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Separate Financial Information of Subsidiary Guarantors of Indebtedness (Tables) | 3 Months Ended
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Mar. 31, 2013
Separate Financial Information of Subsidiary Guarantors of Indebtedness |
Condensed Consolidating Balance Sheet | CONDENSED CONSOLIDATING BALANCE SHEET - MARCH 31, 2013 (UNAUDITED) (in thousands)
|  | Tutor Perini Corporation |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Consolidated |
ASSETS |  |  |  |  |  |  |  |  |  |  |
Cash and Cash Equivalents |  | $ | 64,759 |  | $ | 48,549 |  | $ | 19,010 |  | $ | — |  | $ | 132,318 |
Restricted Cash |  | 23,441 |  | 8,485 |  | 13,305 |  | — |  | 45,231 |
Accounts Receivable |  | 228,946 |  | 1,221,539 |  | 4,577 |  | (123,507 | ) | 1,331,555 |
Costs and Estimated Earnings in Excess of Billings |  | 94,935 |  | 409,959 |  | 152 |  | (25,685 | ) | 479,361 |
Deferred Income Taxes |  | — |  | 15,488 |  | — |  | (5,767 | ) | 9,721 |
Other Current Assets |  | 43,674 |  | 39,572 |  | 3,947 |  | (12,693 | ) | 74,500 |
Total Current Assets |  | 455,755 |  | 1,743,592 |  | 40,991 |  | (167,652 | ) | 2,072,686 |
Long-term Investments |  | 46,283 |  | — |  | — |  | — |  | 46,283 |
Property and Equipment, net |  | 68,502 |  | 414,110 |  | 4,773 |  | — |  | 487,385 |
Intercompany Notes and Receivables |  | — |  | 334,261 |  | — |  | (334,261 | ) | — |
Other Assets: |  |  |  |  |  |  |  |  |  |  |
Goodwill |  | — |  | 570,646 |  | — |  | — |  | 570,646 |
Intangible Assets, net |  | — |  | 123,551 |  | — |  | — |  | 123,551 |
Investment in Subsidiaries |  | 2,083,424 |  | 4 |  | 50 |  | (2,083,478 | ) | — |
Other |  | 80,809 |  | 10,682 |  | 35,375 |  | (39,979 | ) | 86,887 |
|  | $ | 2,734,773 |  | $ | 3,196,846 |  | $ | 81,189 |  | $ | (2,625,370 | ) | $ | 3,387,438 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |
Current Maturities of Long-term Debt |  | $ | 42,165 |  | $ | 25,165 |  | $ | — |  | $ | — |  | $ | 67,330 |
Accounts Payable |  | 133,630 |  | 720,808 |  | 671 |  | (149,193 | ) | 705,916 |
Billings in Excess of Costs and Estimated Earnings |  | 110,907 |  | 184,324 |  | 34 |  | — |  | 295,265 |
Accrued Expenses and Other Current Liabilities |  | 63,815 |  | 88,419 |  | 42,514 |  | (18,499 | ) | 176,249 |
Total Current Liabilities |  | 350,517 |  | 1,018,716 |  | 43,219 |  | (167,692 | ) | 1,244,760 |
Long-term Debt, less current maturities |  | 677,244 |  | 99,818 |  | — |  | (39,979 | ) | 737,083 |
Deferred Income Taxes |  | 102,227 |  | 7,761 |  | — |  | — |  | 109,988 |
Other Long-term Liabilities |  | 129,595 |  | 4,314 |  | — |  | — |  | 133,909 |
Intercompany Notes and Advances Payable |  | 313,492 |  | — |  | 20,720 |  | (334,212 | ) | — |
Contingencies and Commitments |  |  |  |  |  |  |  |  |  |  |
Stockholders’ Equity |  | 1,161,698 |  | 2,066,237 |  | 17,250 |  | (2,083,487 | ) | 1,161,698 |
|  | $ | 2,734,773 |  | $ | 3,196,846 |  | $ | 81,189 |  | $ | (2,625,370 | ) | $ | 3,387,438 |
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 MARCH 31, 2013 (in thousands)
