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Separate Financial Information of Subsidiary Guarantors of Indebtedness | 6 Months Ended
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Jun. 30, 2015
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 - JUNE 30, 2015 (Unaudited-in thousands)
|  |  |  |  |  |  | Non- |  |  |  |  |  |
| Tutor Perini |  | Guarantor |  | Guarantor |  |  |  |  | Total
| Corporation |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and Cash Equivalents | $ | 63,130 |  | $ | 30,780 |  | $ | 13,007 |  | $ | — |  | $ | 106,917
Restricted Cash |  | 3,369 |  |  | 4,935 |  |  | 31,189 |  |  | — |  |  | 39,493
Accounts Receivable |  | 432,447 |  |  | 1,180,502 |  |  | 39,656 |  |  | (99,091) |  |  | 1,553,514
Costs and Estimated Earnings in Excess of Billings |  | 87,446 |  |  | 801,198 |  |  | 152 |  |  | (72,316) |  |  | 816,480
Deferred Income Taxes |  | 2,323 |  |  | 15,629 |  |  | — |  |  | — |  |  | 17,952
Other Current Assets |  | 51,069 |  |  | 49,382 |  |  | 38,448 |  |  | (35,656) |  |  | 103,243
Total Current Assets | $ | 639,784 |  | $ | 2,082,426 |  | $ | 122,452 |  | $ | (207,063) |  | $ | 2,637,599
Long-term Investments | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | —
Property and Equipment, net |  | 108,970 |  |  | 424,659 |  |  | 4,204 |  |  | — |  |  | 537,833
Intercompany Notes and Receivables |  | — |  |  | 183,867 |  |  | — |  |  | (183,867) |  |  | —
Other Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Goodwill |  | — |  |  | 585,006 |  |  | — |  |  | — |  |  | 585,006
Intangible Assets, net |  | — |  |  | 98,368 |  |  | — |  |  | — |  |  | 98,368
Investment in Subsidiaries |  | 2,144,042 |  |  | 4 |  |  | 50 |  |  | (2,144,096) |  |  | —
Other |  | 80,149 |  |  | 10,230 |  |  | — |  |  | (5,549) |  |  | 84,830
| $ | 2,972,945 |  | $ | 3,384,560 |  | $ | 126,706 |  | $ | (2,540,575) |  | $ | 3,943,636
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Maturities of Long-term Debt | $ | 40,737 |  | $ | 45,364 |  | $ | — |  | $ | — |  | $ | 86,101
Accounts Payable |  | 239,992 |  |  | 862,841 |  |  | 917 |  |  | (140,520) |  |  | 963,230
Billings in Excess of Costs and Estimated Earnings |  | 97,399 |  |  | 176,263 |  |  | 34 |  |  | (10,296) |  |  | 263,400
Accrued Expenses and Other Current Liabilities |  | 22,437 |  |  | 100,349 |  |  | 64,390 |  |  | (20,978) |  |  | 166,198
Total Current Liabilities | $ | 400,565 |  | $ | 1,184,817 |  | $ | 65,341 |  | $ | (171,794) |  | $ | 1,478,929
Long-term Debt, less current maturities |  | 752,931 |  |  | 94,307 |  |  | — |  |  | (40,586) |  |  | 806,652
Deferred Income Taxes |  | 142,279 |  |  | 7,914 |  |  | — |  |  | — |  |  | 150,193
Other Long-term Liabilities |  | 111,290 |  |  | 1,994 |  |  | — |  |  | — |  |  | 113,284
Intercompany Notes and Advances Payable |  | 152,397 |  |  | — |  |  | 31,470 |  |  | (183,867) |  |  | —
Contingencies and Commitments |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Stockholders’ Equity |  | 1,413,483 |  |  | 2,095,528 |  |  | 29,895 |  |  | (2,144,328) |  |  | 1,394,578
| $ | 2,972,945 |  | $ | 3,384,560 |  | $ | 126,706 |  | $ | (2,540,575) |  | $ | 3,943,636
