TUTOR PERINI CORP, 10-K filed on 2/28/2024
Annual Report
v3.24.0.1
Cover - USD ($)
 12 Months Ended
Dec. 31, 2023
Feb. 22, 2024
Jun. 30, 2023
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2023    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 1-6314    
Entity Registrant Name Tutor Perini Corporation    
Entity Incorporation, State or Country Code MA    
Entity Tax Identification Number 04-1717070    
Entity Address, Address Line One 15901 Olden Street    
Entity Address, City or Town Sylmar    
Entity Address, State or Province CA    
Entity Address, Postal Zip Code 91342    
City Area Code 818    
Local Phone Number 362-8391    
Title of 12(b) Security Common Stock, $1.00 par value    
Trading Symbol TPC    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 262,626,779
Entity Common Stock, Shares Outstanding (in shares)   52,025,497  
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 2024, 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 2023    
Document Fiscal Period Focus FY    
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Audit Information
 12 Months Ended
Dec. 31, 2023
Audit Information [Abstract]  
Auditor Name Deloitte & Touche LLP
Auditor Location Los Angeles, California
Auditor Firm ID 34
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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Statement [Abstract]      
REVENUE $ 3,880,227 $ 3,790,755 $ 4,641,830
COST OF OPERATIONS (3,739,603) (3,761,143) (4,175,439)
GROSS PROFIT 140,624 29,612 466,391
General and administrative expenses (255,221) (234,376) (239,587)
INCOME (LOSS) FROM CONSTRUCTION OPERATIONS (114,597) (204,764) 226,804
Other income, net 17,200 6,732 2,004
Interest expense (85,157) (69,638) (69,026)
INCOME (LOSS) BEFORE INCOME TAXES (182,554) (267,670) 159,782
Income tax (expense) benefit 54,957 75,098 (25,632)
NET INCOME (LOSS) (127,597) (192,572) 134,150
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS 43,558 17,437 42,225
NET INCOME (LOSS) ATTRIBUTABLE TO TUTOR PERINI CORPORATION $ (171,155) $ (210,009) $ 91,925
BASIC EARNINGS (LOSS) PER COMMON SHARE (in dollars per share) $ (3.30) $ (4.09) $ 1.80
DILUTED EARNINGS (LOSS) PER COMMON SHARE (in dollars per share) $ (3.30) $ (4.09) $ 1.79
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING:      
BASIC (in shares) 51,845 51,324 51,017
DILUTED (in shares) 51,845 51,324 51,369
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Statement of Comprehensive Income [Abstract]      
NET INCOME (LOSS) $ (127,597) $ (192,572) $ 134,150
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:      
Defined benefit pension plan adjustments 3,283 5,229 6,221
Foreign currency translation adjustments 835 (2,795) (325)
Unrealized gain (loss) in fair value of investments 4,131 (8,108) (2,650)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX 8,249 (5,674) 3,246
COMPREHENSIVE INCOME (LOSS) (119,348) (198,246) 137,396
LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS 44,557 15,165 42,365
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO TUTOR PERINI CORPORATION $ (163,905) $ (213,411) $ 95,031
v3.24.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
CURRENT ASSETS:    
Cash and cash equivalents ($173,118 and $168,408 related to VIEs) $ 380,564 $ 259,351
Restricted cash 14,116 14,480
Restricted investments 130,287 91,556
Accounts receivable ($84,014 and $54,040 related to VIEs) 1,054,014 1,171,085
Retention receivable ($161,187 and $187,615 related to VIEs) 580,926 585,556
Costs and estimated earnings in excess of billings ($58,089 and $83,911 related to VIEs) 1,143,846 1,377,528
Other current assets ($26,725 and $33,340 related to VIEs) 217,601 179,215
Total current assets 3,521,354 3,678,771
PROPERTY AND EQUIPMENT:    
Land 44,127 44,433
Building and improvements 132,639 124,429
Construction equipment 613,166 590,089
Other equipment 185,530 181,649
Total property and equipment, gross 975,462 940,600
Less accumulated depreciation (534,171) (505,512)
Total property and equipment, net ($35,135 and $22,133 related to VIEs) 441,291 435,088
GOODWILL 205,143 205,143
INTANGIBLE ASSETS, NET 68,305 70,542
DEFERRED INCOME TAXES 74,083 15,910
OTHER ASSETS 119,680 137,346
TOTAL ASSETS 4,429,856 4,542,800
CURRENT LIABILITIES:    
Current maturities of long-term debt 117,431 70,285
Accounts payable ($24,160 and $36,484 related to VIEs) 466,545 495,345
Retention payable ($22,841 and $44,859 related to VIEs) 223,138 246,562
Billings in excess of costs and estimated earnings ($439,759 and $480,839 related to VIEs) 1,103,530 975,812
Accrued expenses and other current liabilities ($18,206 and $5,082 related to VIEs) 214,309 179,523
Total current liabilities 2,124,953 1,967,527
LONG-TERM DEBT, less current maturities, net of unamortized discount and debt issuance costs totaling $11,000 and $13,980 782,314 888,154
DEFERRED INCOME TAXES 956 4,649
OTHER LONG-TERM LIABILITIES 237,722 240,486
TOTAL LIABILITIES 3,145,945 3,100,816
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 52,025,497 and 51,521,336 shares 52,025 51,521
Additional paid-in capital 1,146,204 1,140,933
Retained earnings 133,146 304,301
Accumulated other comprehensive loss (39,787) (47,037)
Total stockholders' equity 1,291,588 1,449,718
Noncontrolling interests (7,677) (7,734)
TOTAL EQUITY 1,283,911 1,441,984
TOTAL LIABILITIES AND EQUITY $ 4,429,856 $ 4,542,800
v3.24.0.1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Cash and cash equivalent $ 380,564 $ 259,351
Accounts receivable 1,054,014 1,171,085
Retainage receivable 580,926 585,556
Costs and estimated earnings in excess of billings 1,143,846 1,377,528
Other current assets 217,601 179,215
Property and equipment, net 441,291 435,088
Accounts payable 466,545 495,345
Retainage payable 223,138 246,562
Billings in excess of costs and estimated earnings 1,103,530 975,812
Accrued expenses and other current liabilities 214,309 179,523
Unamortized discount and debt issuance costs, non-current $ 11,000 $ 13,980
Preferred stock, shares authorized (in shares) 1,000,000 1,000,000
Preferred stock, par value (in dollars per share) $ 1 $ 1
Preferred stock, shares issued (in shares) 0 0
Common stock, shares authorized (in shares) 112,500,000 112,500,000
Common stock, par value (in dollars per share) $ 1 $ 1
Common stock, shares issued (in shares) 52,025,497 51,521,336
Common stock, shares outstanding (in shares) 52,025,497 51,521,336
Variable Interest Entity, Primary Beneficiary    
Cash and cash equivalent $ 173,118 $ 168,408
Accounts receivable 84,014 54,040
Retainage receivable 161,187 187,615
Costs and estimated earnings in excess of billings 58,089 83,911
Other current assets 26,725 33,340
Property and equipment, net 35,135 22,133
Accounts payable 24,160 36,484
Retainage payable 22,841 44,859
Billings in excess of costs and estimated earnings 439,759 480,839
Accrued expenses and other current liabilities $ 18,206 $ 5,082
v3.24.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash Flows from Operating Activities:      
Net income (loss) $ (127,597) $ (192,572) $ 134,150
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation 42,992 49,838 82,732
Amortization of intangible assets 2,237 14,526 35,497
Share-based compensation expense 12,259 9,065 11,642
Change in debt discounts and deferred debt issuance costs 5,458 3,697 5,756
Deferred income taxes (64,820) (79,449) (13,887)
(Gain) loss on sale of property and equipment (5,016) 145 2,639
Changes in other components of working capital 428,910 390,424 (422,227)
Other long-term liabilities 3,754 14,317 14,766
Other, net 10,294 (3,020) 478
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 308,471 206,971 (148,454)
Cash Flows from Investing Activities:      
Acquisition of property and equipment (52,953) (59,780) (38,594)
Proceeds from sale of property and equipment 10,062 8,599 7,245
Investments in securities (48,351) (23,948) (30,761)
Proceeds from maturities and sales of investments in securities 12,997 9,493 24,771
NET CASH USED IN INVESTING ACTIVITIES (78,245) (65,636) (37,339)
Cash Flows from Financing Activities:      
Proceeds from debt 712,324 693,757 740,743
Repayment of debt (773,999) (732,101) (777,762)
Cash payments related to share-based compensation (969) (1,734) (1,989)
Distributions paid to noncontrolling interests (46,500) (47,386) (22,655)
Contributions from noncontrolling interests 2,000 8,688 7,000
Debt issuance, extinguishment and modification costs (2,233) (124) 0
NET CASH USED IN FINANCING ACTIVITIES (109,377) (78,900) (54,663)
Net increase (decrease) in cash, cash equivalents and restricted cash 120,849 62,435 (240,456)
Cash, cash equivalents and restricted cash at beginning of year 273,831 211,396 451,852
Cash, cash equivalents and restricted cash at end of year $ 394,680 $ 273,831 $ 211,396
v3.24.0.1
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Loss
Noncontrolling Interests
Beginning Balance at Dec. 31, 2020 $ 1,542,945 $ 50,827 $ 1,127,385 $ 422,385 $ (46,741) $ (10,911)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) 134,150     91,925   42,225
Other comprehensive income (loss) 3,246       3,106 140
Share-based compensation 8,848   8,848      
Issuance of common stock, net (2,814) 269 (3,083)      
Contributions from noncontrolling interests 10,000         10,000
Distributions to noncontrolling interests (22,655)         (22,655)
Ending Balance at Dec. 31, 2021 1,673,720 51,096 1,133,150 514,310 (43,635) 18,799
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) (192,572)     (210,009)   17,437
Other comprehensive income (loss) (5,674)       (3,402) (2,272)
Share-based compensation 8,227   8,227      
Issuance of common stock, net (19) 425 (444)      
Contributions from noncontrolling interests 5,688         5,688
Distributions to noncontrolling interests (47,386)         (47,386)
Ending Balance at Dec. 31, 2022 1,441,984 51,521 1,140,933 304,301 (47,037) (7,734)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) (127,597)     (171,155)   43,558
Other comprehensive income (loss) 8,249       7,250 999
Share-based compensation 6,442   6,442      
Issuance of common stock, net (667) 504 (1,171)      
Contributions from noncontrolling interests 2,000         2,000
Distributions to noncontrolling interests (46,500)         (46,500)
Ending Balance at Dec. 31, 2023 $ 1,283,911 $ 52,025 $ 1,146,204 $ 133,146 $ (39,787) $ (7,677)
v3.24.0.1
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2023
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 consolidated financial statements and notes thereto 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 but qualify for the equity method of accounting, 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, 2023. 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 the 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 2023 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 2023 resulted in an estimated fair value for the non-amortizable trade names that exceeded their respective net book values; therefore, no impairment charge was necessary.
(i) Income Taxes
Deferred income tax assets and liabilities are recognized for the effects of temporary differences between the financial statement carrying amounts and the income tax basis of assets and liabilities using tax rates expected to be in effect when such differences reverse. Income tax positions must meet a more-likely-than-not threshold to be recognized. The Company recognizes interest and penalties related to uncertain tax positions as a component of the income tax provision.
(j) Earnings Per Common Share
Basic earnings per common share (“EPS”) and diluted EPS are calculated by dividing net income (loss) attributable to Tutor Perini Corporation by the following: for basic EPS, the weighted-average number of common shares outstanding during the period; and for diluted EPS, the sum of the weighted-average number of both outstanding common shares and potentially dilutive securities, which for the Company can include restricted stock units (“RSUs”) and unexercised stock options. Potentially dilutive securities also included previously outstanding convertible notes 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 RSUs and stock options using the treasury stock method.
Year Ended December 31,
(in thousands, except per common share data)202320222021
Net income (loss) attributable to Tutor Perini Corporation$(171,155)$(210,009)$91,925 
Weighted-average common shares outstanding, basic51,845 51,324 51,017 
Effect of dilutive RSUs and stock options
— — 352 
Weighted-average common shares outstanding, diluted51,845 51,324 51,369 
Net income (loss) attributable to Tutor Perini Corporation per common share:
Basic$(3.30)$(4.09)$1.80 
Diluted$(3.30)$(4.09)$1.79 
Anti-dilutive securities not included above2,982 3,163 1,892 
For the years ended December 31, 2023 and 2022, all outstanding RSUs and stock options were excluded from the calculation of weighted-average diluted shares outstanding, as the shares have an anti-dilutive effect due to the net loss for the periods.
(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)20232022
Cash and cash equivalents available for general corporate purposes$145,055 $47,711 
Joint venture cash and cash equivalents235,509 211,640 
Cash and cash equivalents380,564 259,351 
Restricted cash14,116 14,480 
Total cash, cash equivalents and restricted cash$394,680 $273,831 
Cash equivalents include short-term, highly liquid investments with maturities of three months or less when acquired. Cash and cash equivalents consist of amounts available for the Company’s general purposes, the Company’s proportionate share of cash held by the Company’s unconsolidated joint ventures and 100% of amounts held by the Company’s consolidated joint ventures. In both cases, cash held by joint ventures is available only for joint venture-related uses, including future distributions to joint venture partners.
Restricted cash includes amounts primarily held as collateral to secure insurance-related contingent obligations, such as insurance claim deductibles, in lieu of letters of credit.
(l) Investments
The Company has investments consisting of 1) restricted investments primarily held as collateral to secure insurance-related contingent obligations, such as insurance claim deductibles, in lieu of letters of credit and insurance-related deposits; and 2) investments in lieu of retention. Investments in lieu of retention are recorded as a component of retention receivable on the accompanying Consolidated Balance Sheets.
The Company’s investments consist primarily of debt securities classified as available-for-sale (“AFS”), consisting of U.S. government agency securities, municipal bonds and corporate debt securities that are rated A3 or better (see Note 12). The Company’s AFS debt securities are recorded at fair value with unrealized gains and losses included in accumulated other comprehensive income (loss) (“AOCI”), net of applicable taxes. Realized gains and losses from sales of AFS debt securities are included in other income (expense) in our Consolidated Statements of Operations.
Management evaluated the unrealized losses in AFS debt securities as of December 31, 2023 and 2022 to determine the existence of credit losses considering factors including credit ratings and other relevant information, which may indicate that contractual cash flows are not expected to occur. The results of this evaluation indicated that the unrealized losses on AFS debt securities are primarily attributable to market interest rate increases and not a deterioration in credit quality of the issuers. Based on the analysis, management determined that credit losses did not exist for AFS debt securities in an unrealized loss position as of December 31, 2023 and 2022.
It is not considered likely that the Company will be required to sell the investments before full recovery of the amortized cost basis of the AFS debt securities, which may be at maturity. As a result, the Company has not recognized any impairment losses in earnings for the years ended December 31, 2023 and 2022.
(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 RSUs, stock options, cash-settled performance stock units (“CPSUs”), unrestricted stock and certain deferred cash awards (“DCAs”) that are indexed to the Company’s common stock.
RSUs 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 RSUs 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 RSUs 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. DCAs entitle the holder to a cash payment based on the value of the Company’s common stock on the vesting date. CPSUs vest upon satisfaction of market or performance conditions and DCAs vest subject to a service-based condition. CPSUs and DCAs 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 DCAs and performance-based CPSUs is generally based on the closing price of the Company’s common stock on the NYSE at the measurement date. The fair value of the performance-based CPSUs is also adjusted for expected achievement of performance conditions. Since CPSUs and DCAs are settled in cash and no shares are issued, these awards do not dilute equity.
Certain RSU, 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”). CPSU awards may also contain a market condition component tied to the annualized growth in price of the Company’s common stock over a multi-year performance period. The fair value of these 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, specifically pertaining to TSR awards, the volatilities for each of the Company’s peers.
Unrestricted stock awards are fully vested upon issuance with related compensation expense equal to the fair value of the award on the date of grant. The fair value of unrestricted stock is based on the closing price of the Company’s common stock on the NYSE.
For all awards with only a service-based vesting condition, the Company accounts for forfeitures upon occurrence, rather than estimating the probability of forfeiture at the date of grant. Accordingly, the Company recognizes the full grant-date fair value of these awards on a straight-line basis throughout the requisite service period, reversing any expense if, and only if, there is a forfeiture.
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 the unrealized gain (loss) of investments as components of AOCI.
The components of other comprehensive income (loss) and the related tax effects for the years ended December 31, 2023, 2022 and 2021 were as follows:
Year Ended December 31,
202320222021
(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$4,477 $(1,194)$3,283 $7,230 $(2,001)$5,229 $8,665 $(2,444)$6,221 
Foreign currency translation adjustment961 (126)835 (3,351)556 (2,795)(508)183 (325)
Unrealized gain (loss) in fair value of investments5,206 (1,075)4,131 (10,219)2,111 (8,108)(3,440)790 (2,650)
Total other comprehensive income (loss)$10,644 $(2,395)$8,249 $(6,340)$666 $(5,674)$4,717 $(1,471)$3,246 
Less: Other comprehensive income (loss) attributable to noncontrolling interests999 — 999 (2,272)— (2,272)140 — 140 
Total other comprehensive income (loss) attributable to Tutor Perini Corporation$9,645 $(2,395)$7,250 $(4,068)$666 $(3,402)$4,577 $(1,471)$3,106 
The changes in AOCI balances by component (after tax) attributable to Tutor Perini Corporation and noncontrolling interests during the years ended December 31, 2023, 2022 and 2021 were as follows:
(in thousands)Defined Benefit Pension PlanForeign Currency TranslationUnrealized Gain (Loss) in Fair
Value of Investments		Accumulated Other Comprehensive
Income (Loss)
Attributable to Tutor Perini Corporation:
Balance as of December 31, 2020$(44,087)$(5,322)$2,668 $(46,741)
Other comprehensive income (loss) before reclassifications4,167 (465)(2,372)1,330 
Amounts reclassified from AOCI2,054 — (278)1,776 
Balance as of December 31, 2021$(37,866)$(5,787)$18 $(43,635)
Other comprehensive income (loss) before reclassifications3,370 (1,454)(7,273)(5,357)
Amounts reclassified from AOCI1,859 — 96 1,955 
Balance as of December 31, 2022$(32,637)$(7,241)$(7,159)$(47,037)
Other comprehensive income before reclassifications2,036 348 3,528 5,912 
Amounts reclassified from AOCI1,247 — 91 1,338 
Balance as of December 31, 2023$(29,354)$(6,893)$(3,540)$(39,787)
(in thousands)Defined Benefit Pension PlanForeign Currency Translation
Unrealized Gain (Loss) in Fair
Value of Investments
Accumulated Other Comprehensive
Income (Loss)
Attributable to Noncontrolling Interests:
Balance as of December 31, 2020$— $402 $— $402 
Other comprehensive income— 140 — 140 
Balance as of December 31, 2021$— $542 $— $542 
Other comprehensive loss— (1,341)(931)(2,272)
Balance as of December 31, 2022$— $(799)$(931)$(1,730)
Other comprehensive income— 487 512 999 
Balance as of December 31, 2023$— $(312)$(419)$(731)
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, 2023, 2022 and 2021 are as follows:
Year Ended December 31,
(in thousands)202320222021
Component of AOCI:
Defined benefit pension plan adjustments(a)
$1,700 $2,570 $2,861 
Income tax benefit(b)
(453)(711)(807)
Net of tax$1,247 $1,859 $2,054 
Unrealized (gain) loss in fair value of investment adjustments(a)
$115 $121 $(352)
Income tax expense (benefit)(b)
(24)(25)74 
Net of tax$91 $96 $(278)
___________________________________________________________________________________________________
(a)Amount included in other income, net on the Consolidated Statements of Operations.
(b)Amounts included in income tax (expense) benefit on the Consolidated Statements of Operations.
(p) Recent Accounting Pronouncements
In November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (“Topic 280”): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires disclosure of incremental segment information on an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal periods beginning after December 15, 2024, and requires retrospective application to all prior periods presented in the financial statements. The Company is currently evaluating the impact of the guidance on the consolidated financial statements and disclosures.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (“Topic 740”): Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires public entities to disclose specific categories in its annual effective tax rate reconciliation and disaggregated information about significant reconciling items by jurisdiction and by nature. ASU 2023-09 also requires entities to disclose their income tax payments (net of refunds) to international, federal, and state and local jurisdictions. This guidance is effective for fiscal years beginning after December 15, 2024, and requires prospective application with the option to apply it retrospectively. Early adoption is permitted. The Company is currently evaluating the impact of this guidance on the consolidated financial statements and disclosures.
v3.24.0.1
Consolidated Statements of Cash Flows
 12 Months Ended
Dec. 31, 2023
Supplemental Cash Flow Elements [Abstract]  
Consolidated Statements of Cash Flows Consolidated Statements of Cash Flows
Below are the changes in other components of working capital as shown in the Consolidated Statements of Cash Flows, as well as the supplemental disclosures of cash paid for interest, income taxes and non-cash investing activities:
Year Ended December 31,
(in thousands)202320222021
(Increase) Decrease in:
Accounts receivable$116,310 $276,450 $(31,972)
Retention receivable5,666 (20,017)78,618 
Costs and estimated earnings in excess of billings233,682 (20,760)(120,034)
Other current assets(37,460)8,516 62,371 
(Decrease) Increase in:
Accounts payable(28,800)(15,783)(283,482)
Retention payable(23,424)(22,383)(46,190)
Billings in excess of costs and estimated earnings127,718 214,123 (77,533)
Accrued expenses and other current liabilities35,218 (29,722)(4,005)
Changes in other components of working capital$428,910 $390,424 $(422,227)
Supplemental disclosures:
Interest paid$80,286 $64,764 $63,762 
Income taxes paid (refunded), net$828 $9,952 $(8,299)
Non-cash investing activities:
Receivable recognized from sale of subsidiary$— $— $4,163 
v3.24.0.1
Revenue
 12 Months Ended
Dec. 31, 2023
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, 2023, 2022 and 2021.
Year Ended December 31,
(in thousands)202320222021
Civil segment revenue by end market:
Mass transit (includes certain transportation and tunneling projects)$1,079,629 $1,026,589 $1,417,196 
Military facilities348,133 258,028 194,701 
Bridges204,029 265,130 238,345 
Commercial and industrial sites118,880 70,708 70,099 
Other133,194 114,427 175,419 
Total Civil segment revenue$1,883,865 $1,734,882 $2,095,760 
Year Ended December 31,
(in thousands)202320222021
Building segment revenue by end market:
Government$424,130 $329,661 $291,629 
Health care facilities294,667 178,997 64,042 
Education facilities226,335 140,514 159,929 
Mass transit (includes transportation projects)188,335 132,836 130,923 
Commercial and industrial facilities77,118 251,849 352,265 
Hospitality and gaming59,771 137,640 338,998 
Sports and entertainment55,668 27,774 24,315 
Other(a)
(23,485)43,300 66,001 
Total Building segment revenue$1,302,539 $1,242,571 $1,428,102 
Year Ended December 31,
(in thousands)202320222021
Specialty Contractors segment revenue by end market:
Commercial and industrial facilities$213,003 $166,286 $139,751 
Mass transit (includes certain transportation and tunneling projects)119,760 350,005 588,162 
Multi-unit residential114,516 112,944 133,085 
Government89,031 61,424 18,476 
Water85,176 79,553 90,887 
Health care facilities57,292 23,001 29,567 
Other(a)
15,045 20,089 118,040 
Total Specialty Contractors segment revenue$693,823 $813,302 $1,117,968 
Year Ended December 31, 2023
(in thousands)CivilBuildingSpecialty
Contractors		Total
Revenue by customer type:
State and local agencies$1,250,740 $718,106 $316,473 $2,285,319 
Federal agencies400,782 187,199 (14,306)573,675 
Private owners(a)
232,343 397,234 391,656 1,021,233 
Total revenue$1,883,865 $1,302,539 $693,823 $3,880,227 
Year Ended December 31, 2022
(in thousands)CivilBuildingSpecialty
Contractors		Total
Revenue by customer type:
State and local agencies$1,273,639 $461,193 $332,176 $2,067,008 
Federal agencies313,791 168,307 22,705 504,803 
Private owners147,452 613,071 458,421 1,218,944 
Total revenue$1,734,882 $1,242,571 $813,302 $3,790,755 
Year Ended December 31, 2021
(in thousands)CivilBuildingSpecialty
Contractors		Total
Revenue by customer type:
State and local agencies$1,791,531 $363,686 $481,255 $2,636,472 
Federal agencies205,080 189,508 47,724 442,312 
Private owners99,149 874,908 588,989 1,563,046 
Total revenue$2,095,760 $1,428,102 $1,117,968 $4,641,830 
___________________________________________________________________________________________________
(a)The year ended December 31, 2023 includes the negative impact of a non-cash charge of $83.6 million that resulted from an adverse legal ruling (of which $72.2 million impacted the Building segment and $11.4 million impacted the Specialty Contractors segment). Refer to Note 14, Business Segments, for additional details.
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, correctional and detention 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, 2023
(in thousands)CivilBuildingSpecialty
Contractors		Total
Revenue by contract type:
Fixed price$1,618,081 $532,950 $577,144 $2,728,175 
Guaranteed maximum price(a)
(3,184)532,538 783 530,137 
Unit price235,085 — 91,992 327,077 
Cost plus fee and other33,883 237,051 23,904 294,838 
Total revenue$1,883,865 $1,302,539 $693,823 $3,880,227 
Year Ended December 31, 2022
(in thousands)CivilBuildingSpecialty
Contractors		Total
Revenue by contract type:
Fixed price$1,441,547 $349,318 $675,461 $2,466,326 
Guaranteed maximum price1,142 595,907 15,875 612,924 
Unit price274,293 33 85,574 359,900 
Cost plus fee and other17,900 297,313 36,392 351,605 
Total revenue$1,734,882 $1,242,571 $813,302 $3,790,755 
Year Ended December 31, 2021
(in thousands)CivilBuildingSpecialty
Contractors		Total
Revenue by contract type:
Fixed price$1,815,079 $336,128 $988,941 $3,140,148 
Guaranteed maximum price2,854 888,345 14,505 905,704 
Unit price268,377 (1,373)96,782 363,786 
Cost plus fee and other9,450 205,002 17,740 232,192 
Total revenue$2,095,760 $1,428,102 $1,117,968 $4,641,830 