|  | Tutor Perini Corporation |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Consolidated |
Revenues |  | $ | 139,777 |  | $ | 921,413 |  | $ | — |  | $ | (68,262 | ) | $ | 992,928 |
Cost of Operations |  | 125,089 |  | 839,820 |  | (4,076 | ) | (68,262 | ) | 892,571 |
Gross Profit |  | 14,688 |  | 81,593 |  | 4,076 |  | — |  | 100,357 |
General and Administrative Expenses |  | 18,777 |  | 45,031 |  | 470 |  | — |  | 64,278 |
INCOME (LOSS) FROM CONSTRUCTION OPERATIONS |  | (4,089 | ) | 36,562 |  | 3,606 |  | — |  | 36,079 |
Equity in Earnings of Subsidiaries |  | 24,356 |  | — |  | — |  | (24,356 | ) | — |
Other Income (Expense), net |  | (809 | ) | (144 | ) | 126 |  | — |  | (827 | )
Interest Expense |  | (10,545 | ) | (791 | ) | — |  | — |  | (11,336 | )
Income (loss) before Income Taxes |  | 8,913 |  | 35,627 |  | 3,732 |  | (24,356 | ) | 23,916 |
(Provision) Credit for Income Taxes |  | 5,887 |  | (13,580 | ) | (1,423 | ) | — |  | (9,116 | )
NET (LOSS) INCOME |  | $ | 14,800 |  | $ | 22,047 |  | $ | 2,309 |  | $ | (24,356 | ) | $ | 14,800 |
Other Comprehensive Income: |  |  |  |  |  |  |  |  |  |  |
Other Comprehensive Income of Subsidiaries |  | (85 | ) | — |  | — |  | 85 |  | — |
Foreign currency translation |  | — |  | (186 | ) | — |  | — |  | (186 | )
Change in fair value of investments |  | — |  | 101 |  | — |  | — |  | 101 |
Change in fair value of interest rate swap |  | 168 |  | — |  | — |  | — |  | 168 |
Total Other Comprehensive Loss |  | 83 |  | (85 | ) | — |  | 85 |  | 83 |
Total Comprehensive Income |  | $ | 14,883 |  | $ | 21,962 |  | $ | 2,309 |  | $ | (24,271 | ) | $ | 14,883 |
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (UNAUDITED) THREE MONTHS ENDED MARCH 31, 2012 (in thousands)
|  | Tutor Perini Corporation |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Consolidated |
Revenues |  | $ | 69,125 |  | $ | 861,695 |  | $ | — |  | $ | (18,286 | ) | $ | 912,534 |
Cost of Operations |  | 62,694 |  | 785,894 |  | (3,927 | ) | (18,286 | ) | 826,375 |
Gross Profit |  | 6,431 |  | 75,801 |  | 3,927 |  | — |  | 86,159 |
General and Administrative Expenses |  | 18,909 |  | 49,718 |  | 569 |  | — |  | 69,196 |
INCOME (LOSS) FROM CONSTRUCTION OPERATIONS |  | (12,478 | ) | 26,083 |  | 3,358 |  | — |  | 16,963 |
Equity in Earnings of Subsidiaries |  | 17,532 |  | — |  | — |  | (17,532 | ) | — |
Other Income (Expense), net |  | (2,064 | ) | (476 | ) | 232 |  | — |  | (2,308 | )
Interest Expense |  | (10,071 | ) | (1,011 | ) | — |  | — |  | (11,082 | )
Income (loss) before Income Taxes |  | (7,081 | ) | 24,596 |  | 3,590 |  | (17,532 | ) | 3,573 |
(Provision) Credit for Income Taxes |  | 5,878 |  | (9,297 | ) | (1,357 | ) | — |  | (4,776 | )
NET (LOSS) INCOME |  | $ | (1,203 | ) | $ | 15,299 |  | $ | 2,233 |  | $ | (17,532 | ) | $ | (1,203 | )
Other Comprehensive Income: |  |  |  |  |  |  |  |  |  |  |
Other Comprehensive Income of Subsidiaries |  | 525 |  | — |  | — |  | (525 | ) | — |
Foreign currency translation |  | — |  | 323 |  | — |  | — |  | 323 |
Change in fair value of investments |  | — |  | 202 |  | — |  | — |  | 202 |
