TUTOR PERINI CORP, 10-K filed on 2/24/2022
Annual Report
v3.22.0.1
Cover - USD ($)
 12 Months Ended
Dec. 31, 2021
Feb. 17, 2022
Jun. 30, 2021
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2021    
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 Yes    
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     $ 573,656,973
Entity Common Stock, Shares Outstanding (in shares)   51,095,706  
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 2022, 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 2021    
Document Fiscal Period Focus FY    
Auditor Firm ID 34    
Auditor Name Deloitte & Touche LLP    
Auditor Location Los Angeles, California    
v3.22.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Income Statement [Abstract]      
REVENUE $ 4,641,830 $ 5,318,763 $ 4,450,832
COST OF OPERATIONS (4,175,439) (4,832,610) (4,209,060)
GROSS PROFIT 466,391 486,153 241,772
General and administrative expenses (239,587) (223,809) (226,916)
Goodwill impairment 0 0 (379,863)
INCOME (LOSS) FROM CONSTRUCTION OPERATIONS 226,804 262,344 (365,007)
Other income (expense) 2,004 (11,853) 6,667
Interest expense (69,026) (76,212) (67,494)
INCOME (LOSS) BEFORE INCOME TAXES 159,782 174,279 (425,834)
Income tax (expense) benefit (25,632) (21,942) 65,609
NET INCOME (LOSS) 134,150 152,337 (360,225)
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS 42,225 43,943 27,465
NET INCOME (LOSS) ATTRIBUTABLE TO TUTOR PERINI CORPORATION $ 91,925 $ 108,394 $ (387,690)
BASIC EARNINGS (LOSS) PER COMMON SHARE (in dollars per share) $ 1.80 $ 2.14 $ (7.72)
DILUTED EARNINGS (LOSS) PER COMMON SHARE (in dollars per share) $ 1.79 $ 2.12 $ (7.72)
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING:      
Basic (in shares) 51,017 50,656 50,220
Diluted (in shares) 51,369 51,077 50,220
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Statement of Comprehensive Income [Abstract]      
NET INCOME (LOSS) $ 134,150 $ 152,337 $ (360,225)
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:      
Defined benefit pension plan adjustments 6,221 (6,261) 844
Foreign currency translation adjustments (325) 279 1,337
Unrealized gain (loss) in fair value of investments (2,650) 1,571 1,561
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX 3,246 (4,411) 3,742
COMPREHENSIVE INCOME (LOSS) 137,396 147,926 (356,483)
LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS 42,365 44,173 27,858
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO TUTOR PERINI CORPORATION $ 95,031 $ 103,753 $ (384,341)
v3.22.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
CURRENT ASSETS:    
Cash and cash equivalents ($102,679 and $105,735 related to VIEs) $ 202,197 $ 374,289
Restricted cash 9,199 77,563
Restricted investments 84,355 78,912
Accounts receivable ($116,415 and $86,012 related to VIEs) 1,454,319 1,415,063
Retainage receivable ($162,259 and $122,335 related to VIEs) 568,881 648,441
Costs and estimated earnings in excess of billings ($143,105 and $39,846 related to VIEs) 1,356,768 1,236,734
Other current assets ($43,718 and $51,746 related to VIEs) 186,773 249,455
Total current assets 3,862,492 4,080,457
PROPERTY AND EQUIPMENT:    
Land 40,175 44,167
Building and improvements 116,146 116,422
Construction equipment 580,909 570,675
Other equipment 175,832 192,247
Total property and equipment, gross 913,062 923,511
Less accumulated depreciation (483,417) (434,294)
Total property and equipment, net ($2,203 and $12,840 related to VIEs) 429,645 489,217
GOODWILL 205,143 205,143
INTANGIBLE ASSETS, NET 85,068 123,115
OTHER ASSETS 142,550 147,685
TOTAL ASSETS 4,724,898 5,045,617
CURRENT LIABILITIES:    
Current maturities of long-term debt, net of unamortized discount and debt issuance costs totaling $0 and $2,040 24,406 100,188
Accounts payable ($96,097 and $116,461 related to VIEs) 512,056 794,611
Retainage payable ($37,007 and $26,439 related to VIEs) 268,945 315,135
Billings in excess of costs and estimated earnings ($355,270 and $362,427 related to VIEs) 761,689 839,222
Accrued expenses and other current liabilities ($8,566 and $9,595 related to VIEs) 210,017 215,207
Total current liabilities 1,777,113 2,264,363
LONG-TERM DEBT, less current maturities, net of unamortized discount and debt issuance costs totaling $17,109 and $20,209 969,248 925,277
DEFERRED INCOME TAXES 70,989 82,966
OTHER LONG-TERM LIABILITIES 233,828 230,066
TOTAL LIABILITIES 3,051,178 3,502,672
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 51,095,706 and 50,827,205 shares 51,096 50,827
Additional paid-in capital 1,133,150 1,127,385
Retained earnings 514,310 422,385
Accumulated other comprehensive loss (43,635) (46,741)
Total stockholders' equity 1,654,921 1,553,856
Noncontrolling interests 18,799 (10,911)
TOTAL EQUITY 1,673,720 1,542,945
TOTAL LIABILITIES AND EQUITY $ 4,724,898 $ 5,045,617
v3.22.0.1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Cash and cash equivalent $ 202,197 $ 374,289
Accounts receivable 1,454,319 1,415,063
Retainage receivable 568,881 648,441
Costs and estimated earnings in excess of billings 1,356,768 1,236,734
Other current assets 186,773 249,455
Property and equipment, net 429,645 489,217
Unamortized discount and debt issuance costs, current 0 2,040
Accounts payable 512,056 794,611
Retainage payable 268,945 315,135
Billings in excess of costs and estimated earnings 761,689 839,222
Accrued expenses and other current liabilities 210,017 215,207
Unamortized discount and debt issuance costs, non-current $ 17,109 $ 20,209
Preferred stock, shares authorized 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) 51,095,706 50,827,205
Common stock, shares outstanding (in shares) 51,095,706 50,827,205
Variable Interest Entity, Primary Beneficiary    
Cash and cash equivalent $ 102,679 $ 105,735
Accounts receivable 116,415 86,012
Retainage receivable 162,259 122,335
Costs and estimated earnings in excess of billings 143,105 39,846
Other current assets 43,718 51,746
Property and equipment, net 2,203 12,840
Accounts payable 96,097 116,461
Retainage payable 37,007 26,439
Billings in excess of costs and estimated earnings 355,270 362,427
Accrued expenses and other current liabilities $ 8,566 $ 9,595
v3.22.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash Flows from Operating Activities:      
Net income (loss) $ 134,150 $ 152,337 $ (360,225)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Goodwill impairment 0 0 379,863
Depreciation 82,732 74,879 58,818
Amortization of intangible assets 35,497 32,155 6,226
Share-based compensation expense 11,642 11,833 19,143
Change in debt discounts and deferred debt issuance costs 5,756 20,153 13,207
Deferred income taxes (13,887) 48,253 (71,609)
Gain on remeasurement of investment in joint venture 0 0 (37,792)
(Gain) loss on sale of property and equipment 2,639 (1,673) (4,688)
Changes in other components of working capital, net of balances acquired (422,227) (169,976) 131,257
Other long-term liabilities 14,766 4,352 1,863
Other, net 478 459 467
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES (148,454) 172,772 136,530
Cash Flows from Investing Activities:      
Business acquisition, cash balance acquired net of cash paid 0 0 6,607
Acquisition of property and equipment (38,594) (54,781) (84,196)
Proceeds from sale of property and equipment 7,245 14,550 12,581
Investments in securities (30,761) (31,331) (35,167)
Proceeds from maturities and sales of investments in securities 24,771 25,204 24,120
NET CASH USED IN INVESTING ACTIVITIES (37,339) (46,358) (76,055)
Cash Flows from Financing Activities:      
Proceeds from debt 740,743 1,301,282 931,594
Repayment of debt (777,762) (1,119,887) (870,277)
Cash payments related to share-based compensation (1,989) (1,397) (2,363)
Distributions paid to noncontrolling interests (22,655) (48,467) (46,500)
Contributions from noncontrolling interests 7,000 3,000 9,813
Debt issuance, extinguishment and modification costs 0 (11,194) (504)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (54,663) 123,337 21,763
Net increase (decrease) in cash, cash equivalents and restricted cash (240,456) 249,751 82,238
Cash, cash equivalents and restricted cash at beginning of year 451,852 202,101 119,863
Cash, cash equivalents and restricted cash at end of year $ 211,396 $ 451,852 $ 202,101
v3.22.0.1
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)
$ in Thousands
Total
Cumulative Effect, Period of Adoption, Adjustment
Common Stock
Additional Paid-in Capital
Retained Earnings
Retained Earnings
Cumulative Effect, Period of Adoption, Adjustment
Accumulated Other Comprehensive Loss
Noncontrolling Interests
Noncontrolling Interests
Cumulative Effect, Period of Adoption, Adjustment
Beginning Balance at Dec. 31, 2018 $ 1,787,889   $ 50,026 $ 1,102,919 $ 701,681   $ (45,449) $ (21,288)  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income (loss) (360,225) $ (360,225)       $ (387,690)     $ 27,465
Other comprehensive income (loss) 3,742           3,349 393  
Share-based compensation 17,571     17,571          
Issuance of common stock, net (2,265)   253 (2,518)          
Contributions from noncontrolling interests 9,813             9,813  
Distributions to noncontrolling interests (46,500)             (46,500)  
Recognized fair value of noncontrolling interest in joint venture upon consolidation 20,500             20,500  
Ending 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) 152,337 152,337       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 $ 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  
v3.22.0.1
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2021
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, 2021 as a result of the $379.9 million impairment loss recognized in 2019. 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 2021 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 2021 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 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)202120202019
Net income (loss) attributable to Tutor Perini Corporation$91,925 $108,394 $(387,690)
Weighted-average common shares outstanding, basic51,017 50,656 50,220 
Effect of dilutive restricted stock units and stock options352 421 — 
Weighted-average common shares outstanding, diluted51,369 51,077 50,220 
Net income (loss) attributable to Tutor Perini Corporation per common share:
Basic$1.80 $2.14 $(7.72)
Diluted$1.79 $2.12 $(7.72)
Anti-dilutive securities not included above1,892 1,862 3,640 
For the year ended December 31, 2019, 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)20212020
Cash and cash equivalents available for general corporate purposes$60,192 $210,841 
Joint venture cash and cash equivalents142,005 163,448 
Cash and cash equivalents202,197 374,289 
Restricted cash9,199 77,563 
Total cash, cash equivalents and restricted cash$211,396 $451,852 
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. As of December 31, 2020, restricted cash also included $69.9 million held to repay the outstanding principal balance of Convertible Notes, which matured and were repaid on June 15, 2021.
(l) Restricted Investments
The Company has restricted investments primarily held as collateral to secure insurance-related contingent obligations, such as insurance claim deductibles, in lieu of letters of credit. Restricted investments are primarily comprised of investments in U.S. government agency securities and corporate debt securities that are rated A3 or better.
(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. 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 vest immediately upon grant 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.
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 accumulated other comprehensive income (loss) (“AOCI”).
The components of other comprehensive income (loss) and the related tax effects for the years ended December 31, 2021, 2020 and 2019 were as follows:
Year Ended December 31,
202120202019
(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$8,665 $(2,444)$6,221 $(8,700)$2,439 $(6,261)$1,180 $(336)$844 
Foreign currency translation adjustment(508)183 (325)178 101 279 1,867 (530)1,337 
Unrealized gain (loss) in fair value of investments(3,440)790 (2,650)2,015 (444)1,571 1,982 (421)1,561 
Total other comprehensive income (loss)$4,717 $(1,471)$3,246 $(6,507)$2,096 $(4,411)$5,029 $(1,287)$3,742 
Less: Other comprehensive income attributable to noncontrolling interests(a)
140 — 140 230 — 230 393 — 393 
Total other comprehensive income (loss) attributable to Tutor Perini Corporation$4,577 $(1,471)$3,106 $(6,737)$2,096 $(4,641)$4,636 $(1,287)$3,349 
________________________________________________________________________________________
(a)The only component of other comprehensive income (loss) attributable to noncontrolling interests is foreign currency translation.
The changes in AOCI balances by component (after tax) attributable to Tutor Perini Corporation during the years ended December 31, 2021, 2020 and 2019 were as follows:
(in thousands)Defined Benefit Pension PlanForeign Currency TranslationUnrealized Gain (Loss) in Fair
Value of Investments		Accumulated Other Comprehensive
Income (Loss)
Attributable to Tutor Perini Corporation:
Balance as of December 31, 2018$(38,670)$(6,315)$(464)$(45,449)
Other comprehensive income (loss) before reclassifications(539)944 1,621 2,026 
Amounts reclassified from AOCI1,383 — (60)1,323 
Balance as of December 31, 2019$(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)
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, 2021, 2020 and 2019 are as follows:
Location in ConsolidatedYear Ended December 31,
(in thousands)Statements of Operations202120202019
Component of AOCI:
Defined benefit pension plan adjustmentsOther income (expense)$2,861 $2,407 $1,933 
Income tax benefitIncome tax expense (benefit)(807)(675)(550)
Net of tax$2,054 $1,732 $1,383 
Unrealized gain in fair value of investment adjustmentsOther income (expense)$(352)$(315)$(76)
Income tax expenseIncome tax expense (benefit)74 66 16 
Net of tax$(278)$(249)$(60)
(p) Recent Accounting Pronouncements
In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, Simplifying the Accounting for Income Taxes (“ASU 2019-12”), modifying Accounting Standards Codification (“ASC”) 740, Income Taxes (“ASC 740”). The amendments in ASU 2019-12, among other things, remove certain exceptions to the general principles in ASC 740 and seek more consistent application by clarifying and amending the existing guidance. The Company adopted this ASU effective January 1, 2021. The adoption of ASU 2019-12 did not have a material impact on the Company’s financial position, results of operations or cash flows.
v3.22.0.1
Consolidated Statements of Cash Flows
 12 Months Ended
Dec. 31, 2021
Supplemental Cash Flow Elements [Abstract]  
Consolidated Statements of Cash Flows Consolidated Statements of Cash Flows
Below are the changes in other components of working capital, net of balances related to incremental interest acquired in a Civil segment joint venture during 2019 (see Note 6), as shown in the Consolidated Statements of Cash Flows, as well as the supplemental disclosures of cash paid for interest, income taxes and non-cash investing activities:
Year Ended December 31,
(in thousands)202120202019
(Increase) Decrease in:
Accounts receivable$(31,972)$(104,901)$(81,983)
Retainage receivable78,618 (85,769)(78,520)
Costs and estimated earnings in excess of billings(120,034)(113,190)18,751 
Other current assets62,371 (49,468)(76,146)
(Decrease) Increase in:
Accounts payable(283,482)111,912 53,999 
Retainage payable(46,190)62,954 35,013 
Billings in excess of costs and estimated earnings(77,533)(5,168)245,292 
Accrued expenses and other current liabilities(4,005)13,654 14,851 
Changes in other components of working capital$(422,227)$(169,976)$131,257 
Supplemental disclosures:
Interest paid$63,762 $57,038 $56,137 
Income taxes paid (refunded), net$(8,299)$11,204 $43,374 
Non-cash investing activities:
Real property acquired in settlement of a receivable$— $11,660 $— 
Receivable recognized from sale of subsidiary$4,163 $— $— 
v3.22.0.1
Revenue
 12 Months Ended
Dec. 31, 2021
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, 2021, 2020 and 2019.
Year Ended December 31,
(in thousands)202120202019
Civil segment revenue by end market:
Mass transit (includes certain transportation and tunneling projects)$1,417,196 $1,367,412 $992,755 
Bridges238,345 306,161 334,117 
Military defense facilities194,701 146,969 59,082 
Water98,739 101,705 33,370 
Highways55,666 122,254 86,747 
Other91,113 155,398 273,281 
Total Civil segment revenue$2,095,760 $2,199,899 $1,779,352 
Year Ended December 31,
(in thousands)202120202019
Building segment revenue by end market:
Commercial and industrial facilities$352,265 $580,297 $459,806 
Hospitality and gaming338,998 474,329 297,700 
Municipal and government291,629 287,337 254,736 
Education facilities159,929 173,472 143,382 
Mass transit (includes transportation projects)130,923 218,930 201,400 
Health care facilities64,042 117,968 239,299 
Other90,316 132,308 145,717 
Total Building segment revenue$1,428,102 $1,984,641 $1,742,040 
Year Ended December 31,
(in thousands)202120202019
Specialty Contractors segment revenue by end market:
Mass transit (includes certain transportation and tunneling projects)$588,162 $592,430 $419,402 
Commercial and industrial facilities139,751 152,868 186,819 
Multi-unit residential133,085 139,924 83,903 
Water90,887 73,769 37,403 
Education facilities50,572 44,762 70,229 
Mixed use44,660 47,022 64,302 
Other70,851 83,448 67,382 
Total Specialty Contractors segment revenue$1,117,968 $1,134,223 $929,440 
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, 2019
(in thousands)CivilBuildingSpecialty
Contractors		Total
Revenue by customer type:
State and local agencies$1,401,001 $573,049 $496,195 $2,470,245 
Federal agencies116,869 153,467 11,326 281,662 
Private owners261,482 1,015,524 421,919 1,698,925 
Total revenue$1,779,352 $1,742,040 $929,440 $4,450,832 
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, 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 
Year Ended December 31, 2019
(in thousands)CivilBuildingSpecialty
Contractors		Total
Revenue by contract type:
Fixed price$1,315,195 $561,831 $769,410 $2,646,436 
Guaranteed maximum price6,951 752,110 21,291 780,352 
Unit price436,015 12,063 91,803 539,881 
Cost plus fee and other21,191 416,036 46,936 484,163 
Total revenue$1,779,352 $1,742,040 $929,440 $4,450,832 
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, 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. Revenue was negatively impacted during the year ended December 31, 2019 related to performance obligations satisfied (or partially satisfied) in prior periods by a net $177.5 million for various projects, including a $123.9 million revenue impact that resulted from the charge related to the Alaskan Way Viaduct Matter discussed in Note 8.
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, 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. As of December 31, 2020, the aggregate amounts of the transaction prices allocated to the remaining performance obligations of the Company’s construction contracts were $4.8 billion, $1.5 billion and $1.8 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.
v3.22.0.1
Contract Assets and Liabilities
 12 Months Ended
Dec. 31, 2021
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 retainage 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)20212020
Retainage receivable$568,881 $648,441 
Costs and estimated earnings in excess of billings:
Claims833,352 752,783 
Unapproved change orders418,054 415,489 
Other unbilled costs and profits105,362 68,462 
Total costs and estimated earnings in excess of billings1,356,768 1,236,734 
Capitalized contract costs69,027 74,452 
Total contract assets$1,994,676 $1,959,627 
Retainage 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. Retainage 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, 2021, the amount of retainage receivable estimated by management to be collected beyond one year is approximately 31% 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, 2021 estimated by management to be collected beyond one year is approximately $795.2 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, 2021, 2020 and 2019, $47.3 million, $46.7 million and $33.8 million, respectively, of previously capitalized contract costs were amortized and recognized as expense on the related contracts.
