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Separate Financial Information of Subsidiary Guarantors of Indebtedness | 9 Months Ended
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Sep. 30, 2011
Separate Financial Information of Subsidiary Guarantors of Indebtedness [Abstract] |
Separate Financial Information of Subsidiary Guarantors of Indebtedness |
(15) | Separate Financial Information of Subsidiary Guarantors of Indebtedness
As discussed in Note 10, the Company's obligation to pay principal and interest on its 7.625% Senior 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 Existing Agreement, with certain exceptions (the “Guarantors”). The guarantees are full and unconditional and the Guarantors are 100%-owned by the Company. Each of the acquired companies were added as guarantors prior to September 30, 2011. The following supplemental condensed consolidating financial information reflects the summarized financial information of the Company as the issuer, the Guarantors and the Company's non-guarantor subsidiaries on a combined basis. CONDENSED CONSOLIDATING BALANCE SHEET - SEPTEMBER 30, 2011 (UNAUDITED) (In Thousands)
|  | Tutor Perini Corporation |  |  | Guarantor Subsidiaries |  |  | Non- Guarantor Subsidiaries |  |  | Eliminations |  |  | Total Consolidated |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and Cash Equivalents |  | $ | 162,129 |  |  | $ | 87,130 |  |  | $ | 24,062 |  |  | $ | - |  |  | $ | 273,321 |
Restricted Cash |  |  | 26,975 |  |  |  | 8,842 |  |  |  | - |  |  |  | - |  |  |  | 35,817 |
Accounts Receivable |  |  | 108,630 |  |  |  | 1,317,863 |  |  |  | 7,275 |  |  |  | (121,408 | ) |  |  | 1,312,360 |
Costs and Estimated Earnings in Excess of Billings |  |  | 109,542 |  |  |  | 264,631 |  |  |  | 152 |  |  |  | - |  |  |  | 374,325 |
Deferred Income Taxes |  |  | 3,442 |  |  |  | 15,117 |  |  |  | - |  |  |  | - |  |  |  | 18,559 |
Other Current Assets |  |  | 48,818 |  |  |  | 53,428 |  |  |  | 5,789 |  |  |  | (14,268 | ) |  |  | 93,767 |
Total Current Assets |  |  | 459,536 |  |  |  | 1,747,011 |  |  |  | 37,278 |  |  |  | (135,676 | ) |  |  | 2,108,149 |
Long-term Investments |  |  | 67,061 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 67,061 |
Property and Equipment, net |  |  | 31,880 |  |  |  | 435,461 |  |  |  | 5,187 |  |  |  | - |  |  |  | 472,528 |
Intercompany Notes and Receivables |  |  | 25,119 |  |  |  | 553,179 |  |  |  | (4,894 | ) |  |  | (573,404 | ) |  |  | - |
Other Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Goodwill |  |  | - |  |  |  | 881,538 |  |  |  | - |  |  |  | - |  |  |  | 881,538 |
Intangible Assets, net |  |  | - |  |  |  | 203,075 |  |  |  | - |  |  |  | - |  |  |  | 203,075 |
Investment in Subsidiaries |  |  | 2,398,136 |  |  |  | (8,438 | ) |  |  | 50 |  |  |  | (2,389,748 | ) |  |  | - |
Other |  |  | 17,602 |  |  |  | 9,168 |  |  |  | 375 |  |  |  | (5,759 | ) |  |  | 21,386 |
|  | $ | 2,999,334 |  |  | $ | 3,820,994 |  |  | $ | 37,996 |  |  | $ | (3,104,587 | ) |  | $ | 3,753,737 |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Maturities of Long-term Debt |  | $ | 33,529 |  |  | $ | 40,307 |  |  | $ | - |  |  | $ | - |  |  | $ | 73,836 |