CONDENSED CONSOLIDATING BALANCE SHEET - DECEMBER 31, 2014 (Unaudited-in thousands)
|  |  |  |  |  |  | Non- |  |  |  |  |  |
| Tutor Perini |  | Guarantor |  | Guarantor |  |  |  |  | Total
| Corporation |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and Cash Equivalents | $ | 75,087 |  | $ | 36,764 |  | $ | 23,732 |  | $ | — |  | $ | 135,583
Restricted Cash |  | 3,369 |  |  | 5,274 |  |  | 35,727 |  |  | — |  |  | 44,370
Accounts Receivable |  | 299,427 |  |  | 1,246,635 |  |  | 37,064 |  |  | (103,622) |  |  | 1,479,504
Costs and Estimated Earnings in Excess of Billings |  | 70,344 |  |  | 700,362 |  |  | 152 |  |  | (44,456) |  |  | 726,402
Deferred Income Taxes |  | — |  |  | 15,639 |  |  | — |  |  | 2,323 |  |  | 17,962
Other Current Assets |  | 39,196 |  |  | 42,750 |  |  | 24,397 |  |  | (37,608) |  |  | 68,735
Total Current Assets | $ | 487,423 |  | $ | 2,047,424 |  | $ | 121,072 |  | $ | (183,363) |  | $ | 2,472,556
Long-term Investments |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Property and Equipment, net |  | 92,413 |  |  | 430,876 |  |  | 4,313 |  |  | — |  |  | 527,602
Intercompany Notes and Receivables |  | — |  |  | 122,401 |  |  | — |  |  | (122,401) |  |  | —
Other Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Goodwill |  | — |  |  | 585,006 |  |  | — |  |  | — |  |  | 585,006
Intangible Assets, net |  | — |  |  | 100,254 |  |  | — |  |  | — |  |  | 100,254
Investment in Subsidiaries |  | 2,154,562 |  |  | 19,519 |  |  | 50 |  |  | (2,174,131) |  |  | —
Other |  | 83,503 |  |  | 9,847 |  |  | — |  |  | (5,453) |  |  | 87,897
| $ | 2,817,901 |  | $ | 3,315,327 |  | $ | 125,435 |  | $ | (2,485,348) |  | $ | 3,773,315
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Maturities of Long-term Debt |  | 34,776 |  |  | 46,516 |  |  | — |  |  | — |  |  | 81,292
Accounts Payable |  | 186,958 |  |  | 716,851 |  |  | 3,749 |  |  | (109,384) |  |  | 798,174
Billings in Excess of Costs and Estimated Earnings |  | 139,020 |  |  | 185,807 |  |  | 2,672 |  |  | (8,203) |  |  | 319,296
Accrued Expenses and Other Current Liabilities |  | 33,018 |  |  | 95,177 |  |  | 58,571 |  |  | (26,952) |  |  | 159,814
Total Current Liabilities | $ | 393,772 |  | $ | 1,044,351 |  | $ | 64,992 |  | $ | (144,539) |  | $ | 1,358,576
Long-term Debt, less current maturities |  | 712,460 |  |  | 112,060 |  |  | — |  |  | (40,453) |  |  | 784,067
Deferred Income Taxes |  | 142,457 |  |  | 7,914 |  |  | — |  |  | — |  |  | 150,371
Other Long-term Liabilities |  | 112,899 |  |  | 1,897 |  |  | — |  |  | — |  |  | 114,796
Intercompany Notes and Advances Payable |  | 90,373 |  |  | — |  |  | 35,619 |  |  | (125,992) |  |  | —
Contingencies and Commitments |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Stockholders’ Equity |  | 1,365,939 |  |  | 2,149,105 |  |  | 24,824 |  |  | (2,174,363) |  |  | 1,365,505
| $ | 2,817,900 |  | $ | 3,315,327 |  | $ | 125,435 |  | $ | (2,485,347) |  | $ | 3,773,315
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS THREE MONTHS ENDED JUNE 30, 2015 (Unaudited-in thousands)
|  |  |  |  |  |  |  | Non- |  |  |  |  |  |
