||||||||||
(1) During 2009, the Compensation Committee approved the award of 750,000 stock options that vest in five equal annual installments from 2010 to 2014 subject to the achievement of pre-tax income performance targets established by the Compensation Committee for fiscal years 2009 to 2013. The Compensation Committee has established the performance targets for fiscal years 2011, 2012 and 2013, and these tranches were deemed granted for accounting purposes. | ||||||||||||||||||
Restricted Stock Unit Awards | ' | |||||||||||||||||
Stock-Based Compensation | ' | |||||||||||||||||
Compensation Expense Included in General and Administrative Expenses | ' | |||||||||||||||||
Year ended December 31, | ||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||
(in millions) | ||||||||||||||||||
Restricted Stock Compensation Expense | $ | 4.9 | $ | 7.1 | $ | 5.7 | ||||||||||||
Related Income Tax Benefit | $ | 1.9 | $ | 1.5 | $ | 2.5 | ||||||||||||
Stock Options | ' | |||||||||||||||||
Stock-Based Compensation | ' | |||||||||||||||||
Compensation Expense Included in General and Administrative Expenses | ' | |||||||||||||||||
Year ended December 31, | ||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||
(in millions) | ||||||||||||||||||
Stock Option Compensation Expense | $ | 1.7 | $ | 2.4 | $ | 3.1 | ||||||||||||
Related Income Tax Benefit | $ | 0.7 | $ | 1 | $ | 1.3 |
Unaudited_Quarterly_Financial_1
Unaudited Quarterly Financial Data (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Unaudited Quarterly Financial Data | ' | |||||||||||||
Unaudited Quarterly Selected Financial Data | ' | |||||||||||||
(in thousands, except per share amounts) | ||||||||||||||
First | Second | Third | Fourth | |||||||||||
Year ended December 31, 2013 | Quarter | Quarter | Quarter | Quarter | ||||||||||
Revenues | $ | 992,928 | $ | 1,053,065 | $ | 1,030,388 | $ | 1,099,291 | ||||||
Gross profit | $ | 100,357 | $ | 105,955 | $ | 120,857 | $ | 139,735 | ||||||
Income (loss) from construction operations | $ | 36,079 | $ | 39,474 | $ | 58,094 | $ | 70,175 | ||||||
Income (loss) before income taxes | $ | 23,916 | $ | 25,157 | $ | 37,035 | $ | 53,507 | ||||||
Net (loss) income | $ | 14,800 | $ | 15,478 | $ | 23,759 | $ | 33,259 | ||||||
(Loss) earnings per share: | ||||||||||||||
Basic | $ | 0.31 | $ | 0.32 | $ | 0.5 | $ | 0.69 | ||||||
Diluted | $ | 0.31 | $ | 0.32 | $ | 0.49 | $ | 0.68 | ||||||
First | Second | Third | Fourth | |||||||||||
Year ended December 31, 2012 | Quarter | Quarter | Quarter | Quarter | ||||||||||
Revenues | $ | 912,534 | $ | 985,346 | $ | 1,099,393 | $ | 1,114,198 | ||||||
Gross profit | $ | 86,159 | $ | 87,061 | $ | 115,463 | $ | 126,449 | ||||||
Income from construction operations | $ | 16,963 | $ | (354,174 | )(a) | $ | 54,676 | $ | 60,724 | |||||
Income before income taxes | $ | 3,573 | $ | (363,695 | ) | $ | 44,182 | $ | 48,098 | |||||
Net income | $ | (1,203 | ) | $ | (348,423 | ) | $ | 42,591 | $ | 41,635 | ||||
Earnings per share: | ||||||||||||||
Basic | $ | (0.03 | ) | $ | (7.35 | ) | $ | 0.9 | $ | 0.88 | ||||
Diluted | $ | (0.03 | ) | $ | (7.35 | ) | $ | 0.88 | $ | 0.86 | ||||
(a) includes pre-tax goodwill and intangible asset impairment of $376.6 million. |
Business_Segments_Tables
Business Segments (Tables) | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
Business Segments | ' | ||||||||||||||||||||||
Reportable Segments | ' | ||||||||||||||||||||||
Reportable Segments | |||||||||||||||||||||||
Specialty | Management | Consolidated | |||||||||||||||||||||
(in thousands) | Civil | Building | Contractors | Services | Totals | Corporate | Total | ||||||||||||||||
2013 | |||||||||||||||||||||||
Total Revenues | $ | 1,423,772 | $ | 1,537,227 | $ | 1,182,844 | $ | 181,076 | $ | 4,324,919 | $ | — | $ | 4,324,919 | |||||||||
Elimination of intersegment revenues | (77,954 | ) | (67,008 | ) | (567 | ) | (3,718 | ) | (149,247 | ) | — | (149,247 | ) | ||||||||||
Revenues from external customers | $ | 1,345,818 | $ | 1,470,219 | $ | 1,182,277 | $ | 177,358 | $ | 4,175,672 | $ | — | $ | 4,175,672 | |||||||||
Income from construction operations | $ | 167,868 | $ | 23,799 | $ | 49,008 | $ | 10,579 | $ | 251,254 | $ | (47,432 | ) | $ | 203,822 | ||||||||
Assets | $ | 1,295,713 | $ | 610,431 | $ | 727,303 | $ | 187,864 | $ | 2,821,311 | $ | 576,127 | (b) | $ | 3,397,438 | ||||||||
Capital Expenditures | $ | 29,497 | $ | 1,555 | $ | 4,137 | $ | 3,103 | $ | 38,292 | $ | 6,999 | $ | 45,291 | |||||||||
2012 | |||||||||||||||||||||||
Total Revenues | $ | 1,290,610 | $ | 1,478,508 | $ | 1,183,518 | $ | 241,483 | $ | 4,194,119 | $ | — | $ | 4,194,119 | |||||||||
Elimination of intersegment revenues | (42,329 | ) | (10,598 | ) | (481 | ) | (29,240 | ) | (82,648 | ) | — | (82,648 | ) | ||||||||||
Revenues from external customers | $ | 1,248,281 | $ | 1,467,910 | $ | 1,183,037 | $ | 212,243 | $ | 4,111,471 | $ | — | $ | 4,111,471 | |||||||||
(Loss) Income from construction operations: | |||||||||||||||||||||||
Before impairment charge | $ | 112,584 | $ | (4,098 | ) | $ | 79,080 | $ | 12,291 | $ | 199,857 | $ | (45,094 | )(a) | $ | 154,763 | |||||||
Impairment charge | (65,503 | ) | (282,608 | ) | (11,489 | ) | (16,974 | ) | (376,574 | ) | — | (376,574 | ) | ||||||||||
Total | $ | 47,081 | $ | (286,706 | ) | $ | 67,591 | $ | (4,683 | ) | $ | (176,717 | ) | $ | (45,094 | ) | $ | (221,811 | ) | ||||
Assets | $ | 1,046,712 | $ | 669,780 | $ | 672,074 | $ | 180,145 | $ | 2,568,711 | $ | 727,699 | (b) | $ | 3,296,410 | ||||||||
Capital Expenditures | $ | 27,037 | $ | 1,682 | $ | 10,201 | $ | 1,791 | $ | 40,711 | $ | 2,691 | $ | 43,402 | |||||||||
2011 | |||||||||||||||||||||||
Total Revenues | $ | 896,896 | $ | 1,952,030 | $ | 802,535 | $ | 275,975 | $ | 3,927,436 | $ | — | $ | 3,927,436 | |||||||||
Elimination of intersegment revenues | (11,651 | ) | (126,562 | ) | (75 | ) | (72,831 | ) | (211,119 | ) | — | (211,119 | ) | ||||||||||
Revenues from external customers | $ | 885,245 | $ | 1,825,468 | $ | 802,460 | $ | 203,144 | $ | 3,716,317 | $ | — | $ | 3,716,317 | |||||||||
Income from construction operations | $ | 78,546 | $ | 46,262 | $ | 65,582 | $ | 22,322 | $ | 212,712 | $ | (44,336 | )(a) | $ | 168,376 | ||||||||
Assets | $ | 1,102,471 | $ | 1,125,632 | $ | 597,986 | $ | 182,583 | $ | 3,008,672 | $ | 604,455 | (b) | $ | 3,613,127 | ||||||||
Capital Expenditures | $ | 49,892 | $ | 1,293 | $ | 4,727 | $ | 8,020 | $ | 63,932 | $ | 4,419 | $ | 68,351 | |||||||||
(a) Primarily consist of corporate general and administrative expenses. | |||||||||||||||||||||||
(b) Principally consist of cash and cash equivalents, corporate transportation equipment, construction equipment, and other investments available for general corporate purposes. | |||||||||||||||||||||||
Principal Geographical Areas | ' | ||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Revenues | |||||||||||||||||||||||
United States | $ | 4,000,380 | $ | 3,925,733 | $ | 3,508,349 | |||||||||||||||||
Foreign and U.S. Territories | 175,292 | 185,738 | 207,968 | ||||||||||||||||||||
Total | $ | 4,175,672 | $ | 4,111,471 | $ | 3,716,317 | |||||||||||||||||
Income (loss) from construction operations | |||||||||||||||||||||||
United States | $ | 238,989 | $ | (195,457 | ) | $ | 184,268 | ||||||||||||||||
Foreign and U.S. Territories | 12,265 | 18,740 | 28,444 | ||||||||||||||||||||
Corporate | (47,432 | ) | (45,094 | ) | (44,336 | ) | |||||||||||||||||
Total | $ | 203,822 | $ | (221,811 | ) | $ | 168,376 | ||||||||||||||||
At December 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||
United States | $ | 3,182,706 | $ | 3,107,808 | $ | 3,460,470 | |||||||||||||||||
Foreign and U.S. Territories | 214,732 | 188,602 | 152,657 | ||||||||||||||||||||
Total | $ | 3,397,438 | $ | 3,296,410 | $ | 3,613,127 |
Separate_Financial_Information1
Separate Financial Information of Subsidiary Guarantors of Indebtedness (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Separate Financial Information of Subsidiary Guarantors of Indebtedness | ' | ||||||||||||||||
Condensed Consolidating Balance Sheet | ' | ||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET - DECEMBER 31, 2013 | |||||||||||||||||
(in thousands) | |||||||||||||||||
Tutor | Non- | ||||||||||||||||
Perini | Guarantor | Guarantor | Total | ||||||||||||||
Corporation | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||
ASSETS | |||||||||||||||||
Cash and cash equivalents | $ | 88,995 | $ | 18,031 | $ | 12,897 | $ | — | $ | 119,923 | |||||||
Restricted cash | 18,833 | 8,040 | 15,721 | — | 42,594 | ||||||||||||
Accounts receivable, including retainage | 208,227 | 1,126,012 | 47,958 | (90,951 | ) | 1,291,246 | |||||||||||
Costs and estimated earnings in excess of billings | 99,779 | 505,979 | 152 | (32,662 | ) | 573,248 | |||||||||||
Deferred income taxes | — | 15,866 | — | (7,626 | ) | 8,240 | |||||||||||
Other current assets | 37,605 | 26,234 | 24,462 | (37,632 | ) | 50,669 | |||||||||||
Total current assets | 453,439 | 1,700,162 | 101,190 | (168,871 | ) | 2,085,920 | |||||||||||
Long-term investments | 46,283 | — | — | — | 46,283 | ||||||||||||
Property and equipment, net | 77,562 | 415,993 | 4,570 | — | 498,125 | ||||||||||||
Intercompany notes and receivables | — | 428,190 | — | (428,190 | ) | — | |||||||||||
Other assets: | |||||||||||||||||
Goodwill | — | 577,756 | — | — | 577,756 | ||||||||||||
Intangible assets, net | — | 113,740 | — | — | 113,740 | ||||||||||||
Investment in subsidiaries | 2,181,280 | 29 | 50 | (2,181,359 | ) | — | |||||||||||
Other | 70,269 | 10,528 | — | (5,183 | ) | 75,614 | |||||||||||
Total assets | $ | 2,828,833 | $ | 3,246,398 | $ | 105,810 | $ | (2,783,603 | ) | $ | 3,397,438 | ||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||
Current maturities of long-term debt | $ | 50,578 | $ | 64,080 | $ | — | $ | — | $ | 114,658 | |||||||
Accounts payable, including retainage | 162,292 | 677,997 | 6,039 | (88,103 | ) | 758,225 | |||||||||||
Billings in excess of costs and estimated earnings | 90,267 | 177,285 | 34 | — | 267,586 | ||||||||||||
Accrued expenses and other current liabilities | 58,232 | 99,257 | 48,369 | (47,841 | ) | 158,017 | |||||||||||
Total current liabilities | 361,369 | 1,018,619 | 54,442 | (135,944 | ) | 1,298,486 | |||||||||||
Long-term debt, less current maturities | 575,356 | 84,053 | — | (40,183 | ) | 619,226 | |||||||||||
Deferred income taxes | 107,448 | 6,885 | — | — | 114,333 | ||||||||||||
Other long-term liabilities | 114,677 | 3,181 | — | — | 117,858 | ||||||||||||
Intercompany notes and advances payable | 422,448 | — | 23,462 | (445,910 | ) | — | |||||||||||
Contingencies and commitments | |||||||||||||||||
Stockholders’ Equity | 1,247,535 | 2,133,660 | 27,906 | (2,161,566 | ) | 1,247,535 | |||||||||||
Total liabilities and stockholders’ equity | $ | 2,828,833 | $ | 3,246,398 | $ | 105,810 | $ | (2,783,603 | ) | $ | 3,397,438 | ||||||
CONDENSED CONSOLIDATING BALANCE SHEET - DECEMBER 31, 2012 | |||||||||||||||||
(in thousands) | |||||||||||||||||
Tutor | Non- | ||||||||||||||||
Perini | Guarantor | Guarantor | Total | ||||||||||||||
Corporation | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||
ASSETS | |||||||||||||||||
Cash and cash equivalents | $ | 64,663 | $ | 74,385 | $ | 29,008 | $ | — | $ | 168,056 | |||||||
Restricted cash | 30,236 | 8,481 | — | — | 38,717 | ||||||||||||
Accounts receivable | 177,856 | 1,121,098 | 1,088 | (75,429 | ) | 1,224,613 | |||||||||||
Costs and estimated earnings in excess of billings | 111,821 | 377,132 | 152 | (24,103 | ) | 465,002 | |||||||||||
Deferred income taxes | — | 15,823 | — | (5,752 | ) | 10,071 | |||||||||||
Other current assets | 26,461 | 49,993 | 2,891 | (3,957 | ) | 75,388 | |||||||||||
Total current assets | 411,037 | 1,646,912 | 33,139 | (109,241 | ) | 1,981,847 | |||||||||||
Long-term investments | 46,283 | — | — | — | 46,283 | ||||||||||||
Property and equipment, net | 64,248 | 416,006 | 4,841 | — | 485,095 | ||||||||||||
Intercompany notes and receivables | — | 493,277 | — | (493,277 | ) | — | |||||||||||
Other assets: | |||||||||||||||||
Goodwill | — | 570,646 | — | — | 570,646 | ||||||||||||
Intangible assets, net | — | 126,821 | — | — | 126,821 | ||||||||||||
Investment in subsidiaries | 2,122,116 | 134 | 50 | (2,122,300 | ) | — | |||||||||||
Other | 81,198 | 9,058 | 35,375 | (39,913 | ) | 85,718 | |||||||||||
Total assets | $ | 2,724,882 | $ | 3,262,854 | $ | 73,405 | $ | (2,764,731 | ) | $ | 3,296,410 | ||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||
Current maturities of long-term debt | $ | 42,589 | $ | 25,121 | $ | — | $ | — | $ | 67,710 | |||||||
Accounts payable | 97,834 | 698,015 | 156 | (99,532 | ) | 696,473 | |||||||||||
Billings in excess of costs and estimated earnings | 95,657 | 206,070 | 34 | — | 301,761 | ||||||||||||
Accrued expenses and other current liabilities | 30,545 | 108,589 | 38,901 | (9,709 | ) | 168,326 | |||||||||||
Total current liabilities | 266,625 | 1,037,795 | 39,091 | (109,241 | ) | 1,234,270 | |||||||||||
Long-term debt, less current maturities | 603,371 | 105,922 | — | (39,913 | ) | 669,380 | |||||||||||
Deferred income taxes | 102,138 | 7,762 | — | — | 109,900 | ||||||||||||
Other long-term liabilities | 134,874 | 4,122 | — | — | 138,996 | ||||||||||||
Intercompany notes and advances payable | 474,010 | — | 19,267 | (493,277 | ) | — | |||||||||||
Contingencies and commitments | |||||||||||||||||
Stockholders’ Equity | 1,143,864 | 2,107,253 | 15,047 | (2,122,300 | ) | 1,143,864 | |||||||||||
$ | 2,724,882 | $ | 3,262,854 | $ | 73,405 | $ | (2,764,731 | ) | $ | 3,296,410 | |||||||
Condensed Consolidating Statement of Operations | ' | ||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||
YEAR ENDED DECEMBER 31, 2013 | |||||||||||||||||
(in thousands) | |||||||||||||||||
Tutor | Non- | ||||||||||||||||
Perini | Guarantor | Guarantor | Total | ||||||||||||||
Corporation | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||
Revenues | $ | 680,440 | $ | 3,315,608 | $ | — | $ | 179,624 | $ | 4,175,672 | |||||||
Cost of operations | 590,675 | 2,960,569 | (22,100 | ) | 179,624 | 3,708,768 | |||||||||||
Gross profit | 89,765 | 355,039 | 22,100 | — | 466,904 | ||||||||||||
General and administrative expenses | 77,507 | 183,723 | 1,852 | — | 263,082 | ||||||||||||
INCOME FROM CONSTRUCTION OPERATIONS | 12,258 | 171,316 | 20,248 | — | 203,822 | ||||||||||||
Equity in earnings of subsidiaries | 122,875 | — | — | (122,875 | ) | — | |||||||||||
Other income (expense), net | (27,162 | ) | 8,075 | 512 | — | (18,575 | ) | ||||||||||
Interest expense | (41,987 | ) | (3,645 | ) | — | — | (45,632 | ) | |||||||||
Income before income taxes | 65,984 | 175,746 | 20,760 | (122,875 | ) | 139,615 | |||||||||||
Provision for Income Taxes | 21,312 | (65,852 | ) | (7,779 | ) | — | (52,319 | ) | |||||||||
NET INCOME (LOSS) | $ | 87,296 | $ | 109,894 | $ | 12,981 | $ | (122,875 | ) | $ | 87,296 | ||||||
Other Comprehensive Income: | |||||||||||||||||
Other Comprehensive Income of Subsidiaries | (1,293 | ) | — | — | 1,293 | — | |||||||||||
Change in pension benefit plans assets/liabilities | 10,910 | — | — | — | 10,910 | ||||||||||||
Foreign currency translation | — | (738 | ) | — | — | (738 | ) | ||||||||||
Change in fair value of investments | — | (555 | ) | — | — | (555 | ) | ||||||||||
Change in fair value of interest rate swap | 578 | — | — | — | 578 | ||||||||||||
Total other comprehensive income (loss) | 10,195 | (1,293 | ) | — | 1,293 | 10,195 | |||||||||||
Total Comprehensive Income (Loss) | $ | 97,491 | $ | 108,601 | $ | 12,981 | $ | (121,582 | ) | $ | 97,491 | ||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||
YEAR ENDED DECEMBER 31, 2012 | |||||||||||||||||
(in thousands) | |||||||||||||||||
Tutor | Non- | ||||||||||||||||
Perini | Guarantor | Guarantor | Total | ||||||||||||||
Corporation | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||
Revenues | $ | 429,926 | $ | 3,769,814 | $ | — | $ | (88,269 | ) | $ | 4,111,471 | ||||||
Cost of operations | 375,914 | 3,421,877 | (13,183 | ) | (88,269 | ) | 3,696,339 | ||||||||||
Gross profit | 54,012 | 347,937 | 13,183 | — | 415,132 | ||||||||||||
General and administrative expenses | 71,983 | 186,831 | 1,555 | — | 260,369 | ||||||||||||
Goodwill and intangible assets impairment | — | 376,574 | — | — | 376,574 | ||||||||||||
INCOME FROM CONSTRUCTION OPERATIONS | (17,971 | ) | (215,468 | ) | 11,628 | — | (221,811 | ) | |||||||||
Equity in earnings of subsidiaries | (225,100 | ) | — | — | 225,100 | — | |||||||||||
Other income (expense), net | (2,603 | ) | 382 | 364 | — | (1,857 | ) | ||||||||||
