TUTOR PERINI CORP, 10-K filed on 3/15/2023
Annual Report
v3.22.4
Cover - USD ($)
 12 Months Ended
Dec. 31, 2022
Mar. 08, 2023
Jun. 30, 2022
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2022    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 1-6314    
Entity Registrant Name Tutor Perini Corporation    
Entity Incorporation, State or Country Code MA    
Entity Tax Identification Number 04-1717070    
Entity Address, Address Line One 15901 Olden Street    
Entity Address, City or Town Sylmar    
Entity Address, State or Province CA    
Entity Address, Postal Zip Code 91342    
City Area Code 818    
Local Phone Number 362-8391    
Title of 12(b) Security Common Stock, $1.00 par value    
Trading Symbol TPC    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Entity Shell Company false    
Entity Public Float     $ 368,453,543
Entity Common Stock, Shares Outstanding (in shares)   51,521,336  
Documents Incorporated by Reference
Documents Incorporated by Reference
The information required by Part III of this Annual Report on Form 10-K, to the extent not set forth herein, is incorporated herein by reference to the registrant’s definitive proxy statement relating to the Annual Meeting of Shareholders to be held in 2023, which definitive proxy statement shall be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year to which this Annual Report on Form 10-K relates.
    
Entity Central Index Key 0000077543    
Amendment Flag false    
Document Fiscal Year Focus 2022    
Document Fiscal Period Focus FY    
v3.22.4
Audit Information
 12 Months Ended
Dec. 31, 2022
Audit Information [Abstract]  
Auditor Name Deloitte & Touche LLP
Auditor Location Los Angeles, California
Auditor Firm ID 34
v3.22.4
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Income Statement [Abstract]      
REVENUE $ 3,790,755 $ 4,641,830 $ 5,318,763
COST OF OPERATIONS (3,761,143) (4,175,439) (4,832,610)
GROSS PROFIT 29,612 466,391 486,153
General and administrative expenses (234,376) (239,587) (223,809)
INCOME (LOSS) FROM CONSTRUCTION OPERATIONS (204,764) 226,804 262,344
Other income (expense) 6,732 2,004 (11,853)
Interest expense (69,638) (69,026) (76,212)
INCOME (LOSS) BEFORE INCOME TAXES (267,670) 159,782 174,279
Income tax (expense) benefit 75,098 (25,632) (21,942)
NET INCOME (LOSS) (192,572) 134,150 152,337
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS 17,437 42,225 43,943
NET INCOME (LOSS) ATTRIBUTABLE TO TUTOR PERINI CORPORATION $ (210,009) $ 91,925 $ 108,394
BASIC EARNINGS (LOSS) PER COMMON SHARE (in dollars per share) $ (4.09) $ 1.80 $ 2.14
DILUTED EARNINGS (LOSS) PER COMMON SHARE (in dollars per share) $ (4.09) $ 1.79 $ 2.12
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING:      
BASIC (in shares) 51,324 51,017 50,656
DILUTED (in shares) 51,324 51,369 51,077
v3.22.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Statement of Comprehensive Income [Abstract]      
NET INCOME (LOSS) $ (192,572) $ 134,150 $ 152,337
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:      
Defined benefit pension plan adjustments 5,229 6,221 (6,261)
Foreign currency translation adjustments (2,795) (325) 279
Unrealized gain (loss) in fair value of investments (8,108) (2,650) 1,571
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX (5,674) 3,246 (4,411)
COMPREHENSIVE INCOME (LOSS) (198,246) 137,396 147,926
LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS 15,165 42,365 44,173
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO TUTOR PERINI CORPORATION $ (213,411) $ 95,031 $ 103,753
v3.22.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
CURRENT ASSETS:    
Cash and cash equivalents ($168,408 and $102,679 related to VIEs) $ 259,351 $ 202,197
Restricted cash 14,480 9,199
Restricted investments 91,556 84,355
Accounts receivable ($54,040 and $116,415 related to VIEs) 1,171,085 1,454,319
Retention receivable ($187,615 and $162,259 related to VIEs) 585,556 568,881
Costs and estimated earnings in excess of billings ($83,911 and $143,105 related to VIEs) 1,377,528 1,356,768
Other current assets ($33,340 and $43,718 related to VIEs) 179,215 186,773
Total current assets 3,678,771 3,862,492
PROPERTY AND EQUIPMENT:    
Land 44,433 40,175
Building and improvements 124,429 116,146
Construction equipment 590,089 580,909
Other equipment 181,649 175,832
Total property and equipment, gross 940,600 913,062
Less accumulated depreciation (505,512) (483,417)
Total property and equipment, net ($22,133 and $2,203 related to VIEs) 435,088 429,645
GOODWILL 205,143 205,143
INTANGIBLE ASSETS, NET 70,542 85,068
OTHER ASSETS 153,256 142,550
TOTAL ASSETS 4,542,800 4,724,898
CURRENT LIABILITIES:    
Current maturities of long-term debt 70,285 24,406
Accounts payable ($36,484 and $96,097 related to VIEs) 495,345 512,056
Retention payable ($44,859 and $37,007 related to VIEs) 246,562 268,945
Billings in excess of costs and estimated earnings ($480,839 and $355,270 related to VIEs) 975,812 761,689
Accrued expenses and other current liabilities ($5,082 and $8,566 related to VIEs) 179,523 210,017
Total current liabilities 1,967,527 1,777,113
LONG-TERM DEBT, less current maturities, net of unamortized discount and debt issuance costs totaling $13,980 and $17,109 888,154 969,248
DEFERRED INCOME TAXES 4,649 70,989
OTHER LONG-TERM LIABILITIES 240,486 233,828
TOTAL LIABILITIES 3,100,816 3,051,178
COMMITMENTS AND CONTINGENCIES (Note 8)
Stockholders' equity:    
Preferred stock – authorized 1,000,000 shares ($1 par value), none issued 0 0
Common stock – authorized 112,500,000 shares ($1 par value), issued and outstanding 51,521,336 and 51,095,706 shares 51,521 51,096
Additional paid-in capital 1,140,933 1,133,150
Retained earnings 304,301 514,310
Accumulated other comprehensive loss (47,037) (43,635)
Total stockholders' equity 1,449,718 1,654,921
Noncontrolling interests (7,734) 18,799
TOTAL EQUITY 1,441,984 1,673,720
TOTAL LIABILITIES AND EQUITY $ 4,542,800 $ 4,724,898
v3.22.4
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Cash and cash equivalent $ 259,351 $ 202,197
Accounts receivable 1,171,085 1,454,319
Retainage receivable 585,556 568,881
Costs and estimated earnings in excess of billings 1,377,528 1,356,768
Other current assets 179,215 186,773
Property and equipment, net 435,088 429,645
Accounts payable 495,345 512,056
Retainage payable 246,562 268,945
Billings in excess of costs and estimated earnings 975,812 761,689
Accrued expenses and other current liabilities 179,523 210,017
Unamortized discount and debt issuance costs, non-current $ 13,980 $ 17,109
Preferred stock, shares authorized (in shares) 1,000,000 1,000,000
Preferred stock, par value (in dollars per share) $ 1 $ 1
Preferred stock, shares issued (in shares) 0 0
Common stock, shares authorized (in shares) 112,500,000 112,500,000
Common stock, par value (in dollars per share) $ 1 $ 1
Common stock, shares issued (in shares) 51,521,336 51,095,706
Common stock, shares outstanding (in shares) 51,521,336 51,095,706
Variable Interest Entity, Primary Beneficiary    
Cash and cash equivalent $ 168,408 $ 102,679
Accounts receivable 54,040 116,415
Retainage receivable 187,615 162,259
Costs and estimated earnings in excess of billings 83,911 143,105
Other current assets 33,340 43,718
Property and equipment, net 22,133 2,203
Accounts payable 36,484 96,097
Retainage payable 44,859 37,007
Billings in excess of costs and estimated earnings 480,839 355,270
Accrued expenses and other current liabilities $ 5,082 $ 8,566
v3.22.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash Flows from Operating Activities:      
Net income (loss) $ (192,572) $ 134,150 $ 152,337
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation 49,838 82,732 74,879
Amortization of intangible assets 14,526 35,497 32,155
Share-based compensation expense 9,065 11,642 11,833
Change in debt discounts and deferred debt issuance costs 3,697 5,756 20,153
Deferred income taxes (79,449) (13,887) 48,253
(Gain) loss on sale of property and equipment 145 2,639 (1,673)
Changes in other components of working capital 390,424 (422,227) (169,976)
Other long-term liabilities 14,317 14,766 4,352
Other, net (3,020) 478 459
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 206,971 (148,454) 172,772
Cash Flows from Investing Activities:      
Acquisition of property and equipment (59,780) (38,594) (54,781)
Proceeds from sale of property and equipment 8,599 7,245 14,550
Investments in securities (23,948) (30,761) (31,331)
Proceeds from maturities and sales of investments in securities 9,493 24,771 25,204
NET CASH USED IN INVESTING ACTIVITIES (65,636) (37,339) (46,358)
Cash Flows from Financing Activities:      
Proceeds from debt 693,757 740,743 1,301,282
Repayment of debt (732,101) (777,762) (1,119,887)
Cash payments related to share-based compensation (1,734) (1,989) (1,397)
Distributions paid to noncontrolling interests (47,386) (22,655) (48,467)
Contributions from noncontrolling interests 8,688 7,000 3,000
Debt issuance, extinguishment and modification costs (124) 0 (11,194)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (78,900) (54,663) 123,337
Net increase (decrease) in cash, cash equivalents and restricted cash 62,435 (240,456) 249,751
Cash, cash equivalents and restricted cash at beginning of year 211,396 451,852 202,101
Cash, cash equivalents and restricted cash at end of year $ 273,831 $ 211,396 $ 451,852
v3.22.4
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Loss
Noncontrolling Interests
Beginning Balance at Dec. 31, 2019 $ 1,430,525 $ 50,279 $ 1,117,972 $ 313,991 $ (42,100) $ (9,617)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) 152,337     108,394   43,943
Other comprehensive income (loss) (4,411)       (4,641) 230
Share-based compensation 11,928   11,928      
Reacquisition of equity component from convertible note repurchase, net of taxes (764)   (764)      
Issuance of common stock, net (1,203) 548 (1,751)      
Contributions from noncontrolling interests 3,000         3,000
Distributions to noncontrolling interests (48,467)         (48,467)
Ending Balance at Dec. 31, 2020 1,542,945 50,827 1,127,385 422,385 (46,741) (10,911)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) 134,150     91,925   42,225
Other comprehensive income (loss) 3,246       3,106 140
Share-based compensation 8,848   8,848      
Issuance of common stock, net (2,814) 269 (3,083)      
Contributions from noncontrolling interests 10,000         10,000
Distributions to noncontrolling interests (22,655)         (22,655)
Ending Balance at Dec. 31, 2021 1,673,720 51,096 1,133,150 514,310 (43,635) 18,799
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) (192,572)     (210,009)   17,437
Other comprehensive income (loss) (5,674)       (3,402) (2,272)
Share-based compensation 8,227   8,227      
Issuance of common stock, net (19) 425 (444)      
Contributions from noncontrolling interests 5,688         5,688
Distributions to noncontrolling interests (47,386)         (47,386)
Ending Balance at Dec. 31, 2022 $ 1,441,984 $ 51,521 $ 1,140,933 $ 304,301 $ (47,037) $ (7,734)
v3.22.4
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2022
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
(a) Basis of Presentation
The accompanying consolidated financial statements have been prepared in compliance with generally accepted accounting principles in the United States (“GAAP”) as codified in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”). Certain amounts in the notes to the consolidated financial statements of prior years have been reclassified to conform to the current year presentation.
(b) Principles of Consolidation
The consolidated financial statements include the accounts of Tutor Perini Corporation and its wholly owned subsidiaries (the “Company”). The Company occasionally forms joint ventures with unrelated third parties for the execution of single contracts or projects. The Company assesses its joint ventures to determine if they meet the qualifications of a variable interest entity (“VIE”) in accordance with ASC 810, Consolidation (“ASC 810”). If a joint venture is a VIE and the Company is the primary beneficiary, the joint venture is fully consolidated (see Note 13). If a joint venture is not a VIE, it may be consolidated under the voting interest method if the Company holds a controlling financial interest in the joint venture. The Company is considered to hold a controlling financial interest when it is able to exercise control over the joint venture’s operating and financial decisions. For construction joint ventures that do not need to be consolidated, the Company accounts for its interest in the joint ventures using the proportionate consolidation method, whereby the Company’s proportionate share of the joint ventures’ assets, liabilities, revenue and cost of operations are included in the appropriate classifications in the Company’s consolidated financial statements. Intercompany balances and transactions have been eliminated.
(c) Use of Estimates
The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect reported amounts. These estimates are based on information available through the date of the issuance of the financial statements; therefore, actual results could differ from those estimates.
(d) Revenues
Revenue Recognition
The Company derives revenue from long-term construction contracts with public and private customers primarily in the United States and its territories and in certain other international locations. The Company’s construction contracts are generally each accounted for as a single unit of account (i.e., as a single performance obligation).
Throughout the execution of construction contracts, the Company and its affiliated entities recognize revenue with the continuous transfer of control to the customer. The customer typically controls the asset under construction by either contractual termination clauses or by the Company’s rights to payment for work already performed on the asset under construction that does not have an alternative use for the Company.
Because control transfers over time, revenue is recognized to the extent of progress towards completion of the performance obligations. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the products or services provided. The Company generally uses the cost-to-cost method for its contracts, which measures progress towards completion for each performance obligation based on the ratio of costs incurred to date to the total estimated costs at completion for the respective performance obligation. Incurred cost represents work performed, which corresponds with, and thereby best depicts, the transfer of control to the customer. Revenue, including estimated fees or profits, is recorded proportionately as costs are incurred. Cost of operations includes labor, materials, subcontractor costs, and other direct and indirect costs, including depreciation and amortization.
Due to the nature of the work required to be performed on many of the Company’s performance obligations, estimating total revenue and cost at completion is complex, subject to many variables and requires significant judgment. Assumptions as to the occurrence of future events and the likelihood and amount of variable consideration, including the impact of change orders, claims, contract disputes and the achievement of contractual performance criteria, and award or other incentive fees are made during the contract performance period. The Company estimates variable consideration at the most likely amount it expects to receive. The Company includes estimated amounts in the transaction price 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. Estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of anticipated performance and all information (historical, current and forecasted) that is reasonably available to management. Back charges to suppliers or subcontractors are recognized as a reduction of cost when it is determined that recovery of such cost is probable and the amounts can be reliably estimated. Disputed back charges are recognized when the same requirements described above for variable consideration have been satisfied.
Changes in Estimates on Construction Contracts
The Company’s estimates of contract revenue and cost are highly detailed and many factors change during a contract performance period that result in a change to contract profitability. These factors include, but are not limited to, differing site conditions; availability of skilled contract labor; performance of major material suppliers and subcontractors; on-going subcontractor negotiations and buyout provisions; unusual weather conditions; changes in the timing of scheduled work; change orders; accuracy of the original bid estimate; changes in estimated labor productivity and costs based on experience to date; achievement of incentive-based income targets; and the expected, or actual, resolution terms for claims. The factors that cause changes in estimates vary depending on the maturation of the project within its lifecycle. For example, in the ramp-up phase, these factors typically consist of revisions in anticipated project costs and during the peak and closeout phases, these factors include the impact of change orders and claims, as well as additional revisions in remaining anticipated project costs. Generally, if the contract is at an early stage of completion, the current period impact is smaller than if the same change in estimate is made to the contract at a later stage of completion. Management evaluates changes in estimates on a contract-by-contract basis and discloses significant changes, if material, in the Notes to Consolidated Financial Statements. The cumulative catch-up method is used to account for revisions in estimates.
(e) Depreciation of Property and Equipment and Amortization of Long-Lived Intangible Assets
Property and equipment and long-lived intangible assets are generally depreciated or amortized on a straight-line basis over their estimated useful lives ranging from three to forty years.
(f) Recoverability of Long-Lived Assets
Long-lived assets are reviewed for impairment whenever circumstances indicate that the future cash flows generated by the assets might be less than the assets’ net carrying value. In such circumstances, an impairment loss will be recognized by the amount the assets’ net carrying value exceeds their fair value.
(g) Recoverability of Goodwill
The Company tests goodwill for impairment annually as of October 1 for each reporting unit and between annual tests if events occur or circumstances change which suggest that goodwill should be reevaluated. Such events or circumstances include significant changes in legal factors and business climate, recent losses at a reporting unit, and industry trends, among other factors. The Civil, Building and Specialty Contractors segments each represent a reporting unit, and the Civil reporting unit carried the remaining goodwill balance at December 31, 2022. The Company performs its annual quantitative impairment assessment during the fourth quarter of each year using a weighted average of an income and a market approach. These approaches utilize various valuation assumptions, and small changes to the assumptions could have a significant impact on the concluded fair value. The income approach is based on estimated present value of future cash flows for each reporting unit carrying a goodwill balance. The market approach is based on assumptions about how market data relates to each reporting unit carrying a goodwill balance. The weighting of these two approaches is based on their individual correlation to the economics of each reporting unit carrying a goodwill balance. The annual quantitative assessment performed in the fourth quarter of 2022 resulted in an estimated fair value that exceeded the net book value of the Civil reporting unit; therefore, no impairment charge was necessary.
(h) Recoverability of Non-Amortizable Trade Names
Certain trade names have an estimated indefinite life and are not amortized to earnings, but instead are reviewed for impairment annually, or more often if events occur or circumstances change which suggest that the non-amortizable trade names should be reevaluated. The Company performs its annual quantitative impairment assessment during the fourth quarter of each year using an income approach (relief from royalty method). The assessment performed in the fourth quarter of 2022 resulted in an estimated fair value for the non-amortizable trade names that exceeded their respective net book values; therefore, no impairment charge was necessary.
(i) Income Taxes
Deferred income tax assets and liabilities are recognized for the effects of temporary differences between the financial statement carrying amounts and the income tax basis of assets and liabilities using tax rates expected to be in effect when such differences reverse. Income tax positions must meet a more-likely-than-not threshold to be recognized. The Company recognizes interest and penalties related to uncertain tax positions as a component of the income tax provision.
(j) 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 dilutive securities, which for the Company can include restricted stock units and unexercised stock options. Potentially dilutive securities also included the Convertible Notes (as defined in Note 7) prior to their repayment on June 15, 2021; however, the Convertible Notes had no impact on diluted EPS. The Company calculates the effect of the potentially dilutive restricted stock units and stock options using the treasury stock method.
Year Ended December 31,
(in thousands, except per common share data)202220212020
Net income (loss) attributable to Tutor Perini Corporation$(210,009)$91,925 $108,394 
Weighted-average common shares outstanding, basic51,324 51,017 50,656 
Effect of dilutive restricted stock units and stock options— 352 421 
Weighted-average common shares outstanding, diluted51,324 51,369 51,077 
Net income (loss) attributable to Tutor Perini Corporation per common share:
Basic$(4.09)$1.80 $2.14 
Diluted$(4.09)$1.79 $2.12 
Anti-dilutive securities not included above3,163 1,892 1,862 
For the year ended December 31, 2022, all outstanding restricted stock units and stock options were excluded from the calculation of weighted-average diluted shares outstanding due to the net loss for the period.
(k) Cash, Cash Equivalents and Restricted Cash
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets to the amounts shown in the Consolidated Statements of Cash Flows:
As of December 31,
(in thousands)20222021
Cash and cash equivalents available for general corporate purposes$47,711 $60,192 
Joint venture cash and cash equivalents211,640 142,005 
Cash and cash equivalents259,351 202,197 
Restricted cash14,480 9,199 
Total cash, cash equivalents and restricted cash$273,831 $211,396 
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 primarily includes amounts held as collateral to secure insurance-related contingent obligations, such as insurance claim deductibles, in lieu of letters of credit.
(l) Investments
The Company has investments consisting of 1) restricted investments primarily held as collateral to secure insurance-related contingent obligations, such as insurance claim deductibles, in lieu of letters of credit; and 2) investments in lieu of retention. Investments in lieu of retention are recorded as a component of retention receivable on the accompanying Consolidated Balance Sheets.
The Company’s investments consist primarily of debt securities classified as available-for-sale (“AFS”), consisting of U.S. government agency securities, municipal bonds and corporate debt securities that are rated A3 or better (see Note 12). The Company’s AFS debt securities are recorded at fair value with unrealized gains and losses included in accumulated other comprehensive income (“AOCI”), net of applicable taxes. Realized gains and losses from sales of AFS debt securities are included in other income (expense) in our Consolidated Statements of Operations.
Management evaluated the unrealized losses in AFS debt securities as of December 31, 2022 and December 31, 2021 to determine the existence of credit losses, considering credit ratings and other relevant information which may indicate that contractual cash flows are not expected to occur. The results of this evaluation indicated that the unrealized losses on AFS debt securities are primarily attributable to market interest rate increases and not a deterioration in credit quality of the issuers. Based on the analysis, management determined that credit losses did not exist for AFS debt securities in an unrealized loss position as of December 31, 2022 and December 31, 2021.
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, the Company has not recognized any impairment losses in earnings for the years ended December 31, 2022, 2021 or 2020.
(m) Share-Based Compensation
The Company’s long-term incentive plans allow the Company to grant share-based compensation awards in a variety of forms, including restricted stock units, stock options, cash-settled performance stock units (“CPSUs”) and unrestricted stock.
Restricted stock units give the holder the right to exchange their stock units for shares of the Company’s common stock on a one-for-one basis. These awards generally vest subject to service, performance or market conditions, with related compensation expense equal to the fair value of the award on the date of grant and recognized on a straight-line basis over the requisite period. The fair value of restricted stock units with service or performance-vesting conditions is generally based on the closing price of the Company’s common stock on the New York Stock Exchange (“NYSE”). Certain restricted stock units are classified as liabilities because they contain guaranteed minimum payouts.
Stock options give the holder the right to purchase shares of the Company’s common stock subsequent to the vesting date at a defined exercise price. A stock option exercise price must be equal to or greater than the fair value of the Company’s common stock on the date of the award. The term for stock options is limited to 10 years from the award date. Stock options generally vest subject to certain service, performance or market conditions, with related compensation expense equal to the fair value of the award on the date of grant and recognized on a straight-line basis over the requisite period. The fair value of stock options with service or performance-vesting conditions is generally based on the Black-Scholes model.
CPSUs give the holder the right to exchange their stock units for cash based on the value of the Company’s common stock on the vesting date. These awards vest subject to service and market or performance conditions. CPSUs are classified as liability awards and are remeasured at fair value at the end of each reporting period with the change in fair value recognized in earnings. The fair value of performance-based CPSUs is generally based on the closing price of the Company’s common stock on the NYSE at the measurement date, and adjusted for expected achievement of performance conditions. Since CPSUs are settled in cash and no shares are issued, these awards do not dilute equity.
Certain restricted stock unit, stock option and CPSU awards contain market condition components tied to the Company’s total shareholder return in relation to its peer companies, as calculated over a multi-year performance period (“TSR awards”). The fair value of the market-based awards is estimated using a Monte Carlo simulation model. Significant assumptions used in this simulation model include the Company’s expected volatility, a risk-free rate based on U.S. Treasury yield curve rates with maturities consistent with the performance period, and the volatilities for each of the Company’s peers.
Unrestricted stock awards are fully vested upon issuance with related compensation expense equal to the fair value of the award on the date of grant. The fair value of unrestricted stock is based on the closing price of the Company’s common stock on the NYSE.
For all awards with only a service-based vesting condition, the Company accounts for forfeitures upon occurrence, rather than estimating the probability of forfeiture at the date of grant. Accordingly, the Company recognizes the full grant-date fair value of these awards on a straight-line basis throughout the requisite service period, reversing any expense if, and only if, there is a forfeiture. Certain cash awards contain service-based vesting conditions with payouts indexed to the price of the Company’s common stock. These awards are classified as liability awards and are remeasured at fair value at the end of each reporting period.
For all awards that have a performance-based vesting condition, the Company evaluates the probability of achieving the performance criteria quarterly throughout the performance period, and will adjust share-based compensation expense if it estimates that the achievement of the performance criteria is not probable. In addition, liability awards with a performance-based vesting condition are remeasured at fair value at each reporting period and the compensation expense is adjusted accordingly.
For equity awards with a market-based vesting condition, compensation expense is recognized regardless of whether the market condition is satisfied, provided that the requisite service period has been completed. Conversely, liability awards with market-based vesting requirements are remeasured at fair value at each reporting period using a Monte Carlo simulation model and the compensation expense is adjusted accordingly.
(n) Insurance Liabilities
The Company typically utilizes third-party insurance coverage subject to varying deductible levels with aggregate caps on losses retained. The Company assumes the risk for the amount of the deductible portion of the losses and liabilities primarily associated with workers’ compensation and general liability coverage. In addition, on certain projects, the Company assumes the risk for the amount of the deductible portion of losses that arise from any subcontractor defaults. Losses are accrued based upon the Company’s estimates of the aggregate liability for claims incurred using historical experience and certain actuarial assumptions followed in the insurance industry. The estimate of insurance liability within the deductible limits includes an estimate of incurred but not reported claims based on data compiled from historical experience.
(o) 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 AOCI.
The components of other comprehensive income (loss) and the related tax effects for the years ended December 31, 2022, 2021 and 2020 were as follows:
Year Ended December 31,
202220212020
(in thousands)Before-Tax AmountTax (Expense) BenefitNet-of-Tax AmountBefore-Tax AmountTax (Expense) BenefitNet-of-Tax AmountBefore-Tax AmountTax (Expense) BenefitNet-of-Tax Amount
Other comprehensive income (loss):
Defined benefit pension plan adjustments$7,230 $(2,001)$5,229 $8,665 $(2,444)$6,221 $(8,700)$2,439 $(6,261)
Foreign currency translation adjustment(3,351)556 (2,795)(508)183 (325)178 101 279 
Unrealized gain (loss) in fair value of investments(10,219)2,111 (8,108)(3,440)790 (2,650)2,015 (444)1,571 
Total other comprehensive income (loss)$(6,340)$666 $(5,674)$4,717 $(1,471)$3,246 $(6,507)$2,096 $(4,411)
Less: Other comprehensive income (loss) attributable to noncontrolling interests(2,272)— (2,272)140 — 140 230 — 230 
Total other comprehensive income (loss) attributable to Tutor Perini Corporation$(4,068)$666 $(3,402)$4,577 $(1,471)$3,106 $(6,737)$2,096 $(4,641)
The changes in AOCI balances by component (after tax) attributable to Tutor Perini Corporation and noncontrolling interests during the years ended December 31, 2022, 2021 and 2020 were as follows:
(in thousands)Defined Benefit Pension PlanForeign Currency TranslationUnrealized Gain (Loss) in Fair
Value of Investments		Accumulated Other Comprehensive
Income (Loss)
Attributable to Tutor Perini Corporation:
Balance as of December 31, 2019$(37,826)$(5,371)$1,097 $(42,100)
Other comprehensive income (loss) before reclassifications(7,993)49 1,820 (6,124)
Amounts reclassified from AOCI1,732 — (249)1,483 
Balance as of December 31, 2020$(44,087)$(5,322)$2,668 $(46,741)
Other comprehensive income (loss) before reclassifications4,167 (465)(2,372)1,330 
Amounts reclassified from AOCI2,054 — (278)1,776 
Balance as of December 31, 2021$(37,866)$(5,787)$18 $(43,635)
Other comprehensive income (loss) before reclassifications3,370 (1,454)(7,273)(5,357)
Amounts reclassified from AOCI1,859 — 96 1,955 
Balance as of December 31, 2022$(32,637)$(7,241)$(7,159)$(47,037)
(in thousands)Defined Benefit Pension PlanForeign Currency TranslationUnrealized Loss in Fair
Value of Investments		Accumulated Other Comprehensive
Income (Loss)
Attributable to Noncontrolling Interests:
Balance as of December 31, 2019$— $172 $— $172 
Other comprehensive income— 230 — 230 
Balance as of December 31, 2020$— $402 $— $402 
Other comprehensive income— 140 — 140 
Balance as of December 31, 2021$— $542 $— $542 
Other comprehensive loss— (1,341)(931)(2,272)
Balance as of December 31, 2022$— $(799)$(931)$(1,730)
The significant items reclassified out of AOCI and the corresponding location and impact on the Consolidated Statements of Operations during the years ended December 31, 2022, 2021 and 2020 are as follows:
Year Ended December 31,
(in thousands)202220212020
Component of AOCI:
Defined benefit pension plan adjustments(a)
$2,570 $2,861 $2,407 
Income tax benefit(b)
(711)(807)(675)
Net of tax$1,859 $2,054 $1,732 
Unrealized (gain) loss in fair value of investment adjustments(a)
$121 $(352)$(315)
Income tax expense (benefit)(b)
(25)74 66 
Net of tax$96 $(278)$(249)
___________________________________________________________________________________________________
(a)Amount included in other income (expense) on the Consolidated Statements of Operations.
(b)Amounts included in income tax (expense) benefit on the Consolidated Statements of Operations.
(p) Recent Accounting Pronouncements
There were no new accounting pronouncements issued by the FASB during the year ended December 31, 2022 and through the date of filing of this report that had or are expected to have a material impact on the Company’s consolidated financial position, consolidated results of operations or consolidated cash flows.
v3.22.4
Consolidated Statements of Cash Flows
 12 Months Ended
Dec. 31, 2022
Supplemental Cash Flow Elements [Abstract]  
Consolidated Statements of Cash Flows Consolidated Statements of Cash Flows
Below are the changes in other components of working capital as shown in the Consolidated Statements of Cash Flows, as well as the supplemental disclosures of cash paid for interest, income taxes and non-cash investing activities:
Year Ended December 31,
(in thousands)202220212020
(Increase) Decrease in:
Accounts receivable$276,450 $(31,972)$(104,901)
Retention receivable(20,017)78,618 (85,769)
Costs and estimated earnings in excess of billings(20,760)(120,034)(113,190)
Other current assets8,516 62,371 (49,468)
(Decrease) Increase in:
Accounts payable(15,783)(283,482)111,912 
Retention payable(22,383)(46,190)62,954 
Billings in excess of costs and estimated earnings214,123 (77,533)(5,168)
Accrued expenses and other current liabilities(29,722)(4,005)13,654 
Changes in other components of working capital$390,424 $(422,227)$(169,976)
Supplemental disclosures:
Interest paid$64,764 $63,762 $57,038 
Income taxes paid (refunded), net$9,952 $(8,299)$11,204 
Non-cash investing activities:
Real property acquired in settlement of a receivable$— $— $11,660 
Receivable recognized from sale of subsidiary$— $4,163 $— 
v3.22.4
Revenue
 12 Months Ended
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]  
Revenue 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 years ended December 31, 2022, 2021 and 2020.
Year Ended December 31,
(in thousands)202220212020
Civil segment revenue by end market:
Mass transit (includes certain transportation and tunneling projects)$1,026,589 $1,417,196 $1,367,412 
Bridges265,130 238,345 306,161 
Military defense facilities258,028 194,701 146,969 
Water88,983 98,739 101,705 
Other96,152 146,779 277,652 
Total Civil segment revenue$1,734,882 $2,095,760 $2,199,899 
Year Ended December 31,
(in thousands)202220212020
Building segment revenue by end market:
Municipal and government$329,661 $291,629 $287,337 
Commercial and industrial facilities251,849 352,265 580,297 
Health care facilities178,997 64,042 117,968 
Education facilities140,514 159,929 173,472 
Hospitality and gaming137,640 338,998 474,329 
Mass transit (includes transportation projects)132,836 130,923 218,930 
Other71,074 90,316 132,308 
Total Building segment revenue$1,242,571 $1,428,102 $1,984,641 
Year Ended December 31,
(in thousands)202220212020
Specialty Contractors segment revenue by end market:
Mass transit (includes certain transportation and tunneling projects)$350,005 $588,162 $592,430 
Commercial and industrial facilities166,286 139,751 152,868 
Multi-unit residential112,944 133,085 139,924 
Water79,553 90,887 73,769 
Federal government49,051 13,197 7,408 
Education facilities39,277 50,572 44,762 
Other16,186 102,314 123,062 
Total Specialty Contractors segment revenue$813,302 $1,117,968 $1,134,223 
Year Ended December 31, 2022
(in thousands)CivilBuildingSpecialty
Contractors		Total
Revenue by customer type:
State and local agencies$1,273,639 $461,193 $332,176 $2,067,008 
Federal agencies313,791 168,307 22,705 504,803 
Private owners147,452 613,071 458,421 1,218,944 
Total revenue$1,734,882 $1,242,571 $813,302 $3,790,755 
Year Ended December 31, 2021
(in thousands)CivilBuildingSpecialty
Contractors		Total
Revenue by customer type:
State and local agencies$1,791,531 $363,686 $481,255 $2,636,472 
Federal agencies205,080 189,508 47,724 442,312 
Private owners99,149 874,908 588,989 1,563,046 
Total revenue$2,095,760 $1,428,102 $1,117,968 $4,641,830 
Year Ended December 31, 2020
(in thousands)CivilBuildingSpecialty
Contractors		Total
Revenue by customer type:
State and local agencies$1,875,653 $534,449 $533,768 $2,943,870 
Federal agencies175,933 143,327 75,067 394,327 
Private owners148,313 1,306,865 525,388 1,980,566 
Total revenue$2,199,899 $1,984,641 $1,134,223 $5,318,763 
State and local agencies. The Company’s state and local government customers include state transportation departments, metropolitan authorities, cities, municipal agencies, school districts and public universities. Services provided to state and local customers are primarily pursuant to contracts awarded through competitive bidding processes. Construction services for state and local government customers have included mass-transit systems, tunnels, bridges, highways, judicial and correctional facilities, schools and dormitories, health care facilities, convention centers, parking structures and other municipal buildings. The vast majority of the Company’s civil contracting and building construction services are provided in locations throughout the United States and its territories.
Federal agencies. The Company’s federal government customers include the U.S. State Department, the U.S. Navy, the U.S. Army Corps of Engineers, the U.S. Air Force and the National Park Service. Services provided to federal agencies are typically pursuant to competitively bid contracts for specific or multi-year assignments that involve new construction or infrastructure repairs or improvements. A portion of revenue from federal agencies is derived from projects in overseas locations.
Private owners. The Company’s private owners (i.e., customers) include real estate developers, health care companies, technology companies, hospitality and gaming resort owners, Native American sovereign nations, public corporations and private universities. Services are provided to private customers through negotiated contract arrangements, as well as through competitive bids.
Most federal, state and local government contracts contain provisions that permit the termination of contracts, in whole or in part, for the convenience of government customers, among other reasons.
Year Ended December 31, 2022
(in thousands)CivilBuildingSpecialty
Contractors		Total
Revenue by contract type:
Fixed price$1,441,547 $349,318 $675,461 $2,466,326 
Guaranteed maximum price1,142 595,907 15,875 612,924 
Unit price274,293 33 85,574 359,900 
Cost plus fee and other17,900 297,313 36,392 351,605 
Total revenue$1,734,882 $1,242,571 $813,302 $3,790,755 
Year Ended December 31, 2021
(in thousands)CivilBuildingSpecialty
Contractors		Total
Revenue by contract type:
Fixed price$1,815,079 $336,128 $988,941 $3,140,148 
Guaranteed maximum price2,854 888,345 14,505 905,704 
Unit price268,377 (1,373)96,782 363,786 
Cost plus fee and other9,450 205,002 17,740 232,192 
Total revenue$2,095,760 $1,428,102 $1,117,968 $4,641,830 
Year Ended December 31, 2020
(in thousands)CivilBuildingSpecialty
Contractors		Total
Revenue by contract type:
Fixed price$1,792,765 $508,655 $1,010,973 $3,312,393 
Guaranteed maximum price1,829 1,136,782 15,417 1,154,028 
Unit price392,548 867 83,257 476,672 
Cost plus fee and other12,757 338,337 24,576 375,670 
Total revenue$2,199,899 $1,984,641 $1,134,223 $5,318,763 
Fixed price. Fixed price or lump sum contracts are most commonly used for projects in the Civil and Specialty Contractors segments and generally commit the Company to provide all of the resources required to complete a project for a fixed sum. Usually, fixed price contracts transfer more risk to the Company, but offer the opportunity for greater profits. Billings on fixed price contracts are typically based on estimated progress against predetermined contractual milestones.
Guaranteed maximum price (“GMP”). GMP contracts provide for a cost plus fee arrangement up to a maximum agreed upon price. These contracts place risks on the Company for amounts in excess of the GMP, but may permit an opportunity for greater profits than under cost plus fee contracts through sharing agreements with the owner on any cost savings that may be realized. Services provided by our Building segment to various private customers are often performed under GMP contracts. Billings on GMP contracts typically occur on a monthly basis and are based on actual costs incurred plus a negotiated margin.
Unit price. Unit price contracts are most prevalent for projects in the Civil and Specialty Contractors segments and generally commit the Company to provide an estimated or undetermined number of units or components that comprise a project at a fixed price per unit. This approach shifts the risk of estimating the quantity of units required to the project owner, but the risk of increased cost per unit is borne by the Company, unless otherwise allowed for in the contract. Billings on unit price contracts typically occur on a monthly basis and are based on actual quantity of work performed or completed during the billing period.
Cost plus fee. Cost plus fee contracts are used for many projects in the Building and Specialty Contractors segments. Cost plus fee contracts include cost plus fixed fee contracts and cost plus award fee contracts. Cost plus fixed fee contracts provide for reimbursement of approved project costs plus a fixed fee. Cost plus award fee contracts provide for reimbursement of the project costs plus a base fee, as well as an incentive fee based on cost and/or schedule performance. Cost plus fee contracts serve to minimize the Company’s financial risk, but may also limit profits. Billings on cost plus fee contracts typically occur on a monthly basis based on actual costs incurred plus a negotiated margin.
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 year ended December 31, 2022 related to performance obligations satisfied (or partially satisfied) in prior periods by a net $292.3 million for various projects, reflective of the net unfavorable impact of numerous legal judgments, settlements and other project charges in 2022. Refer to Note 14, Business Segments, for additional details on significant adjustments. Revenue was negatively impacted during the year ended December 31, 2021 related to performance obligations satisfied (or partially satisfied) in prior periods by a net $37.5 million for various projects. Revenue was negatively impacted during the year ended December 31, 2020 related to performance obligations satisfied (or partially satisfied) in prior periods by a net $77.0 million for various projects.
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 December 31, 2022, 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 $1.3 billion for the Civil, Building and Specialty Contractors segments, respectively. As of December 31, 2021, 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.
v3.22.4
Contract Assets and Liabilities
 12 Months Ended
Dec. 31, 2022
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]  
Contract Assets and Liabilities 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 Consolidated Balance Sheets consisted of the following:
As of December 31,
(in thousands)20222021
Retention receivable$585,556 $568,881 
Costs and estimated earnings in excess of billings:
Claims677,367 833,352 
Unapproved change orders601,681 418,054 
Other unbilled costs and profits98,480 105,362 
Total costs and estimated earnings in excess of billings1,377,528 1,356,768 
Capitalized contract costs49,441 69,027 
Total contract assets$2,012,525 $1,994,676 
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 December 31, 2022, the amount of retention receivable estimated by management to be collected beyond one year is approximately 47% 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 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 8, 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 December 31, 2022 estimated by management to be collected beyond one year is approximately $706.0 million.
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 years ended December 31, 2022, 2021 and 2020, $57.1 million, $47.3 million and $46.7 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 Consolidated Balance Sheets consisted of the following:
As of December 31,
(in thousands)20222021
Retention payable$246,562 $268,945 
Billings in excess of costs and estimated earnings975,812 761,689 
Total contract liabilities$1,222,374 $1,030,634 
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 of December 31, 2022, the amount of retention payable estimated by management to be remitted beyond one year is approximately 36% 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 years ended December 31, 2022, 2021 and 2020 and included in the opening billings in excess of costs and estimated earnings balances for each period totaled $533.5 million, $638.7 million and $690.7 million, respectively.
v3.22.4
Income Taxes
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Income (loss) before income taxes is summarized as follows:
Year Ended December 31,
(in thousands)202220212020
United States operations$(288,954)$118,749 $138,426 
Foreign and U.S. territory operations21,284 41,033 35,853 
Total$(267,670)$159,782 $174,279 
The income tax expense (benefit) is as follows:
Year Ended December 31,
(in thousands)202220212020
Current expense (benefit):
Federal$(1,653)$20,052 $(36,159)
State930 7,899 (1,282)
Foreign and U.S. territories5,074 11,568 11,130 
Total current expense (benefit):4,351 39,519 (26,311)
Deferred expense (benefit):
Federal(54,526)(13,667)38,667 
State(25,395)36 10,608 
Foreign and U.S. territories472 (256)(1,022)
Total deferred expense (benefit):(79,449)(13,887)48,253 
Total expense (benefit):$(75,098)$25,632 $21,942 
The following table is a reconciliation of the Company’s income tax provision at the statutory federal tax rate to the Company’s effective tax rate:
Year Ended December 31,
202220212020
(dollars in thousands)AmountRateAmountRateAmountRate
Federal income tax expense (benefit) at statutory tax rate$(56,211)21.0 %$33,554 21.0 %$36,599 21.0 %
State income taxes, net of federal tax benefit(21,784)8.1 8,301 5.2 8,518 4.9 
Stock based compensation1,227 (0.5)87 0.1 3,185 1.8 
Impact of federal tax law changes— — — — (14,476)(8.3)
Officers' compensation2,840 (1.1)3,664 2.3 2,486 1.4 
Noncontrolling interests(3,861)1.4 (8,872)(5.6)(9,799)(5.6)
Federal R&D credits128 — (1,105)(0.7)(3,007)(1.7)
Foreign tax rate differences(1,438)0.5 (625)(0.4)1,491 0.9 
Federal claim of right credit— — (8,191)(5.1)— — 
Valuation allowance7,991 (3.0)— — — — 
Other(3,990)1.7 (1,181)(0.8)(3,055)(1.8)
Income tax expense (benefit)$(75,098)28.1 %$25,632 16.0 %$21,942 12.6 %
The Company’s provision for income taxes and effective tax rate for the year ended December 31, 2021 was favorably impacted by a federal claim of right tax credit resulting in a tax rate adjustment associated with an adverse 2019 jury verdict that rendered certain income recognized in 2016 at a 35% federal statutory income tax rate to be reversed in 2019 at a 21% federal statutory income tax rate.
The Company's provision for income taxes and effective tax rate for the year ended December 31, 2020 was significantly impacted by the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) that was signed into law on March 27, 2020. A provision in the CARES Act allowed net operating losses from the 2018, 2019 and 2020 tax years to be carried back up to five years. As a result, for the year ended December 31, 2020, the Company recognized tax benefits from carrying back its net operating tax loss generated in 2019 at a 21% federal statutory income tax rate to prior tax years when the federal statutory income tax rate was 35%.
The following is a summary of the significant components of the deferred tax assets and liabilities:
As of December 31,
(in thousands)20222021
Deferred tax assets:
Timing of expense recognition$49,939 $28,710 
Net operating losses82,210 15,824 
Goodwill6,022 11,698 
Other, net24,105 13,125 
Deferred tax assets162,276 69,357 
Valuation allowance(8,846)— 
Net deferred tax assets153,430 69,357 
Deferred tax liabilities:
Intangible assets, due primarily to purchase accounting(16,850)(16,453)
Fixed assets(66,130)(70,128)
Construction contract accounting(7,940)(9,196)
Joint ventures(32,983)(26,764)
Other(18,266)(15,672)
Deferred tax liabilities(142,169)(138,213)
Net deferred tax assets (liabilities)$11,261 $(68,856)
As of December 31, 2022, the Company had federal and various state net operating loss carryforwards of $206.9 million and $431.0 million, respectively. Federal net operating loss carryforwards do not have expiration dates, whereas the state net operating loss carryforwards have expiration dates ranging from 2023 to 2042. As of December 31, 2021, the Company had net operating loss carryforwards in various states totaling $166.0 million. As of December 31, 2022, the Company had federal and state tax credit carryforwards of approximately $3.9 million and $3.6 million, respectively. As of December 31, 2021, the Company had federal and state tax credit carryforwards of approximately $0.1 million and $2.6 million, respectively. The Company established a valuation allowance in 2022 as a result of the uncertainty with the future realization of certain carryforwards for capital losses, foreign tax credits and state net operating losses.
The net deferred tax assets (liabilities) are presented in the Consolidated Balance Sheets as follows:
As of December 31,
(in thousands)20222021
Deferred tax assets$15,910 $2,133 
Deferred tax liabilities(4,649)(70,989)
Net deferred tax assets (liabilities)$11,261 $(68,856)
The Company’s policy is to record interest and penalties on unrecognized tax benefits as an element of income tax expense. The cumulative amounts related to interest and penalties are added to the total unrecognized tax liabilities on the balance sheet. The total amount of gross unrecognized tax benefits as of December 31, 2022 that, if recognized, would impact the effective tax rate is $7.5 million. The Company does not expect any significant release of unrecognized tax benefits within the next twelve months.
The Company accounts for its uncertain tax positions in accordance with GAAP. The following is a reconciliation of the beginning and ending amounts of these unrecognized tax benefits for the three years ended December 31, 2022:
As of December 31,
(in thousands)202220212020
Beginning balance$7,539 $8,681 $5,682 
Change in tax positions of prior years(416)(1,319)2,286 
Change in tax positions of current year625 1,000 1,202 
Reduction in tax positions for statute expirations(223)(823)(489)
Ending balance$7,525 $7,539 $8,681 
The Company conducts business internationally and, as a result, one or more of its subsidiaries files income tax returns in U.S. federal, U.S. state and certain foreign jurisdictions. Accordingly, in the normal course of business, the Company is subject to examination by taxing authorities principally throughout the United States, Guam and Canada. The Company's open tax years for a U.S. federal income tax audit are 2018 and later. The 2018 federal income tax return is currently under audit by the Internal Revenue Service. The Company has various years open to audit in a number of state and local jurisdictions and is currently under audit by various state and local taxing authorities.
v3.22.4
Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
Goodwill
The following table presents the changes in the carrying amount of goodwill since its inception through December 31, 2022:
(in thousands)CivilBuildingSpecialty
Contractors		Total
Gross goodwill as of December 31, 2020$492,074 $424,724 $156,193 $1,072,991 
Accumulated impairment as of December 31, 2020(286,931)(424,724)(156,193)(867,848)
Goodwill as of December 31, 2020205,143 — — 205,143 
2021 activity— — — — 
Goodwill as of December 31, 2021205,143 — — 205,143 
Current year activity— — — — 
Goodwill as of December 31, 2022(a)
$205,143 $— $— $205,143 
_____________________________________________________________________________________________________________
(a)As of December 31, 2022, accumulated impairment was $867.8 million.
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 December 31, 2022Weighted-Average Amortization Period
(in thousands)CostAccumulated
Amortization		Accumulated Impairment ChargeCarrying 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 license6,000 — (6,000)— N/A
Customer relationships39,800 (23,155)(16,645)— N/A
Construction contract backlog149,290 (149,290)— — N/A
Total$381,940 $(198,331)$(113,067)$70,542 
As of December 31, 2021Weighted-Average Amortization Period
(in thousands)CostAccumulated
Amortization		Accumulated Impairment ChargeCarrying Value
Trade names (non-amortizable)$117,600 $— $(67,190)$50,410 Indefinite
Trade names (amortizable)(a)
69,250 (23,650)(23,232)22,368 20 years
Contractor license6,000 — (6,000)— N/A
Customer relationships39,800 (23,053)(16,645)102 12 years
Construction contract backlog149,290 (137,102)— 12,188 3 years
Total$381,940 $(183,805)$(113,067)$85,068 
___________________________________________________________________________________________________________
(a)In 2021, the Company sold an immaterial subsidiary, which had amortizable trade names with a gross cost of $5.1 million and a carrying value of $2.6 million at the time of sale.
Amortization expense related to amortizable intangible assets was $14.5 million, $35.5 million and $32.2 million for the years ended December 31, 2022, 2021 and 2020, respectively. Future amortization expense related to amortizable intangible assets will be approximately $2.2 million per year for the years 2023 through 2027, and $9.1 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 the 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 years ended December 31, 2022, 2021 or 2020.
v3.22.4
Financial Commitments
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Financial Commitments Financial Commitments
Long-Term Debt
Long-term debt as reported on the Consolidated Balance Sheets consisted of the following:
As of December 31,
(in thousands)20222021
2017 Senior Notes$497,289 $496,244 
Term Loan B404,169 406,335 
Revolver— 27,000 
Equipment financing and mortgages48,681 56,246 
Other indebtedness8,300 7,829 
Total debt958,439 993,654 
Less: Current maturities(a)
70,285 24,406 
Long-term debt, net$888,154 $969,248 
_____________________________________________________________________________________________________________
(a)Current maturities at December 31, 2022 includes an expected $44.0 million principal prepayment on the Term Loan B.
The following table reconciles the outstanding debt balances to the reported debt balances as of December 31, 2022 and 2021:
As of December 31, 2022As of December 31, 2021
(in thousands)Outstanding DebtUnamortized Discounts and Issuance Costs
Debt,
as reported		Outstanding DebtUnamortized Discounts and Issuance Costs
 Debt,
as reported
2017 Senior Notes$500,000 $(2,711)$497,289 $500,000 $(3,756)$496,244 
Term Loan B415,438 (11,269)404,169 419,688 (13,353)406,335 
The unamortized issuance costs related to the Revolver were $1.6 million and $2.1 million as of December 31, 2022 and 2021, respectively, and are included in other assets on the 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 December 31, 2022, included in current maturities of long-term debt in the accompanying Consolidated Balance Sheet is a $44.0 million expected prepayment of principal on the Term Loan B to be made in the second quarter of 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 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, (x) London Interbank Offered Rate (“LIBOR”) 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 LIBOR 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) Adjusted Term Secured Overnight Financing Rate (“Adjusted Term SOFR”) (calculated with a 10 basis point credit spread adjustment) 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 LIBOR 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 LIBOR option in respect of the Revolver was replaced by 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 agreement includes provisions for the replacement of LIBOR and Adjusted Term SOFR with an alternative benchmark rate upon LIBOR and/or Adjusted Term SOFR, as applicable, being discontinued. The weighted-average annual interest rate on borrowings under the Revolver was 8.8% during the year ended December 31, 2022.