Accounts Payable |  |  | 37,550 |  |  |  | 850,327 |  |  |  | 302 |  |  |  | (121,408 | ) |  |  | 766,771 |
Billings in Excess of Costs and Estimated Earnings |  |  | 31,199 |  |  |  | 350,231 |  |  |  | 34 |  |  |  | - |  |  |  | 381,464 |
Accrued Expenses and Other Current Liabilities |  |  | 55,802 |  |  |  | 144,737 |  |  |  | 17,814 |  |  |  | (14,268 | ) |  |  | 204,085 |
Total Current Liabilities |  |  | 158,080 |  |  |  | 1,385,602 |  |  |  | 18,150 |  |  |  | (135,676 | ) |  |  | 1,426,156 |
Long-term Debt, less current maturities |  |  | 628,366 |  |  |  | 136,363 |  |  |  | - |  |  |  | (5,759 | ) |  |  | 758,970 |
Deferred Income Taxes |  |  | 87,246 |  |  |  | 7,199 |  |  |  | - |  |  |  | - |  |  |  | 94,445 |
Other Long-term Liabilities |  |  | 86,434 |  |  |  | 6,537 |  |  |  | - |  |  |  | - |  |  |  | 92,971 |
Contingencies and Commitments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Intercompany Notes and Advances Payable |  |  | 658,013 |  |  |  | (92,365 | ) |  |  | 7,756 |  |  |  | (573,404 | ) |  |  | - |
Stockholders' Equity |  |  | 1,381,195 |  |  |  | 2,377,658 |  |  |  | 12,090 |  |  |  | (2,389,748 | ) |  |  | 1,381,195 |
|  | $ | 2,999,334 |  |  | $ | 3,820,994 |  |  | $ | 37,996 |  |  | $ | (3,104,587 | ) |  | $ | 3,753,737 |
CONDENSED CONSOLIDATING BALANCE SHEET - DECEMBER 31, 2010 (In Thousands)
|  | Tutor Perini Corporation |  |  | Guarantor Subsidiaries |  |  | Non- Guarantor Subsidiaries |  |  | Eliminations |  |  | Total Consolidated |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and Cash Equivalents |  | $ | 222,156 |  |  | $ | 220,086 |  |  | $ | 29,136 |  |  | $ | - |  |  | $ | 471,378 |
Restricted Cash |  |  | 23,550 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 23,550 |
Accounts Receivable |  |  | 116,718 |  |  |  | 802,059 |  |  |  | 643 |  |  |  | (38,806 | ) |  |  | 880,614 |
Costs and Estimated Earnings in Excess of Billings |  |  | 83,337 |  |  |  | 55,960 |  |  |  | 152 |  |  |  | - |  |  |  | 139,449 |
Deferred Income Taxes |  |  | 3,515 |  |  |  | 222 |  |  |  | - |  |  |  | - |  |  |  | 3,737 |
Other Current Assets |  |  | 9,833 |  |  |  | 22,784 |  |  |  | 9,993 |  |  |  | (296 | ) |  |  | 42,314 |
Total Current Assets |  |  | 459,109 |  |  |  | 1,101,111 |  |  |  | 39,924 |  |  |  | (39,102 | ) |  |  | 1,561,042 |
Long-term Investments |  |  | 88,129 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 88,129 |
Property and Equipment, net |  |  | 44,065 |  |  |  | 312,965 |  |  |  | 5,407 |  |  |  | - |  |  |  | 362,437 |
Intercompany Notes and Receivables |  |  | (4,331 | ) |  |  | 565,701 |  |  |  | (5,196 | ) |  |  | (556,174 | ) |  |  | - |
Other Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Goodwill |  |  | - |  |  |  | 621,920 |  |  |  | - |  |  |  | - |  |  |  | 621,920 |
Intangible Assets, net |  |  | - |  |  |  | 132,551 |  |  |  | - |  |  |  | - |  |  |  | 132,551 |
Investment in Subsidiaries |  |  | 1,696,321 |  |  |  | - |  |  |  | - |  |  |  | (1,696,321 | ) |  |  | - |
