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Separate Financial Information of Subsidiary Guarantors of Indebtedness | 9 Months Ended
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Sep. 30, 2014
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 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 Sixth 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 - SEPTEMBER 30, 2014 (UNAUDITED) (in thousands)
|  |  |  |  |  |  |  | Non- |  |  |  |  |  |
|  | Tutor Perini |  | Guarantor |  | Guarantor |  |  |  |  | Total
|  | Corporation |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and Cash Equivalents |  | $ | 70,445 |  | $ | 58,914 |  | $ | 7,869 |  | $ | — |  | $ | 137,228
Restricted Cash |  |  | 3,369 |  |  | 7,898 |  |  | 35,721 |  |  | — |  |  | 46,988
Accounts Receivable |  |  | 382,369 |  |  | 1,265,389 |  |  | 41,438 |  |  | (108,602) |  |  | 1,580,594
Costs and Estimated Earnings in Excess of Billings |  |  | 65,139 |  |  | 666,477 |  |  | 152 |  |  | (11,591) |  |  | 720,177
Deferred Income Taxes |  |  | — |  |  | 15,577 |  |  | — |  |  | (7,626) |  |  | 7,951
Other Current Assets |  |  | 74,481 |  |  | 52,683 |  |  | 31,966 |  |  | (89,812) |  |  | 69,318
Total Current Assets |  |  | 595,803 |  |  | 2,066,938 |  |  | 117,146 |  |  | (217,631) |  |  | 2,562,256
Long-term Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  | —
Property and Equipment, net |  |  | 91,585 |  |  | 431,029 |  |  | 4,367 |  |  | — |  |  | 526,981
Intercompany Notes and Receivables |  |  | — |  |  | 102,889 |  |  | — |  |  | (102,889) |  |  | —
Other Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Goodwill |  |  | — |  |  | 585,006 |  |  | — |  |  | — |  |  | 585,006
Intangible Assets, net |  |  | — |  |  | 103,329 |  |  | — |  |  | — |  |  | 103,329
Investment in Subsidiaries |  |  | 2,146,278 |  |  | 19,518 |  |  | 50 |  |  | (2,165,846) |  |  | —
Other |  |  | 54,503 |  |  | 8,830 |  |  | — |  |  | (5,385) |  |  | 57,948
|  | $ | 2,888,169 |  | $ | 3,317,539 |  | $ | 121,563 |  | $ | (2,491,751) |  | $ | 3,835,520
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Maturities of Long-term Debt |  | $ | 21,079 |  | $ | 44,328 |  | $ | — |  | $ | — |  | $ | 65,407
Accounts Payable |  |  | 215,966 |  |  | 735,776 |  |  | 3,935 |  |  | (92,034) |  |  | 863,643
Billings in Excess of Costs and Estimated Earnings |  |  | 158,148 |  |  | 172,611 |  |  | 34 |  |  | (3,147) |  |  | 327,646
Accrued Expenses and Other Current Liabilities |  |  | 77,902 |  |  | 100,698 |  |  | 55,007 |  |  | (88,271) |  |  | 145,336
Total Current Liabilities |  |  | 473,095 |  |  | 1,053,413 |  |  | 58,976 |  |  | (183,452) |  |  | 1,402,032
Long-term Debt, less current maturities |  |  | 805,592 |  |  | 114,914 |  |  | — |  |  | (40,385) |  |  | 880,121
Deferred Income Taxes |  |  | 107,411 |  |  | 7,914 |  |  | — |  |  | — |  |  | 115,325
Other Long-term Liabilities |  |  | 95,054 |  |  | 2,061 |  |  | — |  |  | — |  |  | 97,115
Intercompany Notes and Advances Payable |  |  | 66,091 |  |  | — |  |  | 36,149 |  |  | (102,240) |  |  | —
|  |  |  |  |  |  |  |  |  |  |  | — |  |  | —
Contingencies and Commitments |  |  |  |  |  |  |  |  |  |  |  |  |  |  | —
Stockholders’ Equity |  |  | 1,340,926 |  |  | 2,139,237 |  |  | 26,438 |  |  | (2,165,674) |  |  | 1,340,927
|  | $ | 2,888,169 |  | $ | 3,317,539 |  | $ | 121,563 |  | $ | (2,491,751) |  | $ | 3,835,520
CONDENSED CONSOLIDATING BALANCE SHEET - DECEMBER 31, 2013 (in thousands)
|  |  |  |  |  |  |  | Non- |  |  |  |  |  |
|  | Tutor 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 |  |  | 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