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 set 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 December 31, 2022, no amounts were outstanding and $175 million was 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 December 31, 2022.
Termination of 2017 Credit Facility and Repayment of Convertible Notes
On August 18, 2020, the Company used proceeds from the Term Loan B to repay outstanding amounts under a previous credit agreement (the “2017 Credit Facility”). On June 15, 2021, the Company also repaid the $69.9 million outstanding principal balance of its 2.875% Convertible Senior Notes (the “Convertible Notes”).
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.
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.
Equipment Financing and Mortgages
The Company has certain loans entered into for the purchase of specific property, plant and equipment and secured by the assets purchased. The aggregate balance of equipment financing loans was approximately $37.0 million and $41.7 million at December 31, 2022 and 2021, respectively, with interest rates ranging from 2.54% to 7.32% with equal monthly installment payments over periods up to 5 years. The aggregate balance of mortgage loans was approximately $11.6 million and $14.6 million at December 31, 2022 and 2021, respectively, with interest rates ranging from a fixed 2.25% to SOFR plus 2.00% and monthly installment payments over periods up to 10 years.
The following table presents the future principal payments required under all of the Company’s debt obligations, discussed above:
Year (in thousands)
2023$70,285 
202417,744 
2025514,448 
202610,330 
2027355,904 
Thereafter3,708 
972,419 
Less: Unamortized discounts and issuance costs13,980 
Total$958,439 
Interest Expense
Interest expense as reported in the Consolidated Statements of Operations consisted of the following:
For the year ended December 31,
(in thousands)202220212020
Cash interest expense:
Interest on 2017 Senior Notes$34,375 $34,375 $34,375 
Interest on Term Loan B27,880 24,590 9,028 
Interest on Revolver1,642 1,479 77 
Interest on 2017 Credit Facility— — 5,341 
Interest on Convertible Notes— 921 4,373 
Other interest2,044 1,905 2,079 
Cash portion of loss on extinguishment— — 786 
Total cash interest expense65,941 63,270 56,059 
Non-cash interest expense(a):
Amortization of discount and debt issuance costs on Term Loan B2,084 2,175 784 
Amortization of debt issuance costs on 2017 Senior Notes1,045 973 906 
Amortization of debt issuance costs on Revolver568 568 206 
Amortization of discount and debt issuance costs on Convertible Notes— 2,040 8,944 
Amortization of debt issuance costs on 2017 Credit Facility— — 1,001 
Non-cash portion of loss on extinguishment— — 8,312 
Total non-cash interest expense3,697 5,756 20,153 
Total interest expense$69,638 $69,026 $76,212 
_____________________________________________________________________________________________________________
(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 6.43%, respectively, for the year ended December 31, 2022.
v3.22.4
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies 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 1(d) and Note 4. 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. 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.
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 project reached substantial completion 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 are invalid due to lack of notice. TPBC denied the Developer’s claims and filed a counterclaim in March 2018. TPBC seeks in excess of $113 million in the arbitration, which includes 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.
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 Second Circuit Court of Appeals on August 20, 2021, which conducted oral argument on October 27, 2022, and a decision is pending. On August 25, 2021, the bankruptcy court approved the sale of the leasehold, which was completed on August 31, 2021, and is subject to a separate legal appeal pending before the U.S. District Court. On October 1, 2021, the bankruptcy court converted the case from a Chapter 11 to a Chapter 7 bankruptcy proceeding.
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 a motion to dismiss on March 4, 2022, which the federal bankruptcy court granted on September 30, 2022.