Change in fair value of interest rate swap |  | (685 | ) | — |  | — |  | — |  | (685 | )
Realized loss on sale of investments recorded in net income (loss) |  | 2,005 |  | — |  | — |  | — |  | 2,005 |
Total Other Comprehensive Loss |  | 1,845 |  | 525 |  | — |  | (525 | ) | 1,845 |
Total Comprehensive Income |  | $ | 642 |  | $ | 15,824 |  | $ | 2,233 |  | $ | (18,057 | ) | $ | 642 |
Condensed Consolidating Statement of Cash Flows | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED) THREE MONTHS ENDED MARCH 31, 2013 (in thousands)
|  | Tutor Perini Corporation |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Total Consolidated |
Cash Flows from Operating Activities: |  |  |  |  |  |  |  |  |  |  |
Net (loss) income |  | $ | 14,800 |  | $ | 22,047 |  | $ | 2,309 |  | $ | (24,356 | ) | $ | 14,800 |
Adjustments to reconcile net income to net cash from operating activities: |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  | 1,549 |  | 12,176 |  | 68 |  | — |  | 13,793 |
Equity in earnings of subsidiaries |  | (24,356 | ) | — |  | — |  | 24,356 |  | — |
Stock-based compensation expense |  | 3,078 |  | — |  | — |  | — |  | 3,078 |
Deferred income taxes |  | 33 |  | 315 |  | — |  | — |  | 348 |
Gain on sale of property and equipment |  | — |  | (76 | ) | — |  | — |  | (76 | )
Other non-cash items |  | 1,366 |  | (1,563 | ) | — |  | — |  | (197 | )
Other long-term liabilities |  | 1,803 |  | 48 |  | — |  | — |  | 1,851 |
Changes in other components of working capital |  | 24,353 |  | (141,988 | ) | (417 | ) | — |  | (118,052 | )
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES |  | $ | 22,626 |  | $ | (109,041 | ) | $ | 1,960 |  | $ | — |  | $ | (84,455 | )
Cash Flows from Investing Activities: |  |  |  |  |  |  |  |  |  |  |
Acquisition of property and equipment |  | (5,090 | ) | (7,089 | ) | — |  | — |  | (12,179 | )
Proceeds from sale of property and equipment |  | 6 |  | 233 |  | — |  | — |  | 239 |
Change in restricted cash |  | 6,795 |  | (4 | ) | (13,305 | ) | — |  | (6,514 | )
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES |  | $ | 1,711 |  | $ | (6,860 | ) | $ | (13,305 | ) | $ | — |  | $ | (18,454 | )
Cash Flows from Financing Activities: |  |  |  |  |  |  |  |  |  |  |
Proceeds from debt |  | 293,650 |  | (636 | ) | — |  | — |  | 293,014 |
Repayment of debt |  | (220,262 | ) | (5,422 | ) | — |  | — |  | (225,684 | )
Issuance of common stock and effect of cashless exercise |  | (159 | ) | — |  | — |  | — |  | (159 | )
Increase (decrease) in intercompany advances |  | (97,470 | ) | 96,123 |  | 1,347 |  | — |  | — |
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES |  | $ | (24,241 | ) | $ | 90,065 |  | $ | 1,347 |  | $ | — |  | $ | 67,171 |
Net Increase (Decrease) in Cash and Cash Equivalents |  | 96 |  | (25,836 | ) | (9,998 | ) | — |  | (35,738 | )
Cash and Cash Equivalents at Beginning of Year |  | 64,663 |  | 74,385 |  | 29,008 |  | — |  | 168,056 |
Cash and Cash Equivalents at End of Period |  | $ | 64,759 |  | $ | 48,549 |  | $ | 19,010 |  | $ | — |  | $ | 132,318 |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED) THREE MONTHS ENDED MARCH 31, 2012 (in thousands)