Interest expense | (40,067 | ) | (4,107 | ) | — | — | (44,174 | ) | |||||||||
Income before income taxes | (285,741 | ) | (219,193 | ) | 11,992 | 225,100 | (267,842 | ) | |||||||||
Provision for Income Taxes | 20,341 | (13,155 | ) | (4,744 | ) | — | 2,442 | ||||||||||
NET INCOME (LOSS) | $ | (265,400 | ) | $ | (232,348 | ) | $ | 7,248 | $ | 225,100 | $ | (265,400 | ) | ||||
Other Comprehensive Income: | |||||||||||||||||
Other comprehensive income of subsidiaries | 620 | — | — | (620 | ) | — | |||||||||||
Tax adjustment on minimum pension liability | (1,610 | ) | — | — | — | (1,610 | ) | ||||||||||
Foreign currency translation | — | 382 | — | — | 382 | ||||||||||||
Change in fair value of investments | — | 238 | — | — | 238 | ||||||||||||
Change in fair value of interest rate swap | (974 | ) | — | — | — | (974 | ) | ||||||||||
Realized loss on sale of investments recorded in net income (loss) | 2,005 | — | — | — | 2,005 | ||||||||||||
Total other comprehensive income (loss) | 41 | 620 | — | (620 | ) | 41 | |||||||||||
Total Comprehensive Income (Loss) | $ | (265,359 | ) | $ | (231,728 | ) | $ | 7,248 | $ | 224,480 | $ | (265,359 | ) | ||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||
YEAR ENDED DECEMBER 31, 2011 | |||||||||||||||||
(in thousands) | |||||||||||||||||
Tutor | Non- | ||||||||||||||||
Perini | Guarantor | Guarantor | Total | ||||||||||||||
Corporation | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||
Revenues | $ | 300,791 | $ | 3,630,262 | $ | — | $ | (214,736 | ) | $ | 3,716,317 | ||||||
Cost of operations | 260,251 | 3,288,739 | (13,278 | ) | (214,736 | ) | 3,320,976 | ||||||||||
Gross profit | 40,540 | 341,523 | 13,278 | — | 395,341 | ||||||||||||
General and administrative expenses | 64,472 | 160,926 | 1,567 | — | 226,965 | ||||||||||||
INCOME FROM CONSTRUCTION OPERATIONS | (23,932 | ) | 180,597 | 11,711 | — | 168,376 | |||||||||||
Equity in earnings of subsidiaries | 118,521 | — | — | (118,521 | ) | — | |||||||||||
Other income (expense), net | 5,292 | (919 | ) | 48 | — | 4,421 | |||||||||||
Interest expense | (32,741 | ) | (3,009 | ) | — | — | (35,750 | ) | |||||||||
Income before income taxes | 67,140 | 176,669 | 11,759 | (118,521 | ) | 137,047 | |||||||||||
Provision for Income Taxes | 19,008 | (65,544 | ) | (4,363 | ) | — | (50,899 | ) | |||||||||
NET INCOME (LOSS) | $ | 86,148 | $ | 111,125 | $ | 7,396 | $ | (118,521 | ) | $ | 86,148 | ||||||
Other Comprehensive Income: | |||||||||||||||||
Other comprehensive income of subsidiaries | (534 | ) | — | — | 534 | — | |||||||||||
Tax adjustment on minimum pension liability | (7,041 | ) | — | — | — | (7,041 | ) | ||||||||||
Foreign currency translation | — | (733 | ) | — | — | (733 | ) | ||||||||||
Change in fair value of investments | — | 199 | — | — | 199 | ||||||||||||
Total other comprehensive income (loss) | (7,575 | ) | (534 | ) | — | 534 | (7,575 | ) | |||||||||
Total Comprehensive Income (Loss) | $ | 78,573 | $ | 110,591 | $ | 7,396 | $ | (117,987 | ) | $ | 78,573 | ||||||
Condensed Consolidating Statement of Cash Flows | ' | ||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||
YEAR ENDED DECEMBER 31, 2013 | |||||||||||||||||
(in thousands) | |||||||||||||||||
Tutor | Non- | ||||||||||||||||
Perini | Guarantor | Guarantor | Total | ||||||||||||||
Corporation | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||
Cash Flows from Operating Activities: | |||||||||||||||||
Net (loss) income | $ | 87,296 | $ | 109,894 | $ | 12,981 | $ | (122,875 | ) | $ | 87,296 | ||||||
Adjustments to reconcile net (loss) income to net cash from operating activities: | |||||||||||||||||
Depreciation and amortization | 10,893 | 48,246 | 271 | — | 59,410 | ||||||||||||
Equity in earnings of subsidiaries | (122,875 | ) | — | — | 122,875 | — | |||||||||||
Stock-based compensation expense | 6,623 | — | — | — | 6,623 | ||||||||||||
Excess income tax benefit from stock-based compensation | (1,148 | ) | — | — | — | (1,148 | ) | ||||||||||
Deferred income taxes | 921 | 8,088 | — | — | 9,009 | ||||||||||||
(Gain) loss on sale of property and equipment | — | 49 | — | — | 49 | ||||||||||||
Other non-cash items | (4,341 | ) | 622 | — | — | (3,719 | ) | ||||||||||
Other long-term liabilities | 24,359 | (1,252 | ) | — | — | 23,107 | |||||||||||
Changes in other components of working capital | 72,359 | (184,543 | ) | (17,715 | ) | — | (129,899 | ) | |||||||||
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES | 74,087 | (18,896 | ) | (4,463 | ) | — | 50,728 | ||||||||||
Cash Flows from Investing Activities: | |||||||||||||||||
Acquisition of property and equipment | (21,267 | ) | (21,093 | ) | — | — | (42,360 | ) | |||||||||
Proceeds from sale of property and equipment | 6 | 2,657 | — | — | 2,663 | ||||||||||||
Change in restricted cash | 11,403 | 441 | (15,721 | ) | — | (3,877 | ) | ||||||||||
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES | (9,858 | ) | (17,995 | ) | (15,721 | ) | — | (43,574 | ) | ||||||||
Cash Flows from Financing Activities: | |||||||||||||||||
Proceeds from debt | 627,520 | 25,760 | — | — | 653,280 | ||||||||||||
Repayment of debt | (647,795 | ) | (29,000 | ) | — | — | (676,795 | ) | |||||||||
Business acquisition related payments | (31,038 | ) | — | — | — | (31,038 | ) | ||||||||||
Excess income tax benefit from stock-based compensation | 1,148 | — | — | — | 1,148 | ||||||||||||
Issuance of common stock and effect of cashless exercise | (1,882 | ) | — | — | — | (1,882 | ) | ||||||||||
Increase (decrease) in intercompany advances | 12,150 | (16,223 | ) | 4,073 | — | — | |||||||||||
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES | (39,897 | ) | (19,463 | ) | 4,073 | — | (55,287 | ) | |||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | 24,332 | (56,354 | ) | (16,111 | ) | — | (48,133 | ) | |||||||||
Cash and Cash Equivalents at Beginning of Year | 64,663 | 74,385 | 29,008 | — | 168,056 | ||||||||||||
Cash and Cash Equivalents at End of Year | $ | 88,995 | $ | 18,031 | $ | 12,897 | $ | — | $ | 119,923 | |||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||
YEAR ENDED DECEMBER 31, 2012 | |||||||||||||||||
(in thousands) | |||||||||||||||||
Tutor | Non- | ||||||||||||||||
Perini | Guarantor | Guarantor | Total | ||||||||||||||
Corporation | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||
Cash Flows from Operating Activities: | |||||||||||||||||
Net (loss) income | $ | (265,400 | ) | $ | (232,348 | ) | $ | 7,248 | $ | 225,100 | $ | (265,400 | ) | ||||
Adjustments to reconcile net (loss) income to net cash from operating activities: | |||||||||||||||||
Goodwill and intangible assets impairment | — | 376,574 | — | — | 376,574 | ||||||||||||
Depreciation and amortization | 5,373 | 55,812 | 272 | — | 61,457 | ||||||||||||
Equity in earnings of subsidiaries | 225,100 | — | — | (225,100 | ) | — | |||||||||||
Stock-based compensation expense | 9,470 | — | — | — | 9,470 | ||||||||||||
Adjustment of interest rate swap to fair value | 264 | — | — | — | 264 | ||||||||||||
Deferred income taxes | (20,220 | ) | (5,386 | ) | — | — | (25,606 | ) | |||||||||
Loss on sale of investments | 2,699 | — | — | — | 2,699 | ||||||||||||
Loss on sale of property and equipment | — | 316 | — | — | 316 | ||||||||||||
Other non-cash items | (228 | ) | 376 | — | — | 148 | |||||||||||
Other long-term liabilities | (2,518 | ) | (2,586 | ) | — | — | (5,104 | ) | |||||||||
Changes in other components of working capital | 25,251 | (268,525 | ) | 20,593 | — | (222,681 | ) | ||||||||||
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES | (20,209 | ) | (75,767 | ) | 28,113 | — | (67,863 | ) | |||||||||
Cash Flows from Investing Activities: | |||||||||||||||||
Acquisition of property and equipment | (15,041 | ) | (26,311 | ) | — | — | (41,352 | ) | |||||||||
Proceeds from sale of property and equipment | 364 | 11,395 | — | — | 11,759 | ||||||||||||
Investment in available-for-sale securities | — | (535 | ) | — | — | (535 | ) | ||||||||||
Proceeds from sale of available-for-sale securities | 16,553 | — | — | — | 16,553 | ||||||||||||
Change in restricted cash | (3,251 | ) | (29 | ) | — | — | (3,280 | ) | |||||||||
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES | (1,375 | ) | (15,480 | ) | — | — | (16,855 | ) | |||||||||
Cash Flows from Financing Activities: | |||||||||||||||||
Proceeds from debt | 688,425 | — | — | — | 688,425 | ||||||||||||
Repayment of debt | (601,282 | ) | (24,840 | ) | — | — | (626,122 | ) | |||||||||
Business acquisition related payments | (11,462 | ) | — | — | — | (11,462 | ) | ||||||||||
Issuance of common stock and effect of cashless exercise | (308 | ) | — | — | — | (308 | ) | ||||||||||
Debt issuance costs | (1,999 | ) | — | — | — | (1,999 | ) | ||||||||||
Increase (decrease) in intercompany advances | (122,063 | ) | 137,980 | (15,917 | ) | — | — | ||||||||||
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES | (48,689 | ) | 113,140 | (15,917 | ) | — | 48,534 | ||||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | (70,273 | ) | 21,893 | 12,196 | — | (36,184 | ) | ||||||||||
Cash and Cash Equivalents at Beginning of Year | 134,936 | 52,492 | 16,812 | — | 204,240 | ||||||||||||
Cash and Cash Equivalents at End of Year | $ | 64,663 | $ | 74,385 | $ | 29,008 | $ | — | $ | 168,056 | |||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||
YEAR ENDED DECEMBER 31, 2011 | |||||||||||||||||
(in thousands) | |||||||||||||||||
Tutor | Non- | ||||||||||||||||
Perini | Guarantor | Guarantor | Total | ||||||||||||||
Corporation | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||
Cash Flows from Operating Activities: | |||||||||||||||||
Net income | $ | 86,148 | $ | 111,125 | $ | 7,396 | $ | (118,521 | ) | $ | 86,148 | ||||||
Adjustments to reconcile net income to net cash from operating activities: | |||||||||||||||||
Depreciation and amortization | 6,143 | 41,194 | 294 | — | 47,631 | ||||||||||||
Equity in earnings of subsidiaries | (118,521 | ) | — | — | 118,521 | — | |||||||||||
Stock-based compensation expense | 8,818 | — | — | — | 8,818 | ||||||||||||
Adjustment of investments to fair value | 4,750 | — | — | — | 4,750 | ||||||||||||
Excess income tax benefit from stock-based compensation | (18 | ) | — | — | — | (18 | ) | ||||||||||
Deferred income taxes | 8,054 | 2,800 | — | — | 10,854 | ||||||||||||
Loss on sale of investments | 10 | — | — | — | 10 | ||||||||||||
(Gain) loss on sale of property and equipment | (142 | ) | (584 | ) | — | — | (726 | ) | |||||||||
Gain on bargain purchase | (47 | ) | — | — | — | (47 | ) | ||||||||||
Other non-cash items | (659 | ) | 58 | — | — | (601 | ) | ||||||||||
Other long-term liabilities | (9,964 | ) | (3,855 | ) | — | — | (13,819 | ) | |||||||||
Changes in other components of working capital | (18,898 | ) | (164,460 | ) | 8,738 | — | (174,620 | ) | |||||||||
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES | (34,326 | ) | (13,722 | ) | 16,428 | — | (31,620 | ) | |||||||||
Cash Flows from Investing Activities: | |||||||||||||||||
Acquisition, net of cash balance acquired | (341,898 | ) | — | — | — | (341,898 | ) | ||||||||||
Acquisition of property and equipment | (24,549 | ) | (42,198 | ) | — | — | (66,747 | ) | |||||||||
Proceeds from sale of property and equipment | 20 | 10,029 | — | — | 10,049 | ||||||||||||
Proceeds from sale of available-for-sale securities | 21,200 | 8,991 | — | — | 30,191 | ||||||||||||
Change in restricted cash | (3,435 | ) | (3,381 | ) | — | — | (6,816 | ) | |||||||||
NET CASH USED BY INVESTING ACTIVITIES | (348,662 | ) | (26,559 | ) | — | — | (375,221 | ) | |||||||||
Cash Flows from Financing Activities: | |||||||||||||||||
Proceeds from debt | 599,832 | 101,921 | — | — | 701,753 | ||||||||||||
Repayment of debt | (488,592 | ) | (66,377 | ) | — | — | (554,969 | ) | |||||||||
Business acquisition related payments | (1,904 | ) | — | — | (1,904 | ) | |||||||||||
Excess income tax benefit from stock-based compensation | 18 | — | — | — | 18 | ||||||||||||
Issuance of common stock and effect of cashless exercise | (191 | ) | — | — | — | (191 | ) | ||||||||||
Debt issuance costs | (5,004 | ) | — | — | — | (5,004 | ) | ||||||||||
Increase (decrease) in intercompany advances | 191,609 | (162,857 | ) | (28,752 | ) | — | — | ||||||||||
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES | 295,768 | (127,313 | ) | (28,752 | ) | — | 139,703 | ||||||||||
Net Decrease in Cash and Cash Equivalents | (87,220 | ) | (167,594 | ) | (12,324 | ) | — | (267,138 | ) | ||||||||
Cash and Cash Equivalents at Beginning of Year | 222,156 | 220,086 | 29,136 | — | 471,378 | ||||||||||||
Cash and Cash Equivalents at End of Year | $ | 134,936 | $ | 52,492 | $ | 16,812 | $ | — | $ | 204,240 |
Description_of_Business_and_Su3
Description of Business and Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
item | |||
Nature of Business | ' | ' | ' |
Number of reportable segments | 4 | ' | ' |
Basis of Presentation | ' | ' | ' |
Increase (decrease) in cash flows provided by operating activities | ($50,728) | $67,863 | $31,620 |
Increase (decrease) in cash flows provided by investing activities | -43,574 | -16,855 | -375,221 |
Increase (decrease) in cash flows provided by financing activities | 55,287 | -48,534 | -139,703 |
Correction for payments related to deferred purchase price obligation of previous acquisitions | Restatement Adjustment | ' | ' | ' |
Basis of Presentation | ' | ' | ' |
Increase (decrease) in cash flows provided by operating activities | ' | ' | 1,100 |
Increase (decrease) in cash flows provided by investing activities | ' | ' | 3,000 |
Increase (decrease) in cash flows provided by financing activities | ' | ' | $1,900 |
Description_of_Business_and_Su4
Description of Business and Summary of Significant Accounting Policies (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Use of and Changes in Estimates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from construction operations | $70,175,000 | $58,094,000 | $39,474,000 | $36,079,000 | $60,724,000 | $54,676,000 | ($354,174,000) | $16,963,000 | $203,822,000 | ($221,811,000) | $168,376,000 |
Net income | 33,259,000 | 23,759,000 | 15,478,000 | 14,800,000 | 41,635,000 | 42,591,000 | -348,423,000 | -1,203,000 | 87,296,000 | -265,400,000 | 86,148,000 |
Diluted earnings per common share (in dollars per share) | $0.68 | $0.49 | $0.32 | $0.31 | $0.86 | $0.88 | ($7.35) | ($0.03) | $1.80 | ($5.59) | $1.80 |
Increase in the estimated recovery projected for Building segment project | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Use of and Changes in Estimates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impact on results of operations | ' | ' | ' | ' | ' | ' | ' | ' | 13,800,000 | ' | ' |
Income from construction operations | ' | ' | ' | ' | ' | ' | ' | ' | 13,800,000 | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 8,600,000 | ' | ' |
Diluted earnings per common share (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0.18 | ' | ' |
Increase in the estimated recovery projected for large hospitality and gaming project | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Use of and Changes in Estimates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impact on results of operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,400,000 | ' |
Income from construction operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,400,000 | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7,500,000 | ' |
Diluted earnings per common share (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.16 | ' |
Description_of_Business_and_Su5
Description of Business and Summary of Significant Accounting Policies (Details 3) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 |
Minimum | Maximum | |||
Significant Accounting Policies | ' | ' | ' | ' |
Span of larger contracts | ' | ' | '2 years | '6 years |
Costs and estimated earnings in excess of billings | ' | ' | ' | ' |
Unbilled costs and profits incurred to date | $204,276,000 | $157,119,000 | ' | ' |
Unapproved change orders | 146,787,000 | 141,596,000 | ' | ' |
Claims | 222,185,000 | 166,287,000 | ' | ' |
Costs and estimated earnings in excess of billings | 573,248,000 | 465,002,000 | ' | ' |
Unapproved change orders and claims subject to pending litigation | 58,800,000 | 62,000,000 | ' | ' |
Costs and estimated earnings in excess of billings beyond one year | $235,600,000 | ' | ' | ' |
Description_of_Business_and_Su6
Description of Business and Summary of Significant Accounting Policies (Details 4) | 12 Months Ended |
Dec. 31, 2013 | |
Construction equipment | Minimum | ' |
Property, Plant and Equipment | ' |
Estimated useful lives | '5 years |