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 against 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.
As of December 31, 2022, the Company has concluded that the potential for a material adverse financial impact due to the Developer’s claims is remote. With respect to TPBC’s claims against the Developer, its owners, certain lenders and the Port Authority, management has made an estimate of the total anticipated recovery on this project, and such estimate is included in revenue recorded to date.
v3.22.4
Lease
 12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Leases 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 December 31, 2022, the Company’s operating leases have remaining lease terms ranging from less than one year to 16 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 Company determines if an arrangement is a lease at inception. Operating lease right-of-use (“ROU”) assets are included in other assets, while current and long-term operating lease liabilities are included in accrued expenses and other current liabilities, and other long-term liabilities, respectively, on the Consolidated Balance Sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The present value of future lease payments are discounted using either the implicit rate in the lease, if known, or the Company’s incremental borrowing rate for the specific lease as of the lease commencement date. The ROU asset is also adjusted for any prepayments made or incentives received. The lease terms include options to extend or terminate the lease only to the extent it is reasonably certain any of those options will be exercised. Lease expense is recognized on a straight-line basis over the lease term. The Company accounts for lease components (e.g., fixed payments) separate from the non-lease components (e.g., common-area maintenance costs). The Company does not have any material financing leases.
The following table presents components of lease expense for the years ended December 31, 2022 and 2021:
For the year ended December 31,
(in thousands)20222021
Operating lease expense$15,278 $14,733 
Short-term lease expense(a)
57,713 72,047 
72,991 86,780 
Less: Sublease income766 697 
Total lease expense$72,225 $86,083 
_____________________________________________________________________________________________________________
(a)Short-term lease expense includes all leases with lease terms ranging from less than one month to one year. Short-term leases include, among other things, construction equipment rented on an as-needed basis as well as temporary housing.
The following table presents supplemental balance sheet information related to operating leases:
As of December 31,
(dollars in thousands)Balance Sheet Line Item20222021
Assets
ROU assetsOther assets$50,825$53,462
Total lease assets$50,825$53,462
Liabilities
Current lease liabilitiesAccrued expenses and other current liabilities$6,709$7,481
Long-term lease liabilitiesOther long-term liabilities49,17650,057
Total lease liabilities$55,885$57,538
Weighted-average remaining lease term 11.0 years12.0 years
Weighted-average discount rate11.77 %9.44 %
The following table presents supplemental cash flow information and non-cash activity related to operating leases:
As of December 31,
(in thousands)20222021
Operating cash flow information:
Cash paid for amounts included in the measurement of lease liabilities$(14,247)$(13,799)
Non-cash activity:
ROU assets obtained in exchange for lease liabilities$16,349 $6,979 
The following table presents maturities of operating lease liabilities on an undiscounted basis as of December 31, 2022:
Year (in thousands)
Operating Leases
2023$12,374 
20249,885 
20258,907 
20267,478 
20276,770 
Thereafter58,094 
Total lease payments103,508 
Less: Imputed interest47,623 
Total$55,885 
v3.22.4
Share-Based Compensation
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation Share-Based Compensation
On April 10, 2018, the Company adopted the Tutor Perini Corporation Omnibus Incentive Plan (the “Current Plan”), which was approved by the Company’s shareholders on May 23, 2018. The Current Plan effected the merger of the Company’s Amended and Restated Tutor Perini Corporation Long-Term Incentive Plan, as amended and restated on October 2, 2014 (the “2014 Plan”) and the Tutor Perini Corporation Incentive Compensation Plan adopted on April 3, 2017 (the “2017 Plan,” together with the 2014 Plan and the Current Plan, the “Plans”). As of December 31, 2022, there were 1,442,121 shares of common stock available for grant under the Company’s Current Plan. As of December 31, 2022, the Plans had an aggregate of 2,731,935 restricted stock units and stock options from outstanding, historical awards that either have not vested or have vested but have not been exercised. Any awards that were granted under the Plans that are forfeited, cancelled or held back for net settlement will become available to be issued under the Current Plan.
The terms of the Plans give the Company the right to settle the vesting of share-based grants in cash or shares.
Many of the awards issued under the Plans contain separate tranches, each for a separate performance period and each with a performance target to be established subsequent to the award date; accordingly, the tranches are accounted for under ASC 718, Stock Compensation (“ASC 718”) as separate grants, with the grant date being the date the performance targets for a given tranche are established and communicated to the grantee. Similarly, for these awards, compliance with the requirements of the Plans is also based on the number of units granted in a given year, as determined by ASC 718, rather than the number of units awarded in a given year.
The following table summarizes restricted stock unit, stock option and CPSU activity:
Restricted Stock UnitsStock OptionsCPSUs
NumberWeighted-
Average
Grant Date
Fair Value
Per Share		NumberWeighted-
Average
Exercise/
(Strike) Price
Per Share		NumberWeighted-
Average Grant Date
Fair Value
Per Unit
Outstanding as of December 31, 20191,715,000 $25.19 2,279,015 $20.62 — $— 
Granted245,000 20.67 165,000 19.24 — — 
Expired or cancelled(403,750)25.52 (168,750)25.87 — — 
Vested/exercised(521,250)29.44 — — — — 
Outstanding as of December 31, 20201,035,000 $21.85 2,275,265 $20.13 — $— 
Granted678,851 16.26 100,000 19.24 398,852 20.39 
Expired or cancelled(155,000)15.37 (202,500)20.07 — — 
Vested/exercised(370,000)23.53 (5,000)13.32 — — 
Outstanding as of December 31, 20211,188,851 $18.98 2,167,765 $20.11 398,852 $20.39 
Granted375,769 10.53 — — 415,768 12.99 
Expired or cancelled(42,500)19.27 (542,500)11.66 — — 
Vested/exercised(415,450)20.14 — — — — 
Outstanding as of December 31, 20221,106,670 $15.66 1,625,265 $22.93 814,620 $16.61 
Vested and expected to vest at December 31, 2022
1,011,670 $15.27 1,530,265 $23.31 100,000 $6.99 
Included in the above table are certain restricted stock unit grants which are classified as liabilities in accordance with ASC 718 because they contain a guaranteed minimum payout. These awards may be performance-based or time-based and may be settled in shares of the Company's stock, cash or a combination thereof, at the Company's discretion. As of December 31, 2022 and 2021, there were 125,000 and 260,000 restricted stock units with guaranteed minimum payouts outstanding, with weighted-average grant date fair values per share of $26.33 and $27.53, respectively.
The Company recognized liabilities for CPSUs, restricted stock units with guaranteed minimum payouts and certain cash-settled awards totaling approximately $2.1 million and $4.8 million as of December 31, 2022 and 2021, respectively. The Company paid approximately $3.6 million in 2022 and $0.3 million in each of 2021 and 2020 to settle certain awards.
The following table summarizes unrestricted stock awards, which are generally issued to the non-employee members of the Company’s Board of Directors as part of their annual retainer fees:
Unrestricted Stock Awards
YearNumberWeighted-Average
Grant Date
Fair Value Per Share
2020194,177 $8.60 
2021101,894 15.47 
2022165,030 10.63 
The fair value of unrestricted stock awards issued during 2022, 2021 and 2020 was approximately $1.8 million, $1.6 million and $1.7 million, respectively.
The fair value of restricted stock units that vested during 2022, 2021 and 2020 was approximately $5.7 million, $5.3 million and $4.1 million, respectively. As of December 31, 2022, the balance of unamortized restricted stock, stock option and CPSU expense was $8.8 million, $0.3 million and $1.8 million, respectively, which is expected to be recognized over weighted-average periods of 1.8 years for restricted stock units, 0.9 years for stock options and 1.4 years for CPSUs.
The 1,625,265 outstanding stock options as of December 31, 2022 had an intrinsic value of zero and a weighted-average remaining contractual life of 3.7 years. Of those outstanding options: (1) 1,435,265 were exercisable with an intrinsic value of zero, a weighted-average exercise price of $23.75 per share and a weighted-average remaining contractual life of 3.2 years;
(2) 190,000 have not vested and have no intrinsic value, a weighted-average exercise price of $16.69 per share and a weighted-average remaining contractual life of 8.0 years.
No options were granted in 2022. The fair value on the grant date and the significant assumptions used in the Black-Scholes option-pricing model for grants made in the years ended December 31, 2021 and 2020 are as follows:
Year Ended December 31,
20212020
Total stock options granted100,000 165,000 
Weighted-average grant date fair value$15.21 $7.67 
Weighted-average assumptions:
Risk-free rate1.4 %1.2 %
Expected life of options(a)
6.5 years6.3 years
Expected volatility(b)
73.7 %60.7 %
Expected quarterly dividends$— $— 
_____________________________________________________________________________________________________________
(a)Calculated using the simplified method due to the terms of the stock options and the limited pool of grantees.
(b)Calculated using historical volatility of the Company’s common stock over periods commensurate with the expected life of the option.
For the respective years ended December 31, 2022, 2021 and 2020, the Company recognized, as part of general and administrative expenses, costs for share-based payment arrangements for employees of $7.4 million, $10.0 million and $10.2 million. Additionally for the same periods, the Company recognized as part of general and administrative expenses, costs for share-based awards to non-employee directors of $1.6 million for each of the three years. The aggregate tax benefits for these awards were approximately $0.9 million, $1.2 million and $1.3 million, for the respective periods.
v3.22.4
Employee Benefit Plans
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Employee Benefit Plans Employee Benefit Plans
Defined Benefit Pension Plan
The Company has a defined benefit pension plan that covers certain of its executive, professional, administrative and clerical employees, subject to certain specified service requirements. The pension plan is noncontributory and benefits are based on an employee’s years of service and “final average earnings,” as defined by the pension plan. The pension plan provides reduced benefits for early retirement and takes into account offsets for social security benefits. The Company also has an unfunded supplemental retirement plan (“Benefit Equalization Plan”) for certain employees whose benefits under the defined benefit pension plan were reduced because of compensation limitations under federal tax laws. Effective June 1, 2004, all benefit accruals under the Company’s pension plan and Benefit Equalization Plan were frozen; however, the current vested benefit was preserved. Pension disclosure as presented below includes aggregated amounts for both of the Company’s plans, except where otherwise indicated.
The Company historically has used the date of its year-end as its measurement date to determine the funded status of the pension plan.
The long-term investment goals of the Company’s pension plan are to manage the assets in accordance with the legal requirements of all applicable laws; produce investment returns which maximize return within reasonable and prudent levels of risks; and achieve a fully funded status with regard to current pension liabilities. Some risk must be assumed in order to achieve the investment goals. Investments with the ability to withstand short and intermediate term variability are considered and some interim fluctuations in market value and rates of return are tolerated in order to achieve the pension plan’s longer-term objectives.
The pension plan’s assets are managed by a third-party investment manager. The Company monitors investment performance and risk on an ongoing basis.
The following table sets forth a summary of net periodic benefit cost for the years ended December 31, 2022, 2021 and 2020:
Year Ended December 31,
(in thousands)202220212020
Interest cost$2,594 $2,349 $3,032 
Service cost945 935 925 
Expected return on plan assets(3,890)(3,976)(4,022)
Recognized net actuarial losses2,571 2,860 2,407 
Net periodic benefit cost$2,220 $2,168 $2,342 
Actuarial assumptions used to determine net cost:
Discount rate2.65 %2.24 %3.07 %
Expected return on assets5.75 %5.75 %5.75 %
Rate of increase in compensationN/AN/AN/A
The target asset allocation for the Company’s pension plan by asset category for 2023 and the actual asset allocation as of December 31, 2022 and 2021 by asset category are as follows:
Percentage of Plan Assets as of December 31,
Target
Allocation
2023
Actual Allocation
Asset Category20222021
Cash5 %5 %4 %
Equity funds:
Domestic45 46 47 
International20 20 16 
Fixed income funds30 29 33 
Total100 %100 %100 %
The Company expects to contribute approximately $2.0 million to its defined benefit pension plan in 2023.
Future benefit payments under the plans are estimated as follows:
(in thousands)
Year ended December 31,
2023$6,891 
20246,837 
20256,741 
20266,660 
20276,541 
2028-203229,956 
Total$63,626 
The following tables provide a reconciliation of the changes in the fair value of plan assets and plan benefit obligations during 2022 and 2021, and a summary of the funded status as of December 31, 2022 and 2021:
Year Ended December 31,
(in thousands)20222021
Change in Fair Value of Plan Assets
Balance at beginning of year$73,375 $71,940 
Actual return on plan assets(10,865)6,844 
Company contribution242 1,235 
Benefit payments(6,595)(6,644)
Balance at end of year$56,157 $73,375 
Year Ended December 31,
(in thousands)20222021
Change in Benefit Obligations
Balance at beginning of year$101,526 $107,824 
Interest cost2,594 2,349 
Service cost945 935 
Assumption change gain(19,712)(3,921)
Actuarial loss300 983 
Benefit payments(6,595)(6,644)
Balance at end of year$79,058 $101,526 
As of December 31,
(in thousands)20222021
Funded status$(22,901)$(28,151)
Net unfunded amounts recognized in Consolidated Balance Sheets consist of:
Current liabilities$(275)$(292)
Long-term liabilities(22,626)(27,859)
Total net unfunded amount recognized in Consolidated Balance Sheets$(22,901)$(28,151)
Amounts not yet recognized in net periodic benefit cost and included in accumulated other comprehensive loss consist of net actuarial losses before income taxes of $49.3 million and $56.5 million as of December 31, 2022 and 2021, respectively.
The discount rate used in determining the accumulated post-retirement benefit obligation was 5.2% as of December 31, 2022 and 2.7% as of December 31, 2021. The discount rate used for the accumulated post-retirement obligation was derived using a blend of U.S. Treasury and high-quality corporate bond discount rates.
The expected long-term rate of return on assets assumption was 6.3% and 5.8% for 2022 and 2021, respectively. The expected long-term rate of return on assets assumption was developed considering forward looking capital market assumptions and historical return expectations for each asset class assuming the plans’ target asset allocation and full availability of invested assets.
Closely held fund strategies seek to capitalize on inefficiencies identified across different asset classes or markets and include investments in both long and short equity securities.
Plan assets were measured at fair value. Mutual funds are public investment vehicles valued using the Net Asset Value (“NAV”) of shares held by the pension plan at year-end. Equity partnerships and fixed income funds are valued based on quoted market prices in active markets. Closely held funds, which are only available through private offerings, do not have readily determinable fair values. Estimates of fair value of these funds were determined using the information provided by the fund managers and are generally based on the NAV per share or its equivalent.
The following table sets forth the pension plan assets at fair value in accordance with the fair value hierarchy described in Note 12:
As of December 31, 2022As of December 31, 2021
Fair Value HierarchyFair Value Hierarchy
(in thousands)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash and cash equivalents$2,757 $— $— $2,757 $2,533 $— $— $2,533 
Fixed income funds1,564 2,872 — 4,436 — 3,057 — 3,057 
Mutual funds37,364 — — 37,364 54,966 — — 54,966 
$41,685 $2,872 $— $44,557 $57,499 $3,057 $— $60,556 
Closely held funds(a)
Equity partnerships4,078 4,259 
Hedge fund investments7,522 8,560 
Total closely held funds(a)
11,600 12,819 
Total$41,685 $2,872 $— $56,157 $57,499 $3,057 $— $73,375 
_____________________________________________________________________________________________________________
(a)The pension plan’s investments in closely held funds are not categorized in the fair value hierarchy because they are measured at NAV using the practical expedient under ASC 820, Fair Value Measurement (“ASC 820”). The underlying holdings of closely held funds were comprised of a combination of Level 1, 2 and 3 investments, and in some cases, may also include investments not categorized in the fair value hierarchy because they are measured at NAV using the practical expedient, as described above.
As of December 31, 2022 and 2021, pension plan assets included approximately $11.6 million and $12.8 million, respectively, of investments in hedge funds and equity partnerships which do not have readily determinable fair values. The underlying holdings of the funds were comprised of a combination of assets for which the estimate of fair value is determined using information provided by fund managers.
The plans have benefit obligations in excess of the fair value of each plan’s assets as follows:
As of December 31, 2022As of December 31, 2021
(in thousands)Pension
Plan		Benefit
Equalization
Plan		TotalPension
Plan		Benefit
Equalization
Plan		Total
Projected benefit obligation$76,729 $2,329 $79,058 $98,570 $2,956 $101,526 
Accumulated benefit obligation$76,729 $2,329 $79,058 $98,570 $2,956 $101,526 
Fair value of plans' assets56,157 — 56,157 73,375 — 73,375 
Projected benefit obligation greater than fair value of plans' assets$20,572 $2,329 $22,901 $25,195 $2,956 $28,151 
Accumulated benefit obligation greater than fair value of plans' assets$20,572 $2,329 $22,901 $25,195 $2,956 $28,151 
Section 401(k) Plan
The Company has a contributory Section 401(k) plan which covers its executive, professional, administrative and clerical employees, subject to certain specified service requirements. The cost recognized by the Company for its 401(k) plan was $4.1 million in 2022, $4.4 million in 2021 and $4.3 million in 2020. The Company’s contribution is based on a non-discretionary match of employees’ contributions, as defined by the plan.
Multiemployer Plans
In addition to the Company’s defined benefit pension and contribution plans discussed above, the Company participates in multiemployer pension plans for its union construction employees. Contributions are based on the hours worked by employees covered under various collective bargaining agreements. Under the Employee Retirement Income Security Act, a contributor to a multiemployer plan is only liable for its proportionate share of a plan’s unfunded vested liability upon termination, or withdrawal from a plan. The Company currently has no intention of withdrawing from any of the multiemployer pension plans
in which it participates and, therefore, has not recognized a liability for its proportionate share of any unfunded vested liabilities associated with these plans.
The following table summarizes key information for the plans that the Company made significant contributions to during the three years ended December 31, 2022:
Pension Protections Act
Zone Status
FIP/RP
Status
Pending or
Implemented(a)
Company Contributions
(amounts in millions) 		Expiration
Date of
Collective
Bargaining
Agreement
Pension FundEIN/Pension
Plan Number
2022
2021
2022(b)
2021
2020
Surcharge
Imposed
The Pension, Hospitalization and Benefit Plan of the Electrical Industry - Pension Trust Fund13-6123601/001GreenGreenN/A$6.7 $9.5 
(c)
$10.1 
(c)
No4/15/2025
Joint Pension Fund, Local Union 164 IBEW22-6031199GreenGreenN/A6.4 6.8 
(c)
2.5 
(c)
No4/30/2026
Excavators Union Local 731 Pension Fund13-1809825/002GreenGreenN/A4.0 4.0 4.8 No4/30/2026
Construction Laborers Pension Trust for Southern California95-6031812GreenGreenN/A3.4 2.8 1.5 No6/30/2026
Operating Engineers Pension Trust95-6032478YellowYellowImplemented3.4 2.4 1.5 No6/30/2025
Carpenters Pension Trust Fund for Northern California94-6050970RedRedImplemented2.4 2.9 4.6 No6/30/2023
_____________________________________________________________________________________________________________
(a)The “FIP/RP Status Pending or Implemented” column indicates plans for which a funding improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either pending or implemented.
(b)The Company's contributions as a percentage of total plan contributions were not available for the 2022 plan year for any of the above pension funds.
(c)These amounts exceeded 5% of the respective total plan contributions.
In addition to the individually significant plans described above, the Company also contributed approximately $32.3 million in 2022, $41.2 million in 2021 and $44.8 million in 2020 to other multiemployer pension plans. Funding for these payments is principally provided for in the contracts with our customers.
v3.22.4
Fair Value Measurements
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The fair value hierarchy established by ASC 820 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 December 31, 2022 and 2021:
As of December 31, 2022As of December 31, 2021
Fair Value HierarchyFair Value Hierarchy
(in thousands)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash and cash equivalents(a)
$259,351 $— $— $259,351 $202,197 $— $— $202,197 
Restricted cash(a)
14,480 — — 14,480 9,199 — — 9,199 
Restricted investments(b)
— 91,556 — 91,556 — 84,355 — 84,355 
Investments in lieu of retention(c)
20,100 68,228 — 88,328 27,472 58,856 — 86,328 
Total$293,931 $159,784 $— $453,715 $238,868 $143,211 $— $382,079 
_____________________________________________________________________________________________________________
(a)Includes money market funds and short-term investments with maturity dates of three months or less when acquired.
(b)Restricted investments, as of December 31, 2022 and 2021, consist of 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 December 31, 2022 and 2021, and are comprised of AFS debt securities of $68.2 million and $58.9 million, respectively, and money market funds of $20.1 million and $27.5 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.
Investments in AFS debt securities consisted of the following as of December 31, 2022 and December 31, 2021:

As of December 31, 2022As of December 31, 2021
(in thousands)Amortized CostUnrealized GainsUnrealized LossesFair ValueAmortized CostUnrealized GainsUnrealized LossesFair Value
Restricted investments:
Corporate debt securities$53,452 $1 $(3,550)$49,903 $46,649 $438 $(438)$46,649 
U.S. government agency securities34,920 13 (1,688)33,245 28,316 459 (133)28,642 
Municipal bonds9,211 — (1,257)7,954 8,475 100 (78)8,497 
Corporate certificates of deposit507 — (53)454 571 2 (6)567 
Total restricted investments98,090 14 (6,548)91,556 84,011 999 (655)84,355 
Investments in lieu of retention:
Corporate debt securities70,968 1 (3,724)67,245 58,261 72 (741)57,592 
Municipal bonds818 165 — 983 812 452 — 1,264 
Total investments in lieu of retention71,786 166 (3,724)68,228 59,073 524 (741)58,856 
Total AFS debt securities$169,876 $180 $(10,272)$159,784 $143,084 $1,523 $(1,396)$143,211 
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 December 31, 2022 and December 31, 2021:
As of December 31, 2022
Less than 12 Months12 Months or GreaterTotal
(in thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Restricted investments:
Corporate debt securities$23,559 $(733)$25,842 $(2,817)$49,401 $(3,550)
U.S. government agency securities24,834 (939)5,593 (749)30,427 (1,688)
Municipal bonds4,998 (672)2,956 (585)7,954 (1,257)
Corporate certificates of deposit63 (12)391 (41)454 (53)
Total restricted investments53,454 (2,356)34,782 (4,192)88,236 (6,548)
Investments in lieu of retention:
Corporate debt securities34,553 (843)32,391 (2,881)66,944 (3,724)
Total investments in lieu of retention34,553 (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)
As of December 31, 2021
Less than 12 Months12 Months or GreaterTotal
(in thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Restricted investments:
Corporate debt securities$28,639 $(434)$207 $(4)$28,846 $(438)
U.S. government agency securities5,382 (97)824 (36)6,206 (133)
Municipal bonds2,714 (35)907 (43)3,621 (78)
Corporate certificates of deposit435 (6)— — 435 (6)
Total restricted investments37,170 (572)1,938 (83)39,108 (655)
Investments in lieu of retention:
Corporate debt securities46,486 (736)714 (5)47,200 (741)
Total investments in lieu of retention46,486 (736)714 (5)47,200 (741)
Total AFS debt securities$83,656 $(1,308)$2,652 $(88)$86,308 $(1,396)
The amortized cost and fair value of AFS debt securities by contractual maturity as of December 31, 2022 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 CostFair Value
Due within one year$20,301 $20,113 
Due after one year through five years138,683 130,365 
Due after five years10,892 9,306 
Total$169,876 $159,784 
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 $439.7 million and $504.9 million as of December 31, 2022 and 2021, 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 $389.5 million and $419.7 million as of December 31, 2022 and 2021, respectively. The fair value of the Term Loan B was 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 December 31, 2022 and 2021.
v3.22.4
Variable Interest Entities (VIEs)
 12 Months Ended
Dec. 31, 2022
Variable Interest Entities [Abstract]  
Variable Interest Entities (VIEs) 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, 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 December 31, 2022, the Company had unconsolidated VIE-related current assets of $0.4 million included in the Company’s Consolidated Balance Sheets. As of December 31, 2021, the Company had unconsolidated VIE-related current assets and liabilities of $0.7 million and $0.4 million, respectively, included in the Company’s 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 December 31, 2022.
As of December 31, 2022, the Company’s 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. As of December 31, 2021, the Company’s Consolidated Balance Sheets included current and noncurrent assets of $568.2 million and $3.0 million, respectively, as well as current liabilities of $496.9 million related to the operations of its consolidated VIEs.
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. (“O&G”). 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 A 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.
v3.22.4
Business Segments
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
Business Segments 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.
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 years ended December 31, 2022, 2021 and 2020:
Reportable Segments
(in thousands)CivilBuildingSpecialty
Contractors		TotalCorporateConsolidated
Total
Year ended December 31, 2022
Total revenue$1,956,968 $1,305,468 $813,531 $4,075,967 $— $4,075,967 
Elimination of intersegment revenue(222,086)(62,897)(229)(285,212)— (285,212)
Revenue from external customers$1,734,882 $1,242,571 $813,302 $3,790,755 $— $3,790,755 
Income (loss) from construction operations(a)
$21,123 $7,166 $(168,019)$(139,730)$(65,034)
(b)
$(204,764)
Capital expenditures$49,819 $2,333 $2,545 $54,697 $5,083 $59,780 
Depreciation and amortization(c)
$51,123 $1,713 $2,098 $54,934 $9,430 $64,364 
Year ended December 31, 2021
Total revenue$2,443,828 $1,574,759 $1,120,115 $5,138,702 $— $5,138,702 
Elimination of intersegment revenue(348,068)(146,657)(2,147)(496,872)— (496,872)
Revenue from external customers$2,095,760 $1,428,102 $1,117,968 $4,641,830 $— $4,641,830 
Income (loss) from construction operations(d)
$266,214 $28,721 $(9,961)$284,974 $(58,170)
(b)
$226,804 
Capital expenditures$37,067 $359 $476 $37,902 $692 $38,594 
Depreciation and amortization(c)
$102,723 $1,677 $3,316 $107,716 $10,513 $118,229 
Year ended December 31, 2020
Total revenue$2,565,210 $2,114,459 $1,135,018 $5,814,687 $— $5,814,687 
Elimination of intersegment revenue(365,311)(129,818)(795)(495,924)— (495,924)
Revenue from external customers$2,199,899 $1,984,641 $1,134,223 $5,318,763 $— $5,318,763 
Income (loss) from construction operations(e)
$245,835 $53,158 $17,203 $316,196 $(53,852)
(b)
$262,344 
Capital expenditures$51,044 $878 $1,917 $53,839 $942 $54,781 
Depreciation and amortization(c)
$90,250 $1,703 $3,983 $95,936 $11,098 $107,034 
_____________________________________________________________________________________________________________
(a)During the year ended December 31, 2022, the Company’s income (loss) from construction operations in the Civil segment was adversely impacted by $38.8 million ($30.7 million, or $0.60 per diluted share, after tax) for a 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, $26.2 million ($18.9 million, or $0.37 per diluted share, after tax) of unfavorable non-cash adjustments on a completed highway project in the Northeast due to the reversal on appeal of a previously favorable lower-court ruling, a non-cash charge of $25.5 million ($18.4 million, or $0.36 per diluted share, after tax) due to an adverse legal ruling on a dispute related to a completed bridge project in New York, $24.7 million ($17.9 million, or $0.35 per diluted share, after tax) of unfavorable adjustments on a mass-transit project in California, a $16.2 million ($11.7 million, or $0.23 per diluted share, after tax) unfavorable non-cash impact related to the settlement of a long-disputed, completed project in Maryland and an unfavorable non-cash adjustment of $10.0 million ($7.2 million, or $0.14 per diluted share, after tax) due to a ruling in ongoing dispute resolution proceedings on a mass-transit project in the Northeast. The Company’s income (loss) from construction operations was favorably impacted by a project close-out adjustment of $12.7 million ($9.1 million, or $0.18 per diluted share, after tax) on a bridge project in the Midwest.

The Company’s income (loss) from operations was also negatively impacted by an unfavorable adjustment of $31.4 million ($24.4 million, or $0.48 per diluted share, after tax) split evenly between the Civil and Building segments due to changes in estimates on a transportation project in the Northeast. The Building segment was also adversely impacted by an unfavorable adjustment of $11.3 million ($8.1 million, or $0.16 per diluted share, after tax) resulting from an adverse legal ruling on a hospitality project in Florida.

The Company’s income (loss) from operations in the Specialty Contractors segment was adversely impacted by $46.2 million ($33.5 million, or $0.65 per diluted share, after tax) due to unfavorable adjustments related to the unforeseen cost of project close-out issues, remediation work, extended project supervision and associated labor inefficiencies, as well as growth in unapproved change orders on the electrical component of a transportation project in the Northeast, an unfavorable non-cash impact of $43.2 million ($31.4 million, or $0.61 per diluted share, after tax) related to an adverse appellate court decision involving the electrical component of a completed mass-transit project in New York, a non-cash charge of $17.8 million ($12.9 million, or $0.25 per diluted share, after tax) that increased cost of operations associated with the partial reversal by an appellate court of previously awarded legal damages related to a completed electrical project in New York, an $11.3 million ($8.2 million, or $0.16 per diluted share, after tax) unfavorable non-cash adjustment on a mechanical project in the Northeast as a result of settlements on previously disputed items and $11.1 million ($8.0 million, or $0.16 per diluted share, after tax) of unfavorable non-cash adjustments on another mechanical project, also in the Northeast.
(b)Consists primarily of corporate general and administrative expenses.
(c)Depreciation and amortization is included in income (loss) from construction operations.
(d)During the year ended December 31, 2021, the Company recognized favorable adjustments in income (loss) from construction operations in the Civil segment of $29.0 million ($20.9 million, or $0.41 per diluted share, after tax) and $16.3 million ($13.5 million, or $0.26 per diluted share, after tax) on two mass-transit projects, reflecting improved profitability as a result of the negotiation and settlement of certain change orders and the associated mitigation of certain risks in 2021 as the projects progressed towards completion.