|  | Tutor Perini |  | Guarantor |  | Guarantor |  |  |  |  | Total
|  | Corporation |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
Revenues |  | $ | 309,217 |  | $ | 1,065,766 |  | $ | 2,793 |  | $ | (65,338) |  | $ | 1,312,438
Cost of Operations |  |  | 265,129 |  |  | 1,014,027 |  |  | — |  |  | (65,338) |  |  | 1,213,818
Gross Profit |  | $ | 44,088 |  | $ | 51,739 |  | $ | 2,793 |  | $ | — |  | $ | 98,620
General and Administrative Expenses |  |  | 25,289 |  |  | 41,985 |  |  | 465 |  |  | — |  |  | 67,739
INCOME FROM CONSTRUCTION OPERATIONS |  | $ | 18,799 |  | $ | 9,754 |  | $ | 2,328 |  | $ | — |  | $ | 30,881
Equity in Earnings of Subsidiaries |  |  | 6,586 |  |  | — |  |  | — |  |  | (6,586) |  |  | —
Other (Expense) Income, net |  |  | (466) |  |  | 431 |  |  | 135 |  |  | — |  |  | 100
Interest Expense |  |  | (10,134) |  |  | (855) |  |  | — |  |  | — |  |  | (10,989)
Income (Loss) before Income Taxes |  |  | 14,785 |  |  | 9,330 |  |  | 2,463 |  |  | (6,586) |  |  | 19,992
Benefit (Provision) for Income Taxes |  |  | (3,008) |  |  | (4,121) |  |  | (1,086) |  |  | — |  |  | (8,215)
NET INCOME (LOSS) |  | $ | 11,777 |  | $ | 5,209 |  | $ | 1,377 |  | $ | (6,586) |  | $ | 11,777
Other Comprehensive Income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other Comprehensive Income of Subsidiaries |  |  | (1,220) |  |  | — |  |  | — |  |  | 1,220 |  |  | —
Foreign currency translation |  |  | — |  |  | (1,146) |  |  | — |  |  | — |  |  | (1,146)
Change in fair value of investments |  |  | — |  |  | (74) |  |  | — |  |  | — |  |  | (74)
Change in fair value of interest rate swap |  |  | 60 |  |  | — |  |  | — |  |  | — |  |  | 60
Total Other Comprehensive (Loss) Income |  | $ | (1,160) |  | $ | (1,220) |  | $ | — |  | $ | 1,220 |  | $ | (1,160)
Total Comprehensive Income (Loss) |  | $ | 10,617 |  | $ | 3,989 |  | $ | 1,377 |  | $ | (5,366) |  | $ | 10,617
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS THREE MONTHS ENDED JUNE 30, 2014 (Unaudited-in thousands)
|  |  |  |  |  |  |  | Non- |  |  |  |  |  |
|  | Tutor Perini |  | Guarantor |  | Guarantor |  |  |  |  | Total
|  | Corporation |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
Revenues |  | $ | 207,944 |  | $ | 918,146 |  | $ | — |  | $ | (41,580) |  | $ | 1,084,510
Cost of Operations |  |  | 177,877 |  |  | 827,097 |  |  | (8,415) |  |  | (41,580) |  |  | 954,979
Gross Profit |  | $ | 30,067 |  | $ | 91,049 |  | $ | 8,415 |  | $ | — |  | $ | 129,531
General and Administrative Expenses |  |  | 18,985 |  |  | 44,625 |  |  | 478 |  |  | — |  |  | 64,088
INCOME FROM CONSTRUCTION OPERATIONS |  | $ | 11,082 |  | $ | 46,424 |  | $ | 7,937 |  | $ | — |  | $ | 65,443
Equity in Earnings of Subsidiaries |  |  | 31,748 |  |  | — |  |  | — |  |  | (31,748) |  |  | —
Other (Expense) Income, net |  |  | (6,684) |  |  | (418) |  |  | 128 |  |  | — |  |  | (6,974)
Interest Expense |  |  | (9,809) |  |  | (1,048) |  |  | — |  |  | — |  |  | (10,857)
Income (Loss) before Income Taxes |  | $ | 26,337 |  | $ | 44,958 |  | $ | 8,065 |  | $ | (31,748) |  | $ | 47,612