Construction equipment | Maximum | ' |
Property, Plant and Equipment | ' |
Estimated useful lives | '20 years |
Remaining depreciable property | Minimum | ' |
Property, Plant and Equipment | ' |
Estimated useful lives | '3 years |
Remaining depreciable property | Maximum | ' |
Property, Plant and Equipment | ' |
Estimated useful lives | '40 years |
Description_of_Business_and_Su7
Description of Business and Summary of Significant Accounting Policies (Details 5) | Dec. 31, 2013 |
Income-based approach | ' |
Goodwill and Intangible Assets | ' |
Weight assumed for calculating fair value of reporting units | 67.00% |
Market-based approach | ' |
Goodwill and Intangible Assets | ' |
Weight assumed for calculating fair value of reporting units | 33.00% |
Description_of_Business_and_Su8
Description of Business and Summary of Significant Accounting Policies (Details 6) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stock options | ' | ' | ' |
Antidilutive securities excluded from computation of diluted earnings (loss) per common share | ' | ' | ' |
Antidilutive securities excluded from computation of diluted earnings per share | 860,000 | 1,315,465 | 880,000 |
Restricted stock units | ' | ' | ' |
Antidilutive securities excluded from computation of diluted earnings (loss) per common share | ' | ' | ' |
Antidilutive securities excluded from computation of diluted earnings per share | ' | 1,291,665 | ' |
Description_of_Business_and_Su9
Description of Business and Summary of Significant Accounting Policies (Details 7) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Cash and cash equivalents: | ' | ' | ' | ' |
Cash and Cash Equivalents | $119,923 | $168,056 | $204,240 | $471,378 |
Restricted Cash | 42,594 | 38,717 | ' | ' |
Corporate | ' | ' | ' | ' |
Cash and cash equivalents: | ' | ' | ' | ' |
Cash and Cash Equivalents | 36,579 | 70,780 | ' | ' |
Joint Venture | ' | ' | ' | ' |
Cash and cash equivalents: | ' | ' | ' | ' |
Cash and Cash Equivalents | $83,344 | $97,276 | ' | ' |
Recovered_Sheet1
Description of Business and Summary of Significant Accounting Policies (Details 8) (Auction Rate Securities, Income approach valuation model) | 12 Months Ended |
Dec. 31, 2013 | |
Minimum | ' |
Fair value inputs | ' |
Fair value inputs, discount rate (in hundredths) | 3.00% |
Fair value inputs, term of auction rate securities | '6 years |
Maximum | ' |
Fair value inputs | ' |
Fair value inputs, discount rate (in hundredths) | 7.00% |
Fair value inputs, term of auction rate securities | '8 years |
Mergers_and_Acquisitions_Detai
Mergers and Acquisitions (Details) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2011 |
Acquisitions Material in the Aggregate | ' |
Unaudited Pro Forma Summary Financial Information | ' |
Revenues | $3,894,867 |
Income from Construction Operations | 178,631 |
Net Income | 88,123 |
Basic earnings per common share (in dollars per share) | $1.87 |
Diluted earnings per common share (in dollars per share) | $1.84 |
GreenStar Services Corporation | ' |
Unaudited Pro Forma Summary Financial Information | ' |
Revenues | 4,068,804 |
Income from Construction Operations | 207,579 |
Net Income | 108,712 |
Basic earnings per common share (in dollars per share) | $2.30 |
Diluted earnings per common share (in dollars per share) | $2.27 |
Lunda Construction Company | ' |
Unaudited Pro Forma Summary Financial Information | ' |
Revenues | 3,872,694 |
Income from Construction Operations | 191,565 |
Net Income | $98,270 |
Basic earnings per common share (in dollars per share) | $2.08 |
Diluted earnings per common share (in dollars per share) | $2.05 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Fair value | Senior unsecured notes | ' | ' |
Long-term Debt | ' | ' |
Debt | $321 | $309.80 |
Fair value | Other fixed rate debt | ' | ' |
Long-term Debt | ' | ' |
Debt | 150 | 145.4 |
Fair value | Variable rate debt | ' | ' |
Long-term Debt | ' | ' |
Debt | 283.9 | 298.1 |
Carrying value | Senior unsecured notes | ' | ' |
Long-term Debt | ' | ' |
Debt | 298.5 | 298.3 |
Carrying value | Other fixed rate debt | ' | ' |
Long-term Debt | ' | ' |
Debt | 151.4 | 140.7 |
Carrying value | Variable rate debt | ' | ' |
Long-term Debt | ' | ' |
Debt | $283.90 | $298.10 |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets: | ' | ' |
Restricted cash | $42,594 | $38,717 |
Fair value measured on a recurring basis | Quoted prices in active markets (Level 1) | ' | ' |
Assets: | ' | ' |
Cash and cash equivalents | 119,923 | 168,056 |
Restricted cash | 42,594 | 38,717 |
Investments in lieu of retainage | 12,184 | 10,553 |
Total assets | 174,701 | 217,326 |
Fair value measured on a recurring basis | Significant other observable inputs (Level 2) | ' | ' |
Assets: | ' | ' |
Short-term investments | 2,336 | 2,679 |
Investments in lieu of retainage | 9,729 | 11,381 |
Total assets | 12,065 | 14,060 |
Liabilities: | ' | ' |
Interest rate swap contract | 974 | 1,923 |
Total liabilities | 974 | 1,923 |
Fair value measured on a recurring basis | Significant unobservable inputs (Level 3) | ' | ' |
Assets: | ' | ' |
Long-term investments - auction rate securities | 46,283 | 46,283 |
Total assets | 46,283 | 46,283 |
Liabilities: | ' | ' |
Contingent consideration | 46,022 | 42,624 |
Total liabilities | 46,022 | 42,624 |
Total Carrying Value | ' | ' |
Assets: | ' | ' |
Cash and cash equivalents | 119,923 | 168,056 |
Restricted cash | 42,594 | 38,717 |
Short-term investments | 2,336 | 2,679 |
Investments in lieu of retainage | 21,913 | 21,934 |
Long-term investments - auction rate securities | 46,283 | 46,283 |
Total assets | 233,049 | 277,669 |
Liabilities: | ' | ' |
Interest rate swap contract | 974 | 1,923 |
Contingent consideration | 46,022 | 42,624 |
Total liabilities | $46,996 | $44,547 |
Fair_Value_Measurements_Detail2
Fair Value Measurements (Details 3) (ARS, USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 |
In Millions, unless otherwise specified | Minimum | Maximum | ||
Income approach valuation model | Income approach valuation model | |||
Fair value inputs, Quantitative information | ' | ' | ' | ' |
Investment in auction rate securities | $46.30 | $46.30 | ' | ' |
Fair value inputs | ' | ' | ' | ' |
Discount rate (as a percent) | ' | ' | 3.00% | 7.00% |
Term of auction rate securities | ' | ' | '6 years | '8 years |
Fair_Value_Measurements_Detail3
Fair Value Measurements (Details 4) (Term loan, USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Aug. 03, 2011 |
Term loan | ' | ' |
Long-term Debt | ' | ' |
Face amount | $200 | $200 |
Term of loan | '5 years | ' |
Fair_Value_Measurements_Detail4
Fair Value Measurements (Details 5) (ARS, USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2013 |
item | ||
ARS | ' | ' |
Changes in Level 3 assets measured at fair value on recurring basis | ' | ' |
Beginning balance | $62,311 | $46,283 |
Settlements | -16,553 | ' |
Realized loss included in other income (expense), net | -2,699 | ' |
Reversal of pre-tax impairment charges included in accumulated other comprehensive income (loss) | 3,224 | ' |
Ending balance | $46,283 | $46,283 |
Number of auction rate securities sold or redeemed for full par value | 1 | ' |
Number of auction rate securities (ARS) sold in a secondary market | 2 | ' |
Number of auction rate securities (ARS) settled | 3 | ' |
Fair_Value_Measurements_Detail5
Fair Value Measurements (Details 6) (Contingent consideration, USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Changes in Level 3 liabilities measured at fair value on recurring basis | ' | ' |
Beginning balance | $42,624 | $51,555 |
Fair value measured during the conclusion of purchase price analysis measurement period | ' | 3,344 |
Fair value adjustments included in other income (expense), net | 26,374 | 654 |
Contingent consideration settled | -22,976 | -12,929 |
Ending balance | $46,022 | $42,624 |
Minimum | ' | ' |
Changes in Level 3 liabilities measured at fair value on recurring basis | ' | ' |
Fair value inputs, discount rate (in hundredths) | 14.00% | ' |
Maximum | ' | ' |
Changes in Level 3 liabilities measured at fair value on recurring basis | ' | ' |
Fair value inputs, discount rate (in hundredths) | 18.00% | ' |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Details) (USD $) | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 |
Civil | Civil | Civil | Building | Building | Building | Specialty Contractors | Specialty Contractors | Management Services | Management Services | Management Services | Management Services | Management Services | |||||
Minimum | |||||||||||||||||
Goodwill | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at beginning of period | ' | $570,646 | $892,602 | $788,818 | $430,762 | $319,254 | $374,153 | $273,420 | $402,926 | $10,502 | $141,833 | ' | $46,587 | $44,158 | ' | $66,638 | ' |
Accumulated Impairment | ' | ' | ' | -166,898 | ' | ' | ' | ' | -146,847 | ' | ' | ' | ' | ' | -20,051 | ' | ' |
Goodwill recorded in connection with an acquisition | ' | 7,110 | ' | 270,682 | ' | 129,775 | ' | ' | 140,907 | ' | 7,110 | ' | ' | ' | ' | ' | ' |
Reallocation based on relative fair value | ' | ' | ' | ' | ' | -18,267 | ' | ' | -123,566 | ' | ' | 141,833 | ' | ' | ' | ' | ' |
Acquisition related adjustments | ' | ' | -869 | ' | -869 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment charge | -321,100 | ' | -321,087 | ' | -55,740 | ' | ' | -262,918 | ' | ' | ' | ' | -2,429 | ' | ' | ' | ' |
Balance at end of period | ' | $577,756 | $570,646 | $892,602 | $374,153 | $430,762 | $374,153 | $10,502 | $273,420 | $10,502 | $148,943 | $141,833 | $44,158 | $44,158 | ' | $66,638 | ' |
Percentage of fair value in excess of carrying amount (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets (Details 2) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2012 |
Goodwill and Intangible Asset Impairment | ' | ' | ' |
Implied market control premium (in hundredths) | 35.60% | 64.50% | ' |
Indefinite lived intangible assets impairment charge | ' | ' | $16.40 |
Finite lived intangible assets impairment charge | ' | ' | $39.10 |
Minimum | ' | ' | ' |
Goodwill and Intangible Asset Impairment | ' | ' | ' |
Weighted-average cost of capital rate (in hundredths) | 13.50% | ' | ' |
Maximum | ' | ' | ' |
Goodwill and Intangible Asset Impairment | ' | ' | ' |
Weighted-average cost of capital rate (in hundredths) | 15.50% | ' | ' |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets (Details 3) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Trade Names (Non-amortizable) | ' | ' |
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) |
Goodwill_and_Other_Intangible_5
Goodwill and Other Intangible Assets (Details 4) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Total intangible assets | ' | ' | ' |
Cost | $311,456,000 | $311,456,000 | ' |
Accumulated Amortization | -84,649,000 | -71,568,000 | ' |
Accumulated Impairment Charge | -113,067,000 | -113,067,000 | ' |
Carrying value | 113,740,000 | 126,821,000 | ' |
Amortization expense | ' | ' | ' |
Amortization expense | 13,100,000 | 18,300,000 | 13,100,000 |
Amortization expense, 2014 | 11,900,000 | ' | ' |
Amortization expense, 2015 | 5,300,000 | ' | ' |
Amortization expense, 2016 | 3,500,000 | ' | ' |
Amortization expense, 2017 | 3,500,000 | ' | ' |
Amortization expense, 2018 | 3,500,000 | ' | ' |
Amortization expense, thereafter | 35,500,000 | ' | ' |
Trade Names (Amortizable) | ' | ' | ' |
Finite-Lived intangible assets | ' | ' | ' |
Cost | 74,350,000 | 74,350,000 | ' |
Accumulated amortization | -6,341,000 | -3,854,000 | ' |
Accumulated impairment charge | -23,232,000 | -23,232,000 | ' |
Carrying value | 44,777,000 | 47,264,000 | ' |
Weighted average amortization period | '20 years | '20 years | ' |
Customer relationships | ' | ' | ' |
Finite-Lived intangible assets | ' | ' | ' |
Cost | 39,800,000 | 39,800,000 | ' |
Accumulated amortization | -14,315,000 | -13,029,000 | ' |
Accumulated impairment charge | -16,645,000 | -16,645,000 | ' |
Carrying value | 8,840,000 | 10,126,000 | ' |
Weighted average amortization period | '11 years 4 months 24 days | '11 years 4 months 24 days | ' |
Construction contract backlog | ' | ' | ' |
Finite-Lived intangible assets | ' | ' | ' |
Cost | 73,706,000 | 73,706,000 | ' |
Accumulated amortization | -63,993,000 | -54,685,000 | ' |
Carrying value | $9,713,000 | $19,021,000 | ' |
Weighted average amortization period | '3 years 7 months 6 days | '3 years 7 months 6 days | ' |
Financial_Commitments_Details
Financial Commitments (Details) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Oct. 20, 2010 | Apr. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 03, 2011 | Sep. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2013 | Jan. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Swap | 7.625% Senior Notes due 2018 | 7.625% Senior Notes due 2018 | 7.625% Senior Notes due 2018 | 7.625% Senior Notes due 2018 | Revolving credit facility | Revolving credit facility | Term Loan | Term Loan | Term Loan | Equipment Financing | Equipment Financing | Equipment Financing | Equipment Financing | Equipment Financing | Transportation Equipment Loan at Fixed Rate | Transportation Equipment Loan at Fixed Rate | Lunda Seller Notes | Lunda Seller Notes | Lunda Seller Notes | Transportation Equipment Loan at Variable Rate | Transportation Equipment Loan at Variable Rate | Land and Improvements Mortgages | Land and Office Building Mortgages | Land and Office Building Mortgages | Land Mortgages | Office Building Mortgages | Office Building Mortgages at Variable Rate | Office Building Mortgages at Variable Rate | Land Mortgage | Land Mortgage | Land Mortgage | Office Building Mortgages at Fixed Rate | Office Building Mortgages at Fixed Rate | Other Indebtedness | Other Indebtedness | Equipment Financing | ||||
D | item | M | ||||||||||||||||||||||||||||||||||||||
Debt Instrument | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, gross | ' | ' | ' | ' | ' | ' | $300,000,000 | $300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized debt discount | ' | ' | ' | ' | 2,200,000 | ' | -1,493,000 | -1,742,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total long term-debt, net of unamortized debt discount | 733,884,000 | 737,090,000 | ' | ' | ' | ' | 298,507,000 | 298,258,000 | 135,000,000 | 120,000,000 | 115,000,000 | 152,500,000 | ' | ' | ' | 78,055,000 | 80,297,000 | ' | 29,582,000 | 30,905,000 | ' | 21,750,000 | 21,750,000 | 13,363,000 | 14,087,000 | 9,404,000 | 6,952,000 | 7,599,000 | ' | ' | 3,671,000 | 3,915,000 | ' | ' | 1,750,000 | ' | 1,111,000 | 22,600,000 | 4,918,000 | ' |
Less - current maturities | -114,658,000 | -67,710,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, net | 619,226,000 | 669,380,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity date | ' | ' | ' | ' | 1-Nov-18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Jul-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate (as a percent) | ' | ' | ' | ' | ' | ' | 7.63% | 7.63% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.53% | 6.44% | 6.44% | ' | 5.00% | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.20% | 0.20% | ' | 5.62% | ' | ' | ' |
Imputed interest rate (as a percent) | ' | ' | ' | ' | ' | ' | 7.75% | 7.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate, minimum (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.21% | 2.21% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.28% |
Interest rate, maximum (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.98% | 3.98% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.09% |
Term of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | '5 years | ' | ' | '5 years | ' | ' | ' | ' | '7 years | ' | '30 years | '7 years | ' | ' | ' | '10 years | ' | ' | ' | ' | '5 years | ' | ' | ' | '60 months |
Balloon payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,800,000 | ' | ' | 29,200,000 | ' | ' | ' | ' | 12,100,000 | ' | 6,700,000 | ' | ' | 3,000,000 | 2,600,000 | 2,600,000 | ' | ' | 1,500,000 | ' | 1,100,000 | ' | ' | ' | ' |
Description of variable rate basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | 'LIBOR | 'LIBOR | 'LIBOR | 'LIBOR | 'LIBOR | 'LIBOR | 'Lender's Prime Rate | 'Lender's Prime Rate | ' | ' | ' | ' | ' | ' | ' | ' |
Basis spread on variable rate (as a percent)) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.40% | 2.40% | 3.00% | 2.00% | 2.00% | 2.00% | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Negative basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate at lender's prime rate | ' | ' | ' | ' | ' | ' | ' | ' | 3.25% | 3.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.25% | 3.25% | ' | ' | ' | ' | ' | ' | ' | ' |
