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Separate Financial Information of Subsidiary Guarantors of Indebtedness | 12 Months Ended
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Dec. 31, 2015
Separate Financial Information of Subsidiary Guarantors of Indebtedness [Abstract] |
Separate Financial Information of Subsidiary Guarantors of Indebtedness | 1 3. Separate Financial Information of Subsidiary Guarantors of Indebtedness As discussed in Note 5, 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 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 - DECEMBER 31, 2015 (in thousands)
|  |  |  |  |  |  | Non- |  |  |  |  |  |
| Tutor Perini |  | Guarantor |  | Guarantor |  |  |  |  | Total
| Corporation |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 47,196 |  | $ | 26,892 |  | $ | 1,364 |  | $ | — |  | $ | 75,452
Restricted cash |  | 3,369 |  |  | 3,283 |  |  | 39,201 |  |  | — |  |  | 45,853
Accounts receivable |  | 358,437 |  |  | 1,179,919 |  |  | 82,004 |  |  | (146,745) |  |  | 1,473,615
Costs and estimated earnings in excess of billings |  | 114,580 |  |  | 868,026 |  |  | 152 |  |  | (77,583) |  |  | 905,175
Deferred income taxes |  | 2,255 |  |  | 21,356 |  |  | 2,695 |  |  | — |  |  | 26,306
Other current assets |  | 60,119 |  |  | 48,482 |  |  | 11,662 |  |  | (11,419) |  |  | 108,844
Total current assets | $ | 585,956 |  | $ | 2,147,958 |  | $ | 137,078 |  | $ | (235,747) |  | $ | 2,635,245
Long-term investments | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | —
Property and equipment, net |  | 105,306 |  |  | 414,143 |  |  | 4,076 |  |  | — |  |  | 523,525
Intercompany notes and receivables |  | — |  |  | 148,637 |  |  | — |  |  | (148,637) |  |  | —
Other assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Goodwill |  | — |  |  | 585,006 |  |  | — |  |  | — |  |  | 585,006
Intangible assets, net |  | — |  |  | 96,540 |  |  | — |  |  | — |  |  | 96,540
Investment in subsidiaries |  | 1,962,983 |  |  | — |  |  | — |  |  | (1,962,983) |  |  | —
Other |  | 64,486 |  |  | 128,094 |  |  | 15,268 |  |  | (5,723) |  |  | 202,125
| $ | 2,718,731 |  | $ | 3,520,378 |  | $ | 156,422 |  | $ | (2,353,090) |  | $ | 4,042,441
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current maturities of long-term debt | $ | 107,283 |  | $ | 41,634 |  | $ | — |  | $ | (60,000) |  | $ | 88,917
Accounts payable |  | 211,679 |  |  | 890,268 |  |  | 3,222 |  |  | (167,705) |  |  | 937,464
Billings in excess of costs and estimated earnings |  | 89,303 |  |  | 203,003 |  |  | 1,716 |  |  | (5,711) |  |  | 288,311
Accrued expenses and other current liabilities |  | 6,145 |  |  | 115,392 |  |  | 39,810 |  |  | (2,331) |  |  | 159,016
Total Current Liabilities | $ | 414,410 |  | $ | 1,250,297 |  | $ | 44,748 |  | $ | (235,747) |  | $ | 1,473,708
Long-term debt, less current maturities |  | 659,433 |  |  | 80,821 |  |  | — |  |  | (5,723) |  |  | 734,531
Deferred income taxes |  | — |  |  | 273,310 |  |  | — |  |  | — |  |  | 273,310
Other long-term liabilities |  | 106,588 |  |  | 3,278 |  |  | 30,799 |  |  | — |  |  | 140,665
Intercompany notes and advances payable |  | 118,073 |  |  | — |  |  | 30,564 |  |  | (148,637) |  |  | —
Contingencies and commitments |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Stockholders’ equity |  | 1,420,227 |  |  | 1,912,672 |  |  | 50,311 |  |  | (1,962,983) |  |  | 1,420,227
