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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)

☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
| For the quarterly period ended | March 31, 2023
or
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
| For the transition period from ___________ to ___________

Commission File Number: 1-6314
Tutor Perini Corporation
(Exact Name of Registrant as Specified in its Charter)
MASSACHUSETTS

(State or Other Jurisdiction of Incorporation or Organization)

15901 OLDEN STREET, SYLMAR, CALIFORNIA

(Address of Principal Executive Offices)

04-1717070

(I.R.S. Employer Identification No.)

91342-1093

(Zip Code)

(818) 362-8391
(Registrant’s Telephone Number, Including Area Code)
None
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)
Securities registered pursuant to Section 12(b) of the Act:

Title of each class | Trading Symbol(s) | Name of each exchange on which registered
Common Stock, $1.00 par value | TPC | The New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

|  | Large accelerated filer | ☐ |  | Accelerated filer | ☒ |  |
|  | Non-accelerated filer | ☐ |  | Smaller reporting company | ☐ |  |
|  | Emerging growth company | ☐ |  |  |  |  |

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
The number of shares of common stock, $1.00 par value per share, of the registrant outstanding at April 27, 2023 was 51,644,903.

Table of Contents
TUTOR PERINI CORPORATION AND SUBSIDIARIES
TABLE OF CONTENTS

|  |  | Page Numbers
Part I. | Financial Information: |
| Item 1. | Financial Statements: |
|  | Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 202 3 and 202 2 (Unaudited) | 3
|  | Condensed Consolidated Statements of Comprehensive Income (Loss) for th e Three Months Ended March 31, 202 3 and 202 2 (Unaudited) | 4
|  | Condensed Consolidated Balance Sheets as of March 31, 2023 and December 31, 202 2 (Unaudited) | 5
|  | Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 202 3 and 202 2 (Unaudited) | 6
|  | Notes to Condensed Consolidated Financial Statements (Unaudited) | 7
| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 29
| Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 37
| Item 4. | Controls and Procedures | 37
Part II. | Other Information: |
| Item 1. | Legal Proceedings | 38
| Item 1A. | Risk Factors | 38
| Item 4. | Mine Safety Disclosures | 38
| Item 5. | Other Information | 38
| Item 6. | Exhibits | 38
| Signature | 39

2

Table of Contents
PART I. – FINANCIAL INFORMATION
Item 1. Financial Statements
TUTOR PERINI CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
UNAUDITED

| Three Months Ended March 31, |  |
(in thousands, except per common share amounts) | 2023 |  | 2022 |  |  |  |
REVENUE | $ | 776,300 |  |  | $ | 952,154 |  |  |  |  |
COST OF OPERATIONS | (800,469) |  |  | (901,809) |  |  |  |  |
GROSS PROFIT (LOSS) | (24,169) |  |  | 50,345 |  |  |  |  |
General and administrative expenses | (57,776) |  |  | (60,252) |  |  |  |  |
LOSS FROM CONSTRUCTION OPERATIONS | (81,945) |  |  | (9,907) |  |  |  |  |
Other income, net | 6,417 |  |  | 3,697 |  |  |  |  |
Interest expense | (21,513) |  |  | (16,492) |  |  |  |  |
LOSS BEFORE INCOME TAXES | (97,041) |  |  | (22,702) |  |  |  |  |
Income tax benefit | 48,112 |  |  | 3,889 |  |  |  |  |
NET LOSS | (48,929) |  |  | (18,813) |  |  |  |  |
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 267 |  |  | 2,821 |  |  |  |  |
NET LOSS ATTRIBUTABLE TO TUTOR PERINI CORPORATION | $ | (49,196) |  |  | $ | (21,634) |  |  |  |  |
BASIC LOSS PER COMMON SHARE | $ | (0.95) |  |  | $ | (0.42) |  |  |  |  |
DILUTED LOSS PER COMMON SHARE | $ | (0.95) |  |  | $ | (0.42) |  |  |  |  |
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING: |  |  |  |  |  |  |
BASIC | 51,551 |  |  | 51,107 |  |  |  |  |
DILUTED | 51,551 |  |  | 51,107 |  |  |  |  |

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
3

Table of Contents
TUTOR PERINI CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
UNAUDITED

| Three Months Ended March 31, |  |
(in thousands) | 2023 |  | 2022 |  |  |  |
NET LOSS | $ | (48,929) |  |  | $ | (18,813) |  |  |  |  |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: |  |  |  |  |  |  |
Defined benefit pension plan adjustments | 301 |  |  | 458 |  |  |  |  |
Foreign currency translation adjustments | 250 |  |  | 257 |  |  |  |  |
Unrealized gain (loss) in fair value of investments | 1,329 |  |  | (4,204) |  |  |  |  |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 1,880 |  |  | (3,489) |  |  |  |  |
COMPREHENSIVE LOSS | (47,049) |  |  | (22,302) |  |  |  |  |
LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 420 |  |  | 2,442 |  |  |  |  |
COMPREHENSIVE LOSS ATTRIBUTABLE TO TUTOR PERINI CORPORATION | $ | (47,469) |  |  | $ | (24,744) |  |  |  |  |

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
4

Table of Contents
TUTOR PERINI CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
UNAUDITED

(in thousands, except share and per share amounts) | As of March 31, 2023 |  | As of December 31, 2022
ASSETS
CURRENT ASSETS: |  |  |
Cash and cash equivalents ($166,416 and $168,408 related to variable interest entities (“VIEs”)) | $ | 282,695 |  |  | $ | 259,351 |
Restricted cash | 19,946 |  |  | 14,480 |
Restricted investments | 88,240 |  |  | 91,556 |
Accounts receivable ($69,197 and $54,040 related to VIEs) | 1,140,592 |  |  | 1,171,085 |
Retention receivable ($157,729 and $187,615 related to VIEs) | 563,967 |  |  | 585,556 |
Costs and estimated earnings in excess of billings ($83,546 and $83,911 related to VIEs) | 1,299,786 |  |  | 1,377,528 |
Other current assets ($29,553 and $33,340 related to VIEs) | 132,321 |  |  | 179,215 |
Total current assets | 3,527,547 |  |  | 3,678,771 |
PROPERTY AND EQUIPMENT (“P&E”), net of accumulated depreciation of $510,604 and $505,512 (net P&E of $28,773 and $22,133 related to VIEs) | 441,606 |  |  | 435,088 |
GOODWILL | 205,143 |  |  | 205,143 |
INTANGIBLE ASSETS, NET | 69,983 |  |  | 70,542 |
OTHER ASSETS | 232,499 |  |  | 153,256 |
TOTAL ASSETS | $ | 4,476,778 |  |  | $ | 4,542,800 |
LIABILITIES AND EQUITY
CURRENT LIABILITIES: |  |  |
Current maturities of long-term debt | $ | 66,228 |  |  | $ | 70,285 |
Accounts payable ($33,540 and $36,484 related to VIEs) | 471,938 |  |  | 495,345 |
Retention payable ($44,481 and $44,859 related to VIEs) | 245,972 |  |  | 246,562 |
Billings in excess of costs and estimated earnings ($471,199 and $480,839 related to VIEs) | 978,505 |  |  | 975,812 |
Accrued expenses and other current liabilities ($3,147 and $5,082 related to VIEs) | 171,604 |  |  | 179,523 |
Total current liabilities | 1,934,247 |  |  | 1,967,527 |
LONG-TERM DEBT, less current maturities, net of unamortized discount and debt issuance costs totaling $13,136 and $13,980 | 914,454 |  |  | 888,154 |
OTHER LONG-TERM LIABILITIES | 238,370 |  |  | 245,135 |
TOTAL LIABILITIES | 3,087,071 |  |  | 3,100,816 |
COMMITMENTS AND CONTINGENCIES (NOTE 10) |  |  |
EQUITY |  |  |
Stockholders' equity: |  |  |
Preferred stock - authorized 1,000,000 shares ($1 par value), none issued | — |  |  | — |
Common stock - authorized 112,500,000 shares ($1 par value), issued and outstanding 51,644,903 and 51,521,336 shares | 51,645 |  |  | 51,521 |
Additional paid-in capital | 1,142,081 |  |  | 1,140,933 |
Retained earnings | 255,105 |  |  | 304,301 |
Accumulated other comprehensive loss | (45,310) |  |  | (47,037) |
Total stockholders' equity | 1,403,521 |  |  | 1,449,718 |
Noncontrolling interests | (13,814) |  |  | (7,734) |
TOTAL EQUITY | 1,389,707 |  |  | 1,441,984 |
TOTAL LIABILITIES AND EQUITY | $ | 4,476,778 |  |  | $ | 4,542,800 |

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
5

Table of Contents
TUTOR PERINI CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
UNAUDITED

| Three Months Ended March 31,
(in thousands) | 2023 |  | 2022
Cash Flows from Operating Activities: |  |  |
Net loss | $ | (48,929) |  |  | $ | (18,813) |
Adjustments to reconcile net loss to net cash provided by operating activities: |  |  |
Depreciation | 9,849 |  |  | 14,733 |
Amortization of intangible assets | 559 |  |  | 5,505 |
Share-based compensation expense | 3,071 |  |  | 3,417 |
Change in debt discounts and deferred debt issuance costs | 1,004 |  |  | 901 |
Deferred income taxes | (86,265) |  |  | (52) |
Gain on sale of property and equipment | (4,975) |  |  | (132) |
Changes in other components of working capital | 148,182 |  |  | 112,448 |
Other long-term liabilities | (2,256) |  |  | 2,489 |
Other, net | 1,088 |  |  | 251 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 21,328 |  |  | 120,747 |
Cash Flows from Investing Activities: |  |  |
Acquisition of property and equipment | (17,796) |  |  | (12,028) |
Proceeds from sale of property and equipment | 6,540 |  |  | 1,434 |
Investments in securities | (386) |  |  | (4,657) |
Proceeds from maturities and sales of investments in securities | 4,755 |  |  | 383 |
NET CASH USED IN INVESTING ACTIVITIES | (6,887) |  |  | (14,868) |
Cash Flows from Financing Activities: |  |  |
Proceeds from debt | 259,500 |  |  | 284,552 |
Repayment of debt | (238,101) |  |  | (275,910) |
Cash payments related to share-based compensation | (123) |  |  | (1,009) |
Distributions paid to noncontrolling interests | (8,500) |  |  | (7,500) |
Contributions from noncontrolling interests | 2,000 |  |  | 3,961 |
Debt issuance, extinguishment and modification costs | (407) |  |  | — |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 14,369 |  |  | 4,094 |
Net increase in cash, cash equivalents and restricted cash | 28,810 |  |  | 109,973 |
Cash, cash equivalents and restricted cash at beginning of period | 273,831 |  |  | 211,396 |
Cash, cash equivalents and restricted cash at end of period | $ | 302,641 |  |  | $ | 321,369 |

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
6

Table of Contents
TUTOR PERINI CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
UNAUDITED
(1)Basis of Presentation
The Condensed Consolidated Financial Statements do not include footnotes and certain financial information normally presented annually under generally accepted accounting principles in the United States (“GAAP”). Therefore, they should be read in conjunction with the audited consolidated financial statements and the related notes included in Tutor Perini Corporation’s (the “Company”) Annual Report on Form 10-K for the year ended December 31, 2022. The results of operations for the three months ended March 31, 2023 may not be indicative of the results that will be achieved for the full year ending December 31, 2023.
In the opinion of management, the accompanying unaudited Condensed Consolidated Financial Statements reflect all adjustments, including those of a normal recurring nature, necessary to present fairly the Company’s consolidated financial position as of March 31, 2023 and its consolidated statements of operations and cash flows for the interim periods presented. Intercompany balances and transactions have been eliminated. Certain amounts in the notes to the condensed consolidated financial statements of prior years have been reclassified to conform to the current year presentation.
(2)Revenue
Disaggregation of Revenue
The following tables disaggregate revenue by end market, customer type and contract type, which the Company believes best depict how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors for the three months ended March 31, 2023 and 2022.

| Three Months Ended March 31, |  |
(in thousands) | 2023 | 2022 |  |  |
Civil segment revenue by end market: |  |  |  |  |
Mass transit (includes certain transportation and tunneling projects) | $ | 188,460 |  | $ | 257,138 |  |  |  |
Military defense facilities | 85,567 |  | 49,794 |  |  |  |
Bridges | 30,645 |  | 41,247 |  |  |  |
Commercial and industrial sites | 22,504 |  | 11,910 |  |  |  |
Other | 22,694 |  | 30,706 |  |  |  |
Total Civil segment revenue | $ | 349,870 |  | $ | 390,795 |  |  |  |

| Three Months Ended March 31, |  |
(in thousands) | 2023 | 2022 |  |  |
Building segment revenue by end market: |  |  |  |  |
Municipal and government | $ | 89,620 |  | $ | 75,955 |  |  |  |
Health care facilities | 50,417 |  | 35,560 |  |  |  |
Education facilities | 48,077 |  | 29,860 |  |  |  |
Commercial and industrial facilities | 38,271 |  | 39,086 |  |  |  |
Mass transit (includes transportation projects) | 33,320 |  | 60,201 |  |  |  |
Hospitality and gaming | 19,606 |  | 76,918 |  |  |  |
Sports and entertainment | 13,466 |  | 4,772 |  |  |  |
Other(a) | (63,124) |  | 8,296 |  |  |  |
Total Building segment revenue | $ | 229,653 |  | $ | 330,648 |  |  |  |

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UNAUDITED

| Three Months Ended March 31, |  |
(in thousands) | 2023 | 2022 |  |  |
Specialty Contractors segment revenue by end market: |  |  |  |  |
Commercial and industrial facilities | $ | 54,227 |  | $ | 29,857 |  |  |  |
Mass transit (includes certain transportation and tunneling projects) | 47,545 |  | 119,027 |  |  |  |
Multi-unit residential | 32,796 |  | 24,938 |  |  |  |
Water | 28,334 |  | 21,447 |  |  |  |
Federal government | 12,619 |  | 6,748 |  |  |  |
Health care facilities | 9,531 |  | 8,574 |  |  |  |
Education facilities | 8,253 |  | 12,276 |  |  |  |
Other(a) | 3,472 |  | 7,844 |  |  |  |
Total Specialty Contractors segment revenue | $ | 196,777 |  | $ | 230,711 |  |  |  |

| Three Months Ended March 31, 2023 |  | Three Months Ended March 31, 2022
(in thousands) | Civil | Building | Specialty Contractors | Total |  | Civil | Building | Specialty Contractors | Total
Revenue by customer type: |  |  |  |  |
State and local agencies | $ | 213,427 |  | $ | 136,601 |  | $ | 85,682 |  | $ | 435,710 |  |  | $ | 313,842 |  | $ | 123,690 |  | $ | 92,231 |  | $ | 529,763 |
Federal agencies | 95,984 |  | 41,735 |  | 1,893 |  | 139,612 |  |  | 50,694 |  | 46,098 |  | 11,334 |  | 108,126 |
Private owners(a) | 40,459 |  | 51,317 |  | 109,202 |  | 200,978 |  |  | 26,259 |  | 160,860 |  | 127,146 |  | 314,265 |
Total revenue | $ | 349,870 |  | $ | 229,653 |  | $ | 196,777 |  | $ | 776,300 |  |  | $ | 390,795 |  | $ | 330,648 |  | $ | 230,711 |  | $ | 952,154 |

| Three Months Ended March 31, 2023 |  | Three Months Ended March 31, 2022
(in thousands) | Civil | Building | Specialty Contractors | Total |  | Civil | Building | Specialty Contractors | Total
Revenue by contract type: |  |  |  |  |
Fixed price | $ | 311,373 |  | $ | 96,116 |  | $ | 166,155 |  | $ | 573,644 |  |  | $ | 336,993 |  | $ | 102,518 |  | $ | 199,063 |  | $ | 638,574 |
Guaranteed maximum price(a) | 62 |  | 69,778 |  | 1,756 |  | 71,596 |  |  | 293 |  | 171,509 |  | 5,333 |  | 177,135 |
Unit price | 33,012 |  | — |  | 24,064 |  | 57,076 |  |  | 50,510 |  | 33 |  | 14,822 |  | 65,365 |
Cost plus fee and other | 5,423 |  | 63,759 |  | 4,802 |  | 73,984 |  |  | 2,999 |  | 56,588 |  | 11,493 |  | 71,080 |
Total revenue | $ | 349,870 |  | $ | 229,653 |  | $ | 196,777 |  | $ | 776,300 |  |  | $ | 390,795 |  | $ | 330,648 |  | $ | 230,711 |  | $ | 952,154 |