Principal payments required under long-term debt obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | 114,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2015 | 87,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2016 | 75,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2017 | 5,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2018 | 306,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2019 and beyond | 143,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Private placement offering price (as a percent) | ' | ' | ' | ' | 99.26% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from the placement of Senior Notes | ' | ' | ' | ' | 293,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt issuance costs | ' | ' | ' | ' | 4,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum redemption percentage of aggregate principal amount of Senior Notes (as a percent) | ' | ' | ' | ' | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption price, percentage of principal amount at any time prior to November 1, 2013 (as a percent) | ' | ' | ' | ' | 107.63% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption price, percentage of principal amount at any time prior to November 1, 2014 (as a percent) | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption price, change of control triggering event (as a percent) | ' | ' | ' | ' | 101.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Default, minimum percentage of principal amount of Senior Notes held (as a percent) | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum number of days for open Exchange Offer | ' | ' | ' | ' | ' | 30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Face amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | ' | 200,000,000 | ' | 59,700,000 | ' | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | 9,600,000 | ' | ' | ' | ' | ' | ' | ' | 2,100,000 | ' | ' | ' | ' | ' | 25,800,000 |
Loan amount for each loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum adjustment to Applicable Rate (as a percent) | ' | ' | ' | 0.98% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of equipment financing agreements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of loans obtained | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans repaid during the period | $676,795,000 | $626,122,000 | $554,969,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $27,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,500,000 | ' | ' | ' | ' | ' | ' | ' |
Number of equal monthly installments of principal and interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24 | ' | ' | ' | ' | ' | ' |
Financial_Commitments_Details_
Financial Commitments (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2012 | Aug. 03, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 03, 2012 | Aug. 02, 2012 | Aug. 03, 2011 |
Term Loan | Term Loan | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Letters of credit outstanding | Letters of credit outstanding | Letters of credit outstanding | |||
Minimum | Maximum | LIBOR | LIBOR | LIBOR | Federal Funds | Prime rate | Q3 and Q4 2012 | Q1 and Q2 2013 | Q3 2013 and thereafter | Q3 2012 thru Q1 2013 | Q2 2013 thru Q4 2013 | Q1 2014 thru Q3 2014 | Q4 2014 and thereafter | ||||||||||||
Minimum | Maximum | ||||||||||||||||||||||||
Amended Credit Agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | $300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $150,000,000 | $50,000,000 | $50,000,000 |
Percentage of consolidated net worth that is factored into consolidated net worth covenant | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum goodwill and intangible assets impairment charge added back to covenants | ' | ' | ' | ' | 450,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of net income for each fiscal quarter (with no deduction for net losses) factored into consolidated net worth covenant | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of aggregate amount of all equity issuances that increase stockholder's equity factored into consolidated net worth covenant | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum fixed charge ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 1.1 | 1.25 | ' | ' | ' | ' | ' | ' | ' |
Maximum consolidated leverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.25 | 3.75 | 3.25 | 2.75 | ' | ' | ' |
Reference rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'British Bankers Association LIBOR rate | ' | ' | 'Federal Funds Rate | 'Bank of America prime rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis points added to reference rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | 4.00% | 0.50% | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Facility fees (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | 0.38% | 0.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period of term loan | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan outstanding | 733,884,000 | 737,090,000 | 115,000,000 | 152,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding borrowings | ' | ' | ' | ' | 135,000,000 | 120,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit outstanding | ' | ' | ' | ' | 200,000 | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available borrowing capacity | ' | ' | ' | ' | $164,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial_Commitments_Details_1
Financial Commitments (Details 3) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating leases, future minimum rent payments | ' | ' | ' |
2014 | $17,886 | ' | ' |
2015 | 15,427 | ' | ' |
2016 | 10,694 | ' | ' |
2017 | 6,493 | ' | ' |
2018 | 2,864 | ' | ' |
Thereafter | 6,046 | ' | ' |
Subtotal | 59,410 | ' | ' |
Less - Sublease rental agreements | -755 | ' | ' |
Operating leases, future minimum rent payments less sublease rental agreements | 58,655 | ' | ' |
Operating leases, rent expense | ' | ' | ' |
Operating leases, rent expense | $18,524 | $17,730 | $15,866 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Summary of Income (Loss) Before Taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
U.S. Operations | ' | ' | ' | ' | ' | ' | ' | ' | $127,682,000 | ($271,683,000) | $133,501,000 |
Foreign Operations | ' | ' | ' | ' | ' | ' | ' | ' | 11,933,000 | 3,841,000 | 3,546,000 |
Income (Loss) before income taxes | 53,507,000 | 37,035,000 | 25,157,000 | 23,916,000 | 48,098,000 | 44,182,000 | -363,695,000 | 3,573,000 | 139,615,000 | -267,842,000 | 137,047,000 |
Current Expense: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | 29,034,000 | 19,573,000 | 30,848,000 |
State | ' | ' | ' | ' | ' | ' | ' | ' | 9,018,000 | 3,508,000 | 6,303,000 |
Foreign | ' | ' | ' | ' | ' | ' | ' | ' | 4,256,000 | 1,542,000 | 1,325,000 |
Total current | ' | ' | ' | ' | ' | ' | ' | ' | 42,308,000 | 24,623,000 | 38,476,000 |
Deferred (Benefit) Expense: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | 9,547,000 | -28,157,000 | 16,351,000 |
State | ' | ' | ' | ' | ' | ' | ' | ' | 577,000 | 1,104,000 | -3,718,000 |
Foreign | ' | ' | ' | ' | ' | ' | ' | ' | -113,000 | -12,000 | -210,000 |
Total deferred | ' | ' | ' | ' | ' | ' | ' | ' | 10,011,000 | -27,065,000 | 12,423,000 |
Total (benefit) provision | ' | ' | ' | ' | ' | ' | ' | ' | 52,319,000 | -2,442,000 | 50,899,000 |
Reconciliation of Provision (Benefit) for Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal income expense (benefit) at statutory tax rate | ' | ' | ' | ' | ' | ' | ' | ' | 48,865,000 | -93,745,000 | 47,963,000 |
State income taxes, net of federal tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | 6,236,000 | 3,214,000 | 2,529,000 |
Officers' compensation | ' | ' | ' | ' | ' | ' | ' | ' | 1,732,000 | 1,473,000 | 224,000 |
Domestic Production Activities Deduction | ' | ' | ' | ' | ' | ' | ' | ' | -3,641,000 | -2,246,000 | -2,321,000 |
Goodwill Impairment | ' | ' | ' | ' | ' | ' | ' | ' | ' | 89,191,000 | ' |
Other | ' | ' | ' | ' | ' | ' | ' | ' | -873,000 | -329,000 | 2,504,000 |
Total (benefit) provision | ' | ' | ' | ' | ' | ' | ' | ' | 52,319,000 | -2,442,000 | 50,899,000 |
Reconciliation of Effective Income Tax Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal income expense (benefit) at statutory tax rate (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal tax benefit (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | 4.50% | -1.20% | 1.80% |
Officers' compensation (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | 1.20% | -0.60% | 0.20% |
Domestic Production Activities Deduction (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | -2.60% | -2.40% | -4.80% |
Goodwill impairment (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | -33.30% | ' |
Other (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | -0.60% | 3.40% | 4.90% |
(Benefit) provision for income taxes (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | 37.50% | 0.90% | 37.10% |
Goodwill and intangible asset impairment | ' | ' | ' | ' | ' | ' | 376,600,000 | ' | ' | 376,574,000 | ' |
Impairment of goodwill and intangible assets that yielded permanent tax differences | ' | ' | ' | ' | ' | ' | ' | ' | ' | 255,000,000 | ' |
Reduction in provision for income taxes as a result of goodwill impairment | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,200,000 | ' |
Decrease in unrecognized tax benefits within the next twelve months due to the settlement of audits or the expiration of statute of limitations in various jurisdictions | ' | 1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Tax Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Timing of expense recognition | 24,170,000 | ' | ' | ' | 28,448,000 | ' | ' | ' | 24,170,000 | 28,448,000 | ' |
Net operating losses | 4,123,000 | ' | ' | ' | 5,517,000 | ' | ' | ' | 4,123,000 | 5,517,000 | ' |
Other, net | 5,641,000 | ' | ' | ' | 8,763,000 | ' | ' | ' | 5,641,000 | 8,763,000 | ' |
Deferred tax assets | 33,934,000 | ' | ' | ' | 42,728,000 | ' | ' | ' | 33,934,000 | 42,728,000 | ' |
Valuation Allowance | -2,817,000 | ' | ' | ' | -2,817,000 | ' | ' | ' | -2,817,000 | -2,817,000 | ' |
Net deferred tax assets | 31,117,000 | ' | ' | ' | 39,911,000 | ' | ' | ' | 31,117,000 | 39,911,000 | ' |
Deferred Tax Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets, due primarily to purchase accounting | -18,260,000 | ' | ' | ' | -26,768,000 | ' | ' | ' | -18,260,000 | -26,768,000 | ' |
Fixed assets, due primarily to purchase accounting | -79,243,000 | ' | ' | ' | -76,095,000 | ' | ' | ' | -79,243,000 | -76,095,000 | ' |
Construction contract accounting | -6,432,000 | ' | ' | ' | -5,613,000 | ' | ' | ' | -6,432,000 | -5,613,000 | ' |
Joint ventures - construction | -5,229,000 | ' | ' | ' | -7,038,000 | ' | ' | ' | -5,229,000 | -7,038,000 | ' |
Contested legal settlement | -12,012,000 | ' | ' | ' | ' | ' | ' | ' | -12,012,000 | ' | ' |
Other | -3,408,000 | ' | ' | ' | -390,000 | ' | ' | ' | -3,408,000 | -390,000 | ' |
Deferred tax liabilities | -124,584,000 | ' | ' | ' | -115,904,000 | ' | ' | ' | -124,584,000 | -115,904,000 | ' |
Net deferred tax liability | -93,467,000 | ' | ' | ' | -75,993,000 | ' | ' | ' | -93,467,000 | -75,993,000 | ' |
Net Deferred Tax Liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current deferred tax asset | 8,240,000 | ' | ' | ' | 10,071,000 | ' | ' | ' | 8,240,000 | 10,071,000 | ' |
Long-term deferred tax asset | 22,877,000 | ' | ' | ' | 29,840,000 | ' | ' | ' | 22,877,000 | 29,840,000 | ' |
Current deferred tax liability | -10,251,000 | ' | ' | ' | -6,004,000 | ' | ' | ' | -10,251,000 | -6,004,000 | ' |
Long-term deferred tax liability | -114,333,000 | ' | ' | ' | -109,900,000 | ' | ' | ' | -114,333,000 | -109,900,000 | ' |
Net deferred tax liability | -93,467,000 | ' | ' | ' | -75,993,000 | ' | ' | ' | -93,467,000 | -75,993,000 | ' |
Increase in valuation allowance | ' | ' | ' | ' | ' | ' | ' | ' | 2,800,000 | 2,800,000 | ' |
Unremitted earnings of foreign subsidiaries | 4,300,000 | ' | ' | ' | 14,300,000 | ' | ' | ' | 4,300,000 | 14,300,000 | ' |
Reconciliation of gross unrecognized tax benefits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net increase in unrecognized tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | 1,400,000 | 2,000,000 | ' |
Related interest net of federal tax liability included in tax liabilities | 500,000 | ' | ' | ' | 300,000 | ' | ' | ' | 500,000 | 300,000 | ' |
Gross unrecognized tax expense at beginning of the year: | ' | ' | ' | 4,023,000 | ' | ' | ' | 2,043,000 | 4,023,000 | 2,043,000 | 1,150,000 |
Additions based on tax positions related to current year | ' | ' | ' | ' | ' | ' | ' | ' | 1,254,000 | 1,281,000 | 875,000 |
Additions/reductions for tax positions of prior years | ' | ' | ' | ' | ' | ' | ' | ' | 182,000 | 1,857,000 | 47,000 |
Reductions for tax positions of prior years (expiration of statute of limitations) | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,158,000 | -29,000 |
Gross unrecognized tax expense at end of the year: | 5,459,000 | ' | ' | ' | 4,023,000 | ' | ' | ' | 5,459,000 | 4,023,000 | 2,043,000 |
Interest expense related to unrecognized tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | $200,000 | ' | ' |
Other_Assets_Other_Longterm_Li2
Other Assets, Other Long-term Liabilities and Other Income (Expense), Net (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other Assets | ' | ' | ' |
Insurance claim receivable | $34,839 | $39,309 | ' |
Deferred income taxes | 22,877 | 29,840 | ' |
Deferred costs | 7,711 | 11,150 | ' |
Mineral reserves | 3,199 | 3,199 | ' |
Deposits | 677 | 997 | ' |
Other long-term assets | 6,311 | 1,223 | ' |
Other assets | 75,614 | 85,718 | ' |
Other Long-term Liabilities | ' | ' | ' |
Acquisition related liabilities | 51,102 | 50,624 | ' |
Insurance claim payable | 34,774 | 39,309 | ' |
Pension liability | 19,831 | 35,472 | ' |
Employee benefit related liabilities | 2,536 | 3,524 | ' |
Mineral royalties payable | 1,727 | 1,859 | ' |
Deferred lease incentive | 1,143 | 1,241 | ' |
Subcontractor insurance program | ' | 962 | ' |
Other | 6,745 | 6,005 | ' |
Other Long-term Liabilities | 117,858 | 138,996 | ' |
Other Income (Expense), Net | ' | ' | ' |
Interest income | 8,745 | 2,842 | 2,764 |
Gain on sale of property used in operations | ' | 456 | 726 |
Adjustment of investments to fair value | ' | ' | -4,750 |
Adjustment of acquisition related liabilities | -26,374 | -256 | 7,296 |
Amortization of deferred costs | -1,844 | -1,585 | -1,399 |
Bank Fees | -1,559 | -2,090 | -1,549 |
Realized loss on sale of investments, net | 72 | -2,699 | -10 |
Miscellaneous Income (expense), net | 2,385 | 1,475 | 1,343 |
Total other Income (Expense), net | ($18,575) | ($1,857) | $4,421 |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (Defined benefit pension plan, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined benefit pension plan | ' | ' | ' |
Summary of net periodic benefit cost | ' | ' | ' |
Interest cost on projected benefit obligation | $3,710 | $4,011 | $4,526 |
Return on plan assets | -4,509 | -4,783 | -5,046 |
Recognized net actuarial loss | 6,330 | 5,487 | 4,050 |
Net periodic benefit cost | $5,531 | $4,715 | $3,530 |
Actuarial Assumptions Used to Determine Net Cost | ' | ' | ' |
Discount rate (as a percent) | 3.58% | 4.10% | 5.18% |
Expected return on assets (as a percent) | 6.75% | 7.00% | 7.50% |
Employee_Benefit_Plans_Details1
Employee Benefit Plans (Details 2) (Employee Pension Plans, USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Pension Plan Assets | ' | ' |
Target asset allocation (as a percent) | 100.00% | ' |
Actual asset allocation (as a percent) | 100.00% | 100.00% |
Expected contributions to the defined benefit pension plan in 2014 | $2.80 | ' |
Hedge Funds | ' | ' |
Pension Plan Assets | ' | ' |
Investments in hedge funds which do not have readily determinable fair values | $44.70 | 44.3 |
Cash and Cash Equivalents | ' | ' |
Pension Plan Assets | ' | ' |
Target asset allocation (as a percent) | 5.00% | ' |
Actual asset allocation (as a percent) | 5.20% | 6.60% |
Domestic Equity Securities | ' | ' |
Pension Plan Assets | ' | ' |
Target asset allocation (as a percent) | 65.00% | ' |
Actual asset allocation (as a percent) | 63.40% | 67.50% |
International Equity Securities | ' | ' |
Pension Plan Assets | ' | ' |
Target asset allocation (as a percent) | 25.00% | ' |
Actual asset allocation (as a percent) | 25.90% | 20.80% |
Fixed Income Securities | ' | ' |
Pension Plan Assets | ' | ' |
Target asset allocation (as a percent) | 5.00% | ' |
Actual asset allocation (as a percent) | 5.50% | 5.10% |
Employee_Benefit_Plans_Details2