| $ | 2,718,731 |  | $ | 3,520,378 |  | $ | 156,422 |  | $ | (2,353,090) |  | $ | 4,042,441
CONDENSED CONSOLIDATING BALANCE SHEET - DECEMBER 31, 2014 (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 YEAR ENDED DECEMBER 31, 2015 (in thousands)
|  |  |  |  |  |  | Non- |  |  |  |  |  |
| Tutor Perini |  | Guarantor |  | Guarantor |  |  |  |  | Total
| Corporation |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
Revenue | $ | 1,064,723 |  | $ | 4,104,871 |  | $ | 13,405 |  | $ | (262,527) |  | $ | 4,920,472
Cost of operations |  | (918,322) |  |  | (3,908,424) |  |  | — |  |  | 262,527 |  |  | (4,564,219)
Gross profit | $ | 146,401 |  | $ | 196,447 |  | $ | 13,405 |  | $ | — |  | $ | 356,253
General and administrative expenses |  | (77,806) |  |  | (171,153) |  |  | (1,881) |  |  | — |  |  | (250,840)
INCOME FROM CONSTRUCTION OPERATIONS | $ | 68,595 |  | $ | 25,294 |  | $ | 11,524 |  | $ | — |  | $ | 105,413
Equity in earnings of subsidiaries |  | 23,367 |  |  | — |  |  | — |  |  | (23,367) |  |  | —
Other income, net |  | 8,155 |  |  | 3,745 |  |  | 553 |  |  | — |  |  | 12,453
Interest expense |  | (41,007) |  |  | (3,020) |  |  | — |  |  | — |  |  | (44,027)
Income (Loss) before income taxes |  | 59,110 |  |  | 26,019 |  |  | 12,077 |  |  | (23,367) |  |  | 73,839
Provision for income taxes |  | (13,818) |  |  | (10,060) |  |  | (4,669) |  |  | — |  |  | (28,547)
NET INCOME (LOSS) | $ | 45,292 |  | $ | 15,959 |  | $ | 7,408 |  | $ | (23,367) |  | $ | 45,292
Other comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other comprehensive income of subsidiaries |  | (2,448) |  |  | — |  |  | — |  |  | 2,448 |  |  | —
Change in pension benefit plans assets/liabilities |  | 2,026 |  |  | — |  |  | — |  |  | — |  |  | 2,026
Foreign currency translation |  | — |  |  | (3,214) |  |  | — |  |  | — |  |  | (3,214)
Change in fair value of investments |  | — |  |  | 766 |  |  | — |  |  | — |  |  | 766
Change in fair value of interest rate swap |  | (125) |  |  | — |  |  | — |  |  | — |  |  | (125)
Total other comprehensive (loss) income |  | (547) |  |  | (2,448) |  |  | — |  |  | 2,448 |  |  | (547)
Total comprehensive income (loss) | $ | 44,745 |  | $ | 13,511 |  | $ | 7,408 |  | $ | (20,919) |  | $ | 44,745
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31, 2014 (in thousands)
|  |  |  |  |  |  | Non- |  |  |  |  |  |
| Tutor Perini |  | Guarantor |  | Guarantor |  |  |  |  | Total
| Corporation |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
Revenue | $ | 959,010 |  | $ | 3,690,075 |  | $ | — |  | $ | (156,776) |  | $ | 4,492,309
Cost of operations |  | (808,285) |  |  | (3,353,098) |  |  | 17,740 |  |  | 156,776 |  |  | (3,986,867)
Gross profit |  | 150,725 |  |  | 336,977 |  |  | 17,740 |  |  | — |  |  | 505,442
General and administrative expenses |  | (80,151) |  |  | (181,714) |  |  | (1,887) |  |  | — |  |  | (263,752)
INCOME FROM CONSTRUCTION OPERATIONS |  | 70,574 |  |  | 155,263 |  |  | 15,853 |  |  | — |  |  | 241,690
Equity in earnings of subsidiaries |  | 95,501 |  |  | — |  |  | — |  |  | (95,501) |  |  | —
Other (expense) income, net |  | (8,322) |  |  | (1,705) |  |  | 491 |  |  | — |  |  | (9,536)
