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Separate Financial Information of Subsidiary Guarantors of Indebtedness (Tables) | 12 Months Ended
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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 |

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