Employee Benefit Plans (Details 3) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Future Benefit Payments | ' |
2014 | $6,046 |
2015 | 6,158 |
2016 | 6,174 |
2017 | 6,178 |
2018 | 6,293 |
Thereafter | 31,554 |
Total future benefit payments | $62,403 |
Employee_Benefit_Plans_Details3
Employee Benefit Plans (Details 4) (Employee Pension Plans, USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Employee Pension Plans | ' | ' | ' | ' |
Change in Fair Value of Plan Assets | ' | ' | ' | ' |
Balance at beginning of year | $66,137,000 | $62,105,000 | ' | ' |
Actual return on plan assets | 8,545,000 | 3,621,000 | ' | ' |
Company contribution | 3,478,000 | 5,780,000 | ' | ' |
Benefit payments | -5,543,000 | -5,369,000 | ' | ' |
Balance at end of year | 72,617,000 | 66,137,000 | 62,105,000 | ' |
Change in Benefit Obligations | ' | ' | ' | ' |
Balance at beginning of year | 105,320,000 | 100,656,000 | ' | ' |
Interest cost | 3,710,000 | 4,011,000 | 4,526,000 | ' |
Assumption change loss | -9,627,000 | 6,031,000 | ' | ' |
Actuarial (gain) loss | 1,318,000 | -9,000 | ' | ' |
Benefit payments | -5,543,000 | -5,369,000 | ' | ' |
Balance at end of year | 95,178,000 | 105,320,000 | 100,656,000 | ' |
Funded Status | ' | ' | ' | ' |
Funded status at end of year | -22,561,000 | -39,183,000 | ' | ' |
Amounts recognized in Consolidated Balance Sheets consist of: | ' | ' | ' | ' |
Current liabilities | -194,000 | -187,000 | ' | ' |
Long-term liabilities | -22,367,000 | -38,996,000 | ' | ' |
Net amount recognized in Consolidated Balance Sheets | -22,561,000 | -39,183,000 | ' | ' |
Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive loss: | ' | ' | ' | ' |
Net actuarial loss | -42,261,000 | -60,935,000 | ' | ' |
Accumulated other comprehensive loss | -42,261,000 | -60,935,000 | ' | -44,500,000 |
Cumulative Company contributions in excess of net periodic benefit cost | 19,700,000 | 21,752,000 | ' | ' |
Net amount recognized in Consolidated Balance Sheets | -22,561,000 | -39,183,000 | ' | ' |
Other comprehensive gain (loss) | 18,700,000 | -1,700,000 | -14,800,000 | ' |
Amount to be amortized from other comprehensive loss into cost in 2014 | $4,300,000 | ' | ' | ' |
Actuarial assumptions used to determine benefit obligation | ' | ' | ' | ' |
Discount rate (as a percent) | 4.47% | 3.58% | ' | ' |
Measurement date | 'December 31 | 'December 31 | ' | ' |
Expected return on assets (as a percent) | 6.75% | 7.00% | 7.50% | ' |
Expected return on assets in 2014 (as a percent) | 6.75% | ' | ' | ' |
Employee_Benefit_Plans_Details4
Employee Benefit Plans (Details 5) (Employee Pension Plans, USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Pension Plan Assets | ' | ' | ' |
Fair value of plan assets | $72,617 | $66,137 | $62,105 |
Quoted prices in active markets (Level 1) | ' | ' | ' |
Pension Plan Assets | ' | ' | ' |
Fair value of plan assets | 21,523 | 18,575 | ' |
Significant other observable inputs (Level 2) | ' | ' | ' |
Pension Plan Assets | ' | ' | ' |
Fair value of plan assets | 27,370 | 25,909 | ' |
Significant unobservable inputs (Level 3) | ' | ' | ' |
Pension Plan Assets | ' | ' | ' |
Fair value of plan assets | 23,724 | 21,653 | 29,729 |
Cash and Cash Equivalents | ' | ' | ' |
Pension Plan Assets | ' | ' | ' |
Fair value of plan assets | 3,762 | 4,386 | ' |
Cash and Cash Equivalents | Quoted prices in active markets (Level 1) | ' | ' | ' |
Pension Plan Assets | ' | ' | ' |
Fair value of plan assets | 3,762 | 4,386 | ' |
Fixed Income | ' | ' | ' |
Pension Plan Assets | ' | ' | ' |
Fair value of plan assets | 4,000 | 3,368 | ' |
Fixed Income | Quoted prices in active markets (Level 1) | ' | ' | ' |
Pension Plan Assets | ' | ' | ' |
Fair value of plan assets | 4,000 | 3,368 | ' |
Mutual Funds | ' | ' | ' |
Pension Plan Assets | ' | ' | ' |
Fair value of plan assets | 13,234 | 8,230 | ' |
Mutual Funds | Quoted prices in active markets (Level 1) | ' | ' | ' |
Pension Plan Assets | ' | ' | ' |
Fair value of plan assets | 13,234 | 8,230 | ' |
Equity Partnerships | ' | ' | ' |
Pension Plan Assets | ' | ' | ' |
Fair value of plan assets | 6,876 | 5,823 | ' |
Equity Partnerships | Significant other observable inputs (Level 2) | ' | ' | ' |
Pension Plan Assets | ' | ' | ' |
Fair value of plan assets | 6,876 | 5,823 | ' |
Hedge Funds, Cash | ' | ' | ' |
Pension Plan Assets | ' | ' | ' |
Fair value of plan assets | 527 | 2,591 | ' |
Hedge Funds, Cash | Quoted prices in active markets (Level 1) | ' | ' | ' |
Pension Plan Assets | ' | ' | ' |
Fair value of plan assets | 527 | 2,591 | ' |
Hedge Fund Investments, Long-Short Equity Fund | ' | ' | ' |
Pension Plan Assets | ' | ' | ' |
Fair value of plan assets | 26,221 | 19,818 | ' |
Hedge Fund Investments, Long-Short Equity Fund | Significant other observable inputs (Level 2) | ' | ' | ' |
Pension Plan Assets | ' | ' | ' |
Fair value of plan assets | 14,566 | 9,826 | ' |
Hedge Fund Investments, Long-Short Equity Fund | Significant unobservable inputs (Level 3) | ' | ' | ' |
Pension Plan Assets | ' | ' | ' |
Fair value of plan assets | 10,863 | 9,992 | 12,821 |
Hedge Fund Investments, Event Driven Fund | ' | ' | ' |
Pension Plan Assets | ' | ' | ' |
Fair value of plan assets | 14,680 | 13,694 | ' |
Hedge Fund Investments, Event Driven Fund | Significant other observable inputs (Level 2) | ' | ' | ' |
Pension Plan Assets | ' | ' | ' |
Fair value of plan assets | 5,928 | 6,542 | ' |
Hedge Fund Investments, Event Driven Fund | Significant unobservable inputs (Level 3) | ' | ' | ' |
Pension Plan Assets | ' | ' | ' |
Fair value of plan assets | 8,863 | 7,152 | 7,126 |
Hedge Funds, Distressed Credit | ' | ' | ' |
Pension Plan Assets | ' | ' | ' |
Fair value of plan assets | 1,429 | 5,388 | ' |
Hedge Funds, Distressed Credit | Significant other observable inputs (Level 2) | ' | ' | ' |
Pension Plan Assets | ' | ' | ' |
Fair value of plan assets | ' | 2,829 | ' |
Hedge Funds, Distressed Credit | Significant unobservable inputs (Level 3) | ' | ' | ' |
Pension Plan Assets | ' | ' | ' |
Fair value of plan assets | 2,199 | 2,559 | 6,252 |
Hedge Fund Investments, Multi-Strategy Fund | ' | ' | ' |
Pension Plan Assets | ' | ' | ' |
Fair value of plan assets | 1,888 | 2,839 | ' |
Hedge Fund Investments, Multi-Strategy Fund | Significant other observable inputs (Level 2) | ' | ' | ' |
Pension Plan Assets | ' | ' | ' |
Fair value of plan assets | ' | 889 | ' |
Hedge Fund Investments, Multi-Strategy Fund | Significant unobservable inputs (Level 3) | ' | ' | ' |
Pension Plan Assets | ' | ' | ' |
Fair value of plan assets | $1,799 | $1,950 | $3,530 |
Employee_Benefit_Plans_Details5
Employee Benefit Plans (Details 6) (Employee Pension Plans, USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | Significant unobservable inputs (Level 3) | Significant unobservable inputs (Level 3) | Hedge Fund Investments, Long-Short Equity Fund | Hedge Fund Investments, Long-Short Equity Fund | Hedge Fund Investments, Long-Short Equity Fund | Hedge Fund Investments, Long-Short Equity Fund | Hedge Fund Investments, Event Driven Fund | Hedge Fund Investments, Event Driven Fund | Hedge Fund Investments, Event Driven Fund | Hedge Fund Investments, Event Driven Fund | Hedge Funds, Distressed Credit | Hedge Funds, Distressed Credit | Hedge Funds, Distressed Credit | Hedge Funds, Distressed Credit | Hedge Fund Investments, Multi-Strategy Fund | Hedge Fund Investments, Multi-Strategy Fund | Hedge Fund Investments, Multi-Strategy Fund | Hedge Fund Investments, Multi-Strategy Fund | |||
Significant unobservable inputs (Level 3) | Significant unobservable inputs (Level 3) | Significant unobservable inputs (Level 3) | Significant unobservable inputs (Level 3) | Significant unobservable inputs (Level 3) | Significant unobservable inputs (Level 3) | Significant unobservable inputs (Level 3) | Significant unobservable inputs (Level 3) | ||||||||||||||
Change in Fair Value of Plan Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at beginning of year | $72,617 | $66,137 | $62,105 | $21,653 | $29,729 | $26,221 | $19,818 | $9,992 | $12,821 | $14,680 | $13,694 | $7,152 | $7,126 | $1,429 | $5,388 | $2,559 | $6,252 | $1,888 | $2,839 | $1,950 | $3,530 |
Realized gains (losses) | ' | ' | ' | -12 | 7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -7 | 5 | ' | ' | -5 | 2 |
Unrealized gains (losses) | ' | ' | ' | 4,604 | 2,684 | ' | ' | 2,971 | 1,624 | ' | ' | 1,252 | 522 | ' | ' | 158 | 365 | ' | ' | 223 | 173 |
Purchases | ' | ' | ' | 1,817 | 9,392 | ' | ' | 1,343 | 5,555 | ' | ' | 459 | 3,798 | ' | ' | 6 | 20 | ' | ' | 9 | 19 |
Sales | ' | ' | ' | -895 | -1,667 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -517 | -894 | ' | ' | -378 | -773 |
Transfer to Level 2 | ' | ' | ' | -3,443 | -18,492 | ' | ' | -3,443 | -10,008 | ' | ' | ' | -4,294 | ' | ' | ' | -3,189 | ' | ' | ' | -1,001 |
Balance at end of year | $72,617 | $66,137 | $62,105 | $23,724 | $21,653 | $26,221 | $19,818 | $10,863 | $9,992 | $14,680 | $13,694 | $8,863 | $7,152 | $1,429 | $5,388 | $2,199 | $2,559 | $1,888 | $2,839 | $1,799 | $1,950 |
Transfer comprised of hedge funds redeemable period of time | ' | ' | ' | '90 days | '90 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee_Benefit_Plans_Details6
Employee Benefit Plans (Details 7) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Employee Pension Plans | ' | ' | ' |
Benefit Obligations in Excess of Pension Plan Assets | ' | ' | ' |
Projected benefit obligation | $95,178 | $105,320 | $100,656 |
Accumulated benefit obligation | 95,178 | 105,320 | ' |
Fair value of plan assets | 72,617 | 66,137 | 62,105 |
Projected benefit obligation greater than fair value of plan assets | 22,561 | 39,183 | ' |
Accumulated benefit obligation greater than fair value of plan assets | 22,561 | 39,183 | ' |
Defined Benefit Pension Plan | ' | ' | ' |
Benefit Obligations in Excess of Pension Plan Assets | ' | ' | ' |
Projected benefit obligation | 91,946 | 101,796 | ' |
Accumulated benefit obligation | 91,946 | 101,796 | ' |
Fair value of plan assets | 72,617 | 66,137 | ' |
Projected benefit obligation greater than fair value of plan assets | 19,329 | 35,659 | ' |
Accumulated benefit obligation greater than fair value of plan assets | 19,329 | 35,659 | ' |
Benefit Equalization Plan | ' | ' | ' |
Benefit Obligations in Excess of Pension Plan Assets | ' | ' | ' |
Projected benefit obligation | 3,232 | 3,524 | ' |
Accumulated benefit obligation | 3,232 | 3,524 | ' |
Projected benefit obligation greater than fair value of plan assets | 3,232 | 3,524 | ' |
Accumulated benefit obligation greater than fair value of plan assets | $3,232 | $3,524 | ' |
Employee_Benefit_Plans_Details7
Employee Benefit Plans (Details 8) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Employee Benefit Plans | ' | ' | ' |
Expense provision for 401 (k) plans | $3.80 | $3.80 | $4.20 |
Employee_Benefit_Plans_Details8
Employee Benefit Plans (Details 9) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other Multiemployer Pension Plans | ' | ' | ' |
Multiemployer Plans | ' | ' | ' |
Company Contributions | $31.60 | $29.90 | $29.80 |
Multiemployer Pension Plans | Pension, Hospitalization and Benefit Plan of the Electrical Industry - Pension Trust Account | ' | ' | ' |
Multiemployer Plans | ' | ' | ' |
EIN | '136123601 | ' | ' |
Pension Plan Number | '001 | ' | ' |
Pension Protections Act Zone Status | 'Green | 'Green | ' |
Funded status | 'At least 80 percent | ' | ' |
FIP/RP Status Pending or Implemented | 'No | ' | ' |
Company Contributions | 13.4 | 12.9 | 6.3 |
Exceeded percentage of total contributions | ' | 5.00% | ' |
Surcharge Imposed | 'No | ' | ' |
Expiration Date of Collective Bargaining Arrangement | 8-May-16 | ' | ' |
Multiemployer Pension Plans | Steamfitters Industry Pension Fund | ' | ' | ' |
Multiemployer Plans | ' | ' | ' |
EIN | '136149680 | ' | ' |
Pension Plan Number | '001 | ' | ' |
Pension Protections Act Zone Status | 'Yellow | 'Yellow | ' |
Funded status | 'Between 65 and less than 80 percent | ' | ' |
FIP/RP Status Pending or Implemented | 'Implemented | ' | ' |
Company Contributions | 4.3 | 3.5 | 3.5 |
Exceeded percentage of total contributions | ' | 5.00% | ' |
Surcharge Imposed | 'No | ' | ' |
Expiration Date of Collective Bargaining Arrangement | 30-Jun-14 | ' | ' |
Multiemployer Pension Plans | Excavators Union Local 731 Pension Fund | ' | ' | ' |
Multiemployer Plans | ' | ' | ' |
EIN | '131809825 | ' | ' |
Pension Plan Number | '002 | ' | ' |
Pension Protections Act Zone Status | 'Green | 'Green | ' |
Funded status | 'At least 80 percent | ' | ' |
FIP/RP Status Pending or Implemented | 'No | ' | ' |
Company Contributions | 3.2 | 3.3 | 2.9 |
Surcharge Imposed | 'No | ' | ' |
Expiration Date of Collective Bargaining Arrangement | 30-Jun-16 | ' | ' |
Multiemployer Pension Plans | Carpenters Pension Trust Fund for Northern California | ' | ' | ' |
Multiemployer Plans | ' | ' | ' |
EIN | '946050970 | ' | ' |
Pension Plan Number | '001 | ' | ' |
Pension Protections Act Zone Status | 'Red | 'Red | ' |
Funded status | 'Less than 65 percent | ' | ' |
FIP/RP Status Pending or Implemented | 'Implemented | ' | ' |
Company Contributions | $2.10 | $2.30 | $1.40 |
Surcharge Imposed | 'No | ' | ' |
Expiration Date of Collective Bargaining Arrangement | 30-Jun-15 | ' | ' |
Contingencies_and_Commitments_
Contingencies and Commitments (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 31, 2013 | Feb. 29, 2012 | Oct. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2000 | Feb. 29, 2012 | Mar. 31, 2011 | 31-May-12 | Sep. 30, 2011 | Feb. 28, 2006 | Nov. 30, 2009 | Dec. 31, 2009 | Jul. 31, 2010 | 31-May-10 | Jun. 30, 2009 | Oct. 31, 2013 | Aug. 31, 2013 | Jul. 30, 2013 | Jul. 31, 2012 | Mar. 31, 2005 | Dec. 31, 2012 | Dec. 31, 2013 | Jun. 30, 2003 | Mar. 31, 2010 | Feb. 28, 2013 | Dec. 31, 2010 | Jan. 31, 2014 | Feb. 28, 2013 | Apr. 30, 2013 | Dec. 31, 2012 | Apr. 30, 2010 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2011 | Jun. 30, 2012 | Dec. 31, 2003 | Feb. 28, 2013 |
Tutor-Saliba-Perini Joint Venture vs. Los Angeles MTA Matter | Perini/Kiewit/Cashman Joint Venture-Central Artery/Tunnel Project Matter | Perini/Kiewit/Cashman Joint Venture-Central Artery/Tunnel Project Matter | Perini/Kiewit/Cashman Joint Venture-Central Artery/Tunnel Project Matter | Perini/Kiewit/Cashman Joint Venture-Central Artery/Tunnel Project Matter | Perini/Kiewit/Cashman Joint Venture-Central Artery/Tunnel Project Matter | Perini/Kiewit/Cashman Joint Venture-Central Artery/Tunnel Project Matter | Long Island Expressway/Cross Island Parkway Matter | Long Island Expressway/Cross Island Parkway Matter | Long Island Expressway/Cross Island Parkway Matter | Long Island Expressway/Cross Island Parkway Matter | Long Island Expressway/Cross Island Parkway Matter | Gaylord Hotel and Convention Center Matter | Fontainebleau Matter | Fontainebleau Matter | Fontainebleau Matter | Fontainebleau Matter | MGM CityCenter Matter | MGM CityCenter Matter | MGM CityCenter Matter | MGM CityCenter Matter | MGM CityCenter Matter | MGM CityCenter Matter | MGM CityCenter Matter | Honeywell Street/Queens Boulevard Bridges Matter | Honeywell Street/Queens Boulevard Bridges Matter | Westgate Planet Hollywood Matter | Westgate Planet Hollywood Matter | Westgate Planet Hollywood Matter | Westgate Planet Hollywood Matter | Brightwater Matter | Brightwater Matter | Brightwater Matter | Brightwater Matter | Brightwater Matter | Brightwater Matter | 156 Stations Matter | 156 Stations Matter | 156 Stations Matter | |||
item | item | item | item | TSC | TSC | item | |||||||||||||||||||||||||||||||||||
acre | |||||||||||||||||||||||||||||||||||||||||
Contingencies and Commitments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Judgment in favor of TSP | ' | ' | $3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tunnel handrail verdict against TSP | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage in joint venture | ' | ' | ' | ' | ' | ' | ' | 56.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' |