____________________________________________________________________________________________________
(a)Includes the negative impact of a non-cash charge in the first quarter of 2023 resulting from an adverse legal ruling. Refer to Note 17, Business Segments, for additional details.
Changes in Contract Estimates that Impact Revenue
Changes to the total estimated contract revenue or cost for a given project, either due to unexpected events or revisions to management’s initial estimates, are recognized in the period in which they are determined. Revenue was negatively impacted during the three months ended March 31, 2023 related to performance obligations satisfied (or partially satisfied) in prior periods by $108.0 million. Refer to Note 17, Business Segments, for additional details on significant adjustments. Revenue was negatively impacted during the three months ended March 31, 2022 related to performance obligations satisfied (or partially satisfied) in prior periods by $48.5 million.
Remaining Performance Obligations
Remaining performance obligations represent the transaction price of firm orders for which work has not been performed and exclude unexercised contract options. As of March 31, 2023, the aggregate amounts of the transaction prices allocated to the remaining performance obligations of the Company’s construction contracts were $4.4 billion, $2.2 billion and $1.2 billion for
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UNAUDITED
the Civil, Building and Specialty Contractors segments, respectively. As of March 31, 2022, the aggregate amounts of the transaction prices allocated to the remaining performance obligations of the Company’s construction contracts were $4.6 billion, $2.2 billion and $1.3 billion for the Civil, Building and Specialty Contractors segments, respectively. The Company typically recognizes revenue on Civil segment projects over a period of three to five years, whereas for projects in the Building and Specialty Contractors segments, the Company typically recognizes revenue over a period of one to three years.
(3)Contract Assets and Liabilities
The Company classifies contract assets and liabilities that may be settled beyond one year from the balance sheet date as current, consistent with the length of time of the Company’s project operating cycle.
Contract assets include amounts due under retention provisions, costs and estimated earnings in excess of billings and capitalized contract costs. The amounts as included on the Condensed Consolidated Balance Sheets consisted of the following:

(in thousands) | As of March 31, 2023 | As of December 31, 2022
Retention receivable | $ | 563,967 |  | $ | 585,556 |
Costs and estimated earnings in excess of billings: |  |
Claims | 599,460 |  | 677,367 |
Unapproved change orders | 619,888 |  | 601,681 |
Other unbilled costs and profits | 80,438 |  | 98,480 |
Total costs and estimated earnings in excess of billings | 1,299,786 |  | 1,377,528 |
Capitalized contract costs | 42,606 |  | 49,441 |
Total contract assets | $ | 1,906,359 |  | $ | 2,012,525 |

Retention receivable represents amounts invoiced to customers where payments have been partially withheld pending the completion of certain milestones, satisfaction of other contractual conditions or the completion of the project. Retention agreements vary from project to project, and balances could be outstanding for several months or years depending on a number of circumstances such as contract-specific terms, project performance and other variables that may arise as the Company makes progress toward completion. As of March 31, 2023, the amount of retention receivable estimated by management to be collected beyond one year is approximately 55% of the balance.
Costs and estimated earnings in excess of billings represent the excess of contract costs and profits (or contract revenue) over the amount of contract billings to date and are classified as a current asset. Costs and estimated earnings in excess of billings result when either: (1) the appropriate contract revenue amount has been recognized over time in accordance with Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers (“ASC 606”), but a portion of the revenue recorded cannot be billed currently due to the billing terms defined in the contract, or (2) costs are incurred related to certain claims and unapproved change orders. Claims occur when there is a dispute regarding both a change in the scope of work and the price associated with that change. Unapproved change orders occur when a change in the scope of work results in additional work being performed before the parties have agreed on the corresponding change in the contract price. The Company routinely estimates recovery related to claims and unapproved change orders as a form of variable consideration at the most likely amount it expects to receive and to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Claims and unapproved change orders are billable upon the agreement and resolution between the contractual parties and after the execution of contractual amendments. Increases in claims and unapproved change orders typically result from costs being incurred against existing or new positions; decreases normally result from resolutions and subsequent billings. As discussed in Note 10, the resolution of these claims and unapproved change orders may require litigation or other forms of dispute resolution proceedings. Other unbilled costs and profits are billable in accordance with the billing terms of each of the existing contractual arrangements and, as such, the timing of contract billing cycles can cause fluctuations in the balance of unbilled costs and profits. Ultimate resolution of other unbilled costs and profits typically involves incremental progress toward contractual requirements or milestones. The amount of costs and estimated earnings in excess of billings as of March 31, 2023 estimated by management to be collected beyond one year is approximately $642.6 million.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
UNAUDITED
Capitalized contract costs are included in other current assets and primarily represent costs to fulfill a contract that (1) directly relate to an existing or anticipated contract, (2) generate or enhance resources that will be used in satisfying performance obligations in the future and (3) are expected to be recovered through the contract. Capitalized contract costs are generally expensed to the associated contract over the period of anticipated use on the project. During the three months ended March 31, 2023 and 2022, $10.8 million and $12.6 million, respectively, of previously capitalized contract costs were amortized and recognized as expense on the related contracts.
Contract liabilities include amounts owed under retention provisions and billings in excess of costs and estimated earnings. The amount as reported on the Condensed Consolidated Balance Sheets consisted of the following:

(in thousands) | As of March 31, 2023 | As of December 31, 2022
Retention payable | $ | 245,972 |  | $ | 246,562 |
Billings in excess of costs and estimated earnings | 978,505 |  | 975,812 |
Total contract liabilities | $ | 1,224,477 |  | $ | 1,222,374 |

Retention payable represents amounts invoiced to the Company by subcontractors where payments have been partially withheld pending the completion of certain milestones, other contractual conditions or upon the completion of the project. Generally, retention payable is not remitted to subcontractors until the associated retention receivable from customers is collected. As o f March 31, 2023, the amount of retention payable estimated by management to be remitted beyond one year is approximately 39% of the balance.
Billings in excess of costs and estimated earnings represent the excess of contract billings to date over the amount of contract costs and profits (or contract revenue) recognized to date. The balance may fluctuate depending on the timing of contract billings and the recognition of contract revenue. Revenue recognized during the three months ended March 31, 2023 and 2022 and included in the opening billings in excess of costs and estimated earnings balances for each period totaled $365.1 million and $317.8 million, respectively.
(4)Cash, Cash Equivalents and Restricted Cash
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets to the amounts shown in the Condensed Consolidated Statements of Cash Flows:

(in thousands) | As of March 31, 2023 | As of December 31, 2022
Cash and cash equivalents available for general corporate purposes | $ | 63,928 |  | $ | 47,711 |
Joint venture cash and cash equivalents | 218,767 |  | 211,640 |
Cash and cash equivalents | 282,695 |  | 259,351 |
Restricted cash | 19,946 |  | 14,480 |
Total cash, cash equivalents and restricted cash | $ | 302,641 |  | $ | 273,831 |

Cash equivalents include short-term, highly liquid investments with maturities of three months or less when acquired. Cash and cash equivalents consist of amounts available for the Company’s general purposes, the Company’s proportionate share of cash held by the Company’s unconsolidated joint ventures and 100% of amounts held by the Company’s consolidated joint ventures. In both cases, cash held by joint ventures is available only for joint venture-related uses, including future distributions to joint venture partners.
Restricted cash includes amounts primarily held as collateral to secure insurance-related contingent obligations, such as insurance claim deductibles, in lieu of letters of credit.
(5)Earnings Per Common Share
Basic earnings per common share (“EPS”) and diluted EPS are calculated by dividing net income (loss) attributable to Tutor Perini Corporation by the following: for basic EPS, the weighted-average number of common shares outstanding during the period; and for diluted EPS, the sum of the weighted-average number of both outstanding common shares and potentially
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
UNAUDITED
dilutive securities, which for the Company can include restricted stock units (“RSUs”) and unexercised stock options. The Company calculates the effect of the potentially dilutive RSUs and stock options using the treasury stock method.

| Three Months Ended March 31, |  |
(in thousands, except per common share data) | 2023 | 2022 |  |  |
Net loss attributable to Tutor Perini Corporation | $ | (49,196) |  | $ | (21,634) |  |  |  |
Weighted-average common shares outstanding, basic | 51,551 |  | 51,107 |  |  |  |
Effect of dilutive RSUs and stock options | — |  | — |  |  |  |
Weighted-average common shares outstanding, diluted | 51,551 |  | 51,107 |  |  |  |
Net loss attributable to Tutor Perini Corporation per common share: |  |  |  |  |
Basic | $ | (0.95) |  | $ | (0.42) |  |  |  |
Diluted | $ | (0.95) |  | $ | (0.42) |  |  |  |
Anti-dilutive securities not included above | 2,857 |  | 3,431 |  |  |  |

For both the three months ended March 31, 2023 and 2022, all outstanding RSUs and stock options were excluded from the calculation of weighted-average diluted shares outstanding, as the shares have an anti-dilutive effect due to the net loss for both periods.
(6)Income Taxes
The Company recognized an income tax benefit for the three months ended March 31, 2023 of $48.1 million resulting in an effective income tax rate of 49.6%. The effective income tax rate was higher than the 21% federal statutory rate primarily due to the pre-tax loss for the period and projected for the year. In periods reporting pre-tax losses, a tax benefit increases the effective income tax rate because it increases the tax benefit generated from the pre-tax loss. The tax benefits that caused a higher effective tax rate were primarily the earnings attributable to noncontrolling interests (for which income taxes are not the responsibility of the Company) and state income taxes (net of the federal tax benefit), partially offset by non-deductible expenses.
For the three months ended March 31, 2022, the Company recognized an income tax benefit of $3.9 million with an effective income tax rate of 17.1%. The Company incurred a pre-tax loss for the quarter, but projected a pre-tax profit for the year and, as a result, tax benefits reduced the effective tax rate. The effective income tax rate was lower than the 21% federal statutory rate primarily due to earnings attributable to noncontrolling interests, for which income taxes are not the responsibility of the Company, partially offset by state income taxes (net of the federal tax benefit).
The Company had deferred tax assets of $97.4 million and $15.9 million at March 31, 2023 and December 31, 2022, respectively, which are included in other assets on the Condensed Consolidated Balance Sheets.
(7)Goodwill and Intangible Assets
Goodwill
The following table presents the changes in the carrying amount of goodwill since its inception through March 31, 2023:

(in thousands) | Civil | Building | Specialty Contractors | Total
Gross goodwill as of December 31, 2022 | $ | 492,074 |  | $ | 424,724 |  | $ | 156,193 |  | $ | 1,072,991 |
Accumulated impairment as of December 31, 2022 | (286,931) |  | (424,724) |  | (156,193) |  | (867,848) |
Goodwill as of December 31, 2022 | 205,143 |  | — |  | — |  | 205,143 |
Current year activity | — |  | — |  | — |  | — |
Goodwill as of March 31, 2023 | $ | 205,143 |  | $ | — |  | $ | — |  | $ | 205,143 |

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
UNAUDITED
The Company performed its annual impairment test in the fourth quarter of 2022 and concluded goodwill was not impaired. In addition, the Company determined that no triggering events occurred and no circumstances changed since the date of our annual impairment test that would more likely than not reduce the fair value of the Civil reporting unit below its carrying amount.
The Company will continue to monitor events and circumstances for changes that indicate the Civil reporting unit goodwill would need to be reevaluated for impairment during future interim periods prior to the annual impairment test. These future events and circumstances include, but are not limited to, changes in the overall financial performance of the Civil reporting unit, as well as other quantitative and qualitative factors which could indicate potential triggering events for possible impairment.
Intangible Assets
Intangible assets consist of the following:

| As of March 31, 2023 |  | Weighted-Average Amortization Period
(in thousands) | Cost | Accumulated Amortization | Accumulated Impairment Charge | Carrying Value |
Trade names (non-amortizable) | $ | 117,600 |  | $ | — |  | $ | (67,190) |  | $ | 50,410 |  |  | Indefinite
Trade names (amortizable) | 69,250 |  | (26,445) |  | (23,232) |  | 19,573 |  |  | 20 years
Contractor license | 6,000 |  | — |  | (6,000) |  | — |  |  | N/A
Customer relationships | 39,800 |  | (23,155) |  | (16,645) |  | — |  |  | N/A
Construction contract backlog | 149,290 |  | (149,290) |  | — |  | — |  |  | N/A
Total | $ | 381,940 |  | $ | (198,890) |  | $ | (113,067) |  | $ | 69,983 |  |  |

| As of December 31, 2022 |  | Weighted-Average Amortization Period
(in thousands) | Cost | Accumulated Amortization | Accumulated Impairment Charge | Carrying Value |
Trade names (non-amortizable) | $ | 117,600 |  | $ | — |  | $ | (67,190) |  | $ | 50,410 |  |  | Indefinite
Trade names (amortizable) | 69,250 |  | (25,886) |  | (23,232) |  | 20,132 |  |  | 20 years
Contractor license | 6,000 |  | — |  | (6,000) |  | — |  |  | N/A
Customer relationships | 39,800 |  | (23,155) |  | (16,645) |  | — |  |  | N/A
Construction contract backlog | 149,290 |  | (149,290) |  | — |  | — |  |  | N/A
Total | $ | 381,940 |  | $ | (198,331) |  | $ | (113,067) |  | $ | 70,542 |  |  |

Amortization expense related to amortizable intangible assets for the three months ended March 31, 2023 and 2022 was $0.6 million and $5.5 million, respectively. As of March 31, 2023, future amortization expense related to amortizable intangible assets will be approximately $1.7 million for the remainder of 2023, $2.2 million per year for the years 2024 through 2028 and $6.9 million thereafter.
The Company performed its annual impairment test for non-amortizable trade names during the fourth quarter of 2022. Based on this assessment, the Company concluded that its non-amortizable trade names were not impaired. In addition, the Company determined that no triggering events occurred and no circumstances changed since the date of our annual impairment test that would indicate impairment of its non-amortizable trade names. Other amortizable intangible assets are reviewed for impairment whenever circumstances indicate that future cash flows generated by the assets might be less than the assets’ net carrying value. The Company had no impairment of intangible assets during the three months ended March 31, 2023 or 2022.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
UNAUDITED
(8)Financial Commitments
Long-Term Debt
Long-term debt as reported on the Condensed Consolidated Balance Sheets consisted of the following:

(in thousands) | As of March 31, 2023 | As of December 31, 2022
2017 Senior Notes | $ | 497,562 |  | $ | 497,289 |
Term Loan B | 403,677 |  | 404,169 |
Revolver | 30,000 |  | — |
Equipment financing and mortgages | 45,286 |  | 48,681 |
Other indebtedness | 4,157 |  | 8,300 |
Total debt | 980,682 |  | 958,439 |
Less: Current maturities | 66,228 |  | 70,285 |
Long-term debt, net | $ | 914,454 |  | $ | 888,154 |

The following table reconciles the outstanding debt balances to the reported debt balances as of March 31, 2023 and December 31, 2022:

| As of March 31, 2023 |  | As of December 31, 2022
(in thousands) | Outstanding Debt | Unamortized Discounts and Issuance Costs | Debt, as reported |  | Outstanding Debt | Unamortized Discounts and Issuance Costs | Debt, as reported
2017 Senior Notes | $ | 500,000 |  | $ | (2,438) |  | $ | 497,562 |  |  | $ | 500,000 |  | $ | (2,711) |  | $ | 497,289 |
Term Loan B | 414,375 |  | (10,698) |  | 403,677 |  |  | 415,438 |  | (11,269) |  | 404,169 |

The unamortized issuance costs related to the Revolver were $1.9 million and $1.6 million as of March 31, 2023 and December 31, 2022, respectively, and are included in other assets on the Condensed Consolidated Balance Sheets.
2020 Credit Agreement
On August 18, 2020, the Company entered into a credit agreement (the “2020 Credit Agreement”) with BMO Harris Bank N.A., as Administrative Agent, Swing Line Lender and L/C Issuer and other lenders. The 2020 Credit Agreement provides for a $425.0 million term loan B facility (the “Term Loan B”) and a $175.0 million revolving credit facility (the “Revolver”), with sublimits for the issuance of letters of credit and swing line loans up to the aggregate amounts of $75.0 million and $10.0 million, respectively. The Term Loan B will mature on August 18, 2027 and the Revolver will mature on August 18, 2025, in each case, unless any of the 2017 Senior Notes are outstanding on January 30, 2025 (which is 91 days prior to the maturity of the 2017 Senior Notes), in which case, both the Term Loan B and the Revolver will mature on January 30, 2025 (subject to certain further exceptions).
The 2020 Credit Agreement permits the Company to repay any or all borrowings outstanding under the 2020 Credit Agreement at any time prior to maturity without penalty. The 2020 Credit Agreement requires the Company to make regularly scheduled payments of principal on the Term Loan B in quarterly installments equal to 0.25% of the initial principal amount of the Term Loan B. The 2020 Credit Agreement also requires the Company to make prepayments on the Term Loan B in connection with certain asset sales, receipts of insurance proceeds, incurrences of certain indebtedness and annual excess cash flow (in each case, subject to certain customary exceptions). At March 31, 2023 and December 31, 2022, included in current maturities of long-term debt in the accompanying Condensed Consolidated Balance Sheets is a $44.0 million prepayment of principal on the Term Loan B, which was paid in April 2023, relating to the mandatory prepayment provision of the 2020 Credit Agreement in respect of annual excess cash flow.
Subject to certain exceptions, at any time prior to maturity, the 2020 Credit Agreement provides the Company with the right to increase the commitments under the Revolver and/or to establish one or more term loan facilities in an aggregate amount up to (i) the greater of $173.5 million and 50% LTM EBITDA (as defined in the 2020 Credit Agreement) plus (ii) additional amounts if (A) in the case of pari passu first lien secured indebtedness, the First Lien Net Leverage Ratio (as defined in the 2020 Credit
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UNAUDITED
Agreement) does not exceed 1.35:1.00, (B) in the case of junior lien secured indebtedness, the Total Net Leverage Ratio (as defined in the 2020 Credit Agreement) does not exceed 3.50:1.00 and (C) in the case of unsecured indebtedness, (x) the Total Net Leverage Ratio does not exceed 3.50:1.00 or (y) the Fixed Charge Coverage Ratio (as defined in the 2020 Credit Agreement) is no less than 2.00:1.00.
Borrowings under the 2020 Credit Agreement bear interest, at the Company’s option, at a rate equal to (i) (A) in the case of the Term Loan B, following the amendment to the 2020 Credit Agreement on May 2, 2023 (as discussed below), (x) the Adjusted Term Secured Overnight Financing Rate (“Adjusted Term SOFR”) (calculated with a 11.448 basis point, 26.161 basis point and 42.826 basis point credit spread adjustment for a 1, 3 and 6 month interest period, respectively) or (y) a base rate (determined by reference to the highest of (1) the administrative agent’s prime lending rate, (2) the federal funds effective rate plus 50 basis points and (3) the Adjusted Term SOFR rate for a one-month interest period plus 100 basis points) and (B) in case of the Revolver, following the amendment to the 2020 Credit Agreement on October 31, 2022 (as discussed below), (x) the Adjusted Term SOFR rate (calculated with a 10 basis point credit spread adjustment for all interest periods) or (y) a base rate (determined by reference to the highest of (1) the administrative agent’s prime lending rate, (2) the federal funds effective rate plus 50 basis points and (3) the Adjusted Term SOFR rate for a one-month interest period plus 100 basis points) plus, in each case, (ii) an applicable margin. The margin applicable to the Term Loan B is between 4.50% and 4.75% for Adjusted Term SOFR and between 3.50% and 3.75% for base rate, and, in each case, is based on the Total Net Leverage Ratio. The margin applicable to the Revolver is between 4.25% and 4.75% for Adjusted Term SOFR and 3.25% and 3.75% for base rate, and, in each case, is based on the First Lien Net Leverage Ratio. Effective following the amendment to the 2020 Credit Agreement on October 31, 2022, the Company’s original London Interbank Offered Rate (“LIBOR”) option in respect of the Revolver was transitioned to Adjusted Term SOFR. Effective May 2, 2023, the 2020 Credit Agreement was further amended to transition the Company’s original LIBOR option in respect of the Term Loan B to Adjusted Term SOFR. In addition to paying interest on outstanding principal under the 2020 Credit Agreement, the Company will pay a commitment fee to the lenders under the Revolver in respect of the unutilized commitments thereunder. The Company will pay customary letter of credit fees. If a payment or bankruptcy event of default occurs and is continuing, the otherwise applicable margin on overdue amounts will be increased by 2% per annum. The 2020 Credit Agreement includes customary provisions for the replacement of Adjusted Term SOFR with an alternative benchmark rate upon Adjusted Term SOFR being discontinued. The weighted-average annual interest rate on borrowings under the Revolver was 11.58% during the three months ended March 31, 2023.
The 2020 Credit Agreement initially required, solely with respect to the Revolver, the Company and its restricted subsidiaries to maintain a maximum First Lien Net Leverage Ratio of 2.75:1.00, stepping down to 2.25:1.00 beginning the fiscal quarter ending March 31, 2022. On October 31, 2022, the 2020 Credit Agreement was amended to increase the maximum First Lien Net Leverage Ratio covenant level to 2.75:1.00 (from 2.25:1.00), effective the fiscal quarter ending September 30, 2022, and subsequently stepping back down to 2.25:1.00 beginning the fiscal quarter ending June 30, 2023. On March 10, 2023, the 2020 Credit Agreement was further amended to set the maximum First Lien Net Leverage Ratio covenant level to 3.50:1.00, effective the fiscal quarter ended December 31, 2022 and increasing to 3.75:1.00 for the fiscal quarter ending March 31, 2023 and subsequently stepping down to 3.00:1.00 for the fiscal quarter ending June 30, 2023, 2.50:1.00 for the fiscal quarter ending September 30, 2023 and 2.25:1.00 for the fiscal quarter ending December 31, 2023 and each fiscal quarter thereafter. The 2020 Credit Agreement also includes certain customary representations and warranties, affirmative covenants and events of default. Subject to certain exceptions, substantially all of the Company’s existing and future material wholly-owned subsidiaries unconditionally guarantee the obligations of the Company under the 2020 Credit Agreement; additionally, subject to certain exceptions, the obligations are secured by a lien on substantially all of the assets of the Company and its subsidiaries guaranteeing these obligations.
As of March 31, 2023, there was $145 million available under the Revolver. The Company had not utilized the Revolver for letters of credit. The Company was in compliance with the financial covenant under the 2020 Credit Agreement for the period ended March 31, 2023.
2017 Senior Notes
On April 20, 2017, the Company issued $500 million in aggregate principal amount of 6.875% Senior Notes due May 1, 2025 (the “2017 Senior Notes”) in a private placement offering. Interest on the 2017 Senior Notes is payable in arrears semi-annually in May and November of each year, beginning in November 2017.
The Company may redeem the 2017 Senior Notes at specified redemption prices described in the indenture. Upon a change of control, holders of the 2017 Senior Notes may require the Company to repurchase all or part of the 2017 Senior Notes at 101% of the principal amount thereof, plus accrued and unpaid interest to the redemption date.
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UNAUDITED
The 2017 Senior Notes are senior unsecured obligations of the Company and are guaranteed by substantially all of the Company’s existing and future subsidiaries that also guarantee obligations under the Company’s 2020 Credit Agreement, as defined above. In addition, the indenture for the 2017 Senior Notes provides for customary covenants, including events of default and restrictions on the payment of dividends and share repurchases.
Interest Expense
Interest expense as reported in the Condensed Consolidated Statements of Operations consisted of the following:

| Three Months Ended March 31, |  |
(in thousands) | 2023 | 2022 |  |  |
Cash interest expense: |  |  |  |  |
Interest on 2017 Senior Notes | $ | 8,594 |  | $ | 8,594 |  |  |  |
Interest on Term Loan B | 9,749 |  | 6,033 |  |  |  |
Interest on Revolver | 1,745 |  | 503 |  |  |  |
Other interest | 421 |  | 461 |  |  |  |
Total cash interest expense | 20,509 |  | 15,591 |  |  |  |
Non-cash interest expense:(a) |  |  |  |  |
Amortization of discount and debt issuance costs on Term Loan B | 571 |  | 505 |  |  |  |
Amortization of debt issuance costs on Revolver | 160 |  | 142 |  |  |  |
Amortization of debt issuance costs on 2017 Senior Notes | 273 |  | 254 |  |  |  |
Total non-cash interest expense | 1,004 |  | 901 |  |  |  |
Total interest expense | $ | 21,513 |  | $ | 16,492 |  |  |  |

____________________________________________________________________________________________________
(a)The combination of cash and non-cash interest expense produces effective interest rates that are higher than contractual rates. Accordingly, the effective interest rates for the 2017 Senior Notes and Term Loan B were 7.13% and 10.44%, respectively, for the three months ended March 31, 2023.
(9)Leases
The Company leases certain office space, construction and office equipment, vehicles and temporary housing generally under non-cancelable operating leases. Leases with an initial term of one year or less are not recorded on the balance sheet, and the Company generally recognizes lease expense for these leases on a straight-line basis over the lease term. As of March 31, 2023, the Company’s operating leases have remaining lease terms ranging from less than one year to 15 years, some of which include options to renew the leases. The exercise of lease renewal options is generally at the Company’s sole discretion. The Company’s leases do not contain any material residual value guarantees or material restrictive covenants.
The following table presents components of lease expense for the three months ended March 31, 2023 and 2022:

| Three Months Ended March 31, |  |
(in thousands) | 2023 | 2022 |  |  |
Operating lease expense | $ | 3,474 |  | $ | 4,157 |  |  |  |
Short-term lease expense(a) | 13,919 |  | 14,444 |  |  |  |
| 17,393 |  | 18,601 |  |  |  |
Less: Sublease income | 194 |  | 190 |  |  |  |
Total lease expense | $ | 17,199 |  | $ | 18,411 |  |  |  |

____________________________________________________________________________________________________
(a)Short-term lease expense includes all leases with lease terms of up to one year. Short-term leases include, among other things, construction equipment rented on an as-needed basis as well as temporary housing.
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UNAUDITED
The following table presents supplemental balance sheet information related to operating leases:

(dollars in thousands) | Balance Sheet Line Item | As of March 31, 2023 | As of December 31, 2022
Assets |  |  |
Right-of-use assets | Other assets | $ | 49,147 |  | $ | 50,825 |
Total lease assets |  | $ | 49,147 |  | $ | 50,825 |
Liabilities |  |  |
Current lease liabilities | Accrued expenses and other current liabilities | $ | 6,290 |  | $ | 6,709 |
Long-term lease liabilities | Other long-term liabilities | 48,006 |  | 49,176 |
Total lease liabilities |  | $ | 54,296 |  | $ | 55,885 |
Weighted-average remaining lease term |  | 11.0 years | 11.0 years
Weighted-average discount rate |  | 11.81 | % | 11.77 | %

The following table presents supplemental cash flow information and non-cash activity related to operating leases:

| Three Months Ended March 31,
(in thousands) | 2023 | 2022
Operating cash flow information: |  |
Cash paid for amounts included in the measurement of lease liabilities | $ | (3,446) |  | $ | (3,927) |
Non-cash activity: |  |
Right-of-use assets obtained in exchange for lease liabilities | $ | 318 |  | $ | 6,757 |

The following table presents maturities of operating lease liabilities on an undiscounted basis as of March 31, 2023:

Year (in thousands) | Operating Leases
2023 (excluding the three months ended March 31, 2023) | $ | 9,198 |
2024 | 10,028 |
2025 | 8,910 |
2026 | 7,478 |
2027 | 6,770 |
Thereafter | 58,094 |
Total lease payments | 100,478 |
Less: Imputed interest | 46,182 |
Total | $ | 54,296 |