Other |  |  | 8,015 |  |  |  | 4,751 |  |  |  | 375 |  |  |  | - |  |  |  | 13,141 |
|  | $ | 2,291,308 |  |  | $ | 2,738,999 |  |  | $ | 40,510 |  |  | $ | (2,291,597 | ) |  | $ | 2,779,220 |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Maturities of Long-term Debt |  | $ | 6,198 |  |  | $ | 15,136 |  |  | $ | - |  |  | $ | - |  |  | $ | 21,334 |
Accounts Payable |  |  | 48,139 |  |  |  | 643,462 |  |  |  | 747 |  |  |  | (38,806 | ) |  |  | 653,542 |
Billings in Excess of Costs and Estimated Earnings |  |  | 20,424 |  |  |  | 179,293 |  |  |  | 33 |  |  |  | - |  |  |  | 199,750 |
Accrued Expenses and Other Current Liabilities |  |  | 17,880 |  |  |  | 60,267 |  |  |  | 15,637 |  |  |  | (296 | ) |  |  | 93,488 |
Total Current Liabilities |  |  | 92,641 |  |  |  | 898,158 |  |  |  | 16,417 |  |  |  | (39,102 | ) |  |  | 968,114 |
Long-term Debt, less current maturities |  |  | 316,113 |  |  |  | 58,237 |  |  |  | - |  |  |  | - |  |  |  | 374,350 |
Deferred Income Taxes |  |  | 78,525 |  |  |  | 557 |  |  |  | - |  |  |  | - |  |  |  | 79,082 |
Other Long-term Liabilities |  |  | 36,121 |  |  |  | 8,559 |  |  |  | - |  |  |  | - |  |  |  | 44,680 |
Contingencies and Commitments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Intercompany Notes and Advances Payable |  |  | 454,914 |  |  |  | 86,188 |  |  |  | 15,072 |  |  |  | (556,174 | ) |  |  | - |
Stockholders' Equity |  |  | 1,312,994 |  |  |  | 1,687,300 |  |  |  | 9,021 |  |  |  | (1,696,321 | ) |  |  | 1,312,994 |
|  | $ | 2,291,308 |  |  | $ | 2,738,999 |  |  | $ | 40,510 |  |  | $ | (2,291,597 | ) |  | $ | 2,779,220 |
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (UNAUDITED) THREE MONTHS ENDED SEPTEMBER 30, 2011 (In Thousands)
|  | Tutor Perini Corporation |  |  | Guarantor Subsidiaries |  |  | Non- Guarantor Subsidiaries |  |  | Eliminations |  |  | Total Consolidated |
Revenues |  | $ | 72,632 |  |  | $ | 1,197,802 |  |  | $ | - |  |  | $ | (104,024 | ) |  | $ | 1,166,410 |
Cost of Operations |  |  | 63,235 |  |  |  | 1,091,167 |  |  |  | (4,323 | ) |  |  | (104,024 | ) |  |  | 1,046,055 |
Gross Profit |  |  | 9,397 |  |  |  | 106,635 |  |  |  | 4,323 |  |  |  | - |  |  |  | 120,355 |
General and Administrative Expenses |  |  | 14,892 |  |  |  | 42,993 |  |  |  | 434 |  |  |  | - |  |  |  | 58,319 |
INCOME (LOSS) FROM CONSTRUCTION OPERATIONS |  |  | (5,495 | ) |  |  | 63,642 |  |  |  | 3,889 |  |  |  | - |  |  |  | 62,036 |
Equity in Earnings of Subsidiaries |  |  | 42,116 |  |  |  | - |  |  |  | - |  |  |  | (42,116 | ) |  |  | - |
Other Income (Expense), net |  |  | 5,536 |  |  |  | 323 |  |  |  | 4 |  |  |  | - |  |  |  | 5,863 |
Interest Expense |  |  | (10,634 | ) |  |  | (932 | ) |  |  | - |  |  |  | - |  |  |  | (11,566 | )
Income before Income Taxes |  |  | 31,523 |  |  |  | 63,033 |  |  |  | 3,893 |  |  |  | (42,116 | ) |  |  | 56,333 |
(Provision) Credit for Income Taxes |  |  | 3,954 |  |  |  | (23,363 | ) |  |  | (1,447 | ) |  |  | - |  |  |  | (20,856 | )
NET INCOME |  | $ | 35,477 |  |  | $ | 39,670 |  |  | $ | 2,446 |  |  | $ | (42,116 | ) |  | $ | 35,477 |