|  | $ | 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 |  |  | 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
|  | $ | 2,828,833 |  | $ | 3,246,398 |  | $ | 105,810 |  | $ | (2,783,603) |  | $ | 3,397,438
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (UNAUDITED) THREE MONTHS ENDED SEPTEMBER 30, 2014 (in thousands)
|  |  |  |  |  |  |  | Non- |  |  |  |  |  |
|  | Tutor Perini |  | Guarantor |  | Guarantor |  |  |  |  | Total
|  | Corporation |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
Revenues |  | $ | 272,657 |  | $ | 1,020,335 |  | $ | — |  | $ | (42,303) |  | $ | 1,250,689
Cost of Operations |  |  | 242,717 |  |  | 913,797 |  |  | (4,363) |  |  | (42,303) |  |  | 1,109,848
Gross Profit |  | $ | 29,940 |  |  | 106,538 |  |  | 4,363 |  |  | — |  | $ | 140,841
General and Administrative Expenses |  |  | 22,128 |  |  | 47,884 |  |  | 475 |  |  | — |  |  | 70,487
INCOME FROM CONSTRUCTION OPERATIONS |  |  | 7,812 |  |  | 58,654 |  |  | 3,888 |  |  | — |  |  | 70,354
Equity in Earnings of Subsidiaries |  |  | 38,044 |  |  | — |  |  | — |  |  | (38,044) |  |  | —
Other (Expense) Income, net |  |  | (1,246) |  |  | 677 |  |  | 128 |  |  | — |  |  | (441)
Interest Expense |  |  | (10,369) |  |  | (928) |  |  | — |  |  | — |  |  | (11,297)
Income (loss) before Income Taxes |  |  | 34,241 |  |  | 58,403 |  |  | 4,016 |  |  | (38,044) |  |  | 58,616
(Provision) for Income Taxes |  |  | 1,489 |  |  | (22,870) |  |  | (1,505) |  |  | — |  |  | (22,886)
NET INCOME (LOSS) |  | $ | 35,730 |  | $ | 35,533 |  | $ | 2,511 |  | $ | (38,044) |  | $ | 35,730
Other Comprehensive Income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other Comprehensive Income of Subsidiaries |  |  | (456) |  |  | — |  |  | — |  |  | 456 |  |  | —
Foreign currency translation |  |  | — |  |  | (501) |  |  | — |  |  | — |  |  | (501)
Change in fair value of investments |  |  | — |  |  | 45 |  |  | — |  |  | — |  |  | 45
Change in fair value of interest rate swap |  |  | 129 |  |  | — |  |  | — |  |  | — |  |  | 129
Total Other Comprehensive (Loss) Income |  |  | (327) |  |  | (456) |  |  | — |  |  | 456 |  |  | (327)
Total Comprehensive Income (Loss) |  | $ | 35,403 |  | $ | 35,077 |  | $ | 2,511 |  | $ | (37,588) |  | $ | 35,403
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (UNAUDITED) THREE MONTHS ENDED SEPTEMBER 30, 2013 (in thousands)
|  |  |  |  |  |  |  | Non- |  |  |  |  |  |
|  | Tutor Perini |  | Guarantor |  | Guarantor |  |  |  |  | Total
|  | Corporation |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | 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
(LOSS) INCOME FROM CONSTRUCTION OPERATIONS |  |  | 7,527 |  |  | 44,705 |  |  | 5,862 |  |  | — |  |  | 58,094
Equity in Earnings of Subsidiaries |  |  | 32,148 |  |  | — |  |  | — |  |  | (32,148) |  |  | —
Other (Expense) Income, 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
Credit (Provision) for Income Taxes |  |  | 4,475 |  |  | (15,594) |  |  | (2,157) |  |  | — |  |  | (13,276)
NET INCOME (LOSS) |  | $ | 23,759 |  | $ | 28,310 |  | $ | 3,838 |  | $ | (32,148) |  | $ | 23,759
Other Comprehensive Income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other Comprehensive Income of Subsidiaries |  |  | (667) |  |  | — |  |  | — |  |  | 667 |  |  | —
Tax adjustment on minimum pension liability |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
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 (Loss) |  | $ | 23,097 |  | $ | 27,643 |  | $ | 3,838 |  | $ | (31,481) |  | $ | 23,097
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (UNAUDITED) NINE MONTHS ENDED SEPTEMBER 30, 2014 (in thousands)
|  |  |  |  |  |  |  | Non- |  |  |  |  |  |