____________________________________________________________________________________________________
(a)The year ended December 31, 2023 includes the negative impact of a non-cash charge of $83.6 million that resulted from an adverse legal ruling (of which $72.2 million impacted the Building segment and $11.4 million impacted the Specialty Contractors segment). Refer to Note 14, Business Segments, for additional details.
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 at fixed unit prices. 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 years ended December 31, 2023, 2022 and 2021 related to performance obligations satisfied (or partially satisfied) in prior periods by a net $214.2 million, $292.3 million and $37.5 million, respectively, for various projects, reflective of the net unfavorable impact of numerous legal judgments, settlements and other project charges. Refer to Note 14, Business Segments, for additional details on significant adjustments.
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, 2023, the aggregate amounts of the transaction prices allocated to the remaining performance obligations of the Company’s construction contracts were $4.2 billion, $2.2 billion and $1.1 billion for the Civil, Building and Specialty Contractors segments, respectively. As of December 31, 2022, the aggregate amounts of the transaction prices allocated to the remaining performance obligations of the Company’s construction contracts were $4.4 billion, $2.2 billion and $1.3 billion for the Civil, Building and Specialty Contractors segments, respectively. 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.
v3.24.0.1
Contract Assets and Liabilities
 12 Months Ended
Dec. 31, 2023
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]  
Contract Assets and Liabilities Contract Assets and Liabilities
The Company classifies contract assets and liabilities that may be settled beyond one year from the balance sheet date as current, consistent with the length of time of the Company’s project operating cycle.
Contract assets include amounts due under retention provisions, costs and estimated earnings in excess of billings and capitalized contract costs. The amounts as included on the Consolidated Balance Sheets consisted of the following:
As of December 31,
(in thousands)20232022
Retention receivable$580,926 $585,556 
Costs and estimated earnings in excess of billings:
Claims562,646 677,367 
Unapproved change orders512,831 601,681 
Other unbilled costs and profits68,369 98,480 
Total costs and estimated earnings in excess of billings1,143,846 1,377,528 
Capitalized contract costs117,913 49,441 
Total contract assets$1,842,685 $2,012,525 
Retention receivable represents amounts invoiced to customers where payments have been partially withheld pending the completion of certain milestones, satisfaction of other contractual conditions or the completion of the project. Retention agreements vary from project to project, and balances could be outstanding for several months or years depending on a number of circumstances, such as contract-specific terms, project performance and other variables that may arise as the Company makes progress toward completion. As of December 31, 2023, the amount of retention receivable estimated by management to be collected beyond one year is approximately 54% 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, 2023 estimated by management to be collected beyond one year is approximately $549.0 million.
Capitalized contract costs are included in other current assets and primarily represent costs to fulfill a contract that (1) directly relate to an existing or anticipated contract, (2) generate or enhance resources that will be used in satisfying performance obligations in the future and (3) are expected to be recovered through the contract. Capitalized contract costs are generally expensed to the associated contract over the period of anticipated use on the project. During the years ended December 31, 2023, 2022 and 2021, $56.9 million, $57.1 million and $47.3 million, respectively, of previously capitalized contract costs were amortized and recognized as expense on the related contracts.
Contract liabilities include amounts owed under retention provisions and billings in excess of costs and estimated earnings. The amount as reported on the Consolidated Balance Sheets consisted of the following:
As of December 31,
(in thousands)20232022
Retention payable$223,138 $246,562 
Billings in excess of costs and estimated earnings1,103,530 975,812 
Total contract liabilities$1,326,668 $1,222,374 
Retention payable represents amounts invoiced to the Company by subcontractors where payments have been partially withheld pending the completion of certain milestones, other contractual conditions or upon the completion of the project. Generally, retention payable is not remitted to subcontractors until the associated retention receivable from customers is collected. As of December 31, 2023, the amount of retention payable estimated by management to be remitted beyond one year is approximately 46% 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, 2023, 2022 and 2021 and included in the opening billings in excess of costs and estimated earnings balances for each period totaled $740.3 million, $533.5 million and $638.7 million, respectively.
v3.24.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Income (loss) before income taxes is summarized as follows:
Year Ended December 31,
(in thousands)202320222021
United States operations$(232,512)$(288,954)$118,749 
Foreign and U.S. territory operations49,958 21,284 41,033 
Total$(182,554)$(267,670)$159,782 
The income tax expense (benefit) is as follows:
Year Ended December 31,
(in thousands)202320222021
Current expense (benefit):
Federal$(178)$(1,653)$20,052 
State1,888 930 7,899 
Foreign and U.S. territories8,153 5,074 11,568 
Total current expense:9,863 4,351 39,519 
Deferred expense (benefit):
Federal(48,634)(54,526)(13,667)
State(17,612)(25,395)36 
Foreign and U.S. territories1,426 472 (256)
Total deferred benefit:(64,820)(79,449)(13,887)
Total expense (benefit):
$(54,957)$(75,098)$25,632 
The following table is a reconciliation of the Company’s income tax provision at the statutory federal tax rate to the Company’s effective tax rate:
Year Ended December 31,
202320222021
(dollars in thousands)AmountRateAmountRateAmountRate
Federal income tax expense (benefit) at statutory tax rate$(38,336)21.0 %$(56,211)21.0 %$33,554 21.0 %
State income taxes, net of federal tax benefit(10,556)5.8 (21,784)8.1 8,301 5.2 
Share-based compensation
446 (0.2)1,227 (0.5)87 0.1 
Officers' compensation5,129 (2.8)2,840 (1.1)3,664 2.3 
Noncontrolling interests(9,795)5.4 (3,861)1.4 (8,872)(5.6)
Federal R&D credits(493)0.3 128 — (1,105)(0.7)
Foreign tax rate differences(297)0.2 (1,438)0.5 (625)(0.4)
Federal claim of right credit— — — — (8,191)(5.1)
Valuation allowance347 (0.2)7,991 (3.0)— — 
Other(1,402)0.6 (3,990)1.7 (1,181)(0.8)
Income tax expense (benefit)$(54,957)30.1 %$(75,098)28.1 %$25,632 16.0 %
The Company’s provision for income taxes and effective tax rate for the year ended December 31, 2021 was favorably impacted by a federal claim of right tax credit resulting in a tax rate adjustment associated with an adverse 2019 jury verdict that rendered certain income recognized in 2016 at a 35% federal statutory income tax rate to be reversed in 2019 at a 21% federal statutory income tax rate.
The following is a summary of the significant components of the deferred tax assets and liabilities:
As of December 31,
(in thousands)20232022
Deferred tax assets:
Timing of expense recognition$72,828 $49,939 
Net operating losses113,623 82,210 
Goodwill80 6,022 
Other, net16,113 24,105 
Deferred tax assets202,644 162,276 
Valuation allowance(9,193)(8,846)
Net deferred tax assets193,451 153,430 
Deferred tax liabilities:
Intangible assets, due primarily to purchase accounting(17,451)(16,850)
Fixed assets(54,953)(66,130)
Construction contract accounting(7,711)(7,940)
Joint ventures(16,132)(32,983)
Other(24,077)(18,266)
Deferred tax liabilities(120,324)(142,169)
Net deferred tax assets
$73,127 $11,261 
As of December 31, 2023, the Company had federal and various state net operating loss carryforwards of $299.2 million and $554.7 million, respectively. Federal net operating loss carryforwards do not have expiration dates, whereas the state net operating loss carryforwards have expiration dates ranging from 2024 to indefinite periods. As of December 31, 2022, the Company had federal and various state net operating loss carryforwards of $206.9 million and $431.0 million, respectively. As
of December 31, 2023, the Company had federal and state tax credit carryforwards of approximately $5.9 million and $4.6 million, respectively. As of December 31, 2022, the Company had federal and state tax credit carryforwards of approximately $3.9 million and $3.6 million, respectively. The Company established a valuation allowance in 2023 and 2022 as a result of the uncertainty with the future realization of certain carryforwards for capital losses, foreign tax credits and state net operating losses.
The net deferred tax assets are presented in the Consolidated Balance Sheets as follows:
As of December 31,
(in thousands)20232022
Deferred tax assets$74,083 $15,910 
Deferred tax liabilities(956)(4,649)
Net deferred tax assets
$73,127 $11,261 
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, 2023 that, if recognized, would impact the effective tax rate is $4.8 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, 2023:
As of December 31,
(in thousands)202320222021
Beginning balance$7,525 $7,539 $8,681 
Change in tax positions of prior years438 (416)(1,319)
Change in tax positions of current year(189)625 1,000 
Reduction in tax positions for statute expirations(3,001)(223)(823)
Ending balance$4,773 $7,525 $7,539 
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.
v3.24.0.1
Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2023
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, 2023:
(in thousands)CivilBuildingSpecialty
Contractors		Total
Gross goodwill as of December 31, 2021$492,074 $424,724 $156,193 $1,072,991 
Accumulated impairment as of December 31, 2021(286,931)(424,724)(156,193)(867,848)
Goodwill as of December 31, 2021205,143 — — 205,143 
2022 activity— — — — 
Goodwill as of December 31, 2022205,143 — — 205,143 
Current year activity— — — — 
Goodwill as of December 31, 2023(a)
$205,143 $— $— $205,143 
_____________________________________________________________________________________________________________
(a)As of December 31, 2023, accumulated impairment was $867.8 million.
The Company performed its annual impairment test in the fourth quarter of 2023 and concluded goodwill was not impaired. In addition, the Company determined that no triggering events occurred and no circumstances changed since the date of our annual impairment test that would more likely than not reduce the fair value of the Civil reporting unit below its carrying amount.
The Company will continue to monitor events and circumstances for changes that indicate the Civil reporting unit goodwill would need to be reevaluated for impairment during future interim periods prior to the annual impairment test. These future events and circumstances include, but are not limited to, changes in the overall financial performance of the Civil reporting unit, as well as other quantitative and qualitative factors which could indicate potential triggering events for possible impairment.
Intangible Assets
Intangible assets consist of the following:
As of December 31, 2023Weighted-Average Amortization Period
(in thousands)CostAccumulated
Amortization		Accumulated Impairment ChargeCarrying Value
Trade names (non-amortizable)$117,600 $— $(67,190)$50,410 Indefinite
Trade names (amortizable)69,250 (28,123)(23,232)17,895 20 years
Contractor license6,000 — (6,000)— N/A
Customer relationships39,800 (23,155)(16,645)— N/A
Construction contract backlog149,290 (149,290)— — N/A
Total$381,940 $(200,568)$(113,067)$68,305 
As of December 31, 2022Weighted-Average Amortization Period
(in thousands)CostAccumulated
Amortization		Accumulated Impairment ChargeCarrying Value
Trade names (non-amortizable)$117,600 $— $(67,190)$50,410 Indefinite
Trade names (amortizable)69,250 (25,886)(23,232)20,132 20 years
Contractor license6,000 — (6,000)— N/A
Customer relationships39,800 (23,155)(16,645)— N/A
Construction contract backlog149,290 (149,290)— — N/A
Total$381,940 $(198,331)$(113,067)$70,542 
Amortization expense related to amortizable intangible assets was $2.2 million, $14.5 million and $35.5 million for the years ended December 31, 2023, 2022 and 2021, respectively. Future amortization expense related to amortizable intangible assets will be approximately $2.2 million per year for the years 2024 through 2028, and $6.9 million thereafter.
The Company performed its annual impairment test for non-amortizable trade names during the fourth quarter of 2023. 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, 2023, 2022 or 2021.
v3.24.0.1
Financial Commitments
 12 Months Ended
Dec. 31, 2023
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)20232022
2017 Senior Notes$498,410 $497,289 
Term Loan B357,744 404,169 
Revolver— — 
Equipment financing and mortgages34,807 48,681 
Other indebtedness8,784 8,300 
Total debt899,745 958,439 
Less: Current maturities(a)
117,431 70,285 
Long-term debt, net$782,314 $888,154 
_____________________________________________________________________________________________________________
(a)Current maturities at December 31, 2023 included the $91.0 million principal prepayment on the Term Loan B that was made in February 2024. Current maturities at December 31, 2022 included a $44.0 million principal prepayment on the Term Loan B.
The following table reconciles the outstanding debt balances to the reported debt balances as of December 31, 2023 and 2022:
As of December 31, 2023As of December 31, 2022
(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 $(1,590)$498,410 $500,000 $(2,711)$497,289 
Term Loan B367,154 (9,410)357,744 415,438 (11,269)404,169 
The unamortized issuance costs related to the Revolver were $1.4 million and $1.6 million as of December 31, 2023 and 2022, respectively, and are included in other assets on the Consolidated Balance Sheets.
2020 Credit Agreement
On August 18, 2020, the Company entered into a credit agreement (the “2020 Credit Agreement”) with BMO Harris Bank N.A., as Administrative Agent, Swing Line Lender and L/C Issuer and other lenders. The 2020 Credit Agreement provides for a $425.0 million term loan B facility (the “Term Loan B”) and a $175.0 million revolving credit facility (the “Revolver”), with sub-limits 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, except that if any of the 2017 Senior Notes (defined below) remain outstanding beyond future dates specified below, the maturity of certain amounts of the Term Loan B will be accelerated (“spring-forward maturity”). As amended (see below), the spring-forward maturity provisions are as follows: (i) if on January 30, 2025, any of the 2017 Senior Notes remain outstanding, the maturity date for one tranche of the Term Loan B (representing 10.2% of the principal balance) shall be January 30, 2025 (which is 91 days prior to the maturity of the 2017 Senior Notes) and (ii) if on April 21, 2025, any of the 2017 Senior Notes remain outstanding, the maturity date for another tranche of the Term Loan B (representing 89.8% of the principal balance) shall be April 21, 2025 (which is 10 days prior to the maturity of the 2017 Senior Notes), subject to certain further exceptions. The Revolver will mature on August 18, 2025, unless any of the 2017 Senior Notes are outstanding on January 30, 2025, in which case any extensions of credit under the Revolver will mature and the commitments under the Revolver will be reduced to zero, in each case, on January 30, 2025, subject to certain further exceptions.
On December 20, 2023, the Company amended the 2020 Credit Agreement (the “Amendment”), which modified the spring-forward maturity provision solely in respect of those Term Loan B lenders that, immediately prior to the effective date, consented to the Amendment (the “Consenting Lenders”). The Amendment extends the spring-forward maturity provision applicable to the Consenting Lenders’ portion of the Term Loan B from January 30, 2025 to April 21, 2025, so that if any of the 2017 Senior Notes are outstanding on April 21, 2025, that will be the maturity date of the portion of the Term Loan B held by the Consenting Lenders (“Tranche B” of the Term Loan B). The portion of the Term Loan B held by any non-Consenting
Lenders (“Tranche A” of the Term Loan B) and the Revolver remain unchanged and retain the spring-forward maturity of January 30, 2025 as described above. Other than in respect of the spring-forward maturity provision described in this paragraph, the terms of the Tranche A Term Loans and Tranche B Term Loans are identical, and the Amendment made no modifications to the terms of the Revolver.
The Consenting Lenders were paid a fee of 0.50% of the aggregate principal amount of the portion of the Term Loan B held by such Consenting Lenders. The fees paid to the Consenting Lenders totaled $1.7 million and are included in debt issuance costs on the Consolidated Balance Sheet at December 31, 2023.
The 2020 Credit Agreement permits the Company to repay any or all borrowings outstanding under the 2020 Credit Agreement at any time prior to maturity without penalty. The 2020 Credit Agreement requires the Company to make regularly scheduled payments of principal on the Term Loan B in quarterly installments equal to 0.25% of the initial principal amount of the Term Loan B. The 2020 Credit Agreement also requires the Company to make prepayments on the Term Loan B in connection with certain asset sales, receipts of insurance proceeds, incurrences of certain indebtedness and annual excess cash flow (in each case, subject to certain customary exceptions). At December 31, 2023 and 2022, current maturities of long-term debt in the accompanying Consolidated Balance Sheets include $91.0 million and $44.0 million, respectively, of principal on the Term Loan B, relating to the mandatory prepayment provision of the 2020 Credit Agreement in respect of annual excess cash flow. The $91.0 million prepayment included in current maturities at December 31, 2023, which was due by the first week of April 2024, was paid in February 2024, and the $44.0 million included in current maturities at December 31, 2022 was paid in the second quarter of 2023.
Subject to certain exceptions, at any time prior to maturity, the 2020 Credit Agreement provides the Company with the right to increase the commitments under the Revolver and/or to establish one or more term loan facilities in an aggregate amount up to (i) the greater of $173.5 million and 50% LTM EBITDA (as defined in the 2020 Credit Agreement) plus (ii) additional amounts if (A) in the case of pari passu first lien secured indebtedness, the First Lien Net Leverage Ratio (as defined in the 2020 Credit Agreement) does not exceed 1.35:1.00, (B) in the case of junior lien secured indebtedness, the Total Net Leverage Ratio (as defined in the 2020 Credit Agreement) does not exceed 3.50:1.00 and (C) in the case of unsecured indebtedness, (x) the Total Net Leverage Ratio does not exceed 3.50:1.00 or (y) the Fixed Charge Coverage Ratio (as defined in the 2020 Credit Agreement) is no less than 2.00:1.00.
Borrowings under the 2020 Credit Agreement bear interest, at the Company’s option, at a rate equal to (i) (A) in the case of the Term Loan B, following the amendment to the 2020 Credit Agreement on May 2, 2023 (as discussed below), (x) the Adjusted Term Secured Overnight Financing Rate (“Adjusted Term SOFR”) (calculated with a 11.448 basis point, 26.161 basis point and 42.826 basis point credit spread adjustment for a 1, 3 and 6 month interest period, respectively) or (y) a base rate (determined by reference to the highest of (1) the administrative agent’s prime lending rate, (2) the federal funds effective rate plus 50 basis points and (3) the Adjusted Term SOFR rate for a one-month interest period plus 100 basis points) and (B) in case of the Revolver, following the amendment to the 2020 Credit Agreement on October 31, 2022 (as discussed below), (x) the Adjusted Term SOFR rate (calculated with a 10 basis point credit spread adjustment for all interest periods) or (y) a base rate (determined by reference to the highest of (1) the administrative agent’s prime lending rate, (2) the federal funds effective rate plus 50 basis points and (3) the Adjusted Term SOFR rate for a one-month interest period plus 100 basis points) plus, in each case, (ii) an applicable margin. The margin applicable to the Term Loan B is between 4.50% and 4.75% for Adjusted Term SOFR and between 3.50% and 3.75% for base rate, and, in each case, is based on the Total Net Leverage Ratio. The margin applicable to the Revolver is between 4.25% and 4.75% for Adjusted Term SOFR and 3.25% and 3.75% for base rate, and, in each case, is based on the First Lien Net Leverage Ratio. Effective following the amendment to the 2020 Credit Agreement on October 31, 2022, the Company’s original London Interbank Offered Rate (“LIBOR”) option in respect of the Revolver was transitioned to Adjusted Term SOFR. Effective May 2, 2023, the 2020 Credit Agreement was further amended to transition the Company’s original LIBOR option in respect of the Term Loan B to Adjusted Term SOFR. In addition to paying interest on outstanding principal under the 2020 Credit Agreement, the Company will pay a commitment fee to the lenders under the Revolver in respect of the unutilized commitments thereunder. The Company will pay customary letter of credit fees. If a payment or bankruptcy event of default occurs and is continuing, the otherwise applicable margin on overdue amounts will be increased by 2% per annum. The 2020 Credit Agreement includes customary provisions for the replacement of Adjusted Term SOFR with an alternative benchmark rate upon Adjusted Term SOFR being discontinued. The weighted-average annual interest rate on borrowings under the Revolver was 11.8% during the year ended December 31, 2023.
The 2020 Credit Agreement initially required, solely with respect to the Revolver, the Company and its restricted subsidiaries to maintain a maximum First Lien Net Leverage Ratio of 2.75:1:00, stepping down to 2.25:1.00 beginning the fiscal quarter ending March 31, 2022. On October 31, 2022, the 2020 Credit Agreement was amended to increase the maximum First Lien Net Leverage Ratio covenant level to 2.75:1.00 (from 2.25:1.00), effective the fiscal quarter ending September 30, 2022, and
subsequently stepping back down to 2.25:1.00 beginning the fiscal quarter ending June 30, 2023. On March 10, 2023, the 2020 Credit Agreement was further amended to set the maximum First Lien Net Leverage Ratio covenant level to 3.50:1.00, effective the fiscal quarter ended December 31, 2022 and increasing to 3.75:1.00 for the fiscal quarter ending March 31, 2023 and subsequently stepping down to 3.00:1.00 for the fiscal quarter ending June 30, 2023, 2.50:1.00 for the fiscal quarter ending September 30, 2023 and 2.25:1.00 for the fiscal quarter ending December 31, 2023 and each fiscal quarter thereafter. The 2020 Credit Agreement also includes certain customary representations and warranties, affirmative covenants and events of default. Subject to certain exceptions, substantially all of the Company’s existing and future material wholly-owned subsidiaries unconditionally guarantee the obligations of the Company under the 2020 Credit Agreement; additionally, subject to certain exceptions, the obligations are secured by a lien on substantially all of the assets of the Company and its subsidiaries guaranteeing these obligations.
As of December 31, 2023, no amounts were outstanding and $175 million was available under the Revolver. The Company had not utilized the Revolver for letters of credit. The Company was in compliance with the financial covenant under the 2020 Credit Agreement for the period ended December 31, 2023.
2017 Senior Notes
On April 20, 2017, the Company issued $500 million in aggregate principal amount of 6.875% Senior Notes due May 1, 2025 (the “2017 Senior Notes”) in a private placement offering. Interest on the 2017 Senior Notes is payable in arrears semi-annually in May and November of each year, beginning in November 2017.
The Company may redeem the 2017 Senior Notes at specified redemption prices described in the indenture. Upon a change of control, holders of the 2017 Senior Notes may require the Company to repurchase all or part of the 2017 Senior Notes at 101% of the principal amount thereof, plus accrued and unpaid interest to the redemption date.
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 $26.4 million and $37.0 million at December 31, 2023 and 2022, respectively, with interest rates ranging from 2.54% to 7.32% with equal monthly installment payments over periods up to 5 years. The aggregate balance of mortgage loans was approximately $8.4 million and $11.6 million at December 31, 2023 and 2022, respectively, with interest rates ranging from a fixed 2.25% to SOFR plus 2.00% and monthly installment payments over periods up to 10 years.
The following table presents the future principal payments required under all of the Company’s debt obligations, discussed above:
Year (in thousands)
2024$117,431 
2025514,444 
202610,336 
2027264,778 
2028747 
Thereafter3,009 
910,745 
Less: Unamortized discounts and issuance costs11,000 
Total$899,745 
Interest Expense
Interest expense as reported in the Consolidated Statements of Operations consisted of the following:
For the year ended December 31,
(in thousands)202320222021
Cash interest expense:
Interest on Term Loan B$38,266 $27,880 $24,590 
Interest on 2017 Senior Notes34,375 34,375 34,375 
Interest on Revolver4,924 1,642 1,479 
Interest on convertible notes— — 921 
Other interest2,134 2,044 1,905 
Total cash interest expense79,699 65,941 63,270 
Non-cash interest expense(a):
Amortization of discount and debt issuance costs on Term Loan B3,592 2,084 2,175 
Amortization of debt issuance costs on 2017 Senior Notes1,121 1,045 973 
Amortization of debt issuance costs on Revolver745 568 568 
Amortization of discount and debt issuance costs on convertible notes— — 2,040 
Total non-cash interest expense5,458 3,697 5,756 
Total interest expense$85,157 $69,638 $69,026 
_____________________________________________________________________________________________________________
(a)The combination of cash and non-cash interest expense produces effective interest rates that are higher than contractual rates. Accordingly, the effective interest rates for the 2017 Senior Notes and Term Loan B were 7.13% and 11.16%, respectively, for the year ended December 31, 2023.
v3.24.0.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
The Company and certain of its subsidiaries are involved in litigation and other legal proceedings and forms of dispute resolution in the ordinary course of business, including but not limited to disputes over contract payment and/or performance-related issues (such as disagreements regarding delay or a change in the scope of work of a project and/or the price associated with that change) and other matters incidental to the Company’s business. In accordance with ASC 606, the Company makes assessments of these types of matters on a routine basis and, to the extent permitted by ASC 606, estimates and records recovery related to these matters as a form of variable consideration at the most likely amount the Company expects to receive, as discussed further in Note 1(d) and Note 4. In addition, the Company is contingently liable for litigation, performance guarantees and other commitments arising in the ordinary course of business, which are accounted for in accordance with ASC 450, Contingencies. Management reviews these matters regularly and updates or revises its estimates as warranted by subsequent information and developments. These assessments require judgments concerning matters that are inherently uncertain, such as litigation developments and outcomes, the anticipated outcome of negotiations and the estimated cost of resolving disputes. Consequently, these assessments are estimates, and actual amounts may vary from such estimates. In addition, because such matters are typically resolved over long periods of time, the Company’s assets and liabilities may change over time should the circumstances dictate. The description of the legal proceedings listed below include management’s assessment of those proceedings. Management believes that, based on current information and discussions with the Company’s legal counsel, the ultimate resolution of other matters is not expected to have a material effect on the Company’s consolidated financial position, results of operations or cash flows.