(10)Commitments and Contingencies
The Company and certain of its subsidiaries are involved in litigation and other legal proceedings and forms of dispute resolution in the ordinary course of business, including but not limited to disputes over contract payment and/or performance-related issues (such as disagreements regarding delay or a change in the scope of work of a project and/or the price associated with that change) and other matters incidental to the Company’s business. In accordance with ASC 606, the Company makes assessments of these types of matters on a routine basis and, to the extent permitted by ASC 606, estimates and records recovery related to these matters as a form of variable consideration at the most likely amount the Company expects to receive, as discussed further in Note 3. In addition, the Company is contingently liable for litigation, performance guarantees and other commitments arising in the ordinary course of business, which are accounted for in accordance with ASC 450, Contingencies. Management reviews these matters regularly and updates or revises its estimates as warranted by subsequent information and developments. These assessments require judgments concerning matters that are inherently uncertain, such as litigation developments and outcomes, the anticipated outcome of negotiations and the estimated cost of resolving disputes.
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UNAUDITED
Consequently, these assessments are estimates, and actual amounts may vary from such estimates. In addition, because such matters are typically resolved over long periods of time, the Company’s assets and liabilities may change over time should the circumstances dictate. The description of the legal proceedings listed below include management’s assessment of those proceedings. Management believes that, based on current information and discussions with the Company’s legal counsel, the ultimate resolution of other matters is not expected to have a material effect on the Company’s consolidated financial position, results of operations or cash flows.
A description of the material pending legal proceedings, other than ordinary routine litigation incidental to the business is as follows:
Alaskan Way Viaduct Matter
In January 2011, Seattle Tunnel Partners (“STP”), a joint venture between Dragados USA, Inc. and the Company, entered into a design-build contract with the Washington State Department of Transportation (“WSDOT”) for the construction of a large-diameter bored tunnel in downtown Seattle, King County, Washington to replace the Alaskan Way Viaduct, also known as State Route 99. The Company has a 45% interest in STP.
The construction of the large-diameter bored tunnel required the use of a tunnel boring machine (“TBM”). In December 2013, the TBM struck a steel pipe, installed by WSDOT as a well casing for an exploratory well. The TBM was significantly damaged and was required to be repaired. STP has asserted that the steel pipe casing was a differing site condition that WSDOT failed to properly disclose. The Disputes Review Board mandated by the contract to hear disputes issued a decision finding the steel casing was a Type I (material) differing site condition. WSDOT did not accept that finding.
The TBM was insured under a Builder’s Risk Insurance Policy (the “Policy”) with Great Lakes Reinsurance (UK) PLC and a consortium of other insurers (the “Insurers”). STP submitted the claims to the Insurers and requested interim payments under the Policy. The Insurers refused to pay and denied coverage. In June 2015, STP filed a lawsuit in the King County Superior Court, State of Washington seeking declaratory relief concerning contract interpretation, as well as damages as a result of the Insurers’ breach of their obligations under the terms of the Policy. STP is also asserting extra-contractual and statutory claims against the Insurers. STP submitted damages to the Insurers in the King County lawsuit in the amount of $532 million. WSDOT is deemed a plaintiff since WSDOT is an insured under the Policy and had filed its own claim for damages. Hitachi Zosen (“Hitachi”), the manufacturer of the TBM, joined the case as a plaintiff for costs incurred to repair the damages to the TBM.
In April and September 2018, rulings received on pre-trial motions limited some of the potential recoveries under the Policy for STP, WSDOT and Hitachi. On August 2, 2021, the Court of Appeals reversed in part certain of those limitations but affirmed other parts of those rulings. On September 15, 2022, the Washington Supreme Court affirmed the decision of the Court of Appeals, which limits recovery of certain damages under the Policy. Based on the rulings of the Court of Appeals, the case will continue for adjudication on the remaining facts and legal issues, including the number of covered occurrences which could increase the amount of available coverage under the Policy and the amount of investigative costs that are subject to the Policy limits. STP also has claims for costs, fees, pre-judgment interest and extra-contractual and statutory claims, which are not subject to the Policy limits.
With respect to STP’s direct and indirect claims against the Insurers, management has included in receivables an estimate of the total anticipated recovery concluded to be probable.
In March 2016, WSDOT filed a complaint against STP in Thurston County Superior Court alleging breach of contract, seeking $57.2 million in delay-related damages and seeking declaratory relief concerning contract interpretation. STP subsequently filed a counterclaim against WSDOT. The jury trial between STP and WSDOT commenced on October 7, 2019 and concluded on December 13, 2019, with a jury verdict in favor of WSDOT awarding them $57.2 million in damages. The Company recorded the impact of the jury verdict during the fourth quarter of 2019, resulting in a pre-tax charge of $166.8 million, which included $25.7 million for the Company’s 45% proportionate share of the $57.2 million in damages awarded by the jury to WSDOT. The charge was for non-cash write-downs primarily related to the costs and estimated earnings in excess of billings and receivables that the Company previously recorded to reflect its expected recovery in this case. STP filed a petition for discretionary review by the Washington Supreme Court on July 12, 2022, which was denied by the Supreme Court on October 10, 2022. On October 18, 2022, STP paid the damages and associated interest from the judgment, which included the Company’s proportionate share of $34.6 million. As a result, the lawsuit between STP and WSDOT has concluded.
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George Washington Bridge Bus Station Matter
In August 2013, Tutor Perini Building Corp. (“TPBC”) entered into a contract with the George Washington Bridge Bus Station Development Venture, LLC (the “Developer”) to renovate the George Washington Bridge Bus Station, a mixed-use facility owned by the Port Authority of New York and New Jersey (the “Port Authority”) that serves as a transit facility and retail space. The $100 million project experienced significant design errors and associated delays, resulting in damages to TPBC and its subcontractors, including WDF and Five Star, wholly owned subsidiaries of the Company. The facility opened to the public on May 16, 2017.
On February 26, 2015, the Developer filed a demand for arbitration, subsequently amended, seeking $30 million in alleged damages and declaratory relief that TPBC’s requests for additional compensation were invalid due to lack of notice. TPBC denied the Developer’s claims and filed a counterclaim in March 2018. TPBC was seeking in excess of $113 million in the arbitration, which included unpaid contract balance claims, the return of $29 million retained by the Developer in alleged damages, as well as extra work claims, pass-through claims and delay claims. The Developer was seeking an additional $4.8 million in damages from TPBC beyond the $29 million it had withheld.
Hearings on the merits commenced on September 24, 2018 before the arbitration panel. On June 4, 2019, the arbitration panel, as confirmed by the U.S. District Court in the Southern District of New York, issued a writ of attachment for $23 million of the $29 million discussed above. On October 7, 2019, the Developer filed for bankruptcy protection in the Southern District of New York under Chapter 11 of the Bankruptcy Code. The filing for bankruptcy stayed the pending arbitration proceedings. TPBC appeared in the bankruptcy proceedings on October 8, 2019 and filed a Proof of Claim in the amount of $113 million on December 13, 2019.
On June 5, 2020, the Developer, secured lenders and the Port Authority announced that they had reached a settlement of their disputes. As part of the settlement, the Port Authority waived the enforcement of its right to seek a “cure” pursuant to its lease agreement with the Developer, which requires construction costs be paid prior to any sale of the leasehold, the sole asset in the Developer’s bankruptcy estate to be distributed in this bankruptcy. On July 14, 2020, the bankruptcy court conducted a hearing to determine (1) whether to approve the settlement agreement between the Developer, secured lenders and the Port Authority; and (2) whether TPBC can assert third-party beneficiary rights to the lease agreement and require that prior to the sale of the leasehold, any outstanding costs owed to contractors for the cost of building the project must be paid pursuant to the lease agreement’s “cure” provisions. On August 12, 2020, the bankruptcy court approved the settlement and denied TPBC’s third-party beneficiary rights under the lease agreement. On August 20, 2020, TPBC filed an appeal with the U.S. District Court for the Southern District of New York seeking to challenge the denial of its third-party beneficiary rights under the lease agreement’s “cure” provisions to avoid being subordinate to the claims of the secured lenders in the bankruptcy proceedings, which was denied by the U.S. District Court on August 4, 2021. TPBC filed an appeal with the U.S. Court of Appeals for the Second Circuit on August 20, 2021, which conducted oral arguments on October 27, 2022. On April 10, 2023, the Second Circuit affirmed the bankruptcy court’s and district court’s denials of TPBC’s third-party beneficiary rights under the project’s lease agreement’s “cure” provisions and concluded that TPBC’s claims were not otherwise entitled to priority treatment under the Bankruptcy Code and should therefore be treated as unsecured claims that are subordinate to the claims of the secured lenders in the Developer’s bankruptcy case. As a result of this adverse decision from the Second Circuit, the Company recorded a non-cash, pre-tax charge to income (loss) from construction operations of $83.6 million in the first quarter of 2023. TPBC has no further avenues to recover its costs from the Developer or the bankruptcy-related actions, nor does the Developer have any ability to recover its claims against TPBC, and these lawsuits have now concluded.
Separately, on July 2, 2018, TPBC filed a lawsuit against the Port Authority, as owner of the project, seeking the same $113 million in damages pursuant to the lease agreement between the Port Authority and the Developer. On August 20, 2018, the Port Authority filed a motion to dismiss all causes of action, which was denied by the court on July 1, 2019. The Port Authority appealed this decision on July 15, 2019. On February 18, 2021, the Appellate Division affirmed in part and reversed in part the trial court's denial of the Port Authority's motion to dismiss TPBC’s causes of action. On April 11, 2022, the court granted the Port Authority’s motion to dismiss on statutory notice grounds. The Company filed a notice of appeal on April 28, 2022, which is pending.
In addition, on August 11, 2021, TPBC filed a second lawsuit in state court against the Port Authority alleging unjust enrichment and tortious interference with TPBC’s right to recover under the lease agreement’s “cure” provision in the bankruptcy proceeding. The case was removed to the federal bankruptcy court on September 21, 2021. The Port Authority filed
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UNAUDITED
a motion to dismiss on March 4, 2022, which the federal bankruptcy court granted on September 30, 2022. This lawsuit is now concluded.
On January 27, 2020, TPBC filed separate litigation in the U.S. District Court for the Southern District of New York in which TPBC asserted related claims seeking the same $113 million in damages against the individual owners of the Developer for their wrongful conversion of project funds and against lenders that received interest payments from project funds and other amounts earmarked to pay the contractors. On December 29, 2020, the court granted in part and denied in part the defendants’ motions to dismiss, resulting in the lender defendants being dismissed from the lawsuit and the lawsuit against the individual owners of the Developer continuing. The lawsuit was refiled in New York state court on July 26, 2021. On June 8, 2022, the court certified the class under the New York construction trust fund statutes. The case remains pending before the court.
Management has made an estimate of the total anticipated recovery of TPBC’s claims against the individual owners of the Developer and the Port Authority on this project, and such estimate is included in revenue recorded to date.
(11)Share-Based Compensation
As of March 31, 2023, there were 868,622 shares of common stock available for grant under the Tutor Perini Corporation Omnibus Incentive Plan. During the three months ended March 31, 2023 and 2022, the Company granted the following share-based instruments: (1) RSUs totaling 590,188 and 375,769, respectively, with weighted-average grant date fair values per unit of $8.66 and $10.53, respectively; and (2) cash-settled performance stock units (“CPSUs”) totaling 901,541 and 315,768, respectively, with weighted-average grant date fair values per unit of $13.78 and $14.89, respectively. During the three months ended March 31, 2023, the Company also granted a cash award with a service-based vesting condition and payout indexed to 90,000 shares of the Company’s common stock, with a weighted-average grant date fair value of $8.98 per share. During the three months ended March 31, 2022, the Company granted 7,500 shares of unrestricted stock with a weighted-average grant date fair value of $19.24 per share.
As of March 31, 2023 and December 31, 2022, the Company recognized liabilities for CPSUs and RSUs with guaranteed minimum payouts and certain cash-settled awards on the Condensed Consolidated Balance Sheets totaling approximately $3.4 million and $2.1 million, respectively. During the three months ended March 31, 2022, the Company paid approximately $2.6 million to settle certain awards.
For the three months ended March 31, 2023 and 2022, the Company recognized, as part of general and administrative expenses, costs for share-based payment arrangements totaling $3.1 million and $3.4 million, respectively. As of March 31, 2023, the balance of unamortized share-based compensation expense was $25.3 million, which is expected to be recognized over a weighted-average period of 2.3 years.
(12)Employee Pension Plans
The Company has a defined benefit pension plan and an unfunded supplemental retirement plan. Effective June 1, 2004, all benefit accruals under these plans were frozen; however, the current vested benefit was preserved. The pension disclosure presented below includes aggregated amounts for both of the Company’s plans.
The following table sets forth a summary of the net periodic benefit cost for the three months ended March 31, 2023 and 2022:

| Three Months Ended March 31, |  |
(in thousands) | 2023 | 2022 |  |  |
Interest cost | $ | 969 |  | $ | 646 |  |  |  |
Service cost | 255 |  | 240 |  |  |  |
Expected return on plan assets | (978) |  | (973) |  |  |  |
Recognized net actuarial losses | 413 |  | 639 |  |  |  |
Net periodic benefit cost | $ | 659 |  | $ | 552 |  |  |  |

Due to availability of our prefunded pension balance related to the defined benefit pension plan, the Company was not required to make any cash payments during the three months ended March 31, 2023. The Company expects to contribute $1.3 million in cash by the end of 2023. Due to the election of certain options provided under the American Rescue Plan Act of 2021, enacted
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UNAUDITED
on March 11, 2021, the Company was not required to, and did not contribute, amounts to the defined benefit pension plan during the three months ended March 31, 2022.
(13)Fair Value Measurements
The fair value hierarchy established by ASC 820, Fair Value Measurement, prioritizes the use of inputs used in valuation techniques into the following three levels:
•Level 1 inputs are observable quoted prices in active markets for identical assets or liabilities
•Level 2 inputs are observable, either directly or indirectly, but are not Level 1 inputs
•Level 3 inputs are unobservable
The following fair value hierarchy table presents the Company’s assets that are measured at fair value on a recurring basis as of March 31, 2023 and December 31, 2022:

| As of March 31, 2023 |  | As of December 31, 2022
| Fair Value Hierarchy |  |  |  | Fair Value Hierarchy |  |
(in thousands) | Level 1 | Level 2 | Level 3 |  | Total |  | Level 1 | Level 2 | Level 3 |  | Total
Cash and cash equivalents(a) | $ | 282,695 |  | $ | — |  | $ | — |  |  | $ | 282,695 |  |  | $ | 259,351 |  | $ | — |  | $ | — |  |  | $ | 259,351 |
Restricted cash(a) | 19,946 |  | — |  | — |  |  | 19,946 |  |  | 14,480 |  | — |  | — |  |  | 14,480 |
Restricted investments(b) | — |  | 88,240 |  | — |  |  | 88,240 |  |  | — |  | 91,556 |  | — |  |  | 91,556 |
Investments in lieu of retention(c) | 23,177 |  | 67,299 |  | — |  |  | 90,476 |  |  | 20,100 |  | 68,228 |  | — |  |  | 88,328 |
Total | $ | 325,818 |  | $ | 155,539 |  | $ | — |  |  | $ | 481,357 |  |  | $ | 293,931 |  | $ | 159,784 |  | $ | — |  |  | $ | 453,715 |

____________________________________________________________________________________________________
(a)Includes money market funds and short-term investments with maturity dates of three months or less when acquired.
(b)Restricted investments, as of March 31, 2023 and December 31, 2022, consist of available-for-sale (“AFS”) debt securities, which are valued based on pricing models determined from a compilation of primarily observable market information, broker quotes in non-active markets or similar assets; therefore, they are classified as Level 2 assets.
(c)Investments in lieu of retention are included in retention receivable as of March 31, 2023 and December 31, 2022, and are comprised of money market funds of $23.2 million and $20.1 million, respectively, and AFS debt securities of $67.3 million and $68.2 million, respectively. The fair values of the money market funds are measured using quoted market prices; therefore, they are classified as Level 1 assets. The fair values of AFS debt securities are determined from a compilation of primarily observable market information, broker quotes in non-active markets or similar assets; therefore, they are classified as Level 2 assets.
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UNAUDITED
Investments in AFS debt securities consisted of the following as of March 31, 2023 and December 31, 2022:

| As of March 31, 2023 |  | As of December 31, 2022
(in thousands) | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value |  | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value
Restricted investments: |  |  |  |  |  |  |  |  |
Corporate debt securities | $ | 52,027 |  | $ | 22 |  | $ | (3,045) |  | $ | 49,004 |  |  | $ | 53,452 |  | $ | 1 |  | $ | (3,550) |  | $ | 49,903 |
U.S. government agency securities | 32,099 |  | 43 |  | (1,379) |  | 30,763 |  |  | 34,920 |  | 13 |  | (1,688) |  | 33,245 |
Municipal bonds | 9,039 |  | — |  | (1,017) |  | 8,022 |  |  | 9,211 |  | — |  | (1,257) |  | 7,954 |
Corporate certificates of deposit | 504 |  | — |  | (53) |  | 451 |  |  | 507 |  | — |  | (53) |  | 454 |
Total restricted investments | 93,669 |  | 65 |  | (5,494) |  | 88,240 |  |  | 98,090 |  | 14 |  | (6,548) |  | 91,556 |
Investments in lieu of retention: |  |  |  |  |  |  |  |  |
Corporate debt securities | 69,458 |  | 31 |  | (3,219) |  | 66,270 |  |  | 70,968 |  | 1 |  | (3,724) |  | 67,245 |
Municipal bonds | 819 |  | 210 |  | — |  | 1,029 |  |  | 818 |  | 165 |  | — |  | 983 |
Total investments in lieu of retention | 70,277 |  | 241 |  | (3,219) |  | 67,299 |  |  | 71,786 |  | 166 |  | (3,724) |  | 68,228 |
Total AFS debt securities | $ | 163,946 |  | $ | 306 |  | $ | (8,713) |  | $ | 155,539 |  |  | $ | 169,876 |  | $ | 180 |  | $ | (10,272) |  | $ | 159,784 |

