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Separate Financial Information of Subsidiary Guarantors of Indebtedness (Tables) | 6 Months Ended
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Jun. 30, 2015
Separate Financial Information of Subsidiary Guarantors of Indebtedness [Abstract] |
Condensed Consolidating Balance Sheet | 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 | 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 | 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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