<SEC-DOCUMENT>0000077543-21-000029.txt : 20210603
<SEC-HEADER>0000077543-21-000029.hdr.sgml : 20210603
<ACCEPTANCE-DATETIME>20210420163037
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000077543-21-000029
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210420

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TUTOR PERINI CORP
		CENTRAL INDEX KEY:			0000077543
		STANDARD INDUSTRIAL CLASSIFICATION:	GENERAL BUILDING CONTRACTORS - NONRESIDENTIAL BUILDINGS [1540]
		IRS NUMBER:				041717070
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		15901 OLDEN STREET
		CITY:			SYLMAR
		STATE:			CA
		ZIP:			91342
		BUSINESS PHONE:		818-362-8391

	MAIL ADDRESS:	
		STREET 1:		15901 OLDEN STREET
		CITY:			SYLMAR
		STATE:			CA
		ZIP:			91342

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TUTOR PERINI Corp
		DATE OF NAME CHANGE:	20090529

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PERINI CORP
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
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<title>Document</title></head><body><div id="ifb16db82ca1d4e81a2d452518bd13d9e_1"></div><div style="min-height:72pt;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:133%">Tutor Perini Corporation</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">15901 Olden Street</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">Sylmar, CA 91342</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">Tel&#58; 818&#47;362-8391 Fax&#58; 818&#47;367-5379</font></div></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">April 20, 2021</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%;text-decoration:underline">VIA EDGAR</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">United States Securities and Exchange Commission</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">Division of Corporation Finance</font></div><div style="margin-bottom:0.1pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">100 F St. NE</font></div><div style="margin-bottom:0.1pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">Washington, DC 20549</font></div><div style="margin-bottom:0.1pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">Attn&#58; Ameen Hamady and Kristi Marrone</font></div><div><font><br></font></div><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.237%"><tr><td style="width:1.0%"></td><td style="width:6.404%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.757%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:87.480%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.759%"></td><td style="width:0.1%"></td></tr><tr style="height:0pt"><td colspan="6" style="padding:0 1pt"></td><td colspan="6" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">Re&#58;</font></td><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">Tutor Perini Corporation</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">Form 10-K for the year ended December 31, 2020</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">Filed February 24, 2021</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">File No. 001-06314</font></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div><font><br></font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">Ladies and Gentlemen&#58;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">Set forth below are the responses of Tutor Perini Corporation (the &#8220;Company&#8221;) to the letter dated April&#160;12, 2021 containing the comments of the staff (the &#8220;Staff&#8221;) of the Securities and Exchange Commission on the Company&#8217;s Annual Report on Form 10-K for the year ended December 31, 2020.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">For ease of reference, the Staff&#8217;s comments are reproduced below in bold.</font></div><div><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td></tr></table></div><div><font><br></font></div><div id="ifb16db82ca1d4e81a2d452518bd13d9e_36"></div><div style="margin-bottom:0.1pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:133%;text-decoration:underline">Form 10-K for the year ended December 31, 2020</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:133%;text-decoration:underline">Note 7. Financial Commitments, page F-27</font></div><div><font><br></font></div><div style="padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">1.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10.5pt">We note the repayment of a portion of the Company's convertible notes that occurred on August 19, 2020. In order to better understand the Company's accounting for this transaction, please tell us the following&#58;</font></div><div style="padding-left:72pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">the amount of consideration attributable to the fair value of the liability component immediately before extinguishment and how you accounted for the difference between the fair value and the carrying value of the liability component that may have resulted in a gain or loss on debt extinguishment. Refer to ASC 470-20-40-20(b)&#59;</font></div><div style="padding-left:18pt"><font><br></font></div><div style="padding-left:18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:133%">Response&#58;</font></div><div style="padding-left:18pt"><font><br></font></div><div style="margin-bottom:8pt;padding-left:18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:125%">In accordance with the requirements of ASC 470-20-40-20(b), upon the repayment of a portion of the Company&#8217;s outstanding convertible notes in August 2020, the Company allocated the consideration transferred to the holders between the liability and equity components of the instruments. The amount of the consideration allocated to the fair value of the liability component immediately before extinguishment was $130.5 million with $0.9 million allocated to the equity component. The $7.1 million difference between 1)&#160;the consideration allocated to the liability component, and 2)&#160;the $123.4 million net carrying amount of the liability component (including $6.7 million of remaining unamortized discount and debt issuance costs) was recognized as part of the loss on extinguishment of debt.</font></div><div style="padding-left:72pt"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="padding-left:72pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">whether the deferred taxes presented on your table on page F-30 represent the basis difference associated with the liability component that was initially recognized as an adjustment to APIC consistent with the guidance in ASC 470-20-25-27 and when the Company is expecting such temporary difference to reverse&#59; and</font></div><div style="padding-left:18pt"><font><br></font></div><div style="padding-left:18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:133%">Response&#58;</font></div><div style="padding-left:18pt"><font><br></font></div><div style="margin-bottom:8pt;padding-left:18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:125%">We confirm that the deferred taxes presented on the table on page F-30 represent the basis difference associated with the liability component that was initially recognized as an adjustment to additional paid in capital consistent with the guidance in ASC 470-20-25-27. The related $18.8 million initially recognized as deferred tax liability (&#8220;DTL&#8221;) for the basis difference has been reduced on a monthly basis (since the issuance of the convertible notes) in conjunction with the amortization of the debt discount. As non-cash interest expense has been recognized each period related to the amortization of the debt discount, a deferred tax benefit has been recognized in earnings as a result of the reduction of the DTL. In addition, as a result of the repurchase of $130.1 million aggregate principal amount of the convertible notes in August 2020, a portion of the remaining unamortized debt discount was written off and, accordingly, $1.6 million of the remaining DTL balance was also reversed and was primarily recognized as deferred tax benefit in earnings with the remainder related to the change in equity component recognized in additional paid in capital. As of December 31, 2020 the remaining DTL associated with the basis difference was $0.6 million.</font></div><div style="margin-bottom:8pt;padding-left:18pt"><font><br></font></div><div style="padding-left:72pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">what consideration you gave to reversing a portion of the $18.8 million deferred tax liability due to the previous amortization of the debt discount and whether an additional amount should be reversed due the partial redemption of the convertible notes on August 19, 2020. Refer to the example in ASC 470-20-55-71 through 55-82.</font></div><div><font><br></font></div><div style="padding-left:18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:133%">Response&#58;</font></div><div style="padding-left:18pt"><font><br></font></div><div style="margin-bottom:8pt;padding-left:18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:125%">As described in our response to the previous bullet point, the $18.8 million of DTL has been reduced on a monthly basis (since the issuance of the convertible notes) in conjunction with the amortization of the debt discount, and a portion of the DTL was also reduced due to the partial redemption of the convertible notes in August 2020. </font></div><div><font><br></font></div><div id="ifb16db82ca1d4e81a2d452518bd13d9e_54"></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td></tr></table></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Please feel free to contact me at 818&#47;362-8391 if you have any questions.</font></div><div><font><br></font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Sincerely,</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:45.352%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">&#47;s&#47; Gary G. Smalley</font></td></tr></table></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Gary G. Smalley</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Executive Vice President and Chief Financial Officer</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:0.1pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">2</font></div></div></div></body></html>
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</SEC-DOCUMENT>