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UNAUDITED
The following table summarizes the fair value and gross unrealized losses aggregated by category and the length of time that individual securities have been in a continuous unrealized loss position as of March 31, 2023 and December 31, 2022:

| As of March 31, 2023
| Less than 12 Months |  | 12 Months or Greater |  | Total
(in thousands) | Fair Value | Unrealized Losses |  | Fair Value | Unrealized Losses |  | Fair Value | Unrealized Losses
Restricted investments: |  |  |  |  |  |  |  |
Corporate debt securities | $ | 11,456 |  | $ | (204) |  |  | $ | 32,499 |  | $ | (2,841) |  |  | $ | 43,955 |  | $ | (3,045) |
U.S. government agency securities | 13,782 |  | (154) |  |  | 14,194 |  | (1,225) |  |  | 27,976 |  | (1,379) |
Municipal bonds | 737 |  | (23) |  |  | 7,285 |  | (994) |  |  | 8,022 |  | (1,017) |
Corporate certificates of deposit | — |  | — |  |  | 451 |  | (53) |  |  | 451 |  | (53) |
Total restricted investments | 25,975 |  | (381) |  |  | 54,429 |  | (5,113) |  |  | 80,404 |  | (5,494) |
Investments in lieu of retention: |  |  |  |  |  |  |  |
Corporate debt securities | 13,065 |  | (146) |  |  | 46,350 |  | (3,073) |  |  | 59,415 |  | (3,219) |
Total investments in lieu of retention | 13,065 |  | (146) |  |  | 46,350 |  | (3,073) |  |  | 59,415 |  | (3,219) |
Total AFS debt securities | $ | 39,040 |  | $ | (527) |  |  | $ | 100,779 |  | $ | (8,186) |  |  | $ | 139,819 |  | $ | (8,713) |

| As of December 31, 2022
| Less than 12 Months |  | 12 Months or Greater |  | Total
(in thousands) | Fair Value | Unrealized Losses |  | Fair Value | Unrealized Losses |  | Fair Value | Unrealized Losses
Restricted investments: |  |  |  |  |  |  |  |
Corporate debt securities | $ | 23,559 |  | $ | (733) |  |  | $ | 25,842 |  | $ | (2,817) |  |  | $ | 49,401 |  | $ | (3,550) |
U.S. government agency securities | 24,834 |  | (939) |  |  | 5,593 |  | (749) |  |  | 30,427 |  | (1,688) |
Municipal bonds | 4,998 |  | (672) |  |  | 2,956 |  | (585) |  |  | 7,954 |  | (1,257) |
Corporate certificates of deposit | 63 |  | (12) |  |  | 391 |  | (41) |  |  | 454 |  | (53) |
Total restricted investments | 53,454 |  | (2,356) |  |  | 34,782 |  | (4,192) |  |  | 88,236 |  | (6,548) |
Investments in lieu of retention: |  |  |  |  |  |  |  |
Corporate debt securities | 34,553 |  | (843) |  |  | 32,391 |  | (2,881) |  |  | 66,944 |  | (3,724) |
Total investments in lieu of retention | 34,553 |  | (843) |  |  | 32,391 |  | (2,881) |  |  | 66,944 |  | (3,724) |
Total AFS debt securities | $ | 88,007 |  | $ | (3,199) |  |  | $ | 67,173 |  | $ | (7,073) |  |  | $ | 155,180 |  | $ | (10,272) |

The unrealized losses in AFS debt securities as of March 31, 2023 and December 31, 2022 are primarily attributable to market interest rate increases and not a deterioration in credit quality of the issuers. Management evaluated the unrealized losses in AFS debt securities considering factors including credit ratings and other relevant information, which may indicate that contractual cash flows are not expected to occur. Based on the analysis, management determined that credit losses did not exist for AFS debt securities in an unrealized loss position as of March 31, 2023 and December 31, 2022.
It is not considered likely that the Company will be required to sell the investments before full recovery of the amortized cost basis of the AFS debt securities, which may be at maturity. As a result, consistent with the same period in 2022, the Company has not recognized any impairment losses in earnings during the three months ended March 31, 2023.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
UNAUDITED
The amortized cost and fair value of AFS debt securities by contractual maturity as of March 31, 2023 are summarized in the table below. Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations.

(in thousands) | Amortized Cost | Fair Value
Due within one year | $ | 25,973 |  | $ | 25,531 |
Due after one year through five years | 127,355 |  | 120,639 |
Due after five years | 10,618 |  | 9,369 |
Total | $ | 163,946 |  | $ | 155,539 |

The carrying values of receivables, payables and other amounts arising out of normal contract activities, including retention, which may be settled beyond one year, are estimated to approximate fair value. Of the Company’s long-term debt, the fair value of the 2017 Senior Notes was $352.5 million and $439.7 million as of March 31, 2023 and December 31, 2022, respectively. The fair values of the 2017 Senior Notes were determined using Level 1 inputs, specifically current observable market prices. The fair value of the Term Loan B was $385.4 million and $389.5 million as of March 31, 2023 and December 31, 2022, respectively. The fair values of the Term Loan B were determined using Level 2 inputs, specifically third-party quoted market prices. The reported value of the Company’s remaining borrowings approximates fair value as of March 31, 2023 and December 31, 2022.
(14)Variable Interest Entities (VIEs)
The Company may form joint ventures or partnerships with third parties for the execution of projects. In accordance with ASC 810, Consolidation (“ASC 810”), the Company assesses its partnerships and joint ventures at inception to determine if any meet the qualifications of a VIE. The Company considers a joint venture a VIE if either (a) the total equity investment is not sufficient to permit the entity to finance its activities without additional subordinated financial support, (b) characteristics of a controlling financial interest are missing (either the ability to make decisions through voting or other rights, the obligation to absorb the expected losses of the entity or the right to receive the expected residual returns of the entity), or (c) the voting rights of the equity holders are not proportional to their obligations to absorb the expected losses of the entity and/or their rights to receive the expected residual returns of the entity, and substantially all of the entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. Upon the occurrence of certain events outlined in ASC 810, the Company reassesses its initial determination of whether a joint venture is a VIE.
ASC 810 also requires the Company to determine whether it is the primary beneficiary of the VIE. The Company concludes that it is the primary beneficiary and consolidates the VIE if the Company has both (a) the power to direct the economically significant activities of the VIE and (b) the obligation to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE. The Company considers the contractual agreements that define the ownership structure, distribution of profits and losses, risks, responsibilities, indebtedness, voting rights and board representation of the respective parties in determining if the Company is the primary beneficiary. The Company also considers all parties that have direct or implicit variable interests when determining whether it is the primary beneficiary. In accordance with ASC 810, management’s assessment of whether the Company is the primary beneficiary of a VIE is performed continuously.
As of March 31, 2023, the Company had unconsolidated VIE-related current assets and liabilities of $0.6 million and $0.2 million, respectively, included in the Company’s Condensed Consolidated Balance Sheets. As of December 31, 2022, the Company had unconsolidated VIE-related current assets of $0.4 million included in the Company’s Condensed Consolidated Balance Sheets. The Company’s maximum exposure to loss as a result of its investments in unconsolidated VIEs is typically limited to the aggregate of the carrying value of the investment and future funding commitments. There were no future funding requirements for the unconsolidated VIEs as of March 31, 2023.
As of March 31, 2023, the Company’s Condensed Consolidated Balance Sheets included current and noncurrent assets of $506.4 million and $28.9 million, respectively, as well as current liabilities of $552.4 million related to the operations of its consolidated VIEs. As of December 31, 2022, the Company’s Condensed Consolidated Balance Sheets included current and noncurrent assets of $527.3 million and $22.4 million, respectively, as well as current liabilities of $567.3 million related to the operations of its consolidated VIEs.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
UNAUDITED
Below is a discussion of some of the Company’s more significant or unique VIEs.
The Company established a joint venture to construct the Purple Line Extension Section 2 (Tunnels and Stations) and Section 3 (Stations) mass-transit projects in Los Angeles, California with an original combined value of approximately $2.8 billion. The Company has a 75% interest in the joint venture with the remaining 25% held by O&G Industries, Inc. The joint venture was initially financed with contributions from the partners and, per the terms of the joint venture agreement, the partners may be required to provide additional capital contributions in the future. The Company has determined that this joint venture is a VIE for which the Company is the primary beneficiary.
The Company also established a joint venture with Parsons Corporation (“Parsons”) to construct the Newark Liberty International Airport Terminal One project, a transportation infrastructure project in Newark, New Jersey with an original value of approximately $1.4 billion. The Company has an 80% interest in the joint venture with the remaining 20% held by Parsons. The joint venture was initially financed with contributions from the partners and, per the terms of the joint venture agreement, the partners may be required to provide additional capital contributions in the future. The Company has determined that this joint venture is a VIE for which the Company is the primary beneficiary.
(15)Changes in Equity
A reconciliation of the changes in equity for the three months ended March 31, 2023 and 2022 is provided below:

| Three Months Ended March 31, 2023
(in thousands) | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interests | Total Equity
Balance - December 31, 2022 | $ | 51,521 |  | $ | 1,140,933 |  | $ | 304,301 |  | $ | (47,037) |  | $ | (7,734) |  | $ | 1,441,984 |
Net income (loss) | — |  | — |  | (49,196) |  | — |  | 267 |  | (48,929) |
Other comprehensive income | — |  | — |  | — |  | 1,727 |  | 153 |  | 1,880 |
Share-based compensation | — |  | 1,395 |  | — |  | — |  | — |  | 1,395 |
Issuance of common stock, net | 124 |  | (247) |  | — |  | — |  | — |  | (123) |
Contributions from noncontrolling interests | — |  | — |  | — |  | — |  | 2,000 |  | 2,000 |
Distributions to noncontrolling interests | — |  | — |  | — |  | — |  | (8,500) |  | (8,500) |
Balance - March 31, 2023 | $ | 51,645 |  | $ | 1,142,081 |  | $ | 255,105 |  | $ | (45,310) |  | $ | (13,814) |  | $ | 1,389,707 |

| Three Months Ended March 31, 2022
(in thousands) | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interests | Total Equity
Balance - December 31, 2021 | $ | 51,096 |  | $ | 1,133,150 |  | $ | 514,310 |  | $ | (43,635) |  | $ | 18,799 |  | $ | 1,673,720 |
Net income (loss) | — |  | — |  | (21,634) |  | — |  | 2,821 |  | (18,813) |
Other comprehensive loss | — |  | — |  | — |  | (3,110) |  | (379) |  | (3,489) |
Share-based compensation | — |  | 1,724 |  | — |  | — |  | — |  | 1,724 |
Issuance of common stock, net | 104 |  | (186) |  | — |  | — |  | — |  | (82) |
Contributions from noncontrolling interests | — |  | — |  | — |  | — |  | 961 |  | 961 |
Distributions to noncontrolling interests | — |  | — |  | — |  | — |  | (7,500) |  | (7,500) |
Balance - March 31, 2022 | $ | 51,200 |  | $ | 1,134,688 |  | $ | 492,676 |  | $ | (46,745) |  | $ | 14,702 |  | $ | 1,646,521 |

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
UNAUDITED
(16)Other Comprehensive Income (Loss)
ASC 220, Comprehensive Income, establishes standards for reporting comprehensive income and its components in the consolidated financial statements. The Company reports the change in pension benefit plan assets/liabilities, cumulative foreign currency translation and change in fair value of investments as components of accumulated other comprehensive income (loss) (“AOCI”).
The components of other comprehensive income (loss) and the related tax effects for the three months ended March 31, 2023 and 2022 were as follows:

| Three Months Ended March 31, 2023 |  | Three Months Ended March 31, 2022
(in thousands) | Before-Tax Amount | Tax Expense | Net-of-Tax Amount |  | Before-Tax Amount | Tax (Expense) Benefit | Net-of-Tax Amount
Other comprehensive income (loss): |  |  |  |  |  |  |
Defined benefit pension plan adjustments | $ | 415 |  | $ | (114) |  | $ | 301 |  |  | $ | 639 |  | $ | (181) |  | $ | 458 |
Foreign currency translation adjustments | 340 |  | (90) |  | 250 |  |  | 256 |  | 1 |  | 257 |
Unrealized gain (loss) in fair value of investments | 1,685 |  | (356) |  | 1,329 |  |  | (5,514) |  | 1,310 |  | (4,204) |
Total other comprehensive income (loss) | 2,440 |  | (560) |  | 1,880 |  |  | (4,619) |  | 1,130 |  | (3,489) |
Less: Other comprehensive income (loss) attributable to noncontrolling interests | 153 |  | — |  | 153 |  |  | (379) |  | — |  | (379) |
Total other comprehensive income (loss) attributable to Tutor Perini Corporation | $ | 2,287 |  | $ | (560) |  | $ | 1,727 |  |  | $ | (4,240) |  | $ | 1,130 |  | $ | (3,110) |

The changes in AOCI balances by component (after tax) attributable to Tutor Perini Corporation and attributable to noncontrolling interests during the three months ended March 31, 2023 and 2022 were as follows:

| Three Months Ended March 31, 2023
(in thousands) | Defined Benefit Pension Plan | Foreign Currency Translation | Unrealized Gain (Loss) in Fair Value of Investments, Net | Accumulated Other Comprehensive Income (Loss)
Attributable to Tutor Perini Corporation: |  |  |  |
Balance as of December 31, 2022 | $ | (32,637) |  | $ | (7,241) |  | $ | (7,159) |  | $ | (47,037) |
Other comprehensive income before reclassifications | — |  | 231 |  | 1,171 |  | 1,402 |
Amounts reclassified from AOCI | 301 |  | — |  | 24 |  | 325 |
Total other comprehensive income | 301 |  | 231 |  | 1,195 |  | 1,727 |
Balance as of March 31, 2023 | $ | (32,336) |  | $ | (7,010) |  | $ | (5,964) |  | $ | (45,310) |
Attributable to Noncontrolling Interests: |  |  |  |
Balance as of December 31, 2022 | $ | — |  | $ | (799) |  | $ | (931) |  | $ | (1,730) |
Other comprehensive income | — |  | 19 |  | 134 |  | 153 |
Balance as of March 31, 2023 | $ | — |  | $ | (780) |  | $ | (797) |  | $ | (1,577) |