Contract liabilities include amounts owed under retainage 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)20212020
Retainage payable$268,945 $315,135 
Billings in excess of costs and estimated earnings761,689 839,222 
Total contract liabilities$1,030,634 $1,154,357 
Retainage 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, retainage payable is not remitted to subcontractors until the associated retainage receivable from customers is collected. As of December 31, 2021, the amount of retainage payable estimated by management to be remitted beyond one year is approximately 24% 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, 2021, 2020 and 2019 and included in the opening billings in excess of costs and estimated earnings balances for each period totaled $638.7 million, $690.7 million and $479.6 million, respectively.
v3.22.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Income (loss) before income taxes is summarized as follows:
Year Ended December 31,
(in thousands)202120202019
United States operations$118,749 $138,426 $(456,403)
Foreign and U.S. territory operations41,033 35,853 30,569 
Total$159,782 $174,279 $(425,834)
The income tax expense (benefit) is as follows:
Year Ended December 31,
(in thousands)202120202019
Current expense (benefit):
Federal$20,052 $(36,159)$(2,884)
State7,899 (1,282)3,585 
Foreign and U.S. territories11,568 11,130 5,299 
Total current expense (benefit):39,519 (26,311)6,000 
Deferred expense (benefit):
Federal(13,667)38,667 (43,579)
State36 10,608 (27,566)
Foreign and U.S. territories(256)(1,022)(464)
Total deferred expense (benefit):(13,887)48,253 (71,609)
Total expense (benefit):$25,632 $21,942 $(65,609)
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,
202120202019
(dollars in thousands)AmountRateAmountRateAmountRate
Federal income tax expense (benefit) at statutory tax rate$33,554 21.0 %$36,599 21.0 %$(89,425)21.0 %
State income taxes, net of federal tax benefit8,301 5.2 8,518 4.9 (18,442)4.3 
Stock based compensation87 0.1 3,185 1.8 1,706 (0.4)
Impact of federal tax law changes— — (14,476)(8.3)— — 
Officers' compensation3,664 2.3 2,486 1.4 2,938 (0.7)
Goodwill impairment— — — — 43,990 (10.3)
Noncontrolling interests(8,872)(5.6)(9,799)(5.6)(6,064)1.4 
Federal R&D credits(1,105)(0.7)(3,007)(1.7)(3,998)0.9 
Foreign tax rate differences(625)(0.4)1,491 0.9 4,940 (1.2)
Federal claim of right credit(8,191)(5.1)— — — — 
Other(1,181)(0.8)(3,055)(1.8)(1,254)0.4 
Income tax expense (benefit)$25,632 16.0 %$21,942 12.6 %$(65,609)15.4 %
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 to be uncollectible.
The Company's provision for income taxes and effective tax rate for the year ended December 31, 2020 was significantly impacted by a change in tax law. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed into law. A major provision of the CARES Act allows 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 was able to recognize tax benefits in excess of the current federal statutory rate of 21% due to the effects of carrying back its net operating loss arising in 2019 to tax years in which the federal statutory rate was 35%.
The Company’s provision for income taxes and effective tax rate for the year ended December 31, 2019 was significantly impacted by the goodwill impairment charge discussed in Note 6. Of the total goodwill impairment charge of $379.9 million, approximately $209.5 million pertained to goodwill that was not tax deductible and yielded permanent differences between
book income and taxable income. For the year ended December 31, 2019, the Company recognized U.S. federal and state tax benefits totaling $49.4 million as a result of the impairment charge.
The following is a summary of the significant components of the deferred tax assets and liabilities:
As of December 31,
(in thousands)20212020
Deferred tax assets:
Timing of expense recognition$28,710 $24,470 
Net operating losses15,824 19,968 
Goodwill11,698 19,315 
Other, net13,125 10,155 
Deferred tax assets69,357 73,908 
Deferred tax liabilities:
Intangible assets, due primarily to purchase accounting(16,453)(15,212)
Fixed assets(70,128)(76,567)
Construction contract accounting(9,196)(9,769)
Joint ventures(26,764)(41,669)
Other(15,672)(11,962)
Deferred tax liabilities(138,213)(155,179)
Net deferred tax liabilities$(68,856)$(81,271)
As of December 31, 2021, the Company had net operating loss carryforwards in various states totaling $166.0 million with expiration dates ranging from 2022 to 2040. As of December 31, 2020, the Company had net operating loss carryforwards in various states totaling $196.5 million. As of December 31, 2021, the Company had federal and state tax credit carryforwards of approximately $0.1 million and $2.6 million, respectively. As of December 31, 2020, the Company had federal and state tax credit carryforwards of approximately $1.4 million and $2.0 million, respectively.
The net deferred tax liabilities are presented in the Consolidated Balance Sheets as follows:
As of December 31,
(in thousands)20212020
Deferred tax assets$2,133 $1,695 
Deferred tax liabilities(70,989)(82,966)
Net deferred tax liabilities$(68,856)$(81,271)
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, 2021 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, 2021:
As of December 31,
(in thousands)202120202019
Beginning balance$8,681 $5,682 $4,998 
Change in tax positions of prior years(1,319)2,286 351 
Change in tax positions of current year1,000 1,202 1,106 
Reduction in tax positions for statute expirations(823)(489)(773)
Ending balance$7,539 $8,681 $5,682 
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.
v3.22.0.1
Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2021
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, 2021:
(in thousands)CivilBuildingSpecialty
Contractors		Total
Gross goodwill as of December 31, 2019$492,074 $424,724 $156,193 $1,072,991 
Accumulated impairment as of December 31, 2019(286,931)(424,724)(156,193)(867,848)
Goodwill as of December 31, 2019205,143 — — 205,143 
2020 activity— — — — 
Goodwill as of December 31, 2020205,143 — — 205,143 
Current year activity— — — — 
Goodwill as of December 31, 2021(a)
$205,143 $— $— $205,143 
_____________________________________________________________________________________________________________
(a)As of December 31, 2021, accumulated impairment was $867.8 million.
The Company performed its annual impairment test in the fourth quarter of 2021 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, impacts to our business as a result of the COVID-19 pandemic, as well as other quantitative and qualitative factors which could indicate potential triggering events for possible impairment.
Second Quarter of 2019 Goodwill Impairment
In the second quarter of 2019, the Company recognized a non-cash impairment loss totaling $379.9 million, of which $210.2 million, $13.5 million and $156.2 million was in the Civil, Building and Specialty Contractors segments, respectively. While there was no single determinative event or factor, potential triggering events identified in the accounting guidance (ASC 350, Intangibles – Goodwill and Other) which led to the impairment conclusion included:
•The Company faced a declining stock price and observed a sustained decrease subsequent to the filing of the Company’s first quarter Form 10-Q on May 8, 2019, in both absolute terms and relative to its peers. Consistent with the average stock prices of companies in its peer group, the Company’s stock price had been trending lower over
several prior periods; however, during the second quarter of 2019, the Company’s stock price dropped to a 52-week low while the average stock price of companies in its peer group increased. The Company believed that delays experienced in resolving certain claims and unapproved change orders, which when combined with the increased working capital needs and significant negative operating cash flows in the first quarter of 2019, had contributed significantly to the sustained decrease in the Company’s stock price;
•The Company experienced significant negative operating cash flows from each of its reporting units in the first quarter of 2019, and that trend continued at the beginning of the second quarter; and
•The Company’s debt rating was downgraded by a major credit rating agency on May 17, 2019.
When performing the interim goodwill impairment test as of June 1, 2019 (the “Interim Test”), the Company utilized a weighted average of (1) an income approach and (2) a market approach to determine the fair value of the Company and each of its reporting units for the Interim Test. The income approach was based on estimated present value of future cash flows for each reporting unit. The market approach was based on assumptions about how market data relates to each reporting unit. The weighting of these two approaches was based on their individual correlation to the economics of each reporting unit as impacted by factors such as the availability of comparable market data for each reporting unit.
Assessing impairment inherently involves management judgments as to the assumptions used to calculate fair value of the reporting units and the impact of market conditions on those assumptions. The key inputs that the Company uses in its assumptions to estimate the fair value of its reporting units under the income-based approach are as follows:
•Weighted-average cost of capital (“WACC”), the risk-adjusted rate used to discount the projected cash flows;
•Cash flows generated from existing work and new awards; and
•Projected operating margins.
Expected future after-tax operating cash flows of each reporting unit are discounted to a present value using a risk-adjusted discount rate. Estimates of future cash flows require management to make significant assumptions concerning future operating performance including cash flows generated from existing work and new awards, projected operating margins, variations in the amount and timing of cash flows and the probability of achieving the estimated cash flows, as well as future economic conditions, which may differ from actual future cash flows. The discount rate, which is intended to reflect the risks inherent in future cash flow projections, used in estimating the present value of future cash flows, is based on estimates of the WACC of market participants relative to the reporting units. Financial and credit market volatility can directly impact certain inputs and assumptions used to develop the WACC.
To develop the cash flows generated from new awards and future operating margins, the Company tracks known prospects of significance for each of its reporting units and considers the estimated timing of when the work is expected to be bid, started and completed. The Company also gives consideration to its relationships with the prospective owners; the pool of competitors that are capable of performing large, complex work; business strategy; and the Company’s history of success in winning new work in each reporting unit. With regard to operating margins, the Company gives consideration to its historical reporting unit operating margins in the end markets that the prospective work opportunities are most significant, expected margins from existing work, current market trends in recent new work procurement, and business strategy.
The Company also estimated the fair value of its reporting units under a market-based approach by applying industry-comparable multiples of revenues and operating earnings to its reporting units’ revenues and operating earnings. The conditions and prospects of companies in the engineering and construction industry depend on common factors such as overall demand for services.
Intangible Assets
Intangible assets consist of the following:
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.
As of December 31, 2020Weighted-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)74,350 (23,754)(23,232)27,364 20 years
Contractor license6,000 — (6,000)— N/A
Customer relationships39,800 (22,103)(16,645)1,052 12 years
Construction contract backlog149,290 (105,001)— 44,289 3 years
Total$387,040 $(150,858)$(113,067)$123,115 
Amortization expense related to amortizable intangible assets was $35.5 million, $32.2 million and $6.2 million for the years ended December 31, 2021, 2020 and 2019, respectively. The increase in amortization expense in 2021 and 2020, compared to 2019, was due to the acquisition of an additional 25% interest in a Civil segment joint venture during the fourth quarter of 2019, which increased the Company’s ownership interest from 50% to 75% and gave it a controlling financial interest in the joint venture, thereby requiring consolidation by the Company. The transaction was accounted for as a business combination achieved in stages, and under ASC 805, Business Combinations, the previously held equity interest in the joint venture was remeasured at the acquisition date fair value. The transaction resulted in a gain of $37.8 million recognized in earnings, which was included in general and administrative expenses in the Company’s Consolidated Statement of Operations in 2019, and in the recording of an intangible asset for construction contract backlog of $75.6 million, which is amortized as the related contract backlog is recognized as revenue.
Future amortization expense related to amortizable intangible assets will be approximately $14.5 million for 2022, $2.2 million per year for the years 2023 through 2026, and $11.4 million thereafter.
The Company performed its annual impairment test for non-amortizable trade names during the fourth quarter of 2021. 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, 2021, 2020 or 2019.
v3.22.0.1
Financial Commitments
 12 Months Ended
Dec. 31, 2021
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)20212020
2017 Senior Notes$496,244 $495,271 
Term Loan B406,335 408,458 
2020 Revolver27,000 — 
Convertible Notes(a)
— 67,878 
Equipment financing and mortgages56,246 47,594 
Other indebtedness7,829 6,264 
Total debt993,654 1,025,465 
Less: Current maturities24,406 100,188 
Long-term debt, net$969,248 $925,277 
_____________________________________________________________________________________________________________
(a)The Company repaid the remaining principal balance of the Convertible Notes at maturity on June 15, 2021. As of December 31, 2020, the balance of the Convertible Notes was included in current maturities on the Consolidated Balance Sheet.
The following table reconciles the outstanding debt balances to the reported debt balances as of December 31, 2021 and 2020:
As of December 31, 2021As of December 31, 2020
(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 $(3,756)$496,244 $500,000 $(4,729)$495,271 
Term Loan B419,688 (13,353)406,335 423,938 (15,480)408,458 
Convertible Notes— — — 69,918 (2,040)67,878 
The unamortized issuance costs related to the 2020 Revolver were $2.1 million and $2.6 million as of December 31, 2021 and 2020, 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 “2020 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 2020 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 2020 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 unpermitted indebtedness and annual excess cash flow (subject to certain exceptions).
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 2020 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) LIBOR or (b) 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) plus, (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 (which was initially 4.75% for LIBOR and 3.75% for base rate), and, in each case, is based on the Total Net Leverage Ratio. The margin applicable to the 2020 Revolver is between 4.25% and 4.75% for LIBOR and 3.25% and 3.75% for base rate (which was initially 4.75% for LIBOR and 3.75% for base rate), and, in each case, is based on the First Lien Net Leverage Ratio. 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 2020 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 with an alternative benchmark rate upon LIBOR being discontinued. The weighted-average annual interest rate on borrowings under the 2020 Revolver was 6.5% during the year ended December 31, 2021.
The 2020 Credit Agreement requires, with respect to the 2020 Revolver only, 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 quarter ending March 31, 2022. 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, 2021, $27 million was outstanding and $148 million was available under the 2020 Revolver. The Company had not utilized the 2020 Revolver for letters of credit. The Company was in compliance with the financial covenants under the 2020 Credit Agreement for the period ended December 31, 2021.
Termination of 2017 Credit Facility
On August 18, 2020, the Company used proceeds from the Term Loan B to repay outstanding amounts under its credit agreement (the “2017 Credit Facility”) with SunTrust Bank, now known as Truist Bank, as Administrative Agent, Swing Line Lender and L/C Issuer and a syndicate of other lenders, at which time the 2017 Credit Facility was terminated.
Repurchase and Repayment of Convertible Notes
On June 15, 2016, the Company issued $200 million of 2.875% Convertible Senior Notes due June 15, 2021 (the “Convertible Notes”) in a private placement offering. On August 19, 2020, the Company used proceeds from the Term Loan B to repurchase $130.1 million aggregate principal amount of the Convertible Notes for an aggregate purchase price of $132.4 million (including accrued and unpaid interest to the repurchase date). As a result of the repurchase, the Company recognized a $7.1 million loss on extinguishment of debt in 2020, which is included in interest expense in the Consolidated Statements of Operations. The Company repaid the remaining $69.9 million principal balance of the Convertible Notes at maturity on June 15, 2021 using proceeds from the Term Loan B, which were held in a restricted cash account for this purpose. As of June 15, 2021, the discount and deferred debt costs associated with the Convertible Notes were fully amortized, the principal balance of the Convertible Notes was equal to their fair value and there was no gain or loss on extinguishment at maturity. None of the Convertible Notes remained outstanding as of December 31, 2021.
To account for the Convertible Notes, the Company applied the provisions of ASC 470-20, Debt with Conversion and Other Options (“ASC 470-20”). ASC 470-20 requires issuers of certain convertible debt instruments that may be settled in cash upon conversion to separately account for the liability (debt) and equity (conversion option) components of the instrument in a manner that reflects the issuer’s nonconvertible debt borrowing rate. This is done by allocating the proceeds from issuance to the liability component based on the fair value of the debt instrument excluding the conversion feature, with the residual allocated to the equity component and classified in additional paid in capital. The $46.8 million difference between the initial principal amount of the Convertible Notes ($200.0 million) and the proceeds initially allocated to the liability component ($153.2 million) was treated as a discount on the Convertible Notes. This difference was amortized as non-cash interest expense
using the interest method, as shown below under Interest Expense. The equity component, however, is not subject to amortization nor subsequent remeasurement.
In addition, ASC 470-20 requires that the debt issuance costs associated with a convertible debt instrument be allocated between the liability and equity components in proportion to the allocation of the debt proceeds between these two components.
The following table presents information related to the liability and equity components of the Convertible Notes:
(in thousands)December 31, 2020
Liability component:
Principal$69,918 
Conversion feature(46,800)
Allocated debt issuance costs(5,051)
Amortization and extinguishment of discount and debt issuance costs (non-cash interest expense)49,811 
Net carrying amount$67,878 
Equity component:
Conversion feature$46,800 
Reacquisition of conversion option from repurchase of notes, net of tax(764)
Allocated debt issuance costs(1,543)
Deferred taxes(18,815)
Net carrying amount$25,678 
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 $41.7 million and $36.9 million at December 31, 2021 and 2020, respectively, with interest rates ranging from 2.54% to 3.89% with equal monthly installment payments over periods up to 5 years. The aggregate balance of mortgage loans was approximately $14.6 million and $10.7 million at December 31, 2021 and 2020, respectively, with interest rates ranging from a fixed 2.25% to LIBOR plus 3% and equal monthly installment payments over periods up to 10 years, as well as one loan with a balloon payment of $6.8 million due in 2023.
The following table presents the future principal payments required under all of the Company’s debt obligations, discussed above:
Year (in thousands)
2022$24,406 
202323,187 
202416,137 
2025539,888 
20268,578 
Thereafter398,567 
1,010,763 
Less: Unamortized discounts and issuance costs17,109 
Total$993,654 
Interest Expense
Interest expense as reported in the Consolidated Statements of Operations consisted of the following:
For the year ended December 31,
(in thousands)202120202019
Cash interest expense:
Interest on 2017 Senior Notes$34,375 $34,375 $34,375 
Interest on Term Loan B24,590 9,028 — 
Interest on 2020 Revolver1,479 77 — 
Interest on 2017 Credit Facility— 5,341 11,990 
Interest on Convertible Notes921 4,373 5,750 
Other interest1,905 2,079 2,172 
Cash portion of loss on extinguishment— 786 — 
Total cash interest expense63,270 56,059 54,287 
Non-cash interest expense(a):
Amortization of discount and debt issuance costs on Convertible Notes2,040 8,944 10,811 
Amortization of discount and debt issuance costs on Term Loan B2,175 784 — 
Amortization of debt issuance costs on 2020 Revolver568 206 — 
Amortization of debt issuance costs on 2017 Credit Facility— 1,001 1,552 
Amortization of debt issuance costs on 2017 Senior Notes973 906 844 
Non-cash portion of loss on extinguishment— 8,312 — 
Total non-cash interest expense5,756 20,153 13,207 
Total interest expense$69,026 $76,212 $67,494 
_____________________________________________________________________________________________________________
(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, Term Loan B and the Convertible Notes were 7.13%, 6.48% and 9.39%, respectively, for the year ended December 31, 2021.
v3.22.0.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and ContingenciesThe 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:
Five Star Electric Matter
In the third quarter of 2015, Five Star Electric Corp. (“Five Star”), a wholly owned subsidiary of the Company that was acquired in 2011, entered into a tolling agreement (which has since expired) related to an ongoing investigation being conducted by the United States Attorney’s Office for the Eastern District of New York (“USAO EDNY”). Five Star has been cooperating with the USAO EDNY since late June 2014, when it was first made aware of the investigation, and has provided information requested by the government related to its use of certain minority-owned, women-owned, small and disadvantaged business enterprises and certain of Five Star’s employee compensation, benefit and tax practices.