The Company’s income (loss) from construction operations was also negatively impacted by $26.6 million ($20.5 million, or $0.40 per diluted share, after tax) split evenly between the Civil and Building segments due to changes in estimates on a transportation project in the Northeast that reflected a charge and the negative impact to earnings from growth in unapproved change orders, which resulted in a reduction in the project’s percentage of completion (and, correspondingly, a reduction in the percentage of estimated profit recognized for the year ended December 31, 2021 for this project).

In the Specialty Contractors segment, the Company recognized additional profit after recording a reduction of $20.1 million in cost of operations during 2021 ($14.5 million, or $0.28 per diluted share, after tax) due to a favorable trial court ruling awarding the Company the recovery of certain costs previously incurred on a completed electrical project in New York. In addition, the Company’s income (loss) from construction operations for the year ended December 31, 2021 was negatively impacted by $19.0 million ($13.7 million, or $0.27 per diluted share, after tax) and $17.6 million ($12.7 million, or $0.25 per diluted share, after tax) on the mechanical and electrical components, respectively, of a transportation project in the Northeast. Lastly, there was an impact of $16.2 million ($11.7 million, or $0.23 per diluted share, after tax) on an electrical project in New York that included unfavorable adjustments and the negative impact to the period associated with increases to project forecasts due to growth in unapproved change orders (expected to be negotiated in future periods).
(e)During the year ended December 31, 2020, the Company recorded a charge of $15.2 million in income (loss) from construction operations ($11.0 million, or $0.22 per diluted share, after tax) due to an unfavorable legal ruling pertaining to a mechanical project in California in the Specialty Contractors segment, as well as a charge of $13.2 million ($9.6 million, or $0.19 per diluted share, after tax) due to an adverse arbitration ruling pertaining to an electrical project in New York in the Specialty Contractors segment. The Company also recorded a gain of $25.7 million in the Specialty Contractors segment general and administrative expenses ($18.6 million, or $0.36 per diluted share, after tax) as a result of a favorable arbitration decision and subsequent settlement of the related employment dispute.
The above were the only changes in estimates considered material to the Company’s results of operations during the periods presented herein.
Total assets by segment were as follows:
As of December 31,
(in thousands)20222021
Civil$3,402,934 $3,310,648 
Building898,816 980,989 
Specialty Contractors483,535 631,710 
Corporate and other(a)
(242,485)(198,449)
Total assets$4,542,800 $4,724,898 
_____________________________________________________________________________________________________________
(a)    Consists principally of cash, equipment, tax-related assets and insurance-related assets, offset by the elimination of assets related to intersegment revenue.
Geographic Information
Information concerning principal geographic areas is as follows:
Year Ended December 31,
(in thousands)202220212020
Revenue:
United States$3,424,574 $4,267,734 $4,953,045 
Foreign and U.S. territories366,181 374,096 365,718 
Total revenue$3,790,755 $4,641,830 $5,318,763 

As of December 31,
(in thousands)20222021
Assets:
United States$4,199,604 $4,479,873 
Foreign and U.S. territories343,196 245,025 
Total assets$4,542,800 $4,724,898 