Benefit (Provision) for Income Taxes |  |  | 2,208 |  |  | (18,062) |  |  | (3,213) |  |  | — |  |  | (19,067)
NET INCOME (LOSS) |  | $ | 28,545 |  | $ | 26,896 |  | $ | 4,852 |  | $ | (31,748) |  | $ | 28,545
Other Comprehensive Income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other Comprehensive Income of Subsidiaries |  |  | 340 |  |  | — |  |  | — |  |  | (340) |  |  | —
Foreign currency translation |  |  | — |  |  | 347 |  |  | — |  |  | — |  |  | 347
Change in fair value of investments |  |  | — |  |  | (7) |  |  | — |  |  | — |  |  | (7)
Change in fair value of interest rate swap |  |  | 76 |  |  | — |  |  | — |  |  | — |  |  | 76
Total Other Comprehensive (Loss) Income |  | $ | 416 |  | $ | 340 |  | $ | — |  | $ | (340) |  | $ | 416
Total Comprehensive Income (Loss) |  | $ | 28,961 |  | $ | 27,236 |  | $ | 4,852 |  | $ | (32,088) |  | $ | 28,961
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS SIX MONTHS ENDED JUNE 30, 2015 (Unaudited-in thousands)
|  |  |  |  |  |  |  | Non- |  |  |  |  |  |
|  | Tutor Perini |  | Guarantor |  | Guarantor |  |  |  |  | Total
|  | Corporation |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
Revenues |  | $ | 545,509 |  | $ | 1,950,869 |  | $ | 7,084 |  | $ | (124,559) |  | $ | 2,378,903
Cost of Operations |  |  | 474,962 |  |  | 1,839,121 |  |  | — |  |  | (124,559) |  |  | 2,189,524
Gross Profit |  | $ | 70,547 |  | $ | 111,748 |  | $ | 7,084 |  | $ | — |  | $ | 189,379
General and Administrative Expenses |  |  | 50,324 |  |  | 87,151 |  |  | 939 |  |  | — |  |  | 138,414
INCOME FROM CONSTRUCTION OPERATIONS |  | $ | 20,223 |  | $ | 24,597 |  | $ | 6,145 |  | $ | — |  | $ | 50,965
Equity in Earnings of Subsidiaries |  |  | 18,526 |  |  | — |  |  | — |  |  | (18,526) |  |  | —
Other (Expense) Income, net |  |  | (2,535) |  |  | 1,627 |  |  | 253 |  |  | — |  |  | (655)
Interest Expense |  |  | (20,397) |  |  | (1,716) |  |  | — |  |  | — |  |  | (22,113)
Income (loss) before Income Taxes |  |  | 15,817 |  |  | 24,508 |  |  | 6,398 |  |  | (18,526) |  |  | 28,197
Benefit (Provision) for Income Taxes |  |  | 1,086 |  |  | (9,817) |  |  | (2,563) |  |  | — |  |  | (11,294)
NET INCOME (LOSS) |  | $ | 16,903 |  | $ | 14,691 |  | $ | 3,835 |  | $ | (18,526) |  | $ | 16,903
Other Comprehensive Income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other Comprehensive Income of Subsidiaries |  |  | (1,818) |  |  | — |  |  | — |  |  | 1,818 |  |  | —
Foreign currency translation |  |  | — |  |  | (1,734) |  |  | — |  |  | — |  |  | (1,734)
Change in fair value of investments |  |  | — |  |  | (84) |  |  | — |  |  | — |  |  | (84)
Change in fair value of interest rate swap |  |  | 105 |  |  | — |  |  | — |  |  | — |  |  | 105
Total Other Comprehensive (Loss) Income |  |  | (1,713) |  |  | (1,818) |  |  | — |  |  | 1,818 |  |  | (1,713)
Total Comprehensive Income (Loss) |  | $ | 15,190 |  | $ | 12,873 |  | $ | 3,835 |  | $ | (16,708) |  | $ | 15,190
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS SIX MONTHS ENDED JUNE 30, 2014 (Unaudited-in thousands)
|  |  |  |  |  |  |  | Non- |  |  |  |  |  |
|  | Tutor Perini |  | Guarantor |  | Guarantor |  |  |  |  | Total