Interest expense |  | (40,658) |  |  | (4,058) |  |  | — |  |  | — |  |  | (44,716)
Income (Loss) before income taxes |  | 117,095 |  |  | 149,500 |  |  | 16,344 |  |  | (95,501) |  |  | 187,438
Provision for income taxes |  | (9,159) |  |  | (63,411) |  |  | (6,932) |  |  | — |  |  | (79,502)
NET INCOME (LOSS) | $ | 107,936 |  | $ | 86,089 |  | $ | 9,412 |  | $ | (95,501) |  | $ | 107,936
Other comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other comprehensive income of subsidiaries |  | (433) |  |  | — |  |  | — |  |  | 433 |  |  | —
Change in pension benefit plans assets/liabilities |  | (8,155) |  |  | — |  |  | — |  |  | — |  |  | (8,155)
Foreign currency translation |  | — |  |  | (638) |  |  | — |  |  | — |  |  | (638)
Change in fair value of investments |  | — |  |  | 205 |  |  | — |  |  | — |  |  | 205
Change in fair value of interest rate swap |  | 349 |  |  | — |  |  | — |  |  | — |  |  | 349
Total other comprehensive income (loss) |  | (8,239) |  |  | (433) |  |  | — |  |  | 433 |  |  | (8,239)
Total comprehensive income (loss) | $ | 99,697 |  | $ | 85,656 |  | $ | 9,412 |  | $ | (95,068) |  | $ | 99,697
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31, 2013 (in thousands)
|  |  |  |  |  |  | Non- |  |  |  |  |  |
| Tutor Perini |  | Guarantor |  | Guarantor |  |  |  |  | Total
| Corporation |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
Revenue | $ | 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 (expense) income, net |  | (27,162) |  |  | 8,075 |  |  | 512 |  |  | — |  |  | (18,575)
Interest expense |  | (41,987) |  |  | (3,645) |  |  | — |  |  | — |  |  | (45,632)
Income (Loss) before income taxes |  | 65,984 |  |  | 175,746 |  |  | 20,760 |  |  | (122,875) |  |  | 139,615
Benefit (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 (loss) income |  | 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 CASH FLOWS YEAR ENDED DECEMBER 31, 2015 (in thousands)
|  |  |  |  |  |  | Non- |  |  |  |  |  |
| Tutor Perini |  | Guarantor |  | Guarantor |  |  |  |  | Total
| Corporation |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
Cash Flows from Operating Activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) | $ | 45,292 |  | $ | 15,959 |  | $ | 7,408 |  | $ | (23,367) |  | $ | 45,292
Adjustments to reconcile net income to net cash from operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  | 10,707 |  |  | 32,746 |  |  | 276 |  |  | — |  |  | 43,729
Equity in earnings of subsidiaries |  | (23,367) |  |  | — |  |  | — |  |  | 23,367 |  |  | —
share-based compensation expense |  | 9,477 |  |  | — |  |  | — |  |  | — |  |  | 9,477
Excess income tax benefit from share-based compensation |  | (186) |  |  | — |  |  | — |  |  | — |  |  | (186)
Adjustment interest rate swap to fair value |  | (224) |  |  | 224 |  |  | — |  |  | — |  |  | —
Deferred income taxes |  | 1,399 |  |  | 36,083 |  |  | (15,268) |  |  | — |  |  | 22,214
(Gain) loss on sale of property and equipment |  | 82 |  |  | (2,991) |  |  | — |  |  | — |  |  | (2,909)
Other long-term liabilities |  | (3,157) |  |  | 32,069 |  |  | — |  |  | — |  |  | 28,912
Other non-cash items |  | (248) |  |  | (3,432) |  |  | — |  |  | — |  |  | (3,680)
Changes in other components of working capital |  | (154,300) |  |  | 49,868 |  |  | (24,345) |  |  | — |  |  | (128,777)
