Separate Financial Information of Subsidiary Guarantors of Indebtedness (Tables)

9 Months Ended

Sep. 30, 2013

Separate Financial Information of Subsidiary Guarantors of Indebtedness

Condensed Consolidating Balance Sheet

CONDENSED CONSOLIDATING BALANCE SHEET — SEPTEMBER 30, 2013 (UNAUDITED)

(in thousands)

	Tutor Perini Corporation		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Total Consolidated
ASSETS
Cash and Cash Equivalents	$	80,832	$	27,812	$	19,258	$	—		$	127,902
Restricted Cash	23,456		8,295		15,715		—			47,466
Accounts Receivable	256,731		1,174,201		44,499		(77,574		)	1,397,857
Costs and Estimated Earnings in Excess of Billings	78,163		487,769		152		(27,663		)	538,421
Deferred Income Taxes	—		15,716		—		(6,085		)	9,631
Other Current Assets	68,615		21,153		20,267		(61,675		)	48,360
Total Current Assets	507,797		1,734,946		99,891		(172,997		)	2,169,637
Long-term Investments	46,283		—		—		—			46,283
Property and Equipment, net	80,267		408,421		4,638		—			493,326
Intercompany Notes and Receivables	—		421,440		—		(421,440		)	—
Other Assets:
Goodwill	—		571,932		—		—			571,932
Intangible Assets, net	—		117,010		—		—			117,010
Investment in Subsidiaries	2,139,063		—		50		(2,139,113		)	—
Other	75,217		10,657		—		(5,115		)	80,759
	$	2,848,627	$	3,264,406	$	104,579	$	(2,738,665	)	$	3,478,947
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Maturities of Long-term Debt	$	44,250	$	63,571	$	—	$	—		$	107,821
Accounts Payable	157,901		721,670		10,010		(92,452		)	797,129
Billings in Excess of Costs and Estimated Earnings	112,295		169,932		34		—			282,261
Accrued Expenses and Other Current Liabilities	66,186		96,060		47,260		(47,857		)	161,649
Total Current Liabilities	380,632		1,051,233		57,304		(140,309		)	1,348,860
Long-term Debt, less current maturities	629,527		80,298		—		(40,115		)	669,710
Deferred Income Taxes	102,139		7,783		—		—			109,922
Other Long-term Liabilities	142,449		4,035		—		—			146,484
Intercompany Notes and Advances Payable	389,909		—		24,084		(413,993		)	—
Contingencies and Commitments
Stockholders’ Equity	1,203,971		2,121,057		23,191		(2,144,248		)	1,203,971
	$	2,848,627	$	3,264,406	$	104,579	$	(2,738,665	)	$	3,478,947

CONDENSED CONSOLIDATING BALANCE SHEET - DECEMBER 31, 2012

(in thousands)

	Tutor Perini Corporation		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Total 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
	$	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 (UNAUDITED)

THREE MONTHS ENDED SEPTMEBER 30, 2013

(in thousands)

	Tutor Perini Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Revenues	$	175,160		$	884,332		$	—		$	(29,104	)	$	1,030,388
Cost of Operations	150,560			794,440			(6,365		)	(29,104		)	909,531
Gross Profit	24,600			89,892			6,365			—			120,857
General and Administrative Expenses	17,073			45,187			503			—			62,763
INCOME (LOSS) FROM CONSTRUCTION OPERATIONS	7,527			44,705			5,862			—			58,094
Equity in Earnings of Subsidiaries	32,148			—			—			(32,148		)	—
Other Income (Expense), net	(9,736		)	115			133			—			(9,488		)
Interest Expense	(10,655		)	(916		)	—			—			(11,571		)
Income (loss) before Income Taxes	19,284			43,904			5,995			(32,148		)	37,035
(Provision) Credit for Income Taxes	4,475			(15,594		)	(2,157		)	—			(13,276		)
NET (LOSS) INCOME	$	23,759		$	28,310		$	3,838		$	(32,148	)	$	23,759
Other Comprehensive Income:
Other Comprehensive Income of Subsidiaries	(667		)	—			—			667			—
Foreign currency translation	—			(393		)	—			—			(393		)
Change in fair value of investments	—			(274		)	—			—			(274		)
Change in fair value of interest rate swap	5			—			—			—			5
Total Other Comprehensive (Loss) Income	(662		)	(667		)	—			667			(662		)
Total Comprehensive Income	$	23,097		$	27,643		$	3,838		$	(31,481	)	$	23,097

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (UNAUDITED)

THREE MONTHS ENDED SEPTEMBER 30, 2012

(in thousands)