|  | Corporation |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
Revenues |  | $ | 434,791 |  | $ | 1,681,782 |  | $ | — |  | $ | (76,830) |  | $ | 2,039,743
Cost of Operations |  |  | 371,691 |  |  | 1,525,005 |  |  | (15,001) |  |  | (76,830) |  |  | 1,804,865
Gross Profit |  |  | 63,100 |  |  | 156,777 |  |  | 15,001 |  |  | — |  |  | 234,878
General and Administrative Expenses |  |  | 36,780 |  |  | 90,245 |  |  | 913 |  |  | — |  |  | 127,938
INCOME FROM CONSTRUCTION OPERATIONS |  |  | 26,320 |  |  | 66,532 |  |  | 14,088 |  |  | — |  |  | 106,940
Equity in Earnings of Subsidiaries |  |  | 47,029 |  |  | — |  |  | — |  |  | (47,029) |  |  | —
Other (Expense) Income, net |  |  | (10,779) |  |  | 184 |  |  | 248 |  |  | — |  |  | (10,347)
Interest Expense |  |  | (19,826) |  |  | (1,862) |  |  | — |  |  | — |  |  | (21,688)
Income (Loss) before Income Taxes |  |  | 42,744 |  |  | 64,854 |  |  | 14,336 |  |  | (47,029) |  |  | 74,905
Benefit (Provision) for Income Taxes |  |  | 1,740 |  |  | (26,339) |  |  | (5,822) |  |  | — |  |  | (30,421)
NET INCOME (LOSS) |  | $ | 44,484 |  | $ | 38,515 |  | $ | 8,514 |  | $ | (47,029) |  | $ | 44,484
Other Comprehensive Income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other Comprehensive Income of Subsidiaries |  |  | 235 |  |  | — |  |  | — |  |  | (235) |  |  | —
Change in pension benefit plans assets/liabilities |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Foreign currency translation |  |  | — |  |  | 61 |  |  | — |  |  | — |  |  | 61
Change in fair value of investments |  |  | — |  |  | 174 |  |  | — |  |  | — |  |  | 174
Change in fair value of interest rate swap |  |  | 157 |  |  | — |  |  | — |  |  | — |  |  | 157
Total Other Comprehensive (Loss) Income |  |  | 392 |  |  | 235 |  |  | — |  |  | (235) |  |  | 392
Total Comprehensive Income (Loss) |  | $ | 44,876 |  | $ | 38,750 |  | $ | 8,514 |  | $ | (47,264) |  | $ | 44,876
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS SIX MONTHS ENDED JUNE 30, 2015 (Unaudited-in thousands)
|  |  |  |  |  |  |  | Non- |  |  |  |  |  |
|  | Tutor Perini |  | Guarantor |  | Guarantor |  |  |  |  | Total
|  | Corporation |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
Cash Flows from Operating Activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 16,903 |  | $ | 14,691 |  | $ | 3,835 |  | $ | (18,526) |  | $ | 16,903
Adjustments to reconcile net income to net cash from operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 5,964 |  |  | 15,333 |  |  | 137 |  |  | — |  |  | 21,434
Equity in earnings of subsidiaries |  |  | (18,526) |  |  | — |  |  | — |  |  | 18,526 |  |  | —
Stock-based compensation expense |  |  | 13,324 |  |  | — |  |  | — |  |  | — |  |  | 13,324
Excess income tax benefit from stock-based compensation |  |  | (162) |  |  | — |  |  | — |  |  | — |  |  | (162)
Adjustment of investments to fair value |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Adjustment interest rate swap to fair value |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Deferred income taxes |  |  | (177) |  |  | — |  |  | — |  |  | — |  |  | (177)