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (UNAUDITED) THREE MONTHS ENDED SEPTEMBER 30, 2010 (In Thousands)
|  | Tutor Perini Corporation |  |  | Guarantor Subsidiaries |  |  | Non- Guarantor Subsidiaries |  |  | Eliminations |  |  | Total Consolidated |
Revenues |  | $ | 115,062 |  |  | $ | 633,026 |  |  | $ | - |  |  | $ | (16,282 | ) |  | $ | 731,806 |
Cost of Operations |  |  | 87,484 |  |  |  | 574,303 |  |  |  | (4,369 | ) |  |  | (16,282 | ) |  |  | 641,136 |
Gross Profit |  |  | 27,578 |  |  |  | 58,723 |  |  |  | 4,369 |  |  |  | - |  |  |  | 90,670 |
General and Administrative Expenses |  |  | 12,159 |  |  |  | 28,298 |  |  |  | 253 |  |  |  | - |  |  |  | 40,710 |
INCOME FROM CONSTRUCTION OPERATIONS |  |  | 15,419 |  |  |  | 30,425 |  |  |  | 4,116 |  |  |  | - |  |  |  | 49,960 |
Equity in Earnings of Subsidiaries |  |  | 21,040 |  |  |  | - |  |  |  | - |  |  |  | (21,040 | ) |  |  | - |
Other Income (Expense), net |  |  | 1,049 |  |  |  | (697 | ) |  |  | 6 |  |  |  | - |  |  |  | 358 |
Interest Expense |  |  | (771 | ) |  |  | (724 | ) |  |  | (94 | ) |  |  | - |  |  |  | (1,589 | )
Income before Income Taxes |  |  | 36,737 |  |  |  | 29,004 |  |  |  | 4,028 |  |  |  | (21,040 | ) |  |  | 48,729 |
Provision for Income Taxes |  |  | (5,804 | ) |  |  | (10,522 | ) |  |  | (1,470 | ) |  |  | - |  |  |  | (17,796 | )
NET INCOME |  | $ | 30,933 |  |  | $ | 18,482 |  |  | $ | 2,558 |  |  | $ | (21,040 | ) |  | $ | 30,933 |
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (UNAUDITED) NINE MONTHS ENDED SEPTEMBER 30, 2011 (In Thousands)
|  | Tutor Perini Corporation |  |  | Guarantor Subsidiaries |  |  | Non- Guarantor Subsidiaries |  |  | Eliminations |  |  | Total Consolidated |
Revenues |  | $ | 225,619 |  |  | $ | 2,520,839 |  |  | $ | - |  |  | $ | (144,901 | ) |  | $ | 2,601,557 |
Cost of Operations |  |  | 191,888 |  |  |  | 2,294,167 |  |  |  | (9,625 | ) |  |  | (144,901 | ) |  |  | 2,331,529 |
Gross Profit |  |  | 33,731 |  |  |  | 226,672 |  |  |  | 9,625 |  |  |  | - |  |  |  | 270,028 |
General and Administrative Expenses |  |  | 45,456 |  |  |  | 105,801 |  |  |  | 1,187 |  |  |  | - |  |  |  | 152,444 |
INCOME (LOSS) FROM CONSTRUCTION OPERATIONS |  |  | (11,725 | ) |  |  | 120,871 |  |  |  | 8,438 |  |  |  | - |  |  |  | 117,584 |
Equity in Earnings of Subsidiaries |  |  | 80,459 |  |  |  | - |  |  |  | - |  |  |  | (80,459 | ) |  |  | - |
Other Income (Expense), net |  |  | 6,639 |  |  |  | (14 | ) |  |  | 23 |  |  |  | - |  |  |  | 6,648 |
Interest Expense |  |  | (23,963 | ) |  |  | (2,010 | ) |  |  | - |  |  |  | - |  |  |  | (25,973 | )
Income before Income Taxes |  |  | 51,410 |  |  |  | 118,847 |  |  |  | 8,461 |  |  |  | (80,459 | ) |  |  | 98,259 |
(Provision) Credit for Income Taxes |  |  | 10,690 |  |  |  | (43,735 | ) |  |  | (3,114 | ) |  |  | - |  |  |  | (36,159 | )
NET INCOME |  | $ | 62,100 |  |  | $ | 75,112 |  |  | $ | 5,347 |  |  | $ | (80,459 | ) |  | $ | 62,100 |
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (UNAUDITED) NINE MONTHS ENDED SEPTEMBER 30, 2010 (In Thousands)