As of December 31, 2021, the Company has concluded that the potential for a material adverse financial impact on Five Star or the Company as a result of the investigation is remote.
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 January 5, 2022, the Washington Supreme Court issued an order granting STP, WSDOT and Hitachi’s requests for discretionary review of the portions of the Court of Appeals’ decision that affirmed the April and September 2018 decisions. STP also asserted $532 million of damages from WSDOT related to the pipe-strike by the TBM in a related lawsuit in Thurston County (see following paragraph).
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 filed its answer to
WSDOT’s complaint and filed a counterclaim against WSDOT and Hitachi, as the TBM designer, seeking damages of $667 million. On October 3, 2019, STP and Hitachi entered into a settlement agreement which released and dismissed the claims that STP and Hitachi had against each other. 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. Judgment was entered on January 10, 2020, and STP appealed the decision. The appeal was argued on December 10, 2021 and STP is awaiting a decision from the Court of Appeals of the State of Washington, which is expected in the second half of 2022. If STP is successful in its appeal, the case will be remanded to the trial court for a new trial.
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. Payment of damages will only be made if the adverse verdict is upheld on appeal, as the payment is secured by a bond for the course of the appeal. Other than the possible future cash payment of $25.7 million for damages, 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.
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.
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 and is now before the Second Circuit Court of Appeals. On August 25, 2021, the bankruptcy court approved the sale of the leasehold, which was completed on August 31, 2021. 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 March 29, 2021, the Port Authority filed a new motion to dismiss on additional grounds. In addition, on August 11, 2021, TPBC filed a second lawsuit in state court against the Port Authority alleging tortious interference with TPBC’s right to recover under the lease agreement’s “cure” provision in the bankruptcy proceeding, which was removed to federal court.
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 June 1, 2020, the defendants filed motions to dismiss, which were granted in part and denied in part on December 29, 2020, 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.
As of December 31, 2021, 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.
v3.22.0.1
Lease
 12 Months Ended
Dec. 31, 2021
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, 2021, the Company’s operating leases have remaining lease terms ranging from less than one year to 17 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, 2021 and 2020:
For the year ended December 31,
(in thousands)20212020
Operating lease expense$14,733 $14,547 
Short-term lease expense(a)
72,047 87,969 
86,780 102,516 
Less: Sublease income697 1,026 
Total lease expense$86,083 $101,490 
(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 Item20212020
Assets
ROU assetsOther assets$53,462$55,897
Total lease assets$53,462$55,897
Liabilities
Current lease liabilitiesAccrued expenses and other current liabilities$7,481$7,661
Long-term lease liabilitiesOther long-term liabilities50,05751,336
Total lease liabilities$57,538$58,997
Weighted-average remaining lease term 12.0 years12.5 years
Weighted-average discount rate9.44 %9.22 %
The following table presents supplemental cash flow information and non-cash activity related to operating leases:
As of December 31,
(in thousands)20212020
Operating cash flow information:
Cash paid for amounts included in the measurement of lease liabilities$(13,799)$(14,591)
Non-cash activity:
ROU assets obtained in exchange for lease liabilities$6,979 $29,244 
The following table presents maturities of operating lease liabilities on an undiscounted basis as of December 31, 2021:
Year (in thousands)
Operating Leases
2022$12,372 
20239,622 
20247,673 
20256,803 
20265,640 
Thereafter60,833 
Total lease payments102,943 
Less: Imputed interest45,405 
Total$57,538 
v3.22.0.1
Share-Based Compensation
 12 Months Ended
Dec. 31, 2021
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, 2021, there were 1,243,070 shares of common stock available for grant under the Company’s Current Plan. As of December 31, 2021, the Plans had an aggregate of 3,356,616 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, 20181,469,000 $27.27 2,943,044 $20.89 — $— 
Granted530,000 20.23 220,000 19.66 — — 
Expired or cancelled(104,029)28.98 (884,029)21.03 — — 
Vested/exercised(179,971)25.39 — — — — 
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 
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, 2021 and 2020, there were 260,000 and 270,000 restricted stock units with guaranteed minimum payouts outstanding, with weighted-average grant date fair values per share of $27.53 and $27.80, respectively.
The Company recognized liabilities for CPSUs and restricted stock units with guaranteed minimum payouts totaling approximately $4.8 million and $2.4 million as of December 31, 2021 and 2020, respectively. The Company paid approximately $0.3 million in each of 2021 and 2020 to settle liability-classified awards, and there were no cash settlements in 2019.
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
201998,591 $15.72 
2020194,177 8.60 
2021101,894 15.47 
The fair value of unrestricted stock awards issued during 2021, 2020 and 2019 was approximately $1.6 million, $1.7 million and $1.5 million, respectively.
The fair value of restricted stock units that vested during 2021, 2020 and 2019 was approximately $5.3 million, $4.1 million and $3.1 million, respectively. As of December 31, 2021, the balance of unamortized restricted stock, stock option and CPSU expense was $12.9 million, $2.0 million and $6.8 million, respectively, which is expected to be recognized over weighted-average periods of 1.9 years for restricted stock units, 1.9 years for stock options and 2.0 years for CPSUs.
The 2,167,765 outstanding stock options as of December 31, 2021 had an intrinsic value of $0.6 million and a weighted-average remaining contractual life of 3.8 years. Of those outstanding options: (1) 1,842,765 were exercisable with an intrinsic value of $0.6 million, a weighted-average exercise price of $20.77 per share and a weighted-average remaining contractual life of 3.0 years; (2) 325,000 have not vested and have no intrinsic value, a weighted-average exercise price of $16.37 per share and a weighted-average remaining contractual life of 8.5 years. The 325,000 unvested stock options include 187,500 with time-based or market-based vesting conditions that are expected to vest, as well as 137,500 with market-based vesting conditions that are not expected to vest.
The fair value on the grant date and the significant assumptions used in the Black-Scholes option-pricing model are as follows:
Year Ended December 31,
202120202019
Total stock options granted100,000 165,000 220,000 
Weighted-average grant date fair value$15.21 $7.67 $7.59 
Weighted-average assumptions:
Risk-free rate1.4 %1.2 %2.1 %
Expected life of options(a)
6.5 years6.3 years6.1 years
Expected volatility(b)
73.7 %60.7 %39.4 %
Expected quarterly dividends$— $— $— 
_____________________________________________________________________________________________________________
(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, 2021, 2020 and 2019, the Company recognized, as part of general and administrative expenses, costs for share-based payment arrangements for employees of $10.0 million, $10.2 million and $17.5 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 $1.2 million, $1.3 million and $2.9 million, for the respective periods.
v3.22.0.1
Employee Benefit Plans
 12 Months Ended
Dec. 31, 2021
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, 2021, 2020 and 2019:
Year Ended December 31,
(in thousands)202120202019
Interest cost$2,349 $3,032 $3,801 
Service cost935 925 900 
Expected return on plan assets(3,976)(4,022)(4,170)
Recognized net actuarial losses2,860 2,407 1,933 
Net periodic benefit cost$2,168 $2,342 $2,464 
Actuarial assumptions used to determine net cost:
Discount rate2.24 %3.07 %4.12 %
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 2022 and the actual asset allocation as of December 31, 2021 and 2020 by asset category are as follows:
Percentage of Plan Assets as of December 31,
Target
Allocation
2022
Actual Allocation
Asset Category20212020
Cash5 %4 %5 %
Equity funds:
Domestic47 47 34 
International15 16 17 
Fixed income funds33 33 44 
Total100 %100 %100 %
Due to the election of certain options provided under the American Rescue Plan Act of 2021, enacted on March 11, 2021, the Company is not required to contribute additional amounts to the defined benefit pension plan in 2022.
Future benefit payments under the plans are estimated as follows:
(in thousands)
Year ended December 31,
2022$6,881 
20236,795 
20246,747 
20256,657 
20266,580 
2027-203130,545 
Total$64,205 
The following tables provide a reconciliation of the changes in the fair value of plan assets and plan benefit obligations during 2021 and 2020, and a summary of the funded status as of December 31, 2021 and 2020:
Year Ended December 31,
(in thousands)20212020
Change in Fair Value of Plan Assets
Balance at beginning of year$71,940 $73,357 
Actual return on plan assets6,844 899 
Company contribution1,235 4,408 
Benefit payments(6,644)(6,724)
Balance at end of year$73,375 $71,940 
Year Ended December 31,
(in thousands)20212020
Change in Benefit Obligations
Balance at beginning of year$107,824 $102,607 
Interest cost2,349 3,032 
Service cost935 925 
Assumption change (gain) loss (3,921)7,902 
Actuarial loss983 81 
Benefit payments(6,644)(6,723)
Balance at end of year$101,526 $107,824 
As of December 31,
(in thousands)20212020
Funded status$(28,151)$(35,884)
Net unfunded amounts recognized in Consolidated Balance Sheets consist of:
Current liabilities$(292)$(293)
Long-term liabilities(27,859)(35,591)
Total net unfunded amount recognized in Consolidated Balance Sheets$(28,151)$(35,884)
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 $56.5 million and $65.2 million as of December 31, 2021 and 2020, respectively.
The discount rate used in determining the accumulated post-retirement benefit obligation was 2.7% as of December 31, 2021 and 2.2% as of December 31, 2020. 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 5.8% for both 2021 and 2020. 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, 2021As of December 31, 2020
Fair Value HierarchyFair Value Hierarchy
(in thousands)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash and cash equivalents$2,533 $— $— $2,533 $1,582 $— $— $1,582 
Fixed income funds— 3,057 — 3,057 2,000 3,086 — 5,086 
Mutual funds54,966 — — 54,966 54,671 — — 54,671 
$57,499 $3,057 $— $60,556 $58,253 $3,086 $— $61,339 
Closely held funds(a)
Equity partnerships4,259 3,700 
Hedge fund investments8,560 6,901 
Total closely held funds(a)
12,819 10,601 
Total$57,499 $3,057 $— $73,375 $58,253 $3,086 $— $71,940 
_____________________________________________________________________________________________________________
(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, 2021 and 2020, pension plan assets included approximately $12.8 million and $10.6 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, 2021As of December 31, 2020
(in thousands)Pension
Plan		Benefit
Equalization
Plan		TotalPension
Plan		Benefit
Equalization
Plan		Total
Projected benefit obligation$98,570 $2,956 $101,526 $104,657 $3,167 $107,824 
Accumulated benefit obligation$98,570 $2,956 $101,526 $104,657 $3,167 $107,824 
Fair value of plans' assets73,375 — 73,375 71,940 — 71,940 
Projected benefit obligation greater than fair value of plans' assets$25,195 $2,956 $28,151 $32,717 $3,167 $35,884 
Accumulated benefit obligation greater than fair value of plans' assets$25,195 $2,956 $28,151 $32,717 $3,167 $35,884 
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 $4.4 million in 2021, $4.3 million in 2020 and $4.1 million in 2019. 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, 2021:
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
2021
2020
2021(b)
2020
2019
Surcharge
Imposed
The Pension, Hospitalization and Benefit Plan of the Electrical Industry - Pension Trust Fund13-6123601/001GreenGreenN/A$9.5 $10.1 
(c)
$9.3 
(c)
No4/13/2022
Joint Pension Fund, Local Union 164 IBEW22-6031199GreenYellowImplemented6.8 2.5 0.8 No6/2/2025
Excavators Union Local 731 Pension Fund13-1809825/002GreenGreenN/A4.0 4.8 5.1 No4/30/2026
Carpenters Pension Trust Fund for Northern California94-6050970RedRedImplemented2.9 4.6 
(d)
4.0 No6/30/2023
Northern California Electrical Workers Pension Plan94-6062674GreenGreenN/A2.8 3.5 
(c)
3.0 No5/31/2022
_____________________________________________________________________________________________________________
(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 2021 plan year for any of the above pension funds.
(c)These amounts exceeded 5% of the respective total plan contributions.
(d)The Company’s contributions as a percentage of total plan contributions were not available for the 2020 plan year for the Carpenters Pension Trust Fund for Northern California.
In addition to the individually significant plans described above, the Company also contributed approximately $43.6 million in 2021, $44.3 million in 2020 and $35.7 million in 2019 to other multiemployer pension plans. Funding for these payments is principally provided for in the contracts with our customers.
v3.22.0.1
Fair Value Measurements
 12 Months Ended
Dec. 31, 2021
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, 2021 and 2020:
As of December 31, 2021As of December 31, 2020
Fair Value HierarchyFair Value Hierarchy
(in thousands)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash and cash equivalents(a)
$202,197 $— $— $202,197 $374,289 $— $— $374,289 
Restricted cash(a)
9,199 — — 9,199 77,563 — — 77,563 
Restricted investments(b)
— 84,355 — 84,355 — 78,912 — 78,912 
Investments in lieu of retainage(c)
27,472 58,856 — 86,328 92,609 1,300 — 93,909 
Total$238,868 $143,211 $— $382,079 $544,461 $80,212 $— $624,673 
_____________________________________________________________________________________________________________
(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, 2021, consist of investments in corporate debt securities of $46.7 million, U.S. government agency securities of $37.1 million and corporate certificates of deposits of $0.6 million, all with maturities of up to five years, and are valued based on pricing models, which are determined from a compilation of primarily observable market information, broker quotes in non-active markets or similar assets and are therefore classified as Level 2 assets. As of December 31, 2020, restricted investments consisted of investments in U.S. government agency securities of $40.5 million, corporate debt securities of $37.5 million and corporate certificates of deposits of $0.9 million, all with maturities
of up to five years. The amortized cost of these available-for-sale securities at December 31, 2021 and 2020 was not materially different from the fair value.
(c)Investments in lieu of retainage are included in retainage receivable and as of December 31, 2021 are comprised of corporate debt securities of $57.5 million, money market funds of $27.5 million and municipal bonds of $1.3 million. The fair values of the money market funds are measured using quoted market prices; therefore, they are classified as Level 1 assets. The corporate and municipal bonds have maturity periods up to five years, and their fair values are determined from a compilation of primarily observable market information, third-party quoted market prices, broker quotes in non-active markets or similar assets; therefore, they are classified as Level 2 assets. As of December 31, 2020, investments in lieu of retainage consisted of money market funds of $92.6 million and municipal bonds of $1.3 million. The amortized cost of these available-for-sale securities at December 31, 2021 and 2020 was not materially different from the fair value.
The carrying values of receivables, payables and other amounts arising out of normal contract activities, including retainage, 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 $504.9 million and $495.0 million as of December 31, 2021 and 2020, respectively. The fair value of the Convertible Notes was $69.1 million as of December 31, 2020 and the Company repaid the remaining principal balance of the notes at maturity on June 15, 2021. The fair values of the 2017 Senior Notes and Convertible Notes were determined using Level 1 inputs, specifically current observable market prices. The fair value of the Term Loan B was $419.7 million and $425.0 million as of December 31, 2021 and 2020, respectively, and 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, 2021 and 2020.
v3.22.0.1
Variable Interest Entities (VIEs)
 12 Months Ended
Dec. 31, 2021
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, 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 Sheet. As of December 31, 2020, the Company had unconsolidated VIE-related current assets and liabilities of $0.6 million and $0.5 million, respectively, included in the Company’s Consolidated Balance Sheet. 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, 2021.
As of December 31, 2021, the Company’s Consolidated Balance Sheet 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. As of December 31, 2020, the Company’s Consolidated Balance Sheet included current and noncurrent assets of $405.7 million and $14.2 million, respectively, as well as current liabilities of $514.9 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 One project, a transportation infrastructure project in Newark, New Jersey with an original value of approximately $1.4 billion. The Company has an 80% interest in the joint venture with the remaining 20% held by Parsons. The joint venture was initially financed with contributions from the partners and, per the terms of the joint venture agreement, the partners may be required to provide additional capital contributions in the future. The Company has determined that this joint venture is a VIE for which the Company is the primary beneficiary.
v3.22.0.1
Business Segments
 12 Months Ended
Dec. 31, 2021
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, 2021, 2020 and 2019:
Reportable Segments
(in thousands)CivilBuildingSpecialty
Contractors		TotalCorporateConsolidated
Total
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(a)
$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(d)
$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 
Year ended December 31, 2019
Total revenue$2,054,097 $1,764,753 $929,738 $4,748,588 $— $4,748,588 
Elimination of intersegment revenue(274,745)(22,713)(298)(297,756)— (297,756)
Revenue from external customers$1,779,352 $1,742,040 $929,440 $4,450,832 $— $4,450,832 
Income (loss) from construction operations(e)
$(150,837)$23,655 $(172,637)$(299,819)$(65,188)
(b)
$(365,007)
Capital expenditures$82,156 $518 $688 $83,362 $834 $84,196 
Depreciation and amortization(c)
$47,905 $1,934 $4,136 $53,975 $11,069 $65,044 
_____________________________________________________________________________________________________________
(a)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 (an after-tax impact of $20.9 million, or $0.41 per diluted share) and $16.3 million (an after-tax impact of $13.5 million, or $0.26 per diluted share) 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 negatively impacted by $13.3 million (an after-tax impact of $10.3 million, or $0.20 per diluted share) due to changes in estimates on a Civil segment 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).

The Company’s income (loss) from construction operations was also negatively impacted by $13.3 million (an after-tax impact of $10.2 million, or $0.20 per diluted share) due to changes in estimates on a Building segment transportation project in the Northeast that included a charge and the negative impact to earnings from growth in unapproved change orders.

In addition, in the Specialty Contractors segment, the Company recorded a reduction of $20.1 million in cost of operations during 2021 (a favorable after-tax impact of $14.5 million, or $0.28 per diluted share) due to a favorable legal judgment on a completed electrical project. The judgment awarded the Company the recovery of certain costs previously incurred. The Company’s income (loss) from construction operations for the year ended December 31, 2021 was also negatively impacted by $19.0 million (an after-tax impact of $13.7 million, or $0.27 per diluted share) and $17.6 million (an after-tax impact of $12.7 million, or $0.25 per diluted share) on the mechanical and electrical components, respectively, of a transportation project in the Northeast and $16.2 million (an after-tax impact of $11.7 million, or $0.23 per diluted share) on an electrical mass-transit project also in the Northeast, all of which were due to changes in estimates that included charges and/or the negative impact to earnings from growth in unapproved change orders.
(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, 2020, the Company recorded a charge of $15.2 million in income (loss) from construction operations (an after-tax impact of $11.0 million, or $0.22 per diluted share) 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 (an after-tax impact of $9.6 million, or $0.19 per diluted share) 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
Specialty Contractors segment general and administrative expenses (an after-tax impact of $18.6 million, or $0.36 per diluted share) as a result of a favorable arbitration decision and subsequent settlement of the related employment dispute.