	Tutor Perini Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Revenues	$	113,068		$	996,809		$	—		$	(10,484	)	$	1,099,393
Cost of Operations	97,225			900,634			(3,445		)	(10,484		)	983,930
Gross Profit	15,843			96,175			3,445			—			115,463
General and Administrative Expenses	17,840			42,417			530			—			60,787
INCOME (LOSS) FROM CONSTRUCTION OPERATIONS	(1,997		)	53,758			2,915			—			54,676
Equity in Earnings of Subsidiaries	49,135			—			—			(49,135		)	—
Other Income (Expense), net	45			264			236			—			545
Interest Expense	(10,133		)	(906		)	—			—			(11,039		)
Income (Loss) before Income Taxes	37,050			53,116			3,151			(49,135		)	44,182
(Provision) Credit for Income Taxes	5,541			(5,732		)	(1,400		)	—			(1,591		)
NET (LOSS) INCOME	$	42,591		$	47,384		$	1,751		$	(49,135	)	$	42,591
Other Comprehensive Income:
Other Comprehensive Income of Subsidiaries	363			—			—			(363		)	—
Tax adjustment on minimum pension liability	(841		)	—			—			—			(841		)
Foreign currency translation	—			362			—			—			362
Change in fair value of investments	—			1			—			—			1
Change in fair value of interest rate swap	(177		)	—			—			—			(177		)
Total Other Comprehensive (Loss) Income	(655		)	363			—			(363		)	(655		)
Total Comprehensive Income	$	41,936		$	47,747		$	1,751		$	(49,498	)	$	41,936

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (UNAUDITED)

NINE MONTHS ENDED SEPTEMBER 30, 2013

(in thousands)

	Tutor Perini Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Revenues	$	456,732		$	2,753,816		$	—		$	(134,167	)	$	3,076,381
Cost of Operations	398,072			2,499,544			(14,237		)	(134,167		)	2,749,212
Gross Profit	58,660			254,272			14,237			—			327,169
General and Administrative Expenses	55,178			136,895			1,449			—			193,522
INCOME (LOSS) FROM CONSTRUCTION OPERATIONS	3,482			117,377			12,788			—			133,647
Equity in Earnings of Subsidiaries	80,944			—			—			(80,944		)	—
Other Income (Expense), net	(14,859		)	926			384			—			(13,549		)
Interest Expense	(31,500		)	(2,490		)	—			—			(33,990		)
Income (loss) before Income Taxes	38,067			115,813			13,172			(80,944		)	86,108
(Provision) Credit for Income Taxes	15,970			(43,135		)	(4,906		)	—			(32,071		)
NET (LOSS) INCOME	$	54,037		$	72,678		$	8,266		$	(80,944	)	$	54,037
Other Comprehensive Income:
Other Comprehensive Income of Subsidiaries	(1,147		)	—			—			1,147			—
Foreign currency translation	—			(622		)	—			—			(622		)
Change in fair value of investments	—			(525		)	—			—			(525		)
Change in fair value of interest rate swap	465			—			—			—			465
Total Other Comprehensive Loss	(682		)	(1,147		)	—			1,147			(682		)
Total Comprehensive Income	$	53,355		$	71,531		$	8,266		$	(79,797	)	$	53,355

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (UNAUDITED)

NINE MONTHS ENDED SEPTEMBER 30, 2012

(in thousands)

	Tutor Perini Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Revenues	$	276,633		$	2,764,764		$	—		$	(44,124	)	$	2,997,273
Cost of Operations	242,954			2,521,009			(11,249		)	(44,124		)	2,708,590
Gross Profit	33,679			243,755			11,249			—			288,683
General and Administrative Expenses	53,579			139,465			1,600			—			194,644
Goodwill and Intangible Assets Impairment	—			376,574			—			—			376,574
INCOME (LOSS) FROM CONSTRUCTION OPERATIONS	(19,900		)	(272,284		)	9,649			—			(282,535		)
Equity in Earnings of Subsidiaries	(273,177		)	—			—			273,177			—
Other Income (Expense), net	(1,484		)	119			684			—			(681		)
Interest Expense	(29,817		)	(2,907		)	—			—			(32,724		)
Income (loss) before Income Taxes	(324,378		)	(275,072		)	10,333			273,177			(315,940		)
(Provision) Credit for Income Taxes	17,343			(4,201		)	(4,237		)	—			8,905
NET (LOSS) INCOME	$	(307,035	)	$	(279,273	)	$	6,096		$	273,177		$	(307,035	)
Other Comprehensive Income:
Other Comprehensive Income of Subsidiaries	627			—			—			(627		)	—
Tax adjustment on minimum pension liability	(841		)	—			—			—			(841		)
Foreign currency translation	—			419			—			—			419
Change in fair value of investments	—			208			—			—			208
Change in fair value of interest rate swap	(1,196		)	—			—			—			(1,196		)
Realized loss on sale of investments recorded in net income (loss)	2,005			—			—			—			2,005
Total Other Comprehensive (Loss) Income	595			627			—			(627		)	595
Total Comprehensive Income	$	(306,440	)	$	(278,646	)	$	6,096		$	272,550		$	(306,440	)

Condensed Consolidating Statement of Cash Flows

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED)

NINE MONTHS ENDED SEPTEMBER 30, 2013

(in thousands)