|  | Tutor Perini |  | Guarantor |  | Guarantor |  |  |  |  | Total
|  | Corporation |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
Revenues |  | $ | 707,448 |  | $ | 2,702,117 |  | $ | — |  | $ | (119,133) |  | $ | 3,290,432
Cost of Operations |  |  | 614,408 |  |  | 2,438,802 |  |  | (19,364) |  |  | (119,133) |  |  | 2,914,713
Gross Profit |  |  | 93,040 |  |  | 263,315 |  |  | 19,364 |  |  | — |  |  | 375,719
General and Administrative Expenses |  |  | 58,908 |  |  | 138,129 |  |  | 1,388 |  |  | — |  |  | 198,425
INCOME FROM CONSTRUCTION OPERATIONS |  |  | 34,132 |  |  | 125,186 |  |  | 17,976 |  |  | — |  |  | 177,294
Equity in Earnings of Subsidiaries |  |  | 85,073 |  |  | — |  |  | — |  |  | (85,073) |  |  | —
Other (Expense) Income, net |  |  | (12,025) |  |  | 861 |  |  | 376 |  |  |  |  |  | (10,788)
Interest Expense |  |  | (30,195) |  |  | (2,790) |  |  | — |  |  | — |  |  | (32,985)
Income (loss) before Income Taxes |  |  | 76,985 |  |  | 123,257 |  |  | 18,352 |  |  | (85,073) |  |  | 133,521
Benefit (Provision) for Income Taxes |  |  | 3,229 |  |  | (49,209) |  |  | (7,327) |  |  | — |  |  | (53,307)
NET INCOME (LOSS) |  | $ | 80,214 |  | $ | 74,048 |  | $ | 11,025 |  | $ | (85,073) |  | $ | 80,214
Other Comprehensive Income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other Comprehensive Income of Subsidiaries |  |  | (221) |  |  | — |  |  | — |  |  | 221 |  |  | —
Foreign currency translation |  |  | — |  |  | (440) |  |  | — |  |  | — |  |  | (440)
Change in fair value of investments |  |  | — |  |  | 219 |  |  | — |  |  | — |  |  | 219
Change in fair value of interest rate swap |  |  | 286 |  |  | — |  |  | — |  |  | — |  |  | 286
Total Other Comprehensive (Loss) Income |  |  | 65 |  |  | (221) |  |  | — |  |  | 221 |  |  | 65
Total Comprehensive Income (Loss) |  | $ | 80,279 |  | $ | 73,827 |  | $ | 11,025 |  | $ | (84,852) |  | $ | 80,279
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (UNAUDITED) NINE MONTHS ENDED SEPTEMBER 30, 2013 (in thousands)
|  |  |  |  |  |  |  | Non- |  |  |  |  |  |
|  | Tutor Perini |  | Guarantor |  | Guarantor |  |  |  |  | Total
|  | Corporation |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | 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
(LOSS) INCOME FROM CONSTRUCTION OPERATIONS |  |  | 3,482 |  |  | 117,377 |  |  | 12,788 |  |  | — |  |  | 133,647
Equity in Earnings of Subsidiaries |  |  | 80,944 |  |  | — |  |  | — |  |  | (80,944) |  |  | —
Other (Expense) Income, 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
Credit (Provision) for Income Taxes |  |  | 15,970 |  |  | (43,135) |  |  | (4,906) |  |  | — |  |  | (32,071)
NET INCOME (LOSS) |  | $ | 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) Income |  |  | (682) |  |  | (1,147) |  |  | — |  |  | 1,147 |  |  | (682)
Total Comprehensive Income (Loss) |  | $ | 53,355 |  | $ | 71,531 |  | $ | 8,266 |  | $ | (79,797) |  | $ | 53,355
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED) NINE MONTHS ENDED SEPTEMBER 30, 2014 (in thousands)
|  |  |  |  |  |  |  | Non- |  |  |  |  |  |
|  | Tutor Perini |  | Guarantor |  | Guarantor |  |  |  |  | Total
|  | Corporation |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
Cash Flows from Operating Activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 80,214 |  | $ | 74,048 |  | $ | 11,025 |  | $ | (85,073) |  | $ | 80,214
Adjustments to reconcile net income to net cash from operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 5,617 |  |  | 36,345 |  |  | 203 |  |  | — |  |  | 42,165
Equity in earnings of subsidiaries |  |  | (85,073) |  |  | — |  |  | — |  |  | 85,073 |  |  | —