Major Customer
Revenue from a single customer impacting the Civil, Building and Specialty Contractors segments represented 16.3% of the Company’s consolidated revenue for the year ended December 31, 2022.
Reconciliation of Segment Information to Consolidated Amounts
A reconciliation of segment results to the consolidated income (loss) before income taxes is as follows:
Year Ended December 31,
(in thousands)202220212020
Income (loss) from construction operations$(204,764)$226,804 $262,344 
Other income (expense)6,732 2,004 (11,853)
Interest expense(69,638)(69,026)(76,212)
Income (loss) before income taxes$(267,670)$159,782 $174,279 
v3.22.4
Related Party Transactions
 12 Months Ended
Dec. 31, 2022
Related Party Transactions [Abstract]  
Related Party Transactions Related Party TransactionsThe Company leases, at market rates, certain facilities from an entity owned by Ronald N. Tutor, the Company’s Chairman and Chief Executive Officer. Under these leases, the Company paid $3.8 million in 2022, $3.6 million in 2021 and $3.2 million in
2020, and recognized expense of $4.6 million in both 2022 and 2021 and $3.2 million in 2020. In addition, on November 4, 2022, the Company purchased a property from another entity owned by Mr. Tutor. The Company paid $4.1 million for this property, which is the amount that Mr. Tutor paid to acquire the property from an unrelated third party shortly before the Company decided that it wanted to own and operate the property. The Company is currently developing the property into an equipment yard. When this new equipment yard is ready to be used by the Company, the Company will terminate its existing lease for another equipment yard that it currently leases from an entity owned by Mr. Tutor. Mr. Tutor has agreed that the Company will be entitled to terminate the existing lease at no incremental cost to the Company (and without having to pay rent for the unused, remaining term of the existing lease, which runs through July 2038).
Raymond R. Oneglia, Vice Chairman of the Board of Directors of O&G, is a director of the Company. The Company occasionally forms construction project joint ventures with O&G. During the three years ended December 31, 2022, the Company had active joint ventures with O&G including two infrastructure projects in the northeastern United States that were completed in 2017 and two mass-transit projects in Los Angeles, California to construct the Purple Line Extension Section 2 (Tunnels and Stations) and Section 3 (Stations), in which the Company’s and O&G’s joint venture interests are 75% and 25%, respectively. O&G may provide equipment and services to these joint ventures on customary trade terms; there were no material payments made by these joint ventures to O&G for services and equipment during the years ended December 31, 2022, 2021 and 2020.
Peter Arkley, President of Alliant Retail Property and Casualty for Alliant Insurance Services, Inc. (“Alliant”), is a director of the Company. The Company uses Alliant for various insurance-related services. The associated expenses for services provided for the years ended December 31, 2022, 2021 and 2020 were $11.4 million, $16.4 million and $16.0 million, respectively. The Company owed Alliant $1.6 million and $1.5 million as of December 31, 2022 and 2021, respectively, for services rendered.
v3.22.4
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2022
Accounting Policies [Abstract]  
Basis of Presentation
(a) Basis of Presentation
The accompanying consolidated financial statements have been prepared in compliance with generally accepted accounting principles in the United States (“GAAP”) as codified in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”). Certain amounts in the notes to the consolidated financial statements of prior years have been reclassified to conform to the current year presentation.
Principles of Consolidation
(b) Principles of Consolidation
The consolidated financial statements include the accounts of Tutor Perini Corporation and its wholly owned subsidiaries (the “Company”). The Company occasionally forms joint ventures with unrelated third parties for the execution of single contracts or projects. The Company assesses its joint ventures to determine if they meet the qualifications of a variable interest entity (“VIE”) in accordance with ASC 810, Consolidation (“ASC 810”). If a joint venture is a VIE and the Company is the primary beneficiary, the joint venture is fully consolidated (see Note 13). If a joint venture is not a VIE, it may be consolidated under the voting interest method if the Company holds a controlling financial interest in the joint venture. The Company is considered to hold a controlling financial interest when it is able to exercise control over the joint venture’s operating and financial decisions. For construction joint ventures that do not need to be consolidated, the Company accounts for its interest in the joint ventures using the proportionate consolidation method, whereby the Company’s proportionate share of the joint ventures’ assets, liabilities, revenue and cost of operations are included in the appropriate classifications in the Company’s consolidated financial statements. Intercompany balances and transactions have been eliminated.
Use of Estimates
(c) Use of Estimates
The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect reported amounts. These estimates are based on information available through the date of the issuance of the financial statements; therefore, actual results could differ from those estimates.
Revenues
(d) Revenues
Revenue Recognition
The Company derives revenue from long-term construction contracts with public and private customers primarily in the United States and its territories and in certain other international locations. The Company’s construction contracts are generally each accounted for as a single unit of account (i.e., as a single performance obligation).
Throughout the execution of construction contracts, the Company and its affiliated entities recognize revenue with the continuous transfer of control to the customer. The customer typically controls the asset under construction by either contractual termination clauses or by the Company’s rights to payment for work already performed on the asset under construction that does not have an alternative use for the Company.
Because control transfers over time, revenue is recognized to the extent of progress towards completion of the performance obligations. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the products or services provided. The Company generally uses the cost-to-cost method for its contracts, which measures progress towards completion for each performance obligation based on the ratio of costs incurred to date to the total estimated costs at completion for the respective performance obligation. Incurred cost represents work performed, which corresponds with, and thereby best depicts, the transfer of control to the customer. Revenue, including estimated fees or profits, is recorded proportionately as costs are incurred. Cost of operations includes labor, materials, subcontractor costs, and other direct and indirect costs, including depreciation and amortization.
Due to the nature of the work required to be performed on many of the Company’s performance obligations, estimating total revenue and cost at completion is complex, subject to many variables and requires significant judgment. Assumptions as to the occurrence of future events and the likelihood and amount of variable consideration, including the impact of change orders, claims, contract disputes and the achievement of contractual performance criteria, and award or other incentive fees are made during the contract performance period. The Company estimates variable consideration at the most likely amount it expects to receive. The Company includes estimated amounts in the transaction price 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. Estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of anticipated performance and all information (historical, current and forecasted) that is reasonably available to management. Back charges to suppliers or subcontractors are recognized as a reduction of cost when it is determined that recovery of such cost is probable and the amounts can be reliably estimated. Disputed back charges are recognized when the same requirements described above for variable consideration have been satisfied.
Changes in Estimates on Construction Contracts
The Company’s estimates of contract revenue and cost are highly detailed and many factors change during a contract performance period that result in a change to contract profitability. These factors include, but are not limited to, differing site conditions; availability of skilled contract labor; performance of major material suppliers and subcontractors; on-going subcontractor negotiations and buyout provisions; unusual weather conditions; changes in the timing of scheduled work; change orders; accuracy of the original bid estimate; changes in estimated labor productivity and costs based on experience to date; achievement of incentive-based income targets; and the expected, or actual, resolution terms for claims. The factors that cause changes in estimates vary depending on the maturation of the project within its lifecycle. For example, in the ramp-up phase, these factors typically consist of revisions in anticipated project costs and during the peak and closeout phases, these factors include the impact of change orders and claims, as well as additional revisions in remaining anticipated project costs. Generally, if the contract is at an early stage of completion, the current period impact is smaller than if the same change in estimate is made to the contract at a later stage of completion. Management evaluates changes in estimates on a contract-by-contract basis and discloses significant changes, if material, in the Notes to Consolidated Financial Statements. The cumulative catch-up method is used to account for revisions in estimates.
Depreciation of Property and Equipment and Amortization of Long-Lived Intangible Assets
(e) Depreciation of Property and Equipment and Amortization of Long-Lived Intangible Assets
Property and equipment and long-lived intangible assets are generally depreciated or amortized on a straight-line basis over their estimated useful lives ranging from three to forty years.
Recoverability of Long-Lived Assets
(f) Recoverability of Long-Lived Assets
Long-lived assets are reviewed for impairment whenever circumstances indicate that the future cash flows generated by the assets might be less than the assets’ net carrying value. In such circumstances, an impairment loss will be recognized by the amount the assets’ net carrying value exceeds their fair value.
Recoverability of Goodwill
(g) Recoverability of Goodwill
The Company tests goodwill for impairment annually as of October 1 for each reporting unit and between annual tests if events occur or circumstances change which suggest that goodwill should be reevaluated. Such events or circumstances include significant changes in legal factors and business climate, recent losses at a reporting unit, and industry trends, among other factors. The Civil, Building and Specialty Contractors segments each represent a reporting unit, and the Civil reporting unit carried the remaining goodwill balance at December 31, 2022. The Company performs its annual quantitative impairment assessment during the fourth quarter of each year using a weighted average of an income and a market approach. These approaches utilize various valuation assumptions, and small changes to the assumptions could have a significant impact on the concluded fair value. The income approach is based on estimated present value of future cash flows for each reporting unit carrying a goodwill balance. The market approach is based on assumptions about how market data relates to each reporting unit carrying a goodwill balance. The weighting of these two approaches is based on their individual correlation to the economics of each reporting unit carrying a goodwill balance. The annual quantitative assessment performed in the fourth quarter of 2022 resulted in an estimated fair value that exceeded the net book value of the Civil reporting unit; therefore, no impairment charge was necessary.
Recoverability of Non-Amortizable Trade Names
(h) Recoverability of Non-Amortizable Trade Names
Certain trade names have an estimated indefinite life and are not amortized to earnings, but instead are reviewed for impairment annually, or more often if events occur or circumstances change which suggest that the non-amortizable trade names should be reevaluated. The Company performs its annual quantitative impairment assessment during the fourth quarter of each year using an income approach (relief from royalty method). The assessment performed in the fourth quarter of 2022 resulted in an estimated fair value for the non-amortizable trade names that exceeded their respective net book values; therefore, no impairment charge was necessary.
Income Taxes
(i) Income Taxes
Deferred income tax assets and liabilities are recognized for the effects of temporary differences between the financial statement carrying amounts and the income tax basis of assets and liabilities using tax rates expected to be in effect when such differences reverse. Income tax positions must meet a more-likely-than-not threshold to be recognized. The Company recognizes interest and penalties related to uncertain tax positions as a component of the income tax provision.
Earnings Per Common Share
(j) 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 dilutive securities, which for the Company can include restricted stock units and unexercised stock options. Potentially dilutive securities also included the Convertible Notes (as defined in Note 7) prior to their repayment on June 15, 2021; however, the Convertible Notes had no impact on diluted EPS. The Company calculates the effect of the potentially dilutive restricted stock units and stock options using the treasury stock method.
Cash, Cash Equivalents and Restricted Cash
(k) Cash, Cash Equivalents and Restricted Cash
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets to the amounts shown in the Consolidated Statements of Cash Flows:
As of December 31,
(in thousands)20222021
Cash and cash equivalents available for general corporate purposes$47,711 $60,192 
Joint venture cash and cash equivalents211,640 142,005 
Cash and cash equivalents259,351 202,197 
Restricted cash14,480 9,199 
Total cash, cash equivalents and restricted cash$273,831 $211,396 
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 primarily includes amounts held as collateral to secure insurance-related contingent obligations, such as insurance claim deductibles, in lieu of letters of credit.
Investments
(l) Investments
The Company has investments consisting of 1) restricted investments primarily held as collateral to secure insurance-related contingent obligations, such as insurance claim deductibles, in lieu of letters of credit; and 2) investments in lieu of retention. Investments in lieu of retention are recorded as a component of retention receivable on the accompanying Consolidated Balance Sheets.
The Company’s investments consist primarily of debt securities classified as available-for-sale (“AFS”), consisting of U.S. government agency securities, municipal bonds and corporate debt securities that are rated A3 or better (see Note 12). The Company’s AFS debt securities are recorded at fair value with unrealized gains and losses included in accumulated other comprehensive income (“AOCI”), net of applicable taxes. Realized gains and losses from sales of AFS debt securities are included in other income (expense) in our Consolidated Statements of Operations.
Management evaluated the unrealized losses in AFS debt securities as of December 31, 2022 and December 31, 2021 to determine the existence of credit losses, considering credit ratings and other relevant information which may indicate that contractual cash flows are not expected to occur. The results of this evaluation indicated that the unrealized losses on AFS debt securities are primarily attributable to market interest rate increases and not a deterioration in credit quality of the issuers. Based on the analysis, management determined that credit losses did not exist for AFS debt securities in an unrealized loss position as of December 31, 2022 and December 31, 2021.
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, the Company has not recognized any impairment losses in earnings for the years ended December 31, 2022, 2021 or 2020.
Share-Based Compensation
(m) Share-Based Compensation
The Company’s long-term incentive plans allow the Company to grant share-based compensation awards in a variety of forms, including restricted stock units, stock options, cash-settled performance stock units (“CPSUs”) and unrestricted stock.
Restricted stock units give the holder the right to exchange their stock units for shares of the Company’s common stock on a one-for-one basis. These awards generally vest subject to service, performance or market conditions, with related compensation expense equal to the fair value of the award on the date of grant and recognized on a straight-line basis over the requisite period. The fair value of restricted stock units with service or performance-vesting conditions is generally based on the closing price of the Company’s common stock on the New York Stock Exchange (“NYSE”). Certain restricted stock units are classified as liabilities because they contain guaranteed minimum payouts.
Stock options give the holder the right to purchase shares of the Company’s common stock subsequent to the vesting date at a defined exercise price. A stock option exercise price must be equal to or greater than the fair value of the Company’s common stock on the date of the award. The term for stock options is limited to 10 years from the award date. Stock options generally vest subject to certain service, performance or market conditions, with related compensation expense equal to the fair value of the award on the date of grant and recognized on a straight-line basis over the requisite period. The fair value of stock options with service or performance-vesting conditions is generally based on the Black-Scholes model.
CPSUs give the holder the right to exchange their stock units for cash based on the value of the Company’s common stock on the vesting date. These awards vest subject to service and market or performance conditions. CPSUs are classified as liability awards and are remeasured at fair value at the end of each reporting period with the change in fair value recognized in earnings. The fair value of performance-based CPSUs is generally based on the closing price of the Company’s common stock on the NYSE at the measurement date, and adjusted for expected achievement of performance conditions. Since CPSUs are settled in cash and no shares are issued, these awards do not dilute equity.
Certain restricted stock unit, stock option and CPSU awards contain market condition components tied to the Company’s total shareholder return in relation to its peer companies, as calculated over a multi-year performance period (“TSR awards”). The fair value of the market-based awards is estimated using a Monte Carlo simulation model. Significant assumptions used in this simulation model include the Company’s expected volatility, a risk-free rate based on U.S. Treasury yield curve rates with maturities consistent with the performance period, and the volatilities for each of the Company’s peers.
Unrestricted stock awards are fully vested upon issuance with related compensation expense equal to the fair value of the award on the date of grant. The fair value of unrestricted stock is based on the closing price of the Company’s common stock on the NYSE.
For all awards with only a service-based vesting condition, the Company accounts for forfeitures upon occurrence, rather than estimating the probability of forfeiture at the date of grant. Accordingly, the Company recognizes the full grant-date fair value of these awards on a straight-line basis throughout the requisite service period, reversing any expense if, and only if, there is a forfeiture. Certain cash awards contain service-based vesting conditions with payouts indexed to the price of the Company’s common stock. These awards are classified as liability awards and are remeasured at fair value at the end of each reporting period.
For all awards that have a performance-based vesting condition, the Company evaluates the probability of achieving the performance criteria quarterly throughout the performance period, and will adjust share-based compensation expense if it estimates that the achievement of the performance criteria is not probable. In addition, liability awards with a performance-based vesting condition are remeasured at fair value at each reporting period and the compensation expense is adjusted accordingly.
For equity awards with a market-based vesting condition, compensation expense is recognized regardless of whether the market condition is satisfied, provided that the requisite service period has been completed. Conversely, liability awards with market-based vesting requirements are remeasured at fair value at each reporting period using a Monte Carlo simulation model and the compensation expense is adjusted accordingly.
Insurance Liabilities
(n) Insurance Liabilities
The Company typically utilizes third-party insurance coverage subject to varying deductible levels with aggregate caps on losses retained. The Company assumes the risk for the amount of the deductible portion of the losses and liabilities primarily associated with workers’ compensation and general liability coverage. In addition, on certain projects, the Company assumes the risk for the amount of the deductible portion of losses that arise from any subcontractor defaults. Losses are accrued based upon the Company’s estimates of the aggregate liability for claims incurred using historical experience and certain actuarial assumptions followed in the insurance industry. The estimate of insurance liability within the deductible limits includes an estimate of incurred but not reported claims based on data compiled from historical experience.
Other Comprehensive Income (Loss)
(o) 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 AOCI.
Recent Accounting Pronouncements
(p) Recent Accounting Pronouncements
There were no new accounting pronouncements issued by the FASB during the year ended December 31, 2022 and through the date of filing of this report that had or are expected to have a material impact on the Company’s consolidated financial position, consolidated results of operations or consolidated cash flows.
v3.22.4
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2022
Accounting Policies [Abstract]  
Calculations of Basic and Diluted (EPS)
Year Ended December 31,
(in thousands, except per common share data)202220212020
Net income (loss) attributable to Tutor Perini Corporation$(210,009)$91,925 $108,394 
Weighted-average common shares outstanding, basic51,324 51,017 50,656 
Effect of dilutive restricted stock units and stock options— 352 421 
Weighted-average common shares outstanding, diluted51,324 51,369 51,077 
Net income (loss) attributable to Tutor Perini Corporation per common share:
Basic$(4.09)$1.80 $2.14 
Diluted$(4.09)$1.79 $2.12 
Anti-dilutive securities not included above3,163 1,892 1,862 
Schedule of Cash and Cash Equivalents
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets to the amounts shown in the Consolidated Statements of Cash Flows:
As of December 31,
(in thousands)20222021
Cash and cash equivalents available for general corporate purposes$47,711 $60,192 
Joint venture cash and cash equivalents211,640 142,005 
Cash and cash equivalents259,351 202,197 
Restricted cash14,480 9,199 
Total cash, cash equivalents and restricted cash$273,831 $211,396 
Tax Effects of Components of Other Comprehensive Income (Loss)
The components of other comprehensive income (loss) and the related tax effects for the years ended December 31, 2022, 2021 and 2020 were as follows:
Year Ended December 31,
202220212020
(in thousands)Before-Tax AmountTax (Expense) BenefitNet-of-Tax AmountBefore-Tax AmountTax (Expense) BenefitNet-of-Tax AmountBefore-Tax AmountTax (Expense) BenefitNet-of-Tax Amount
Other comprehensive income (loss):
Defined benefit pension plan adjustments$7,230 $(2,001)$5,229 $8,665 $(2,444)$6,221 $(8,700)$2,439 $(6,261)
Foreign currency translation adjustment(3,351)556 (2,795)(508)183 (325)178 101 279 
Unrealized gain (loss) in fair value of investments(10,219)2,111 (8,108)(3,440)790 (2,650)2,015 (444)1,571 
Total other comprehensive income (loss)$(6,340)$666 $(5,674)$4,717 $(1,471)$3,246 $(6,507)$2,096 $(4,411)
Less: Other comprehensive income (loss) attributable to noncontrolling interests(2,272)— (2,272)140 — 140 230 — 230 
Total other comprehensive income (loss) attributable to Tutor Perini Corporation$(4,068)$666 $(3,402)$4,577 $(1,471)$3,106 $(6,737)$2,096 $(4,641)
Changes in AOCI Balances by Component
The changes in AOCI balances by component (after tax) attributable to Tutor Perini Corporation and noncontrolling interests during the years ended December 31, 2022, 2021 and 2020 were as follows:
(in thousands)Defined Benefit Pension PlanForeign Currency TranslationUnrealized Gain (Loss) in Fair
Value of Investments		Accumulated Other Comprehensive
Income (Loss)
Attributable to Tutor Perini Corporation:
Balance as of December 31, 2019$(37,826)$(5,371)$1,097 $(42,100)
Other comprehensive income (loss) before reclassifications(7,993)49 1,820 (6,124)
Amounts reclassified from AOCI1,732 — (249)1,483 
Balance as of December 31, 2020$(44,087)$(5,322)$2,668 $(46,741)
Other comprehensive income (loss) before reclassifications4,167 (465)(2,372)1,330 
Amounts reclassified from AOCI2,054 — (278)1,776 
Balance as of December 31, 2021$(37,866)$(5,787)$18 $(43,635)
Other comprehensive income (loss) before reclassifications3,370 (1,454)(7,273)(5,357)
Amounts reclassified from AOCI1,859 — 96 1,955 
Balance as of December 31, 2022$(32,637)$(7,241)$(7,159)$(47,037)
(in thousands)Defined Benefit Pension PlanForeign Currency TranslationUnrealized Loss in Fair
Value of Investments		Accumulated Other Comprehensive
Income (Loss)
Attributable to Noncontrolling Interests:
Balance as of December 31, 2019$— $172 $— $172 
Other comprehensive income— 230 — 230 
Balance as of December 31, 2020$— $402 $— $402 
Other comprehensive income— 140 — 140 
Balance as of December 31, 2021$— $542 $— $542 
Other comprehensive loss— (1,341)(931)(2,272)
Balance as of December 31, 2022$— $(799)$(931)$(1,730)
Reclassification out of Accumulated Other Comprehensive Income
The significant items reclassified out of AOCI and the corresponding location and impact on the Consolidated Statements of Operations during the years ended December 31, 2022, 2021 and 2020 are as follows:
Year Ended December 31,
(in thousands)202220212020
Component of AOCI:
Defined benefit pension plan adjustments(a)
$2,570 $2,861 $2,407 
Income tax benefit(b)
(711)(807)(675)
Net of tax$1,859 $2,054 $1,732 
Unrealized (gain) loss in fair value of investment adjustments(a)
$121 $(352)$(315)
Income tax expense (benefit)(b)
(25)74 66 
Net of tax$96 $(278)$(249)
___________________________________________________________________________________________________
(a)Amount included in other income (expense) on the Consolidated Statements of Operations.
(b)Amounts included in income tax (expense) benefit on the Consolidated Statements of Operations.
v3.22.4
Consolidated Statements of Cash Flows (Tables)
 12 Months Ended
Dec. 31, 2022
Supplemental Cash Flow Elements [Abstract]  
Changes in Other Components of Working Capital
Below are the changes in other components of working capital as shown in the Consolidated Statements of Cash Flows, as well as the supplemental disclosures of cash paid for interest, income taxes and non-cash investing activities:
Year Ended December 31,
(in thousands)202220212020
(Increase) Decrease in:
Accounts receivable$276,450 $(31,972)$(104,901)
Retention receivable(20,017)78,618 (85,769)
Costs and estimated earnings in excess of billings(20,760)(120,034)(113,190)
Other current assets8,516 62,371 (49,468)
(Decrease) Increase in:
Accounts payable(15,783)(283,482)111,912 
Retention payable(22,383)(46,190)62,954 
Billings in excess of costs and estimated earnings214,123 (77,533)(5,168)
Accrued expenses and other current liabilities(29,722)(4,005)13,654 
Changes in other components of working capital$390,424 $(422,227)$(169,976)
Supplemental disclosures:
Interest paid$64,764 $63,762 $57,038 
Income taxes paid (refunded), net$9,952 $(8,299)$11,204 
Non-cash investing activities:
Real property acquired in settlement of a receivable$— $— $11,660 
Receivable recognized from sale of subsidiary$— $4,163 $— 
v3.22.4
Revenue (Tables)
 12 Months Ended
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]  
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 years ended December 31, 2022, 2021 and 2020.
Year Ended December 31,
(in thousands)202220212020
Civil segment revenue by end market:
Mass transit (includes certain transportation and tunneling projects)$1,026,589 $1,417,196 $1,367,412 
Bridges265,130 238,345 306,161 
Military defense facilities258,028 194,701 146,969 
Water88,983 98,739 101,705 
Other96,152 146,779 277,652 
Total Civil segment revenue$1,734,882 $2,095,760 $2,199,899 
Year Ended December 31,
(in thousands)202220212020
Building segment revenue by end market:
Municipal and government$329,661 $291,629 $287,337 
Commercial and industrial facilities251,849 352,265 580,297 
Health care facilities178,997 64,042 117,968 
Education facilities140,514 159,929 173,472 
Hospitality and gaming137,640 338,998 474,329 
Mass transit (includes transportation projects)132,836 130,923 218,930 
Other71,074 90,316 132,308 
Total Building segment revenue$1,242,571 $1,428,102 $1,984,641 
Year Ended December 31,
(in thousands)202220212020
Specialty Contractors segment revenue by end market:
Mass transit (includes certain transportation and tunneling projects)$350,005 $588,162 $592,430 
Commercial and industrial facilities166,286 139,751 152,868 
Multi-unit residential112,944 133,085 139,924 
Water79,553 90,887 73,769 
Federal government49,051 13,197 7,408 
Education facilities39,277 50,572 44,762 
Other16,186 102,314 123,062 
Total Specialty Contractors segment revenue$813,302 $1,117,968 $1,134,223 
Year Ended December 31, 2022
(in thousands)CivilBuildingSpecialty
Contractors		Total
Revenue by customer type:
State and local agencies$1,273,639 $461,193 $332,176 $2,067,008 
Federal agencies313,791 168,307 22,705 504,803 
Private owners147,452 613,071 458,421 1,218,944 
Total revenue$1,734,882 $1,242,571 $813,302 $3,790,755 
Year Ended December 31, 2021
(in thousands)CivilBuildingSpecialty
Contractors		Total
Revenue by customer type:
State and local agencies$1,791,531 $363,686 $481,255 $2,636,472 
Federal agencies205,080 189,508 47,724 442,312 
Private owners99,149 874,908 588,989 1,563,046 
Total revenue$2,095,760 $1,428,102 $1,117,968 $4,641,830 
Year Ended December 31, 2020
(in thousands)CivilBuildingSpecialty
Contractors		Total
Revenue by customer type:
State and local agencies$1,875,653 $534,449 $533,768 $2,943,870 
Federal agencies175,933 143,327 75,067 394,327 
Private owners148,313 1,306,865 525,388 1,980,566 
Total revenue$2,199,899 $1,984,641 $1,134,223 $5,318,763 
Year Ended December 31, 2022
(in thousands)CivilBuildingSpecialty
Contractors		Total
Revenue by contract type:
Fixed price$1,441,547 $349,318 $675,461 $2,466,326 
Guaranteed maximum price1,142 595,907 15,875 612,924 
Unit price274,293 33 85,574 359,900 
Cost plus fee and other17,900 297,313 36,392 351,605 
Total revenue$1,734,882 $1,242,571 $813,302 $3,790,755 
Year Ended December 31, 2021
(in thousands)CivilBuildingSpecialty
Contractors		Total
Revenue by contract type:
Fixed price$1,815,079 $336,128 $988,941 $3,140,148 
Guaranteed maximum price2,854 888,345 14,505 905,704 
Unit price268,377 (1,373)96,782 363,786 
Cost plus fee and other9,450 205,002 17,740 232,192 
Total revenue$2,095,760 $1,428,102 $1,117,968 $4,641,830 
Year Ended December 31, 2020
(in thousands)CivilBuildingSpecialty
Contractors		Total
Revenue by contract type:
Fixed price$1,792,765 $508,655 $1,010,973 $3,312,393 
Guaranteed maximum price1,829 1,136,782 15,417 1,154,028 
Unit price392,548 867 83,257 476,672 
Cost plus fee and other12,757 338,337 24,576 375,670 
Total revenue$2,199,899 $1,984,641 $1,134,223 $5,318,763 
v3.22.4
Contract Assets and Liabilities (Tables)
 12 Months Ended
Dec. 31, 2022
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]  
Schedule of Contract Assets and Liabilities The amounts as included on the Consolidated Balance Sheets consisted of the following:
As of December 31,
(in thousands)20222021
Retention receivable$585,556 $568,881 
Costs and estimated earnings in excess of billings:
Claims677,367 833,352 
Unapproved change orders601,681 418,054 
Other unbilled costs and profits98,480 105,362 
Total costs and estimated earnings in excess of billings1,377,528 1,356,768 
Capitalized contract costs49,441 69,027 
Total contract assets$2,012,525 $1,994,676 
The amount as reported on the Consolidated Balance Sheets consisted of the following:
As of December 31,
(in thousands)20222021
Retention payable$246,562 $268,945 
Billings in excess of costs and estimated earnings975,812 761,689 
Total contract liabilities$1,222,374 $1,030,634 
v3.22.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Summary of Income Before Taxes
Income (loss) before income taxes is summarized as follows:
Year Ended December 31,
(in thousands)202220212020
United States operations$(288,954)$118,749 $138,426 
Foreign and U.S. territory operations21,284 41,033 35,853 
Total$(267,670)$159,782 $174,279 
Provision for Income Taxes
The income tax expense (benefit) is as follows:
Year Ended December 31,
(in thousands)202220212020
Current expense (benefit):
Federal$(1,653)$20,052 $(36,159)
State930 7,899 (1,282)
Foreign and U.S. territories5,074 11,568 11,130 
Total current expense (benefit):4,351 39,519 (26,311)
Deferred expense (benefit):
Federal(54,526)(13,667)38,667 
State(25,395)36 10,608 
Foreign and U.S. territories472 (256)(1,022)
Total deferred expense (benefit):(79,449)(13,887)48,253 
Total expense (benefit):$(75,098)$25,632 $21,942 
Reconciliation of Provision for Income Taxes
The following table is a reconciliation of the Company’s income tax provision at the statutory federal tax rate to the Company’s effective tax rate:
Year Ended December 31,
202220212020
(dollars in thousands)AmountRateAmountRateAmountRate
Federal income tax expense (benefit) at statutory tax rate$(56,211)21.0 %$33,554 21.0 %$36,599 21.0 %
State income taxes, net of federal tax benefit(21,784)8.1 8,301 5.2 8,518 4.9 
Stock based compensation1,227 (0.5)87 0.1 3,185 1.8 
Impact of federal tax law changes— — — — (14,476)(8.3)
Officers' compensation2,840 (1.1)3,664 2.3 2,486 1.4 
Noncontrolling interests(3,861)1.4 (8,872)(5.6)(9,799)(5.6)
Federal R&D credits128 — (1,105)(0.7)(3,007)(1.7)
Foreign tax rate differences(1,438)0.5 (625)(0.4)1,491 0.9 
Federal claim of right credit— — (8,191)(5.1)— — 
Valuation allowance7,991 (3.0)— — — — 
Other(3,990)1.7 (1,181)(0.8)(3,055)(1.8)
Income tax expense (benefit)$(75,098)28.1 %$25,632 16.0 %$21,942 12.6 %
Significant Components of Deferred Tax Assets and Liabilities
The following is a summary of the significant components of the deferred tax assets and liabilities:
As of December 31,
(in thousands)20222021
Deferred tax assets:
Timing of expense recognition$49,939 $28,710 
Net operating losses82,210 15,824 
Goodwill6,022 11,698 
Other, net24,105 13,125 
Deferred tax assets162,276 69,357 
Valuation allowance(8,846)— 
Net deferred tax assets153,430 69,357 
Deferred tax liabilities:
Intangible assets, due primarily to purchase accounting(16,850)(16,453)
Fixed assets(66,130)(70,128)
Construction contract accounting(7,940)(9,196)
Joint ventures(32,983)(26,764)
Other(18,266)(15,672)
Deferred tax liabilities(142,169)(138,213)
Net deferred tax assets (liabilities)$11,261 $(68,856)
The net deferred tax assets (liabilities) are presented in the Consolidated Balance Sheets as follows:
As of December 31,
(in thousands)20222021
Deferred tax assets$15,910 $2,133 
Deferred tax liabilities(4,649)(70,989)
Net deferred tax assets (liabilities)$11,261 $(68,856)
Reconciliation of Gross Unrecognized Tax Benefit
The Company accounts for its uncertain tax positions in accordance with GAAP. The following is a reconciliation of the beginning and ending amounts of these unrecognized tax benefits for the three years ended December 31, 2022:
As of December 31,
(in thousands)202220212020
Beginning balance$7,539 $8,681 $5,682 
Change in tax positions of prior years(416)(1,319)2,286 
Change in tax positions of current year625 1,000 1,202 
Reduction in tax positions for statute expirations(223)(823)(489)
Ending balance$7,525 $7,539 $8,681 
v3.22.4
Goodwill and Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Changes in Carrying Amount of Goodwill
The following table presents the changes in the carrying amount of goodwill since its inception through December 31, 2022:
(in thousands)CivilBuildingSpecialty
Contractors		Total
Gross goodwill as of December 31, 2020$492,074 $424,724 $156,193 $1,072,991 
Accumulated impairment as of December 31, 2020(286,931)(424,724)(156,193)(867,848)
Goodwill as of December 31, 2020205,143 — — 205,143 
2021 activity— — — — 
Goodwill as of December 31, 2021205,143 — — 205,143 
Current year activity— — — — 
Goodwill as of December 31, 2022(a)
$205,143 $— $— $205,143 
_____________________________________________________________________________________________________________
(a)As of December 31, 2022, accumulated impairment was $867.8 million.
Schedule of Finite and Indefinite Lived Intangible Assets
Intangible assets consist of the following:
As of December 31, 2022Weighted-Average Amortization Period
(in thousands)CostAccumulated
Amortization		Accumulated Impairment ChargeCarrying 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 license6,000 — (6,000)— N/A
Customer relationships39,800 (23,155)(16,645)— N/A
Construction contract backlog149,290 (149,290)— — N/A
Total$381,940 $(198,331)$(113,067)$70,542 
As of December 31, 2021Weighted-Average Amortization Period
(in thousands)CostAccumulated
Amortization		Accumulated Impairment ChargeCarrying Value
Trade names (non-amortizable)$117,600 $— $(67,190)$50,410 Indefinite
Trade names (amortizable)(a)
69,250 (23,650)(23,232)22,368 20 years
Contractor license6,000 — (6,000)— N/A
Customer relationships39,800 (23,053)(16,645)102 12 years
Construction contract backlog149,290 (137,102)— 12,188 3 years
Total$381,940 $(183,805)$(113,067)$85,068 
___________________________________________________________________________________________________________
(a)In 2021, the Company sold an immaterial subsidiary, which had amortizable trade names with a gross cost of $5.1 million and a carrying value of $2.6 million at the time of sale.
v3.22.4
Financial Commitments (Tables)
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Long-Term Debt
Long-term debt as reported on the Consolidated Balance Sheets consisted of the following:
As of December 31,
(in thousands)20222021
2017 Senior Notes$497,289 $496,244 
Term Loan B404,169 406,335 
Revolver— 27,000 
Equipment financing and mortgages48,681 56,246 
Other indebtedness8,300 7,829 
Total debt958,439 993,654 
Less: Current maturities(a)
70,285 24,406 
Long-term debt, net$888,154 $969,248 
_____________________________________________________________________________________________________________
(a)Current maturities at December 31, 2022 includes an expected $44.0 million principal prepayment on the Term Loan B.
Reconciliation of Outstanding Debt Balance to Reported Debt Balance
The following table reconciles the outstanding debt balances to the reported debt balances as of December 31, 2022 and 2021:
As of December 31, 2022As of December 31, 2021
(in thousands)Outstanding DebtUnamortized Discounts and Issuance Costs
Debt,
as reported		Outstanding DebtUnamortized Discounts and Issuance Costs
 Debt,
as reported
2017 Senior Notes$500,000 $(2,711)$497,289 $500,000 $(3,756)$496,244 
Term Loan B415,438 (11,269)404,169 419,688 (13,353)406,335 
Principal Payments of Long-Term Debt
The following table presents the future principal payments required under all of the Company’s debt obligations, discussed above:
Year (in thousands)
2023$70,285 
202417,744 
2025514,448 
202610,330 
2027355,904 
Thereafter3,708 
972,419 
Less: Unamortized discounts and issuance costs13,980 
Total$958,439 
Summary of Interest Expense as Reported in the Consolidated Statements of Operations
Interest expense as reported in the Consolidated Statements of Operations consisted of the following:
For the year ended December 31,
(in thousands)202220212020
Cash interest expense:
Interest on 2017 Senior Notes$34,375 $34,375 $34,375 
Interest on Term Loan B27,880 24,590 9,028 
Interest on Revolver1,642 1,479 77 
Interest on 2017 Credit Facility— — 5,341 
Interest on Convertible Notes— 921 4,373 
Other interest2,044 1,905 2,079 
Cash portion of loss on extinguishment— — 786 
Total cash interest expense65,941 63,270 56,059 
Non-cash interest expense(a):
Amortization of discount and debt issuance costs on Term Loan B2,084 2,175 784 
Amortization of debt issuance costs on 2017 Senior Notes1,045 973 906 
Amortization of debt issuance costs on Revolver568 568 206 
Amortization of discount and debt issuance costs on Convertible Notes— 2,040 8,944 
Amortization of debt issuance costs on 2017 Credit Facility— — 1,001 
Non-cash portion of loss on extinguishment— — 8,312 
Total non-cash interest expense3,697 5,756 20,153 
Total interest expense$69,638 $69,026 $76,212 
_____________________________________________________________________________________________________________
(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 6.43%, respectively, for the year ended December 31, 2022
v3.22.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Components of Lease Expense
The following table presents components of lease expense for the years ended December 31, 2022 and 2021:
For the year ended December 31,
(in thousands)20222021
Operating lease expense$15,278 $14,733 
Short-term lease expense(a)
57,713 72,047 
72,991 86,780 
Less: Sublease income766 697 
Total lease expense$72,225 $86,083 
_____________________________________________________________________________________________________________
(a)Short-term lease expense includes all leases with lease terms ranging from less than one month to one year. Short-term leases include, among other things, construction equipment rented on an as-needed basis as well as temporary housing.
Supplemental Financial Statement Information Related to Leases
The following table presents supplemental balance sheet information related to operating leases:
As of December 31,
(dollars in thousands)Balance Sheet Line Item20222021
Assets
ROU assetsOther assets$50,825$53,462
Total lease assets$50,825$53,462
Liabilities
Current lease liabilitiesAccrued expenses and other current liabilities$6,709$7,481
Long-term lease liabilitiesOther long-term liabilities49,17650,057
Total lease liabilities$55,885$57,538
Weighted-average remaining lease term 11.0 years12.0 years
Weighted-average discount rate11.77 %9.44 %
The following table presents supplemental cash flow information and non-cash activity related to operating leases:
As of December 31,
(in thousands)20222021
Operating cash flow information:
Cash paid for amounts included in the measurement of lease liabilities$(14,247)$(13,799)
Non-cash activity:
ROU assets obtained in exchange for lease liabilities$16,349 $6,979 
Maturity of Leases Liabilities on an Undiscounted Basis
The following table presents maturities of operating lease liabilities on an undiscounted basis as of December 31, 2022:
Year (in thousands)
Operating Leases
2023$12,374 
20249,885 
20258,907 
20267,478 
20276,770 
Thereafter58,094 
Total lease payments103,508 
Less: Imputed interest47,623 
Total$55,885 
v3.22.4
Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Summary of Restricted Stock Unit and Stock Option Activity
The following table summarizes restricted stock unit, stock option and CPSU activity:
Restricted Stock UnitsStock OptionsCPSUs
NumberWeighted-
Average
Grant Date
Fair Value
Per Share		NumberWeighted-
Average
Exercise/
(Strike) Price
Per Share		NumberWeighted-
Average Grant Date
Fair Value
Per Unit
Outstanding as of December 31, 20191,715,000 $25.19 2,279,015 $20.62 — $— 
Granted245,000 20.67 165,000 19.24 — — 
Expired or cancelled(403,750)25.52 (168,750)25.87 — — 
Vested/exercised(521,250)29.44 — — — — 
Outstanding as of December 31, 20201,035,000 $21.85 2,275,265 $20.13 — $— 
Granted678,851 16.26 100,000 19.24 398,852 20.39 
Expired or cancelled(155,000)15.37 (202,500)20.07 — — 
Vested/exercised(370,000)23.53 (5,000)13.32 — — 
Outstanding as of December 31, 20211,188,851 $18.98 2,167,765 $20.11 398,852 $20.39 
Granted375,769 10.53 — — 415,768 12.99 
Expired or cancelled(42,500)19.27 (542,500)11.66 — — 
Vested/exercised(415,450)20.14 — — — — 
Outstanding as of December 31, 20221,106,670 $15.66 1,625,265 $22.93 814,620 $16.61 
Vested and expected to vest at December 31, 2022
1,011,670 $15.27 1,530,265 $23.31 100,000 $6.99 
Summary of Unrestricted Stock Units Issuance
The following table summarizes unrestricted stock awards, which are generally issued to the non-employee members of the Company’s Board of Directors as part of their annual retainer fees:
Unrestricted Stock Awards
YearNumberWeighted-Average
Grant Date
Fair Value Per Share
2020194,177 $8.60 
2021101,894 15.47 
2022165,030 10.63 
Weighted-Average Assumptions Used in Estimating Grant Date Fair Values of Stock Option Awards The fair value on the grant date and the significant assumptions used in the Black-Scholes option-pricing model for grants made in the years ended December 31, 2021 and 2020 are as follows:
Year Ended December 31,
20212020
Total stock options granted100,000 165,000 
Weighted-average grant date fair value$15.21 $7.67 
Weighted-average assumptions:
Risk-free rate1.4 %1.2 %
Expected life of options(a)
6.5 years6.3 years
Expected volatility(b)
73.7 %60.7 %
Expected quarterly dividends$— $— 
_____________________________________________________________________________________________________________
(a)Calculated using the simplified method due to the terms of the stock options and the limited pool of grantees.
(b)Calculated using historical volatility of the Company’s common stock over periods commensurate with the expected life of the option.
v3.22.4
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Summary of Net Periodic Benefit Cost
The following table sets forth a summary of net periodic benefit cost for the years ended December 31, 2022, 2021 and 2020:
Year Ended December 31,
(in thousands)202220212020
Interest cost$2,594 $2,349 $3,032 
Service cost945 935 925 
Expected return on plan assets(3,890)(3,976)(4,022)
Recognized net actuarial losses2,571 2,860 2,407 
Net periodic benefit cost$2,220 $2,168 $2,342 
Actuarial assumptions used to determine net cost:
Discount rate2.65 %2.24 %3.07 %
Expected return on assets5.75 %5.75 %5.75 %
Rate of increase in compensationN/AN/AN/A
Target and Actual Asset Allocation for Pension Plan by Asset Category
The target asset allocation for the Company’s pension plan by asset category for 2023 and the actual asset allocation as of December 31, 2022 and 2021 by asset category are as follows:
Percentage of Plan Assets as of December 31,
Target
Allocation
2023
Actual Allocation
Asset Category20222021
Cash5 %5 %4 %
Equity funds:
Domestic45 46 47 
International20 20 16 
Fixed income funds30 29 33 
Total100 %100 %100 %
Future Benefit Payments Under the Plans
Future benefit payments under the plans are estimated as follows:
(in thousands)
Year ended December 31,
2023$6,891 
20246,837 
20256,741 
20266,660 
20276,541 
2028-203229,956 
Total$63,626 
Reconciliation of Changes in Fair Value of Plan Assets, Plan Benefit Obligations and Funded Status
The following tables provide a reconciliation of the changes in the fair value of plan assets and plan benefit obligations during 2022 and 2021, and a summary of the funded status as of December 31, 2022 and 2021:
Year Ended December 31,
(in thousands)20222021
Change in Fair Value of Plan Assets
Balance at beginning of year$73,375 $71,940 
Actual return on plan assets(10,865)6,844 
Company contribution242 1,235 
Benefit payments(6,595)(6,644)
Balance at end of year$56,157 $73,375 
Year Ended December 31,
(in thousands)20222021
Change in Benefit Obligations
Balance at beginning of year$101,526 $107,824 
Interest cost2,594 2,349 
Service cost945 935 
Assumption change gain(19,712)(3,921)
Actuarial loss300 983 
Benefit payments(6,595)(6,644)
Balance at end of year$79,058 $101,526 
Amount Recognized in Consolidated Balance Sheets
As of December 31,
(in thousands)20222021
Funded status$(22,901)$(28,151)
Net unfunded amounts recognized in Consolidated Balance Sheets consist of:
Current liabilities$(275)$(292)
Long-term liabilities(22,626)(27,859)
Total net unfunded amount recognized in Consolidated Balance Sheets$(22,901)$(28,151)
Plan Assets at Fair Value
The following table sets forth the pension plan assets at fair value in accordance with the fair value hierarchy described in Note 12:
As of December 31, 2022As of December 31, 2021
Fair Value HierarchyFair Value Hierarchy
(in thousands)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash and cash equivalents$2,757 $— $— $2,757 $2,533 $— $— $2,533 
Fixed income funds1,564 2,872 — 4,436 — 3,057 — 3,057 
Mutual funds37,364 — — 37,364 54,966 — — 54,966 
$41,685 $2,872 $— $44,557 $57,499 $3,057 $— $60,556 
Closely held funds(a)
Equity partnerships4,078 4,259 
Hedge fund investments7,522 8,560 
Total closely held funds(a)
11,600 12,819 
Total$41,685 $2,872 $— $56,157 $57,499 $3,057 $— $73,375 
_____________________________________________________________________________________________________________
(a)The pension plan’s investments in closely held funds are not categorized in the fair value hierarchy because they are measured at NAV using the practical expedient under ASC 820, Fair Value Measurement (“ASC 820”). The underlying holdings of closely held funds were comprised of a combination of Level 1, 2 and 3 investments, and in some cases, may also include investments not categorized in the fair value hierarchy because they are measured at NAV using the practical expedient, as described above.
Benefit Obligations in Excess of Fair Value of Plan's Assets
The plans have benefit obligations in excess of the fair value of each plan’s assets as follows:
As of December 31, 2022As of December 31, 2021
(in thousands)Pension
Plan		Benefit
Equalization
Plan		TotalPension
Plan		Benefit
Equalization
Plan		Total
Projected benefit obligation$76,729 $2,329 $79,058 $98,570 $2,956 $101,526 
Accumulated benefit obligation$76,729 $2,329 $79,058 $98,570 $2,956 $101,526 
Fair value of plans' assets56,157 — 56,157 73,375 — 73,375 
Projected benefit obligation greater than fair value of plans' assets$20,572 $2,329 $22,901 $25,195 $2,956 $28,151 
Accumulated benefit obligation greater than fair value of plans' assets$20,572 $2,329 $22,901 $25,195 $2,956 $28,151 
Summary of Key Information for the Plans
The following table summarizes key information for the plans that the Company made significant contributions to during the three years ended December 31, 2022:
Pension Protections Act
Zone Status
FIP/RP
Status
Pending or
Implemented(a)
Company Contributions
(amounts in millions) 		Expiration
Date of
Collective
Bargaining
Agreement
Pension FundEIN/Pension
Plan Number
2022
2021
2022(b)
2021
2020
Surcharge
Imposed
The Pension, Hospitalization and Benefit Plan of the Electrical Industry - Pension Trust Fund13-6123601/001GreenGreenN/A$6.7 $9.5 
(c)
$10.1 
(c)
No4/15/2025
Joint Pension Fund, Local Union 164 IBEW22-6031199GreenGreenN/A6.4 6.8 
(c)
2.5 
(c)
No4/30/2026
Excavators Union Local 731 Pension Fund13-1809825/002GreenGreenN/A4.0 4.0 4.8 No4/30/2026
Construction Laborers Pension Trust for Southern California95-6031812GreenGreenN/A3.4 2.8 1.5 No6/30/2026
Operating Engineers Pension Trust95-6032478YellowYellowImplemented3.4 2.4 1.5 No6/30/2025
Carpenters Pension Trust Fund for Northern California94-6050970RedRedImplemented2.4 2.9 4.6 No6/30/2023
_____________________________________________________________________________________________________________
(a)The “FIP/RP Status Pending or Implemented” column indicates plans for which a funding improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either pending or implemented.
(b)The Company's contributions as a percentage of total plan contributions were not available for the 2022 plan year for any of the above pension funds.
(c)These amounts exceeded 5% of the respective total plan contributions.
v3.22.4
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value on Recurring Basis
The following fair value hierarchy table presents the Company’s assets that are measured at fair value on a recurring basis as of December 31, 2022 and 2021:
As of December 31, 2022As of December 31, 2021
Fair Value HierarchyFair Value Hierarchy
(in thousands)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash and cash equivalents(a)
$259,351 $— $— $259,351 $202,197 $— $— $202,197 
Restricted cash(a)
14,480 — — 14,480 9,199 — — 9,199 
Restricted investments(b)
— 91,556 — 91,556 — 84,355 — 84,355 
Investments in lieu of retention(c)
20,100 68,228 — 88,328 27,472 58,856 — 86,328 
Total$293,931 $159,784 $— $453,715 $238,868 $143,211 $— $382,079 
_____________________________________________________________________________________________________________
(a)Includes money market funds and short-term investments with maturity dates of three months or less when acquired.
(b)Restricted investments, as of December 31, 2022 and 2021, consist of 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 December 31, 2022 and 2021, and are comprised of AFS debt securities of $68.2 million and $58.9 million, respectively, and money market funds of $20.1 million and $27.5 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.
Schedule of Available-for-Sale Securities Reconciliation
Investments in AFS debt securities consisted of the following as of December 31, 2022 and December 31, 2021:

As of December 31, 2022As of December 31, 2021
(in thousands)Amortized CostUnrealized GainsUnrealized LossesFair ValueAmortized CostUnrealized GainsUnrealized LossesFair Value
Restricted investments:
Corporate debt securities$53,452 $1 $(3,550)$49,903 $46,649 $438 $(438)$46,649 
U.S. government agency securities34,920 13 (1,688)33,245 28,316 459 (133)28,642 
Municipal bonds9,211 — (1,257)7,954 8,475 100 (78)8,497 
Corporate certificates of deposit507 — (53)454 571 2 (6)567 
Total restricted investments98,090 14 (6,548)91,556 84,011 999 (655)84,355 
Investments in lieu of retention:
Corporate debt securities70,968 1 (3,724)67,245 58,261 72 (741)57,592 
Municipal bonds818 165 — 983 812 452 — 1,264 
Total investments in lieu of retention71,786 166 (3,724)68,228 59,073 524 (741)58,856 
Total AFS debt securities$169,876 $180 $(10,272)$159,784 $143,084 $1,523 $(1,396)$143,211 
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
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 December 31, 2022 and December 31, 2021:
As of December 31, 2022
Less than 12 Months12 Months or GreaterTotal
(in thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Restricted investments:
Corporate debt securities$23,559 $(733)$25,842 $(2,817)$49,401 $(3,550)
U.S. government agency securities24,834 (939)5,593 (749)30,427 (1,688)
Municipal bonds4,998 (672)2,956 (585)7,954 (1,257)
Corporate certificates of deposit63 (12)391 (41)454 (53)
Total restricted investments53,454 (2,356)34,782 (4,192)88,236 (6,548)
Investments in lieu of retention:
Corporate debt securities34,553 (843)32,391 (2,881)66,944 (3,724)
Total investments in lieu of retention34,553 (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)
As of December 31, 2021
Less than 12 Months12 Months or GreaterTotal
(in thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Restricted investments:
Corporate debt securities$28,639 $(434)$207 $(4)$28,846 $(438)
U.S. government agency securities5,382 (97)824 (36)6,206 (133)
Municipal bonds2,714 (35)907 (43)3,621 (78)
Corporate certificates of deposit435 (6)— — 435 (6)
Total restricted investments37,170 (572)1,938 (83)39,108 (655)
Investments in lieu of retention:
Corporate debt securities46,486 (736)714 (5)47,200 (741)
Total investments in lieu of retention46,486 (736)714 (5)47,200 (741)
Total AFS debt securities$83,656 $(1,308)$2,652 $(88)$86,308 $(1,396)
Investments Classified by Contractual Maturity Date
The amortized cost and fair value of AFS debt securities by contractual maturity as of December 31, 2022 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 CostFair Value
Due within one year$20,301 $20,113 
Due after one year through five years138,683 130,365 
Due after five years10,892 9,306 
Total$169,876 $159,784 
v3.22.4
Business Segments (Tables)
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
Reportable Segments
The following tables set forth certain reportable segment information relating to the Company’s operations for the years ended December 31, 2022, 2021 and 2020:
Reportable Segments
(in thousands)CivilBuildingSpecialty
Contractors		TotalCorporateConsolidated
Total
Year ended December 31, 2022
Total revenue$1,956,968 $1,305,468 $813,531 $4,075,967 $— $4,075,967 
Elimination of intersegment revenue(222,086)(62,897)(229)(285,212)— (285,212)
Revenue from external customers$1,734,882 $1,242,571 $813,302 $3,790,755 $— $3,790,755 
Income (loss) from construction operations(a)
$21,123 $7,166 $(168,019)$(139,730)$(65,034)
(b)
$(204,764)
Capital expenditures$49,819 $2,333 $2,545 $54,697 $5,083 $59,780 
Depreciation and amortization(c)
$51,123 $1,713 $2,098 $54,934 $9,430 $64,364 
Year ended December 31, 2021
Total revenue$2,443,828 $1,574,759 $1,120,115 $5,138,702 $— $5,138,702 
Elimination of intersegment revenue(348,068)(146,657)(2,147)(496,872)— (496,872)
Revenue from external customers$2,095,760 $1,428,102 $1,117,968 $4,641,830 $— $4,641,830 
Income (loss) from construction operations(d)
$266,214 $28,721 $(9,961)$284,974 $(58,170)
(b)
$226,804 
Capital expenditures$37,067 $359 $476 $37,902 $692 $38,594 
Depreciation and amortization(c)
$102,723 $1,677 $3,316 $107,716 $10,513 $118,229 
Year ended December 31, 2020
Total revenue$2,565,210 $2,114,459 $1,135,018 $5,814,687 $— $5,814,687 
Elimination of intersegment revenue(365,311)(129,818)(795)(495,924)— (495,924)
Revenue from external customers$2,199,899 $1,984,641 $1,134,223 $5,318,763 $— $5,318,763 
Income (loss) from construction operations(e)
$245,835 $53,158 $17,203 $316,196 $(53,852)
(b)
$262,344 
Capital expenditures$51,044 $878 $1,917 $53,839 $942 $54,781 
Depreciation and amortization(c)
$90,250 $1,703 $3,983 $95,936 $11,098 $107,034 
_____________________________________________________________________________________________________________
(a)During the year ended December 31, 2022, the Company’s income (loss) from construction operations in the Civil segment was adversely impacted by $38.8 million ($30.7 million, or $0.60 per diluted share, after tax) for a 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, $26.2 million ($18.9 million, or $0.37 per diluted share, after tax) of unfavorable non-cash adjustments on a completed highway project in the Northeast due to the reversal on appeal of a previously favorable lower-court ruling, a non-cash charge of $25.5 million ($18.4 million, or $0.36 per diluted share, after tax) due to an adverse legal ruling on a dispute related to a completed bridge project in New York, $24.7 million ($17.9 million, or $0.35 per diluted share, after tax) of unfavorable adjustments on a mass-transit project in California, a $16.2 million ($11.7 million, or $0.23 per diluted share, after tax) unfavorable non-cash impact related to the settlement of a long-disputed, completed project in Maryland and an unfavorable non-cash adjustment of $10.0 million ($7.2 million, or $0.14 per diluted share, after tax) due to a ruling in ongoing dispute resolution proceedings on a mass-transit project in the Northeast. The Company’s income (loss) from construction operations was favorably impacted by a project close-out adjustment of $12.7 million ($9.1 million, or $0.18 per diluted share, after tax) on a bridge project in the Midwest.