A description of the material pending legal proceedings, other than ordinary routine litigation incidental to the business is as follows:
Alaskan Way Viaduct Matter
In January 2011, Seattle Tunnel Partners (“STP”), a joint venture between Dragados USA, Inc. and the Company, entered into a design-build contract with the Washington State Department of Transportation (“WSDOT”) for the construction of a large-
diameter bored tunnel in downtown Seattle, King County, Washington to replace the Alaskan Way Viaduct, also known as State Route 99. The Company has a 45% interest in STP.
The construction of the large-diameter bored tunnel required the use of a tunnel boring machine (“TBM”). In December 2013, the TBM struck a steel pipe, installed by WSDOT as a well casing for an exploratory well. The TBM was significantly damaged and was required to be repaired. STP has asserted that the steel pipe casing was a differing site condition that WSDOT failed to properly disclose. The Disputes Review Board mandated by the contract to hear disputes issued a decision finding the steel casing was a Type I (material) differing site condition. WSDOT did not accept that finding.
The TBM was insured under a Builder’s Risk Insurance Policy (the “Policy”) with Great Lakes Reinsurance (UK) PLC and a consortium of other insurers (the “Insurers”). STP submitted the claims to the Insurers and requested interim payments under the Policy. The Insurers refused to pay and denied coverage. In June 2015, STP filed a lawsuit in the King County Superior Court, State of Washington seeking declaratory relief concerning contract interpretation, as well as damages as a result of the Insurers’ breach of their obligations under the terms of the Policy. STP is also asserting extra-contractual and statutory claims against the Insurers. STP submitted damages to the Insurers in the King County lawsuit in the amount of $532 million. WSDOT is deemed a plaintiff since WSDOT is an insured under the Policy and had filed its own claim for damages. Hitachi Zosen (“Hitachi”), the manufacturer of the TBM, joined the case as a plaintiff for costs incurred to repair the damages to the TBM.
In April and September 2018, rulings received on pre-trial motions limited some of the potential recoveries under the Policy for STP, WSDOT and Hitachi. On August 2, 2021, the Court of Appeals reversed in part certain of those limitations but affirmed other parts of those rulings. On September 15, 2022, the Washington Supreme Court affirmed the decision of the Court of Appeals, which limits recovery of certain damages under the Policy. Based on the rulings of the Court of Appeals, the case will continue for adjudication on the remaining facts and legal issues, including the number of covered occurrences which could increase the amount of available coverage under the Policy and the amount of investigative costs that are subject to the Policy limits. STP also has claims for costs, fees, pre-judgment interest and extra-contractual and statutory claims, which are not subject to the Policy limits. The case has been scheduled for trial commencing September 23, 2024.
In addition, STP has a pending case in the Washington Superior Court against HNTB Corporation (“HNTB”), its design firm on the project, wherein STP alleges that HNTB is liable for providing design services that resulted in the TBM striking the steel pipe described above and for additional steel quantity costs associated with the project. STP’s complaint seeks in excess of $640 million. The case is scheduled for trial to commence on April 27, 2025.
With respect to STP’s direct and indirect claims against the Insurers and HNTB, management has included in receivables an estimate of the total anticipated recovery concluded to be probable.
In March 2016, WSDOT filed a complaint against STP in Thurston County Superior Court alleging breach of contract, seeking $57.2 million in delay-related damages and seeking declaratory relief concerning contract interpretation. STP subsequently filed a counterclaim against WSDOT. The jury trial between STP and WSDOT commenced on October 7, 2019 and concluded on December 13, 2019, with a jury verdict in favor of WSDOT awarding them $57.2 million in damages. The Company recorded the impact of the jury verdict during the fourth quarter of 2019, resulting in a pre-tax charge of $166.8 million, which included $25.7 million for the Company’s 45% proportionate share of the $57.2 million in damages awarded by the jury to WSDOT. The charge was for non-cash write-downs primarily related to the costs and estimated earnings in excess of billings and receivables that the Company previously recorded to reflect its expected recovery in this case.
STP filed a petition for discretionary review by the Washington Supreme Court on July 12, 2022, which was denied by the Supreme Court on October 10, 2022. On October 18, 2022, STP paid the damages and associated interest from the judgment, which included the Company’s proportionate share of $34.6 million. As a result, the lawsuit between STP and WSDOT has concluded.
George Washington Bridge Bus Station Matter
In August 2013, Tutor Perini Building Corp. (“TPBC”) entered into a contract with the George Washington Bridge Bus Station Development Venture, LLC (the “Developer”) to renovate the George Washington Bridge Bus Station, a mixed-use facility owned by the Port Authority of New York and New Jersey (the “Port Authority”) that serves as a transit facility and retail space. The $100 million project experienced significant design errors and associated delays, resulting in damages to TPBC and its subcontractors, including WDF and Five Star, wholly owned subsidiaries of the Company. The facility opened to the public on May 16, 2017.
On February 26, 2015, the Developer filed a demand for arbitration, subsequently amended, seeking $30 million in alleged damages and declaratory relief that TPBC’s requests for additional compensation were invalid due to lack of notice. TPBC denied the Developer’s claims and filed a counterclaim in March 2018. TPBC was seeking in excess of $113 million in the arbitration, which included unpaid contract balance claims, the return of $29 million retained by the Developer in alleged damages, as well as extra work claims, pass-through claims and delay claims. The Developer was seeking an additional $4.8 million in damages from TPBC beyond the $29 million it had withheld.
Hearings on the merits commenced on September 24, 2018 before the arbitration panel. On June 4, 2019, the arbitration panel, as confirmed by the U.S. District Court in the Southern District of New York, issued a writ of attachment against Developer for $23 million of the $29 million discussed above. On October 7, 2019, the Developer filed for bankruptcy protection in the Southern District of New York under Chapter 11 of the Bankruptcy Code. The filing for bankruptcy stayed the pending arbitration proceedings. TPBC appeared in the bankruptcy proceedings on October 8, 2019 and filed a Proof of Claim in the amount of $113 million on December 13, 2019.
On June 5, 2020, the Developer, secured lenders and the Port Authority announced that they had reached a settlement of their disputes. As part of the settlement, the Port Authority waived the enforcement of its right to seek a “cure” pursuant to its lease agreement with the Developer, which requires construction costs be paid prior to any sale of the leasehold, the sole asset in the Developer’s bankruptcy estate to be distributed in this bankruptcy. On July 14, 2020, the bankruptcy court conducted a hearing to determine (1) whether to approve the settlement agreement between the Developer, secured lenders and the Port Authority; and (2) whether TPBC can assert third-party beneficiary rights to the lease agreement and require that prior to the sale of the leasehold, any outstanding costs owed to contractors for the cost of building the project must be paid pursuant to the lease agreement’s “cure” provisions. On August 12, 2020, the bankruptcy court approved the settlement and denied TPBC’s third-party beneficiary rights under the lease agreement. On August 20, 2020, TPBC filed an appeal with the U.S. District Court for the Southern District of New York seeking to challenge the denial of its third-party beneficiary rights under the lease agreement’s “cure” provisions to avoid being subordinate to the claims of the secured lenders in the bankruptcy proceedings, which was denied by the U.S. District Court on August 4, 2021. TPBC filed an appeal with the U.S. Court of Appeals for the Second Circuit on August 20, 2021, which conducted oral argument on October 27, 2022. On April 10, 2023, the Second Circuit affirmed the bankruptcy court’s and district court’s denials of TPBC’s third-party beneficiary rights under the project’s lease agreement’s “cure” provisions and concluded that TPBC’s claims were not otherwise entitled to priority treatment under the Bankruptcy Code and should therefore be treated as unsecured claims that are subordinate to the claims of the secured lenders in the Developer’s bankruptcy case. As a result of this adverse decision from the Second Circuit, the Company recorded a non-cash, pre-tax charge to income (loss) from construction operations of $83.6 million in the first quarter of 2023. TPBC has no further avenues to recover its costs from the Developer or the bankruptcy-related actions, nor does the Developer have any ability to recover its claims against TPBC, and these lawsuits have now concluded.
Separately, on July 2, 2018, TPBC filed a lawsuit against the Port Authority, as owner of the project, seeking the same $113 million in damages pursuant to the lease agreement between the Port Authority and the Developer. On August 20, 2018, the Port Authority filed a motion to dismiss all causes of action, which was denied by the court on July 1, 2019. The Port Authority appealed this decision on July 15, 2019. On February 18, 2021, the Appellate Division affirmed in part and reversed in part the trial court's denial of the Port Authority's motion to dismiss TPBC’s causes of action. On April 11, 2022, the court granted the Port Authority’s motion to dismiss on statutory notice grounds. The Company filed a notice of appeal on April 28, 2022, which was fully briefed, and was argued on September 21, 2023. On November 14, 2023, the Appellate Division affirmed the dismissal of the lawsuit. This lawsuit is now concluded.
In addition, on August 11, 2021, TPBC filed a second lawsuit in state court against the Port Authority alleging unjust enrichment and tortious interference with TPBC’s right to recover under the lease agreement’s “cure” provision in the bankruptcy proceeding. The case was removed to the federal bankruptcy court on September 21, 2021. The Port Authority filed a motion to dismiss on March 4, 2022, which the federal bankruptcy court granted on September 30, 2022. This lawsuit is now concluded.
On January 27, 2020, TPBC filed separate litigation in the U.S. District Court for the Southern District of New York in which TPBC asserted related claims seeking the same $113 million in damages against the individual owners of the Developer for their wrongful conversion of project funds and against lenders that received interest payments from project funds and other amounts earmarked to pay the contractors. On December 29, 2020, the court granted in part and denied in part the defendants’ motions to dismiss, resulting in the lender defendants being dismissed from the lawsuit and the lawsuit against the individual owners of the Developer continuing. The lawsuit was refiled in New York state court on July 26, 2021. On June 8, 2022, the court certified the class under the New York construction trust fund statutes. The case remains pending before the court.
Management has made an estimate of the total anticipated recovery of TPBC’s claims against the individual owners of the Developer on this project, and such estimate is included in revenue recorded to date.
v3.24.0.1
Leases
 12 Months Ended
Dec. 31, 2023
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, 2023, the Company’s operating leases have remaining lease terms ranging from less than one year to 15 years, some of which include options to renew the leases. The exercise of lease renewal options is generally at the Company’s sole discretion. The Company’s leases do not contain any material residual value guarantees or material restrictive covenants.
The 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, 2023 and 2022:
For the year ended December 31,
(in thousands)20232022
Operating lease expense$14,416 $15,278 
Short-term lease expense(a)
54,451 57,713 
68,867 72,991 
Less: Sublease income788 766 
Total lease expense$68,079 $72,225 
_____________________________________________________________________________________________________________
(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 Item20232022
Assets
ROU assetsOther assets$48,878$50,825
Total lease assets$48,878$50,825
Liabilities
Current lease liabilitiesAccrued expenses and other current liabilities$6,275$6,709
Long-term lease liabilitiesOther long-term liabilities47,78149,176
Total lease liabilities$54,056$55,885
Weighted-average remaining lease term 10.3 years11.0 years
Weighted-average discount rate12.13 %11.77 %
The following table presents supplemental cash flow information and non-cash activity related to operating leases:
As of December 31,
(in thousands)20232022
Operating cash flow information:
Cash paid for amounts included in the measurement of lease liabilities$(14,733)$(14,247)
Non-cash activity:
ROU assets obtained in exchange for lease liabilities$6,465 $16,349 
The following table presents maturities of operating lease liabilities on an undiscounted basis as of December 31, 2023:
Year (in thousands)
Operating Leases
2024$11,975 
202510,622 
20268,785 
20277,349 
20287,229 
Thereafter51,213 
Total lease payments97,173 
Less: Imputed interest43,117 
Total$54,056 
v3.24.0.1
Share-Based Compensation
 12 Months Ended
Dec. 31, 2023
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, 2023, there were 987,001 shares of common stock available for grant under the Company’s Current Plan. As of December 31, 2023, the Plans had an aggregate of 2,682,894 RSUs 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 RSU grants in cash or shares. CPSU and DCA grants must only be settled in cash.
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 RSU, stock option, CPSU and DCA activity:
RSUs
Stock OptionsCPSUs
DCAs
NumberWeighted-
Average
Grant Date
Fair Value
Per Share		NumberWeighted-
Average
Exercise/
(Strike) Price
Per Share		Number
Weighted-
Average
Grant Date
Fair Value
Per Unit
Number
Weighted-
Average
Grant Date
Fair Value
Per Unit
Outstanding as of December 31, 20201,035,000 $21.85 2,275,265 $20.13 — $— — $— 
Granted678,851 16.26 100,000 19.24 398,852 20.39 — — 
Expired or cancelled(155,000)15.37 (202,500)20.07 — — — — 
Vested/exercised(370,000)23.53 (5,000)13.32 — — — — 
Outstanding as of December 31, 20211,188,851 $18.98 2,167,765 $20.11 398,852 $20.39 — $— 
Granted375,769 10.53 — — 415,768 12.99 100,000 6.99 
Expired or cancelled(42,500)19.27 (542,500)11.66 — — — — 
Vested/exercised(415,450)20.14 — — — — — — 
Outstanding as of December 31, 20221,106,670 $15.66 1,625,265 $22.93 814,620 $16.61 100,000 $6.99 
Granted590,188 8.66 — — 901,541 11.18 214,379 8.43 
Expired or cancelled(45,000)16.19 (190,000)19.88 (380,782)20.37 — — 
Vested/exercised(404,229)15.75 — — (150,696)11.98 (30,000)8.98 
Outstanding as of December 31, 20231,247,629 $12.30 1,435,265 $23.33 1,184,683 $11.86 284,379 $7.87 
Vested and expected to vest at December 31, 2023
1,197,629 $11.85 1,385,265 $23.48 603,821 $11.68 284,379 $7.87 
Included in the above table are certain RSU 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, 2023 and 2022, there were 50,000 and 125,000 RSUs with guaranteed minimum payouts outstanding, with weighted-average grant date fair values per share of $26.32 and $26.33, respectively.
The Company recognized liabilities for CPSUs, RSUs with guaranteed minimum payouts and DCAs totaling approximately $4.9 million and $2.1 million as of December 31, 2023 and 2022, respectively. The Company paid approximately $2.8 million in 2023, $3.6 million in 2022 and $0.3 million in 2021 to settle certain awards.
The following table summarizes unrestricted stock awards, which are generally issued to the non-employee members of the Company’s Board of Directors as part of their annual retainer fees:
Unrestricted Stock Awards
YearNumberWeighted-Average
Grant Date
Fair Value Per Share
2021101,894 $15.47 
2022165,030 10.63 
2023302,112 5.66 
The fair value of unrestricted stock awards issued during 2023, 2022 and 2021 was approximately $1.7 million, $1.8 million and $1.6 million, respectively.
The fair value of RSUs that vested during 2023, 2022 and 2021 was approximately $4.1 million, $5.7 million and $5.3 million, respectively. The fair value of CPSUs and DCAs that vested during 2023 was approximately $1.1 million and $0.2 million, respectively. There were no CPSUs or DCAs that vested during 2022 or 2021. As of December 31, 2023, the balance of unamortized RSU, CPSU and DCA expense was $7.2 million, $4.4 million and $1.6 million, respectively, which is expected to be recognized over weighted-average periods of 1.6 years for RSUs, 1.9 years for CPSUs and 2.3 years for DCAs. As of December 31, 2023, the remaining balance of unamortized stock option expense was immaterial.
The 1,435,265 outstanding stock options as of December 31, 2023 had an intrinsic value of zero and a weighted-average remaining contractual life of 2.9 years. Of those outstanding options: (1) 1,335,265 were exercisable with an intrinsic value of zero, a weighted-average exercise price of $23.64 per share and a weighted-average remaining contractual life of 2.6 years; (2) 100,000 have not vested and have no intrinsic value, a weighted-average exercise price of $19.24 per share and a weighted-average remaining contractual life of 7.2 years.
No options were granted in either 2023 and 2022. The fair value on the grant date and the significant assumptions used in the Black-Scholes option-pricing model for grants made in the year ended December 31, 2021 were as follows:
Year Ended December 31,
2021
Total stock options granted100,000 
Weighted-average grant date fair value$15.21 
Weighted-average assumptions:
Risk-free rate1.4 %
Expected life of options(a)
6.5 years
Expected volatility(b)
73.7 %
Expected quarterly dividends$— 
_____________________________________________________________________________________________________________
(a)Calculated using the simplified method due to the terms of the stock options and the limited pool of grantees.
(b)Calculated using historical volatility of the Company’s common stock over periods commensurate with the expected life of the option.
For the years ended December 31, 2023, 2022 and 2021, the Company recognized, as part of general and administrative expenses, costs for share-based payment arrangements for employees of $10.5 million, $7.4 million and $10.0 million, respectively. 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 $1.7 million, $1.6 million and $1.6 million, respectively. The aggregate tax benefits for these awards were approximately $0.3 million, $0.9 million and $1.2 million, for the respective periods. During the year ended December 31, 2023, share-based compensation was reduced by $0.5 million due to the modification of certain share-based awards. The modifications related to the separation of certain employees from the Company. The modifications also resulted in a modification-date fair value totaling $0.4 million which will be amortized as share-based compensation expense through March 2024.
v3.24.0.1
Employee Benefit Plans
 12 Months Ended
Dec. 31, 2023
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, 2023, 2022 and 2021:
Year Ended December 31,
(in thousands)
202320222021
Interest cost$3,839 $2,594 $2,349 
Service cost1,000 945 935 
Expected return on plan assets(3,875)(3,890)(3,976)
Recognized net actuarial losses1,699 2,571 2,860 
Net periodic benefit cost$2,663 $2,220 $2,168 
Actuarial assumptions used to determine net cost:
Discount rate5.16 %2.65 %2.24 %
Expected return on assets6.25 %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 2024 and the actual asset allocation as of December 31, 2023 and 2022 by asset category are as follows:
Percentage of Plan Assets as of December 31,
Target
Allocation
2024
Actual Allocation
Asset Category20232022
Cash5 %6 %5 %
Equity funds:
Domestic42 43 46 
International18 18 20 
Fixed income funds35 33 29 
Total100 %100 %100 %
The Company expects to contribute approximately $2.4 million to its defined benefit pension plan in 2024.
Future benefit payments under the plans for the next ten years are estimated as follows:
(in thousands)
Year ended December 31,
2024$6,806 
20256,726 
20266,652 
20276,531 
20286,382 
2029-203328,923 
Total$62,020 
The following tables provide a reconciliation of the changes in the fair value of plan assets and plan benefit obligations during 2023 and 2022, and a summary of the funded status as of December 31, 2023 and 2022:
Year Ended December 31,
(in thousands)20232022
Change in Fair Value of Plan Assets
Balance at beginning of year$56,157 $73,375 
Actual return on plan assets7,917 (10,865)
Company contribution1,526 242 
Benefit payments(7,718)(6,595)
Balance at end of year$57,882 $56,157 
Year Ended December 31,
(in thousands)20232022
Change in Benefit Obligations
Balance at beginning of year$79,058 $101,526 
Interest cost3,839 2,594 
Service cost1,000 945 
Assumption change (gain) loss
1,281 (19,712)
Actuarial (gain) loss
(17)300 
Benefit payments(7,718)(6,595)
Balance at end of year$77,443 $79,058 
As of December 31,
(in thousands)20232022
Funded status$(19,561)$(22,901)
Net unfunded amounts recognized in Consolidated Balance Sheets consist of:
Current liabilities$(309)$(275)
Long-term liabilities(19,252)(22,626)
Total net unfunded amount recognized in Consolidated Balance Sheets$(19,561)$(22,901)
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 $44.8 million and $49.3 million as of December 31, 2023 and 2022, respectively.
The discount rate used in determining the accumulated post-retirement benefit obligation was 5.0% and 5.2% as of December 31, 2023 and 2022, respectively. The discount rate used for the accumulated post-retirement obligation was derived using a blend of U.S. Treasury and high-quality corporate bond discount rates.
The expected long-term rate of return on assets assumption was 6.3% for both 2023 and 2022. 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. 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, 2023As of December 31, 2022
Fair Value HierarchyFair Value Hierarchy
(in thousands)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash and cash equivalents$3,464 $— $— $3,464 $2,757 $— $— $2,757 
Fixed income funds1,520 3,063 — 4,583 1,564 2,872 — 4,436 
Mutual funds41,687 — — 41,687 37,364 — — 37,364 
$46,671 $3,063 $— $49,734 $41,685 $2,872 $— $44,557 
Closely held funds(a)
Equity partnerships3,826 4,078 
Hedge fund investments4,322 7,522 
Total closely held funds(a)
8,148 11,600 
Total$46,671 $3,063 $— $57,882 $41,685 $2,872 $— $56,157 
_____________________________________________________________________________________________________________
(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 composed 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, 2023 and 2022, pension plan assets included approximately $8.1 million and $11.6 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 composed 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, 2023As of December 31, 2022
(in thousands)Pension
Plan		Benefit
Equalization
Plan		TotalPension
Plan		Benefit
Equalization
Plan		Total
Projected benefit obligation$74,831 $2,612 $77,443 $76,729 $2,329 $79,058 
Accumulated benefit obligation$74,831 $2,612 $77,443 $76,729 $2,329 $79,058 
Fair value of plans' assets57,882 — 57,882 56,157 — 56,157 
Projected benefit obligation greater than fair value of plans' assets$16,949 $2,612 $19,561 $20,572 $2,329 $22,901 
Accumulated benefit obligation greater than fair value of plans' assets$16,949 $2,612 $19,561 $20,572 $2,329 $22,901 
Section 401(k) Plan
The Company has a contributory Section 401(k) plan which covers its executive, professional, administrative and clerical employees, subject to certain specified service requirements. The cost recognized by the Company for its 401(k) plan was $4.1 million in both 2023 and 2022 and $4.4 million in 2021. 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, 2023:
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
2023
2022
2023(b)
2022
2021
Surcharge
Imposed
The Pension, Hospitalization and Benefit Plan of the Electrical Industry - Pension Trust Fund13-6123601/001GreenGreenN/A$4.2 $6.7 $9.5 
(c)
No4/15/2025
Carpenters Pension Trust Fund for Northern California94-6050970RedRedImplemented2.5 2.4 2.9 No6/30/2027
Excavators Union Local 731 Pension Fund13-1809825/002GreenGreenN/A2.4 4.0 4.0 No4/30/2026
Operating Engineers Pension Trust95-6032478GreenYellowN/A2.4 3.4 2.4 No6/30/2025
Construction Laborers Pension Trust for Southern California95-6031812GreenGreenN/A2.1 3.4 2.8 No6/30/2026
Joint Pension Fund, Local Union 164 IBEW22-6031199GreenGreenN/A1.4 6.4 
(c)
6.8 
(c)
No4/30/2026
_____________________________________________________________________________________________________________
(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 2023 plan year for any of the above pension funds.
(c)These amounts exceeded 5% of the respective total plan contributions.
In addition to the individually significant plans described above, the Company also contributed approximately $33.8 million in 2023, $32.3 million in 2022 and $41.2 million in 2021 to other multiemployer pension plans. Funding for these payments is principally provided for in the contracts with our customers.
v3.24.0.1
Fair Value Measurements
 12 Months Ended
Dec. 31, 2023
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, 2023 and 2022:
As of December 31, 2023As of December 31, 2022
Fair Value HierarchyFair Value Hierarchy
(in thousands)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash and cash equivalents(a)
$380,564 $— $— $380,564 $259,351 $— $— $259,351 
Restricted cash(a)
14,116 — — 14,116 14,480 — — 14,480 
Restricted investments(b)
— 130,287 — 130,287 — 91,556 — 91,556 
Investments in lieu of retention(c)
19,988 86,961 — 106,949 20,100 68,228 — 88,328 
Total$414,668 $217,248 $— $631,916 $293,931 $159,784 $— $453,715 
_____________________________________________________________________________________________________________
(a)Includes money market funds and short-term investments with maturity dates of three months or less when acquired.
(b)Restricted investments, as of December 31, 2023 and 2022, consist of AFS debt securities, which are valued based on pricing models determined from a compilation of primarily observable market information, broker quotes in non-active markets or similar assets; therefore, they are classified as Level 2 assets.
(c)Investments in lieu of retention are included in retention receivable as of December 31, 2023 and 2022, and are composed of money market funds of $20.0 million and $20.1 million, respectively, and AFS debt securities of $87.0 million and $68.2 million, respectively. The fair values of the money market funds are measured using quoted market prices; therefore, they are classified as Level 1 assets. The fair values of AFS debt securities are determined from a compilation of primarily observable market information, broker quotes in non-active markets or similar assets; therefore, they are classified as Level 2 assets.
Investments in AFS debt securities consisted of the following as of December 31, 2023 and 2022:

As of December 31, 2023As of December 31, 2022
(in thousands)Amortized CostUnrealized GainsUnrealized LossesFair ValueAmortized CostUnrealized GainsUnrealized LossesFair Value
Restricted investments:
Corporate debt securities$95,903 $762 $(2,202)$94,463 $53,452 $1 $(3,550)$49,903 
U.S. government agency securities29,082 18 (1,054)28,046 34,920 13 (1,688)33,245 
Municipal bonds8,227 5 (914)7,318 9,211 — (1,257)7,954 
Corporate certificates of deposit498 — (38)460 507 — (53)454 
Total restricted investments133,710 785 (4,208)130,287 98,090 14 (6,548)91,556 
Investments in lieu of retention:
Corporate debt securities87,601 246 (1,950)85,897 70,968 1 (3,724)67,245 
Municipal bonds823 241 — 1,064 818 165 — 983 
Total investments in lieu of retention88,424 487 (1,950)86,961 71,786 166 (3,724)68,228 
Total AFS debt securities$222,134 $1,272 $(6,158)$217,248 $169,876 $180 $(10,272)$159,784 
The following table summarizes the fair value and gross unrealized losses aggregated by category and the length of time that individual securities have been in a continuous unrealized loss position as of December 31, 2023 and 2022:
As of December 31, 2023
Less than 12 Months12 Months or GreaterTotal
(in thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Restricted investments:
Corporate debt securities$4,971 $(3)$40,649 $(2,199)$45,620 $(2,202)
U.S. government agency securities1,280 (4)22,858 (1,050)24,138 (1,054)
Municipal bonds99 (2)7,038 (912)7,137 (914)
Corporate certificates of deposit— — 460 (38)460 (38)
Total restricted investments6,350 (9)71,005 (4,199)77,355 (4,208)
Investments in lieu of retention:
Corporate debt securities11,398 (55)49,726 (1,895)61,124 (1,950)
Total investments in lieu of retention11,398 (55)49,726 (1,895)61,124 (1,950)
Total AFS debt securities$17,748 $(64)$120,731 $(6,094)$138,479 $(6,158)
As of December 31, 2022
Less than 12 Months12 Months or GreaterTotal
(in thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Restricted investments:
Corporate debt securities$23,559 $(733)$25,842 $(2,817)$49,401 $(3,550)
U.S. government agency securities24,834 (939)5,593 (749)30,427 (1,688)
Municipal bonds4,998 (672)2,956 (585)7,954 (1,257)
Corporate certificates of deposit63 (12)391 (41)454 (53)
Total restricted investments53,454 (2,356)34,782 (4,192)88,236 (6,548)
Investments in lieu of retention:
Corporate debt securities34,553 (843)32,391 (2,881)66,944 (3,724)
Total investments in lieu of retention34,553 (843)32,391 (2,881)66,944 (3,724)
Total AFS debt securities$88,007 $(3,199)$67,173 $(7,073)$155,180 $(10,272)
The amortized cost and fair value of AFS debt securities by contractual maturity as of December 31, 2023 are summarized in the table below. Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations.
(in thousands)Amortized CostFair Value
Due within one year$32,586 $32,241 
Due after one year through five years179,451 175,907 
Due after five years10,097 9,100 
Total$222,134 $217,248 
The carrying values of receivables, payables and other amounts arising out of normal contract activities, including retention, which may be settled beyond one year, are estimated to approximate fair value. Of the Company’s long-term debt, the fair value of the 2017 Senior Notes was $490.9 million and $439.7 million as of December 31, 2023 and 2022, respectively. The fair
values of the 2017 Senior Notes were determined using Level 1 inputs, specifically current observable market prices. The fair value of the Term Loan B was $358.9 million and $389.5 million as of December 31, 2023 and 2022, respectively. The fair values of the Term Loan B were determined using Level 2 inputs, specifically third-party quoted market prices. The reported value of the Company’s remaining borrowings approximates fair value as of December 31, 2023 and 2022.
v3.24.0.1
Variable Interest Entities (VIEs)
 12 Months Ended
Dec. 31, 2023
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, 2023, the Company had unconsolidated VIE-related current assets and liabilities of $0.5 million and $0.1 million, respectively, included in the Company’s Consolidated Balance Sheets. As of December 31, 2022, the Company had unconsolidated VIE-related current assets of $0.4 million included in the Company’s Consolidated Balance Sheets. The Company’s maximum exposure to loss as a result of its investments in unconsolidated VIEs is typically limited to the aggregate of the carrying value of the investment and future funding commitments. There were no future funding requirements for the unconsolidated VIEs as of December 31, 2023.
As of December 31, 2023, the Company’s Consolidated Balance Sheets included current and noncurrent assets of $503.1 million and $35.1 million, respectively, as well as current liabilities of $505.0 million related to the operations of its consolidated VIEs. As of December 31, 2022, the Company’s Consolidated Balance Sheets included current and noncurrent assets of $527.3 million and $22.4 million, respectively, as well as current liabilities of $567.3 million related to the operations of its consolidated VIEs.
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.
v3.24.0.1
Business Segments
 12 Months Ended
Dec. 31, 2023
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 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 and detention 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, 2023, 2022 and 2021:
Reportable Segments
(in thousands)CivilBuildingSpecialty
Contractors		TotalCorporateConsolidated
Total
Year ended December 31, 2023
Total revenue$1,971,194 $1,302,636 $694,038 $3,967,868 $— $3,967,868 
Elimination of intersegment revenue(87,329)(97)(215)(87,641)— (87,641)
Revenue from external customers$1,883,865 $1,302,539 $693,823 $3,880,227 $— $3,880,227 
Income (loss) from construction operations(a)
$198,609 $(91,206)$(144,822)$(37,419)$(77,178)
(b)
$(114,597)
Capital expenditures$41,318 $3,932 $1,250 $46,500 $6,453 $52,953 
Depreciation and amortization(c)
$31,685 $2,227 $2,445 $36,357 $8,872 $45,229 
Year ended December 31, 2022
Total revenue$1,956,968 $1,305,468 $813,531 $4,075,967 $— $4,075,967 
Elimination of intersegment revenue(222,086)(62,897)(229)(285,212)— (285,212)
Revenue from external customers$1,734,882 $1,242,571 $813,302 $3,790,755 $— $3,790,755 
Income (loss) from construction operations(d)
$21,123 $7,166 $(168,019)$(139,730)$(65,034)
(b)
$(204,764)
Capital expenditures$49,819 $2,333 $2,545 $54,697 $5,083 $59,780 
Depreciation and amortization(c)
$51,123 $1,713 $2,098 $54,934 $9,430 $64,364 
Year ended December 31, 2021
Total revenue$2,443,828 $1,574,759 $1,120,115 $5,138,702 $— $5,138,702 
Elimination of intersegment revenue(348,068)(146,657)(2,147)(496,872)— (496,872)
Revenue from external customers$2,095,760 $1,428,102 $1,117,968 $4,641,830 $— $4,641,830 
Income (loss) from construction operations(e)
$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 
_____________________________________________________________________________________________________________
(a)During the year ended December 31, 2023, the Company’s income (loss) from construction operations in the Civil segment was impacted by net unfavorable adjustments related to a settlement that impacted multiple components of a mass-transit project in California. The settlement resolved certain ongoing disputes and increased the expected profit from work to be performed in the future. The settlement resulted in an unfavorable non-cash adjustment of $23.2 million ($17.0 million, or $0.33 per diluted share, after tax) to one component of the project that is nearing completion, partially offset by a favorable adjustment of $8.8 million ($7.1 million, or $0.14 per diluted share, after tax) on the other component of the project that has substantial scope of work remaining. As a result of the settlement, the net unfavorable impact to the period from these two adjustments is expected to be mitigated by the increased profit generated from future work on the project. The Civil segment was also adversely impacted by unfavorable adjustments of $12.8 million ($9.4 million, or $0.18 per diluted share, after tax) on a completed highway project in Virginia due to changes in estimates that resulted from progress in the dispute resolution process, partially offset by net favorable adjustments of $19.0 million ($15.2 million, or $0.29 per diluted share, after tax) for a project on the West Coast that primarily resulted from a favorable impact of $58.1 million on the settlement of change orders and changes in estimates due to improved performance, partially offset by a temporary unfavorable non-cash impact of $40.7 million resulting from the successful negotiation of significant lower margin (and lower risk) change orders which increased the project’s overall estimated profit but reduced the project’s percentage of completion and overall margin percentage.