(e)During the year ended December 31, 2019, the Company recorded a non-cash goodwill impairment charge of $379.9 million in income (loss) from construction operations (an after-tax impact of $330.5 million, or $6.58 per diluted share) resulting from an interim impairment test the Company performed as of June 1, 2019. For further information and breakdown of the goodwill impairment charge by segment, see Note 6. In addition, during the year ended December 31, 2019 the Company recorded a charge of $166.8 million in income (loss) from construction operations (an after-tax impact of $119.4 million, or $2.38 per diluted share), which principally impacted the Civil segment, as a result of the adverse jury verdict on the Alaskan Way Viaduct Matter, as discussed in Note 8. Lastly, the Company recognized a one-time gain of $37.8 million (an after-tax impact of $27.1 million, or $0.54 per diluted share) in Civil segment general and administrative expenses related to a remeasurement of its investment in a joint venture (see Note 6).
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)20212020
Civil$3,310,648 $3,141,991 
Building980,989 1,147,649 
Specialty Contractors631,710 673,891 
Corporate and other(a)
(198,449)82,086 
Total assets$4,724,898 $5,045,617 
_____________________________________________________________________________________________________________
(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)202120202019
Revenue:
United States$4,267,734 $4,953,045 $4,073,691 
Foreign and U.S. territories374,096 365,718 377,141 
Total revenue$4,641,830 $5,318,763 $4,450,832 
As of December 31,
(in thousands)20212020
Assets:
United States$4,479,873 $4,836,735 
Foreign and U.S. territories245,025 208,882 
Total assets$4,724,898 $5,045,617 

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)202120202019
Income (loss) from construction operations$226,804 $262,344 $(365,007)
Other income (expense)2,004 (11,853)6,667 
Interest expense(69,026)(76,212)(67,494)
Income (loss) before income taxes$159,782 $174,279 $(425,834)
v3.22.0.1
Related Party Transactions
 12 Months Ended
Dec. 31, 2021
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
The 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 $3.6 million in 2021, $3.2 million in 2020 and $3.1 million in 2019, and recognized expense of $4.6 million in 2021 and $3.2 million in both 2020 and 2019.
Raymond R. Oneglia, Vice Chairman 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, 2021, 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, 2021, 2020 and 2019.
Peter Arkley, Senior Managing Director, Construction Services Group, of 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, 2021, 2020 and 2019 were $16.4 million, $16.0 million and $18.4 million, respectively. The Company owed Alliant $1.5 million and $2.7 million as of December 31, 2021 and 2020, respectively, for services rendered.
v3.22.0.1
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2021
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, 2021 as a result of the $379.9 million impairment loss recognized in 2019. 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 2021 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 2021 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 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)202120202019
Net income (loss) attributable to Tutor Perini Corporation$91,925 $108,394 $(387,690)
Weighted-average common shares outstanding, basic51,017 50,656 50,220 
Effect of dilutive restricted stock units and stock options352 421 — 
Weighted-average common shares outstanding, diluted51,369 51,077 50,220 
Net income (loss) attributable to Tutor Perini Corporation per common share:
Basic$1.80 $2.14 $(7.72)
Diluted$1.79 $2.12 $(7.72)
Anti-dilutive securities not included above1,892 1,862 3,640 
For the year ended December 31, 2019, 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.
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)20212020
Cash and cash equivalents available for general corporate purposes$60,192 $210,841 
Joint venture cash and cash equivalents142,005 163,448 
Cash and cash equivalents202,197 374,289 
Restricted cash9,199 77,563 
Total cash, cash equivalents and restricted cash$211,396 $451,852 
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. As of December 31, 2020, restricted cash also included $69.9 million held to repay the outstanding principal balance of Convertible Notes, which matured and were repaid on June 15, 2021.
Restricted Investments
(l) Restricted Investments
The Company has restricted investments primarily held as collateral to secure insurance-related contingent obligations, such as insurance claim deductibles, in lieu of letters of credit. Restricted investments are primarily comprised of investments in U.S. government agency securities and corporate debt securities that are rated A3 or better.
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. 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 vest immediately upon grant 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.
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 accumulated other comprehensive income (loss) (“AOCI”).
The components of other comprehensive income (loss) and the related tax effects for the years ended December 31, 2021, 2020 and 2019 were as follows:
Year Ended December 31,
202120202019
(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$8,665 $(2,444)$6,221 $(8,700)$2,439 $(6,261)$1,180 $(336)$844 
Foreign currency translation adjustment(508)183 (325)178 101 279 1,867 (530)1,337 
Unrealized gain (loss) in fair value of investments(3,440)790 (2,650)2,015 (444)1,571 1,982 (421)1,561 
Total other comprehensive income (loss)$4,717 $(1,471)$3,246 $(6,507)$2,096 $(4,411)$5,029 $(1,287)$3,742 
Less: Other comprehensive income attributable to noncontrolling interests(a)
140 — 140 230 — 230 393 — 393 
Total other comprehensive income (loss) attributable to Tutor Perini Corporation$4,577 $(1,471)$3,106 $(6,737)$2,096 $(4,641)$4,636 $(1,287)$3,349 
________________________________________________________________________________________
(a)The only component of other comprehensive income (loss) attributable to noncontrolling interests is foreign currency translation.
The changes in AOCI balances by component (after tax) attributable to Tutor Perini Corporation during the years ended December 31, 2021, 2020 and 2019 were as follows:
(in thousands)Defined Benefit Pension PlanForeign Currency TranslationUnrealized Gain (Loss) in Fair
Value of Investments		Accumulated Other Comprehensive
Income (Loss)
Attributable to Tutor Perini Corporation:
Balance as of December 31, 2018$(38,670)$(6,315)$(464)$(45,449)
Other comprehensive income (loss) before reclassifications(539)944 1,621 2,026 
Amounts reclassified from AOCI1,383 — (60)1,323 
Balance as of December 31, 2019$(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)
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, 2021, 2020 and 2019 are as follows:
Location in ConsolidatedYear Ended December 31,
(in thousands)Statements of Operations202120202019
Component of AOCI:
Defined benefit pension plan adjustmentsOther income (expense)$2,861 $2,407 $1,933 
Income tax benefitIncome tax expense (benefit)(807)(675)(550)
Net of tax$2,054 $1,732 $1,383 
Unrealized gain in fair value of investment adjustmentsOther income (expense)$(352)$(315)$(76)
Income tax expenseIncome tax expense (benefit)74 66 16 
Net of tax$(278)$(249)$(60)
Recent Accounting Pronouncements
(p) Recent Accounting Pronouncements
In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, Simplifying the Accounting for Income Taxes (“ASU 2019-12”), modifying Accounting Standards Codification (“ASC”) 740, Income Taxes (“ASC 740”). The amendments in ASU 2019-12, among other things, remove certain exceptions to the general principles in ASC 740 and seek more consistent application by clarifying and amending the existing guidance. The Company adopted this ASU effective January 1, 2021. The adoption of ASU 2019-12 did not have a material impact on the Company’s financial position, results of operations or cash flows.
v3.22.0.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2021
Accounting Policies [Abstract]  
Calculations of Basic and Diluted (EPS)
Year Ended December 31,
(in thousands, except per common share data)202120202019
Net income (loss) attributable to Tutor Perini Corporation$91,925 $108,394 $(387,690)
Weighted-average common shares outstanding, basic51,017 50,656 50,220 
Effect of dilutive restricted stock units and stock options352 421 — 
Weighted-average common shares outstanding, diluted51,369 51,077 50,220 
Net income (loss) attributable to Tutor Perini Corporation per common share:
Basic$1.80 $2.14 $(7.72)
Diluted$1.79 $2.12 $(7.72)
Anti-dilutive securities not included above1,892 1,862 3,640 
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)20212020
Cash and cash equivalents available for general corporate purposes$60,192 $210,841 
Joint venture cash and cash equivalents142,005 163,448 
Cash and cash equivalents202,197 374,289 
Restricted cash9,199 77,563 
Total cash, cash equivalents and restricted cash$211,396 $451,852 
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, 2021, 2020 and 2019 were as follows:
Year Ended December 31,
202120202019
(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$8,665 $(2,444)$6,221 $(8,700)$2,439 $(6,261)$1,180 $(336)$844 
Foreign currency translation adjustment(508)183 (325)178 101 279 1,867 (530)1,337 
Unrealized gain (loss) in fair value of investments(3,440)790 (2,650)2,015 (444)1,571 1,982 (421)1,561 
Total other comprehensive income (loss)$4,717 $(1,471)$3,246 $(6,507)$2,096 $(4,411)$5,029 $(1,287)$3,742 
Less: Other comprehensive income attributable to noncontrolling interests(a)
140 — 140 230 — 230 393 — 393 
Total other comprehensive income (loss) attributable to Tutor Perini Corporation$4,577 $(1,471)$3,106 $(6,737)$2,096 $(4,641)$4,636 $(1,287)$3,349 
________________________________________________________________________________________
(a)The only component of other comprehensive income (loss) attributable to noncontrolling interests is foreign currency translation.
Changes in AOCI Balances by Component
The changes in AOCI balances by component (after tax) attributable to Tutor Perini Corporation during the years ended December 31, 2021, 2020 and 2019 were as follows:
(in thousands)Defined Benefit Pension PlanForeign Currency TranslationUnrealized Gain (Loss) in Fair
Value of Investments		Accumulated Other Comprehensive
Income (Loss)
Attributable to Tutor Perini Corporation:
Balance as of December 31, 2018$(38,670)$(6,315)$(464)$(45,449)
Other comprehensive income (loss) before reclassifications(539)944 1,621 2,026 
Amounts reclassified from AOCI1,383 — (60)1,323 
Balance as of December 31, 2019$(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)
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, 2021, 2020 and 2019 are as follows:
Location in ConsolidatedYear Ended December 31,
(in thousands)Statements of Operations202120202019
Component of AOCI:
Defined benefit pension plan adjustmentsOther income (expense)$2,861 $2,407 $1,933 
Income tax benefitIncome tax expense (benefit)(807)(675)(550)
Net of tax$2,054 $1,732 $1,383 
Unrealized gain in fair value of investment adjustmentsOther income (expense)$(352)$(315)$(76)
Income tax expenseIncome tax expense (benefit)74 66 16 
Net of tax$(278)$(249)$(60)
v3.22.0.1
Consolidated Statements of Cash Flows (Tables)
 12 Months Ended
Dec. 31, 2021
Supplemental Cash Flow Elements [Abstract]  
Changes in Other Components of Working Capital
Below are the changes in other components of working capital, net of balances related to incremental interest acquired in a Civil segment joint venture during 2019 (see Note 6), as shown in the Consolidated Statements of Cash Flows, as well as the supplemental disclosures of cash paid for interest, income taxes and non-cash investing activities:
Year Ended December 31,
(in thousands)202120202019
(Increase) Decrease in:
Accounts receivable$(31,972)$(104,901)$(81,983)
Retainage receivable78,618 (85,769)(78,520)
Costs and estimated earnings in excess of billings(120,034)(113,190)18,751 
Other current assets62,371 (49,468)(76,146)
(Decrease) Increase in:
Accounts payable(283,482)111,912 53,999 
Retainage payable(46,190)62,954 35,013 
Billings in excess of costs and estimated earnings(77,533)(5,168)245,292 
Accrued expenses and other current liabilities(4,005)13,654 14,851 
Changes in other components of working capital$(422,227)$(169,976)$131,257 
Supplemental disclosures:
Interest paid$63,762 $57,038 $56,137 
Income taxes paid (refunded), net$(8,299)$11,204 $43,374 
Non-cash investing activities:
Real property acquired in settlement of a receivable$— $11,660 $— 
Receivable recognized from sale of subsidiary$4,163 $— $— 
v3.22.0.1
Revenue (Tables)
 12 Months Ended
Dec. 31, 2021
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, 2021, 2020 and 2019.
Year Ended December 31,
(in thousands)202120202019
Civil segment revenue by end market:
Mass transit (includes certain transportation and tunneling projects)$1,417,196 $1,367,412 $992,755 
Bridges238,345 306,161 334,117 
Military defense facilities194,701 146,969 59,082 
Water98,739 101,705 33,370 
Highways55,666 122,254 86,747 
Other91,113 155,398 273,281 
Total Civil segment revenue$2,095,760 $2,199,899 $1,779,352 
Year Ended December 31,
(in thousands)202120202019
Building segment revenue by end market:
Commercial and industrial facilities$352,265 $580,297 $459,806 
Hospitality and gaming338,998 474,329 297,700 
Municipal and government291,629 287,337 254,736 
Education facilities159,929 173,472 143,382 
Mass transit (includes transportation projects)130,923 218,930 201,400 
Health care facilities64,042 117,968 239,299 
Other90,316 132,308 145,717 
Total Building segment revenue$1,428,102 $1,984,641 $1,742,040 
Year Ended December 31,
(in thousands)202120202019
Specialty Contractors segment revenue by end market:
Mass transit (includes certain transportation and tunneling projects)$588,162 $592,430 $419,402 
Commercial and industrial facilities139,751 152,868 186,819 
Multi-unit residential133,085 139,924 83,903 
Water90,887 73,769 37,403 
Education facilities50,572 44,762 70,229 
Mixed use44,660 47,022 64,302 
Other70,851 83,448 67,382 
Total Specialty Contractors segment revenue$1,117,968 $1,134,223 $929,440 
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, 2019
(in thousands)CivilBuildingSpecialty
Contractors		Total
Revenue by customer type:
State and local agencies$1,401,001 $573,049 $496,195 $2,470,245 
Federal agencies116,869 153,467 11,326 281,662 
Private owners261,482 1,015,524 421,919 1,698,925 
Total revenue$1,779,352 $1,742,040 $929,440 $4,450,832 
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 
Year Ended December 31, 2019
(in thousands)CivilBuildingSpecialty
Contractors		Total
Revenue by contract type:
Fixed price$1,315,195 $561,831 $769,410 $2,646,436 
Guaranteed maximum price6,951 752,110 21,291 780,352 
Unit price436,015 12,063 91,803 539,881 
Cost plus fee and other21,191 416,036 46,936 484,163 
Total revenue$1,779,352 $1,742,040 $929,440 $4,450,832 
v3.22.0.1
Contract Assets and Liabilities (Tables)
 12 Months Ended
Dec. 31, 2021
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)20212020
Retainage receivable$568,881 $648,441 
Costs and estimated earnings in excess of billings:
Claims833,352 752,783 
Unapproved change orders418,054 415,489 
Other unbilled costs and profits105,362 68,462 
Total costs and estimated earnings in excess of billings1,356,768 1,236,734 
Capitalized contract costs69,027 74,452 
Total contract assets$1,994,676 $1,959,627 
The amount as reported on the Consolidated Balance Sheets consisted of the following:
As of December 31,
(in thousands)20212020
Retainage payable$268,945 $315,135 
Billings in excess of costs and estimated earnings761,689 839,222 
Total contract liabilities$1,030,634 $1,154,357 
v3.22.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Summary of Income Before Taxes
Income (loss) before income taxes is summarized as follows:
Year Ended December 31,
(in thousands)202120202019
United States operations$118,749 $138,426 $(456,403)
Foreign and U.S. territory operations41,033 35,853 30,569 
Total$159,782 $174,279 $(425,834)
Provision for Income Taxes
The income tax expense (benefit) is as follows:
Year Ended December 31,
(in thousands)202120202019
Current expense (benefit):
Federal$20,052 $(36,159)$(2,884)
State7,899 (1,282)3,585 
Foreign and U.S. territories11,568 11,130 5,299 
Total current expense (benefit):39,519 (26,311)6,000 
Deferred expense (benefit):
Federal(13,667)38,667 (43,579)
State36 10,608 (27,566)
Foreign and U.S. territories(256)(1,022)(464)
Total deferred expense (benefit):(13,887)48,253 (71,609)
Total expense (benefit):$25,632 $21,942 $(65,609)
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,
202120202019
(dollars in thousands)AmountRateAmountRateAmountRate
Federal income tax expense (benefit) at statutory tax rate$33,554 21.0 %$36,599 21.0 %$(89,425)21.0 %
State income taxes, net of federal tax benefit8,301 5.2 8,518 4.9 (18,442)4.3 
Stock based compensation87 0.1 3,185 1.8 1,706 (0.4)
Impact of federal tax law changes— — (14,476)(8.3)— — 
Officers' compensation3,664 2.3 2,486 1.4 2,938 (0.7)
Goodwill impairment— — — — 43,990 (10.3)
Noncontrolling interests(8,872)(5.6)(9,799)(5.6)(6,064)1.4 
Federal R&D credits(1,105)(0.7)(3,007)(1.7)(3,998)0.9 
Foreign tax rate differences(625)(0.4)1,491 0.9 4,940 (1.2)
Federal claim of right credit(8,191)(5.1)— — — — 
Other(1,181)(0.8)(3,055)(1.8)(1,254)0.4 
Income tax expense (benefit)$25,632 16.0 %$21,942 12.6 %$(65,609)15.4 %
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)20212020
Deferred tax assets:
Timing of expense recognition$28,710 $24,470 
Net operating losses15,824 19,968 
Goodwill11,698 19,315 
Other, net13,125 10,155 
Deferred tax assets69,357 73,908 
Deferred tax liabilities:
Intangible assets, due primarily to purchase accounting(16,453)(15,212)
Fixed assets(70,128)(76,567)
Construction contract accounting(9,196)(9,769)
Joint ventures(26,764)(41,669)
Other(15,672)(11,962)
Deferred tax liabilities(138,213)(155,179)
Net deferred tax liabilities$(68,856)$(81,271)
The net deferred tax liabilities are presented in the Consolidated Balance Sheets as follows:
As of December 31,
(in thousands)20212020
Deferred tax assets$2,133 $1,695 
Deferred tax liabilities(70,989)(82,966)
Net deferred tax liabilities$(68,856)$(81,271)
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, 2021:
As of December 31,
(in thousands)202120202019
Beginning balance$8,681 $5,682 $4,998 
Change in tax positions of prior years(1,319)2,286 351 
Change in tax positions of current year1,000 1,202 1,106 
Reduction in tax positions for statute expirations(823)(489)(773)
Ending balance$7,539 $8,681 $5,682 
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.
v3.22.0.1
Goodwill and Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2021
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, 2021:
(in thousands)CivilBuildingSpecialty
Contractors		Total
Gross goodwill as of December 31, 2019$492,074 $424,724 $156,193 $1,072,991 
Accumulated impairment as of December 31, 2019(286,931)(424,724)(156,193)(867,848)
Goodwill as of December 31, 2019205,143 — — 205,143 
2020 activity— — — — 
Goodwill as of December 31, 2020205,143 — — 205,143 
Current year activity— — — — 
Goodwill as of December 31, 2021(a)
$205,143 $— $— $205,143 
_____________________________________________________________________________________________________________
(a)As of December 31, 2021, accumulated impairment was $867.8 million.
Schedule of Finite and Indefinite Lived Intangible Assets
Intangible assets consist of the following:
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.