	Tutor Perini Corporation			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Total Consolidated
Cash Flows from Operating Activities:
Net (loss) income	$	54,037		$	72,678		$	8,266		$	(80,944	)	$	54,037
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	5,341			36,222			203			—			41,766
Equity in earnings of subsidiaries	(80,944		)	—			—			80,944			—
Stock-based compensation expense	6,597			—			—			—			6,597
Excess income tax benefit from stock-based compensation	(356		)	—			—			—			(356		)
Deferred income taxes	(549		)	46			—			—			(503		)
(Gain) loss on sale of property and equipment	(220		)	—			—			—			(220		)
Other non-cash items	1,468			(1,024		)	—			—			444
Other long-term liabilities	18,723			(846		)	—			—			17,877
Changes in other components of working capital	34,877			(123,003		)	(42,574		)	—			(130,700		)
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES	$	38,974		$	(15,927	)	$	(34,105	)	$	—		$	(11,058	)
Cash Flows from Investing Activities:
Acquisition of property and equipment	(19,189		)	(20,621		)	—			—			(39,810		)
Proceeds from sale of property and equipment	222			2,329			—			—			2,551
Change in restricted cash	6,780			186			(15,715		)	—			(8,749		)
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES	$	(12,187	)	$	(18,106	)	$	(15,715	)	$	—		$	(46,008	)
Cash Flows from Financing Activities:
Proceeds from debt	541,544			29,741			—			—			571,285
Repayment of debt	(513,912		)	(22,315		)	—			—			(536,227		)
Business acquisition related payments	(17,716		)	—			—			—			(17,716		)
Excess income tax benefit from stock-based compensation	356			—			—			—			356
Issuance of common stock and effect of cashless exercise	(786		)	—			—			—			(786		)
Increase (decrease) in intercompany advances	(20,104		)	(19,966		)	40,070			—			—
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES	$	(10,618	)	$	(12,540	)	$	40,070		$	—		$	16,912
Net Increase (Decrease) in Cash and Cash Equivalents	16,169			(46,573		)	(9,750		)	—			(40,154		)
Cash and Cash Equivalents at Beginning of Year	64,663			74,385			29,008			—			168,056
Cash and Cash Equivalents at End of Period	$	80,832		$	27,812		$	19,258		$	—		$	127,902

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED)

NINE MONTHS ENDED SEPTEMBER 30, 2012

(in thousands)

	Tutor Perini Corporation			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Total Consolidated
Cash Flows from Operating Activities:
Net (loss) income	$	(307,035	)	$	(279,273	)	$	6,096		$	273,177		$	(307,035	)
Adjustments to reconcile net income to net cash from operating activities:
Goodwill and intangible assets impairment	—			376,574			—			—			376,574
Depreciation and amortization	3,815			42,657			204			—			46,676
Equity in earnings of subsidiaries	273,177			—			—			(273,177		)	—
Stock-based compensation expense	7,424			—			—			—			7,424
Deferred income taxes	(37,810		)	(4,198		)	—			—			(42,008		)
Adjustment of interest rate swap to fair value	264			—			—			—			264
Loss on sale of investments	2,699			—			—			—			2,699
(Gain) Loss on sale of property and equipment	—			509			—			—			509
Other non-cash items	(524		)	78			—			—			(446		)
Other long-term liabilities	(5,826		)	(2,573		)	—			—			(8,399		)
Changes in other components of working capital	62,007			(180,925		)	14,783			—			(104,135		)
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES	$	(1,809	)	$	(47,151	)	$	21,083		$	—		$	(27,877	)
Cash Flows from Investing Activities:
Acquisition of property and equipment	(12,332		)	(21,405		)	—			—			(33,737		)
Proceeds from sale of property and equipment	500			11,250			—			—			11,750
Investments in available-for-sale securities	—			(535		)	—			—			(535		)
Proceeds from sale of available-for-sale securities	16,553			—			—			—			16,553
Change in restricted cash	(3,241		)	(22		)	—			—			(3,263		)
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES	$	1,480		$	(10,712	)	$	—		$	—		$	(9,232	)
Cash Flows from Financing Activities:
Proceeds from debt	531,618			(20,039		)	—			—			511,579
Repayment of debt	(486,426		)	883			—			—			(485,543		)
Business acquisition related payments	(10,090		)	—			—			—			(10,090		)
Issuance of common stock and effect of cashless exercise	(307		)	—			—			—			(307		)
Debt issuance costs	(1,993		)	—			—			—			(1,993		)
Increase (decrease) in intercompany advances	(73,471		)	74,831			(1,360		)	—			—
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES	$	(40,669	)	$	55,675		$	(1,360	)	$	—		$	13,646
Net Increase (Decrease) in Cash and Cash Equivalents	(40,998		)	(2,188		)	19,723			—			(23,463		)
Cash and Cash Equivalents at Beginning of Year	134,936			52,492			16,812			—			204,240
Cash and Cash Equivalents at End of Period	$	93,938		$	50,304		$	36,535		$	—		$	180,777