The Company’s income (loss) from operations in the Building segment was adversely impacted an unfavorable adjustment of $14.6 million ($10.7 million, or $0.21 per diluted share, after tax) on a government building project in Florida primarily due to increased costs associated with an external subcontractor.

The Company’s income (loss) from operations in the Specialty Contractors segment was adversely impacted by $62.2 million ($45.7 million, or $0.88 per diluted share, after tax) of unfavorable non-cash adjustments due to changes in estimates on the electrical and mechanical scope of a completed transportation project in the Northeast associated with changes in the expected recovery on certain unapproved change orders resulting from ongoing negotiations; a non-cash charge of $24.7 million ($18.1 million, or $0.35 per diluted share, after tax) that resulted from an adverse legal ruling on an educational facilities project in New York; an unfavorable adjustment of $16.9 million ($12.4 million, or $0.24 per diluted share, after tax) on a multi-unit residential project in New York due to changes in estimates resulting from incremental costs to complete the project and ongoing negotiations on unapproved change orders; and a $9.4 million ($6.9 million, or $0.13 per diluted share, after tax) unfavorable adjustment due to a settlement on a mass-transit project in California.

The Company’s income (loss) from construction operations was also unfavorably impacted by an adverse legal ruling on a completed mixed-use project in New York, which resulted in a non-cash, pre-tax charge of $83.6 million ($60.8 million, or $1.17 per diluted share, after-tax), of which $72.2 million impacted the Building segment and $11.4 million impacted the Specialty Contractors segment, as well as an unfavorable adjustment of $28.3 million ($22.2 million, or $0.43 per diluted share, after tax) on a completed transportation project in the Northeast, split evenly between the Civil and Building segments, primarily due to the settlement of certain change orders, changes in estimates due to recent negotiations and incremental cost incurred during project closeout.
(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, 2022, the Company’s income (loss) from construction operations in the Civil segment was adversely impacted by $38.8 million ($30.7 million, or $0.60 per diluted share, after tax) for a project on the West Coast, which resulted from the successful negotiation of significant lower margin (and lower risk) change orders that increased the project’s overall estimated profit but reduced the project’s percentage of completion and overall margin percentage; $26.2 million ($18.9 million, or $0.37 per diluted share, after tax) of unfavorable non-cash adjustments on a completed highway project in the Northeast due to the reversal on appeal of a previously favorable lower-court ruling; a non-cash charge of $25.5 million ($18.4 million, or $0.36 per diluted share, after tax) due to an adverse legal ruling on a dispute related to a completed bridge project in New York; $24.7 million ($17.9 million, or $0.35 per diluted share, after tax) of unfavorable adjustments on a mass-transit project in California; a $16.2 million ($11.7 million, or $0.23 per diluted share, after tax) unfavorable non-cash impact related to the settlement of a long-disputed, completed project in Maryland; and an unfavorable non-cash adjustment of $10.0 million ($7.2 million, or $0.14 per diluted share, after tax) due to a ruling in ongoing dispute resolution proceedings on a mass-transit project in the Northeast. The Company’s income (loss) from construction operations was favorably impacted by a project close-out adjustment of $12.7 million ($9.1 million, or $0.18 per diluted share, after tax) on a bridge project in the Midwest.

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

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

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

In the Specialty Contractors segment, the Company recognized additional profit after recording a reduction of $20.1 million in cost of operations during 2021 ($14.5 million, or $0.28 per diluted share, after tax) due to a favorable trial court ruling awarding the Company the recovery of certain costs previously incurred on a completed electrical project in New York. In addition, the Company’s income (loss) from construction operations for the year ended December 31, 2021 was negatively impacted by $19.0 million ($13.7 million, or $0.27 per diluted share, after tax) and $17.6 million ($12.7 million, or $0.25 per diluted share, after tax) on the mechanical and electrical components, respectively, of a transportation project in the Northeast. Lastly, there was an impact of $16.2 million ($11.7 million, or $0.23 per diluted share, after tax) on an electrical project in New York that included unfavorable adjustments and the negative impact to the period associated with increases to project forecasts due to growth in unapproved change orders (expected to be negotiated in future periods).
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)20232022
Civil$3,539,608 $3,402,934 
Building898,902 898,816 
Specialty Contractors307,171 483,535 
Corporate and other(a)
(315,825)(242,485)
Total assets$4,429,856 $4,542,800 
_____________________________________________________________________________________________________________
(a)    Consists principally of cash, equipment, tax-related assets and insurance-related assets, offset by the elimination of assets related to intersegment revenue.
Geographic Information
Information concerning principal geographic areas is as follows:
Year Ended December 31,
(in thousands)202320222021
Revenue:
United States$3,437,971 $3,424,574 $4,267,734 
Foreign and U.S. territories442,256 366,181 374,096 
Total revenue$3,880,227 $3,790,755 $4,641,830 

As of December 31,
(in thousands)20232022
Assets:
United States$3,998,470 $4,199,604 
Foreign and U.S. territories431,386 343,196 
Total assets$4,429,856 $4,542,800 