Estimated minimum costs of owner-directed changes to work | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of construction experts in Disputes Review Board | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total number of Disputes Review Board panels | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total value of DRB awards issued in PKC's favor | ' | ' | ' | ' | ' | ' | ' | 128,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total value of binding DRB awards issued in PKC's favor | ' | ' | ' | ' | ' | ' | ' | 110,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of Third DRB awards previously awarded to PKC which have been vacated by Court | ' | ' | ' | ' | ' | ' | 56,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of Fourth DRB awards that MHD moved to vacate | ' | ' | ' | ' | ' | ' | 13,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of Fourth DRB awards previously awarded to PKC which have been vacated by Court | ' | ' | ' | ' | ' | 8,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest award payment received by PKC from MHD | ' | ' | ' | ' | 22,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payment for back charges and interest | ' | ' | ' | 14,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated value of project completed in Feb. 2006 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 130,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of claim filed | ' | ' | ' | ' | ' | ' | ' | ' | ' | 53,800,000 | 53,800,000 | ' | ' | ' | 40,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,750,000 | ' | ' | ' | ' | ' | ' | ' | 74,000,000 | ' | ' | 132,000,000 | ' | ' | ' |
Amount receivable as per final agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of cross complaint filed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of counterclaim filed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 151,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 74,600,000 | ' | 45,000,000 | ' | ' | ' | ' | 75,000,000 | ' | ' | ' | ' | ' | ' |
Business interruption costs assigned to PTJV | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of rooms in hotel/casino complex | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,800 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of court order in favor of plaintiff | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 12,300,000 |
Amount set aside from approved sale for distribution to satisfy creditor claims | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated sustainable lien amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 350,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of contracts in project | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Area allotted to the project (in acres) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 66 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of CityCenter buildings included in motion to be demolished | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated cost to repair facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated cost to repair facility due to design defects | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Third party settlements attributable to alleged damages on the Harmon | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount settled with MGM | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 348,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contract receivables | 1,291,246,000 | 1,224,613,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 165,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total outstanding liens on property, including subcontractors' liens | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 44,000,000 | ' | ' | ' | ' | ' | ' | 166,800,000 | ' | ' | ' | 23,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of mechanic's lien release bond | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Verdict awarded by jury | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 155,800,000 | ' | ' | ' | ' | ' | ' | ' |
Damages awarded | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,300,000 | ' | ' | ' | ' | ' | ' | ' |
Damages awarded to WPH which are anticipated to be paid by the OCIP carrier | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of legal fees under plaintiff's motion granted by court | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Attorney's fees to be paid by VPFK | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,700,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Provision for contingency accrual | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' |
Number of stations for the New York City Transit Authority | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 156 | ' |
Settlement on judgment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 39,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,900,000 | ' | ' |
Maximum number of days awarded claim must be paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '45 days | ' | ' |
Settlement receipt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $39,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital_Stock_Details
Capital Stock (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 26 Months Ended | 31 Months Ended | ||||
In Millions, except Share data, unless otherwise specified | Sep. 08, 2008 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 07, 2008 | Mar. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2010 | Mar. 31, 2011 | Dec. 31, 2013 |
Common Stock Repurchase Program | Common Stock Repurchase Program | Common Stock Repurchase Program | Common Stock Repurchase Program | Mr. Tutor, CEO and beneficial owner | |||||
Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares authorized | 75,000,000 | 75,000,000 | 75,000,000 | 40,000,000 | ' | ' | ' | ' | ' |
Common stock, shares issued upon acquisition of shares of Tutor-Saliba (in shares) | 22,987,293 | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares outstanding | ' | 48,421,467 | 47,556,056 | ' | ' | ' | ' | ' | 8,306,375 |
Common Stock Repurchase Program | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, maximum authorized amount to be repurchased | ' | ' | ' | ' | ' | ' | ' | $100 | ' |
Common stock, shares repurchased and cancelled (in shares) | ' | ' | ' | ' | 0 | 2,164,840 | 4,168,238 | ' | ' |
Common stock, value of shares repurchased and cancelled | ' | ' | ' | ' | ' | $39.40 | $71.20 | ' | ' |
Common stock, average purchase price per share repurchased and cancelled (in dollars per share) | ' | ' | ' | ' | ' | ' | $17.08 | ' | ' |
Preferred Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares authorized | ' | 1,000,000 | 1,000,000 | ' | ' | ' | ' | ' | ' |
Preferred stock, shares issued | ' | 0 | 0 | ' | ' | ' | ' | ' | ' |
Preferred stock, shares outstanding | ' | 0 | 0 | ' | ' | ' | ' | ' | ' |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2009 | |
item | ||||
Restricted Stock Unit Awards | ' | ' | ' | ' |
Share-Based Compensation | ' | ' | ' | ' |
Number of shares of common stock exchanged for each award | 1 | ' | ' | ' |
Aggregate number of shares approved | 5,188,333 | ' | ' | ' |
Unrecognized compensation cost related to the unvested awards | $2,400,000 | ' | ' | ' |
Weighted average period over which unrecognized compensation cost is expected to be recognized | '2 years | ' | ' | ' |
Number of Shares | ' | ' | ' | ' |
Granted and unvested, beginning of period (in shares) | 1,141,666 | ' | ' | ' |
Vested (in shares) | -849,999 | ' | ' | ' |
Granted (in shares) | 246,668 | ' | ' | ' |
Forfeited (in shares) | -176,667 | ' | ' | ' |
Total granted and unvested (in shares) | 361,668 | 1,141,666 | ' | ' |
Approved for grant (in shares) | 957,500 | ' | ' | ' |
Total awarded and unvested, end of period (in shares) | 1,319,168 | ' | ' | ' |
Weighted Average Grant Date Fair Value | ' | ' | ' | ' |
Total Granted and Unvested, beginning of period, weighted average grant date fair value (in dollars per share) | $18.12 | ' | ' | ' |
Vested, weighted average grant date fair value (in dollars per share) | $19.91 | ' | ' | ' |
Granted, weighted average grant date fair value (in dollars per share) | $19.87 | $14.39 | $19.03 | ' |
Forfeited, weighted average grant date fair value (in dollars per share) | $13.66 | ' | ' | ' |
Total Granted and Unvested, end of period, weighted average grant date fair value (in dollars per share) | $17.30 | $18.12 | ' | ' |
Aggregate Intrinsic Value | ' | ' | ' | ' |
Total Granted and Unvested, beginning of period, aggregate intrinsic value | 15,641,000 | ' | ' | ' |
Vested, aggregate intrinsic value | 17,505,000 | ' | ' | ' |
Granted, aggregate intrinsic value | 6,487,000 | ' | ' | ' |
Total Granted and Unvested, aggregate intrinsic value | 9,512,000 | 15,641,000 | ' | ' |
Approved for grant, aggregate intrinsic value | 25,182,000 | ' | ' | ' |
Total Awarded and Unvested, end of period, aggregate intrinsic value | 34,694,000 | ' | ' | ' |
Vesting schedule of outstanding unvested restricted stock awards | ' | ' | ' | ' |
2014 (in shares) | 286,668 | ' | ' | ' |
2015 (in shares) | 342,500 | ' | ' | ' |
2016 (in shares) | 202,500 | ' | ' | ' |
2017 (in shares) | 442,500 | ' | ' | ' |
2018 (in shares) | 36,000 | ' | ' | ' |
2019 (in shares) | 9,000 | ' | ' | ' |
Total (in shares) | 1,319,168 | ' | ' | ' |
Number of unvested stock awards that will vest subject to the satisfaction of service-based requirements (in shares) | 150,000 | ' | ' | ' |
Number of unvested stock awards that will vest subject to the satisfaction of service-based requirements and the achievement of performance metrics (in shares) | 1,169,168 | ' | ' | ' |
Restricted Stock Unit Awards | Awarded in 2009 and 2010 | ' | ' | ' | ' |
Share-Based Compensation | ' | ' | ' | ' |
Number of restricted stock units for which performance targets established (in shares) | 181,668 | ' | ' | ' |
Restricted Stock Unit Awards | Awarded in 2013 | ' | ' | ' | ' |
Share-Based Compensation | ' | ' | ' | ' |
Number of restricted stock units for which performance targets established (in shares) | 65,000 | ' | ' | ' |
Number of Shares | ' | ' | ' | ' |
Approved for grant (in shares) | 312,500 | ' | ' | ' |
Stock options | ' | ' | ' | ' |
Share-Based Compensation | ' | ' | ' | ' |
Aggregate number of shares approved | 2,535,465 | ' | ' | ' |
Unrecognized compensation cost related to the unvested awards | 979,000 | ' | ' | ' |
Weighted average period over which unrecognized compensation cost is expected to be recognized | '2 years | ' | ' | ' |
Vesting schedule of outstanding unvested restricted stock awards | ' | ' | ' | ' |
Term of Stock Options | '10 years | ' | ' | ' |
Number of Shares | ' | ' | ' | ' |
Total Granted and Outstanding, beginning of period (in shares) | 1,315,465 | ' | ' | ' |
Granted (in shares) | 200,000 | ' | ' | ' |
Exercised (in shares) | -80,465 | ' | ' | ' |
Forfeited (in shares) | -140,000 | ' | ' | ' |
Total granted and outstanding (in shares) | 1,295,000 | ' | ' | ' |
Approved for grant (in shares) | 800,000 | ' | ' | ' |
Total Awarded and Unvested, end of period (in shares) | 2,095,000 | 1,315,465 | ' | ' |
Weighted Average Grant Date Fair Value | ' | ' | ' | ' |
Total Granted and Outstanding, beginning of period, grant date value (in dollars per share) | $9.72 | ' | ' | ' |
Granted, grant date value (in dollars per share) | $7.90 | $5.65 | $9.31 | ' |
Exercised, grant date value (in dollars per share) | $6.71 | ' | ' | ' |
Forfeited, grant date value (in dollars per share) | $6.76 | ' | ' | ' |
Total Granted and Outstanding, end of period, grant date value (in dollars per share) | $9.94 | $9.72 | ' | ' |
Weighted Average Exercise Price | ' | ' | ' | ' |
Total granted and outstanding, beginning of period, weighted average exercise price (in dollars per share) | $18.91 | ' | ' | ' |
Granted, weighted average exercise price (in dollars per share) | $20.80 | ' | ' | ' |
Exercised, weighted average exercise price (in dollars per share) | $13.16 | ' | ' | ' |
Total Granted and Outstanding, weighted average exercise price (in dollars per share) | $20.20 | ' | ' | ' |
Approved for grant, weighted average exercise price (in dollars per share) | $12.61 | ' | ' | ' |
Total Awarded and Outstanding, end of period, weighted average exercise price (in dollars per share) | $17.30 | $18.91 | ' | ' |
Number of vested and exercisable stock options (in shares) | 1,045,000 | ' | ' | ' |
Vested and exercisable stock options, weighted average exercise price (in dollars per share) | $20.41 | ' | ' | ' |
Number of unvested stock option awards that will vest subject to the satisfaction of service-based requirements (in shares) | 50,000 | ' | ' | ' |
Number of unvested stock option awards that will vest subject to the satisfaction of service-based requirements and the achievement of performance metrics (in shares) | 1,000,000 | ' | ' | ' |
Intrinsic value of outstanding stock options | $7,900,000 | ' | ' | ' |
Weighted average remaining contractual term of outstanding stock options | '5 years 7 months 6 days | ' | ' | ' |
Number of installments for vesting of stock awards | ' | ' | ' | 5 |
Stock options | Awarded in 2009 | ' | ' | ' | ' |
Vesting schedule of outstanding unvested restricted stock awards | ' | ' | ' | ' |
Number of stock option awards subject to achievement of pre-tax income performance targets (in shares) | 150,000 | ' | ' | ' |
Key assumptions used in estimating the grant date fair values of stock option awards granted | ' | ' | ' | ' |
Number of options for which fair value assumptions used | 150,000 | 150,000 | 150,000 | ' |
Risk-free interest rate (as a percent) | 0.48% | 0.88% | 2.74% | ' |
Expected life of options | '3 years 7 months 6 days | '4 years 4 months 24 days | '6 years 6 months | ' |
Expected volatility of underlying stock (as a percent) | 51.00% | 53.89% | 46.94% | ' |
Stock options | Awarded in 2013 | ' | ' | ' | ' |
Vesting schedule of outstanding unvested restricted stock awards | ' | ' | ' | ' |
Number of stock option awards subject to achievement of pre-tax income performance targets (in shares) | 50,000 | ' | ' | ' |
Number of Shares | ' | ' | ' | ' |
Approved for grant (in shares) | 170,000 | ' | ' | ' |
Key assumptions used in estimating the grant date fair values of stock option awards granted | ' | ' | ' | ' |
Number of options for which fair value assumptions used | 50,000 | ' | ' | ' |
Risk-free interest rate (as a percent) | 1.64% | ' | ' | ' |
Expected life of options | '5 years 8 months 12 days | ' | ' | ' |
Expected volatility of underlying stock (as a percent) | 51.81% | ' | ' | ' |
Stock options | Awarded in 2012 | ' | ' | ' | ' |
Key assumptions used in estimating the grant date fair values of stock option awards granted | ' | ' | ' | ' |
Number of options for which fair value assumptions used | ' | 15,000 | ' | ' |
Risk-free interest rate (as a percent) | ' | 1.12% | ' | ' |
Expected life of options | ' | '7 years 3 months 18 days | ' | ' |
Expected volatility of underlying stock (as a percent) | ' | 50.59% | ' | ' |
Stock options | Awarded in 2011 -1 | ' | ' | ' | ' |
Key assumptions used in estimating the grant date fair values of stock option awards granted | ' | ' | ' | ' |
Number of options for which fair value assumptions used | ' | ' | 140,000 | ' |
Risk-free interest rate (as a percent) | ' | ' | 1.13% | ' |
Expected life of options | ' | ' | '6 years | ' |
Expected volatility of underlying stock (as a percent) | ' | ' | 49.86% | ' |
Stock options | Awarded in 2011 -2 | ' | ' | ' | ' |
Key assumptions used in estimating the grant date fair values of stock option awards granted | ' | ' | ' | ' |
Number of options for which fair value assumptions used | ' | ' | 30,000 | ' |
Risk-free interest rate (as a percent) | ' | ' | 1.25% | ' |
Expected life of options | ' | ' | '6 years 6 months | ' |
Expected volatility of underlying stock (as a percent) | ' | ' | 48.70% | ' |
Stock options | Awarded in 2011 -3 | ' | ' | ' | ' |
Key assumptions used in estimating the grant date fair values of stock option awards granted | ' | ' | ' | ' |
Number of options for which fair value assumptions used | ' | ' | 40,465 | ' |
Risk-free interest rate (as a percent) | ' | ' | 0.89% | ' |
Expected life of options | ' | ' | '5 years | ' |
Expected volatility of underlying stock (as a percent) | ' | ' | 51.62% | ' |
Plan | ' | ' | ' | ' |
Share-Based Compensation | ' | ' | ' | ' |
Number of shares authorized for grant | 6,900,000 | ' | ' | ' |
Number of shares available for future grant (in shares) | 330,286 | ' | ' | ' |
StockBased_Compensation_Detail1
Stock-Based Compensation (Details 2) (General and Administrative Expense, USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Restricted Stock Unit Awards | ' | ' | ' |
Compensation Expense Recognized Included in General and Administrative Expenses | ' | ' | ' |
Compensation expense | $4.90 | $7.10 | $5.70 |
Related income tax benefit | 1.9 | 1.5 | 2.5 |
Stock Options | ' | ' | ' |
Compensation Expense Recognized Included in General and Administrative Expenses | ' | ' | ' |
Compensation expense | 1.7 | 2.4 | 3.1 |
Related income tax benefit | $0.70 | $1 | $1.30 |
Unaudited_Quarterly_Financial_2