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
UNAUDITED

| Three Months Ended March 31, 2022
(in thousands) | Defined Benefit Pension Plan | Foreign Currency Translation | Unrealized Gain (Loss) in Fair Value of Investments, Net | Accumulated Other Comprehensive Income (Loss)
Attributable to Tutor Perini Corporation: |  |  |  |
Balance as of December 31, 2021 | $ | (37,866) |  | $ | (5,787) |  | $ | 18 |  | $ | (43,635) |
Other comprehensive loss before reclassifications | — |  | (9) |  | (3,568) |  | (3,577) |
Amounts reclassified from AOCI | 458 |  | — |  | 9 |  | 467 |
Total other comprehensive income (loss) | 458 |  | (9) |  | (3,559) |  | (3,110) |
Balance as of March 31, 2022 | $ | (37,408) |  | $ | (5,796) |  | $ | (3,541) |  | $ | (46,745) |
Attributable to Noncontrolling Interests: |  |  |  |
Balance as of December 31, 2021 | $ | — |  | $ | 542 |  | $ | — |  | $ | 542 |
Total other comprehensive income (loss) | — |  | 266 |  | (645) |  | (379) |
Balance as of March 31, 2022 | $ | — |  | $ | 808 |  | $ | (645) |  | $ | 163 |

The significant items reclassified out of AOCI and the corresponding location and impact on the Condensed Consolidated Statements of Operations during the three months ended March 31, 2023 and 2022 were as follows:

| Three Months Ended March 31, |  |
(in thousands) | 2023 | 2022 |  |  |
Component of AOCI: |  |  |  |  |
Defined benefit pension plan adjustments(a) | $ | 415 |  | $ | 639 |  |  |  |
Income tax benefit(b) | (114) |  | (181) |  |  |  |
Net of tax | $ | 301 |  | $ | 458 |  |  |  |
Unrealized loss in fair value of investment adjustments(a) | $ | 30 |  | $ | 11 |  |  |  |
Income tax benefit(b) | (6) |  | (2) |  |  |  |
Net of tax | $ | 24 |  | $ | 9 |  |  |  |

___________________________________________________________________________________________________
(a)Amounts included in other income, net on the Condensed Consolidated Statements of Operations.
(b)Amounts included in income tax benefit on the Condensed Consolidated Statements of Operations.
(17)Business Segments
The Company offers general contracting, pre-construction planning and comprehensive project management services, including planning and scheduling of manpower, equipment, materials and subcontractors required for the timely completion of a project in accordance with the terms and specifications contained in a construction contract. The Company also offers self-performed construction services: site work, concrete forming and placement, steel erection, electrical, mechanical, plumbing, and HVAC (heating, ventilation and air conditioning). As described below, the Company’s business is conducted through three segments: Civil, Building and Specialty Contractors. These segments are determined based on how the Company’s Chairman and Chief Executive Officer (chief operating decision maker) aggregates business units when evaluating performance and allocating resources.
The Civil segment specializes in public works construction and the replacement and reconstruction of infrastructure. The contracting services provided by the Civil segment include construction and rehabilitation of highways, bridges, tunnels, mass-transit systems, military defense facilities, and water management and wastewater treatment facilities.
The Building segment has significant experience providing services for private and public works customers in a number of specialized building markets, including: hospitality and gaming, transportation, health care, commercial offices, government facilities, sports and entertainment, education, correctional facilities, biotech, pharmaceutical, industrial and technology.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
UNAUDITED
The Specialty Contractors segment specializes in electrical, mechanical, plumbing, HVAC and fire protection systems for a full range of civil and building construction projects in the industrial, commercial, hospitality and gaming, and mass-transit end markets. This segment provides the Company with unique strengths and capabilities that allow the Company to position itself as a full-service contractor with greater control over scheduled work, project delivery, and cost and risk management.
To the extent that a contract is co-managed and co-executed among segments, the Company allocates the share of revenues and costs of the contract to each segment to reflect the shared responsibilities in the management and execution of the project.
The following tables set forth certain reportable segment information relating to the Company’s operations for the three months ended March 31, 2023 and 2022:

| Reportable Segments |  |  |  |
(in thousands) | Civil | Building | Specialty Contractors | Total |  | Corporate |  | Consolidated Total
Three Months Ended March 31, 2023 |  |  |  |  |  |  |
Total revenue | $ | 378,224 |  | $ | 229,291 |  | $ | 196,748 |  | $ | 804,263 |  |  | $ | — |  |  | $ | 804,263 |
Elimination of intersegment revenue | (28,354) |  | 362 |  | 29 |  | (27,963) |  |  | — |  |  | (27,963) |
Revenue from external customers | $ | 349,870 |  | $ | 229,653 |  | $ | 196,777 |  | $ | 776,300 |  |  | $ | — |  |  | $ | 776,300 |
Income (loss) from construction operations | $ | 18,012 |  | $ | (70,209) |  | $ | (12,448) |  | $ | (64,645) |  | (a) | $ | (17,300) |  | (b) | $ | (81,945) |
Capital expenditures | $ | 15,065 |  | $ | 2,017 |  | $ | 444 |  | $ | 17,526 |  |  | $ | 270 |  |  | $ | 17,796 |
Depreciation and amortization(c) | $ | 6,981 |  | $ | 457 |  | $ | 619 |  | $ | 8,057 |  |  | $ | 2,351 |  |  | $ | 10,408 |
Three Months Ended March 31, 2022 |  |  |  |  |  |  |
Total revenue | $ | 460,742 |  | $ | 355,978 |  | $ | 230,864 |  | $ | 1,047,584 |  |  | $ | — |  |  | $ | 1,047,584 |
Elimination of intersegment revenue | (69,947) |  | (25,330) |  | (153) |  | (95,430) |  |  | — |  |  | (95,430) |
Revenue from external customers | $ | 390,795 |  | $ | 330,648 |  | $ | 230,711 |  | $ | 952,154 |  |  | $ | — |  |  | $ | 952,154 |
Income (loss) from construction operations | $ | (967) |  | $ | 9,464 |  | $ | (3,894) |  | $ | 4,603 |  | (d) | $ | (14,510) |  | (b) | $ | (9,907) |
Capital expenditures | $ | 11,175 |  | $ | 2 |  | $ | 638 |  | $ | 11,815 |  |  | $ | 213 |  |  | $ | 12,028 |
Depreciation and amortization(c) | $ | 17,000 |  | $ | 401 |  | $ | 502 |  | $ | 17,903 |  |  | $ | 2,335 |  |  | $ | 20,238 |

____________________________________________________________________________________________________
(a)During the three months ended March 31, 2023, the Company’s income (loss) from construction operations was negatively impacted by an adverse legal ruling on a completed mixed-use project in New York, which resulted in a non-cash, pre-tax charge of $83.6 million ($60.1 million, or $1.17 per diluted share, after-tax), of which $72.2 million impacted the Building segment and $11.4 million impacted the Specialty Contractors segment, as well as an unfavorable adjustment of $28.0 million ($22.2 million, or $0.43 per diluted share, after tax) for a Civil segment mass-transit project in California, which resulted from the successful negotiation of significant lower margin (and lower risk) change orders that increased the project’s overall estimated profit but reduced the project’s percentage of completion and overall margin percentage as of March 31, 2023.
(b)Consists primarily of corporate general and administrative expenses.
(c)Depreciation and amortization is included in income (loss) from construction operations.
(d)During the three months ended March 31, 2022, the Company’s income (loss) from construction operations was negatively impacted by $25.5 million ($18.3 million, or $0.36 per diluted share, after tax) due to an adverse legal ruling on a dispute related to a completed Civil segment bridge project in New York and an adverse impact of $17.6 million ($13.9 million, or $0.27 per diluted share, after tax) for a Civil segment mass-transit project in California, which resulted from the successful negotiation of significant lower margin (and lower risk) change orders that increased the project’s overall estimated profit but reduced the project’s percentage of completion and overall margin percentage as of March 31, 2022.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
UNAUDITED
A reconciliation of segment results to the consolidated loss before income taxes is as follows:

| Three Months Ended March 31, |  |
(in thousands) | 2023 | 2022 |  |  |
Loss from construction operations | $ | (81,945) |  | $ | (9,907) |  |  |  |
Other income, net | 6,417 |  | 3,697 |  |  |  |
Interest expense | (21,513) |  | (16,492) |  |  |  |
Loss before income taxes | $ | (97,041) |  | $ | (22,702) |  |  |  |

Total assets by segment were as follows:

(in thousands) | As of March 31, 2023 | As of December 31, 2022
Civil | $ | 3,368,743 |  | $ | 3,402,934 |
Building | 879,321 |  | 898,816 |
Specialty Contractors | 385,806 |  | 483,535 |
Corporate and other(a) | (157,092) |  | (242,485) |
Total assets | $ | 4,476,778 |  | $ | 4,542,800 |

____________________________________________________________________________________________________
(a)Consists principally of cash, equipment, tax-related assets and insurance-related assets, offset by the elimination of assets related to intersegment revenue.
Major Customer
Revenue from a single customer with multiple projects, impacting the Civil, Building and Specialty Contractors segments, represented 19.5% of the Company’s consolidated revenue for the three months ended March 31, 2023.
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion and analysis of our financial position as of March 31, 2023 and the results of our operations for the three months ended March 31, 2023 should be read in conjunction with other information, including the unaudited Condensed Consolidated Financial Statements and notes included in Part I, Item 1, Financial Information, of this Quarterly Report on Form 10‑Q, the audited consolidated financial statements and accompanying notes to our Annual Report on Form 10‑K for the year ended December 31, 2022, and the information contained under the heading “Risk Factors” in our Annual Report on Form 10‑K for the year ended December 31, 2022 and in Part II, Item 1A below.
Forward-Looking Statements
This Quarterly Report on Form 10‑Q, including the “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” contains forward-looking statements regarding future events and our future results, which are intended to be covered by the safe harbor provision for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts are statements that could be deemed forward-looking statements. Words such as “achieve,” “anticipate,” “assumes,” “believes,” “continue,” “could,” “estimate,” “expects,” “forecast,” “hope,” “intend,” “may,” “plan,” “potential,” “predict,” “should,” “will,” “would,” variations of such words and similar expressions are intended to identify such forward-looking statements. In addition, any statements that refer to projections of our future financial performance, our anticipated growth and trends in our businesses, and other characterizations of future events or circumstances are forward-looking statements. Although such statements are based on currently available financial and economic data, as well as management’s estimates and expectations, forward-looking statements are inherently uncertain and involve risks and uncertainties that could cause our actual results to differ materially from what may be inferred from the forward-looking statements. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. Factors potentially contributing to such differences include, among others:
•Revisions of estimates of contract risks, revenue or costs; economic factors such as inflation; the timing of new awards; or the pace of project execution, which has resulted and may continue to result in losses or lower than anticipated profit;
•Unfavorable outcomes of existing or future litigation or dispute resolution proceedings against us or customers (project owners, developers, general contractors, etc.), subcontractors or suppliers, as well as failure to promptly recover significant working capital invested in projects subject to such matters;
•A significant slowdown or decline in economic conditions, such as those presented during a recession;
•Increased competition and failure to secure new contracts;
•Contract requirements to perform extra work beyond the initial project scope, which has and in the future could result in disputes or claims and adversely affect our working capital, profits and cash flows;
•Risks and other uncertainties associated with assumptions and estimates used to prepare our financial statements;
•Failure to meet contractual schedule requirements, which could result in higher costs and reduced profits or, in some cases, exposure to financial liability for liquidated damages and/or damages to customers, as well as damage to our reputation;
•Inability to attract and retain our key officers, and to adequately plan for their succession, and hire and retain personnel required to execute and perform on our contracts;
•Risks related to our international operations, such as uncertainty of U.S. government funding, as well as economic, political, regulatory and other risks, including risks of loss due to acts of war, labor conditions and other unforeseeable events in countries where we do business, which could adversely affect our revenue and earnings;
•Decreases in the level of government spending for infrastructure and other public projects;
•An inability to obtain bonding could have a negative impact on our operations and results;
•Possible systems and information technology interruptions and breaches in data security and/or privacy;
•Downgrades in our credit ratings;
•Failure to meet our obligations under our debt agreements, especially in a high interest rate environment;
•Failure of our joint venture partners to perform their venture obligations, which could impose additional financial and performance obligations on us, resulting in reduced profits or losses and/or reputational harm;
•The impact of inclement weather conditions on projects;
•Risks related to government contracts and related procurement regulations;
•Client cancellations of, or reductions in scope under, contracts reported in our backlog;
•Significant fluctuations in the market price of our common stock, which could result in substantial losses for stockholders and potentially subject us to securities litigation;
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•Public health crises, such as the COVID-19 pandemic, have adversely impacted, and could in the future adversely impact, our business, financial condition and results of operations by, among other things, delaying the timing of project bids and/or awards and the timing of dispute resolutions and associated collections;
•Violations of the U.S. Foreign Corrupt Practices Act and similar worldwide anti-bribery laws;
•Physical and regulatory risks related to climate change;
•Impairment of our goodwill or other indefinite-lived intangible assets; and
•The exertion of influence over the Company by our chairman and chief executive officer due to his position and significant ownership interest.
Executive Overview
COVID-19 Update
During 2020 and 2021, the COVID-19 pandemic caused shut-downs or significant reductions in the operations of various courts and arbitration offices, which hindered the Company’s ability to resolve disputes related to unapproved work and resulted in the need for the Company to temporarily fund certain project costs that historically would have been promptly negotiated, billed to and collected from customers. This negative impact from the pandemic lessened in 2022 and remains low in 2023, with certain previously delayed disputes finally resolved and other settlement conferences and trial dates scheduled or being scheduled. Consequently, the Company expects to make substantial continued progress in the resolution of various disputes and unapproved change orders in 2023 and beyond.
Through the latter part of 2021, the pandemic also significantly delayed the bidding and awarding of various large prospective civil projects, which has affected the volume and timing of our new awards. The follow-on impact has been a substantial reduction in our backlog, revenue and income from construction operations over the past three years. For example, the Company’s consolidated backlog had been near a record level at $11.2 billion as of December 31, 2019, just prior to the onset of the COVID-19 pandemic, but has declined in each subsequent year, and was $7.9 billion as of March 31, 2023, a 29% decrease compared to the end of 2019. Similarly, revenue declined 29% from $5.3 billion for 2020 to $3.8 billion for 2022, though there were other factors that contributed to the revenue decline, particularly in 2022, as discussed in the Form 10-K filed for the year ended December 31, 2022. While the current impacts from the pandemic have lessened, the follow-on impact from delayed project bids and large contract awards continues to limit our backlog and operating results. In addition, many of our state and local government customers’ revenue sources were negatively impacted by the pandemic due to a reduction of commuter and business travel. The significant revenue reductions experienced by some of our customers have adversely impacted their ability to pay the Company on a timely basis for amounts due, although these impacts have continued to moderate.
Operating Results
Consolidated revenue for the three months ended March 31, 2023 was $776.3 million compared to $952.2 million for the same period in 2022. The decrease was largely due to reduced project execution activities on a transportation project in the Northeast that is nearing completion, which impacted all three segments, and an unfavorable adjustment of $83.6 million related to an adverse legal ruling on a completed mixed-use project in New York, which impacted the Building and Specialty Contractors segments, as previously reported on a Form 8-K filed on April 21, 2023. The decrease was also due to the temporary unfavorable impact from the successful negotiation of significant lower margin (and lower risk) change orders on a Civil segment mass-transit project in California. These approved change orders increased the project’s overall estimated profit but reduced the project’s percentage of completion and overall margin percentage as of March 31, 2023. This temporary reduction to earnings is expected to reverse itself over the remaining life of the project. In addition, the COVID-19 pandemic-induced customer budgetary constraints, combined with certain political and other factors, resulted in the Company not being awarded certain Civil segment projects over the last few years totaling more than $10.0 billion despite having been the low or preferred bidder. Not being awarded these projects also impacted revenue for the first quarters of both 2023 and 2022, and most of these projects are expected to be re-bid later in 2023 or in 2024. Furthermore, the Company was unsuccessful in its pursuit of certain large prospective Civil segment projects in the second half of 2021, which also unfavorably impacted revenue in both periods.
Loss from construction operations for the three months ended March 31, 2023 was $81.9 million compared to $9.9 million for the same period in 2022. The loss for the first quarter of 2023 was primarily due to the aforementioned unfavorable adjustment related to the adverse legal ruling on a completed mixed-use project in New York, which resulted in a non-cash, pre-tax charge of $83.6 million, of which $72.2 million impacted the Building segment and $11.4 million impacted the Specialty Contractors segment. The loss for the 2023 period was also due to the temporary unfavorable impact to current-period earnings of $28.0 million from the successful negotiation of significant lower margin (and lower risk) change orders in the first quarter of 2023 on a Civil segment mass-transit project in California. These approved change orders increased the project’s overall estimated profit but reduced the project’s percentage of completion and overall margin percentage as of March 31, 2023. This temporary
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reduction to earnings is expected to reverse itself over the remaining life of the project. The change between periods also reflected the absence of two prior-year unfavorable adjustments (a $25.5 million charge for an adverse legal ruling on a dispute related to a completed Civil segment bridge project in New York and a temporary unfavorable impact of $17.6 million that resulted from the successful negotiation of significant lower margin and lower risk change orders in the first quarter of 2022 on the same Civil segment mass-transit project in California mentioned above).
The effective tax rate was 49.6% for the three months ended March 31, 2023 compared to 17.1% for the comparable period in 2022. See Corporate, Tax and Other Matters below for a discussion of the change in the effective tax rate.
Diluted loss per common share for the three months ended March 31, 2023 was $0.95 compared to diluted loss per common share of $0.42 for the same period in 2022. The larger diluted loss per common share in 2023 was primarily due to the factors discussed above that led to the change in loss from construction operations.
Consolidated new awards for the three months ended March 31, 2023 totaled $767 million compared to $996 million for the same period in 2022. The Civil and Building segments were the primary contributors to the new award activity in the first quarter of 2023. The most significant new awards and contract adjustments in the first quarter of 2023 included $224 million of additional funding for a mass-transit project in California; a $91 million educational facility project in California; a $75 million military facility renovation project in Colorado; a $62 million bridge repair project in Minnesota; and $56 million of additional funding for a healthcare project in California. Subsequently, in the second quarter of 2023, the Company was awarded more than $3.2 billion of new projects, including the $2.95 billion Brooklyn Jail design-build project in New York, and a $222 million construction project at Tinian International Airport in the Commonwealth of Northern Mariana Islands.
Consolidated backlog as of March 31, 2023 was $7.9 billion, level compared to backlog as of December 31, 2022. As of March 31, 2023, the mix of backlog by segment was approximately 56% for Civil, 28% for Building and 16% for Specialty Contractors. The Company expects to report a substantially larger backlog at June 30, 2023, as a result of the significant new second quarter 2023 awards mentioned above.
The following table presents the Company’s backlog by business segment, reflecting changes from December 31, 2022 to March 31, 2023:

(in millions) | Backlog at December 31, 2022 | New Awards(a) | Revenue Recognized | Backlog at March 31, 2023(b)
Civil | $ | 4,416.3 |  | $ | 379.1 |  | $ | (349.9) |  | $ | 4,445.5 |
Building | 2,223.6 |  | 233.5 |  | (229.6) |  | 2,227.5 |
Specialty Contractors | 1,289.2 |  | 154.1 |  | (196.8) |  | 1,246.5 |
Total | $ | 7,929.1 |  | $ | 766.7 |  | $ | (776.3) |  | $ | 7,919.5 |

____________________________________________________________________________________________________
(a)New awards consist of the original contract price of projects added to backlog plus or minus subsequent changes to the estimated total contract price of existing contracts.
(b)Backlog may differ from the transaction prices allocated to the remaining performance obligations as disclosed in Note 2 of the Notes to Condensed Consolidated Financial Statements. Such differences relate to the timing of executing a formal contract or receiving a notice to proceed. More specifically, backlog sometimes may include awards for which a contract has not yet been executed or a notice to proceed has not been issued, but for which there are no remaining major uncertainties that we will proceed with our work on the project (e.g., adequate funding is in place, we have received a notice of intent to award a contract, etc.).
The outlook for the Company’s growth over the next several years remains favorable, but it could be negatively impacted by project delays or the timing of project bids, awards, commencements, ramp-up activities and completions, as well as by continuing adverse follow-on impacts of the COVID-19 pandemic. We anticipate that we will continue to win our share of significant new awards resulting from long-term capital spending plans by state, local and federal customers, as well as limited competition for some of the largest project opportunities.
In elections over the past decade, voters in 44 states have approved 85% of nearly 3,000 state and local ballot measures, raising an estimated $342 billion in new and renewed revenue funding for transportation investments. The largest of these was in Los Angeles County, where Measure M, a half-cent sales tax increase, was approved in 2016. Funding from this measure is already flowing to some of the Company’s current and prospective projects, and overall the measure is expected to generate $120 billion of funding over 40 years. Interest rates have risen over the past year, as anticipated, but are still at levels which we believe remain conducive to continued spending on various types of projects. However, if borrowing rates continue to increase,
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they could reach levels that may negatively impact demand, particularly for certain Building segment end markets which tend to be more closely correlated to economic conditions.
The bipartisan Infrastructure Investment and Jobs Act of 2021 (the “Bipartisan Infrastructure Law” or “BIL”) was enacted into law on November 15, 2021, and it provides for $1.2 trillion of federal infrastructure funding, including $550 billion in new spending for improvements to the country’s surface-transportation network and enhancements to core infrastructure. The law marks the largest federal investment in public transit ever, the single largest dedicated bridge investment since the construction of the interstate highway system and the largest federal investment in passenger rail since the creation of Amtrak, all in addition to providing for regular annual spending for numerous infrastructure projects. This significant incremental funding is anticipated to be spent over the next 10 years, and much of it is allocated for investment in end markets that are directly aligned with the Company’s market focus. Accordingly, the Company believes that this significant level of sustained, incremental funding will favorably impact the Company’s current work and prospective opportunities over the next decade, as initial funds have begun flowing to project owners and substantially increased funding from the BIL is expected to occur over the next several years.
For a more detailed discussion of operating performance of each business segment, corporate general and administrative expenses and other items, see Results of Segment Operations, Corporate, Tax and Other Matters and Liquidity and Capital Resources below.
Results of Segment Operations
The results of our Civil, Building and Specialty Contractors segments are discussed below.
Civil Segment
Revenue and income (loss) from construction operations for the Civil segment are summarized as follows:

| Three Months Ended March 31, |  |
(in millions) | 2023 | 2022 |  |  |
Revenue | $ | 349.9 |  | $ | 390.8 |  |  |  |
Income (loss) from construction operations | 18.0 |  | (1.0) |  |  |  |

Revenue for the three months ended March 31, 2023 decreased 10% compared to the same period in 2022. The decrease was primarily due to reduced project execution activities on a transportation project in the Northeast and two mass-transit projects in California, all of which are completed or nearing completion. In addition, the decrease for the three months ended March 31, 2023 reflects the temporary unfavorable impact of the successful negotiation of significant lower margin (and lower risk) change orders on a mass-transit project in California. These approved change orders increased the project’s overall estimated profit but reduced the project’s percentage of completion and overall margin percentage as of March 31, 2023. This temporary reduction to earnings is expected to reverse itself over the remaining life of the project. The decrease in revenue for the first quarter of 2023 also reflected the absence of unfavorable adjustments recognized in the first quarter of 2022 due to an adverse legal ruling on a dispute related to a bridge project in New York and the temporary unfavorable impact in the first quarter of 2022 from the successful negotiation of significant lower margin (and lower risk) change orders on the same mass-transit project in California discussed above. Revenue for both periods was also adversely impacted by the follow-on impacts of the COVID-19 pandemic, which delayed bidding activities and awards of certain new projects during 2020 and much of 2021 and negatively impacted revenue for the first quarters of both 2023 and 2022. Revenue for both periods was also adversely impacted by the Company’s lack of success in its pursuit of certain large prospective Civil segment projects in the second half of 2021 and certain projects totaling more than $10.0 billion for which the Company was the low or preferred bidder but no contract was awarded over the last few years due to customer budget constraints.
Despite the above-mentioned revenue decline, income from construction operations for the three months ended March 31, 2023 was $18.0 million compared to loss from construction operations of $1.0 million for the same period in 2022. The increase was primarily driven by the absence of the prior-year pre-tax charge of $25.5 million that resulted from the aforementioned legal ruling on a dispute related to a bridge project in New York, as well as the absence of the prior-year unfavorable pre-tax impact of $17.6 million from the successful negotiation of lower margin (and lower risk) change orders on the same mass-transit project in California as mentioned above. The increase was partially offset by the temporary unfavorable pre-tax impact of $28.0 million from the successful negotiation of significant lower margin (and lower risk) change orders in the first quarter of 2023 on the same mass-transit project in California. These approved change orders increased the project’s overall estimated profit but reduced the project’s percentage of completion and overall margin percentage, the impact of which is expected to reverse itself over the remaining life of the project.
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Operating margin was 5.1% and (0.2)% for the three months ended March 31, 2023 and 2022, respectively. The increase in operating margin was principally due to the above-mentioned factors that drove the changes in revenue and income (loss) from construction operations.
New awards in the Civil segment totaled $379 million for the first quarter of 2023 compared to $447 million for the same period in 2022. The most significant new awards and contract adjustments in the first quarter of 2023 included $224 million of additional funding for a mass-transit project in California and a $62 million bridge repair project in Minnesota. The COVID-19 pandemic has caused significant revenue shortfalls for certain state and local government agencies since 2020. In addition, the timing and magnitude of federal, state and local funding, including anticipated contributions from the BIL, is uncertain, which could result in delays in the bidding and awarding of certain large new projects.
Backlog for the Civil segment was $4.4 billion as of March 31, 2023 compared to $4.6 billion as of March 31, 2022. The segment continues to experience strong demand reflected in a large, multi-year pipeline of prospective projects, supported by substantial anticipated funding from various voter-approved transportation measures and the BIL, and by public agencies’ long-term spending plans. The Civil segment is well-positioned to capture its share of these prospective projects, but the timing of new awards remains uncertain.
Building Segment
Revenue and income (loss) from construction operations for the Building segment are summarized as follows:

| Three Months Ended March 31, |  |
(in millions) | 2023 | 2022 |  |  |
Revenue | $ | 229.6 |  | $ | 330.6 |  |  |  |
Income (loss) from construction operations | (70.2) |  | 9.5 |  |  |  |

Revenue for the three months ended March 31, 2023 decreased 31% compared to the same period in 2022, primarily due to the aforementioned unfavorable adjustment related to the adverse legal ruling on a completed mixed-use project in New York. The revenue reduction was also due to reduced project execution activities on certain projects in California, Arkansas and the Northeast that are complete or substantially complete, partially offset by contributions from certain newer projects in California, Oklahoma, Florida and Mississippi. Revenue for both periods was further reduced by the follow-on impacts of the COVID-19 pandemic, which delayed certain project bids and awards in 2020 and 2021.
Loss from construction operations for the three months ended March 31, 2023 was $70.2 million compared to income from construction operations of $9.5 million for the same period in 2022. The decrease was primarily due to the aforementioned unfavorable adjustment related to the adverse legal ruling on a completed mixed-use project in New York that resulted in a non-cash, pre-tax charge of $83.6 million, of which $72.2 million impacted the Building segment.
Operating margin was (30.6)% and 2.9% for the three months ended March 31, 2023 and 2022, respectively. The change in operating margin was principally due to the aforementioned factors that drove the reductions in revenue and income (loss) from construction operations.
New awards in the Building segment totaled $234 million for the first quarter of 2023 compared to $325 million for the same period in 2022. The most significant new awards in the first quarter of 2023 included a $91 million educational facility project in California, a $75 million military facility renovation project in Colorado and $56 million of additional funding for a healthcare project in California. The lingering effects of the COVID-19 pandemic, including the proliferation of remote and hybrid work for many businesses, as well as slowing economic conditions caused by higher inflation and rising interest rates, could continue to result in certain delayed or even canceled Building segment project opportunities, particularly in the corporate office end market. However, other Building segment end markets, such as correctional facilities, health care, education, and hospitality and gaming, continue to show strong demand for new and renovated facilities.
Backlog for the Building segment was $2.2 billion as of March 31, 2023, down slightly compared to $2.3 billion as of March 31, 2022. The Building segment continues to have a large volume of prospective projects across various end markets and geographic locations, as noted above.
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Specialty Contractors Segment
Revenue and loss from construction operations for the Specialty Contractors segment are summarized as follows:

| Three Months Ended March 31, |  |
(in millions) | 2023 | 2022 |  |  |
Revenue | $ | 196.8 |  | $ | 230.7 |  |  |  |
Loss from construction operations | (12.4) |  | (3.9) |  |  |  |

Revenue for the three months ended March 31, 2023 decreased 15% compared to the same period in 2022, principally due to reduced project execution activities on the electrical component of a transportation project in the Northeast that is nearing completion, partially offset by contributions from an industrial facility project in Arizona. The aforementioned adverse legal ruling on a completed mixed-use project in New York also contributed to the revenue decline. Revenue for the period was also reduced by the follow-on impacts of the COVID-19 pandemic, which delayed certain project bids and awards in 2020 and 2021.
Loss from construction operations for the three months ended March 31, 2023 was $12.4 million compared to $3.9 million for the same period in 2022. The larger loss for the first quarter of 2023 was principally due to the aforementioned unfavorable adjustment related to the adverse legal ruling on a completed mixed-use project in New York that resulted in a non-cash, pre-tax charge of $83.6 million, of which $11.4 million impacted the Specialty Contractors segment.
Operating margin was (6.3)% and (1.7)% for the three months ended March 31, 2023 and 2022, respectively. The change in operating margin was principally due to the aforementioned factors that drove the changes in revenue and loss from construction operations.
New awards in the Specialty Contractors segment totaled $154 million for the first quarter of 2023 compared to $224 million for the same period in 2022. The COVID-19 pandemic has resulted in, and could continue to result in, reduced demand from certain customers, particularly in New York, that continue to experience funding constraints.
Backlog for the Specialty Contractors segment was $1.2 billion as of March 31, 2023 compared to $1.4 billion as of March 31, 2022. The Specialty Contractors segment continues to be increasingly focused on servicing the Company’s current and prospective large Civil and Building segment projects, particularly in the Northeast and California. In addition, the segment remains well-positioned to capture its share of new projects, leveraging the size and scale of our business units that operate in New York, Texas, Florida and California and the strong reputation held by these business units for high-quality work on large, complex projects.
Corporate, Tax and Other Matters
Corporate General and Administrative Expenses
Corporate general and administrative expenses were $16.4 million and $14.5 million during the three months ended March 31, 2023 and 2022, respectively. The increase in the three months ended March 31, 2023 was primarily due to higher compensation-related expenses compared to the same period in 2022.
Other Income, Net, Interest Expense and Income Tax Benefit

| Three Months Ended March 31, |  |
(in millions) | 2023 | 2022 |  |  |
Other income, net | $ | 6.4 |  | $ | 3.7 |  |  |  |
Interest expense | (21.5) |  | (16.5) |  |  |  |
Income tax benefit | 48.1 |  | 3.9 |  |  |  |