|  | Tutor Perini Corporation |  |  | Guarantor Subsidiaries |  |  | Non- Guarantor Subsidiaries |  |  | Eliminations |  |  | Total Consolidated |
Revenues |  | $ | 360,386 |  |  | $ | 2,234,953 |  |  | $ | - |  |  | $ | (84,082 | ) |  | $ | 2,511,257 |
Cost of Operations |  |  | 288,943 |  |  |  | 2,051,882 |  |  |  | (11,201 | ) |  |  | (84,082 | ) |  |  | 2,245,542 |
Gross Profit |  |  | 71,443 |  |  |  | 183,071 |  |  |  | 11,201 |  |  |  | - |  |  |  | 265,715 |
General and Administrative Expenses |  |  | 39,898 |  |  |  | 85,136 |  |  |  | 713 |  |  |  | - |  |  |  | 125,747 |
INCOME FROM CONSTRUCTION OPERATIONS |  |  | 31,545 |  |  |  | 97,935 |  |  |  | 10,488 |  |  |  | - |  |  |  | 139,968 |
Equity in Earnings of Subsidiaries |  |  | 64,209 |  |  |  | - |  |  |  | - |  |  |  | (64,209 | ) |  |  | - |
Other Income (Expense), net |  |  | 3,022 |  |  |  | (3,428 | ) |  |  | 7 |  |  |  | - |  |  |  | (399 | )
Interest Expense |  |  | (2,364 | ) |  |  | (3,652 | ) |  |  | (338 | ) |  |  | - |  |  |  | (6,354 | )
Income before Income Taxes |  |  | 96,412 |  |  |  | 90,855 |  |  |  | 10,157 |  |  |  | (64,209 | ) |  |  | 133,215 |
Provision for Income Taxes |  |  | (11,821 | ) |  |  | (33,101 | ) |  |  | (3,702 | ) |  |  | - |  |  |  | (48,624 | )
NET INCOME |  | $ | 84,591 |  |  | $ | 57,754 |  |  | $ | 6,455 |  |  | $ | (64,209 | ) |  | $ | 84,591 |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED) NINE MONTHS ENDED SEPTEMBER 30, 2011 (In Thousands)
|  | Tutor Perini Corporation |  |  | Guarantor Subsidiaries |  |  | Non- Guarantor Subsidiaries |  |  | Eliminations |  |  | Total Consolidated |
Cash Flows from Operating Activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 62,100 |  |  | $ | 75,112 |  |  | $ | 5,347 |  |  | $ | (80,459 | ) |  | $ | 62,100 |
Adjustments to reconcile net income to net cash from operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 3,911 |  |  |  | 25,463 |  |  |  | 220 |  |  |  | - |  |  |  | 29,594 |
Equity in earnings of subsidiaries |  |  | (80,459 | ) |  |  | - |  |  |  | - |  |  |  | 80,459 |  |  |  | - |
Stock-based compensation expense |  |  | 6,820 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 6,820 |
Excess income tax benefit from stock-based compensation |  |  | (18 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (18 | )
Deferred income taxes |  |  | (161 | ) |  |  | 573 |  |  |  | - |  |  |  | - |  |  |  | 412 |
Loss on sale of equipment |  |  | - |  |  |  | (896 | ) |  |  | - |  |  |  | - |  |  |  | (896 | )
Gain on bargain purchase |  |  | (4,000 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (4,000 | )
Other long-term liabilities |  |  | (4,819 | ) |  |  | (2,004 | ) |  |  | - |  |  |  | - |  |  |  | (6,823 | )
Other non-cash items |  |  | (659 | ) |  |  | (2,592 | ) |  |  | - |  |  |  | - |  |  |  | (3,251 | )
Changes in other components of working capital |  |  | (19,612 | ) |  |  | (187,547 | ) |  |  | (695 | ) |  |  | - |  |  |  | (207,854 | )
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES |  | $ | (36,897 | ) |  | $ | (91,891 | ) |  | $ | 4,872 |  |  | $ | - |  |  | $ | (123,916 | )