|  | Tutor Perini Corporation |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Total Consolidated |
Cash Flows from Operating Activities: |  |  |  |  |  |  |  |  |  |  |
Net (loss) income |  | $ | (1,203 | ) | $ | 15,299 |  | $ | 2,233 |  | $ | (17,532 | ) | $ | (1,203 | )
Adjustments to reconcile net income to net cash from operating activities: |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  | 1,175 |  | 14,547 |  | 68 |  | — |  | 15,790 |
Equity in earnings of subsidiaries |  | (17,532 | ) | — |  | — |  | 17,532 |  | — |
Stock-based compensation expense |  | 3,419 |  | — |  | — |  | — |  | 3,419 |
Deferred income taxes |  | 5,765 |  | (72 | ) | — |  | — |  | 5,693 |
Adjustment of interest rate swap to fair value |  | 264 |  | — |  | — |  | — |  | 264 |
Loss on sale of investments |  | 2,699 |  | — |  | — |  | — |  | 2,699 |
(Gain) Loss on sale of equipment |  | 23 |  | (102 | ) | — |  | — |  | (79 | )
Other long-term liabilities |  | 840 |  | (626 | ) | — |  | — |  | 214 |
Other non-cash items |  | 322 |  | 445 |  | — |  | — |  | 767 |
Changes in other components of working capital |  | 33,476 |  | (92,750 | ) | 6,672 |  | — |  | (52,602 | )
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES |  | $ | 29,248 |  | $ | (63,259 | ) | $ | 8,973 |  | $ | — |  | $ | (25,038 | )
Cash Flows from Investing Activities: |  |  |  |  |  |  |  |  |  |  |
Acquisition of property and equipment |  | (5,761 | ) | (4,888 | ) | — |  | — |  | (10,649 | )
Proceeds from sale of property and equipment |  | — |  | 3,968 |  | — |  | — |  | 3,968 |
Investments in available-for-sale securities |  | — |  | (535 | ) | — |  | — |  | (535 | )
Proceeds from sale of available-for-sale securities |  | 16,553 |  | — |  | — |  | — |  | 16,553 |
Change in restricted cash |  | (6 | ) | (7 | ) | — |  | — |  | (13 | )
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES |  | $ | 10,786 |  | $ | (1,462 | ) | $ | — |  | $ | — |  | $ | 9,324 |
Cash Flows from Financing Activities: |  |  |  |  |  |  |  |  |  |  |
Proceeds from debt |  | 98,500 |  | — |  | — |  | — |  | 98,500 |
Repayment of debt |  | (89,076 | ) | (6,031 | ) | — |  | — |  | (95,107 | )
Business acquisition related payments |  | (1,188 | ) | — |  | — |  | — |  | (1,188 | )
Issuance of common stock and effect of cashless exercise |  | (307 | ) | — |  | — |  | — |  | (307 | )
Debt issuance costs |  | (10 | ) | — |  | — |  | — |  | (10 | )
Increase (decrease) in intercompany advances |  | (60,606 | ) | 59,340 |  | 1,266 |  | — |  | — |
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES |  | $ | (52,687 | ) | $ | 53,309 |  | $ | 1,266 |  | $ | — |  | $ | 1,888 |
Net Increase (Decrease) in Cash and Cash Equivalents |  | (12,653 | ) | (11,412 | ) | 10,239 |  | — |  | (13,826 | )
Cash and Cash Equivalents at Beginning of Year |  | 134,936 |  | 52,492 |  | 16,812 |  | — |  | 204,240 |
Cash and Cash Equivalents at End of Period |  | $ | 122,283 |  | $ | 41,080 |  | $ | 27,051 |  | $ | — |  | $ | 190,414 |

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