As of December 31, 2020Weighted-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)74,350 (23,754)(23,232)27,364 20 years
Contractor license6,000 — (6,000)— N/A
Customer relationships39,800 (22,103)(16,645)1,052 12 years
Construction contract backlog149,290 (105,001)— 44,289 3 years
Total$387,040 $(150,858)$(113,067)$123,115 
v3.22.0.1
Financial Commitments (Tables)
 12 Months Ended
Dec. 31, 2021
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)20212020
2017 Senior Notes$496,244 $495,271 
Term Loan B406,335 408,458 
2020 Revolver27,000 — 
Convertible Notes(a)
— 67,878 
Equipment financing and mortgages56,246 47,594 
Other indebtedness7,829 6,264 
Total debt993,654 1,025,465 
Less: Current maturities24,406 100,188 
Long-term debt, net$969,248 $925,277 
_____________________________________________________________________________________________________________
(a)The Company repaid the remaining principal balance of the Convertible Notes at maturity on June 15, 2021. As of December 31, 2020, the balance of the Convertible Notes was included in current maturities on the Consolidated Balance Sheet.
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, 2021 and 2020:
As of December 31, 2021As of December 31, 2020
(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 $(3,756)$496,244 $500,000 $(4,729)$495,271 
Term Loan B419,688 (13,353)406,335 423,938 (15,480)408,458 
Convertible Notes— — — 69,918 (2,040)67,878 
Summary of Information Related to the Liability and Equity Components of the Convertible Notes
The following table presents information related to the liability and equity components of the Convertible Notes:
(in thousands)December 31, 2020
Liability component:
Principal$69,918 
Conversion feature(46,800)
Allocated debt issuance costs(5,051)
Amortization and extinguishment of discount and debt issuance costs (non-cash interest expense)49,811 
Net carrying amount$67,878 
Equity component:
Conversion feature$46,800 
Reacquisition of conversion option from repurchase of notes, net of tax(764)
Allocated debt issuance costs(1,543)
Deferred taxes(18,815)
Net carrying amount$25,678 
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)
2022$24,406 
202323,187 
202416,137 
2025539,888 
20268,578 
Thereafter398,567 
1,010,763 
Less: Unamortized discounts and issuance costs17,109 
Total$993,654 
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)202120202019
Cash interest expense:
Interest on 2017 Senior Notes$34,375 $34,375 $34,375 
Interest on Term Loan B24,590 9,028 — 
Interest on 2020 Revolver1,479 77 — 
Interest on 2017 Credit Facility— 5,341 11,990 
Interest on Convertible Notes921 4,373 5,750 
Other interest1,905 2,079 2,172 
Cash portion of loss on extinguishment— 786 — 
Total cash interest expense63,270 56,059 54,287 
Non-cash interest expense(a):
Amortization of discount and debt issuance costs on Convertible Notes2,040 8,944 10,811 
Amortization of discount and debt issuance costs on Term Loan B2,175 784 — 
Amortization of debt issuance costs on 2020 Revolver568 206 — 
Amortization of debt issuance costs on 2017 Credit Facility— 1,001 1,552 
Amortization of debt issuance costs on 2017 Senior Notes973 906 844 
Non-cash portion of loss on extinguishment— 8,312 — 
Total non-cash interest expense5,756 20,153 13,207 
Total interest expense$69,026 $76,212 $67,494 
_____________________________________________________________________________________________________________
(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, Term Loan B and the Convertible Notes were 7.13%, 6.48% and 9.39%, respectively, for the year ended December 31, 2021
v3.22.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
Components of Lease Expense
The following table presents components of lease expense for the years ended December 31, 2021 and 2020:
For the year ended December 31,
(in thousands)20212020
Operating lease expense$14,733 $14,547 
Short-term lease expense(a)
72,047 87,969 
86,780 102,516 
Less: Sublease income697 1,026 
Total lease expense$86,083 $101,490 
(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 Item20212020
Assets
ROU assetsOther assets$53,462$55,897
Total lease assets$53,462$55,897
Liabilities
Current lease liabilitiesAccrued expenses and other current liabilities$7,481$7,661
Long-term lease liabilitiesOther long-term liabilities50,05751,336
Total lease liabilities$57,538$58,997
Weighted-average remaining lease term 12.0 years12.5 years
Weighted-average discount rate9.44 %9.22 %
The following table presents supplemental cash flow information and non-cash activity related to operating leases:
As of December 31,
(in thousands)20212020
Operating cash flow information:
Cash paid for amounts included in the measurement of lease liabilities$(13,799)$(14,591)
Non-cash activity:
ROU assets obtained in exchange for lease liabilities$6,979 $29,244 
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, 2021:
Year (in thousands)
Operating Leases
2022$12,372 
20239,622 
20247,673 
20256,803 
20265,640 
Thereafter60,833 
Total lease payments102,943 
Less: Imputed interest45,405 
Total$57,538 
v3.22.0.1
Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2021
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, 20181,469,000 $27.27 2,943,044 $20.89 — $— 
Granted530,000 20.23 220,000 19.66 — — 
Expired or cancelled(104,029)28.98 (884,029)21.03 — — 
Vested/exercised(179,971)25.39 — — — — 
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 
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
201998,591 $15.72 
2020194,177 8.60 
2021101,894 15.47 
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 are as follows:
Year Ended December 31,
202120202019
Total stock options granted100,000 165,000 220,000 
Weighted-average grant date fair value$15.21 $7.67 $7.59 
Weighted-average assumptions:
Risk-free rate1.4 %1.2 %2.1 %
Expected life of options(a)
6.5 years6.3 years6.1 years
Expected volatility(b)
73.7 %60.7 %39.4 %
Expected quarterly dividends$— $— $— 
_____________________________________________________________________________________________________________
(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.
v3.22.0.1
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2021
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, 2021, 2020 and 2019:
Year Ended December 31,
(in thousands)202120202019
Interest cost$2,349 $3,032 $3,801 
Service cost935 925 900 
Expected return on plan assets(3,976)(4,022)(4,170)
Recognized net actuarial losses2,860 2,407 1,933 
Net periodic benefit cost$2,168 $2,342 $2,464 
Actuarial assumptions used to determine net cost:
Discount rate2.24 %3.07 %4.12 %
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 2022 and the actual asset allocation as of December 31, 2021 and 2020 by asset category are as follows:
Percentage of Plan Assets as of December 31,
Target
Allocation
2022
Actual Allocation
Asset Category20212020
Cash5 %4 %5 %
Equity funds:
Domestic47 47 34 
International15 16 17 
Fixed income funds33 33 44 
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,
2022$6,881 
20236,795 
20246,747 
20256,657 
20266,580 
2027-203130,545 
Total$64,205 
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 2021 and 2020, and a summary of the funded status as of December 31, 2021 and 2020:
Year Ended December 31,
(in thousands)20212020
Change in Fair Value of Plan Assets
Balance at beginning of year$71,940 $73,357 
Actual return on plan assets6,844 899 
Company contribution1,235 4,408 
Benefit payments(6,644)(6,724)
Balance at end of year$73,375 $71,940 
Year Ended December 31,
(in thousands)20212020
Change in Benefit Obligations
Balance at beginning of year$107,824 $102,607 
Interest cost2,349 3,032 
Service cost935 925 
Assumption change (gain) loss (3,921)7,902 
Actuarial loss983 81 
Benefit payments(6,644)(6,723)
Balance at end of year$101,526 $107,824 
Amount Recognized in Consolidated Balance Sheets
As of December 31,
(in thousands)20212020
Funded status$(28,151)$(35,884)
Net unfunded amounts recognized in Consolidated Balance Sheets consist of:
Current liabilities$(292)$(293)
Long-term liabilities(27,859)(35,591)
Total net unfunded amount recognized in Consolidated Balance Sheets$(28,151)$(35,884)
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, 2021As of December 31, 2020
Fair Value HierarchyFair Value Hierarchy
(in thousands)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash and cash equivalents$2,533 $— $— $2,533 $1,582 $— $— $1,582 
Fixed income funds— 3,057 — 3,057 2,000 3,086 — 5,086 
Mutual funds54,966 — — 54,966 54,671 — — 54,671 
$57,499 $3,057 $— $60,556 $58,253 $3,086 $— $61,339 
Closely held funds(a)
Equity partnerships4,259 3,700 
Hedge fund investments8,560 6,901 
Total closely held funds(a)
12,819 10,601 
Total$57,499 $3,057 $— $73,375 $58,253 $3,086 $— $71,940 
_____________________________________________________________________________________________________________
(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, 2021As of December 31, 2020
(in thousands)Pension
Plan		Benefit
Equalization
Plan		TotalPension
Plan		Benefit
Equalization
Plan		Total
Projected benefit obligation$98,570 $2,956 $101,526 $104,657 $3,167 $107,824 
Accumulated benefit obligation$98,570 $2,956 $101,526 $104,657 $3,167 $107,824 
Fair value of plans' assets73,375 — 73,375 71,940 — 71,940 
Projected benefit obligation greater than fair value of plans' assets$25,195 $2,956 $28,151 $32,717 $3,167 $35,884 
Accumulated benefit obligation greater than fair value of plans' assets$25,195 $2,956 $28,151 $32,717 $3,167 $35,884 
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, 2021:
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
2021
2020
2021(b)
2020
2019
Surcharge
Imposed
The Pension, Hospitalization and Benefit Plan of the Electrical Industry - Pension Trust Fund13-6123601/001GreenGreenN/A$9.5 $10.1 
(c)
$9.3 
(c)
No4/13/2022
Joint Pension Fund, Local Union 164 IBEW22-6031199GreenYellowImplemented6.8 2.5 0.8 No6/2/2025
Excavators Union Local 731 Pension Fund13-1809825/002GreenGreenN/A4.0 4.8 5.1 No4/30/2026
Carpenters Pension Trust Fund for Northern California94-6050970RedRedImplemented2.9 4.6 
(d)
4.0 No6/30/2023
Northern California Electrical Workers Pension Plan94-6062674GreenGreenN/A2.8 3.5 
(c)
3.0 No5/31/2022
_____________________________________________________________________________________________________________
(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 2021 plan year for any of the above pension funds.
(c)These amounts exceeded 5% of the respective total plan contributions.
(d)The Company’s contributions as a percentage of total plan contributions were not available for the 2020 plan year for the Carpenters Pension Trust Fund for Northern California.
v3.22.0.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2021
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, 2021 and 2020:
As of December 31, 2021As of December 31, 2020
Fair Value HierarchyFair Value Hierarchy
(in thousands)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash and cash equivalents(a)
$202,197 $— $— $202,197 $374,289 $— $— $374,289 
Restricted cash(a)
9,199 — — 9,199 77,563 — — 77,563 
Restricted investments(b)
— 84,355 — 84,355 — 78,912 — 78,912 
Investments in lieu of retainage(c)
27,472 58,856 — 86,328 92,609 1,300 — 93,909 
Total$238,868 $143,211 $— $382,079 $544,461 $80,212 $— $624,673 
_____________________________________________________________________________________________________________
(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, 2021, consist of investments in corporate debt securities of $46.7 million, U.S. government agency securities of $37.1 million and corporate certificates of deposits of $0.6 million, all with maturities of up to five years, and are valued based on pricing models, which are determined from a compilation of primarily observable market information, broker quotes in non-active markets or similar assets and are therefore classified as Level 2 assets. As of December 31, 2020, restricted investments consisted of investments in U.S. government agency securities of $40.5 million, corporate debt securities of $37.5 million and corporate certificates of deposits of $0.9 million, all with maturities
of up to five years. The amortized cost of these available-for-sale securities at December 31, 2021 and 2020 was not materially different from the fair value.
(c)Investments in lieu of retainage are included in retainage receivable and as of December 31, 2021 are comprised of corporate debt securities of $57.5 million, money market funds of $27.5 million and municipal bonds of $1.3 million. The fair values of the money market funds are measured using quoted market prices; therefore, they are classified as Level 1 assets. The corporate and municipal bonds have maturity periods up to five years, and their fair values are determined from a compilation of primarily observable market information, third-party quoted market prices, broker quotes in non-active markets or similar assets; therefore, they are classified as Level 2 assets. As of December 31, 2020, investments in lieu of retainage consisted of money market funds of $92.6 million and municipal bonds of $1.3 million. The amortized cost of these available-for-sale securities at December 31, 2021 and 2020 was not materially different from the fair value.
v3.22.0.1
Business Segments (Tables)
 12 Months Ended
Dec. 31, 2021
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, 2021, 2020 and 2019:
Reportable Segments
(in thousands)CivilBuildingSpecialty
Contractors		TotalCorporateConsolidated
Total
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(a)
$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(d)
$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 
Year ended December 31, 2019
Total revenue$2,054,097 $1,764,753 $929,738 $4,748,588 $— $4,748,588 
Elimination of intersegment revenue(274,745)(22,713)(298)(297,756)— (297,756)
Revenue from external customers$1,779,352 $1,742,040 $929,440 $4,450,832 $— $4,450,832 
Income (loss) from construction operations(e)
$(150,837)$23,655 $(172,637)$(299,819)$(65,188)
(b)
$(365,007)
Capital expenditures$82,156 $518 $688 $83,362 $834 $84,196 
Depreciation and amortization(c)
$47,905 $1,934 $4,136 $53,975 $11,069 $65,044 
_____________________________________________________________________________________________________________
(a)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 (an after-tax impact of $20.9 million, or $0.41 per diluted share) and $16.3 million (an after-tax impact of $13.5 million, or $0.26 per diluted share) 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 negatively impacted by $13.3 million (an after-tax impact of $10.3 million, or $0.20 per diluted share) due to changes in estimates on a Civil segment 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).

The Company’s income (loss) from construction operations was also negatively impacted by $13.3 million (an after-tax impact of $10.2 million, or $0.20 per diluted share) due to changes in estimates on a Building segment transportation project in the Northeast that included a charge and the negative impact to earnings from growth in unapproved change orders.

In addition, in the Specialty Contractors segment, the Company recorded a reduction of $20.1 million in cost of operations during 2021 (a favorable after-tax impact of $14.5 million, or $0.28 per diluted share) due to a favorable legal judgment on a completed electrical project. The judgment awarded the Company the recovery of certain costs previously incurred. The Company’s income (loss) from construction operations for the year ended December 31, 2021 was also negatively impacted by $19.0 million (an after-tax impact of $13.7 million, or $0.27 per diluted share) and $17.6 million (an after-tax impact of $12.7 million, or $0.25 per diluted share) on the mechanical and electrical components, respectively, of a transportation project in the Northeast and $16.2 million (an after-tax impact of $11.7 million, or $0.23 per diluted share) on an electrical mass-transit project also in the Northeast, all of which were due to changes in estimates that included charges and/or the negative impact to earnings from growth in unapproved change orders.
(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, 2020, the Company recorded a charge of $15.2 million in income (loss) from construction operations (an after-tax impact of $11.0 million, or $0.22 per diluted share) 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 (an after-tax impact of $9.6 million, or $0.19 per diluted share) 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
Specialty Contractors segment general and administrative expenses (an after-tax impact of $18.6 million, or $0.36 per diluted share) as a result of a favorable arbitration decision and subsequent settlement of the related employment dispute.
(e)During the year ended December 31, 2019, the Company recorded a non-cash goodwill impairment charge of $379.9 million in income (loss) from construction operations (an after-tax impact of $330.5 million, or $6.58 per diluted share) resulting from an interim impairment test the Company performed as of June 1, 2019. For further information and breakdown of the goodwill impairment charge by segment, see Note 6. In addition, during the year ended December 31, 2019 the Company recorded a charge of $166.8 million in income (loss) from construction operations (an after-tax impact of $119.4 million, or $2.38 per diluted share), which principally impacted the Civil segment, as a result of the adverse jury verdict on the Alaskan Way Viaduct Matter, as discussed in Note 8. Lastly, the Company recognized a one-time gain of $37.8 million (an after-tax impact of $27.1 million, or $0.54 per diluted share) in Civil segment general and administrative expenses related to a remeasurement of its investment in a joint venture (see Note 6).