Major Customer
Revenue from a single customer with multiple projects impacting the Civil, Building and Specialty Contractors segments represented 16.3% of the Company’s consolidated revenue for both years ended December 31, 2023 and 2022.
Reconciliation of Segment Information to Consolidated Amounts
A reconciliation of segment results to the consolidated income (loss) before income taxes is as follows:
Year Ended December 31,
(in thousands)202320222021
Income (loss) from construction operations$(114,597)$(204,764)$226,804 
Other income, net17,200 6,732 2,004 
Interest expense(85,157)(69,638)(69,026)
Income (loss) before income taxes$(182,554)$(267,670)$159,782 
v3.24.0.1
Related Party Transactions
 12 Months Ended
Dec. 31, 2023
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 $3.9 million in 2023, $3.8 million in 2022 and $3.6 million in 2021, and recognized expense of $4.1 million in 2023, and $4.6 million in both 2022 and 2021. In addition, on November 4, 2022, the Company purchased a property from another entity owned by Mr. Tutor. The Company paid $4.1 million for this property, which is the amount that Mr. Tutor paid to acquire the property from an unrelated third party shortly before the Company decided that it wanted to own and operate the property. The Company is currently developing the property into an equipment yard. When this new equipment yard is ready to be used by the Company, the Company will terminate its existing lease for another equipment yard that it currently leases from an entity owned by Mr. Tutor. Mr. Tutor has agreed that the Company will be entitled to terminate the existing lease at no incremental cost to the Company (and without having to pay rent for the unused, remaining term of the existing lease, which runs through July 2038).
Raymond R. Oneglia, Vice Chairman of the Board of Directors of O&G, is a director of the Company. The Company occasionally forms construction project joint ventures with O&G. During the three years ended December 31, 2023, 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, 2023, 2022 and 2021.
Peter Arkley, President of Alliant Retail Property and Casualty for Alliant Insurance Services, Inc. (“Alliant”), is a director of the Company. The Company uses Alliant for various insurance-related services. The associated expenses for services provided
for the years ended December 31, 2023, 2022 and 2021 were $15.3 million, $11.4 million and $16.4 million, respectively. The Company owed Alliant $0.3 million and $1.6 million as of December 31, 2023 and 2022, respectively, for services rendered.
v3.24.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Pay vs Performance Disclosure      
Net income (loss) attributable to Tutor Perini Corporation $ (171,155) $ (210,009) $ 91,925
v3.24.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2023
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.0.1
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2023
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 consolidated financial statements and notes thereto 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 but qualify for the equity method of accounting, 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, 2023. 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 the 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 2023 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 2023 resulted in an estimated fair value for the non-amortizable trade names that exceeded their respective net book values; therefore, no impairment charge was necessary.
Income Taxes
(i) Income Taxes
Deferred income tax assets and liabilities are recognized for the effects of temporary differences between the financial statement carrying amounts and the income tax basis of assets and liabilities using tax rates expected to be in effect when such differences reverse. Income tax positions must meet a more-likely-than-not threshold to be recognized. The Company recognizes interest and penalties related to uncertain tax positions as a component of the income tax provision.
Earnings Per Common Share
(j) Earnings Per Common Share
Basic earnings per common share (“EPS”) and diluted EPS are calculated by dividing net income (loss) attributable to Tutor Perini Corporation by the following: for basic EPS, the weighted-average number of common shares outstanding during the period; and for diluted EPS, the sum of the weighted-average number of both outstanding common shares and potentially dilutive securities, which for the Company can include restricted stock units (“RSUs”) and unexercised stock options. Potentially dilutive securities also included previously outstanding convertible notes 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 RSUs and stock options using the treasury stock method.
Cash, Cash Equivalents and Restricted Cash
(k) Cash, Cash Equivalents and Restricted Cash
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets to the amounts shown in the Consolidated Statements of Cash Flows:
As of December 31,
(in thousands)20232022
Cash and cash equivalents available for general corporate purposes$145,055 $47,711 
Joint venture cash and cash equivalents235,509 211,640 
Cash and cash equivalents380,564 259,351 
Restricted cash14,116 14,480 
Total cash, cash equivalents and restricted cash$394,680 $273,831 
Cash equivalents include short-term, highly liquid investments with maturities of three months or less when acquired. Cash and cash equivalents consist of amounts available for the Company’s general purposes, the Company’s proportionate share of cash held by the Company’s unconsolidated joint ventures and 100% of amounts held by the Company’s consolidated joint ventures. In both cases, cash held by joint ventures is available only for joint venture-related uses, including future distributions to joint venture partners.
Restricted cash includes amounts primarily held as collateral to secure insurance-related contingent obligations, such as insurance claim deductibles, in lieu of letters of credit.
Investments
(l) Investments
The Company has investments consisting of 1) restricted investments primarily held as collateral to secure insurance-related contingent obligations, such as insurance claim deductibles, in lieu of letters of credit and insurance-related deposits; and 2) investments in lieu of retention. Investments in lieu of retention are recorded as a component of retention receivable on the accompanying Consolidated Balance Sheets.
The Company’s investments consist primarily of debt securities classified as available-for-sale (“AFS”), consisting of U.S. government agency securities, municipal bonds and corporate debt securities that are rated A3 or better (see Note 12). The Company’s AFS debt securities are recorded at fair value with unrealized gains and losses included in accumulated other comprehensive income (loss) (“AOCI”), net of applicable taxes. Realized gains and losses from sales of AFS debt securities are included in other income (expense) in our Consolidated Statements of Operations.
Management evaluated the unrealized losses in AFS debt securities as of December 31, 2023 and 2022 to determine the existence of credit losses considering factors including credit ratings and other relevant information, which may indicate that contractual cash flows are not expected to occur. The results of this evaluation indicated that the unrealized losses on AFS debt securities are primarily attributable to market interest rate increases and not a deterioration in credit quality of the issuers. Based on the analysis, management determined that credit losses did not exist for AFS debt securities in an unrealized loss position as of December 31, 2023 and 2022.
It is not considered likely that the Company will be required to sell the investments before full recovery of the amortized cost basis of the AFS debt securities, which may be at maturity. As a result, the Company has not recognized any impairment losses in earnings for the years ended December 31, 2023 and 2022.
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 RSUs, stock options, cash-settled performance stock units (“CPSUs”), unrestricted stock and certain deferred cash awards (“DCAs”) that are indexed to the Company’s common stock.
RSUs 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 RSUs 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 RSUs 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. DCAs entitle the holder to a cash payment based on the value of the Company’s common stock on the vesting date. CPSUs vest upon satisfaction of market or performance conditions and DCAs vest subject to a service-based condition. CPSUs and DCAs 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 DCAs and performance-based CPSUs is generally based on the closing price of the Company’s common stock on the NYSE at the measurement date. The fair value of the performance-based CPSUs is also adjusted for expected achievement of performance conditions. Since CPSUs and DCAs are settled in cash and no shares are issued, these awards do not dilute equity.
Certain RSU, 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”). CPSU awards may also contain a market condition component tied to the annualized growth in price of the Company’s common stock over a multi-year performance period. The fair value of these 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, specifically pertaining to TSR awards, the volatilities for each of the Company’s peers.
Unrestricted stock awards are fully vested upon issuance with related compensation expense equal to the fair value of the award on the date of grant. The fair value of unrestricted stock is based on the closing price of the Company’s common stock on the NYSE.
For all awards with only a service-based vesting condition, the Company accounts for forfeitures upon occurrence, rather than estimating the probability of forfeiture at the date of grant. Accordingly, the Company recognizes the full grant-date fair value of these awards on a straight-line basis throughout the requisite service period, reversing any expense if, and only if, there is a forfeiture.
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 the unrealized gain (loss) of investments as components of AOCI.
Recent Accounting Pronouncements
(p) Recent Accounting Pronouncements
In November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (“Topic 280”): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires disclosure of incremental segment information on an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal periods beginning after December 15, 2024, and requires retrospective application to all prior periods presented in the financial statements. The Company is currently evaluating the impact of the guidance on the consolidated financial statements and disclosures.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (“Topic 740”): Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires public entities to disclose specific categories in its annual effective tax rate reconciliation and disaggregated information about significant reconciling items by jurisdiction and by nature. ASU 2023-09 also requires entities to disclose their income tax payments (net of refunds) to international, federal, and state and local jurisdictions. This guidance is effective for fiscal years beginning after December 15, 2024, and requires prospective application with the option to apply it retrospectively. Early adoption is permitted. The Company is currently evaluating the impact of this guidance on the consolidated financial statements and disclosures.
v3.24.0.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Calculations of Basic and Diluted (EPS)
Year Ended December 31,
(in thousands, except per common share data)202320222021
Net income (loss) attributable to Tutor Perini Corporation$(171,155)$(210,009)$91,925 
Weighted-average common shares outstanding, basic51,845 51,324 51,017 
Effect of dilutive RSUs and stock options
— — 352 
Weighted-average common shares outstanding, diluted51,845 51,324 51,369 
Net income (loss) attributable to Tutor Perini Corporation per common share:
Basic$(3.30)$(4.09)$1.80 
Diluted$(3.30)$(4.09)$1.79 
Anti-dilutive securities not included above2,982 3,163 1,892 
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)20232022
Cash and cash equivalents available for general corporate purposes$145,055 $47,711 
Joint venture cash and cash equivalents235,509 211,640 
Cash and cash equivalents380,564 259,351 
Restricted cash14,116 14,480 
Total cash, cash equivalents and restricted cash$394,680 $273,831 
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, 2023, 2022 and 2021 were as follows:
Year Ended December 31,
202320222021
(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$4,477 $(1,194)$3,283 $7,230 $(2,001)$5,229 $8,665 $(2,444)$6,221 
Foreign currency translation adjustment961 (126)835 (3,351)556 (2,795)(508)183 (325)
Unrealized gain (loss) in fair value of investments5,206 (1,075)4,131 (10,219)2,111 (8,108)(3,440)790 (2,650)
Total other comprehensive income (loss)$10,644 $(2,395)$8,249 $(6,340)$666 $(5,674)$4,717 $(1,471)$3,246 
Less: Other comprehensive income (loss) attributable to noncontrolling interests999 — 999 (2,272)— (2,272)140 — 140 
Total other comprehensive income (loss) attributable to Tutor Perini Corporation$9,645 $(2,395)$7,250 $(4,068)$666 $(3,402)$4,577 $(1,471)$3,106 
Changes in AOCI Balances by Component
The changes in AOCI balances by component (after tax) attributable to Tutor Perini Corporation and noncontrolling interests during the years ended December 31, 2023, 2022 and 2021 were as follows:
(in thousands)Defined Benefit Pension PlanForeign Currency TranslationUnrealized Gain (Loss) in Fair
Value of Investments		Accumulated Other Comprehensive
Income (Loss)
Attributable to Tutor Perini Corporation:
Balance as of December 31, 2020$(44,087)$(5,322)$2,668 $(46,741)
Other comprehensive income (loss) before reclassifications4,167 (465)(2,372)1,330 
Amounts reclassified from AOCI2,054 — (278)1,776 
Balance as of December 31, 2021$(37,866)$(5,787)$18 $(43,635)
Other comprehensive income (loss) before reclassifications3,370 (1,454)(7,273)(5,357)
Amounts reclassified from AOCI1,859 — 96 1,955 
Balance as of December 31, 2022$(32,637)$(7,241)$(7,159)$(47,037)
Other comprehensive income before reclassifications2,036 348 3,528 5,912 
Amounts reclassified from AOCI1,247 — 91 1,338 
Balance as of December 31, 2023$(29,354)$(6,893)$(3,540)$(39,787)
(in thousands)Defined Benefit Pension PlanForeign Currency Translation
Unrealized Gain (Loss) in Fair
Value of Investments
Accumulated Other Comprehensive
Income (Loss)
Attributable to Noncontrolling Interests:
Balance as of December 31, 2020$— $402 $— $402 
Other comprehensive income— 140 — 140 
Balance as of December 31, 2021$— $542 $— $542 
Other comprehensive loss— (1,341)(931)(2,272)
Balance as of December 31, 2022$— $(799)$(931)$(1,730)
Other comprehensive income— 487 512 999 
Balance as of December 31, 2023$— $(312)$(419)$(731)
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, 2023, 2022 and 2021 are as follows:
Year Ended December 31,
(in thousands)202320222021
Component of AOCI:
Defined benefit pension plan adjustments(a)
$1,700 $2,570 $2,861 
Income tax benefit(b)
(453)(711)(807)
Net of tax$1,247 $1,859 $2,054 
Unrealized (gain) loss in fair value of investment adjustments(a)
$115 $121 $(352)
Income tax expense (benefit)(b)
(24)(25)74 
Net of tax$91 $96 $(278)
___________________________________________________________________________________________________
(a)Amount included in other income, net on the Consolidated Statements of Operations.
(b)Amounts included in income tax (expense) benefit on the Consolidated Statements of Operations.
v3.24.0.1
Consolidated Statements of Cash Flows (Tables)
 12 Months Ended
Dec. 31, 2023
Supplemental Cash Flow Elements [Abstract]  
Changes in Other Components of Working Capital
Below are the changes in other components of working capital as shown in the Consolidated Statements of Cash Flows, as well as the supplemental disclosures of cash paid for interest, income taxes and non-cash investing activities:
Year Ended December 31,
(in thousands)202320222021
(Increase) Decrease in:
Accounts receivable$116,310 $276,450 $(31,972)
Retention receivable5,666 (20,017)78,618 
Costs and estimated earnings in excess of billings233,682 (20,760)(120,034)
Other current assets(37,460)8,516 62,371 
(Decrease) Increase in:
Accounts payable(28,800)(15,783)(283,482)
Retention payable(23,424)(22,383)(46,190)
Billings in excess of costs and estimated earnings127,718 214,123 (77,533)
Accrued expenses and other current liabilities35,218 (29,722)(4,005)
Changes in other components of working capital$428,910 $390,424 $(422,227)
Supplemental disclosures:
Interest paid$80,286 $64,764 $63,762 
Income taxes paid (refunded), net$828 $9,952 $(8,299)
Non-cash investing activities:
Receivable recognized from sale of subsidiary$— $— $4,163 
v3.24.0.1
Revenue (Tables)
 12 Months Ended
Dec. 31, 2023
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, 2023, 2022 and 2021.
Year Ended December 31,
(in thousands)202320222021
Civil segment revenue by end market:
Mass transit (includes certain transportation and tunneling projects)$1,079,629 $1,026,589 $1,417,196 
Military facilities348,133 258,028 194,701 
Bridges204,029 265,130 238,345 
Commercial and industrial sites118,880 70,708 70,099 
Other133,194 114,427 175,419 
Total Civil segment revenue$1,883,865 $1,734,882 $2,095,760 
Year Ended December 31,
(in thousands)202320222021
Building segment revenue by end market:
Government$424,130 $329,661 $291,629 
Health care facilities294,667 178,997 64,042 
Education facilities226,335 140,514 159,929 
Mass transit (includes transportation projects)188,335 132,836 130,923 
Commercial and industrial facilities77,118 251,849 352,265 
Hospitality and gaming59,771 137,640 338,998 
Sports and entertainment55,668 27,774 24,315 
Other(a)
(23,485)43,300 66,001 
Total Building segment revenue$1,302,539 $1,242,571 $1,428,102 
Year Ended December 31,
(in thousands)202320222021
Specialty Contractors segment revenue by end market:
Commercial and industrial facilities$213,003 $166,286 $139,751 
Mass transit (includes certain transportation and tunneling projects)119,760 350,005 588,162 
Multi-unit residential114,516 112,944 133,085 
Government89,031 61,424 18,476 
Water85,176 79,553 90,887 
Health care facilities57,292 23,001 29,567 
Other(a)
15,045 20,089 118,040 
Total Specialty Contractors segment revenue$693,823 $813,302 $1,117,968 
Year Ended December 31, 2023
(in thousands)CivilBuildingSpecialty
Contractors		Total
Revenue by customer type:
State and local agencies$1,250,740 $718,106 $316,473 $2,285,319 
Federal agencies400,782 187,199 (14,306)573,675 
Private owners(a)
232,343 397,234 391,656 1,021,233 
Total revenue$1,883,865 $1,302,539 $693,823 $3,880,227 
Year Ended December 31, 2022
(in thousands)CivilBuildingSpecialty
Contractors		Total
Revenue by customer type:
State and local agencies$1,273,639 $461,193 $332,176 $2,067,008 
Federal agencies313,791 168,307 22,705 504,803 
Private owners147,452 613,071 458,421 1,218,944 
Total revenue$1,734,882 $1,242,571 $813,302 $3,790,755 
Year Ended December 31, 2021
(in thousands)CivilBuildingSpecialty
Contractors		Total
Revenue by customer type:
State and local agencies$1,791,531 $363,686 $481,255 $2,636,472 
Federal agencies205,080 189,508 47,724 442,312 
Private owners99,149 874,908 588,989 1,563,046 
Total revenue$2,095,760 $1,428,102 $1,117,968 $4,641,830 
___________________________________________________________________________________________________
(a)The year ended December 31, 2023 includes the negative impact of a non-cash charge of $83.6 million that resulted from an adverse legal ruling (of which $72.2 million impacted the Building segment and $11.4 million impacted the Specialty Contractors segment). Refer to Note 14, Business Segments, for additional details.
Year Ended December 31, 2023
(in thousands)CivilBuildingSpecialty
Contractors		Total
Revenue by contract type:
Fixed price$1,618,081 $532,950 $577,144 $2,728,175 
Guaranteed maximum price(a)
(3,184)532,538 783 530,137 
Unit price235,085 — 91,992 327,077 
Cost plus fee and other33,883 237,051 23,904 294,838 
Total revenue$1,883,865 $1,302,539 $693,823 $3,880,227 
Year Ended December 31, 2022
(in thousands)CivilBuildingSpecialty
Contractors		Total
Revenue by contract type:
Fixed price$1,441,547 $349,318 $675,461 $2,466,326 
Guaranteed maximum price1,142 595,907 15,875 612,924 
Unit price274,293 33 85,574 359,900 
Cost plus fee and other17,900 297,313 36,392 351,605 
Total revenue$1,734,882 $1,242,571 $813,302 $3,790,755 
Year Ended December 31, 2021
(in thousands)CivilBuildingSpecialty
Contractors		Total
Revenue by contract type:
Fixed price$1,815,079 $336,128 $988,941 $3,140,148 
Guaranteed maximum price2,854 888,345 14,505 905,704 
Unit price268,377 (1,373)96,782 363,786 
Cost plus fee and other9,450 205,002 17,740 232,192 
Total revenue$2,095,760 $1,428,102 $1,117,968 $4,641,830 
____________________________________________________________________________________________________
(a)The year ended December 31, 2023 includes the negative impact of a non-cash charge of $83.6 million that resulted from an adverse legal ruling (of which $72.2 million impacted the Building segment and $11.4 million impacted the Specialty Contractors segment). Refer to Note 14, Business Segments, for additional details.
v3.24.0.1
Contract Assets and Liabilities (Tables)
 12 Months Ended
Dec. 31, 2023
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)20232022
Retention receivable$580,926 $585,556 
Costs and estimated earnings in excess of billings:
Claims562,646 677,367 
Unapproved change orders512,831 601,681 
Other unbilled costs and profits68,369 98,480 
Total costs and estimated earnings in excess of billings1,143,846 1,377,528 
Capitalized contract costs117,913 49,441 
Total contract assets$1,842,685 $2,012,525 
The amount as reported on the Consolidated Balance Sheets consisted of the following:
As of December 31,
(in thousands)20232022
Retention payable$223,138 $246,562 
Billings in excess of costs and estimated earnings1,103,530 975,812 
Total contract liabilities$1,326,668 $1,222,374 
v3.24.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Summary of Income Before Taxes
Income (loss) before income taxes is summarized as follows:
Year Ended December 31,
(in thousands)202320222021
United States operations$(232,512)$(288,954)$118,749 
Foreign and U.S. territory operations49,958 21,284 41,033 
Total$(182,554)$(267,670)$159,782 
Provision for Income Taxes
The income tax expense (benefit) is as follows:
Year Ended December 31,
(in thousands)202320222021
Current expense (benefit):
Federal$(178)$(1,653)$20,052 
State1,888 930 7,899 
Foreign and U.S. territories8,153 5,074 11,568 
Total current expense:9,863 4,351 39,519 
Deferred expense (benefit):
Federal(48,634)(54,526)(13,667)
State(17,612)(25,395)36 
Foreign and U.S. territories1,426 472 (256)
Total deferred benefit:(64,820)(79,449)(13,887)
Total expense (benefit):
$(54,957)$(75,098)$25,632 
Reconciliation of Provision for Income Taxes
The following table is a reconciliation of the Company’s income tax provision at the statutory federal tax rate to the Company’s effective tax rate:
Year Ended December 31,
202320222021
(dollars in thousands)AmountRateAmountRateAmountRate
Federal income tax expense (benefit) at statutory tax rate$(38,336)21.0 %$(56,211)21.0 %$33,554 21.0 %
State income taxes, net of federal tax benefit(10,556)5.8 (21,784)8.1 8,301 5.2 
Share-based compensation
446 (0.2)1,227 (0.5)87 0.1 
Officers' compensation5,129 (2.8)2,840 (1.1)3,664 2.3 
Noncontrolling interests(9,795)5.4 (3,861)1.4 (8,872)(5.6)
Federal R&D credits(493)0.3 128 — (1,105)(0.7)
Foreign tax rate differences(297)0.2 (1,438)0.5 (625)(0.4)
Federal claim of right credit— — — — (8,191)(5.1)
Valuation allowance347 (0.2)7,991 (3.0)— — 
Other(1,402)0.6 (3,990)1.7 (1,181)(0.8)
Income tax expense (benefit)$(54,957)30.1 %$(75,098)28.1 %$25,632 16.0 %
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)20232022
Deferred tax assets:
Timing of expense recognition$72,828 $49,939 
Net operating losses113,623 82,210 
Goodwill80 6,022 
Other, net16,113 24,105 
Deferred tax assets202,644 162,276 
Valuation allowance(9,193)(8,846)
Net deferred tax assets193,451 153,430 
Deferred tax liabilities:
Intangible assets, due primarily to purchase accounting(17,451)(16,850)
Fixed assets(54,953)(66,130)
Construction contract accounting(7,711)(7,940)
Joint ventures(16,132)(32,983)
Other(24,077)(18,266)
Deferred tax liabilities(120,324)(142,169)
Net deferred tax assets
$73,127 $11,261 
The net deferred tax assets are presented in the Consolidated Balance Sheets as follows:
As of December 31,
(in thousands)20232022
Deferred tax assets$74,083 $15,910 
Deferred tax liabilities(956)(4,649)
Net deferred tax assets
$73,127 $11,261 
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, 2023:
As of December 31,
(in thousands)202320222021
Beginning balance$7,525 $7,539 $8,681 
Change in tax positions of prior years438 (416)(1,319)
Change in tax positions of current year(189)625 1,000 
Reduction in tax positions for statute expirations(3,001)(223)(823)
Ending balance$4,773 $7,525 $7,539 
v3.24.0.1
Goodwill and Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2023
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, 2023:
(in thousands)CivilBuildingSpecialty
Contractors		Total
Gross goodwill as of December 31, 2021$492,074 $424,724 $156,193 $1,072,991 
Accumulated impairment as of December 31, 2021(286,931)(424,724)(156,193)(867,848)
Goodwill as of December 31, 2021205,143 — — 205,143 
2022 activity— — — — 
Goodwill as of December 31, 2022205,143 — — 205,143 
Current year activity— — — — 
Goodwill as of December 31, 2023(a)
$205,143 $— $— $205,143 
_____________________________________________________________________________________________________________
(a)As of December 31, 2023, accumulated impairment was $867.8 million.
Schedule of Finite and Indefinite Lived Intangible Assets
Intangible assets consist of the following:
As of December 31, 2023Weighted-Average Amortization Period
(in thousands)CostAccumulated
Amortization		Accumulated Impairment ChargeCarrying Value
Trade names (non-amortizable)$117,600 $— $(67,190)$50,410 Indefinite
Trade names (amortizable)69,250 (28,123)(23,232)17,895 20 years
Contractor license6,000 — (6,000)— N/A
Customer relationships39,800 (23,155)(16,645)— N/A
Construction contract backlog149,290 (149,290)— — N/A
Total$381,940 $(200,568)$(113,067)$68,305 
As of December 31, 2022Weighted-Average Amortization Period
(in thousands)CostAccumulated
Amortization		Accumulated Impairment ChargeCarrying Value
Trade names (non-amortizable)$117,600 $— $(67,190)$50,410 Indefinite
Trade names (amortizable)69,250 (25,886)(23,232)20,132 20 years
Contractor license6,000 — (6,000)— N/A
Customer relationships39,800 (23,155)(16,645)— N/A
Construction contract backlog149,290 (149,290)— — N/A
Total$381,940 $(198,331)$(113,067)$70,542 
v3.24.0.1
Financial Commitments (Tables)
 12 Months Ended
Dec. 31, 2023
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)20232022
2017 Senior Notes$498,410 $497,289 
Term Loan B357,744 404,169 
Revolver— — 
Equipment financing and mortgages34,807 48,681 
Other indebtedness8,784 8,300 
Total debt899,745 958,439 
Less: Current maturities(a)
117,431 70,285 
Long-term debt, net$782,314 $888,154 
_____________________________________________________________________________________________________________
(a)Current maturities at December 31, 2023 included the $91.0 million principal prepayment on the Term Loan B that was made in February 2024. Current maturities at December 31, 2022 included a $44.0 million principal prepayment on the Term Loan B.
Reconciliation of Outstanding Debt Balance to Reported Debt Balance
The following table reconciles the outstanding debt balances to the reported debt balances as of December 31, 2023 and 2022:
As of December 31, 2023As of December 31, 2022
(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 $(1,590)$498,410 $500,000 $(2,711)$497,289 
Term Loan B367,154 (9,410)357,744 415,438 (11,269)404,169 
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)
2024$117,431 
2025514,444 
202610,336 
2027264,778 
2028747 
Thereafter3,009 
910,745 
Less: Unamortized discounts and issuance costs11,000 
Total$899,745 
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)202320222021
Cash interest expense:
Interest on Term Loan B$38,266 $27,880 $24,590 
Interest on 2017 Senior Notes34,375 34,375 34,375 
Interest on Revolver4,924 1,642 1,479 
Interest on convertible notes— — 921 
Other interest2,134 2,044 1,905 
Total cash interest expense79,699 65,941 63,270 
Non-cash interest expense(a):
Amortization of discount and debt issuance costs on Term Loan B3,592 2,084 2,175 
Amortization of debt issuance costs on 2017 Senior Notes1,121 1,045 973 
Amortization of debt issuance costs on Revolver745 568 568 
Amortization of discount and debt issuance costs on convertible notes— — 2,040 
Total non-cash interest expense5,458 3,697 5,756 
Total interest expense$85,157 $69,638 $69,026 
_____________________________________________________________________________________________________________
(a)The combination of cash and non-cash interest expense produces effective interest rates that are higher than contractual rates. Accordingly, the effective interest rates for the 2017 Senior Notes and Term Loan B were 7.13% and 11.16%, respectively, for the year ended December 31, 2023
v3.24.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Schedule of Components of Lease Expense
The following table presents components of lease expense for the years ended December 31, 2023 and 2022:
For the year ended December 31,
(in thousands)20232022
Operating lease expense$14,416 $15,278 
Short-term lease expense(a)
54,451 57,713 
68,867 72,991 
Less: Sublease income788 766 
Total lease expense$68,079 $72,225 
_____________________________________________________________________________________________________________
(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.
Schedule of 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 Item20232022
Assets
ROU assetsOther assets$48,878$50,825
Total lease assets$48,878$50,825
Liabilities
Current lease liabilitiesAccrued expenses and other current liabilities$6,275$6,709
Long-term lease liabilitiesOther long-term liabilities47,78149,176
Total lease liabilities$54,056$55,885
Weighted-average remaining lease term 10.3 years11.0 years
Weighted-average discount rate12.13 %11.77 %
The following table presents supplemental cash flow information and non-cash activity related to operating leases:
As of December 31,
(in thousands)20232022
Operating cash flow information:
Cash paid for amounts included in the measurement of lease liabilities$(14,733)$(14,247)
Non-cash activity:
ROU assets obtained in exchange for lease liabilities$6,465 $16,349 
Schedule of Maturity of Operating Lease Liabilities on an Undiscounted Basis
The following table presents maturities of operating lease liabilities on an undiscounted basis as of December 31, 2023:
Year (in thousands)
Operating Leases
2024$11,975 
202510,622 
20268,785 
20277,349 
20287,229 
Thereafter51,213 
Total lease payments97,173 
Less: Imputed interest43,117 
Total$54,056 
v3.24.0.1
Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Summary of Restricted Stock Unit and Stock Option Activity
The following table summarizes RSU, stock option, CPSU and DCA activity:
RSUs
Stock OptionsCPSUs
DCAs
NumberWeighted-
Average
Grant Date
Fair Value
Per Share		NumberWeighted-
Average
Exercise/
(Strike) Price
Per Share		Number
Weighted-
Average
Grant Date
Fair Value
Per Unit
Number
Weighted-
Average
Grant Date
Fair Value
Per Unit
Outstanding as of December 31, 20201,035,000 $21.85 2,275,265 $20.13 — $— — $— 
Granted678,851 16.26 100,000 19.24 398,852 20.39 — — 
Expired or cancelled(155,000)15.37 (202,500)20.07 — — — — 
Vested/exercised(370,000)23.53 (5,000)13.32 — — — — 
Outstanding as of December 31, 20211,188,851 $18.98 2,167,765 $20.11 398,852 $20.39 — $— 
Granted375,769 10.53 — — 415,768 12.99 100,000 6.99 
Expired or cancelled(42,500)19.27 (542,500)11.66 — — — — 
Vested/exercised(415,450)20.14 — — — — — — 
Outstanding as of December 31, 20221,106,670 $15.66 1,625,265 $22.93 814,620 $16.61 100,000 $6.99 
Granted590,188 8.66 — — 901,541 11.18 214,379 8.43 
Expired or cancelled(45,000)16.19 (190,000)19.88 (380,782)20.37 — — 
Vested/exercised(404,229)15.75 — — (150,696)11.98 (30,000)8.98 
Outstanding as of December 31, 20231,247,629 $12.30 1,435,265 $23.33 1,184,683 $11.86 284,379 $7.87 
Vested and expected to vest at December 31, 2023
1,197,629 $11.85 1,385,265 $23.48 603,821 $11.68 284,379 $7.87 
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
2021101,894 $15.47 
2022165,030 10.63 
2023302,112 5.66 
Weighted-Average Assumptions Used in Estimating Grant Date Fair Values of Stock Option Awards The fair value on the grant date and the significant assumptions used in the Black-Scholes option-pricing model for grants made in the year ended December 31, 2021 were as follows:
Year Ended December 31,
2021
Total stock options granted100,000 
Weighted-average grant date fair value$15.21 
Weighted-average assumptions:
Risk-free rate1.4 %
Expected life of options(a)
6.5 years
Expected volatility(b)
73.7 %
Expected quarterly dividends$— 
_____________________________________________________________________________________________________________
(a)Calculated using the simplified method due to the terms of the stock options and the limited pool of grantees.
(b)Calculated using historical volatility of the Company’s common stock over periods commensurate with the expected life of the option.
v3.24.0.1
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2023
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, 2023, 2022 and 2021:
Year Ended December 31,
(in thousands)
202320222021
Interest cost$3,839 $2,594 $2,349 
Service cost1,000 945 935 
Expected return on plan assets(3,875)(3,890)(3,976)
Recognized net actuarial losses1,699 2,571 2,860 
Net periodic benefit cost$2,663 $2,220 $2,168 
Actuarial assumptions used to determine net cost:
Discount rate5.16 %2.65 %2.24 %
Expected return on assets6.25 %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 2024 and the actual asset allocation as of December 31, 2023 and 2022 by asset category are as follows:
Percentage of Plan Assets as of December 31,
Target
Allocation
2024
Actual Allocation
Asset Category20232022
Cash5 %6 %5 %
Equity funds:
Domestic42 43 46 
International18 18 20 
Fixed income funds35 33 29 
Total100 %100 %100 %
Future Benefit Payments Under the Plans
Future benefit payments under the plans for the next ten years are estimated as follows:
(in thousands)
Year ended December 31,
2024$6,806 
20256,726 
20266,652 
20276,531 
20286,382 
2029-203328,923 
Total$62,020 
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 2023 and 2022, and a summary of the funded status as of December 31, 2023 and 2022:
Year Ended December 31,
(in thousands)20232022
Change in Fair Value of Plan Assets
Balance at beginning of year$56,157 $73,375 
Actual return on plan assets7,917 (10,865)
Company contribution1,526 242 
Benefit payments(7,718)(6,595)
Balance at end of year$57,882 $56,157 
Year Ended December 31,
(in thousands)20232022
Change in Benefit Obligations
Balance at beginning of year$79,058 $101,526 
Interest cost3,839 2,594 
Service cost1,000 945 
Assumption change (gain) loss
1,281 (19,712)
Actuarial (gain) loss
(17)300 
Benefit payments(7,718)(6,595)
Balance at end of year$77,443 $79,058 
Amount Recognized in Consolidated Balance Sheets
As of December 31,
(in thousands)20232022
Funded status$(19,561)$(22,901)
Net unfunded amounts recognized in Consolidated Balance Sheets consist of:
Current liabilities$(309)$(275)
Long-term liabilities(19,252)(22,626)
Total net unfunded amount recognized in Consolidated Balance Sheets$(19,561)$(22,901)
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, 2023As of December 31, 2022
Fair Value HierarchyFair Value Hierarchy
(in thousands)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash and cash equivalents$3,464 $— $— $3,464 $2,757 $— $— $2,757 
Fixed income funds1,520 3,063 — 4,583 1,564 2,872 — 4,436 
Mutual funds41,687 — — 41,687 37,364 — — 37,364 
$46,671 $3,063 $— $49,734 $41,685 $2,872 $— $44,557 
Closely held funds(a)
Equity partnerships3,826 4,078 
Hedge fund investments4,322 7,522 
Total closely held funds(a)
8,148 11,600 
Total$46,671 $3,063 $— $57,882 $41,685 $2,872 $— $56,157 
_____________________________________________________________________________________________________________
(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 composed 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, 2023As of December 31, 2022
(in thousands)Pension
Plan		Benefit
Equalization
Plan		TotalPension
Plan		Benefit
Equalization
Plan		Total
Projected benefit obligation$74,831 $2,612 $77,443 $76,729 $2,329 $79,058 
Accumulated benefit obligation$74,831 $2,612 $77,443 $76,729 $2,329 $79,058 
Fair value of plans' assets57,882 — 57,882 56,157 — 56,157 
Projected benefit obligation greater than fair value of plans' assets$16,949 $2,612 $19,561 $20,572 $2,329 $22,901 
Accumulated benefit obligation greater than fair value of plans' assets$16,949 $2,612 $19,561 $20,572 $2,329 $22,901 
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, 2023:
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
2023
2022
2023(b)
2022
2021
Surcharge
Imposed
The Pension, Hospitalization and Benefit Plan of the Electrical Industry - Pension Trust Fund13-6123601/001GreenGreenN/A$4.2 $6.7 $9.5 
(c)
No4/15/2025
Carpenters Pension Trust Fund for Northern California94-6050970RedRedImplemented2.5 2.4 2.9 No6/30/2027
Excavators Union Local 731 Pension Fund13-1809825/002GreenGreenN/A2.4 4.0 4.0 No4/30/2026
Operating Engineers Pension Trust95-6032478GreenYellowN/A2.4 3.4 2.4 No6/30/2025
Construction Laborers Pension Trust for Southern California95-6031812GreenGreenN/A2.1 3.4 2.8 No6/30/2026
Joint Pension Fund, Local Union 164 IBEW22-6031199GreenGreenN/A1.4 6.4 
(c)
6.8 
(c)
No4/30/2026
_____________________________________________________________________________________________________________
(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 2023 plan year for any of the above pension funds.
(c)These amounts exceeded 5% of the respective total plan contributions.
v3.24.0.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2023
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, 2023 and 2022:
As of December 31, 2023As of December 31, 2022
Fair Value HierarchyFair Value Hierarchy
(in thousands)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash and cash equivalents(a)
$380,564 $— $— $380,564 $259,351 $— $— $259,351 
Restricted cash(a)
14,116 — — 14,116 14,480 — — 14,480 
Restricted investments(b)
— 130,287 — 130,287 — 91,556 — 91,556 
Investments in lieu of retention(c)
19,988 86,961 — 106,949 20,100 68,228 — 88,328 
Total$414,668 $217,248 $— $631,916 $293,931 $159,784 $— $453,715 
_____________________________________________________________________________________________________________
(a)Includes money market funds and short-term investments with maturity dates of three months or less when acquired.
(b)Restricted investments, as of December 31, 2023 and 2022, consist of AFS debt securities, which are valued based on pricing models determined from a compilation of primarily observable market information, broker quotes in non-active markets or similar assets; therefore, they are classified as Level 2 assets.
(c)Investments in lieu of retention are included in retention receivable as of December 31, 2023 and 2022, and are composed of money market funds of $20.0 million and $20.1 million, respectively, and AFS debt securities of $87.0 million and $68.2 million, respectively. The fair values of the money market funds are measured using quoted market prices; therefore, they are classified as Level 1 assets. The fair values of AFS debt securities are determined from a compilation of primarily observable market information, broker quotes in non-active markets or similar assets; therefore, they are classified as Level 2 assets.
Schedule of Available-for-Sale Securities Reconciliation
Investments in AFS debt securities consisted of the following as of December 31, 2023 and 2022:

As of December 31, 2023As of December 31, 2022
(in thousands)Amortized CostUnrealized GainsUnrealized LossesFair ValueAmortized CostUnrealized GainsUnrealized LossesFair Value
Restricted investments:
Corporate debt securities$95,903 $762 $(2,202)$94,463 $53,452 $1 $(3,550)$49,903 
U.S. government agency securities29,082 18 (1,054)28,046 34,920 13 (1,688)33,245 
Municipal bonds8,227 5 (914)7,318 9,211 — (1,257)7,954 
Corporate certificates of deposit498 — (38)460 507 — (53)454 
Total restricted investments133,710 785 (4,208)130,287 98,090 14 (6,548)91,556 
Investments in lieu of retention:
Corporate debt securities87,601 246 (1,950)85,897 70,968 1 (3,724)67,245 
Municipal bonds823 241 — 1,064 818 165 — 983 
Total investments in lieu of retention88,424 487 (1,950)86,961 71,786 166 (3,724)68,228 
Total AFS debt securities$222,134 $1,272 $(6,158)$217,248 $169,876 $180 $(10,272)$159,784 
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
The following table summarizes the fair value and gross unrealized losses aggregated by category and the length of time that individual securities have been in a continuous unrealized loss position as of December 31, 2023 and 2022:
As of December 31, 2023
Less than 12 Months12 Months or GreaterTotal
(in thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Restricted investments:
Corporate debt securities$4,971 $(3)$40,649 $(2,199)$45,620 $(2,202)
U.S. government agency securities1,280 (4)22,858 (1,050)24,138 (1,054)
Municipal bonds99 (2)7,038 (912)7,137 (914)
Corporate certificates of deposit— — 460 (38)460 (38)
Total restricted investments6,350 (9)71,005 (4,199)77,355 (4,208)
Investments in lieu of retention:
Corporate debt securities11,398 (55)49,726 (1,895)61,124 (1,950)
Total investments in lieu of retention11,398 (55)49,726 (1,895)61,124 (1,950)
Total AFS debt securities$17,748 $(64)$120,731 $(6,094)$138,479 $(6,158)
As of December 31, 2022
Less than 12 Months12 Months or GreaterTotal
(in thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Restricted investments:
Corporate debt securities$23,559 $(733)$25,842 $(2,817)$49,401 $(3,550)
U.S. government agency securities24,834 (939)5,593 (749)30,427 (1,688)
Municipal bonds4,998 (672)2,956 (585)7,954 (1,257)
Corporate certificates of deposit63 (12)391 (41)454 (53)
Total restricted investments53,454 (2,356)34,782 (4,192)88,236 (6,548)
Investments in lieu of retention:
Corporate debt securities34,553 (843)32,391 (2,881)66,944 (3,724)
Total investments in lieu of retention34,553 (843)32,391 (2,881)66,944 (3,724)
Total AFS debt securities$88,007 $(3,199)$67,173 $(7,073)$155,180 $(10,272)
Investments Classified by Contractual Maturity Date
The amortized cost and fair value of AFS debt securities by contractual maturity as of December 31, 2023 are summarized in the table below. Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations.
(in thousands)Amortized CostFair Value
Due within one year$32,586 $32,241 
Due after one year through five years179,451 175,907 
Due after five years10,097 9,100 
Total$222,134 $217,248 
v3.24.0.1
Business Segments (Tables)
 12 Months Ended
Dec. 31, 2023
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, 2023, 2022 and 2021:
Reportable Segments
(in thousands)CivilBuildingSpecialty
Contractors		TotalCorporateConsolidated
Total
Year ended December 31, 2023
Total revenue$1,971,194 $1,302,636 $694,038 $3,967,868 $— $3,967,868 
Elimination of intersegment revenue(87,329)(97)(215)(87,641)— (87,641)
Revenue from external customers$1,883,865 $1,302,539 $693,823 $3,880,227 $— $3,880,227 
Income (loss) from construction operations(a)
$198,609 $(91,206)$(144,822)$(37,419)$(77,178)
(b)
$(114,597)
Capital expenditures$41,318 $3,932 $1,250 $46,500 $6,453 $52,953 
Depreciation and amortization(c)
$31,685 $2,227 $2,445 $36,357 $8,872 $45,229 
Year ended December 31, 2022
Total revenue$1,956,968 $1,305,468 $813,531 $4,075,967 $— $4,075,967 
Elimination of intersegment revenue(222,086)(62,897)(229)(285,212)— (285,212)
Revenue from external customers$1,734,882 $1,242,571 $813,302 $3,790,755 $— $3,790,755 
Income (loss) from construction operations(d)
$21,123 $7,166 $(168,019)$(139,730)$(65,034)
(b)
$(204,764)
Capital expenditures$49,819 $2,333 $2,545 $54,697 $5,083 $59,780 
Depreciation and amortization(c)
$51,123 $1,713 $2,098 $54,934 $9,430 $64,364 
Year ended December 31, 2021
Total revenue$2,443,828 $1,574,759 $1,120,115 $5,138,702 $— $5,138,702 
Elimination of intersegment revenue(348,068)(146,657)(2,147)(496,872)— (496,872)
Revenue from external customers$2,095,760 $1,428,102 $1,117,968 $4,641,830 $— $4,641,830 
Income (loss) from construction operations(e)
$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 
_____________________________________________________________________________________________________________
(a)During the year ended December 31, 2023, the Company’s income (loss) from construction operations in the Civil segment was impacted by net unfavorable adjustments related to a settlement that impacted multiple components of a mass-transit project in California. The settlement resolved certain ongoing disputes and increased the expected profit from work to be performed in the future. The settlement resulted in an unfavorable non-cash adjustment of $23.2 million ($17.0 million, or $0.33 per diluted share, after tax) to one component of the project that is nearing completion, partially offset by a favorable adjustment of $8.8 million ($7.1 million, or $0.14 per diluted share, after tax) on the other component of the project that has substantial scope of work remaining. As a result of the settlement, the net unfavorable impact to the period from these two adjustments is expected to be mitigated by the increased profit generated from future work on the project. The Civil segment was also adversely impacted by unfavorable adjustments of $12.8 million ($9.4 million, or $0.18 per diluted share, after tax) on a completed highway project in Virginia due to changes in estimates that resulted from progress in the dispute resolution process, partially offset by net favorable adjustments of $19.0 million ($15.2 million, or $0.29 per diluted share, after tax) for a project on the West Coast that primarily resulted from a favorable impact of $58.1 million on the settlement of change orders and changes in estimates due to improved performance, partially offset by a temporary unfavorable non-cash impact of $40.7 million resulting from the successful negotiation of significant lower margin (and lower risk) change orders which increased the project’s overall estimated profit but reduced the project’s percentage of completion and overall margin percentage.

The Company’s income (loss) from operations in the Building segment was adversely impacted an unfavorable adjustment of $14.6 million ($10.7 million, or $0.21 per diluted share, after tax) on a government building project in Florida primarily due to increased costs associated with an external subcontractor.

The Company’s income (loss) from operations in the Specialty Contractors segment was adversely impacted by $62.2 million ($45.7 million, or $0.88 per diluted share, after tax) of unfavorable non-cash adjustments due to changes in estimates on the electrical and mechanical scope of a completed transportation project in the Northeast associated with changes in the expected recovery on certain unapproved change orders resulting from ongoing negotiations; a non-cash charge of $24.7 million ($18.1 million, or $0.35 per diluted share, after tax) that resulted from an adverse legal ruling on an educational facilities project in New York; an unfavorable adjustment of $16.9 million ($12.4 million, or $0.24 per diluted share, after tax) on a multi-unit residential project in New York due to changes in estimates resulting from incremental costs to complete the project and ongoing negotiations on unapproved change orders; and a $9.4 million ($6.9 million, or $0.13 per diluted share, after tax) unfavorable adjustment due to a settlement on a mass-transit project in California.

The Company’s income (loss) from construction operations was also unfavorably impacted by an adverse legal ruling on a completed mixed-use project in New York, which resulted in a non-cash, pre-tax charge of $83.6 million ($60.8 million, or $1.17 per diluted share, after-tax), of which $72.2 million impacted the Building segment and $11.4 million impacted the Specialty Contractors segment, as well as an unfavorable adjustment of $28.3 million ($22.2 million, or $0.43 per diluted share, after tax) on a completed transportation project in the Northeast, split evenly between the Civil and Building segments, primarily due to the settlement of certain change orders, changes in estimates due to recent negotiations and incremental cost incurred during project closeout.
(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, 2022, the Company’s income (loss) from construction operations in the Civil segment was adversely impacted by $38.8 million ($30.7 million, or $0.60 per diluted share, after tax) for a project on the West Coast, which resulted from the successful negotiation of significant lower margin (and lower risk) change orders that increased the project’s overall estimated profit but reduced the project’s percentage of completion and overall margin percentage; $26.2 million ($18.9 million, or $0.37 per diluted share, after tax) of unfavorable non-cash adjustments on a completed highway project in the Northeast due to the reversal on appeal of a previously favorable lower-court ruling; a non-cash charge of $25.5 million ($18.4 million, or $0.36 per diluted share, after tax) due to an adverse legal ruling on a dispute related to a completed bridge project in New York; $24.7 million ($17.9 million, or $0.35 per diluted share, after tax) of unfavorable adjustments on a mass-transit project in California; a $16.2 million ($11.7 million, or $0.23 per diluted share, after tax) unfavorable non-cash impact related to the settlement of a long-disputed, completed project in Maryland; and an unfavorable non-cash adjustment of $10.0 million ($7.2 million, or $0.14 per diluted share, after tax) due to a ruling in ongoing dispute resolution proceedings on a mass-transit project in the Northeast. The Company’s income (loss) from construction operations was favorably impacted by a project close-out adjustment of $12.7 million ($9.1 million, or $0.18 per diluted share, after tax) on a bridge project in the Midwest.

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

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

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

In the Specialty Contractors segment, the Company recognized additional profit after recording a reduction of $20.1 million in cost of operations during 2021 ($14.5 million, or $0.28 per diluted share, after tax) due to a favorable trial court ruling awarding the Company the recovery of certain costs previously incurred on a completed electrical project in New York. In addition, the Company’s income (loss) from construction operations for the year ended December 31, 2021 was negatively impacted by $19.0 million ($13.7 million, or $0.27 per diluted share, after tax) and $17.6 million ($12.7 million, or $0.25 per diluted share, after tax) on the mechanical and electrical components, respectively, of a transportation project in the Northeast. Lastly, there was an impact of $16.2 million ($11.7 million, or $0.23 per diluted share, after tax) on an electrical project in New York that included unfavorable adjustments and the negative impact to the period associated with increases to project forecasts due to growth in unapproved change orders (expected to be negotiated in future periods).
Total Assets for Reportable Segments
Total assets by segment were as follows:
As of December 31,
(in thousands)20232022
Civil$3,539,608 $3,402,934 
Building898,902 898,816 
Specialty Contractors307,171 483,535 
Corporate and other(a)
(315,825)(242,485)
Total assets$4,429,856 $4,542,800 
_____________________________________________________________________________________________________________
(a)    Consists principally of cash, equipment, tax-related assets and insurance-related assets, offset by the elimination of assets related to intersegment revenue.
Principal Geographical Areas
Information concerning principal geographic areas is as follows:
Year Ended December 31,
(in thousands)202320222021
Revenue:
United States$3,437,971 $3,424,574 $4,267,734 
Foreign and U.S. territories442,256 366,181 374,096 
Total revenue$3,880,227 $3,790,755 $4,641,830 

As of December 31,
(in thousands)20232022
Assets:
United States$3,998,470 $4,199,604 
Foreign and U.S. territories431,386 343,196 
Total assets$4,429,856 $4,542,800 