NET CASH (USED) PROVIDED BY OPERATING ACTIVITIES | $ | (114,525) |  | $ | 160,526 |  | $ | (31,929) |  | $ | — |  | $ | 14,072
Cash Flows from Investing Activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acquisition of property and equipment excluding financed purchases |  | (21,587) |  |  | (14,286) |  |  | (39) |  |  | — |  |  | (35,912)
Proceeds from sale of property and equipment |  | — |  |  | 4,980 |  |  | — |  |  | — |  |  | 4,980
(Increase) decrease in intercompany advances |  | — |  |  | (102,763) |  |  | — |  |  | 102,763 |  |  | —
Change in restricted cash |  | — |  |  | 1,991 |  |  | (3,474) |  |  | — |  |  | (1,483)
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES | $ | (21,587) |  | $ | (110,078) |  | $ | (3,513) |  | $ | 102,763 |  | $ | (32,415)
Cash Flows from Financing Activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from debt |  | 981,855 |  |  | 31,350 |  |  | — |  |  | — |  |  | 1,013,205
Repayment of debt |  | (962,701) |  |  | (91,670) |  |  | — |  |  | — |  |  | (1,054,371)
Excess income tax benefit from share-based compensation |  | 186 |  |  | — |  |  | — |  |  | — |  |  | 186
Issuance of common stock and effect of cashless exercise |  | (808) |  |  | — |  |  | — |  |  | — |  |  | (808)
Increase (decrease) in intercompany advances |  | 89,689 |  |  | — |  |  | 13,074 |  |  | (102,763) |  |  | —
NET CASH (USED) PROVIDED BY FINANCING ACTIVITIES | $ | 108,221 |  | $ | (60,320) |  | $ | 13,074 |  | $ | (102,763) |  | $ | (41,788)
Net (Decrease) Increase in Cash and Cash Equivalents |  | (27,891) |  |  | (9,872) |  |  | (22,368) |  |  | — |  |  | (60,131)
Cash and Cash Equivalents at Beginning of Year |  | 75,087 |  |  | 36,764 |  |  | 23,732 |  |  | — |  |  | 135,583
Cash and Cash Equivalents at End of Period | $ | 47,196 |  | $ | 26,892 |  | $ | 1,364 |  | $ | — |  | $ | 75,452
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS YEAR ENDED DECEMBER 31, 2014 (in thousands)
|  |  |  |  |  |  | Non- |  |  |  |  |  |
| Tutor Perini |  | Guarantor |  | Guarantor |  |  |  |  | Total
| Corporation |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
Cash Flows from Operating Activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) | $ | 107,936 |  | $ | 86,089 |  | $ | 9,412 |  | $ | (95,501) |  | $ | 107,936
Adjustments to reconcile net income to net cash from operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  | 4,592 |  |  | 51,109 |  |  | 271 |  |  | — |  |  | 55,972
Equity in earnings of subsidiaries |  | (95,501) |  |  | — |  |  | — |  |  | 95,501 |  |  | —
share-based compensation expense |  | 19,256 |  |  | (641) |  |  | — |  |  | — |  |  | 18,615
Excess income tax benefit from share-based compensation |  | (787) |  |  | — |  |  | — |  |  |  |  |  | (787)
Deferred income taxes |  | 39,186 |  |  | (17,726) |  |  | — |  |  | — |  |  | 21,460
(Gain) loss on sale of investments |  | 1,786 |  |  | — |  |  | — |  |  | — |  |  | 1,786
(Gain) loss on sale of property and equipment |  | 833 |  |  | (32) |  |  | — |  |  | — |  |  | 801
Other long-term liabilities |  | 20,221 |  |  | (17,147) |  |  | — |  |  | — |  |  | 3,074
Other non-cash items |  | (7,029) |  |  | 10,302 |  |  | — |  |  | — |  |  | 3,273
Changes in other components of working capital |  | (26,100) |  |  | (264,203) |  |  | 21,495 |  |  | — |  |  | (268,808)