Total Assets for Reportable Segments
Total assets by segment were as follows:
As of December 31,
(in thousands)20212020
Civil$3,310,648 $3,141,991 
Building980,989 1,147,649 
Specialty Contractors631,710 673,891 
Corporate and other(a)
(198,449)82,086 
Total assets$4,724,898 $5,045,617 
_____________________________________________________________________________________________________________
(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)202120202019
Revenue:
United States$4,267,734 $4,953,045 $4,073,691 
Foreign and U.S. territories374,096 365,718 377,141 
Total revenue$4,641,830 $5,318,763 $4,450,832 
As of December 31,
(in thousands)20212020
Assets:
United States$4,479,873 $4,836,735 
Foreign and U.S. territories245,025 208,882 
Total assets$4,724,898 $5,045,617 
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)202120202019
Income (loss) from construction operations$226,804 $262,344 $(365,007)
Other income (expense)2,004 (11,853)6,667 
Interest expense(69,026)(76,212)(67,494)
Income (loss) before income taxes$159,782 $174,279 $(425,834)
v3.22.0.1
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Jun. 30, 2019
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Goodwill impairment charge $ 379,900 $ 0 $ 0 $ 379,863
Restricted cash held to repay outstanding debt     $ 69,900  
Expected life of options   10 years    
Minimum        
Estimated useful lives   3 years    
Maximum        
Estimated useful lives   40 years    
v3.22.0.1
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, 2021
Dec. 31, 2020
Dec. 31, 2019
Accounting Policies [Abstract]      
Net income (loss) attributable to Tutor Perini Corporation $ 91,925 $ 108,394 $ (387,690)
Weighted-average common shares outstanding, basic (in shares) 51,017 50,656 50,220
Effect of dilutive restricted stock units and stock options (in shares) 352 421 0
Weighted-average common shares outstanding, diluted (in shares) 51,369 51,077 50,220
Basic (in dollars per share) $ 1.80 $ 2.14 $ (7.72)
Diluted (in dollars per share) $ 1.79 $ 2.12 $ (7.72)
Anti-dilutive securities not included above (in shares) 1,892 1,862 3,640
v3.22.0.1
Summary of Significant Accounting Policies (Schedule of Cash and Cash Equivalents) (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash and cash equivalents $ 202,197 $ 374,289    
Restricted cash 9,199 77,563    
Total cash, cash equivalents and restricted cash 211,396 451,852 $ 202,101 $ 119,863
General Corporate Purposes        
Cash and cash equivalents 60,192 210,841    
Joint Venture        
Cash and cash equivalents $ 142,005 $ 163,448    
v3.22.0.1
Summary of Significant Accounting Policies (Tax Effects of Components of Other Comprehensive Income (Loss)) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Accounting Policies [Abstract]      
Defined benefit pension plan adjustments, Before-Tax Amount $ 8,665 $ (8,700) $ 1,180
Defined benefit pension plan adjustments, Tax (Expense) Benefit (2,444) 2,439 (336)
Defined benefit pension plan adjustments, Net-of-Tax Amount 6,221 (6,261) 844
Foreign currency translation adjustment, Before-Tax Amount (508) 178 1,867
Foreign currency translation adjustment, Tax (Expense) Benefit 183 101 (530)
Foreign currency translation adjustment, Net-of-Tax Amount (325) 279 1,337
Unrealized gain (loss) in fair value of investments, Before-Tax Amount (3,440) 2,015 1,982
Unrealized gain (loss) in fair value of investments, Tax (Expense) Benefit 790 (444) (421)
Unrealized gain (loss) in fair value of investments, Net-of-Tax Amount (2,650) 1,571 1,561
Total other comprehensive income (loss), Before-Tax Amount 4,717 (6,507) 5,029
Total other comprehensive income (loss), Tax (Expense) Benefit (1,471) 2,096 (1,287)
Total other comprehensive income (loss), Net-of-Tax Amount 3,246 (4,411) 3,742
Less: Other comprehensive income attributable to noncontrolling interests, Before-Tax Amount 140 230 393
Less: Other comprehensive income attributable to noncontrolling interest, Tax (Expense) Benefit 0 0 0
Less: Other comprehensive income attributable to noncontrolling interests, Net-of-Tax Amount 140 230 393
Total other comprehensive income (loss) attributable to Tutor Perini Corporation, Before-Tax Amount 4,577 (6,737) 4,636
Total other comprehensive income (loss) attributable to Tutor Perini Corporation, Tax (Expense) Benefit (1,471) 2,096 (1,287)
Total other comprehensive income (loss) attributable to Tutor Perini Corporation, Net-of-Tax Amount $ 3,106 $ (4,641) $ 3,349
v3.22.0.1
Summary of Significant Accounting Policies (Changes in AOCI Balances by Component) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Beginning balance $ 1,553,856    
Ending balance 1,654,921 $ 1,553,856  
Accumulated Other Comprehensive Loss      
Beginning balance (46,741) (42,100) $ (45,449)
Other comprehensive income (loss) before reclassifications 1,330 (6,124) 2,026
Amounts reclassified from AOCI 1,776 1,483 1,323
Ending balance (43,635) (46,741) (42,100)
Defined Benefit Pension Plan      
Beginning balance (44,087) (37,826) (38,670)
Other comprehensive income (loss) before reclassifications 4,167 (7,993) (539)
Amounts reclassified from AOCI 2,054 1,732 1,383
Ending balance (37,866) (44,087) (37,826)
Foreign Currency Translation      
Beginning balance (5,322) (5,371) (6,315)
Other comprehensive income (loss) before reclassifications (465) 49 944
Amounts reclassified from AOCI 0 0 0
Ending balance (5,787) (5,322) (5,371)
Unrealized Gain (Loss) in Fair Value of Investments      
Beginning balance 2,668 1,097 (464)
Other comprehensive income (loss) before reclassifications (2,372) 1,820 1,621
Amounts reclassified from AOCI (278) (249) (60)
Ending balance $ 18 $ 2,668 $ 1,097
v3.22.0.1
Summary of Significant Accounting Policies - Reclassification from AOCI (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Other income (expense) $ 2,004 $ (11,853) $ 6,667
Income tax expense (benefit) (25,632) (21,942) 65,609
Net income (loss) attributable to Tutor Perini Corporation 91,925 108,394 (387,690)
Reclassification out of Accumulated Other Comprehensive Income | Defined Benefit Pension Plan      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Other income (expense) 2,861 2,407 1,933
Income tax expense (benefit) (807) (675) (550)
Net income (loss) attributable to Tutor Perini Corporation 2,054 1,732 1,383
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) (352) (315) (76)
Income tax expense (benefit) 74 66 16
Net income (loss) attributable to Tutor Perini Corporation $ (278) $ (249) $ (60)
v3.22.0.1
Consolidated Statements of Cash Flows (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Supplemental Cash Flow Elements [Abstract]      
Accounts receivable $ (31,972) $ (104,901) $ (81,983)
Retainage receivable 78,618 (85,769) (78,520)
Costs and estimated earnings in excess of billings (120,034) (113,190) 18,751
Other current assets 62,371 (49,468) (76,146)
Accounts payable (283,482) 111,912 53,999
Retainage payable (46,190) 62,954 35,013
Billings in excess of costs and estimated earnings (77,533) (5,168) 245,292
Accrued expenses and other current liabilities (4,005) 13,654 14,851
Changes in other components of working capital (422,227) (169,976) 131,257
Interest paid 63,762 57,038 56,137
Income taxes paid (refunded), net (8,299) 11,204 43,374
Non-cash investing activities:      
Real property acquired in settlement of a receivable 0 11,660 0
Receivable recognized from sale of subsidiary $ 4,163 $ 0 $ 0
v3.22.0.1
Revenue (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Net revenue recognized related to performance obligations satisfies (or partially satisfied) in prior periods $ 37.5 $ 77.0 $ 177.5
Alaskan Way Viaduct Matter      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Net revenue recognized related to performance obligations satisfies (or partially satisfied) in prior periods     $ 123.9
Civil      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Performance obligation amount $ 4,600.0 4,800.0  
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 1,500.0  
Specialty Contractors      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Performance obligation amount $ 1,300.0 $ 1,800.0  
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    
v3.22.0.1
Revenue (Disaggregation Of Revenue) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Disaggregation of Revenue [Line Items]      
REVENUE $ 4,641,830 $ 5,318,763 $ 4,450,832
State and local agencies      
Disaggregation of Revenue [Line Items]      
REVENUE 2,636,472 2,943,870 2,470,245
Federal agencies      
Disaggregation of Revenue [Line Items]      
REVENUE 442,312 394,327 281,662
Private owners      
Disaggregation of Revenue [Line Items]      
REVENUE 1,563,046 1,980,566 1,698,925
Civil      
Disaggregation of Revenue [Line Items]      
REVENUE 2,095,760 2,199,899 1,779,352
Civil | State and local agencies      
Disaggregation of Revenue [Line Items]      
REVENUE 1,791,531 1,875,653 1,401,001
Civil | Federal agencies      
Disaggregation of Revenue [Line Items]      
REVENUE 205,080 175,933 116,869
Civil | Private owners      
Disaggregation of Revenue [Line Items]      
REVENUE 99,149 148,313 261,482
Civil | Mass transit (includes certain transportation and tunneling projects)      
Disaggregation of Revenue [Line Items]      
REVENUE 1,417,196 1,367,412 992,755
Civil | Bridges      
Disaggregation of Revenue [Line Items]      
REVENUE 238,345 306,161 334,117
Civil | Military defense facilities      
Disaggregation of Revenue [Line Items]      
REVENUE 194,701 146,969 59,082
Civil | Water      
Disaggregation of Revenue [Line Items]      
REVENUE 98,739 101,705 33,370
Civil | Highways      
Disaggregation of Revenue [Line Items]      
REVENUE 55,666 122,254 86,747
Civil | Other      
Disaggregation of Revenue [Line Items]      
REVENUE 91,113 155,398 273,281
Building      
Disaggregation of Revenue [Line Items]      
REVENUE 1,428,102 1,984,641 1,742,040
Building | State and local agencies      
Disaggregation of Revenue [Line Items]      
REVENUE 363,686 534,449 573,049
Building | Federal agencies      
Disaggregation of Revenue [Line Items]      
REVENUE 189,508 143,327 153,467
Building | Private owners      
Disaggregation of Revenue [Line Items]      
REVENUE 874,908 1,306,865 1,015,524
Building | Mass transit (includes certain transportation and tunneling projects)      
Disaggregation of Revenue [Line Items]      
REVENUE 130,923 218,930 201,400
Building | Other      
Disaggregation of Revenue [Line Items]      
REVENUE 90,316 132,308 145,717
Building | Commercial and industrial facilities      
Disaggregation of Revenue [Line Items]      
REVENUE 352,265 580,297 459,806
Building | Hospitality and gaming      
Disaggregation of Revenue [Line Items]      
REVENUE 338,998 474,329 297,700
Building | Municipal and government      
Disaggregation of Revenue [Line Items]      
REVENUE 291,629 287,337 254,736
Building | Education facilities      
Disaggregation of Revenue [Line Items]      
REVENUE 159,929 173,472 143,382
Building | Health care facilities      
Disaggregation of Revenue [Line Items]      
REVENUE 64,042 117,968 239,299
Specialty Contractors      
Disaggregation of Revenue [Line Items]      
REVENUE 1,117,968 1,134,223 929,440
Specialty Contractors | State and local agencies      
Disaggregation of Revenue [Line Items]      
REVENUE 481,255 533,768 496,195
Specialty Contractors | Federal agencies      
Disaggregation of Revenue [Line Items]      
REVENUE 47,724 75,067 11,326
Specialty Contractors | Private owners      
Disaggregation of Revenue [Line Items]      
REVENUE 588,989 525,388 421,919
Specialty Contractors | Mass transit (includes certain transportation and tunneling projects)      
Disaggregation of Revenue [Line Items]      
REVENUE 588,162 592,430 419,402
Specialty Contractors | Water      
Disaggregation of Revenue [Line Items]      
REVENUE 90,887 73,769 37,403
Specialty Contractors | Other      
Disaggregation of Revenue [Line Items]      
REVENUE 70,851 83,448 67,382
Specialty Contractors | Commercial and industrial facilities      
Disaggregation of Revenue [Line Items]      
REVENUE 139,751 152,868 186,819
Specialty Contractors | Education facilities      
Disaggregation of Revenue [Line Items]      
REVENUE 50,572 44,762 70,229
Specialty Contractors | Mixed use      
Disaggregation of Revenue [Line Items]      
REVENUE 44,660 47,022 64,302
Specialty Contractors | Multi-unit residential      
Disaggregation of Revenue [Line Items]      
REVENUE $ 133,085 $ 139,924 $ 83,903
v3.22.0.1
Revenue (Schedule Of Revenue By Contract Type) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Disaggregation of Revenue [Line Items]      
REVENUE $ 4,641,830 $ 5,318,763 $ 4,450,832
Fixed price      
Disaggregation of Revenue [Line Items]      
REVENUE 3,140,148 3,312,393 2,646,436
Guaranteed maximum price      
Disaggregation of Revenue [Line Items]      
REVENUE 905,704 1,154,028 780,352
Unit price      
Disaggregation of Revenue [Line Items]      
REVENUE 363,786 476,672 539,881
Cost plus fee and other      
Disaggregation of Revenue [Line Items]      
REVENUE 232,192 375,670 484,163
Civil      
Disaggregation of Revenue [Line Items]      
REVENUE 2,095,760 2,199,899 1,779,352
Civil | Fixed price      
Disaggregation of Revenue [Line Items]      
REVENUE 1,815,079 1,792,765 1,315,195
Civil | Guaranteed maximum price      
Disaggregation of Revenue [Line Items]      
REVENUE 2,854 1,829 6,951
Civil | Unit price      
Disaggregation of Revenue [Line Items]      
REVENUE 268,377 392,548 436,015
Civil | Cost plus fee and other      
Disaggregation of Revenue [Line Items]      
REVENUE 9,450 12,757 21,191
Building      
Disaggregation of Revenue [Line Items]      
REVENUE 1,428,102 1,984,641 1,742,040
Building | Fixed price      
Disaggregation of Revenue [Line Items]      
REVENUE 336,128 508,655 561,831
Building | Guaranteed maximum price      
Disaggregation of Revenue [Line Items]      
REVENUE 888,345 1,136,782 752,110
Building | Unit price      
Disaggregation of Revenue [Line Items]      
REVENUE (1,373) 867 12,063
Building | Cost plus fee and other      
Disaggregation of Revenue [Line Items]      
REVENUE 205,002 338,337 416,036
Specialty Contractors      
Disaggregation of Revenue [Line Items]      
REVENUE 1,117,968 1,134,223 929,440
Specialty Contractors | Fixed price      
Disaggregation of Revenue [Line Items]      
REVENUE 988,941 1,010,973 769,410
Specialty Contractors | Guaranteed maximum price      
Disaggregation of Revenue [Line Items]      
REVENUE 14,505 15,417 21,291
Specialty Contractors | Unit price      
Disaggregation of Revenue [Line Items]      
REVENUE 96,782 83,257 91,803
Specialty Contractors | Cost plus fee and other      
Disaggregation of Revenue [Line Items]      
REVENUE $ 17,740 $ 24,576 $ 46,936
v3.22.0.1
Contract Assets and Liabilities (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]      
Retainage receivable estimated by management to be collected beyond one year, percentage 31.00%    
Costs and estimated earnings in excess of billings estimated to be collected $ 795.2    
Capitalized contract costs were amortized and recognized as expense $ 47.3 $ 46.7 $ 33.8
Retainage payable estimated by management to be remitted beyond one year, percentage 24.00%    
Revenue recognized $ 638.7 $ 690.7 $ 479.6
v3.22.0.1
Contract Assets and Liabilities (Schedule Of Contract Assets) (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]    
Retainage receivable $ 568,881 $ 648,441
Claims 833,352 752,783
Unapproved change orders 418,054 415,489
Other unbilled costs and profits 105,362 68,462
Total costs and estimated earnings in excess of billings 1,356,768 1,236,734
Capitalized contract costs 69,027 74,452
Total contract assets $ 1,994,676 $ 1,959,627
v3.22.0.1
Contract Assets and Liabilities (Schedule Of Contract Liabilities) (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]    
Retainage payable $ 268,945 $ 315,135
Billings in excess of costs and estimated earnings 761,689 839,222
Total contract liabilities $ 1,030,634 $ 1,154,357
v3.22.0.1
Income Taxes (Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Jun. 30, 2019
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Operating Loss Carryforwards [Line Items]        
Unrecognized tax benefits that would impact effective tax rate   $ 7,500    
Goodwill impairment charge $ 379,900 0 $ 0 $ 379,863
Goodwill, not tax deductible and yielded permanent differences between book and taxable income 209,500      
Goodwill impairment, tax benefit $ 49,400      
Domestic Tax Authority        
Operating Loss Carryforwards [Line Items]        
Credit carryforwards   100 1,400  
State and Local Jurisdiction        
Operating Loss Carryforwards [Line Items]        
Net operating loss carryforwards   166,000 196,500  
Credit carryforwards   $ 2,600 $ 2,000  
v3.22.0.1
Income Taxes (Summary of Income Before Taxes) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Income Tax Disclosure [Abstract]      
United States operations $ 118,749 $ 138,426 $ (456,403)
Foreign and U.S. territory operations 41,033 35,853 30,569
INCOME (LOSS) BEFORE INCOME TAXES $ 159,782 $ 174,279 $ (425,834)
v3.22.0.1
Income Taxes (Provision for Income Taxes) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Current expense (benefit):      
Federal $ 20,052 $ (36,159) $ (2,884)
State 7,899 (1,282) 3,585
Foreign and U.S. territories 11,568 11,130 5,299
Total current expense (benefit): 39,519 (26,311) 6,000
Deferred expense (benefit):      
Federal (13,667) 38,667 (43,579)
State 36 10,608 (27,566)
Foreign and U.S. territories (256) (1,022) (464)
Total deferred expense (benefit): (13,887) 48,253 (71,609)
Total expense (benefit): $ 25,632 $ 21,942 $ (65,609)
v3.22.0.1
Income Taxes (Reconciliation of Provision for Income Taxes) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Amount      
Federal income tax expense (benefit) at statutory tax rate $ 33,554 $ 36,599 $ (89,425)
State income taxes, net of federal tax benefit 8,301 8,518 (18,442)
Stock based compensation 87 3,185 1,706
Impact of federal tax law changes 0 (14,476) 0
Officers' compensation 3,664 2,486 2,938
Goodwill impairment 0 0 43,990
Noncontrolling interests (8,872) (9,799) (6,064)
Federal R&D credits (1,105) (3,007) (3,998)
Foreign tax rate differences (625) 1,491 4,940
Federal claim of right credit (8,191) 0 0
Other (1,181) (3,055) (1,254)
Total expense (benefit): $ 25,632 $ 21,942 $ (65,609)
Rate      
Federal income tax expense (benefit) at statutory tax rate 21.00% 21.00% 21.00%
State income taxes, net of federal tax benefit 5.20% 4.90% 4.30%
Stock based compensation 0.10% 1.80% (0.40%)
Impact of federal tax law changes 0.00% (8.30%) 0.00%
Officers' compensation 2.30% 1.40% (0.70%)
Goodwill impairment 0.00% 0.00% (10.30%)
Noncontrolling interests (5.60%) (5.60%) 1.40%
Federal R&D credits (0.70%) (1.70%) 0.90%
Foreign tax rate differences (0.40%) 0.90% (1.20%)
Federal claim of right credit (0.051) 0 0
Other (0.80%) (1.80%) 0.40%
Income tax expense (benefit) 16.00% 12.60% 15.40%
v3.22.0.1
Income Taxes (Significant Components of Deferred Tax Assets and Liabilities) (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Deferred tax assets:    
Timing of expense recognition $ 28,710 $ 24,470
Net operating losses 15,824 19,968
Goodwill 11,698 19,315
Other, net 13,125 10,155
Deferred tax assets 69,357 73,908
Deferred tax liabilities:    
Intangible assets, due primarily to purchase accounting (16,453) (15,212)
Fixed assets (70,128) (76,567)
Construction contract accounting (9,196) (9,769)
Joint ventures (26,764) (41,669)
Other (15,672) (11,962)
Deferred tax liabilities (138,213) (155,179)
Net deferred tax liabilities (68,856) (81,271)
Net Deferred Tax Liabilities    
Deferred tax assets 2,133 1,695
Deferred tax liabilities (70,989) (82,966)
Net deferred tax liabilities $ (68,856) $ (81,271)
v3.22.0.1
Income Taxes (Reconciliation of Gross Unrecognized Tax Benefit) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Reconciliation of gross unrecognized tax benefits      
Beginning balance $ 8,681 $ 5,682 $ 4,998
Change in tax positions of prior years (1,319)    
Change in tax positions of prior years   2,286 351
Change in tax positions of current year 1,000 1,202 1,106
Reduction in tax positions for statute expirations (823) (489) (773)
Ending balance $ 7,539 $ 8,681 $ 5,682
v3.22.0.1
Goodwill and Intangible Assets (Narrative) (Details) - USD ($)
 3 Months Ended 12 Months Ended
Jan. 01, 2020
Jun. 30, 2019
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Goodwill [Line Items]          
Goodwill impairment charge   $ 379,900,000 $ 0 $ 0 $ 379,863,000
Amortization expense     35,497,000 32,155,000 $ 6,226,000