The Company’s income (loss) from operations was also negatively impacted by an unfavorable adjustment of $31.4 million ($24.4 million, or $0.48 per diluted share, after tax) split evenly between the Civil and Building segments due to changes in estimates on a transportation project in the Northeast. The Building segment was also adversely impacted by an unfavorable adjustment of $11.3 million ($8.1 million, or $0.16 per diluted share, after tax) resulting from an adverse legal ruling on a hospitality project in Florida.

The Company’s income (loss) from operations in the Specialty Contractors segment was adversely impacted by $46.2 million ($33.5 million, or $0.65 per diluted share, after tax) due to unfavorable adjustments related to the unforeseen cost of project close-out issues, remediation work, extended project supervision and associated labor inefficiencies, as well as growth in unapproved change orders on the electrical component of a transportation project in the Northeast, an unfavorable non-cash impact of $43.2 million ($31.4 million, or $0.61 per diluted share, after tax) related to an adverse appellate court decision involving the electrical component of a completed mass-transit project in New York, a non-cash charge of $17.8 million ($12.9 million, or $0.25 per diluted share, after tax) that increased cost of operations associated with the partial reversal by an appellate court of previously awarded legal damages related to a completed electrical project in New York, an $11.3 million ($8.2 million, or $0.16 per diluted share, after tax) unfavorable non-cash adjustment on a mechanical project in the Northeast as a result of settlements on previously disputed items and $11.1 million ($8.0 million, or $0.16 per diluted share, after tax) of unfavorable non-cash adjustments on another mechanical project, also in the Northeast.
(b)Consists primarily of corporate general and administrative expenses.
(c)Depreciation and amortization is included in income (loss) from construction operations.
(d)During the year ended December 31, 2021, the Company recognized favorable adjustments in income (loss) from construction operations in the Civil segment of $29.0 million ($20.9 million, or $0.41 per diluted share, after tax) and $16.3 million ($13.5 million, or $0.26 per diluted share, after tax) on two mass-transit projects, reflecting improved profitability as a result of the negotiation and settlement of certain change orders and the associated mitigation of certain risks in 2021 as the projects progressed towards completion.

The Company’s income (loss) from construction operations was also negatively impacted by $26.6 million ($20.5 million, or $0.40 per diluted share, after tax) split evenly between the Civil and Building segments due to changes in estimates on a transportation project in the Northeast that reflected a charge and the negative impact to earnings from growth in unapproved change orders, which resulted in a reduction in the project’s percentage of completion (and, correspondingly, a reduction in the percentage of estimated profit recognized for the year ended December 31, 2021 for this project).

In the Specialty Contractors segment, the Company recognized additional profit after recording a reduction of $20.1 million in cost of operations during 2021 ($14.5 million, or $0.28 per diluted share, after tax) due to a favorable trial court ruling awarding the Company the recovery of certain costs previously incurred on a completed electrical project in New York. In addition, the Company’s income (loss) from construction operations for the year ended December 31, 2021 was negatively impacted by $19.0 million ($13.7 million, or $0.27 per diluted share, after tax) and $17.6 million ($12.7 million, or $0.25 per diluted share, after tax) on the mechanical and electrical components, respectively, of a transportation project in the Northeast. Lastly, there was an impact of $16.2 million ($11.7 million, or $0.23 per diluted share, after tax) on an electrical project in New York that included unfavorable adjustments and the negative impact to the period associated with increases to project forecasts due to growth in unapproved change orders (expected to be negotiated in future periods).
(e)During the year ended December 31, 2020, the Company recorded a charge of $15.2 million in income (loss) from construction operations ($11.0 million, or $0.22 per diluted share, after tax) due to an unfavorable legal ruling pertaining to a mechanical project in California in the Specialty Contractors segment, as well as a charge of $13.2 million ($9.6 million, or $0.19 per diluted share, after tax) due to an adverse arbitration ruling pertaining to an electrical project in New York in the Specialty Contractors segment. The Company also recorded a gain of $25.7 million in the Specialty Contractors segment general and administrative expenses ($18.6 million, or $0.36 per diluted share, after tax) as a result of a favorable arbitration decision and subsequent settlement of the related employment dispute.
Total Assets for Reportable Segments
Total assets by segment were as follows:
As of December 31,
(in thousands)20222021
Civil$3,402,934 $3,310,648 
Building898,816 980,989 
Specialty Contractors483,535 631,710 
Corporate and other(a)
(242,485)(198,449)
Total assets$4,542,800 $4,724,898 
_____________________________________________________________________________________________________________
(a)    Consists principally of cash, equipment, tax-related assets and insurance-related assets, offset by the elimination of assets related to intersegment revenue.
Principal Geographical Areas
Information concerning principal geographic areas is as follows:
Year Ended December 31,
(in thousands)202220212020
Revenue:
United States$3,424,574 $4,267,734 $4,953,045 
Foreign and U.S. territories366,181 374,096 365,718 
Total revenue$3,790,755 $4,641,830 $5,318,763 

As of December 31,
(in thousands)20222021
Assets:
United States$4,199,604 $4,479,873 
Foreign and U.S. territories343,196 245,025 
Total assets$4,542,800 $4,724,898 