Stock-based compensation expense |  |  | 14,127 |  |  | 249 |  |  | — |  |  | — |  |  | 14,376
Excess income tax benefit from stock-based compensation |  |  | (656) |  |  | — |  |  | — |  |  | — |  |  | (656)
Deferred income taxes |  |  | 4,140 |  |  | 11,848 |  |  | — |  |  | — |  |  | 15,988
(Gain) loss on sale of investments |  |  | 1,786 |  |  | — |  |  | — |  |  | — |  |  | 1,786
(Gain) loss on sale of property and equipment |  |  | 833 |  |  | 93 |  |  | — |  |  | — |  |  | 926
Other long-term liabilities |  |  | 2,376 |  |  | (1,120) |  |  | — |  |  | — |  |  | 1,256
Other non-cash items |  |  | 1,324 |  |  | — |  |  | — |  |  | — |  |  | 1,324
Changes in other components of working capital |  |  | (17,700) |  |  | (286,654) |  |  | 3,550 |  |  | — |  |  | (300,804)
NET CASH (USED) PROVIDED BY OPERATING ACTIVITIES |  | $ | 6,988 |  | $ | (165,191) |  | $ | 14,778 |  | $ | — |  | $ | (143,425)
Cash Flows from Investing Activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acquisition of property and equipment excluding financed purchases |  |  | (18,743) |  |  | (19,035) |  |  | — |  |  | — |  |  | (37,778)
Proceeds from sale of property and equipment |  |  | 136 |  |  | 5,017 |  |  | — |  |  | — |  |  | 5,153
Proceeds from sale of available-for-sale securities |  |  | 44,497 |  |  | — |  |  | — |  |  | — |  |  | 44,497
Change in restricted cash |  |  | 15,464 |  |  | 142 |  |  | (20,000) |  |  | — |  |  | (4,394)
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES |  | $ | 41,354 |  | $ | (13,876) |  | $ | (20,000) |  | $ | — |  | $ | 7,478
Cash Flows from Financing Activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from debt |  |  | 952,568 |  |  | 40,442 |  |  | — |  |  | — |  |  | 993,010
Repayment of debt |  |  | (752,030) |  |  | (56,581) |  |  | — |  |  | — |  |  | (808,611)
Business acquisition-related payments |  |  | (26,430) |  |  | — |  |  | — |  |  | — |  |  | (26,430)
Excess income tax benefit from stock-based compensation |  |  | 656 |  |  | — |  |  | — |  |  | — |  |  | 656
Issuance of common stock and effect of cashless exercise |  |  | (1,692) |  |  | — |  |  | — |  |  | — |  |  | (1,692)
Debt Issuance Costs |  |  | (3,681) |  |  | — |  |  | — |  |  | — |  |  | (3,681)
Increase (decrease) in intercompany advances |  |  | (236,283) |  |  | 236,089 |  |  | 194 |  |  | — |  |  | —
NET CASH (USED) PROVIDED BY FINANCING ACTIVITIES |  | $ | (66,892) |  | $ | 219,950 |  | $ | 194 |  | $ | — |  | $ | 153,252
Net (Decrease) Increase in Cash and Cash Equivalents |  |  | (18,550) |  |  | 40,883 |  |  | (5,028) |  |  | — |  |  | 17,305
Cash and Cash Equivalents at Beginning of Year |  |  | 88,995 |  |  | 18,031 |  |  | 12,897 |  |  | — |  |  | 119,923
Cash and Cash Equivalents at End of Period |  | $ | 70,445 |  | $ | 58,914 |  | $ | 7,869 |  | $ | — |  | $ | 137,228
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED) NINE MONTHS ENDED SEPTEMBER 30, 2013 (in thousands)
|  |  |  |  |  |  |  | Non- |  |  |  |  |  |
|  | Tutor Perini |  | Guarantor |  | Guarantor |  |  |  |  | Total
|  | Corporation |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
Cash Flows from Operating Activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 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 long-term liabilities |  |  | 18,723 |  |  | (846) |  |  | — |  |  | — |  |  | 17,877
Other non-cash items |  |  | 1,468 |  |  | (1,024) |  |  | — |  |  | — |  |  | 444
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 excluding financed purchases |  |  | (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 (USED) PROVIDED 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

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