Unaudited Quarterly Financial Data (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Unaudited Quarterly Financial Data | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $1,099,291 | $1,030,388 | $1,053,065 | $992,928 | $1,114,198 | $1,099,393 | $985,346 | $912,534 | $4,175,672 | $4,111,471 | $3,716,317 |
Gross profit | 139,735 | 120,857 | 105,955 | 100,357 | 126,449 | 115,463 | 87,061 | 86,159 | 466,904 | 415,132 | 395,341 |
Income (loss) from construction operations | 70,175 | 58,094 | 39,474 | 36,079 | 60,724 | 54,676 | -354,174 | 16,963 | 203,822 | -221,811 | 168,376 |
Income (loss) before income taxes | 53,507 | 37,035 | 25,157 | 23,916 | 48,098 | 44,182 | -363,695 | 3,573 | 139,615 | -267,842 | 137,047 |
Net (loss) income | 33,259 | 23,759 | 15,478 | 14,800 | 41,635 | 42,591 | -348,423 | -1,203 | 87,296 | -265,400 | 86,148 |
Goodwill and intangible asset impairment | ' | ' | ' | ' | ' | ' | $376,600 | ' | ' | $376,574 | ' |
(Loss) earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic (in dollars per share) | $0.69 | $0.50 | $0.32 | $0.31 | $0.88 | $0.90 | ($7.35) | ($0.03) | $1.82 | ($5.59) | $1.82 |
Diluted (in dollars per share) | $0.68 | $0.49 | $0.32 | $0.31 | $0.86 | $0.88 | ($7.35) | ($0.03) | $1.80 | ($5.59) | $1.80 |
Business_Segments_Details
Business Segments (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reportable segment information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $1,099,291 | $1,030,388 | $1,053,065 | $992,928 | $1,114,198 | $1,099,393 | $985,346 | $912,534 | $4,175,672 | $4,111,471 | $3,716,317 |
(Loss) income from construction operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Before impairment charge | ' | ' | ' | ' | ' | ' | ' | ' | ' | 154,763 | ' |
Impairment charge | ' | ' | ' | ' | ' | ' | -376,600 | ' | ' | -376,574 | ' |
INCOME (LOSS) FROM CONSTRUCTION OPERATIONS | 70,175 | 58,094 | 39,474 | 36,079 | 60,724 | 54,676 | -354,174 | 16,963 | 203,822 | -221,811 | 168,376 |
Assets | 3,397,438 | ' | ' | ' | 3,296,410 | ' | ' | ' | 3,397,438 | 3,296,410 | 3,613,127 |
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 45,291 | 43,402 | 68,351 |
Corporate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
(Loss) income from construction operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Before impairment charge | ' | ' | ' | ' | ' | ' | ' | ' | ' | -45,094 | ' |
INCOME (LOSS) FROM CONSTRUCTION OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | -47,432 | -45,094 | -44,336 |
Assets | 576,127 | ' | ' | ' | 727,699 | ' | ' | ' | 576,127 | 727,699 | 604,455 |
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 6,999 | 2,691 | 4,419 |
Operating segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reportable segment information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 4,324,919 | 4,194,119 | 3,927,436 |
(Loss) income from construction operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Before impairment charge | ' | ' | ' | ' | ' | ' | ' | ' | ' | 199,857 | ' |
Impairment charge | ' | ' | ' | ' | ' | ' | ' | ' | ' | -376,574 | ' |
INCOME (LOSS) FROM CONSTRUCTION OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | 251,254 | -176,717 | 212,712 |
Assets | 2,821,311 | ' | ' | ' | 2,568,711 | ' | ' | ' | 2,821,311 | 2,568,711 | 3,008,672 |
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 38,292 | 40,711 | 63,932 |
Intersegment elimination | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reportable segment information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | -149,247 | -82,648 | -211,119 |
Civil | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reportable segment information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,345,818 | 1,248,281 | 885,245 |
(Loss) income from construction operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Before impairment charge | ' | ' | ' | ' | ' | ' | ' | ' | ' | 112,584 | ' |
Impairment charge | ' | ' | ' | ' | ' | ' | ' | ' | ' | -65,503 | ' |
INCOME (LOSS) FROM CONSTRUCTION OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | 167,868 | 47,081 | 78,546 |
Assets | 1,295,713 | ' | ' | ' | 1,046,712 | ' | ' | ' | 1,295,713 | 1,046,712 | 1,102,471 |
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 29,497 | 27,037 | 49,892 |
Civil | Operating segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reportable segment information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,423,772 | 1,290,610 | 896,896 |
Civil | Intersegment elimination | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reportable segment information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | -77,954 | -42,329 | -11,651 |
Building | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reportable segment information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,470,219 | 1,467,910 | 1,825,468 |
(Loss) income from construction operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Before impairment charge | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,098 | ' |
Impairment charge | ' | ' | ' | ' | ' | ' | ' | ' | ' | -282,608 | ' |
INCOME (LOSS) FROM CONSTRUCTION OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | 23,799 | -286,706 | 46,262 |
Assets | 610,431 | ' | ' | ' | 669,780 | ' | ' | ' | 610,431 | 669,780 | 1,125,632 |
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 1,555 | 1,682 | 1,293 |
Building | Operating segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reportable segment information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,537,227 | 1,478,508 | 1,952,030 |
Building | Intersegment elimination | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reportable segment information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | -67,008 | -10,598 | -126,562 |
Specialty Contractors | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reportable segment information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,182,277 | 1,183,037 | 802,460 |
(Loss) income from construction operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Before impairment charge | ' | ' | ' | ' | ' | ' | ' | ' | ' | 79,080 | ' |
Impairment charge | ' | ' | ' | ' | ' | ' | ' | ' | ' | -11,489 | ' |
INCOME (LOSS) FROM CONSTRUCTION OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | 49,008 | 67,591 | 65,582 |
Assets | 727,303 | ' | ' | ' | 672,074 | ' | ' | ' | 727,303 | 672,074 | 597,986 |
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 4,137 | 10,201 | 4,727 |
Specialty Contractors | Operating segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reportable segment information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,182,844 | 1,183,518 | 802,535 |
Specialty Contractors | Intersegment elimination | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reportable segment information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | -567 | -481 | -75 |
Management Services | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reportable segment information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 177,358 | 212,243 | 203,144 |
(Loss) income from construction operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Before impairment charge | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,291 | ' |
Impairment charge | ' | ' | ' | ' | ' | ' | ' | ' | ' | -16,974 | ' |
INCOME (LOSS) FROM CONSTRUCTION OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | 10,579 | -4,683 | 22,322 |
Assets | 187,864 | ' | ' | ' | 180,145 | ' | ' | ' | 187,864 | 180,145 | 182,583 |
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 3,103 | 1,791 | 8,020 |
Management Services | Operating segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reportable segment information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 181,076 | 241,483 | 275,975 |
Management Services | Intersegment elimination | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reportable segment information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ($3,718) | ($29,240) | ($72,831) |
Business_Segments_Details_2
Business Segments (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Principal Geographical Areas Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $1,099,291 | $1,030,388 | $1,053,065 | $992,928 | $1,114,198 | $1,099,393 | $985,346 | $912,534 | $4,175,672 | $4,111,471 | $3,716,317 |
Income (loss) from construction operations | 70,175 | 58,094 | 39,474 | 36,079 | 60,724 | 54,676 | -354,174 | 16,963 | 203,822 | -221,811 | 168,376 |
Assets | 3,397,438 | ' | ' | ' | 3,296,410 | ' | ' | ' | 3,397,438 | 3,296,410 | 3,613,127 |
Corporate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal Geographical Areas Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from construction operations | ' | ' | ' | ' | ' | ' | ' | ' | -47,432 | -45,094 | -44,336 |
Assets | 576,127 | ' | ' | ' | 727,699 | ' | ' | ' | 576,127 | 727,699 | 604,455 |
United States | Reportable Geographical Components | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal Geographical Areas Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 4,000,380 | 3,925,733 | 3,508,349 |
Income (loss) from construction operations | ' | ' | ' | ' | ' | ' | ' | ' | 238,989 | -195,457 | 184,268 |
Assets | 3,182,706 | ' | ' | ' | 3,107,808 | ' | ' | ' | 3,182,706 | 3,107,808 | 3,460,470 |
Foreign and U.S. Territories | Reportable Geographical Components | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal Geographical Areas Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 175,292 | 185,738 | 207,968 |
Income (loss) from construction operations | ' | ' | ' | ' | ' | ' | ' | ' | 12,265 | 18,740 | 28,444 |
Assets | $214,732 | ' | ' | ' | $188,602 | ' | ' | ' | $214,732 | $188,602 | $152,657 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Chairman and Chief Executive Officer | ' | ' | ' |
Related party transactions | ' | ' | ' |
Monthly payments under non-cancelable operating lease agreements | $0.20 | ' | ' |
Percentage increase per annum in monthly lease payments under non-cancelable operating lease agreements | 3.00% | ' | ' |
Lease expense under non-cancelable operating lease agreements | 2.5 | 2.3 | 2.3 |
O&G | ' | ' | ' |
Related party transactions | ' | ' | ' |
Ownership percentage in joint venture | 30.00% | ' | ' |
Estimated total contract value | 368 | ' | ' |
Expenses incurred with related party | 6.9 | 6.3 | 2.9 |
Number of Company's shares of common stock held by related party joint venture partner (in shares) | 600,000 | 600,000 | ' |
Percentage of common stock held by related party | 1.24% | 1.26% | ' |
JF Aviation, LLC | ' | ' | ' |
Related party transactions | ' | ' | ' |
Expenses incurred with related party | ' | $0.40 | ' |
Separate_Financial_Information2
Separate Financial Information of Subsidiary Guarantors of Indebtedness, Condensed Consolidating Balance Sheet (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
CONDENSED CONSOLIDATING BALANCE SHEET | ' | ' | ' | ' |
Ownership interest in guarantors (as a percent) | 100.00% | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | $119,923 | $168,056 | $204,240 | $471,378 |
Restricted cash | 42,594 | 38,717 | ' | ' |
Accounts receivable, including retainage | 1,291,246 | 1,224,613 | ' | ' |
Costs and estimated earnings in excess of billings | 573,248 | 465,002 | ' | ' |
Deferred income taxes | 8,240 | 10,071 | ' | ' |
Other current assets | 50,669 | 75,388 | ' | ' |
Total current assets | 2,085,920 | 1,981,847 | ' | ' |
Long-term investments | 46,283 | 46,283 | ' | ' |
Property and equipment, net | 498,125 | 485,095 | ' | ' |
Other assets: | ' | ' | ' | ' |
Goodwill | 577,756 | 570,646 | 892,602 | 788,818 |
Intangible assets, net | 113,740 | 126,821 | ' | ' |
Other | 75,614 | 85,718 | ' | ' |
Total assets | 3,397,438 | 3,296,410 | 3,613,127 | ' |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' | ' | ' |
Current maturities of long-term debt | 114,658 | 67,710 | ' | ' |
Accounts payable, including retainage | 758,225 | 696,473 | ' | ' |
Billings in excess of costs and estimated earnings | 267,586 | 301,761 | ' | ' |
Accrued expenses and other current liabilities | 158,017 | 168,326 | ' | ' |
Total current liabilities | 1,298,486 | 1,234,270 | ' | ' |
Long-term debt, less current maturities | 619,226 | 669,380 | ' | ' |
Deferred income taxes | 114,333 | 109,900 | ' | ' |
Other long-term liabilities | 117,858 | 138,996 | ' | ' |
Contingencies and commitments | ' | ' | ' | ' |
Stockholders' Equity | 1,247,535 | 1,143,864 | 1,399,827 | 1,312,994 |
Total liabilities and stockholders' equity | 3,397,438 | 3,296,410 | ' | ' |
Eliminations | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Accounts receivable, including retainage | -90,951 | -75,429 | ' | ' |
Costs and estimated earnings in excess of billings | -32,662 | -24,103 | ' | ' |
Deferred income taxes | -7,626 | -5,752 | ' | ' |
Other current assets | -37,632 | -3,957 | ' | ' |
Total current assets | -168,871 | -109,241 | ' | ' |
Intercompany notes and receivables | -428,190 | -493,277 | ' | ' |
Other assets: | ' | ' | ' | ' |
Investment in subsidiaries | -2,181,359 | -2,122,300 | ' | ' |
Other | -5,183 | -39,913 | ' | ' |
Total assets | -2,783,603 | -2,764,731 | ' | ' |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' | ' | ' |
Accounts payable, including retainage | -88,103 | -99,532 | ' | ' |
Accrued expenses and other current liabilities | -47,841 | -9,709 | ' | ' |
Total current liabilities | -135,944 | -109,241 | ' | ' |
Long-term debt, less current maturities | -40,183 | -39,913 | ' | ' |
Intercompany notes and advances payable | -445,910 | -493,277 | ' | ' |
Stockholders' Equity | -2,161,566 | -2,122,300 | ' | ' |
Total liabilities and stockholders' equity | -2,783,603 | -2,764,731 | ' | ' |
Tutor Perini Corporation | Reportable legal entity | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 88,995 | 64,663 | 134,936 | 222,156 |
Restricted cash | 18,833 | 30,236 | ' | ' |
Accounts receivable, including retainage | 208,227 | 177,856 | ' | ' |
Costs and estimated earnings in excess of billings | 99,779 | 111,821 | ' | ' |
Other current assets | 37,605 | 26,461 | ' | ' |
Total current assets | 453,439 | 411,037 | ' | ' |
Long-term investments | 46,283 | 46,283 | ' | ' |
Property and equipment, net | 77,562 | 64,248 | ' | ' |
Other assets: | ' | ' | ' | ' |
Investment in subsidiaries | 2,181,280 | 2,122,116 | ' | ' |
Other | 70,269 | 81,198 | ' | ' |
Total assets | 2,828,833 | 2,724,882 | ' | ' |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' | ' | ' |
Current maturities of long-term debt | 50,578 | 42,589 | ' | ' |
Accounts payable, including retainage | 162,292 | 97,834 | ' | ' |
Billings in excess of costs and estimated earnings | 90,267 | 95,657 | ' | ' |
Accrued expenses and other current liabilities | 58,232 | 30,545 | ' | ' |
Total current liabilities | 361,369 | 266,625 | ' | ' |
Long-term debt, less current maturities | 575,356 | 603,371 | ' | ' |
Deferred income taxes | 107,448 | 102,138 | ' | ' |
Other long-term liabilities | 114,677 | 134,874 | ' | ' |
Intercompany notes and advances payable | 422,448 | 474,010 | ' | ' |
Stockholders' Equity | 1,247,535 | 1,143,864 | ' | ' |
Total liabilities and stockholders' equity | 2,828,833 | 2,724,882 | ' | ' |
Guarantor Subsidiaries | Reportable legal entity | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 18,031 | 74,385 | 52,492 | 220,086 |
Restricted cash | 8,040 | 8,481 | ' | ' |
Accounts receivable, including retainage | 1,126,012 | 1,121,098 | ' | ' |
Costs and estimated earnings in excess of billings | 505,979 | 377,132 | ' | ' |
Deferred income taxes | 15,866 | 15,823 | ' | ' |
Other current assets | 26,234 | 49,993 | ' | ' |
Total current assets | 1,700,162 | 1,646,912 | ' | ' |
Property and equipment, net | 415,993 | 416,006 | ' | ' |
Intercompany notes and receivables | 428,190 | 493,277 | ' | ' |
Other assets: | ' | ' | ' | ' |
Goodwill | 577,756 | 570,646 | ' | ' |
Intangible assets, net | 113,740 | 126,821 | ' | ' |
Investment in subsidiaries | 29 | 134 | ' | ' |
Other | 10,528 | 9,058 | ' | ' |
Total assets | 3,246,398 | 3,262,854 | ' | ' |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' | ' | ' |
Current maturities of long-term debt | 64,080 | 25,121 | ' | ' |
Accounts payable, including retainage | 677,997 | 698,015 | ' | ' |
Billings in excess of costs and estimated earnings | 177,285 | 206,070 | ' | ' |
Accrued expenses and other current liabilities | 99,257 | 108,589 | ' | ' |
Total current liabilities | 1,018,619 | 1,037,795 | ' | ' |
Long-term debt, less current maturities | 84,053 | 105,922 | ' | ' |
Deferred income taxes | 6,885 | 7,762 | ' | ' |
Other long-term liabilities | 3,181 | 4,122 | ' | ' |