Major Customer
Revenue from a single customer impacting the Civil, Building and Specialty Contractors segments represented 16.3% of the Company’s consolidated revenue for the year ended December 31, 2022.
Reconciliation of Segment Results to Consolidated Income Before Income Taxes
A reconciliation of segment results to the consolidated income (loss) before income taxes is as follows:
Year Ended December 31,
(in thousands)202220212020
Income (loss) from construction operations$(204,764)$226,804 $262,344 
Other income (expense)6,732 2,004 (11,853)
Interest expense(69,638)(69,026)(76,212)
Income (loss) before income taxes$(267,670)$159,782 $174,279 
v3.22.4
Summary of Significant Accounting Policies (Narrative) (Details)
 12 Months Ended
Dec. 31, 2022
shares
Conversion ratio (in shares) 1
Expected life of options 10 years
Minimum  
Estimated useful lives 3 years
Maximum  
Estimated useful lives 40 years
v3.22.4
Summary of Significant Accounting Policies (Calculations of Basic and Diluted EPS) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Accounting Policies [Abstract]      
Net income (loss) attributable to Tutor Perini Corporation $ (210,009) $ 91,925 $ 108,394
Weighted-average common shares outstanding, basic (in shares) 51,324 51,017 50,656
Effect of dilutive restricted stock units and stock options (in shares) 0 352 421
Weighted-average common shares outstanding, diluted (in shares) 51,324 51,369 51,077
Basic (in dollars per share) $ (4.09) $ 1.80 $ 2.14
Diluted (in dollars per share) $ (4.09) $ 1.79 $ 2.12
Anti-dilutive securities not included above (in shares) 3,163 1,892 1,862
v3.22.4
Summary of Significant Accounting Policies (Schedule of Cash and Cash Equivalents) (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash and cash equivalents $ 259,351 $ 202,197    
Restricted cash 14,480 9,199    
Total cash, cash equivalents and restricted cash 273,831 211,396 $ 451,852 $ 202,101
General Corporate Purposes        
Cash and cash equivalents 47,711 60,192    
Joint Venture        
Cash and cash equivalents $ 211,640 $ 142,005    
v3.22.4
Summary of Significant Accounting Policies (Tax Effects of Components of Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Total other comprehensive income (loss), Before-Tax Amount $ (6,340) $ 4,717 $ (6,507)
Total other comprehensive income (loss), Tax (Expense) Benefit (666) 1,471 (2,096)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX (5,674) 3,246 (4,411)
Defined benefit pension plan adjustments      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Total other comprehensive income (loss), Before-Tax Amount 7,230 8,665 (8,700)
Total other comprehensive income (loss), Tax (Expense) Benefit 2,001 2,444 (2,439)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX 5,229 6,221 (6,261)
Foreign currency translation adjustment      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Total other comprehensive income (loss), Before-Tax Amount (3,351) (508) 178
Total other comprehensive income (loss), Tax (Expense) Benefit (556) (183) (101)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX (2,795) (325) 279
Unrealized gain (loss) in fair value of investments      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Total other comprehensive income (loss), Before-Tax Amount (10,219) (3,440) 2,015
Total other comprehensive income (loss), Tax (Expense) Benefit (2,111) (790) 444
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX (8,108) (2,650) 1,571
Noncontrolling Interests      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Total other comprehensive income (loss), Before-Tax Amount (2,272) 140 230
Total other comprehensive income (loss), Tax (Expense) Benefit 0 0 0
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX (2,272) 140 230
Accumulated Other Comprehensive Loss      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Total other comprehensive income (loss), Before-Tax Amount (4,068) 4,577 (6,737)
Total other comprehensive income (loss), Tax (Expense) Benefit (666) 1,471 (2,096)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX $ (3,402) $ 3,106 $ (4,641)
v3.22.4
Summary of Significant Accounting Policies (Changes in AOCI Balances by Component) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Balance at the beginning of the period $ 1,654,921    
Balance at the beginning of the period, noncontrolling interests 18,799    
Other comprehensive income (loss) before reclassifications (5,357) $ 1,330 $ (6,124)
Amounts reclassified from AOCI 1,955 1,776 1,483
Other comprehensive income (2,272) 140 230
Balance at the end of the period 1,449,718 1,654,921  
Balance at the end of the period, noncontrolling interests (7,734) 18,799  
AOCI Attributable to Parent      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Balance at the beginning of the period (43,635) (46,741) (42,100)
Balance at the end of the period (47,037) (43,635) (46,741)
Defined Benefit Pension Plan      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Balance at the beginning of the period (37,866) (44,087) (37,826)
Other comprehensive income (loss) before reclassifications 3,370 4,167 (7,993)
Amounts reclassified from AOCI 1,859 2,054 1,732
Balance at the end of the period (32,637) (37,866) (44,087)
Foreign Currency Translation      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Balance at the beginning of the period (5,787) (5,322) (5,371)
Other comprehensive income (loss) before reclassifications (1,454) (465) 49
Amounts reclassified from AOCI 0 0 0
Balance at the end of the period (7,241) (5,787) (5,322)
Unrealized Gain (Loss) in Fair Value of Investments      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Balance at the beginning of the period 18 2,668 1,097
Other comprehensive income (loss) before reclassifications (7,273) (2,372) 1,820
Amounts reclassified from AOCI 96 (278) (249)
Balance at the end of the period (7,159) 18 2,668
AOCI Attributable to Noncontrolling Interest      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Balance at the beginning of the period, noncontrolling interests 542 402 172
Balance at the end of the period, noncontrolling interests (1,730) 542 402
Defined Benefit Pension Plan      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Balance at the beginning of the period, noncontrolling interests 0 0 0
Other comprehensive income 0 0 0
Balance at the end of the period, noncontrolling interests 0 0 0
Foreign Currency Translation      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Balance at the beginning of the period, noncontrolling interests 542 402 172
Other comprehensive income (1,341) 140 230
Balance at the end of the period, noncontrolling interests (799) 542 402
Unrealized Loss in Fair Value of Investments      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Balance at the beginning of the period, noncontrolling interests 0 0 0
Other comprehensive income (931) 0 0
Balance at the end of the period, noncontrolling interests $ (931) $ 0 $ 0
v3.22.4
Summary of Significant Accounting Policies (Reclassification from AOCI) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Other income (expense) $ 6,732 $ 2,004 $ (11,853)
Income tax expense (benefit) 75,098 (25,632) (21,942)
Net of tax (210,009) 91,925 108,394
Reclassification out of Accumulated Other Comprehensive Income | Defined Benefit Pension Plan      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Other income (expense) 2,570 2,861 2,407
Income tax expense (benefit) (711) (807) (675)
Net of tax 1,859 2,054 1,732
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gain (Loss) in Fair Value of Investments      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Other income (expense) 121 (352) (315)
Income tax expense (benefit) (25) 74 66
Net of tax $ 96 $ (278) $ (249)
v3.22.4
Consolidated Statements of Cash Flows (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Supplemental Cash Flow Elements [Abstract]      
Accounts receivable $ 276,450 $ (31,972) $ (104,901)
Retention receivable (20,017) 78,618 (85,769)
Costs and estimated earnings in excess of billings (20,760) (120,034) (113,190)
Other current assets 8,516 62,371 (49,468)
Accounts payable (15,783) (283,482) 111,912
Retention payable (22,383) (46,190) 62,954
Billings in excess of costs and estimated earnings 214,123 (77,533) (5,168)
Accrued expenses and other current liabilities (29,722) (4,005) 13,654
Changes in other components of working capital 390,424 (422,227) (169,976)
Interest paid 64,764 63,762 57,038
Income taxes paid (refunded), net 9,952 (8,299) 11,204
Non-cash investing activities:      
Real property acquired in settlement of a receivable 0 0 11,660
Receivable recognized from sale of subsidiary $ 0 $ 4,163 $ 0
v3.22.4
Revenue (Disaggregation Of Revenue) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Disaggregation of Revenue [Line Items]      
Revenue $ 3,790,755 $ 4,641,830 $ 5,318,763
State and local agencies      
Disaggregation of Revenue [Line Items]      
Revenue 2,067,008 2,636,472 2,943,870
Federal agencies      
Disaggregation of Revenue [Line Items]      
Revenue 504,803 442,312 394,327
Private owners      
Disaggregation of Revenue [Line Items]      
Revenue 1,218,944 1,563,046 1,980,566
Civil      
Disaggregation of Revenue [Line Items]      
Revenue 1,734,882 2,095,760 2,199,899
Civil | State and local agencies      
Disaggregation of Revenue [Line Items]      
Revenue 1,273,639 1,791,531 1,875,653
Civil | Federal agencies      
Disaggregation of Revenue [Line Items]      
Revenue 313,791 205,080 175,933
Civil | Private owners      
Disaggregation of Revenue [Line Items]      
Revenue 147,452 99,149 148,313
Civil | Mass transit (includes certain transportation and tunneling projects)      
Disaggregation of Revenue [Line Items]      
Revenue 1,026,589 1,417,196 1,367,412
Civil | Bridges      
Disaggregation of Revenue [Line Items]      
Revenue 265,130 238,345 306,161
Civil | Military defense facilities      
Disaggregation of Revenue [Line Items]      
Revenue 258,028 194,701 146,969
Civil | Water      
Disaggregation of Revenue [Line Items]      
Revenue 88,983 98,739 101,705
Civil | Other      
Disaggregation of Revenue [Line Items]      
Revenue 96,152 146,779 277,652
Building      
Disaggregation of Revenue [Line Items]      
Revenue 1,242,571 1,428,102 1,984,641
Building | State and local agencies      
Disaggregation of Revenue [Line Items]      
Revenue 461,193 363,686 534,449
Building | Federal agencies      
Disaggregation of Revenue [Line Items]      
Revenue 168,307 189,508 143,327
Building | Private owners      
Disaggregation of Revenue [Line Items]      
Revenue 613,071 874,908 1,306,865
Building | Mass transit (includes certain transportation and tunneling projects)      
Disaggregation of Revenue [Line Items]      
Revenue 132,836 130,923 218,930
Building | Other      
Disaggregation of Revenue [Line Items]      
Revenue 71,074 90,316 132,308
Building | Municipal and government      
Disaggregation of Revenue [Line Items]      
Revenue 329,661 291,629 287,337
Building | Commercial and industrial facilities      
Disaggregation of Revenue [Line Items]      
Revenue 251,849 352,265 580,297
Building | Health care facilities      
Disaggregation of Revenue [Line Items]      
Revenue 178,997 64,042 117,968
Building | Education facilities      
Disaggregation of Revenue [Line Items]      
Revenue 140,514 159,929 173,472
Building | Hospitality and gaming      
Disaggregation of Revenue [Line Items]      
Revenue 137,640 338,998 474,329
Specialty Contractors      
Disaggregation of Revenue [Line Items]      
Revenue 813,302 1,117,968 1,134,223
Specialty Contractors | State and local agencies      
Disaggregation of Revenue [Line Items]      
Revenue 332,176 481,255 533,768
Specialty Contractors | Federal agencies      
Disaggregation of Revenue [Line Items]      
Revenue 22,705 47,724 75,067
Specialty Contractors | Private owners      
Disaggregation of Revenue [Line Items]      
Revenue 458,421 588,989 525,388
Specialty Contractors | Mass transit (includes certain transportation and tunneling projects)      
Disaggregation of Revenue [Line Items]      
Revenue 350,005 588,162 592,430
Specialty Contractors | Water      
Disaggregation of Revenue [Line Items]      
Revenue 79,553 90,887 73,769
Specialty Contractors | Other      
Disaggregation of Revenue [Line Items]      
Revenue 16,186 102,314 123,062
Specialty Contractors | Commercial and industrial facilities      
Disaggregation of Revenue [Line Items]      
Revenue 166,286 139,751 152,868
Specialty Contractors | Education facilities      
Disaggregation of Revenue [Line Items]      
Revenue 39,277 50,572 44,762
Specialty Contractors | Multi-unit residential      
Disaggregation of Revenue [Line Items]      
Revenue 112,944 133,085 139,924
Specialty Contractors | Federal government      
Disaggregation of Revenue [Line Items]      
Revenue $ 49,051 $ 13,197 $ 7,408
v3.22.4
Revenue (Schedule Of Revenue By Contract Type) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Disaggregation of Revenue [Line Items]      
Revenue $ 3,790,755 $ 4,641,830 $ 5,318,763
Fixed price      
Disaggregation of Revenue [Line Items]      
Revenue 2,466,326 3,140,148 3,312,393
Guaranteed maximum price      
Disaggregation of Revenue [Line Items]      
Revenue 612,924 905,704 1,154,028
Unit price      
Disaggregation of Revenue [Line Items]      
Revenue 359,900 363,786 476,672
Cost plus fee and other      
Disaggregation of Revenue [Line Items]      
Revenue 351,605 232,192 375,670
Civil      
Disaggregation of Revenue [Line Items]      
Revenue 1,734,882 2,095,760 2,199,899
Civil | Fixed price      
Disaggregation of Revenue [Line Items]      
Revenue 1,441,547 1,815,079 1,792,765
Civil | Guaranteed maximum price      
Disaggregation of Revenue [Line Items]      
Revenue 1,142 2,854 1,829
Civil | Unit price      
Disaggregation of Revenue [Line Items]      
Revenue 274,293 268,377 392,548
Civil | Cost plus fee and other      
Disaggregation of Revenue [Line Items]      
Revenue 17,900 9,450 12,757
Building      
Disaggregation of Revenue [Line Items]      
Revenue 1,242,571 1,428,102 1,984,641
Building | Fixed price      
Disaggregation of Revenue [Line Items]      
Revenue 349,318 336,128 508,655
Building | Guaranteed maximum price      
Disaggregation of Revenue [Line Items]      
Revenue 595,907 888,345 1,136,782
Building | Unit price      
Disaggregation of Revenue [Line Items]      
Revenue 33 (1,373) 867
Building | Cost plus fee and other      
Disaggregation of Revenue [Line Items]      
Revenue 297,313 205,002 338,337
Specialty Contractors      
Disaggregation of Revenue [Line Items]      
Revenue 813,302 1,117,968 1,134,223
Specialty Contractors | Fixed price      
Disaggregation of Revenue [Line Items]      
Revenue 675,461 988,941 1,010,973
Specialty Contractors | Guaranteed maximum price      
Disaggregation of Revenue [Line Items]      
Revenue 15,875 14,505 15,417
Specialty Contractors | Unit price      
Disaggregation of Revenue [Line Items]      
Revenue 85,574 96,782 83,257
Specialty Contractors | Cost plus fee and other      
Disaggregation of Revenue [Line Items]      
Revenue $ 36,392 $ 17,740 $ 24,576
v3.22.4
Revenue (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Net revenue recognized related to performance obligations satisfies (or partially satisfied) in prior periods $ 292.3 $ 37.5 $ 77.0
Civil      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Performance obligation amount $ 4,400.0 4,600.0  
Civil | Minimum      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Remaining performance obligation period range 3 years    
Civil | Maximum      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Remaining performance obligation period range 5 years    
Building      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Performance obligation amount $ 2,200.0 2,200.0  
Specialty Contractors      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Performance obligation amount $ 1,300.0 $ 1,300.0  
Building and Specialty Contractors | Minimum      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Remaining performance obligation period range 1 year    
Building and Specialty Contractors | Maximum      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Remaining performance obligation period range 3 years    
v3.22.4
Contract Assets and Liabilities (Schedule Of Contract Assets) (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]    
Retention receivable $ 585,556 $ 568,881
Claims 677,367 833,352
Unapproved change orders 601,681 418,054
Other unbilled costs and profits 98,480 105,362
Total costs and estimated earnings in excess of billings 1,377,528 1,356,768
Capitalized contract costs 49,441 69,027
Total contract assets $ 2,012,525 $ 1,994,676
v3.22.4
Contract Assets and Liabilities (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]      
Retainage receivable estimated by management to be collected beyond one year, percentage 47.00%    
Costs and estimated earnings in excess of billings estimated to be collected $ 706.0    
Capitalized contract costs were amortized and recognized as expense $ 57.1 $ 47.3 $ 46.7
Retainage payable estimated by management to be remitted beyond one year, percentage 36.00%    
Revenue recognized $ 533.5 $ 638.7 $ 690.7
v3.22.4
Contract Assets and Liabilities (Schedule Of Contract Liabilities) (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]    
Retention payable $ 246,562 $ 268,945
Billings in excess of costs and estimated earnings 975,812 761,689
Total contract liabilities $ 1,222,374 $ 1,030,634
v3.22.4
Income Taxes (Summary of Income Before Taxes) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Income Tax Disclosure [Abstract]      
United States operations $ (288,954) $ 118,749 $ 138,426
Foreign and U.S. territory operations 21,284 41,033 35,853
INCOME (LOSS) BEFORE INCOME TAXES $ (267,670) $ 159,782 $ 174,279
v3.22.4
Income Taxes (Provision for Income Taxes) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Current expense (benefit):      
Federal $ (1,653) $ 20,052 $ (36,159)
State 930 7,899 (1,282)
Foreign and U.S. territories 5,074 11,568 11,130
Total current expense (benefit): 4,351 39,519 (26,311)
Deferred expense (benefit):      
Federal (54,526) (13,667) 38,667
State (25,395) 36 10,608
Foreign and U.S. territories 472 (256) (1,022)
Total deferred expense (benefit): (79,449) (13,887) 48,253
Total expense (benefit): $ (75,098) $ 25,632 $ 21,942
v3.22.4
Income Taxes (Reconciliation of Provision for Income Taxes) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Amount      
Federal income tax expense (benefit) at statutory tax rate $ (56,211) $ 33,554 $ 36,599
State income taxes, net of federal tax benefit (21,784) 8,301 8,518
Stock based compensation 1,227 87 3,185
Impact of federal tax law changes 0 0 (14,476)
Officers' compensation 2,840 3,664 2,486
Noncontrolling interests (3,861) (8,872) (9,799)
Federal R&D credits 128 (1,105) (3,007)
Foreign tax rate differences (1,438) (625) 1,491
Federal claim of right credit 0 (8,191) 0
Valuation allowance 7,991 0 0
Other (3,990) (1,181) (3,055)
Total expense (benefit): $ (75,098) $ 25,632 $ 21,942
Rate      
Federal income tax expense (benefit) at statutory tax rate 21.00% 21.00% 21.00%
State income taxes, net of federal tax benefit 8.10% 5.20% 4.90%
Stock based compensation (0.50%) 0.10% 1.80%
Impact of federal tax law changes 0.00% 0.00% (8.30%)
Officers' compensation (1.10%) 2.30% 1.40%
Noncontrolling interests 1.40% (5.60%) (5.60%)
Federal R&D credits 0.00% (0.70%) (1.70%)
Foreign tax rate differences 0.50% (0.40%) 0.90%
Federal claim of right credit 0 (0.051) 0
Valuation allowance (3.00%) 0.00% 0.00%
Other 1.70% (0.80%) (1.80%)
Income tax expense (benefit) 28.10% 16.00% 12.60%
v3.22.4
Income Taxes (Significant Components of Deferred Tax Assets and Liabilities) (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Deferred tax assets:    
Timing of expense recognition $ 49,939 $ 28,710
Net operating losses 82,210 15,824
Goodwill 6,022 11,698
Other, net 24,105 13,125
Deferred tax assets 162,276 69,357
Valuation allowance (8,846) 0
Net deferred tax assets 153,430 69,357
Deferred tax liabilities:    
Intangible assets, due primarily to purchase accounting (16,850) (16,453)
Fixed assets (66,130) (70,128)
Construction contract accounting (7,940) (9,196)
Joint ventures (32,983) (26,764)
Other (18,266) (15,672)
Deferred tax liabilities (142,169) (138,213)
Net deferred tax assets 11,261  
Net deferred tax liabilities   (68,856)
Net Deferred Tax Liabilities    
Deferred tax assets 15,910 2,133
Deferred tax liabilities (4,649) (70,989)
Net deferred tax assets $ 11,261  
Net deferred tax liabilities   $ (68,856)
v3.22.4
Income Taxes (Narrative) (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Operating Loss Carryforwards [Line Items]    
Unrecognized tax benefits that would impact effective tax rate $ 7.5  
Domestic Tax Authority    
Operating Loss Carryforwards [Line Items]    
Net operating loss carryforwards 206.9  
Credit carryforwards 3.9 $ 0.1
State and Local Jurisdiction    
Operating Loss Carryforwards [Line Items]    
Net operating loss carryforwards 431.0 166.0
Credit carryforwards $ 3.6 $ 2.6
v3.22.4
Income Taxes (Reconciliation of Gross Unrecognized Tax Benefit) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Reconciliation of gross unrecognized tax benefits      
Beginning balance $ 7,539 $ 8,681 $ 5,682
Change in tax positions of prior years (416) (1,319)  
Change in tax positions of prior years     2,286
Change in tax positions of current year 625 1,000 1,202
Reduction in tax positions for statute expirations (223) (823) (489)
Ending balance $ 7,525 $ 7,539 $ 8,681
v3.22.4
Goodwill and Intangible Assets (Changes in Carrying Amount of Goodwill) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Goodwill [Roll Forward]      
Gross goodwill as of December 31, 2020     $ 1,072,991
Accumulated impairment as of December 31, 2020 $ (867,800)   (867,848)
Balance at beginning of period 205,143 $ 205,143  
Activity 0 0  
Balance at end of period 205,143 205,143  
Civil      
Goodwill [Roll Forward]      
Gross goodwill as of December 31, 2020     492,074
Accumulated impairment as of December 31, 2020     (286,931)
Balance at beginning of period 205,143 205,143  
Activity 0 0  
Balance at end of period 205,143 205,143  
Building      
Goodwill [Roll Forward]      
Gross goodwill as of December 31, 2020     424,724
Accumulated impairment as of December 31, 2020     (424,724)
Balance at beginning of period 0 0  
Activity 0 0  
Balance at end of period 0 0  
Specialty Contractors      
Goodwill [Roll Forward]      
Gross goodwill as of December 31, 2020     156,193
Accumulated impairment as of December 31, 2020     $ (156,193)
Balance at beginning of period 0 0  
Activity 0 0  
Balance at end of period $ 0 $ 0  
v3.22.4
Goodwill and Intangible Assets (Intangible Assets) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Total Intangible Assets [Abstract]    
Cost $ 381,940 $ 381,940
Accumulated Amortization (198,331) (183,805)
Accumulated Impairment Charge (113,067) (113,067)
Carrying Value 70,542 85,068
Trade Names    
Finite-Lived intangible assets    
Cost 69,250 69,250
Accumulated Amortization (25,886) (23,650)
Accumulated Impairment Charge (23,232) (23,232)
Carrying Value $ 20,132 $ 22,368
Weighted-Average Amortization Period 20 years 20 years
Customer relationships    
Finite-Lived intangible assets    
Cost $ 39,800 $ 39,800
Accumulated Amortization (23,155) (23,053)
Accumulated Impairment Charge (16,645) (16,645)
Carrying Value 0 $ 102
Weighted-Average Amortization Period   12 years
Construction contract backlog    
Finite-Lived intangible assets    
Cost 149,290 $ 149,290
Accumulated Amortization (149,290) (137,102)
Carrying Value 0 $ 12,188
Weighted-Average Amortization Period   3 years
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Trade Names    
Finite-Lived intangible assets    
Cost   $ 5,100
Carrying Value   2,600
Trade Names    
Indefinite-lived intangible assets    
Cost 117,600 117,600
Accumulated Impairment Charge (67,190) (67,190)
Carrying Value 50,410 50,410
Contractor license    
Indefinite-lived intangible assets    
Cost 6,000 6,000
Accumulated Impairment Charge $ (6,000) $ (6,000)
v3.22.4
Goodwill and Intangible Assets (Narrative) (Details) - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]      
Amortization expense $ 14,526,000 $ 35,497,000 $ 32,155,000
2023 2,200,000    
2024 2,200,000    
2025 2,200,000    
2026 2,200,000    
2027 2,200,000    
Thereafter 9,100,000    
Impairment of intangible assets $ 0 $ 0 $ 0
v3.22.4
Financial Commitments (Long-Term Debt) (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Debt Instrument [Line Items]    
Total debt $ 958,439 $ 993,654
Less: current maturities 70,285 24,406
Long-term debt, net 888,154 969,248
Revolver    
Debt Instrument [Line Items]    
Total debt 0 27,000
Term Loan B    
Debt Instrument [Line Items]    
Total debt 404,169 406,335
Less: current maturities 44,000  
Equipment financing and mortgages    
Debt Instrument [Line Items]    
Total debt 48,681 56,246
Other indebtedness    
Debt Instrument [Line Items]    
Total debt 8,300 7,829
2017 Senior Notes | 2017 Senior Notes    
Debt Instrument [Line Items]    
Total debt $ 497,289 $ 496,244
v3.22.4
Financial Commitments (Reconciliation Of Outstanding Debt Balance To Reported Debt Balance) (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Debt Instrument [Line Items]    
Outstanding Debt $ 972,419  
Unamortized Discounts and Issuance Costs (13,980)  
Total debt 958,439 $ 993,654
Term Loan B    
Debt Instrument [Line Items]    
Outstanding Debt 415,438 419,688
Unamortized Discounts and Issuance Costs (11,269) (13,353)
Total debt 404,169 406,335
2017 Senior Notes | 2017 Senior Notes    
Debt Instrument [Line Items]    
Outstanding Debt 500,000 500,000
Unamortized Discounts and Issuance Costs (2,711) (3,756)
Total debt $ 497,289 $ 496,244
v3.22.4
Financial Commitments (Narrative) (Details)
 1 Months Ended 12 Months Ended
Aug. 18, 2020
USD ($)
Oct. 31, 2022
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Apr. 01, 2023
Mar. 31, 2023
Sep. 30, 2022
Jan. 01, 2022
Jun. 15, 2021
USD ($)
Apr. 20, 2017
USD ($)
Jun. 15, 2016
Debt Instrument [Line Items]                            
Current maturities of long-term debt     $ 70,285,000 $ 24,406,000                    
Current principal amount     972,419,000                      
Amount outstanding     958,439,000 993,654,000                    
BMO Harris Bank                            
Debt Instrument [Line Items]                            
Increase in applicable margin on overdue amounts upon default (as a percent) 2.00%                          
First Lien | BMO Harris Bank                            
Debt Instrument [Line Items]                            
Net leverage ratio (maximum) 1.35                          
Line of Credit | Credit Agreement 2020 | BMO Harris Bank                            
Debt Instrument [Line Items]                            
Maximum borrowing capacity $ 425,000,000                          
Initial principal amount installment percentage 0.25%                          
Unsecured Debt | BMO Harris Bank                            
Debt Instrument [Line Items]                            
Fixed charge coverage ratio (maximum) 2.00                          
Convertible Debt                            
Debt Instrument [Line Items]                            
Current principal amount                       $ 69,900,000    
Interest rate (as a percent)                           2.875%
2017 Senior Notes | 2017 Senior Notes                            
Debt Instrument [Line Items]                            
Current principal amount     500,000,000 500,000,000                    
Amount outstanding     $ 497,289,000 496,244,000                    
2017 Senior Notes | Private Placement | 2017 Senior Notes                            
Debt Instrument [Line Items]                            
Interest rate (as a percent)                         6.875%  
Face amount                         $ 500,000,000  
Redemption price, change of control triggering event (as a percent)     101.00%                      
Equipment Financing Loans                            
Debt Instrument [Line Items]                            
Amount outstanding     $ 37,000,000 $ 41,700,000                    
Term of debt     5 years                      
Mortgages                            
Debt Instrument [Line Items]                            
Interest rate (as a percent)     2.25% 2.25%                    
Amount outstanding     $ 11,600,000 $ 14,600,000                    
Term of debt     10 years                      
Term Loan B                            
Debt Instrument [Line Items]                            
Current maturities of long-term debt     $ 44,000,000                      
Current principal amount     415,438,000 419,688,000                    
Amount outstanding     $ 404,169,000 406,335,000                    
Minimum | Equipment Financing Loans                            
Debt Instrument [Line Items]                            
Interest rate (as a percent)     2.54%                      
Maximum | Equipment Financing Loans                            
Debt Instrument [Line Items]                            
Interest rate (as a percent)     7.32%                      
Credit Facility                            
Debt Instrument [Line Items]                            
Unamortized debt issuance costs     $ 1,600,000 2,100,000                    
Amount outstanding     $ 0 $ 27,000,000                    
Credit Facility | BMO Harris Bank                            
Debt Instrument [Line Items]                            
Net leverage ratio (maximum) 2.75 2.75 3.50             2.25 2.25      
Weighted-average annual interest rate on borrowings (as a percent)     8.80%                      
Available borrowing capacity     $ 175,000,000                      
Credit Facility | BMO Harris Bank | Subsequent Event                            
Debt Instrument [Line Items]                            
Net leverage ratio (maximum)                 3.75          
Credit Facility | Credit Agreement 2020 | BMO Harris Bank                            
Debt Instrument [Line Items]                            
Increase in line of credit allowed amount $ 173,500,000                          
Accordion feature percentage of LTM EBITDA 50.00%                          
Credit Facility | Forecast | BMO Harris Bank                            
Debt Instrument [Line Items]                            
Net leverage ratio (maximum)         2.25 2.50 3.00 2.25            
Credit Facility | Line of Credit | Credit Agreement 2020 | BMO Harris Bank                            
Debt Instrument [Line Items]                            
Maximum borrowing capacity $ 175,000,000                          
Letters Of Credit | Line of Credit | Credit Agreement 2020 | BMO Harris Bank                            
Debt Instrument [Line Items]                            
Maximum borrowing capacity 75,000,000                          
Bridge Loan | Line of Credit | Credit Agreement 2020 | BMO Harris Bank                            
Debt Instrument [Line Items]                            
Maximum borrowing capacity $ 10,000,000                          
Secured Debt | Unsecured Debt | BMO Harris Bank | Junior Lien                            
Debt Instrument [Line Items]                            
Total net leverage ratio (maximum) 3.50                          
Federal Funds Rate | Credit Agreement 2020 | BMO Harris Bank                            
Debt Instrument [Line Items]                            
Basis points added to reference rate (as a percent) 0.50% 0.50%                        
LIBOR | Credit Agreement 2020 | BMO Harris Bank                            
Debt Instrument [Line Items]                            
Basis points added to reference rate (as a percent) 1.00%                          
LIBOR | Minimum | Term Loan B | BMO Harris Bank                            
Debt Instrument [Line Items]                            
Basis points added to reference rate (as a percent) 4.50%                          
LIBOR | Maximum | Term Loan B | BMO Harris Bank                            
Debt Instrument [Line Items]                            
Basis points added to reference rate (as a percent) 4.75%                          
Base Rate | Minimum | Term Loan B | BMO Harris Bank                            
Debt Instrument [Line Items]                            
Basis points added to reference rate (as a percent) 3.50%                          
Base Rate | Maximum | Term Loan B | BMO Harris Bank                            
Debt Instrument [Line Items]                            
Basis points added to reference rate (as a percent) 3.75%                          
Base Rate | Credit Facility | Minimum | BMO Harris Bank                            
Debt Instrument [Line Items]                            
Basis points added to reference rate (as a percent) 3.25%                          
Base Rate | Credit Facility | Maximum | BMO Harris Bank                            
Debt Instrument [Line Items]                            
Basis points added to reference rate (as a percent) 3.75%                          
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Credit Agreement 2020 | BMO Harris Bank                            
Debt Instrument [Line Items]                            
Basis points added to reference rate (as a percent)   1.00%                        
Basis spread adjustment (as a percent)   0.10%                        
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Mortgages                            
Debt Instrument [Line Items]                            
Basis points added to reference rate (as a percent)     2.00% 2.00%                    
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Credit Facility | Minimum | BMO Harris Bank                            
Debt Instrument [Line Items]                            
Basis points added to reference rate (as a percent) 4.25%                          
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Credit Facility | Maximum | BMO Harris Bank                            
Debt Instrument [Line Items]                            
Basis points added to reference rate (as a percent) 4.75%                          
v3.22.4
Financial Commitments (Principal Payments of Long-Term Debt) (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Debt Disclosure [Abstract]    
2023 $ 70,285  
2024 17,744  
2025 514,448  
2026 10,330  
2027 355,904  
Thereafter 3,708  
Subtotal 972,419  
Less: Unamortized discounts and issuance costs 13,980  
Total debt $ 958,439 $ 993,654
v3.22.4
Financial Commitments (Summary Of Interest Expense As Reported In The Consolidated Statements of Operations) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Other interest $ 2,044 $ 1,905 $ 2,079
Cash portion of loss on extinguishment 0 0 786
Total cash interest expense 65,941 63,270 56,059
Total non-cash interest expense 3,697 5,756 20,153
Non-cash portion of loss on extinguishment 0 0 8,312
Total interest expense 69,638 69,026 76,212
Term Loan B      
Interest on debt 27,880 24,590 9,028
Total non-cash interest expense $ 2,084 2,175 784
Effective interest rates (as a percent) 6.43%    
Convertible Debt      
Interest on debt $ 0 921 4,373
Total non-cash interest expense 0 2,040 8,944
Credit Facility      
Interest on debt 1,642 1,479 77
Total non-cash interest expense 568 568 206
2017 Senior Notes | 2017 Senior Notes      
Interest on debt 34,375 34,375 34,375
Total non-cash interest expense $ 1,045 973 906
Effective interest rates (as a percent) 7.13%    
2017 Credit Facility | Credit Facility      
Interest on debt $ 0 0 5,341
Total non-cash interest expense $ 0 $ 0 $ 1,001
v3.22.4
Commitments and Contingencies (Details) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Oct. 18, 2022
Dec. 13, 2019
Jun. 04, 2019
Feb. 26, 2015
Mar. 31, 2016
Jun. 30, 2015
Aug. 31, 2013
Dec. 31, 2019
Dec. 31, 2022
Jul. 02, 2018
Mar. 31, 2018
Alaskan Way Viaduct Matter                      
Contingencies and Commitments                      
Ownership percentage in joint venture                 45.00%    
Value of claim filed         $ 57.2 $ 532.0          
Settlement on judgment, awarded to other party   $ 57.2                  
Pre-tax charge, impact from jury verdict               $ 166.8      
Pre-tax accrual, impact from jury verdict               25.7      
Settlement on judgment               $ 57.2      
Loss contingency, damages paid, value $ 34.6                    
George Washington Bridge Bus Station Matter                      
Contingencies and Commitments                      
Value of claim filed       $ 30.0              
Value of project             $ 100.0        
Value of counterclaim filed in excess of                     $ 113.0
Court issued writ of attachment amount     $ 23.0                
Proof of claim amount   $ 113.0                  
Value of damages seeking                   $ 113.0  
Return of Retainage by Developer | George Washington Bridge Bus Station Matter                      
Contingencies and Commitments                      
Value of counterclaim filed in excess of                     $ 29.0
v3.22.4
Leases (Narrative) (Details)
Dec. 31, 2022
Minimum  
Lessee, Lease, Description [Line Items]  
Operating lease, remaining lease terms 1 year
Maximum  
Lessee, Lease, Description [Line Items]  
Operating lease, remaining lease terms 16 years
v3.22.4
Leases (Components of Lease Expense) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Lessee, Lease, Description [Line Items]    
Operating lease expense $ 15,278 $ 14,733
Short-term lease expense 57,713 72,047
Lease expense, gross 72,991 86,780
Less: Sublease income 766 697
Total lease expense $ 72,225 $ 86,083
Minimum    
Lessee, Lease, Description [Line Items]    
Short term lease, lease term 1 month  
Maximum    
Lessee, Lease, Description [Line Items]    
Short term lease, lease term 1 year  
v3.22.4
Leases (Supplemental Balance Sheet Information Related To Leases) (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Leases [Abstract]    
ROU assets $ 50,825 $ 53,462
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] OTHER ASSETS OTHER ASSETS
Current lease liabilities $ 6,709 $ 7,481
Long-term lease liabilities 49,176 50,057
Total lease liabilities $ 55,885 $ 57,538
Weighted-average remaining lease term 11 years 12 years
Weighted-average discount rate 11.77% 9.44%
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] Accrued expenses and other current liabilities Accrued expenses and other current liabilities
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] Other Liabilities, Noncurrent Other Liabilities, Noncurrent
v3.22.4
Leases (Supplemental Cash Flow And Other Information Related To Leases) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Leases [Abstract]    
Cash paid for amounts included in the measurement of lease liabilities $ (14,247) $ (13,799)
ROU assets obtained in exchange for lease liabilities $ 16,349 $ 6,979
v3.22.4
Leases (Maturity of Leases Liabilities on an Undiscounted Basis) (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Leases [Abstract]    
2023 $ 12,374  
2024 9,885  
2025 8,907  
2026 7,478  
2027 6,770  
Thereafter 58,094  