2021     14,500,000    
2022     2,200,000    
2023     2,200,000    
2024     2,200,000    
2025     2,200,000    
Thereafter     11,400,000    
Impairment of intangible assets     $ 0 $ 0  
Civil Segment Joint Venture          
Goodwill [Line Items]          
Additional ownership percentage in joint venture         25.00%
Ownership percentage in joint venture 75.00%       50.00%
Civil Segment Joint Venture | Fair Value, Nonrecurring          
Goodwill [Line Items]          
Gain on remeasurement         $ 37,800,000
Construction contract backlog | Civil Segment Joint Venture          
Goodwill [Line Items]          
Intangible assets acquired         75,600,000
Civil          
Goodwill [Line Items]          
Goodwill impairment charge         210,200,000
Building          
Goodwill [Line Items]          
Goodwill impairment charge         13,500,000
Specialty Contractors          
Goodwill [Line Items]          
Goodwill impairment charge         $ 156,200,000
v3.22.0.1
Goodwill and Intangible Assets (Changes in Carrying Amount of Goodwill) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Goodwill [Line Items]      
Gross goodwill as of December 31, 2019     $ 1,072,991
Accumulated impairment as of December 31, 2019 $ (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 [Line Items]      
Gross goodwill as of December 31, 2019     492,074
Accumulated impairment as of December 31, 2019     (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 [Line Items]      
Gross goodwill as of December 31, 2019     424,724
Accumulated impairment as of December 31, 2019     (424,724)
Balance at beginning of period 0 0  
Activity 0 0  
Balance at end of period 0 0  
Specialty Contractors      
Goodwill [Line Items]      
Gross goodwill as of December 31, 2019     156,193
Accumulated impairment as of December 31, 2019     $ (156,193)
Balance at beginning of period 0 0  
Activity 0 0  
Balance at end of period $ 0 $ 0  
v3.22.0.1
Goodwill and Intangible Assets (Intangible Assets) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Total Intangible Assets [Abstract]    
Cost $ 381,940 $ 387,040
Accumulated Amortization (183,805) (150,858)
Accumulated Impairment Charge (113,067) (113,067)
Carrying Value 85,068 123,115
Trade Names    
Finite-Lived intangible assets    
Cost 69,250 74,350
Accumulated Amortization (23,650) (23,754)
Accumulated Impairment Charge (23,232) (23,232)
Carrying Value $ 22,368 $ 27,364
Weighted-Average Amortization Period 20 years 20 years
Customer relationships    
Finite-Lived intangible assets    
Cost $ 39,800 $ 39,800
Accumulated Amortization (23,053) (22,103)
Accumulated Impairment Charge (16,645) (16,645)
Carrying Value $ 102 $ 1,052
Weighted-Average Amortization Period 12 years 12 years
Construction contract backlog    
Finite-Lived intangible assets    
Cost $ 149,290 $ 149,290
Accumulated Amortization (137,102) (105,001)
Carrying Value $ 12,188 $ 44,289
Weighted-Average Amortization Period 3 years 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)
v3.22.0.1
Financial Commitments (Narrative) (Details)
 12 Months Ended
Aug. 18, 2020
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2023
USD ($)
Mar. 31, 2022
Jun. 15, 2021
USD ($)
Aug. 19, 2020
USD ($)
Apr. 20, 2017
USD ($)
Jun. 15, 2016
USD ($)
Debt Instrument [Line Items]                    
Loss on debt extinguishment     $ 7,100,000              
Remaining principal balance   $ 1,010,763,000                
Initial conversion rate   0.0330579                
Loan outstanding   $ 993,654,000 1,025,465,000              
BMO Harris Bank                    
Debt Instrument [Line Items]                    
Increase in applicable margin on overdue amounts upon default 2.00%                  
Credit Facility 2020                    
Debt Instrument [Line Items]                    
Loan outstanding   $ 27,000,000 0              
Credit Facility 2020 | BMO Harris Bank                    
Debt Instrument [Line Items]                    
Net leverage ratio (maximum) 2.75                  
Weighted-average annual interest rate on borrowings   6.50%                
Amount outstanding   $ 27,000,000                
Available borrowing capacity   148,000,000                
First Lien | BMO Harris Bank                    
Debt Instrument [Line Items]                    
Net leverage ratio (maximum) 1.35                  
Forecast | Credit Facility 2020 | BMO Harris Bank                    
Debt Instrument [Line Items]                    
Net leverage ratio (maximum)           2.25        
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 Notes                    
Debt Instrument [Line Items]                    
Face amount                   $ 200,000,000
Interest rate (as a percent)                   2.875%
Repurchased face amount               $ 130,100,000    
Aggregate repurchase price               $ 132,400,000    
Remaining principal balance     69,918,000       $ 69,900,000      
Loan outstanding   0 67,878,000              
Convertible Notes | Equity Component                    
Debt Instrument [Line Items]                    
Unamortized debt issuance costs     1,543,000              
Conversion feature     46,800,000 $ 46,800,000            
Convertible Notes | Liability Component                    
Debt Instrument [Line Items]                    
Unamortized debt issuance costs     5,051,000              
Face amount     69,918,000 200,000,000            
Issuance of convertible notes       $ 153,200,000            
2017 Senior Notes | 2017 Senior Notes                    
Debt Instrument [Line Items]                    
Remaining principal balance   500,000,000 500,000,000              
Loan outstanding   $ 496,244,000 495,271,000              
2017 Senior Notes | Private Placement | 2017 Senior Notes                    
Debt Instrument [Line Items]                    
Face amount                 $ 500,000,000  
Interest rate (as a percent)                 6.875%  
Redemption price, change of control triggering event (as a percent)   101.00%                
Equipment Financing Loans                    
Debt Instrument [Line Items]                    
Loan outstanding   $ 41,700,000 36,900,000              
Term of debt   5 years                
Mortgages                    
Debt Instrument [Line Items]                    
Interest rate (as a percent)   2.25%                
Loan outstanding   $ 14,600,000 10,700,000              
Term of debt   10 years                
Mortgages | Forecast                    
Debt Instrument [Line Items]                    
Balloon payments         $ 6,800,000          
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)   3.89%                
Credit Facility | Credit Facility 2020                    
Debt Instrument [Line Items]                    
Unamortized debt issuance costs   $ 2,100,000 $ 2,600,000              
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 | 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%                  
LIBOR | Credit Facility 2020 | BMO Harris Bank                    
Debt Instrument [Line Items]                    
Basis points added to reference rate (as a percent)) 4.75%                  
LIBOR | Credit Agreement 2020 | BMO Harris Bank                    
Debt Instrument [Line Items]                    
Basis points added to reference rate (as a percent)) 1.00%                  
LIBOR | Term Loan B | BMO Harris Bank                    
Debt Instrument [Line Items]                    
Basis points added to reference rate (as a percent)) 4.75%                  
LIBOR | Mortgages                    
Debt Instrument [Line Items]                    
Basis points added to reference rate (as a percent))   3.00%                
LIBOR | Minimum | Credit Facility 2020 | BMO Harris Bank                    
Debt Instrument [Line Items]                    
Basis points added to reference rate (as a percent)) 4.25%                  
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 | Credit Facility 2020 | BMO Harris Bank                    
Debt Instrument [Line Items]                    
Basis points added to reference rate (as a percent)) 4.75%                  
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 | Credit Facility 2020 | BMO Harris Bank                    
Debt Instrument [Line Items]                    
Basis points added to reference rate (as a percent)) 3.75%                  
Base Rate | Term Loan B | BMO Harris Bank                    
Debt Instrument [Line Items]                    
Basis points added to reference rate (as a percent)) 3.75%                  
Base Rate | Minimum | Credit Facility 2020 | BMO Harris Bank                    
Debt Instrument [Line Items]                    
Basis points added to reference rate (as a percent)) 3.25%                  
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 | Credit Facility 2020 | BMO Harris Bank                    
Debt Instrument [Line Items]                    
Basis points added to reference rate (as a percent)) 3.75%                  
Base Rate | Maximum | Term Loan B | BMO Harris Bank                    
Debt Instrument [Line Items]                    
Basis points added to reference rate (as a percent)) 3.75%                  
v3.22.0.1
Financial Commitments (Long-Term Debt) (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Debt Instrument [Line Items]    
Total debt $ 993,654 $ 1,025,465
Less: Current maturities 24,406 100,188
Long-term debt, net 969,248 925,277
Term Loan B    
Debt Instrument [Line Items]    
Total debt 406,335 408,458
Convertible Notes    
Debt Instrument [Line Items]    
Total debt 0 67,878
Equipment financing and mortgages    
Debt Instrument [Line Items]    
Total debt 56,246 47,594
Other indebtedness    
Debt Instrument [Line Items]    
Total debt 7,829 6,264
2017 Senior Notes | 2017 Senior Notes    
Debt Instrument [Line Items]    
Total debt 496,244 495,271
Credit Facility 2020    
Debt Instrument [Line Items]    
Total debt $ 27,000 $ 0
v3.22.0.1
Financial Commitments (Reconciliation Of Outstanding Debt Balance To Reported Debt Balance) (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Jun. 15, 2021
Dec. 31, 2020
Debt Instrument [Line Items]      
Outstanding Debt $ 1,010,763    
Unamortized Discounts and Issuance Costs (17,109)    
Total debt 993,654   $ 1,025,465
Term Loan B      
Debt Instrument [Line Items]      
Outstanding Debt 419,688   423,938
Unamortized Discounts and Issuance Costs (13,353)   (15,480)
Total debt 406,335   408,458
Convertible Notes      
Debt Instrument [Line Items]      
Outstanding Debt   $ 69,900 69,918
Unamortized Discounts and Issuance Costs     (2,040)
Total debt 0   67,878
2017 Senior Notes | 2017 Senior Notes      
Debt Instrument [Line Items]      
Outstanding Debt 500,000   500,000
Unamortized Discounts and Issuance Costs (3,756)   (4,729)
Total debt $ 496,244   $ 495,271
v3.22.0.1
Financial Commitments (Summary Of Information Related To The Liability And Equity Components Of The Convertible Notes) (Details) - USD ($)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2021
Dec. 31, 2019
Jun. 15, 2016
Debt Instrument [Line Items]        
Reacquisition of conversion option from repurchase of notes, net of tax $ (764,000)      
Deferred taxes (81,271,000) $ (68,856,000)    
Convertible Notes        
Debt Instrument [Line Items]        
Principal       $ 200,000,000
Liability Component | Convertible Notes        
Debt Instrument [Line Items]        
Principal 69,918,000   $ 200,000,000  
Conversion feature (46,800,000)      
Allocated debt issuance costs (5,051,000)      
Amortization and extinguishment of discount and debt issuance costs (non-cash interest expense) 49,811,000      
Net carrying amount 67,878,000      
Equity Component | Convertible Notes        
Debt Instrument [Line Items]        
Allocated debt issuance costs (1,543,000)      
Net carrying amount 25,678,000      
Conversion feature 46,800,000   $ 46,800,000  
Reacquisition of conversion option from repurchase of notes, net of tax (764,000)      
Deferred taxes $ (18,815,000)      
v3.22.0.1
Financial Commitments (Principal Payments of Long-Term Debt) (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Debt Disclosure [Abstract]    
2022 $ 24,406  
2023 23,187  
2024 16,137  
2025 539,888  
2026 8,578  
Thereafter 398,567  
Subtotal 1,010,763  
Unamortized Discounts and Issuance Costs 17,109  
Total debt $ 993,654 $ 1,025,465
v3.22.0.1
Financial Commitments (Summary Of Interest Expense As Reported In The Consolidated Statements of Operations) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Other interest $ 1,905 $ 2,079 $ 2,172
Cash portion of loss on extinguishment 0 786 0
Total cash interest expense 63,270 56,059 54,287
Total non-cash interest expense 5,756 20,153 13,207
Non-cash portion of loss on extinguishment 0 8,312 0
Total interest expense 69,026 76,212 67,494
Term Loan B      
Interest on debt 24,590 9,028 0
Total non-cash interest expense $ 2,175 784 0
Effective interest rates 6.48%    
Convertible Debt      
Interest on debt $ 921 4,373 5,750
Total non-cash interest expense $ 2,040 8,944 10,811
Effective interest rates 9.39%    
2017 Senior Notes | 2017 Senior Notes      
Interest on debt $ 34,375 34,375 34,375
Total non-cash interest expense $ 973 906 844
Effective interest rates 7.13%    
Credit Facility 2020      
Interest on debt $ 1,479 77 0
Total non-cash interest expense 568 206 0
2017 Credit Facility | Credit Facility      
Interest on debt 0 5,341 11,990
Total non-cash interest expense $ 0 $ 1,001 $ 1,552
v3.22.0.1
Commitments and Contingencies (Details) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Dec. 13, 2019
Jun. 04, 2019
Feb. 26, 2015
Mar. 31, 2016
Jun. 30, 2015
Aug. 31, 2013
Dec. 31, 2019
Dec. 31, 2021
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          
Value of counterclaim filed       $ 667.0            
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      
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
v3.22.0.1
Leases (Narrative) (Details)
Dec. 31, 2021
Minimum  
Lessee, Lease, Description [Line Items]  
Operating lease, remaining lease terms 1 year
Maximum  
Lessee, Lease, Description [Line Items]  
Operating lease, remaining lease terms 17 years
v3.22.0.1
Leases (Components of Lease Expense) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Lessee, Lease, Description [Line Items]    
Operating lease expense $ 14,733 $ 14,547
Short-term lease expense 72,047 87,969
Lease expense, gross 86,780 102,516
Less: Sublease income 697 1,026
Total lease expense $ 86,083 $ 101,490
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  
v3.22.0.1
Leases (Supplemental Balance Sheet Information Related To Leases) (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Leases [Abstract]    
ROU assets $ 53,462 $ 55,897
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] OTHER ASSETS OTHER ASSETS
Current lease liabilities $ 7,481 $ 7,661
Long-term lease liabilities 50,057 51,336
Total lease liabilities $ 57,538 $ 58,997
Weighted-average remaining lease term 12 years 12 years 6 months
Weighted-average discount rate 9.44% 9.22%
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
v3.22.0.1
Leases (Supplemental Cash Flow And Other Information Related To Leases) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Leases [Abstract]    
Cash paid for amounts included in the measurement of lease liabilities $ (13,799) $ (14,591)
ROU assets obtained in exchange for lease liabilities $ 6,979 $ 29,244
v3.22.0.1
Leases (Maturity of Leases Liabilities on an Undiscounted Basis) (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Leases [Abstract]    
2022 $ 12,372  
2023 9,622  
2024 7,673  
2025 6,803  
2026 5,640  
Thereafter 60,833  
Total lease payments 102,943  
Less: Imputed interest 45,405  
Total $ 57,538 $ 58,997
v3.22.0.1
Share-Based Compensation (Narrative) (Details) - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of shares authorized for grant 1,243,070      
Total granted and outstanding (in shares) 2,167,765 2,275,265 2,279,015 2,943,044
Aggregate Intrinsic value $ 600,000      
Weighted average remaining contractual term of outstanding stock options 3 years 9 months 18 days      
Number of vested and exercisable stock options (in shares) 1,842,765      
Stock options exercised, intrinsic value $ 600,000      
Vested and exercisable stock options, weighted average exercise price (in dollars per share) $ 20.77      
Weighted average remaining contractual term of outstanding stock options 3 years      
Stock options granted but not vested (in shares) 325,000      
Stock options granted, weighted-average exercise price (in dollars per share) $ 16.37      
Stock options granted, weighted-average remaining contractual life 8 years 6 months      
Stock options granted and expected to vest (in shares) 187,500      
Stock options granted and not expected to vest (in shares) 137,500      
Share-based compensation expense $ 11,642,000 $ 11,833,000 $ 19,143,000  
Share based compensation, tax benefits 1,200,000 1,300,000 2,900,000  
Employee        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation expense 10,000,000 10,200,000 17,500,000  
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  
Stock Options        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock option expense $ 2,000,000      
Weighted average period over which unrecognized compensation cost is expected to be recognized 1 year 10 months 24 days      
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) 260,000 270,000    
Stock units with guaranteed minimum payouts outstanding, weighted-average grant date fair value (in dollars per share) $ 27.53 $ 27.80    
Stock units with guaranteed minimum payouts outstanding, recognized liabilities $ 4,800,000 $ 2,400,000    
Paid to settle share-based awards 300,000 300,000 0  
Unrestricted Stock Units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Fair value of unrestricted stock units issued $ 1,600,000 $ 1,700,000 $ 1,500,000  
Restricted Stock Units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock units with guaranteed minimum payouts outstanding (in shares) 1,188,851 1,035,000 1,715,000 1,469,000
Stock units with guaranteed minimum payouts outstanding, weighted-average grant date fair value (in dollars per share) $ 18.98 $ 21.85 $ 25.19 $ 27.27
Fair value of restricted stock units that vested during period $ 5,300,000 $ 4,100,000 $ 3,100,000  
Restricted stock expense $ 12,900,000      
Weighted average period over which unrecognized compensation cost is expected to be recognized 1 year 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) 398,852 0 0 0
Stock units with guaranteed minimum payouts outstanding, weighted-average grant date fair value (in dollars per share) $ 20.39 $ 0 $ 0 $ 0
Stock option expense $ 6,800,000      
Weighted average period over which unrecognized compensation cost is expected to be recognized 2 years      
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]        
Aggregate number of shares outstanding, historical awards that either have not vested or have vested but not exercised 3,356,616      
v3.22.0.1
Share-Based Compensation (Summary of Restricted Stock Unit and Stock Option Activity) (Details) - $ / shares
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
RSUs Number of Shares      
Vested/exercised (in shares) 0 0  
RSUs Weighted Average Grant Date Fair Value      
Vested/exercised, Weighted Average Grant Date Fair Value (in dollars per share) $ 0 $ 0  
Stock Options and CPSUs Number of Shares      
Outstanding, beginning of period (in shares) 2,275,265 2,279,015 2,943,044
Granted (in shares) 100,000 165,000 220,000
Expired or cancelled (in shares) (202,500) (168,750) (884,029)
Vested/exercised (in shares) (5,000) 0 0
Outstanding, end of period (in shares) 2,167,765 2,275,265 2,279,015
Stock Options and CPSUs Weighted Average Exercise/(Strike) Price Per Share      
Outstanding, beginning of period, Weighted Average Exercise/(Strike) Price Per Share (in dollars per share) $ 20.13 $ 20.62 $ 20.89
Granted, Weighted Average Exercise/(Strike) Price Per Share (in dollars per share) 19.24 19.24 19.66
Expired or cancelled, Weighted Average Exercise/(Strike) Price Per Share (in dollars per share) 20.07 25.87 21.03
Vested/exercised, Weighted Average Exercise/(Strike) Price Per Share (in dollars per share) 13.32 0 0
Outstanding, end of period, Weighted Average Exercise/(Strike) Price Per Share (in dollars per share) $ 20.11 $ 20.13 $ 20.62
Restricted Stock Units      
RSUs Number of Shares      
Outstanding, beginning of period (in shares) 1,035,000 1,715,000 1,469,000