Cash Flows from Investing Activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acquisitions, net of cash balance acquired |  |  | (337,873 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (337,873 | )
Business acquisition related payments |  |  | (3,000 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (3,000 | )
Acquisition of property and equipment |  |  | (4,284 | ) |  |  | (35,410 | ) |  |  | - |  |  |  | - |  |  |  | (39,694 | )
Proceeds from sale of property and equipment |  |  | 22 |  |  |  | 6,504 |  |  |  | - |  |  |  | - |  |  |  | 6,526 |
Proceeds from sale of available-for-sale securities |  |  | - |  |  |  | 7,388 |  |  |  | - |  |  |  | - |  |  |  | 7,388 |
Change in restricted cash |  |  | (3,425 | ) |  |  | (3,771 | ) |  |  | - |  |  |  | - |  |  |  | (7,196 | )
Investment in other activities |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES |  | $ | (348,560 | ) |  | $ | (25,289 | ) |  | $ | - |  |  | $ | - |  |  | $ | (373,849 | )
Cash Flows from Financing Activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from debt |  |  | 466,659 |  |  |  | 101,123 |  |  |  | - |  |  |  | - |  |  |  | 567,782 |
Repayment of debt |  |  | (217,056 | ) |  |  | (46,003 | ) |  |  | - |  |  |  | - |  |  |  | (263,059 | )
Excess income tax benefit from stock-based compensation |  |  | 18 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 18 |
Issuance of Common Stock and effect of cashless exercise |  |  | (44 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (44 | )
Debt issuance costs |  |  | (4,989 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (4,989 | )
Increase (decrease) in intercompany advances |  |  | 80,842 |  |  |  | (70,896 | ) |  |  | (9,946 | ) |  |  | - |  |  |  | - |
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES |  | $ | 325,430 |  |  | $ | (15,776 | ) |  | $ | (9,946 | ) |  | $ | - |  |  | $ | 299,708 |
Net Increase (Decrease) in Cash and Cash Equivalents |  |  | (60,027 | ) |  |  | (132,956 | ) |  |  | (5,074 | ) |  |  | - |  |  |  | (198,057 | )
Cash and Cash Equivalents at Beginning of Year |  |  | 222,156 |  |  |  | 220,086 |  |  |  | 29,136 |  |  |  | - |  |  |  | 471,378 |
Cash and Cash Equivalents at End of Period |  | $ | 162,129 |  |  | $ | 87,310 |  |  | $ | 24,062 |  |  | $ | - |  |  | $ | 273,321 |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED) NINE MONTHS ENDED SEPTEMBER 30, 2010 (In Thousands)
|  | Tutor Perini Corporation |  |  | Guarantor Subsidiaries |  |  | Non- Guarantor Subsidiaries |  |  | Eliminations |  |  | Total Consolidated |
Cash Flows from Operating Activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 84,591 |  |  | $ | 57,754 |  |  | $ | 6,455 |  |  | $ | (64,209 | ) |  | $ | 84,591 |
Adjustments to reconcile net income to net cash from operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 3,836 |  |  |  | 19,254 |  |  |  | 238 |  |  |  | - |  |  |  | 23,328 |
Equity in earnings of subsidiaries |  |  | (64,209 | ) |  |  | - |  |  |  | - |  |  |  | 64,209 |  |  |  | - |
Stock-based compensation expense |  |  | 10,168 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 10,168 |