Stockholders' Equity | 2,133,660 | 2,107,253 | ' | ' |
Total liabilities and stockholders' equity | 3,246,398 | 3,262,854 | ' | ' |
Non-Guarantor Subsidiaries | Reportable legal entity | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 12,897 | 29,008 | 16,812 | 29,136 |
Restricted cash | 15,721 | ' | ' | ' |
Accounts receivable, including retainage | 47,958 | 1,088 | ' | ' |
Costs and estimated earnings in excess of billings | 152 | 152 | ' | ' |
Other current assets | 24,462 | 2,891 | ' | ' |
Total current assets | 101,190 | 33,139 | ' | ' |
Property and equipment, net | 4,570 | 4,841 | ' | ' |
Other assets: | ' | ' | ' | ' |
Investment in subsidiaries | 50 | 50 | ' | ' |
Other | ' | 35,375 | ' | ' |
Total assets | 105,810 | 73,405 | ' | ' |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' | ' | ' |
Accounts payable, including retainage | 6,039 | 156 | ' | ' |
Billings in excess of costs and estimated earnings | 34 | 34 | ' | ' |
Accrued expenses and other current liabilities | 48,369 | 38,901 | ' | ' |
Total current liabilities | 54,442 | 39,091 | ' | ' |
Intercompany notes and advances payable | 23,462 | 19,267 | ' | ' |
Stockholders' Equity | 27,906 | 15,047 | ' | ' |
Total liabilities and stockholders' equity | $105,810 | $73,405 | ' | ' |
7.625% Senior Notes due 2018 | ' | ' | ' | ' |
CONDENSED CONSOLIDATING BALANCE SHEET | ' | ' | ' | ' |
Interest rate (as a percent) | 7.63% | 7.63% | ' | ' |
Separate_Financial_Information3
Separate Financial Information of Subsidiary Guarantors of Indebtedness, Condensed Consolidating Statement of Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $1,099,291 | $1,030,388 | $1,053,065 | $992,928 | $1,114,198 | $1,099,393 | $985,346 | $912,534 | $4,175,672 | $4,111,471 | $3,716,317 |
Cost of operations | ' | ' | ' | ' | ' | ' | ' | ' | 3,708,768 | 3,696,339 | 3,320,976 |
Gross profit | 139,735 | 120,857 | 105,955 | 100,357 | 126,449 | 115,463 | 87,061 | 86,159 | 466,904 | 415,132 | 395,341 |
General and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 263,082 | 260,369 | 226,965 |
Goodwill and intangible asset impairment | ' | ' | ' | ' | ' | ' | 376,600 | ' | ' | 376,574 | ' |
INCOME (LOSS) FROM CONSTRUCTION OPERATIONS | 70,175 | 58,094 | 39,474 | 36,079 | 60,724 | 54,676 | -354,174 | 16,963 | 203,822 | -221,811 | 168,376 |
Other income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | -18,575 | -1,857 | 4,421 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -45,632 | -44,174 | -35,750 |
Income (Loss) before income taxes | 53,507 | 37,035 | 25,157 | 23,916 | 48,098 | 44,182 | -363,695 | 3,573 | 139,615 | -267,842 | 137,047 |
Provision for Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | -52,319 | 2,442 | -50,899 |
NET INCOME (LOSS) | 33,259 | 23,759 | 15,478 | 14,800 | 41,635 | 42,591 | -348,423 | -1,203 | 87,296 | -265,400 | 86,148 |
Other Comprehensive Income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in pension benefit plans assets/liabilities | ' | ' | ' | ' | ' | ' | ' | ' | 10,910 | ' | ' |
Tax adjustment on minimum pension liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,610 | -7,041 |
Foreign currency translation | ' | ' | ' | ' | ' | ' | ' | ' | -738 | 382 | -733 |
Change in fair value of investments | ' | ' | ' | ' | ' | ' | ' | ' | -555 | 238 | 199 |
Change in fair value of interest rate swap | ' | ' | ' | ' | ' | ' | ' | ' | 578 | -974 | ' |
Realized loss on sale of investments recorded in net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,005 | ' |
NET OTHER COMPREHENSIVE INCOME (LOSS) | ' | ' | ' | ' | ' | ' | ' | ' | 10,195 | 41 | -7,575 |
TOTAL COMPREHENSIVE INCOME (LOSS) | ' | ' | ' | ' | ' | ' | ' | ' | 97,491 | -265,359 | 78,573 |
Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 179,624 | -88,269 | -214,736 |
Cost of operations | ' | ' | ' | ' | ' | ' | ' | ' | 179,624 | -88,269 | -214,736 |
Equity in earnings of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -122,875 | 225,100 | -118,521 |
Income (Loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -122,875 | 225,100 | -118,521 |
NET INCOME (LOSS) | ' | ' | ' | ' | ' | ' | ' | ' | -122,875 | 225,100 | -118,521 |
Other Comprehensive Income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 1,293 | -620 | 534 |
NET OTHER COMPREHENSIVE INCOME (LOSS) | ' | ' | ' | ' | ' | ' | ' | ' | 1,293 | -620 | 534 |
TOTAL COMPREHENSIVE INCOME (LOSS) | ' | ' | ' | ' | ' | ' | ' | ' | -121,582 | 224,480 | -117,987 |
Tutor Perini Corporation | Reportable legal entity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 680,440 | 429,926 | 300,791 |
Cost of operations | ' | ' | ' | ' | ' | ' | ' | ' | 590,675 | 375,914 | 260,251 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 89,765 | 54,012 | 40,540 |
General and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 77,507 | 71,983 | 64,472 |
INCOME (LOSS) FROM CONSTRUCTION OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | 12,258 | -17,971 | -23,932 |
Equity in earnings of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 122,875 | -225,100 | 118,521 |
Other income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | -27,162 | -2,603 | 5,292 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -41,987 | -40,067 | -32,741 |
Income (Loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 65,984 | -285,741 | 67,140 |
Provision for Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | 21,312 | 20,341 | 19,008 |
NET INCOME (LOSS) | ' | ' | ' | ' | ' | ' | ' | ' | 87,296 | -265,400 | 86,148 |
Other Comprehensive Income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -1,293 | 620 | -534 |
Change in pension benefit plans assets/liabilities | ' | ' | ' | ' | ' | ' | ' | ' | 10,910 | ' | ' |
Tax adjustment on minimum pension liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,610 | -7,041 |
Change in fair value of interest rate swap | ' | ' | ' | ' | ' | ' | ' | ' | 578 | -974 | ' |
Realized loss on sale of investments recorded in net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,005 | ' |
NET OTHER COMPREHENSIVE INCOME (LOSS) | ' | ' | ' | ' | ' | ' | ' | ' | 10,195 | 41 | -7,575 |
TOTAL COMPREHENSIVE INCOME (LOSS) | ' | ' | ' | ' | ' | ' | ' | ' | 97,491 | -265,359 | 78,573 |
Guarantor Subsidiaries | Reportable legal entity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 3,315,608 | 3,769,814 | 3,630,262 |
Cost of operations | ' | ' | ' | ' | ' | ' | ' | ' | 2,960,569 | 3,421,877 | 3,288,739 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 355,039 | 347,937 | 341,523 |
General and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 183,723 | 186,831 | 160,926 |
Goodwill and intangible asset impairment | ' | ' | ' | ' | ' | ' | ' | ' | ' | 376,574 | ' |
INCOME (LOSS) FROM CONSTRUCTION OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | 171,316 | -215,468 | 180,597 |
Other income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | 8,075 | 382 | -919 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -3,645 | -4,107 | -3,009 |
Income (Loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 175,746 | -219,193 | 176,669 |
Provision for Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | -65,852 | -13,155 | -65,544 |
NET INCOME (LOSS) | ' | ' | ' | ' | ' | ' | ' | ' | 109,894 | -232,348 | 111,125 |
Other Comprehensive Income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation | ' | ' | ' | ' | ' | ' | ' | ' | -738 | 382 | -733 |
Change in fair value of investments | ' | ' | ' | ' | ' | ' | ' | ' | -555 | 238 | 199 |
NET OTHER COMPREHENSIVE INCOME (LOSS) | ' | ' | ' | ' | ' | ' | ' | ' | -1,293 | 620 | -534 |
TOTAL COMPREHENSIVE INCOME (LOSS) | ' | ' | ' | ' | ' | ' | ' | ' | 108,601 | -231,728 | 110,591 |
Non-Guarantor Subsidiaries | Reportable legal entity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of operations | ' | ' | ' | ' | ' | ' | ' | ' | -22,100 | -13,183 | -13,278 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 22,100 | 13,183 | 13,278 |
General and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 1,852 | 1,555 | 1,567 |
INCOME (LOSS) FROM CONSTRUCTION OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | 20,248 | 11,628 | 11,711 |
Other income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | 512 | 364 | 48 |
Income (Loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 20,760 | 11,992 | 11,759 |
Provision for Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | -7,779 | -4,744 | -4,363 |
NET INCOME (LOSS) | ' | ' | ' | ' | ' | ' | ' | ' | 12,981 | 7,248 | 7,396 |
Other Comprehensive Income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
TOTAL COMPREHENSIVE INCOME (LOSS) | ' | ' | ' | ' | ' | ' | ' | ' | $12,981 | $7,248 | $7,396 |
Separate_Financial_Information4
Separate Financial Information of Subsidiary Guarantors of Indebtedness, Condensed Consolidating Statement of Cash Flows (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash Flows from Operating Activities: | ' | ' | ' |
Net (loss) income | $87,296 | ($265,400) | $86,148 |
Adjustments to reconcile net (loss) income to net cash from operating activities: | ' | ' | ' |
Goodwill and intangible asset impairment | ' | 376,574 | ' |
Depreciation and amortization | 59,410 | 61,457 | 47,631 |
Stock-based compensation expense | 6,623 | 9,470 | 8,818 |
Adjustment of interest rate swap to fair value | ' | 264 | ' |
Adjustment of investments to fair value | ' | ' | 4,750 |
Excess income tax benefit from stock-based compensation | -1,148 | ' | -18 |
Deferred income taxes | 9,009 | -25,606 | 10,854 |
Loss on sale of investments | ' | 2,699 | 10 |
(Gain) loss on sale of property and equipment | 49 | 316 | -726 |
Gain on bargain purchase | ' | ' | -47 |
Other non-cash items | -3,719 | 148 | -601 |
Other long-term liabilities | 23,107 | -5,104 | -13,819 |
Changes in other components of working capital | -129,899 | -222,681 | -174,620 |
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES | 50,728 | -67,863 | -31,620 |
Cash Flows from Investing Activities: | ' | ' | ' |
Acquisitions, net of cash balance acquired | ' | ' | -341,898 |
Acquisition of property and equipment | -42,360 | -41,352 | -66,747 |
Proceeds from sale of property and equipment | 2,663 | 11,759 | 10,049 |
Investment in available-for-sale securities | ' | -535 | ' |
Proceeds from sale of available-for-sale securities | ' | 16,553 | 30,191 |
Change in restricted cash | -3,877 | -3,280 | -6,816 |
NET CASH USED BY INVESTING ACTIVITIES | -43,574 | -16,855 | -375,221 |
Cash Flows from Financing Activities: | ' | ' | ' |
Proceeds from debt | 653,280 | 688,425 | 701,753 |
Repayment of debt | -676,795 | -626,122 | -554,969 |
Business acquisition related payments | -31,038 | -11,462 | -1,904 |
Excess income tax benefit from stock-based compensation | 1,148 | ' | 18 |
Issuance of common stock and effect of cashless exercise | -1,882 | -308 | -191 |
Debt issuance costs | ' | -1,999 | -5,004 |
NET CASH (USED) PROVIDED BY FINANCING ACTIVITIES | -55,287 | 48,534 | 139,703 |
Net Decrease in Cash and Cash Equivalents | -48,133 | -36,184 | -267,138 |
Cash and Cash Equivalents at Beginning of Year | 168,056 | 204,240 | 471,378 |
Cash and Cash Equivalents at End of Year | 119,923 | 168,056 | 204,240 |
Eliminations | ' | ' | ' |
Cash Flows from Operating Activities: | ' | ' | ' |
Net (loss) income | -122,875 | 225,100 | -118,521 |
Adjustments to reconcile net (loss) income to net cash from operating activities: | ' | ' | ' |
Equity in earnings of subsidiaries | 122,875 | -225,100 | 118,521 |
Tutor Perini Corporation | Reportable legal entity | ' | ' | ' |
Cash Flows from Operating Activities: | ' | ' | ' |
Net (loss) income | 87,296 | -265,400 | 86,148 |
Adjustments to reconcile net (loss) income to net cash from operating activities: | ' | ' | ' |
Depreciation and amortization | 10,893 | 5,373 | 6,143 |
Equity in earnings of subsidiaries | -122,875 | 225,100 | -118,521 |
Stock-based compensation expense | 6,623 | 9,470 | 8,818 |
Adjustment of interest rate swap to fair value | -1,148 | 264 | ' |
Adjustment of investments to fair value | ' | ' | 4,750 |
Excess income tax benefit from stock-based compensation | ' | ' | -18 |
Deferred income taxes | 921 | -20,220 | 8,054 |
Loss on sale of investments | ' | 2,699 | 10 |
(Gain) loss on sale of property and equipment | ' | ' | -142 |
Gain on bargain purchase | ' | ' | -47 |
Other non-cash items | -4,341 | -228 | -659 |
Other long-term liabilities | 24,359 | -2,518 | -9,964 |
Changes in other components of working capital | 72,359 | 25,251 | -18,898 |
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES | 74,087 | -20,209 | -34,326 |
Cash Flows from Investing Activities: | ' | ' | ' |
Acquisitions, net of cash balance acquired | ' | ' | -341,898 |
Acquisition of property and equipment | -21,267 | -15,041 | -24,549 |
Proceeds from sale of property and equipment | 6 | 364 | 20 |
Proceeds from sale of available-for-sale securities | ' | 16,553 | 21,200 |
Change in restricted cash | 11,403 | -3,251 | -3,435 |
NET CASH USED BY INVESTING ACTIVITIES | -9,858 | -1,375 | -348,662 |
Cash Flows from Financing Activities: | ' | ' | ' |
Proceeds from debt | 627,520 | 688,425 | 599,832 |
Repayment of debt | -647,795 | -601,282 | -488,592 |
Business acquisition related payments | -31,038 | -11,462 | -1,904 |
Excess income tax benefit from stock-based compensation | 1,148 | ' | 18 |
Issuance of common stock and effect of cashless exercise | -1,882 | -308 | -191 |
Debt issuance costs | ' | -1,999 | -5,004 |
Increase (decrease) in intercompany advances | 12,150 | -122,063 | 191,609 |
NET CASH (USED) PROVIDED BY FINANCING ACTIVITIES | -39,897 | -48,689 | 295,768 |
Net Decrease in Cash and Cash Equivalents | 24,332 | -70,273 | -87,220 |
Cash and Cash Equivalents at Beginning of Year | 64,663 | 134,936 | 222,156 |
Cash and Cash Equivalents at End of Year | 88,995 | 64,663 | 134,936 |
Guarantor Subsidiaries | Reportable legal entity | ' | ' | ' |
Cash Flows from Operating Activities: | ' | ' | ' |
Net (loss) income | 109,894 | -232,348 | 111,125 |
Adjustments to reconcile net (loss) income to net cash from operating activities: | ' | ' | ' |
Goodwill and intangible asset impairment | ' | 376,574 | ' |
Depreciation and amortization | 48,246 | 55,812 | 41,194 |
Deferred income taxes | 8,088 | -5,386 | 2,800 |
(Gain) loss on sale of property and equipment | 49 | 316 | -584 |
Other non-cash items | 622 | 376 | 58 |
Other long-term liabilities | -1,252 | -2,586 | -3,855 |
Changes in other components of working capital | -184,543 | -268,525 | -164,460 |
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES | -18,896 | -75,767 | -13,722 |
Cash Flows from Investing Activities: | ' | ' | ' |
Acquisition of property and equipment | -21,093 | -26,311 | -42,198 |
Proceeds from sale of property and equipment | 2,657 | 11,395 | 10,029 |
Investment in available-for-sale securities | ' | -535 | ' |
Proceeds from sale of available-for-sale securities | ' | ' | 8,991 |
Change in restricted cash | 441 | -29 | -3,381 |
NET CASH USED BY INVESTING ACTIVITIES | -17,995 | -15,480 | -26,559 |
Cash Flows from Financing Activities: | ' | ' | ' |
Proceeds from debt | 25,760 | ' | 101,921 |
Repayment of debt | -29,000 | -24,840 | -66,377 |
Increase (decrease) in intercompany advances | -16,223 | 137,980 | -162,857 |
NET CASH (USED) PROVIDED BY FINANCING ACTIVITIES | -19,463 | 113,140 | -127,313 |
Net Decrease in Cash and Cash Equivalents | -56,354 | 21,893 | -167,594 |
Cash and Cash Equivalents at Beginning of Year | 74,385 | 52,492 | 220,086 |
Cash and Cash Equivalents at End of Year | 18,031 | 74,385 | 52,492 |
Non-Guarantor Subsidiaries | Reportable legal entity | ' | ' | ' |
Cash Flows from Operating Activities: | ' | ' | ' |
Net (loss) income | 12,981 | 7,248 | 7,396 |
Adjustments to reconcile net (loss) income to net cash from operating activities: | ' | ' | ' |
Depreciation and amortization | 271 | 272 | 294 |
Changes in other components of working capital | -17,715 | 20,593 | 8,738 |
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES | -4,463 | 28,113 | 16,428 |
Cash Flows from Investing Activities: | ' | ' | ' |
Change in restricted cash | -15,721 | ' | ' |
NET CASH USED BY INVESTING ACTIVITIES | -15,721 | ' | ' |
Cash Flows from Financing Activities: | ' | ' | ' |
Increase (decrease) in intercompany advances | 4,073 | -15,917 | -28,752 |
NET CASH (USED) PROVIDED BY FINANCING ACTIVITIES | 4,073 | -15,917 | -28,752 |
Net Decrease in Cash and Cash Equivalents | -16,111 | 12,196 | -12,324 |
Cash and Cash Equivalents at Beginning of Year | 29,008 | 16,812 | 29,136 |
Cash and Cash Equivalents at End of Year | $12,897 | $29,008 | $16,812 |