Units granted (in shares) 678,851 245,000 530,000
Expired or cancelled (in shares) (155,000) (403,750) (104,029)
Vested/exercised (in shares) (370,000) (521,250) (179,971)
Outstanding, end of period (in shares) 1,188,851 1,035,000 1,715,000
RSUs Weighted Average Grant Date Fair Value      
Outstanding, beginning of period, Weighted Average Grant Date Fair Value (in dollars per share) $ 21.85 $ 25.19 $ 27.27
Granted, Weighted Average Grant Date Fair Value (in dollars per share) 16.26 20.67 20.23
Expired or cancelled, Weighted Average Grant Date Fair Value (in dollars per share) 15.37 25.52 28.98
Vested/exercised, Weighted Average Grant Date Fair Value (in dollars per share) 23.53 29.44 25.39
Outstanding, end of period, Weighted Average Grant Date Fair Value (in dollars per share) $ 18.98 $ 21.85 $ 25.19
Cash-settled Performance Stock Units      
RSUs Number of Shares      
Outstanding, beginning of period (in shares) 0 0 0
Units granted (in shares) 398,852 0 0
Expired or cancelled (in shares) 0 0 0
Vested/exercised (in shares)     0
Outstanding, end of period (in shares) 398,852 0 0
RSUs Weighted Average Grant Date Fair Value      
Outstanding, beginning of period, Weighted Average Grant Date Fair Value (in dollars per share) $ 0 $ 0 $ 0
Granted, Weighted Average Grant Date Fair Value (in dollars per share) 20.39 0 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) $ 20.39 $ 0 $ 0
v3.22.0.1
Share-Based Compensation (Summary Of Unrestricted Stock Units Issuance) (Details) - Unrestricted Stock Units - $ / shares
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Units granted (in shares) 101,894 194,177 98,591
Units granted (in dollars per share) $ 15.47 $ 8.60 $ 15.72
v3.22.0.1
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, 2021
Dec. 31, 2020
Dec. 31, 2019
Key assumptions used in estimating the grant date fair values of stock option awards granted      
Total stock options granted 100,000 165,000 220,000
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 $ 7.59
Risk-free rate 1.40% 1.20% 2.10%
Expected life of options 6 years 6 months 6 years 3 months 18 days 6 years 1 month 6 days
Expected volatility 73.70% 60.70% 39.40%
Expected quarterly dividends $ 0 $ 0 $ 0
v3.22.0.1
Employee Benefit Plans (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Pension Plan Assets      
Net actuarial loss $ 56.5 $ 65.2  
Expense provision for 401 (k) plans 4.4 4.3 $ 4.1
Company Contributions 43.6 44.3 $ 35.7
Hedge fund investments      
Pension Plan Assets      
Investments in hedge funds which do not have readily determinable fair values $ 12.8 $ 10.6  
Employee Pension Plans      
Pension Plan Assets      
Discount rate (as a percent) 2.70% 2.20%  
Expected return on assets (as a percent) 5.75% 5.75% 5.75%
v3.22.0.1
Employee Benefit Plans (Summary of Net Periodic Benefit Cost) (Details) - Employee Pension Plans - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Summary of net periodic benefit cost      
Interest cost $ 2,349 $ 3,032 $ 3,801
Service cost 935 925 900
Expected return on plan assets (3,976) (4,022) (4,170)
Recognized net actuarial losses 2,860 2,407 1,933
Net periodic benefit cost $ 2,168 $ 2,342 $ 2,464
Actuarial assumptions used to determine net cost:      
Discount rate (as a percent) 2.24% 3.07% 4.12%
Expected return on assets (as a percent) 5.75% 5.75% 5.75%
v3.22.0.1
Employee Benefit Plans (Target and Actual Asset Allocation for Pension Plan by Asset Category) (Details) - Employee Pension Plans
Dec. 31, 2021
Dec. 31, 2020
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) 4.00% 5.00%
Domestic Equity Funds    
Pension Plan Assets    
Target asset allocation (as a percent) 47.00%  
Actual asset allocation (as a percent) 47.00% 34.00%
International Equity Funds    
Pension Plan Assets    
Target asset allocation (as a percent) 15.00%  
Actual asset allocation (as a percent) 16.00% 17.00%
Fixed income funds    
Pension Plan Assets    
Target asset allocation (as a percent) 33.00%  
Actual asset allocation (as a percent) 33.00% 44.00%
v3.22.0.1
Employee Benefit Plans (Future Benefit Payments Under Defined Benefit Pension Plan) (Details)
$ in Thousands
Dec. 31, 2021
USD ($)
Future Benefit Payments  
2022 $ 6,881
2023 6,795
2024 6,747
2025 6,657
2026 6,580
2027-2031 30,545
Total future benefit payments $ 64,205
v3.22.0.1
Employee Benefit Plans (Reconciliation of Changes in Fair Value of Plan Assets, Plan Benefit Obligations and Funded Status) (Details) - Employee Pension Plans - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Change in Fair Value of Plan Assets      
Balance at beginning of year $ 71,940 $ 73,357  
Actual return on plan assets 6,844 899  
Company contribution 1,235 4,408  
Benefit payments (6,644) (6,724)  
Balance at end of year 73,375 71,940 $ 73,357
Change in Benefit Obligations      
Balance at beginning of year 107,824 102,607  
Interest cost 2,349 3,032 3,801
Service cost 935 925 900
Assumption change (gain) loss (3,921) 7,902  
Actuarial loss 983 81  
Benefit payments (6,644) (6,723)  
Balance at end of year $ 101,526 $ 107,824 $ 102,607
v3.22.0.1
Employee Benefit Plans (Amounts Recognized in Consolidated Balance Sheets) (Details) - Employee Pension Plans - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Funded Status    
Funded status $ (28,151) $ (35,884)
Net unfunded amounts recognized in Consolidated Balance Sheets consist of:    
Current liabilities (292) (293)
Long-term liabilities (27,859) (35,591)
Total net unfunded amount recognized in Consolidated Balance Sheets $ (28,151) $ (35,884)
v3.22.0.1
Employee Benefit Plans (Plan Assets at Fair Value) (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
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 $ 73,375 $ 71,940 $ 73,357
Employee Pension Plans | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets 57,499 58,253  
Employee Pension Plans | Level 1 | Non-Closely Held Funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets 57,499 58,253  
Employee Pension Plans | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets 3,057 3,086  
Employee Pension Plans | Level 2 | Non-Closely Held Funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets 3,057 3,086  
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 60,556 61,339  
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 12,819 10,601  
Employee Pension Plans | Cash and cash equivalents | Non-Closely Held Funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets 2,533 1,582  
Employee Pension Plans | Cash and cash equivalents | Level 1 | Non-Closely Held Funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets 2,533 1,582  
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 3,057 5,086  
Employee Pension Plans | Fixed income funds | Level 1 | Non-Closely Held Funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets 0 2,000  
Employee Pension Plans | Fixed income funds | Level 2 | Non-Closely Held Funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets 3,057 3,086  
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 54,966 54,671  
Employee Pension Plans | Mutual funds | Level 1 | Non-Closely Held Funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets 54,966 54,671  
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 4,259 3,700  
Employee Pension Plans | Hedge fund investments | Closely Held Funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets $ 8,560 $ 6,901  
v3.22.0.1
Employee Benefit Plans (Benefit Obligations in Excess of the Fair Value of Plan's Assets) (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Employee Pension Plans      
Defined Benefit Plan Disclosure [Line Items]      
Projected benefit obligation $ 101,526 $ 107,824 $ 102,607
Accumulated benefit obligation 101,526 107,824  
Fair value of plans' assets 73,375 71,940 $ 73,357
Projected benefit obligation greater than fair value of plans' assets 28,151 35,884  
Accumulated benefit obligation greater than fair value of plans' assets 28,151 35,884  
Pension Plan      
Defined Benefit Plan Disclosure [Line Items]      
Projected benefit obligation 98,570 104,657  
Accumulated benefit obligation 98,570 104,657  
Fair value of plans' assets 73,375 71,940  
Projected benefit obligation greater than fair value of plans' assets 25,195 32,717  
Accumulated benefit obligation greater than fair value of plans' assets 25,195 32,717  
Benefit Equalization Plan      
Defined Benefit Plan Disclosure [Line Items]      
Projected benefit obligation 2,956 3,167  
Accumulated benefit obligation 2,956 3,167  
Fair value of plans' assets 0 0  
Projected benefit obligation greater than fair value of plans' assets 2,956 3,167  
Accumulated benefit obligation greater than fair value of plans' assets $ 2,956 $ 3,167  
v3.22.0.1
Employee Benefit Plans (Summary of Key Information for the Plans) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Multiemployer Plans [Line Items]      
Company Contributions $ 43.6 $ 44.3 $ 35.7
The Pension, Hospitalization and Benefit Plan of the Electrical Industry - Pension Trust Fund      
Multiemployer Plans [Line Items]      
Pension Protections Act Zone Status Green Green  
FIP/RP Status Pending or Implemented NA    
Company Contributions $ 9.5 $ 10.1 9.3
Surcharge Imposed No    
Expiration Date of Collective Bargaining Agreement Apr. 13, 2022    
Joint Pension Fund, Local Union 164 IBEW      
Multiemployer Plans [Line Items]      
Pension Protections Act Zone Status Green Yellow  
FIP/RP Status Pending or Implemented Implemented    
Company Contributions $ 6.8 $ 2.5 0.8
Surcharge Imposed No    
Expiration Date of Collective Bargaining Agreement Jun. 02, 2025    
Excavators Union Local 731 Pension Fund      
Multiemployer Plans [Line Items]      
Pension Protections Act Zone Status Green Green  
FIP/RP Status Pending or Implemented NA    
Company Contributions $ 4.0 $ 4.8 5.1
Surcharge Imposed No    
Expiration Date of Collective Bargaining Agreement Apr. 30, 2026    
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 $ 2.9 $ 4.6 4.0
Surcharge Imposed No    
Expiration Date of Collective Bargaining Agreement Jun. 30, 2023    
Northern California Electrical Workers Pension Plan      
Multiemployer Plans [Line Items]      
Pension Protections Act Zone Status Green Green  
FIP/RP Status Pending or Implemented NA    
Company Contributions $ 2.8 $ 3.5 $ 3.0
Surcharge Imposed No    
Expiration Date of Collective Bargaining Agreement May 31, 2022    
v3.22.0.1
Fair Value Measurements (Narrative) (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
2017 Senior Notes | 2017 Senior Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term debt, fair value $ 504.9 $ 495.0
Convertible Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term debt, fair value   69.1
Term Loan B    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term debt, fair value $ 419.7 $ 425.0
v3.22.0.1
Fair Value Measurements (Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Municipal Bonds    
Assets:    
Investments in lieu of retainage $ 1,300 $ 1,300
Fair Value, Measurements, Recurring    
Assets:    
Cash and cash equivalents 202,197 374,289
Restricted cash 9,199 77,563
Restricted investments 84,355 78,912
Investments in lieu of retainage 86,328 93,909
Total 382,079 624,673
Fair Value, Measurements, Recurring | Level 1    
Assets:    
Cash and cash equivalents 202,197 374,289
Restricted cash 9,199 77,563
Restricted investments 0 0
Investments in lieu of retainage 27,472 92,609
Total 238,868 544,461
Fair Value, Measurements, Recurring | Level 2    
Assets:    
Cash and cash equivalents 0 0
Restricted cash 0 0
Restricted investments 84,355 78,912
Investments in lieu of retainage 58,856 1,300
Total 143,211 80,212
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
Maximum    
Assets:    
Restricted investment maturity period 5 years 5 years
Maximum | Corporate and Municipal Bonds    
Assets:    
Restricted investment maturity period 5 years  
US Government Agencies Securities    
Assets:    
Restricted and other investments $ 37,100 $ 40,500
Corporate Debt Securities    
Assets:    
Investments in lieu of retainage 57,500  
Restricted and other investments 46,700 37,500
Certificates of Deposit    
Assets:    
Restricted and other investments 600 900
Money Market Funds    
Assets:    
Investments in lieu of retainage $ 27,500 $ 92,600
v3.22.0.1
Variable Interest Entities (VIEs) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Current assets $ 3,862,492 $ 4,080,457  
Current liabilities 1,777,113 2,264,363  
REVENUE $ 4,641,830 5,318,763 $ 4,450,832
O&G      
Ownership percentage in joint venture 75.00%    
Related party ownership percentage in joint venture 25.00%    
Purple Line Expansion Section 2 And Section 3 | O&G      
REVENUE $ 2,800,000    
Purple Line Segment 2 Expansion Project | O&G      
Ownership percentage in joint venture 75.00%    
Related party ownership percentage in joint venture 25.00%    
Parsons Corporation | Newark Liberty International Airport Terminal One Project      
Ownership percentage in joint venture 80.00%    
Variable interest ownership percentage in joint venture 20.00%    
Parsons Corporation | Newark Liberty International Airport Terminal One Project | Scenario, Plan      
REVENUE $ 1,400,000    
Variable Interest Entity, Not Primary Beneficiary      
Current assets 700 600  
Current liabilities 400 500  
Variable Interest Entity, Primary Beneficiary      
Current assets 568,200 405,700  
Current liabilities 496,900 514,900  
Noncurrent assets $ 3,000 $ 14,200  
v3.22.0.1
Business Segments (Narrative) (Details)
 12 Months Ended
Dec. 31, 2021
segment
Segment Reporting [Abstract]  
Number of reportable segments 3
v3.22.0.1
Business Segments (Reportable Segments) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Jun. 30, 2019
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Business Segments        
Revenue from external customers   $ 4,641,830 $ 5,318,763 $ 4,450,832
Income (loss) from construction operations   226,804 262,344 (365,007)
Capital expenditures   38,594 54,781 84,196
Depreciation and amortization   118,229 107,034 65,044
Goodwill impairment charge $ 379,900 0 0 379,863
Goodwill impairment charge, after tax       $ 330,500
Goodwill impairment charge, after tax, diluted (in dollars per share)       $ 6.58
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)   $ 0.26    
Operating Segments        
Business Segments        
Revenue from external customers   $ 5,138,702 5,814,687 $ 4,748,588
Income (loss) from construction operations   284,974 316,196 (299,819)
Capital expenditures   37,902 53,839 83,362
Depreciation and amortization   107,716 95,936 53,975
Corporate, Non-Segment        
Business Segments        
Income (loss) from construction operations   (58,170) (53,852) (65,188)
Capital expenditures   692 942 834
Depreciation and amortization   10,513 11,098 11,069
Intersegment Eliminations        
Business Segments        
Revenue from external customers   (496,872) (495,924) (297,756)
Civil        
Business Segments        
Revenue from external customers   2,095,760 2,199,899 1,779,352
Goodwill impairment charge       210,200
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)   $ 0.41    
Civil | Unfavorable Adjustment Due to Transportation Project        
Business Segments        
Loss contingency   $ 13,300    
Loss contingency, after tax   $ 10,300    
Loss contingency, after tax, diluted (in dollars per share)   $ 0.20    
Civil | Favorable Remeasurement Of Investment In Joint Venture        
Business Segments        
Favorable arbitration       37,800
Favorable arbitration, after tax       $ 27,100
Favorable arbitration, after tax, diluted (in dollars per share)       $ 0.54
Civil | Alaskan Way Viaduct Matter        
Business Segments        
Loss contingency       $ 166,800
Loss contingency, after tax       $ 119,400
Loss contingency, after tax, diluted (in dollars per share)       $ 2.38
Civil | Operating Segments        
Business Segments        
Revenue from external customers   $ 2,443,828 2,565,210 $ 2,054,097
Income (loss) from construction operations   266,214 245,835 (150,837)
Capital expenditures   37,067 51,044 82,156
Depreciation and amortization   102,723 90,250 47,905
Civil | Intersegment Eliminations        
Business Segments        
Revenue from external customers   (348,068) (365,311) (274,745)
Building        
Business Segments        
Revenue from external customers   1,428,102 1,984,641 1,742,040
Goodwill impairment charge       13,500
Building | Unfavorable Adjustment Due to Transportation Project        
Business Segments        
Loss contingency   13,300    
Loss contingency, after tax   $ 10,200    
Loss contingency, after tax, diluted (in dollars per share)   $ 0.20    
Building | Operating Segments        
Business Segments        
Revenue from external customers   $ 1,574,759 2,114,459 1,764,753
Income (loss) from construction operations   28,721 53,158 23,655
Capital expenditures   359 878 518
Depreciation and amortization   1,677 1,703 1,934
Building | Intersegment Eliminations        
Business Segments        
Revenue from external customers   (146,657) (129,818) (22,713)
Specialty Contractors        
Business Segments        
Revenue from external customers   1,117,968 1,134,223 929,440
Goodwill impairment charge       156,200
Specialty Contractors | Unfavorable Adjustment Due to Transportation Project        
Business Segments        
Loss contingency   17,600    
Loss contingency, after tax   $ 12,700    
Loss contingency, after tax, diluted (in dollars per share)   $ 0.25    
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)   $ 0.28    
Specialty Contractors | Unfavorable Adjustments Due to Second Transportation Project        
Business Segments        
Loss contingency   $ 19,000    
Loss contingency, after tax   $ 13,700    
Loss contingency, after tax, diluted (in dollars per share)   $ 0.27    
Specialty Contractors | Unfavorable Adjustments Due to Mass Transit Project        
Business Segments        
Loss contingency   $ 16,200    
Loss contingency, after tax   $ 11,700    
Loss contingency, after tax, diluted (in dollars per share)   $ 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)     $ 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)     $ 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)     $ 0.36  
Specialty Contractors | Operating Segments        
Business Segments        
Revenue from external customers   $ 1,120,115 $ 1,135,018 929,738
Income (loss) from construction operations   (9,961) 17,203 (172,637)
Capital expenditures   476 1,917 688
Depreciation and amortization   3,316 3,983 4,136
Specialty Contractors | Intersegment Eliminations        
Business Segments        
Revenue from external customers   $ (2,147) $ (795) $ (298)
v3.22.0.1
Business Segments (Reconciliation of Segment Results to Consolidated Income Before Income Taxes) (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Assets $ 4,724,898 $ 5,045,617
Corporate, Non-Segment    
Assets (198,449) 82,086
Civil | Operating Segments    
Assets 3,310,648 3,141,991
Building | Operating Segments    
Assets 980,989 1,147,649
Specialty Contractors | Operating Segments    
Assets $ 631,710 $ 673,891
v3.22.0.1
Business Segments (Principal Geographical Areas) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Principal Geographical Areas Information      
Revenue from external customers $ 4,641,830 $ 5,318,763 $ 4,450,832
Assets 4,724,898 5,045,617  
United States      
Principal Geographical Areas Information      
Revenue from external customers 4,267,734 4,953,045 4,073,691
Assets 4,479,873 4,836,735  
Foreign and U.S. Territories      
Principal Geographical Areas Information      
Revenue from external customers 374,096 365,718 $ 377,141
Assets $ 245,025 $ 208,882  
v3.22.0.1
Business Segments Reconciliation of Segment Information to Consolidated Amounts (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Segment Reporting [Abstract]      
Income (loss) from construction operations $ 226,804 $ 262,344 $ (365,007)
Other income (expense) 2,004 (11,853) 6,667
Interest expense (69,026) (76,212) (67,494)
Income (loss) before income taxes $ 159,782 $ 174,279 $ (425,834)
v3.22.0.1
Related Party Transactions (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2021
USD ($)
project
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Related party transactions      
Expenses incurred with related party $ 4.6 $ 3.2 $ 3.2
Chairman and Chief Executive Officer      
Related party transactions      
Related party, payment for leases $ 3.6 3.2 3.1
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 $ 16.4 16.0 $ 18.4
Owed to related party $ 1.5 $ 2.7