Other income, net for the three months ended March 31, 2023 increased by $2.7 million compared to the same period in 2022, primarily due to a gain on sale of property in the 2023 period.
Interest expense for the three months ended March 31, 2023 increased by $5.0 million compared to the same period in 2022. The increase for the three months ended March 31, 2023 was substantially due to higher interest rates on the Term Loan B and the Revolver, as defined below in Liquidity and Capital Resources.
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The effective income tax rate was 49.6% for the three months ended March 31, 2023. The effective income tax rate for the 2023 period was higher than the 21% federal statutory rate primarily due to the pre-tax loss for the period and projected for the year. In periods reporting pre-tax losses, a tax benefit increases the effective income tax rate because it increases the tax benefit generated from the pre-tax loss. The tax benefits that caused a higher effective tax rate were primarily the earnings attributable to noncontrolling interests (for which income taxes are not the responsibility of the Company) and state income taxes (net of the federal tax benefit), partially offset by non-deductible expenses.
The effective income tax rate was 17.1% for the three months ended March 31, 2022. The effective tax rate for the three months ended March 31, 2022, was lower than the 21% federal statutory rate. The Company incurred a pre-tax loss for the quarter, but projected a pre-tax profit for the year and, as a result, tax benefits reduced the effective tax rate. The effective income tax rate was lower than the 21% federal statutory rate primarily due to earnings attributable to noncontrolling interests, for which income taxes are not the responsibility of the Company, partially offset by state income taxes (net of the federal tax benefit).
Liquidity and Capital Resources
Liquidity is provided by available cash and cash equivalents, cash generated from operations, credit facilities and access to capital markets. We have a committed line of credit totaling $175 million, which may be used for revolving loans, letters of credit and/or general purposes. We believe that cash generated from operations, along with our unused credit capacity of $145 million and available cash balances as of March 31, 2023, will be sufficient to fund working capital needs and debt maturities for the next 12 months and beyond, including the prepayment of $44.0 million on the Term Loan B that was made, as required, in April 2023 due to a prepayment obligation in the Credit Agreement as a result of the Company generating “excess” cash flow in 2022, as discussed below in Debt. Despite our record operating cash flow in 2022 and relatively strong operating cash flow for the three months ended March 31, 2023 (as discussed below in Cash and Working Capital), liquidity has been and could continue to be negatively affected by the follow-on impacts of the COVID-19 pandemic, which induced customer budgetary constraints and delayed bidding activities and awards of certain large civil projects. We are also still pursuing COVID-19-related cost recoveries from certain customers. Our liquidity was also adversely impacted by the Company’s lack of success in its pursuit of certain large prospective Civil segment projects in the second half of 2021, as well as by instances where the Company was not awarded certain Civil segment projects totaling more than $10.0 billion over the last few years due to customer budget constraints, despite being the low or preferred bidder. In addition, as discussed above in Executive Overview - COVID-19 Update, the COVID-19 pandemic delayed court and arbitration schedules and also hindered the Company’s ability to resolve certain unapproved work. We believe that future funding from the BIL and increasing revenue to government customers as travel and commuting levels rise, as discussed above, could offset or mitigate these and other possible lingering future negative impacts from the COVID-19 pandemic, though it remains difficult to predict any of these factors. Furthermore, the backlog of accumulated court and arbitration proceedings that grew as a result of the pandemic during 2020 and 2021 has begun to recede, with certain disputes having been resolved in 2022 and 2023 with other settlement conferences and trial dates now scheduled or being scheduled. In addition, certain disputes and related collection delays were resolved during the latter part of 2021, as well as during 2022 and 2023. We experienced a record operating cash flow in 2022 and strong operating cash flow for the first quarter of 2023 (whereas typically the Company’s first quarter operating cash flow is negative due to the seasonality of the business), and we expect strong operating cash flows to continue for the remainder of 2023, based on projected cash collections, both from project execution activities and the resolution of additional outstanding claims and unapproved change orders.
Cash and Working Capital
Cash and cash equivalents were $282.7 million as of March 31, 2023 compared to $259.4 million as of December 31, 2022. Cash immediately available for general corporate purposes was $63.9 million and $47.7 million as of March 31, 2023 and December 31, 2022, respectively, with the remainder being amounts held by our consolidated joint ventures and also our proportionate share of cash held by our unconsolidated joint ventures. Cash held by our joint ventures is available only for joint venture-related uses, including distributions to joint venture partners. In addition, our restricted cash and restricted investments totaled $108.2 million as of March 31, 2023 compared to $106.0 million as of December 31, 2022. Restricted cash and restricted investments at March 31, 2023 were primarily held to secure insurance-related contingent obligations.
During the three months ended March 31, 2023, net cash provided by operating activities was $21.3 million. The net cash provided by operating activities was primarily due to a decrease in investments in project working capital, partially offset by cash utilized by earnings sources. The decrease in investments in project working capital was primarily due to a decrease in costs and estimated earnings in excess of billings (“CIE”) and decreases in accounts receivable and retention receivable that resulted from improved collection activity. During the three months ended March 31, 2022, net cash provided by operating activities was $120.7 million, which was the largest first quarter operating cash flow since the merger between Tutor-Saliba Corporation and Perini Corporation in 2008. This net cash provided by operating activities was primarily due to a decrease in investments in project working capital. The decrease in investments in project working capital was primarily due to improved
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collection activity, as reflected by increases in billing in excess of costs and estimated earnings (“BIE”), and decreases in accounts receivable and retention receivable.
Cash flow from operating activities decreased $99.4 million when comparing the first three months of 2023 with the same period in 2022. The decrease in cash flow from operating activities for the first three months of 2023 compared to the first three months of 2022 primarily resulted from cash utilized by earnings sources in the current year compared to cash generated by earnings sources in the prior year, partially offset by a larger current-year decrease in investment in working capital compared to last year. The larger decrease in investment in working capital in the 2023 period was primarily driven by a larger current-year decrease in CIE compared to the prior year, a current-year decrease in other current assets compared to a prior year increase (primarily due to prepaid income taxes) and a smaller current-year decrease in accounts payable retention compared to the prior year, partially offset by a smaller current-year increase in BIE and a current-year decrease in accounts payable compared to an increase in the prior year due to timing of payments to vendors and subcontractors. Both periods were positively impacted by collections associated with previously disputed matters.
Net cash used in investing activities during the first three months of 2023 was $6.9 million, primarily due to the acquisition of property and equipment (i.e., capital expenditures) totaling $17.8 million, partially offset by proceeds from the sale of property and equipment of $6.5 million and net proceeds from investment transactions of $4.4 million. Net cash used in investing activities during the first three months of 2022 was $14.9 million primarily due to the acquisition of property and equipment (i.e., capital expenditures) totaling $12.0 million, as well as net cash used in investment transactions of $4.3 million.
Net cash provided by financing activities was $14.4 million for the first three months of 2023, which was primarily driven by $21.4 million of net proceeds from borrowings, partially offset by $6.5 million of net distributions to noncontrolling interests. Net cash provided by financing activities was $4.1 million for the first three months of 2022, which was primarily driven by $8.6 million of net proceeds from borrowings, partially offset by $3.5 million of net distributions to noncontrolling interests.
At March 31, 2023, we had working capital of $1.6 billion, a ratio of current assets to current liabilities of 1.82 and a ratio of debt to equity of 0.71, compared to working capital of $1.7 billion, a ratio of current assets to current liabilities of 1.87 and a ratio of debt to equity of 0.66 at December 31, 2022.
Debt
2020 Credit Agreement
On August 18, 2020, the Company entered into a credit agreement (the “2020 Credit Agreement”) with BMO Harris Bank N.A., as Administrative Agent, Swing Line Lender and L/C Issuer and other lenders. The 2020 Credit Agreement provides for a $425.0 million term loan B facility (the “Term Loan B”) and a $175.0 million revolving credit facility (the “Revolver”), with sublimits for the issuance of letters of credit and swing line loans up to the aggregate amounts of $75.0 million and $10.0 million, respectively. The Term Loan B will mature on August 18, 2027 and the Revolver will mature on August 18, 2025, in each case, unless any of the 2017 Senior Notes are outstanding on January 30, 2025 (which is 91 days prior to the maturity of the 2017 Senior Notes), in which case, both the Term Loan B and the Revolver will mature on January 30, 2025 (subject to certain further exceptions).
The 2020 Credit Agreement requires the Company to make prepayments on the Term Loan B in connection with certain asset sales, receipts of insurance proceeds, incurrences of certain indebtedness and annual excess cash flow (in each case, subject to certain customary exceptions). Included in current maturities of long-term debt in the accompanying Condensed Consolidated Balance Sheets is a $44.0 million prepayment of principal on the Term Loan B that was made in April 2023. The prepayment resulted from our record operating cash flow in 2022, which produced “excess” cash flow under the terms of the 2020 Credit Agreement, as discussed above.
Borrowings under the 2020 Credit Agreement bear interest at variable rates, which have increased since the latter part of 2022 due to changes in market conditions that resulted in increases in LIBOR, in the case of the Term Loan B, and the administrative agent’s prime lending rate, in the case of the Revolver. Effective May 2, 2023, the 2020 Credit Agreement was amended to transition the Company’s original LIBOR option in respect of the Term Loan B to Adjusted Term SOFR. The average borrowing rates on the Term Loan B and the Revolver for the three months ended March 31, 2023 were approximately 9.4% and 11.6%, respectively. At March 31, 2023, the borrowing rates on the Term Loan B and the Revolver were 9.6% and 11.8%, respectively. For more information regarding the terms of our 2020 Credit Agreement, refer to Note 8 of the Notes to Condensed Consolidated Financial Statements.
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The table below presents our actual and required first lien net leverage ratio under the 2020 Credit Agreement for the period, which is calculated on a rolling four-quarter basis:

| Trailing Four Fiscal Quarters Ended
| March 31, 2023
| Actual | Required
First lien net leverage ratio | 3.50 to 1.00 | ≤ 3.75 : 1.00

On October 31, 2022, the 2020 Credit Agreement was amended to increase the maximum First Lien Net Leverage Ratio covenant level for certain fiscal quarters. On March 10, 2023, the 2020 Credit Agreement was further amended to set the maximum First Lien Net Leverage Ratio covenant level to 3.50:1.00, effective the fiscal quarter ended December 31, 2022, and increasing to 3.75:1.00 for the fiscal quarter ending March 31, 2023 and subsequently stepping down to 3.00:1.00 for the fiscal quarter ending June 30, 2023, 2.50:1.00 for the fiscal quarter ending September 30, 2023 and 2.25:1.00 for the fiscal quarter ending December 31, 2023 and each fiscal quarter thereafter. As of March 31, 2023, we were in compliance and expect to continue to be in compliance with the covenants under the 2020 Credit Agreement.
Contractual Obligations
There have been no material changes in our contractual obligations from those described in our Annual Report on Form 10‑K for the year ended December 31, 2022.
Critical Accounting Policies and Estimates
Our significant accounting policies are described in Note 1 of the Notes to Consolidated Financial Statements included in our Annual Report on Form 10‑K for the year ended December 31, 2022. Our critical accounting estimates are also identified and discussed in Part II, Item 7 of our Annual Report on Form 10‑K for the year ended December 31, 2022.
Recently Issued Accounting Pronouncements
There were no new accounting pronouncements issued by the Financial Accounting Standards Board during the three months ended March 31, 2023 and through the date of filing of this report that had or are expected to have a material impact on the Company’s financial position, results of operations or cash flows.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
There has been no material change in our exposure to market risk from that described in Part II, Item 7A of our Annual Report on Form 10‑K for the year ended December 31, 2022.
Item 4. Controls and Procedures
Disclosure Controls and Procedures
An evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as defined by Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (“Exchange Act”), as of the end of the period covered by this Quarterly Report on Form 10‑Q was made under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures (a) were effective to ensure that information we are required to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms and (b) include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in reports filed or submitted under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.
Changes in Internal Control Over Financial Reporting
There were no changes in our internal control over financial reporting during the period covered by this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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PART II. – OTHER INFORMATION
Item 1. Legal Proceedings
In the ordinary course of our business, we are involved in various legal proceedings. We disclose information about certain pending legal proceedings pursuant to SEC rules and as we otherwise determine to be appropriate. For information on such pending matters, see Part I, Item 3 of our Annual Report on Form 10‑K for the year ended December 31, 2022, updated by Note 10 of the Notes to Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10‑Q.
Item 1A. Risk Factors
There have been no material changes to our risk factors as disclosed in our Annual Report on Form 10-K for the year ended December 31, 2022.
Item 4. Mine Safety Disclosures
Section 1503 of the Dodd-Frank Wall Street Reform and Consumer Protection Act requires domestic mine operators to disclose violations and orders issued under the Federal Mine Safety and Health Act of 1977 (the “Mine Act”) by the federal Mine Safety and Health Administration. We do not own or operate any mines; however, we may be considered a mine operator as defined under the Mine Act because we provide construction services to customers in the mining industry. Accordingly, we provide information regarding mine safety violations and other mining regulation matters in Exhibit 95 to this Form 10-Q.
Item 5. Other Information
On May 2, 2023, Tutor Perini Corporation amended its 2020 Credit Agreement (“the Amendment”). As of the effective date, the Amendment changes the reference interest rate on the Term Loan B from LIBOR to Adjusted Term SOFR. The Amendment does not change the total commitments or the maturity under the 2020 Credit Agreement.
The foregoing description of the Amendment does not constitute a complete summary and is qualified in its entirety by reference to the full text of the Amendment, a copy of which is filed herewith as Exhibit 10.2.
Item 6. Exhibits

Exhibits | Description
10.1* | Letter Agreement, dated January 23, 2023, by and between Tutor Perini Corporation and Ghassan Ariqat.
10.2 | Third Amendment to Credit Agreement, dated as of May 2, 2023.
31.1 | Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2 | Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1 | Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2 | Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
95 | Mine Safety Disclosure.
101.INS | XBRL Instance Document – The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH | XBRL Taxonomy Extension Schema Document.
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document.
101.LAB | XBRL Taxonomy Extension Label Linkbase Document.
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document.
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document.
104 | The cover page from the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, formatted in Inline XBRL (included as Exhibit 101).

* Management contract or compensatory plan or arrangement
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

| Tutor Perini Corporation
Dated: May 4, 2023 | By: | /s/ Gary G. Smalley
| Gary G. Smalley
| Executive Vice President and Chief Financial Officer

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