(Gain) loss on sale of investments |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
(Gain) loss on sale of property and equipment |  |  | 29 |  |  | (342) |  |  | — |  |  | — |  |  | (313)
Other long-term liabilities |  |  | (56) |  |  | 98 |  |  | — |  |  | — |  |  | 42
Other non-cash items |  |  | 1,881 |  |  | (5,140) |  |  | — |  |  | — |  |  | (3,259)
Changes in other components of working capital |  |  | (159,846) |  |  | 96,590 |  |  | (16,294) |  |  | — |  |  | (79,550)
NET CASH (USED) PROVIDED BY OPERATING ACTIVITIES |  | $ | (140,666) |  | $ | 121,230 |  | $ | (12,322) |  | $ | — |  | $ | (31,758)
Cash Flows from Investing Activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acquisition of property and equipment excluding financed purchases |  |  | — |  |  | (29,516) |  |  | (28) |  |  | — |  |  | (29,544)
Proceeds from sale of property and equipment |  |  | (21,505) |  |  | 22,627 |  |  | — |  |  | — |  |  | 1,122
Proceeds from sale of available-for-sale securities |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
(Increase) decrease in intercompany advances |  |  | — |  |  | (101,660) |  |  | — |  |  | 101,660 |  |  | —
Change in restricted cash |  |  | — |  |  | 339 |  |  | 4,538 |  |  | — |  |  | 4,877
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES |  | $ | (21,505) |  | $ | (108,210) |  | $ | 4,510 |  | $ | 101,660 |  | $ | (23,545)
Cash Flows from Financing Activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from debt |  |  | 473,362 |  |  | 128 |  |  | — |  |  | — |  |  | 473,490
Repayment of debt |  |  | (427,107) |  |  | (19,132) |  |  | — |  |  | — |  |  | (446,239)
Business acquisition-related payments |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Excess income tax benefit from stock-based compensation |  |  | 162 |  |  | — |  |  | — |  |  | — |  |  | 162
Issuance of common stock and effect of cashless exercise |  |  | (776) |  |  | — |  |  | — |  |  | — |  |  | (776)
Debt Issuance Costs |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Increase (decrease) in intercompany advances |  |  | 104,573 |  |  | — |  |  | (2,913) |  |  | (101,660) |  |  | —
NET CASH (USED) PROVIDED BY FINANCING ACTIVITIES |  | $ | 150,214 |  | $ | (19,004) |  | $ | (2,913) |  | $ | (101,660) |  | $ | 26,637
Net (Decrease) Increase in Cash and Cash Equivalents |  |  | (11,957) |  |  | (5,984) |  |  | (10,725) |  |  | — |  |  | (28,666)
Cash and Cash Equivalents at Beginning of Year |  |  | 75,087 |  |  | 36,764 |  |  | 23,732 |  |  | — |  |  | 135,583
Cash and Cash Equivalents at End of Period |  | $ | 63,130 |  | $ | 30,780 |  | $ | 13,007 |  | $ | — |  | $ | 106,917
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS SIX MONTHS ENDED JUNE 30, 2014 (Unaudited-in thousands)
|  |  |  |  |  |  |  | Non- |  |  |  |  |  |
|  | Tutor Perini |  | Guarantor |  | Guarantor |  |  |  |  | Total
|  | Corporation |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
Cash Flows from Operating Activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 44,484 |  | $ | 38,515 |  | $ | 8,514 |  | $ | (47,029) |  | $ | 44,484