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES | $ | 64,393 |  | $ | (152,249) |  | $ | 31,178 |  | $ | — |  | $ | (56,678)
Cash Flows from Investing Activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acquisition of property and equipment |  | (17,626) |  |  | (57,387) |  |  | — |  |  | — |  |  | (75,013)
Proceeds from sale of property and equipment |  | (784) |  |  | 6,119 |  |  | — |  |  | — |  |  | 5,335
Proceeds from sale of available-for-sale securities |  | 44,497 |  |  | — |  |  | — |  |  | — |  |  | 44,497
Change in restricted cash |  | 15,464 |  |  | 2,766 |  |  | (20,006) |  |  | — |  |  | (1,776)
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES | $ | 41,551 |  | $ | (48,502) |  | $ | (20,006) |  | $ | — |  | $ | (26,957)
Cash Flows from Financing Activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from debt |  | 1,078,932 |  |  | 77,807 |  |  | — |  |  | — |  |  | 1,156,739
Repayment of debt |  | (957,830) |  |  | (68,519) |  |  | — |  |  | — |  |  | (1,026,349)
Business acquisition related payments |  | (26,430) |  |  | — |  |  | — |  |  | — |  |  | (26,430)
Excess income tax benefit from share-based compensation |  | 787 |  |  | — |  |  | — |  |  | — |  |  | 787
Issuance of common stock and effect of cashless exercise |  | (1,772) |  |  | 1 |  |  | — |  |  | — |  |  | (1,771)
Debt issuance costs |  | (3,681) |  |  | — |  |  | — |  |  | — |  |  | (3,681)
Increase (decrease) in intercompany advances |  | (209,858) |  |  | 210,195 |  |  | (337) |  |  | — |  |  | —
NET CASH (USED) PROVIDED BY FINANCING ACTIVITIES | $ | (119,852) |  | $ | 219,484 |  | $ | (337) |  | $ | — |  | $ | 99,295
Net Increase (Decrease) in Cash and Cash Equivalents |  | (13,908) |  |  | 18,733 |  |  | 10,835 |  |  | — |  |  | 15,660
Cash and Cash Equivalents at Beginning of Year |  | 88,995 |  |  | 18,031 |  |  | 12,897 |  |  | — |  |  | 119,923
Cash and Cash Equivalents at End of Period | $ | 75,087 |  | $ | 36,764 |  | $ | 23,732 |  | $ | — |  | $ | 135,583
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS YEAR ENDED DECEMBER 31, 2013 (in thousands)
|  |  |  |  |  |  | Non- |  |  |  |  |  |
| Tutor Perini |  | Guarantor |  | Guarantor |  |  |  |  | Total
| Corporation |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
Cash Flows from Operating Activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) | $ | 87,296 |  | $ | 109,894 |  | $ | 12,981 |  | $ | (122,875) |  | $ | 87,296
Adjustments to reconcile net 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 |  |  | —
share-based compensation expense |  | 6,623 |  |  | — |  |  | — |  |  | — |  |  | 6,623
Excess income tax benefit from share-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 long-term liabilities |  | 24,359 |  |  | (1,252) |  |  | — |  |  | — |  |  | 23,107
Other non-cash items |  | (4,341) |  |  | 622 |  |  | — |  |  | — |  |  | (3,719)
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 share-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 (USED) PROVIDED 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 Period | $ | 88,995 |  | $ | 18,031 |  | $ | 12,897 |  | $ | — |  | $ | 119,923

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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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