Adjustment of investments to fair value |  |  | 25 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 25 |
Deferred income taxes |  |  | (2,957 | ) |  |  | (102 | ) |  |  | - |  |  |  | - |  |  |  | (3,059 | )
Loss on sale of equipment |  |  | 2 |  |  |  | 348 |  |  |  | - |  |  |  | - |  |  |  | 350 |
Other long-term liabilities |  |  | (1,166 | ) |  |  | (2,511 | ) |  |  | - |  |  |  | - |  |  |  | (3,677 | )
Other non-cash items |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Changes in other components of working capital |  |  | (32,552 | ) |  |  | (109,994 | ) |  |  | (5,129 | ) |  |  | - |  |  |  | (147,675 | )
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES |  | $ | (2,262 | ) |  | $ | (35,251 | ) |  | $ | 1,564 |  |  | $ | - |  |  | $ | (35,949 | )
Cash Flows from Investing Activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business acquisition related payments |  |  | (3,000 | ) |  |  | (3,734 | ) |  |  | - |  |  |  | - |  |  |  | (6,734 | )
Acquisition of property and equipment |  |  | (1,178 | ) |  |  | (14,724 | ) |  |  | (233 | ) |  |  | - |  |  |  | (16,135 | )
Proceeds from sale of property and equipment |  |  | 92 |  |  |  | 1,764 |  |  |  | - |  |  |  | - |  |  |  | 1,856 |
Proceeds from sale of available-for-sale securities |  |  | 6,865 |  |  |  | 53 |  |  |  | - |  |  |  | - |  |  |  | 6,918 |
Increase in Restricted Cash |  |  | (23,541 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (23,541 | )
Investment in other activities |  |  | - |  |  |  | 53 |  |  |  | - |  |  |  | - |  |  |  | 53 |
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES |  | $ | (20,762 | ) |  | $ | (16,588 | ) |  | $ | (233 | ) |  | $ | - |  |  | $ | (37,583 | )
Cash Flows from Financing Activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from debt |  |  | 5,786 |  |  |  | 2,938 |  |  |  | - |  |  |  | - |  |  |  | 8,724 |
Repayment of debt |  |  | (10,392 | ) |  |  | (12,851 | ) |  |  | (5,560 | ) |  |  | - |  |  |  | (28,803 | )
Common stock repurchased under share repurchase program |  |  | (39,391 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (39,391 | )
Issuance of common stock and effect of cashless exercise |  |  | (325 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (325 | )
Debt issuance costs |  |  | (1,905 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (1,905 | )
Increase (decrease) in intercompany advances |  |  | (93,511 | ) |  |  | 84,434 |  |  |  | 9,077 |  |  |  | - |  |  |  | - |
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES |  | $ | (139,738 | ) |  | $ | 74,521 |  |  | $ | 3,517 |  |  | $ | - |  |  | $ | (61,700 | )
Net Increase (Decrease) in Cash and Cash Equivalents |  |  | (162,762 | ) |  |  | 22,682 |  |  |  | 4,848 |  |  |  | - |  |  |  | (135,232 | )
Cash and Cash Equivalents at Beginning of Year |  |  | 266,171 |  |  |  | 58,388 |  |  |  | 23,750 |  |  |  | - |  |  |  | 348,309 |
Cash and Cash Equivalents at End of Period |  | $ | 103,409 |  |  | $ | 81,070 |  |  | $ | 28,598 |  |  | $ | - |  |  | $ | 213,077 |

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