Total lease payments 103,508  
Less: Imputed interest 47,623  
Total $ 55,885 $ 57,538
v3.22.4
Share-Based Compensation (Narrative) (Details) - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of shares authorized for grant (in shares) 1,442,121      
Vested and expected to vest, outstanding, (in shares) 1,530,265      
Total granted and outstanding (in shares) 1,625,265 2,167,765 2,275,265 2,279,015
Aggregate intrinsic value $ 0      
Weighted average remaining contractual term of outstanding stock options 3 years 8 months 12 days      
Number of vested and exercisable stock options (in shares) 1,435,265      
Stock options exercised, intrinsic value $ 0      
Vested and exercisable stock options, weighted average exercise price (in dollars per share) $ 23.75      
Weighted average remaining contractual term of outstanding stock options 3 years 2 months 12 days      
Stock options granted but not vested (in shares) 190,000      
Stock options granted, weighted-average exercise price (in dollars per share) $ 16.69      
Stock options granted, weighted-average remaining contractual life 8 years      
Share-based compensation expense $ 9,065,000 $ 11,642,000 $ 11,833,000  
Share based compensation, tax benefits 900,000 1,200,000 1,300,000  
Employee        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation expense 7,400,000 10,000,000 10,200,000  
Non-employee Directors        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation expense $ 1,600,000 $ 1,600,000 1,600,000  
Restricted Stock Units, Guaranteed Minimum Payouts        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock units with guaranteed minimum payouts outstanding (in shares) 125,000 260,000    
Stock units with guaranteed minimum payouts outstanding, weighted-average grant date fair value (in dollars per share) $ 26.33 $ 27.53    
Stock units with guaranteed minimum payouts outstanding, recognized liabilities $ 2,100,000 $ 4,800,000    
Paid to settle share-based awards 3,600,000 300,000 300,000  
Unrestricted Stock Units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Fair value of unrestricted stock units issued $ 1,800,000 $ 1,600,000 $ 1,700,000  
Restricted Stock Units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock units with guaranteed minimum payouts outstanding (in shares) 1,106,670 1,188,851 1,035,000 1,715,000
Stock units with guaranteed minimum payouts outstanding, weighted-average grant date fair value (in dollars per share) $ 15.66 $ 18.98 $ 21.85 $ 25.19
Fair value of restricted stock units that vested during period $ 5,700,000 $ 5,300,000 $ 4,100,000  
Restricted stock expense $ 8,800,000      
Weighted average period over which unrecognized compensation cost is expected to be recognized 1 year 9 months 18 days      
Stock Options        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock option expense $ 300,000      
Weighted average period over which unrecognized compensation cost is expected to be recognized 10 months 24 days      
Cash-settled Performance Stock Units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock units with guaranteed minimum payouts outstanding (in shares) 814,620 398,852 0 0
Stock units with guaranteed minimum payouts outstanding, weighted-average grant date fair value (in dollars per share) $ 16.61 $ 20.39 $ 0 $ 0
Stock option expense $ 1,800,000      
Weighted average period over which unrecognized compensation cost is expected to be recognized 1 year 4 months 24 days      
Amended and Restated Tutor Perini Corporation Long-Term Incentive Plan (“Incentive Plan”) | Restricted Stock Units and Stock Options        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vested and expected to vest, outstanding, (in shares) 2,731,935      
v3.22.4
Share-Based Compensation (Summary of Restricted Stock Unit and Stock Option Activity) (Details) - $ / shares
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
RSUs and CPSUs Number of Shares      
Vested/exercised (in shares) 0 0  
RSUs and CPSUs Weighted-Average Grant Date Fair Value Per Share      
Vested/exercised, weighted average grant date fair value (in dollars per share) $ 0 $ 0  
Stock Options Number of Shares      
Outstanding, beginning of period (in shares) 2,167,765 2,275,265 2,279,015
Granted (in shares) 0 100,000 165,000
Expired or cancelled (in shares) (542,500) (202,500) (168,750)
Vested/exercised (in shares) 0 (5,000) 0
Outstanding, end of period (in shares) 1,625,265 2,167,765 2,275,265
Vested and expected to vest, outstanding, (in shares) 1,530,265    
Stock Options Weighted-Average Grant Date Fair Value Per Share      
Outstanding, beginning of period, weighted average exercise/(strike) price per share (in dollars per share) $ 20.11 $ 20.13 $ 20.62
Granted, weighted average exercise/(Strike) price per share (in dollars per share) 0 19.24 19.24
Expired or cancelled, weighted average exercise/(strike) Price per share (in dollars per share) 11.66 20.07 25.87
Vested/exercised, weighted average exercise/(strike) price per share (in dollars per share) 0 13.32 0
Outstanding, end of period, weighted average exercise/(strike) price per share (in dollars per share) 22.93 $ 20.11 $ 20.13
Vested and expected to vest, outstanding, weighted average exercise price (in dollars per share) $ 23.31    
Restricted Stock Units      
RSUs and CPSUs Number of Shares      
Outstanding, beginning of period (in shares) 1,188,851 1,035,000 1,715,000
Units granted (in shares) 375,769 678,851 245,000
Expired or cancelled (in shares) (42,500) (155,000) (403,750)
Vested/exercised (in shares) (415,450) (370,000) (521,250)
Outstanding, end of period (in shares) 1,106,670 1,188,851 1,035,000
Vested and expected to vest, outstanding (in shares) 1,011,670    
RSUs and CPSUs Weighted-Average Grant Date Fair Value Per Share      
Outstanding, beginning of period, weighted average grant date fair value (in dollars per share) $ 18.98 $ 21.85 $ 25.19
Granted, weighted average grant date fair value (in dollars per share) 10.53 16.26 20.67
Expired or cancelled, weighted average grant date fair value (in dollars per share) 19.27 15.37 25.52
Vested/exercised, weighted average grant date fair value (in dollars per share) 20.14 23.53 29.44
Outstanding, end of period, weighted average grant date fair value (in dollars per share) 15.66 $ 18.98 $ 21.85
Vested and expected to vest, outstanding, weighted average exercise price (in dollars per share) $ 15.27    
Cash-settled Performance Stock Units      
RSUs and CPSUs Number of Shares      
Outstanding, beginning of period (in shares) 398,852 0 0
Units granted (in shares) 415,768 398,852 0
Expired or cancelled (in shares) 0 0 0
Vested/exercised (in shares)     0
Outstanding, end of period (in shares) 814,620 398,852 0
Vested and expected to vest, outstanding (in shares) 100,000    
RSUs and CPSUs Weighted-Average Grant Date Fair Value Per Share      
Outstanding, beginning of period, weighted average grant date fair value (in dollars per share) $ 20.39 $ 0 $ 0
Granted, weighted average grant date fair value (in dollars per share) 12.99 20.39 0
Expired or cancelled, weighted average grant date fair value (in dollars per share) 0 0 0
Vested/exercised, weighted average grant date fair value (in dollars per share)     0
Outstanding, end of period, weighted average grant date fair value (in dollars per share) 16.61 $ 20.39 $ 0
Vested and expected to vest, outstanding, weighted average exercise price (in dollars per share) $ 6.99    
v3.22.4
Share-Based Compensation (Summary Of Unrestricted Stock Units Issuance) (Details) - Unrestricted Stock Units - $ / shares
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Units granted (in shares) 165,030 101,894 194,177
Units granted (in dollars per share) $ 10.63 $ 15.47 $ 8.60
v3.22.4
Share-Based Compensation (Weighted-Average Assumptions Used in Estimating Grant Date Fair Values of Stock Option Awards) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Key assumptions used in estimating the grant date fair values of stock option awards granted      
Total stock options granted (in shares) 0 100,000 165,000
Expected life of options 10 years    
Stock Options      
Key assumptions used in estimating the grant date fair values of stock option awards granted      
Weighted-average grant date fair value (in dollars per share)   $ 15.21 $ 7.67
Risk-free rate (as a percent)   1.40% 1.20%
Expected life of options   6 years 6 months 6 years 3 months 18 days
Expected volatility (as a percent)   73.70% 60.70%
Expected quarterly dividends   $ 0 $ 0
v3.22.4
Employee Benefit Plans (Summary of Net Periodic Benefit Cost) (Details) - Employee Pension Plans - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Summary of net periodic benefit cost      
Interest cost $ 2,594 $ 2,349 $ 3,032
Service cost 945 935 925
Expected return on plan assets (3,890) (3,976) (4,022)
Recognized net actuarial losses 2,571 2,860 2,407
Net periodic benefit cost $ 2,220 $ 2,168 $ 2,342
Actuarial assumptions used to determine net cost:      
Discount rate (as a percent) 2.65% 2.24% 3.07%
Expected return on assets (as a percent) 5.75% 5.75% 5.75%
v3.22.4
Employee Benefit Plans (Target and Actual Asset Allocation for Pension Plan by Asset Category) (Details) - Employee Pension Plans
Dec. 31, 2022
Dec. 31, 2021
Pension Plan Assets    
Target asset allocation (as a percent) 100.00%  
Actual asset allocation (as a percent) 100.00% 100.00%
Cash    
Pension Plan Assets    
Target asset allocation (as a percent) 5.00%  
Actual asset allocation (as a percent) 5.00% 4.00%
Domestic Equity Funds    
Pension Plan Assets    
Target asset allocation (as a percent) 45.00%  
Actual asset allocation (as a percent) 46.00% 47.00%
International Equity Funds    
Pension Plan Assets    
Target asset allocation (as a percent) 20.00%  
Actual asset allocation (as a percent) 20.00% 16.00%
Fixed income funds    
Pension Plan Assets    
Target asset allocation (as a percent) 30.00%  
Actual asset allocation (as a percent) 29.00% 33.00%
v3.22.4
Employee Benefit Plans (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Pension Plan Assets        
Defined benefit plan, plan assets, contributions by employer   $ 2,000    
Net actuarial loss   49,300 $ 56,500  
Expense provision for 401 (k) plans   4,100 4,400 $ 4,300
Company contributions   32,300 41,200 $ 44,800
Hedge fund investments        
Pension Plan Assets        
Investments in hedge funds which do not have readily determinable fair values   11,600 12,800  
Employee Pension Plans        
Pension Plan Assets        
Defined benefit plan, plan assets, contributions by employer   $ 242 $ 1,235  
Discount rate (as a percent)   5.20% 2.70%  
Expected return on assets (as a percent)   5.75% 5.75% 5.75%
Employee Pension Plans | Forecast        
Pension Plan Assets        
Expected return on assets (as a percent) 6.30%      
v3.22.4
Employee Benefit Plans (Future Benefit Payments Under Defined Benefit Pension Plan) (Details)
$ in Thousands
Dec. 31, 2022
USD ($)
Future Benefit Payments  
2023 $ 6,891
2024 6,837
2025 6,741
2026 6,660
2027 6,541
2028-2032 29,956
Total future benefit payments $ 63,626
v3.22.4
Employee Benefit Plans (Reconciliation of Changes in Fair Value of Plan Assets, Plan Benefit Obligations and Funded Status) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Change in Fair Value of Plan Assets      
Company contribution $ 2,000    
Employee Pension Plans      
Change in Fair Value of Plan Assets      
Balance at beginning of year 73,375 $ 71,940  
Actual return on plan assets (10,865) 6,844  
Company contribution 242 1,235  
Benefit payments (6,595) (6,644)  
Balance at end of year 56,157 73,375 $ 71,940
Change in Benefit Obligations      
Balance at beginning of year 101,526 107,824  
Interest cost 2,594 2,349 3,032
Service cost 945 935 925
Assumption change gain (19,712) (3,921)  
Actuarial loss 300 983  
Benefit payments (6,595) (6,644)  
Balance at end of year $ 79,058 $ 101,526 $ 107,824
v3.22.4
Employee Benefit Plans (Amounts Recognized in Consolidated Balance Sheets) (Details) - Employee Pension Plans - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Funded Status    
Funded status $ (22,901) $ (28,151)
Net unfunded amounts recognized in Consolidated Balance Sheets consist of:    
Current liabilities (275) (292)
Long-term liabilities (22,626) (27,859)
Total net unfunded amount recognized in Consolidated Balance Sheets $ (22,901) $ (28,151)
v3.22.4
Employee Benefit Plans (Plan Assets at Fair Value) (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Equity partnerships      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Fair Value by Hierarchy and NAV [Extensible List] Fair Value Measured at Net Asset Value Per Share Fair Value Measured at Net Asset Value Per Share  
Hedge fund investments      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Fair Value by Hierarchy and NAV [Extensible List] Fair Value Measured at Net Asset Value Per Share Fair Value Measured at Net Asset Value Per Share  
Employee Pension Plans      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets $ 56,157 $ 73,375 $ 71,940
Employee Pension Plans | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets 41,685 57,499  
Employee Pension Plans | Level 1 | Non-Closely Held Funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets 41,685 57,499  
Employee Pension Plans | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets 2,872 3,057  
Employee Pension Plans | Level 2 | Non-Closely Held Funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets 2,872 3,057  
Employee Pension Plans | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets 0 0  
Employee Pension Plans | Level 3 | Non-Closely Held Funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets 0 0  
Employee Pension Plans | Fair Value, Inputs, Level 1, 2 and 3 | Non-Closely Held Funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets 44,557 60,556  
Employee Pension Plans | Fair Value Measured at Net Asset Value Per Share | Closely Held Funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets 11,600 12,819  
Employee Pension Plans | Cash and cash equivalents | Non-Closely Held Funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets 2,757 2,533  
Employee Pension Plans | Cash and cash equivalents | Level 1 | Non-Closely Held Funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets 2,757 2,533  
Employee Pension Plans | Cash and cash equivalents | Level 2 | Non-Closely Held Funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets 0 0  
Employee Pension Plans | Cash and cash equivalents | Level 3 | Non-Closely Held Funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets 0 0  
Employee Pension Plans | Fixed income funds | Non-Closely Held Funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets 4,436 3,057  
Employee Pension Plans | Fixed income funds | Level 1 | Non-Closely Held Funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets 1,564 0  
Employee Pension Plans | Fixed income funds | Level 2 | Non-Closely Held Funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets 2,872 3,057  
Employee Pension Plans | Fixed income funds | Level 3 | Non-Closely Held Funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets 0 0  
Employee Pension Plans | Mutual funds | Non-Closely Held Funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets 37,364 54,966  
Employee Pension Plans | Mutual funds | Level 1 | Non-Closely Held Funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets 37,364 54,966  
Employee Pension Plans | Mutual funds | Level 2 | Non-Closely Held Funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets 0 0  
Employee Pension Plans | Mutual funds | Level 3 | Non-Closely Held Funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets 0 0  
Employee Pension Plans | Equity partnerships | Closely Held Funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets 4,078 4,259  
Employee Pension Plans | Hedge fund investments | Closely Held Funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets $ 7,522 $ 8,560  
v3.22.4
Employee Benefit Plans (Benefit Obligations in Excess of the Fair Value of Plan's Assets) (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Employee Pension Plans      
Defined Benefit Plan Disclosure [Line Items]      
Projected benefit obligation $ 79,058 $ 101,526 $ 107,824
Accumulated benefit obligation 79,058 101,526  
Fair value of plans' assets 56,157 73,375 $ 71,940
Projected benefit obligation greater than fair value of plans' assets 22,901 28,151  
Accumulated benefit obligation greater than fair value of plans' assets 22,901 28,151  
Pension Plan      
Defined Benefit Plan Disclosure [Line Items]      
Projected benefit obligation 76,729 98,570  
Accumulated benefit obligation 76,729 98,570  
Fair value of plans' assets 56,157 73,375  
Projected benefit obligation greater than fair value of plans' assets 20,572 25,195  
Accumulated benefit obligation greater than fair value of plans' assets 20,572 25,195  
Benefit Equalization Plan      
Defined Benefit Plan Disclosure [Line Items]      
Projected benefit obligation 2,329 2,956  
Accumulated benefit obligation 2,329 2,956  
Fair value of plans' assets 0 0  
Projected benefit obligation greater than fair value of plans' assets 2,329 2,956  
Accumulated benefit obligation greater than fair value of plans' assets $ 2,329 $ 2,956  
v3.22.4
Employee Benefit Plans (Summary of Key Information for the Plans) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Multiemployer Plans [Line Items]      
Company contributions $ 32.3 $ 41.2 $ 44.8
The Pension, Hospitalization and Benefit Plan of the Electrical Industry - Pension Trust Fund      
Multiemployer Plans [Line Items]      
Pension Protections Act Zone Status Green Green  
Company contributions $ 6.7 $ 9.5 10.1
Surcharge Imposed No    
Expiration Date of Collective Bargaining Agreement Apr. 15, 2025    
Joint Pension Fund, Local Union 164 IBEW      
Multiemployer Plans [Line Items]      
Pension Protections Act Zone Status Green Green  
Company contributions $ 6.4 $ 6.8 2.5
Surcharge Imposed No    
Expiration Date of Collective Bargaining Agreement Apr. 30, 2026    
Excavators Union Local 731 Pension Fund      
Multiemployer Plans [Line Items]      
Pension Protections Act Zone Status Green Green  
Company contributions $ 4.0 $ 4.0 4.8
Surcharge Imposed No    
Expiration Date of Collective Bargaining Agreement Apr. 30, 2026    
Construction Laborers Pension Trust for Southern California      
Multiemployer Plans [Line Items]      
Pension Protections Act Zone Status Green Green  
Company contributions $ 3.4 $ 2.8 1.5
Surcharge Imposed No    
Expiration Date of Collective Bargaining Agreement Jun. 30, 2026    
Operating Engineers Pension Trust      
Multiemployer Plans [Line Items]      
Pension Protections Act Zone Status Yellow Yellow  
FIP/RP Status Pending or Implemented Implemented    
Company contributions $ 3.4 $ 2.4 1.5
Surcharge Imposed No    
Expiration Date of Collective Bargaining Agreement Jun. 30, 2025    
Carpenters Pension Trust Fund for Northern California      
Multiemployer Plans [Line Items]      
Pension Protections Act Zone Status Red Red  
FIP/RP Status Pending or Implemented Implemented    
Company contributions $ 2.4 $ 2.9 $ 4.6
Surcharge Imposed No    
Expiration Date of Collective Bargaining Agreement Jun. 30, 2023    
v3.22.4
Fair Value Measurements (Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Assets:    
Cash and cash equivalents maturity period (maximum) 3 months  
Fair Value, Measurements, Recurring    
Assets:    
Cash and cash equivalents $ 259,351 $ 202,197
Restricted cash 14,480 9,199
Restricted investments 91,556 84,355
Investments in lieu of retainage 88,328 86,328
Total 453,715 382,079
Fair Value, Measurements, Recurring | Level 1    
Assets:    
Cash and cash equivalents 259,351 202,197
Restricted cash 14,480 9,199
Restricted investments 0 0
Investments in lieu of retainage 20,100 27,472
Total 293,931 238,868
Fair Value, Measurements, Recurring | Level 2    
Assets:    
Cash and cash equivalents 0 0
Restricted cash 0 0
Restricted investments 91,556 84,355
Investments in lieu of retainage 68,228 58,856
Total 159,784 143,211
Fair Value, Measurements, Recurring | Level 3    
Assets:    
Cash and cash equivalents 0 0
Restricted cash 0 0
Restricted investments 0 0
Investments in lieu of retainage 0 0
Total 0 0
Money Market Funds    
Assets:    
Investments in lieu of retainage 20,100 27,500
Debt Securities | Fair Value, Measurements, Recurring | Level 1    
Assets:    
Investments in lieu of retainage $ 68,200 $ 58,900
v3.22.4
Fair Value Measures and Disclosures (Available for Sale) (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost $ 169,876 $ 143,084
Unrealized Gains 180 1,523
Unrealized Losses (10,272) (1,396)
Fair Value 159,784 143,211
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Less than 12 months, fair value 88,007 83,656
Less than 12 months, unrealized losses (3,199) (1,308)
12 Months or greater, fair value 67,173 2,652
12 Months or greater, unrealized losses (7,073) (88)
Total, fair value 155,180 86,308
Total, unrealized losses (10,272) (1,396)
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Fair Value [Abstract]    
Amortized cost, due within one year 20,301  
Fair value, due within one year 20,113  
Amortized cost, due after one year through five years 138,683  
Fair value, due after one year through five years 130,365  
Amortized cost, due after five years 10,892  
Fair value, due after five years 9,306  
Restricted investments:    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost 98,090 84,011
Unrealized Gains 14 999
Unrealized Losses (6,548) (655)
Fair Value 91,556 84,355
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Less than 12 months, fair value 53,454 37,170
Less than 12 months, unrealized losses (2,356) (572)
12 Months or greater, fair value 34,782 1,938
12 Months or greater, unrealized losses (4,192) (83)
Total, fair value 88,236 39,108
Total, unrealized losses (6,548) (655)
Investments in lieu of retention:    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost 71,786 59,073
Unrealized Gains 166 524
Unrealized Losses (3,724) (741)
Fair Value 68,228 58,856
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Less than 12 months, fair value 34,553 46,486
Less than 12 months, unrealized losses (843) (736)
12 Months or greater, fair value 32,391 714
12 Months or greater, unrealized losses (2,881) (5)
Total, fair value 66,944 47,200
Total, unrealized losses (3,724) (741)
Corporate debt securities | Restricted investments:    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost 53,452 46,649
Unrealized Gains 1 438
Unrealized Losses (3,550) (438)
Fair Value 49,903 46,649
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Less than 12 months, fair value 23,559 28,639
Less than 12 months, unrealized losses (733) (434)
12 Months or greater, fair value 25,842 207
12 Months or greater, unrealized losses (2,817) (4)
Total, fair value 49,401 28,846
Total, unrealized losses (3,550) (438)
Corporate debt securities | Investments in lieu of retention:    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost 70,968 58,261
Unrealized Gains 1 72
Unrealized Losses (3,724) (741)
Fair Value 67,245 57,592
U.S. government agency securities | Restricted investments:    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost 34,920 28,316
Unrealized Gains 13 459
Unrealized Losses (1,688) (133)
Fair Value 33,245 28,642
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Less than 12 months, fair value 24,834 5,382
Less than 12 months, unrealized losses (939) (97)
12 Months or greater, fair value 5,593 824
12 Months or greater, unrealized losses (749) (36)
Total, fair value 30,427 6,206
Total, unrealized losses (1,688) (133)
Municipal bonds | Restricted investments:    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost 9,211 8,475
Unrealized Gains 0 100
Unrealized Losses (1,257) (78)
Fair Value 7,954 8,497
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Less than 12 months, fair value 4,998 2,714
Less than 12 months, unrealized losses (672) (35)
12 Months or greater, fair value 2,956 907
12 Months or greater, unrealized losses (585) (43)
Total, fair value 7,954 3,621
Total, unrealized losses (1,257) (78)
Municipal bonds | Investments in lieu of retention:    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost 818 812
Unrealized Gains 165 452
Unrealized Losses 0 0
Fair Value 983 1,264
Corporate certificates of deposit | Restricted investments:    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost 507 571
Unrealized Gains 0 2
Unrealized Losses (53) (6)
Fair Value 454 567
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Less than 12 months, fair value 63 435
Less than 12 months, unrealized losses (12) (6)
12 Months or greater, fair value 391 0
12 Months or greater, unrealized losses (41) 0
Total, fair value 454 435
Total, unrealized losses $ (53) $ (6)
v3.22.4
Fair Value Measurements (Narrative) (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
2017 Senior Notes | 2017 Senior Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term debt, fair value $ 439.7 $ 504.9
Term Loan B    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term debt, fair value $ 389.5 $ 419.7
v3.22.4
Variable Interest Entities (VIEs) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Variable Interest Entity [Line Items]      
Current assets $ 3,678,771 $ 3,862,492  
Current liabilities 1,967,527 1,777,113  
Revenue $ 3,790,755 4,641,830 $ 5,318,763
Purple Line Extension Section2 and Section3      
Variable Interest Entity [Line Items]      
Percent interest in the joint venture 75.00%    
Purple Line Extension Section2 and Section3 | O&G      
Variable Interest Entity [Line Items]      
Noncontrolling interest, ownership percentage by noncontrolling owners 25.00%    
Purple Line Extension Section2 and Section3 | Joint Venture with O&G Industries      
Variable Interest Entity [Line Items]      
Revenue $ 2,800,000    
Newark Airport Terminal One Design Build Project      
Variable Interest Entity [Line Items]      
Percent interest in the joint venture 80.00%    
Newark Airport Terminal One Design Build Project | Joint Venture with Parsons      
Variable Interest Entity [Line Items]      
Revenue $ 1,400,000    
Newark Airport Terminal One Design Build Project | Parsons Corporation      
Variable Interest Entity [Line Items]      
Noncontrolling interest, ownership percentage by noncontrolling owners 20.00%    
Variable Interest Entity, Not Primary Beneficiary      
Variable Interest Entity [Line Items]      
Current assets $ 400 700  
Current liabilities   400  
Variable Interest Entity, Primary Beneficiary      
Variable Interest Entity [Line Items]      
Current assets 527,300 568,200  
Current liabilities 567,300 496,900  
Noncurrent assets $ 22,400 $ 3,000  
v3.22.4
Business Segments (Narrative) (Details)
 12 Months Ended
Dec. 31, 2022
segment
Segment Reporting [Abstract]  
Number of reportable segments 3
v3.22.4
Business Segments (Reportable Segments) (Details)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2022
USD ($)
project
$ / shares
Dec. 31, 2021
USD ($)
$ / shares
Dec. 31, 2020
USD ($)
$ / shares
Business Segments      
Revenue from external customers $ 3,790,755 $ 4,641,830 $ 5,318,763
Income (loss) from construction operations (204,764) 226,804 262,344
Capital expenditures 59,780 38,594 54,781
Depreciation and amortization $ 64,364 118,229 107,034
Number of mass-transit projects | project 2    
Favorable Adjustments Reflecting Improved Profitability on Mass-Transit Project      
Business Segments      
Favorable arbitration   16,300  
Favorable arbitration, after tax   $ 13,500  
Favorable arbitration, after tax, diluted (in dollars per share) | $ / shares   $ 0.26  
Operating Segments      
Business Segments      
Revenue from external customers $ 4,075,967 $ 5,138,702 5,814,687
Income (loss) from construction operations (139,730) 284,974 316,196
Capital expenditures 54,697 37,902 53,839
Depreciation and amortization 54,934 107,716 95,936
Corporate, Non-Segment      
Business Segments      
Income (loss) from construction operations (65,034) (58,170) (53,852)
Capital expenditures 5,083 692 942
Depreciation and amortization 9,430 10,513 11,098
Intersegment Eliminations      
Business Segments      
Revenue from external customers (285,212) (496,872) (495,924)
Civil      
Business Segments      
Revenue from external customers 1,734,882 2,095,760 2,199,899
Civil | Unfavorable Legal Ruling Pertaining to Mass-Transit Project in California      
Business Segments      
Loss contingency (38,800)    
Loss contingency, after tax $ (30,700)    
Loss contingency, loss in period, after tax, per share, diluted (in dollars per share) | $ / shares $ (0.60)    
Civil | Unfavorable Adjustment Due to Civil Segment Highway Project in the Northeast      
Business Segments      
Loss contingency $ (26,200)    
Loss contingency, after tax $ (18,900)    
Loss contingency, loss in period, after tax, per share, diluted (in dollars per share) | $ / shares $ (0.37)    
Civil | Adverse Legal Ruling Pertaining to Bridge Project in New York      
Business Segments      
Loss contingency $ (25,500)    
Loss contingency, after tax $ (18,400)    
Loss contingency, loss in period, after tax, per share, diluted (in dollars per share) | $ / shares $ (0.36)    
Civil | Unfavorable Adjustments Due to Civil Segment Mass-transit Project in California      
Business Segments      
Loss contingency $ (24,700)    
Loss contingency, after tax $ (17,900)    
Loss contingency, loss in period, after tax, per share, diluted (in dollars per share) | $ / shares $ (0.35)    
Civil | Unfavorable Settlement due to Project in Maryland      
Business Segments      
Loss contingency $ (16,200)    
Loss contingency, after tax $ (11,700)    
Loss contingency, loss in period, after tax, per share, diluted (in dollars per share) | $ / shares $ (0.23)    
Civil | Unfavorable Non-cash Adjustment on Mass-transit Project in the Northeast      
Business Segments      
Loss contingency $ (10,000)    
Loss contingency, after tax $ (7,200)    
Loss contingency, loss in period, after tax, per share, diluted (in dollars per share) | $ / shares $ (0.14)    
Civil | Favorable Operations Impacted in the Bridge Project Midwest      
Business Segments      
Loss contingency $ (12,700)    
Loss contingency, after tax $ (9,100)    
Loss contingency, loss in period, after tax, per share, diluted (in dollars per share) | $ / shares $ (0.18)    
Civil | Unfavorable Adjustment Due to Changes in Estimates on Transportation Project in the Northeast      
Business Segments      
Favorable arbitration   (26,600)  
Favorable arbitration, after tax   (20,500)  
Civil | Favorable Adjustments Reflecting Improved Profitability on Mass-Transit Project      
Business Segments      
Favorable arbitration   29,000  
Favorable arbitration, after tax   $ 20,900  
Favorable arbitration, after tax, diluted (in dollars per share) | $ / shares   $ 0.41  
Civil | Operating Segments      
Business Segments      
Revenue from external customers $ 1,956,968 $ 2,443,828 2,565,210
Income (loss) from construction operations 21,123 266,214 245,835
Capital expenditures 49,819 37,067 51,044
Depreciation and amortization 51,123 102,723 90,250
Civil | Intersegment Eliminations      
Business Segments      
Revenue from external customers (222,086) (348,068) (365,311)
Building      
Business Segments      
Revenue from external customers 1,242,571 1,428,102 1,984,641
Building | Unfavorable Adjustment Adverse Legal Ruling on Hospitality Project in Florida      
Business Segments      
Loss contingency (11,300)    
Loss contingency, after tax $ (8,100)    
Loss contingency, loss in period, after tax, per share, diluted (in dollars per share) | $ / shares $ (0.16)    
Building | Operating Segments      
Business Segments      
Revenue from external customers $ 1,305,468 1,574,759 2,114,459
Income (loss) from construction operations 7,166 28,721 53,158
Capital expenditures 2,333 359 878
Depreciation and amortization 1,713 1,677 1,703
Building | Intersegment Eliminations      
Business Segments      
Revenue from external customers (62,897) (146,657) (129,818)
Specialty Contractors      
Business Segments      
Revenue from external customers 813,302 1,117,968 1,134,223
Specialty Contractors | Unfavorable Adjustment Due to Electrical Project in the Northeast      
Business Segments      
Loss contingency (46,200)    
Loss contingency, after tax $ (33,500)    
Loss contingency, loss in period, after tax, per share, diluted (in dollars per share) | $ / shares $ (0.65)    
Specialty Contractors | Unfavorable Non-cash Adjustment Due to Appellate Court Decision Involving a Completed Mass-transit Project in New York      
Business Segments      
Loss contingency $ (43,200)    
Loss contingency, after tax $ (31,400)    
Loss contingency, loss in period, after tax, per share, diluted (in dollars per share) | $ / shares $ (0.61)    
Specialty Contractors | Legal Appeal Due to Electrical Project in the New York      
Business Segments      
Loss contingency $ (17,800)    
Loss contingency, after tax $ (12,900)    
Loss contingency, loss in period, after tax, per share, diluted (in dollars per share) | $ / shares $ (0.25)    
Specialty Contractors | Unfavorable Non-cash Adjustments on Mechanical Project in the Northeast      
Business Segments      
Loss contingency $ (11,300)    
Loss contingency, after tax $ (8,200)    
Loss contingency, loss in period, after tax, per share, diluted (in dollars per share) | $ / shares $ (0.16)    
Specialty Contractors | Unfavorable Non-cash Adjustments on Another Mechanical Project, Northeast      
Business Segments      
Loss contingency $ (11,100)    
Loss contingency, after tax $ (8,000)    
Loss contingency, loss in period, after tax, per share, diluted (in dollars per share) | $ / shares $ (0.16)    
Specialty Contractors | Favorable Legal Ruling Pertaining to Electrical Project in New York      
Business Segments      
Favorable arbitration   20,100  
Favorable arbitration, after tax   $ 14,500  
Favorable arbitration, after tax, diluted (in dollars per share) | $ / shares   $ 0.28  
Specialty Contractors | Unfavorable Adjustment Due to Transportation Project      
Business Segments      
Loss contingency   $ 19,000  
Loss contingency, after tax   $ 13,700  
Loss contingency, after tax, diluted (in dollars per share) | $ / shares   $ (0.27)  
Specialty Contractors | Unfavorable Adjustments Due to Second Transportation Project      
Business Segments      
Loss contingency   $ 17,600  
Loss contingency, after tax   $ 12,700  
Loss contingency, after tax, diluted (in dollars per share) | $ / shares   $ (0.25)  
Specialty Contractors | Unfavorable Adjustments Due to Electrical Project in New York      
Business Segments      
Loss contingency   $ 16,200  
Loss contingency, after tax   $ 11,700  
Loss contingency, after tax, diluted (in dollars per share) | $ / shares   $ (0.23)  
Specialty Contractors | Unfavorable Legal Ruling Pertaining to Mechanical Project in California      
Business Segments      
Loss contingency     (15,200)
Loss contingency, after tax     $ (11,000)
Loss contingency, after tax, diluted (in dollars per share) | $ / shares     $ 0.22
Specialty Contractors | Adverse Arbitration Ruling Pertaining to Electrical Project in New York      
Business Segments      
Loss contingency     $ (13,200)
Loss contingency, after tax     $ (9,600)
Loss contingency, after tax, diluted (in dollars per share) | $ / shares     $ 0.19
Specialty Contractors | Favorable Arbitration Decision      
Business Segments      
Favorable arbitration     $ 25,700
Favorable arbitration, after tax     $ 18,600
Favorable arbitration, after tax, diluted (in dollars per share) | $ / shares     $ 0.36
Specialty Contractors | Operating Segments      
Business Segments      
Revenue from external customers $ 813,531 $ 1,120,115 $ 1,135,018
Income (loss) from construction operations (168,019) (9,961) 17,203
Capital expenditures 2,545 476 1,917
Depreciation and amortization 2,098 3,316 3,983
Specialty Contractors | Intersegment Eliminations      
Business Segments      
Revenue from external customers (229) $ (2,147) $ (795)
Civil and Building | Unfavorable Adjustment Due to Changes in Estimates on Transportation Project in the Northeast      
Business Segments      
Loss contingency (31,400)    
Loss contingency, after tax $ (24,400)    
Loss contingency, loss in period, after tax, per share, diluted (in dollars per share) | $ / shares $ (0.48)    
Favorable arbitration, after tax, diluted (in dollars per share) | $ / shares   $ (0.40)  
v3.22.4
Business Segments (Reconciliation of Segment Results to Consolidated Income Before Income Taxes) (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Total assets $ 4,542,800 $ 4,724,898
Corporate, Non-Segment    
Total assets (242,485) (198,449)
Civil | Operating Segments    
Total assets 3,402,934 3,310,648
Building | Operating Segments    
Total assets 898,816 980,989
Specialty Contractors | Operating Segments    
Total assets $ 483,535 $ 631,710
v3.22.4
Business Segments (Principal Geographical Areas) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Principal Geographical Areas Information      
Revenue from external customers $ 3,790,755 $ 4,641,830 $ 5,318,763
Total assets 4,542,800 4,724,898  
Civil      
Principal Geographical Areas Information      
Revenue from external customers $ 1,734,882 2,095,760 2,199,899
Civil, Building, and Specialty Contractors | Customer Concentration Risk | Revenue Benchmark      
Principal Geographical Areas Information      
Concentration risk, percentage 16.30%    
United States      
Principal Geographical Areas Information      
Revenue from external customers $ 3,424,574 4,267,734 4,953,045
Total assets 4,199,604 4,479,873  
Foreign and U.S. territories      
Principal Geographical Areas Information      
Revenue from external customers 366,181 374,096 $ 365,718
Total assets $ 343,196 $ 245,025  
v3.22.4
Business Segments Reconciliation of Segment Information to Consolidated Amounts (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Segment Reporting [Abstract]      
Income (loss) from construction operations $ (204,764) $ 226,804 $ 262,344
Other income (expense) 6,732 2,004 (11,853)
Interest expense (69,638) (69,026) (76,212)
Income (loss) before income taxes $ (267,670) $ 159,782 $ 174,279
v3.22.4
Related Party Transactions (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2022
USD ($)
project
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Nov. 04, 2022
USD ($)
Related Party Transactions        
Expenses incurred with related party $ 4.6 $ 4.6 $ 3.2  
Acquisition of property, market value       $ 4.1
Number of mass-transit projects | project 2      
Chairman and Chief Executive Officer        
Related Party Transactions        
Related party, payment for leases $ 3.8 3.6 3.2  
O&G        
Related Party Transactions        
Ownership percentage in joint venture 75.00%      
Related party ownership percentage in joint venture 25.00%      
O&G | Project in Los Angeles, California        
Related Party Transactions        
Number of construction projects | project 2      
Alliant        
Related Party Transactions        
Insurance expense $ 11.4 16.4 $ 16.0  
Owed to related party $ 1.6 $ 1.5