Adjustments to reconcile net income to net cash from operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 4,866 |  |  | 25,077 |  |  | 135 |  |  | — |  |  | 30,078
Equity in earnings of subsidiaries |  |  | (47,029) |  |  | — |  |  | — |  |  | 47,029 |  |  | —
Stock-based compensation expense |  |  | 9,920 |  |  | — |  |  | — |  |  | — |  |  | 9,920
Deferred income taxes |  |  | 4,672 |  |  | (4,736) |  |  | — |  |  | — |  |  | (64)
(Gain) loss on sale of investments |  |  | 1,786 |  |  | — |  |  | — |  |  | — |  |  | 1,786
(Gain) loss on sale of property and equipment |  |  | — |  |  | 427 |  |  | — |  |  | — |  |  | 427
Other long-term liabilities |  |  | 6,624 |  |  | (1,065) |  |  | — |  |  | — |  |  | 5,559
Other non-cash items |  |  | (3,620) |  |  | 5,182 |  |  | — |  |  | — |  |  | 1,562
Changes in other components of working capital |  |  | (53,928) |  |  | (104,577) |  |  | 3,318 |  |  | — |  |  | (155,187)
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES |  | $ | (32,225) |  | $ | (41,177) |  | $ | 11,967 |  | $ | — |  | $ | (61,435)
Cash Flows from Investing Activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acquisition of property and equipment |  |  | (16,715) |  |  | (10,015) |  |  | — |  |  | — |  |  | (26,730)
Proceeds from sale of property and equipment |  |  | — |  |  | 1,906 |  |  | — |  |  | — |  |  | 1,906
Proceeds from sale of available-for-sale securities |  |  | 44,497 |  |  | — |  |  | — |  |  | — |  |  | 44,497
Change in restricted cash |  |  | 15,465 |  |  | (10) |  |  | (15,488) |  |  | — |  |  | (33)
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES |  | $ | 43,247 |  | $ | (8,119) |  | $ | (15,488) |  | $ | — |  | $ | 19,640
Cash Flows from Financing Activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from debt |  |  | 685,079 |  |  | 32,405 |  |  | — |  |  | — |  |  | 717,484
Repayment of debt |  |  | (604,773) |  |  | (44,509) |  |  | — |  |  | — |  |  | (649,282)
Business acquisition related payments |  |  | (1,226) |  |  | (34) |  |  | — |  |  | — |  |  | (1,260)
Issuance of common stock and effect of cashless exercise |  |  | (1,531) |  |  | — |  |  | — |  |  | — |  |  | (1,531)
Debt issuance costs |  |  | — |  |  | (3,681) |  |  | — |  |  | — |  |  | (3,681)
Increase (decrease) in intercompany advances |  |  | (96,181) |  |  | 97,506 |  |  | (1,325) |  |  | — |  |  | —
NET CASH (USED) PROVIDED BY FINANCING ACTIVITIES |  | $ | (18,632) |  | $ | 81,687 |  | $ | (1,325) |  | $ | — |  | $ | 61,730
Net Increase (Decrease) in Cash and Cash Equivalents |  |  | (7,610) |  |  | 32,391 |  |  | (4,846) |  |  | — |  |  | 19,935
Cash and Cash Equivalents at Beginning of Year |  |  | 88,995 |  |  | 18,031 |  |  | 12,897 |  |  | — |  |  | 119,923
Cash and Cash Equivalents at End of Period |  | $ | 81,385 |  | $ | 50,422 |  | $ | 8,051 |  | $ | — |  | $ | 139,858

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- Definition The entire disclosure for condensed financial statements. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=18733093&loc=d3e5614-111684 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 10 -Paragraph f -Article 3 + Details
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