Major Customer
Revenue from a single customer with multiple projects impacting the Civil, Building and Specialty Contractors segments represented 16.3% of the Company’s consolidated revenue for both years ended December 31, 2023 and 2022.
Reconciliation of Segment Results to Consolidated Income Before Income Taxes
A reconciliation of segment results to the consolidated income (loss) before income taxes is as follows:
Year Ended December 31,
(in thousands)202320222021
Income (loss) from construction operations$(114,597)$(204,764)$226,804 
Other income, net17,200 6,732 2,004 
Interest expense(85,157)(69,638)(69,026)
Income (loss) before income taxes$(182,554)$(267,670)$159,782 
v3.24.0.1
Summary of Significant Accounting Policies (Narrative) (Details)
 12 Months Ended
Dec. 31, 2023
shares
Conversion ratio (in shares) 1
Expected life of options 10 years
Minimum  
Estimated useful lives 3 years
Maximum  
Estimated useful lives 40 years
v3.24.0.1
Summary of Significant Accounting Policies (Calculations of Basic and Diluted EPS) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Accounting Policies [Abstract]      
Net income (loss) attributable to Tutor Perini Corporation $ (171,155) $ (210,009) $ 91,925
Weighted-average common shares outstanding, basic (in shares) 51,845 51,324 51,017
Effect of dilutive restricted stock units and stock options (in shares) 0 0 352
Weighted-average common shares outstanding, diluted (in shares) 51,845 51,324 51,369
Basic (in dollars per share) $ (3.30) $ (4.09) $ 1.80
Diluted (in dollars per share) $ (3.30) $ (4.09) $ 1.79
Anti-dilutive securities not included above (in shares) 2,982 3,163 1,892
v3.24.0.1
Summary of Significant Accounting Policies (Schedule of Cash and Cash Equivalents) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash and cash equivalents $ 380,564 $ 259,351    
Restricted cash 14,116 14,480    
Total cash, cash equivalents and restricted cash 394,680 273,831 $ 211,396 $ 451,852
Joint Venture        
Cash and cash equivalents 235,509 211,640    
General Corporate Purposes        
Cash and cash equivalents $ 145,055 $ 47,711    
v3.24.0.1
Summary of Significant Accounting Policies (Tax Effects of Components of Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Total other comprehensive income (loss), Before-Tax Amount $ 10,644 $ (6,340) $ 4,717
Total other comprehensive income (loss), Tax (Expense) Benefit (2,395) 666 (1,471)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX 8,249 (5,674) 3,246
Accumulated Other Comprehensive Loss      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Total other comprehensive income (loss), Before-Tax Amount 9,645 (4,068) 4,577
Total other comprehensive income (loss), Tax (Expense) Benefit (2,395) 666 (1,471)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX 7,250 (3,402) 3,106
Defined benefit pension plan adjustments      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Total other comprehensive income (loss), Before-Tax Amount 4,477 7,230 8,665
Total other comprehensive income (loss), Tax (Expense) Benefit (1,194) (2,001) (2,444)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX 3,283 5,229 6,221
Foreign currency translation adjustment      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Total other comprehensive income (loss), Before-Tax Amount 961 (3,351) (508)
Total other comprehensive income (loss), Tax (Expense) Benefit (126) 556 183
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX 835 (2,795) (325)
Unrealized gain (loss) in fair value of investments      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Total other comprehensive income (loss), Before-Tax Amount 5,206 (10,219) (3,440)
Total other comprehensive income (loss), Tax (Expense) Benefit (1,075) 2,111 790
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX 4,131 (8,108) (2,650)
Noncontrolling Interests      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Total other comprehensive income (loss), Before-Tax Amount 999 (2,272) 140
Total other comprehensive income (loss), Tax (Expense) Benefit 0 0 0
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX $ 999 $ (2,272) $ 140
v3.24.0.1
Summary of Significant Accounting Policies (Changes in AOCI Balances by Component) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Balance at the beginning of the period $ 1,449,718    
Balance at the beginning of the period, noncontrolling interests (7,734)    
Other comprehensive income (loss) before reclassifications 5,912 $ (5,357) $ 1,330
Amounts reclassified from AOCI 1,338 1,955 1,776
Other comprehensive income 999 (2,272) 140
Balance at the end of the period 1,291,588 1,449,718  
Balance at the end of the period, noncontrolling interests (7,677) (7,734)  
AOCI Attributable to Parent      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Balance at the beginning of the period (47,037) (43,635) (46,741)
Balance at the end of the period (39,787) (47,037) (43,635)
Defined Benefit Pension Plan      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Balance at the beginning of the period (32,637) (37,866) (44,087)
Other comprehensive income (loss) before reclassifications 2,036 3,370 4,167
Amounts reclassified from AOCI 1,247 1,859 2,054
Balance at the end of the period (29,354) (32,637) (37,866)
Foreign Currency Translation      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Balance at the beginning of the period (7,241) (5,787) (5,322)
Other comprehensive income (loss) before reclassifications 348 (1,454) (465)
Amounts reclassified from AOCI 0 0 0
Balance at the end of the period (6,893) (7,241) (5,787)
Unrealized Gain (Loss) in Fair Value of Investments      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Balance at the beginning of the period (7,159) 18 2,668
Other comprehensive income (loss) before reclassifications 3,528 (7,273) (2,372)
Amounts reclassified from AOCI 91 96 (278)
Balance at the end of the period (3,540) (7,159) 18
AOCI Attributable to Noncontrolling Interest      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Balance at the beginning of the period, noncontrolling interests (1,730) 542 402
Balance at the end of the period, noncontrolling interests (731) (1,730) 542
Defined Benefit Pension Plan      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Balance at the beginning of the period, noncontrolling interests 0 0 0
Other comprehensive income 0 0 0
Balance at the end of the period, noncontrolling interests 0 0 0
Foreign Currency Translation      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Balance at the beginning of the period, noncontrolling interests (799) 542 402
Other comprehensive income 487 (1,341) 140
Balance at the end of the period, noncontrolling interests (312) (799) 542
Unrealized Gain (Loss) in Fair Value of Investments      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Balance at the beginning of the period, noncontrolling interests (931) 0 0
Other comprehensive income 512 (931) 0
Balance at the end of the period, noncontrolling interests $ (419) $ (931) $ 0
v3.24.0.1
Summary of Significant Accounting Policies (Reclassification from AOCI) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Other income, net $ 17,200 $ 6,732 $ 2,004
Income tax expense (benefit) 54,957 75,098 (25,632)
Net of tax (171,155) (210,009) 91,925
Reclassification out of Accumulated Other Comprehensive Income | Defined Benefit Pension Plan      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Other income, net 1,700 2,570 2,861
Income tax expense (benefit) (453) (711) (807)
Net of tax 1,247 1,859 2,054
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, net 115 121 (352)
Income tax expense (benefit) (24) (25) 74
Net of tax $ 91 $ 96 $ (278)
v3.24.0.1
Consolidated Statements of Cash Flows (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Supplemental Cash Flow Elements [Abstract]      
Accounts receivable $ 116,310 $ 276,450 $ (31,972)
Retention receivable 5,666 (20,017) 78,618
Costs and estimated earnings in excess of billings 233,682 (20,760) (120,034)
Other current assets (37,460) 8,516 62,371
Accounts payable (28,800) (15,783) (283,482)
Retention payable (23,424) (22,383) (46,190)
Billings in excess of costs and estimated earnings 127,718 214,123 (77,533)
Accrued expenses and other current liabilities 35,218 (29,722) (4,005)
Changes in other components of working capital 428,910 390,424 (422,227)
Interest paid 80,286 64,764 63,762
Income taxes paid (refunded), net 828 9,952 (8,299)
Non-cash investing activities:      
Receivable recognized from sale of subsidiary $ 0 $ 0 $ 4,163
v3.24.0.1
Revenue (Disaggregation Of Revenue) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Disaggregation of Revenue [Line Items]      
REVENUE $ 3,880,227 $ 3,790,755 $ 4,641,830
State and local agencies      
Disaggregation of Revenue [Line Items]      
REVENUE 2,285,319 2,067,008 2,636,472
Federal agencies      
Disaggregation of Revenue [Line Items]      
REVENUE 573,675 504,803 442,312
Private owners      
Disaggregation of Revenue [Line Items]      
REVENUE 1,021,233 1,218,944 1,563,046
Civil      
Disaggregation of Revenue [Line Items]      
REVENUE 1,883,865 1,734,882 2,095,760
Civil | State and local agencies      
Disaggregation of Revenue [Line Items]      
REVENUE 1,250,740 1,273,639 1,791,531
Civil | Federal agencies      
Disaggregation of Revenue [Line Items]      
REVENUE 400,782 313,791 205,080
Civil | Private owners      
Disaggregation of Revenue [Line Items]      
REVENUE 232,343 147,452 99,149
Civil | Mass transit (includes certain transportation and tunneling projects)      
Disaggregation of Revenue [Line Items]      
REVENUE 1,079,629 1,026,589 1,417,196
Civil | Military facilities      
Disaggregation of Revenue [Line Items]      
REVENUE 348,133 258,028 194,701
Civil | Bridges      
Disaggregation of Revenue [Line Items]      
REVENUE 204,029 265,130 238,345
Civil | Commercial and industrial sites      
Disaggregation of Revenue [Line Items]      
REVENUE 118,880 70,708 70,099
Civil | Other      
Disaggregation of Revenue [Line Items]      
REVENUE 133,194 114,427 175,419
Building      
Disaggregation of Revenue [Line Items]      
REVENUE 1,302,539 1,242,571 1,428,102
Building | State and local agencies      
Disaggregation of Revenue [Line Items]      
REVENUE 718,106 461,193 363,686
Building | Federal agencies      
Disaggregation of Revenue [Line Items]      
REVENUE 187,199 168,307 189,508
Building | Private owners      
Disaggregation of Revenue [Line Items]      
REVENUE 397,234 613,071 874,908
Building | Mass transit (includes certain transportation and tunneling projects)      
Disaggregation of Revenue [Line Items]      
REVENUE 188,335 132,836 130,923
Building | Other      
Disaggregation of Revenue [Line Items]      
REVENUE (23,485) 43,300 66,001
Building | Government      
Disaggregation of Revenue [Line Items]      
REVENUE 424,130 329,661 291,629
Building | Health care facilities      
Disaggregation of Revenue [Line Items]      
REVENUE 294,667 178,997 64,042
Building | Education facilities      
Disaggregation of Revenue [Line Items]      
REVENUE 226,335 140,514 159,929
Building | Commercial and industrial facilities      
Disaggregation of Revenue [Line Items]      
REVENUE 77,118 251,849 352,265
Building | Hospitality and gaming      
Disaggregation of Revenue [Line Items]      
REVENUE 59,771 137,640 338,998
Building | Sports and entertainment      
Disaggregation of Revenue [Line Items]      
REVENUE 55,668 27,774 24,315
Specialty Contractors      
Disaggregation of Revenue [Line Items]      
REVENUE 693,823 813,302 1,117,968
Specialty Contractors | State and local agencies      
Disaggregation of Revenue [Line Items]      
REVENUE 316,473 332,176 481,255
Specialty Contractors | Federal agencies      
Disaggregation of Revenue [Line Items]      
REVENUE (14,306) 22,705 47,724
Specialty Contractors | Private owners      
Disaggregation of Revenue [Line Items]      
REVENUE 391,656 458,421 588,989
Specialty Contractors | Mass transit (includes certain transportation and tunneling projects)      
Disaggregation of Revenue [Line Items]      
REVENUE 119,760 350,005 588,162
Specialty Contractors | Commercial and industrial sites      
Disaggregation of Revenue [Line Items]      
REVENUE 213,003 166,286 139,751
Specialty Contractors | Other      
Disaggregation of Revenue [Line Items]      
REVENUE 15,045 20,089 118,040
Specialty Contractors | Government      
Disaggregation of Revenue [Line Items]      
REVENUE 89,031 61,424 18,476
Specialty Contractors | Health care facilities      
Disaggregation of Revenue [Line Items]      
REVENUE 57,292 23,001 29,567
Specialty Contractors | Multi-unit residential      
Disaggregation of Revenue [Line Items]      
REVENUE 114,516 112,944 133,085
Specialty Contractors | Water      
Disaggregation of Revenue [Line Items]      
REVENUE $ 85,176 $ 79,553 $ 90,887
v3.24.0.1
Revenue (Schedule Of Revenue By Contract Type) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Disaggregation of Revenue [Line Items]      
Revenue $ 3,880,227 $ 3,790,755 $ 4,641,830
Adverse Legal Ruling Pertaining To Mixed-Use Project In New York      
Disaggregation of Revenue [Line Items]      
Loss contingency 83,600    
Fixed price      
Disaggregation of Revenue [Line Items]      
Revenue 2,728,175 2,466,326 3,140,148
Guaranteed maximum price      
Disaggregation of Revenue [Line Items]      
Revenue 530,137 612,924 905,704
Unit price      
Disaggregation of Revenue [Line Items]      
Revenue 327,077 359,900 363,786
Cost plus fee and other      
Disaggregation of Revenue [Line Items]      
Revenue 294,838 351,605 232,192
Civil      
Disaggregation of Revenue [Line Items]      
Revenue 1,883,865 1,734,882 2,095,760
Loss contingency 40,700    
Civil | Fixed price      
Disaggregation of Revenue [Line Items]      
Revenue 1,618,081 1,441,547 1,815,079
Civil | Guaranteed maximum price      
Disaggregation of Revenue [Line Items]      
Revenue (3,184) 1,142 2,854
Civil | Unit price      
Disaggregation of Revenue [Line Items]      
Revenue 235,085 274,293 268,377
Civil | Cost plus fee and other      
Disaggregation of Revenue [Line Items]      
Revenue 33,883 17,900 9,450
Building      
Disaggregation of Revenue [Line Items]      
Revenue 1,302,539 1,242,571 1,428,102
Building | Adverse Legal Ruling Pertaining To Mixed-Use Project In New York      
Disaggregation of Revenue [Line Items]      
Loss contingency 72,200    
Building | Fixed price      
Disaggregation of Revenue [Line Items]      
Revenue 532,950 349,318 336,128
Building | Guaranteed maximum price      
Disaggregation of Revenue [Line Items]      
Revenue 532,538 595,907 888,345
Building | Unit price      
Disaggregation of Revenue [Line Items]      
Revenue 0 33 (1,373)
Building | Cost plus fee and other      
Disaggregation of Revenue [Line Items]      
Revenue 237,051 297,313 205,002
Specialty Contractors      
Disaggregation of Revenue [Line Items]      
Revenue 693,823 813,302 1,117,968
Specialty Contractors | Adverse Legal Ruling Pertaining To Mixed-Use Project In New York      
Disaggregation of Revenue [Line Items]      
Loss contingency 11,400    
Specialty Contractors | Fixed price      
Disaggregation of Revenue [Line Items]      
Revenue 577,144 675,461 988,941
Specialty Contractors | Guaranteed maximum price      
Disaggregation of Revenue [Line Items]      
Revenue 783 15,875 14,505
Specialty Contractors | Unit price      
Disaggregation of Revenue [Line Items]      
Revenue 91,992 85,574 96,782
Specialty Contractors | Cost plus fee and other      
Disaggregation of Revenue [Line Items]      
Revenue $ 23,904 $ 36,392 $ 17,740
v3.24.0.1
Revenue (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
REVENUE $ 3,880,227 $ 3,790,755 $ 4,641,830
Net revenue recognized related to performance obligations satisfies (or partially satisfied) in prior periods 214,200 292,300 37,500
Fixed price      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
REVENUE 2,728,175 2,466,326 3,140,148
Cost plus fee and other      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
REVENUE 294,838 351,605 232,192
Civil      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
REVENUE 1,883,865 1,734,882 2,095,760
Performance obligation amount $ 4,200,000 4,400,000  
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    
Civil | Fixed price      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
REVENUE $ 1,618,081 1,441,547 1,815,079
Civil | Cost plus fee and other      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
REVENUE 33,883 17,900 9,450
Building      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
REVENUE 1,302,539 1,242,571 1,428,102
Performance obligation amount 2,200,000 2,200,000  
Building | Fixed price      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
REVENUE 532,950 349,318 336,128
Building | Cost plus fee and other      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
REVENUE 237,051 297,313 205,002
Specialty Contractors      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
REVENUE 693,823 813,302 1,117,968
Performance obligation amount 1,100,000 1,300,000  
Specialty Contractors | Fixed price      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
REVENUE 577,144 675,461 988,941
Specialty Contractors | Cost plus fee and other      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
REVENUE $ 23,904 $ 36,392 $ 17,740
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    
v3.24.0.1
Contract Assets and Liabilities (Schedule Of Contract Assets) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]    
Retention receivable $ 580,926 $ 585,556
Costs and estimated earnings in excess of billings:    
Claims 562,646 677,367
Unapproved change orders 512,831 601,681
Other unbilled costs and profits 68,369 98,480
Total costs and estimated earnings in excess of billings 1,143,846 1,377,528
Capitalized contract costs 117,913 49,441
Total contract assets $ 1,842,685 $ 2,012,525
v3.24.0.1
Contract Assets and Liabilities (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]      
Retainage receivable estimated by management to be collected beyond one year, percentage 54.00%    
Costs and estimated earnings in excess of billings $ 549.0    
Capitalized contract costs were amortized and recognized as expense $ 56.9 $ 57.1 $ 47.3
Retainage payable estimated by management to be remitted beyond one year, percentage 46.00%    
Revenue recognized $ 740.3 $ 533.5 $ 638.7
v3.24.0.1
Contract Assets and Liabilities (Schedule Of Contract Liabilities) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]    
Retention payable $ 223,138 $ 246,562
Billings in excess of costs and estimated earnings 1,103,530 975,812
Total contract liabilities $ 1,326,668 $ 1,222,374
v3.24.0.1
Income Taxes (Summary of Income Before Taxes) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]      
United States operations $ (232,512) $ (288,954) $ 118,749
Foreign and U.S. territory operations 49,958 21,284 41,033
INCOME (LOSS) BEFORE INCOME TAXES $ (182,554) $ (267,670) $ 159,782
v3.24.0.1
Income Taxes (Provision for Income Taxes) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Current expense (benefit):      
Federal $ (178) $ (1,653) $ 20,052
State 1,888 930 7,899
Foreign and U.S. territories 8,153 5,074 11,568
Total current expense: 9,863 4,351 39,519
Deferred expense (benefit):      
Federal (48,634) (54,526) (13,667)
State (17,612) (25,395) 36
Foreign and U.S. territories 1,426 472 (256)
Total deferred benefit: (64,820) (79,449) (13,887)
Income tax expense (benefit) $ (54,957) $ (75,098) $ 25,632
v3.24.0.1
Income Taxes (Reconciliation of Provision for Income Taxes) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Amount      
Federal income tax expense (benefit) at statutory tax rate $ (38,336) $ (56,211) $ 33,554
State income taxes, net of federal tax benefit (10,556) (21,784) 8,301
Share-based compensation 446 1,227 87
Officers' compensation 5,129 2,840 3,664
Noncontrolling interests (9,795) (3,861) (8,872)
Federal R&D credits (493) 128 (1,105)
Foreign tax rate differences (297) (1,438) (625)
Federal claim of right credit 0 0 (8,191)
Valuation allowance 347 7,991 0
Other (1,402) (3,990) (1,181)
Income tax expense (benefit) $ (54,957) $ (75,098) $ 25,632
Rate      
Federal income tax expense (benefit) at statutory tax rate 21.00% 21.00% 21.00%
State income taxes, net of federal tax benefit 5.80% 8.10% 5.20%
Share-based compensation (0.20%) (0.50%) 0.10%
Officers' compensation (2.80%) (1.10%) 2.30%
Noncontrolling interests 5.40% 1.40% (5.60%)
Federal R&D credits 0.30% 0.00% (0.70%)
Foreign tax rate differences 0.20% 0.50% (0.40%)
Federal claim of right credit 0 0 (0.051)
Valuation allowance (0.20%) (3.00%) 0.00%
Other 0.60% 1.70% (0.80%)
Income tax expense (benefit) 30.10% 28.10% 16.00%
v3.24.0.1
Income Taxes (Significant Components of Deferred Tax Assets and Liabilities) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Deferred tax assets:    
Timing of expense recognition $ 72,828 $ 49,939
Net operating losses 113,623 82,210
Goodwill 80 6,022
Other, net 16,113 24,105
Deferred tax assets 202,644 162,276
Valuation allowance (9,193) (8,846)
Net deferred tax assets 193,451 153,430
Deferred tax liabilities:    
Intangible assets, due primarily to purchase accounting (17,451) (16,850)
Fixed assets (54,953) (66,130)
Construction contract accounting (7,711) (7,940)
Joint ventures (16,132) (32,983)
Other (24,077) (18,266)
Deferred tax liabilities (120,324) (142,169)
Net deferred tax assets 73,127 11,261
Net Deferred Tax Liabilities    
DEFERRED INCOME TAXES 74,083 15,910
Deferred tax liabilities (956) (4,649)
Net deferred tax assets $ 73,127 $ 11,261
v3.24.0.1
Income Taxes (Narrative) (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Operating Loss Carryforwards [Line Items]    
Unrecognized tax benefits that would impact effective tax rate $ 4.8  
Domestic Tax Authority    
Operating Loss Carryforwards [Line Items]    
Net operating loss carryforwards 299.2 $ 206.9
Credit carryforwards 5.9 3.9
State and Local Jurisdiction    
Operating Loss Carryforwards [Line Items]    
Net operating loss carryforwards 554.7 431.0
Credit carryforwards $ 4.6 $ 3.6
v3.24.0.1
Income Taxes (Reconciliation of Gross Unrecognized Tax Benefit) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Reconciliation of gross unrecognized tax benefits      
Beginning balance $ 7,525 $ 7,539 $ 8,681
Change in tax positions of prior years 438    
Change in tax positions of prior years   (416) (1,319)
Change in tax positions of current year (189)    
Change in tax positions of current year   625 1,000
Reduction in tax positions for statute expirations (3,001) (223) (823)
Ending balance $ 4,773 $ 7,525 $ 7,539
v3.24.0.1
Goodwill and Intangible Assets (Changes in Carrying Amount of Goodwill) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Goodwill [Roll Forward]      
Gross goodwill as of December 31, 2021     $ 1,072,991
Accumulated impairment as of December 31, 2021 $ (867,800)   (867,848)
Balance at beginning of period 205,143 $ 205,143  
Activity 0 0  
Balance at end of period 205,143 205,143  
Civil      
Goodwill [Roll Forward]      
Gross goodwill as of December 31, 2021     492,074
Accumulated impairment as of December 31, 2021     (286,931)
Balance at beginning of period 205,143 205,143  
Activity 0 0  
Balance at end of period 205,143 205,143  
Building      
Goodwill [Roll Forward]      
Gross goodwill as of December 31, 2021     424,724
Accumulated impairment as of December 31, 2021     (424,724)
Balance at beginning of period 0 0  
Activity 0 0  
Balance at end of period 0 0  
Specialty Contractors      
Goodwill [Roll Forward]      
Gross goodwill as of December 31, 2021     156,193
Accumulated impairment as of December 31, 2021     $ (156,193)
Balance at beginning of period 0 0  
Activity 0 0  
Balance at end of period $ 0 $ 0  
v3.24.0.1
Goodwill and Intangible Assets (Intangible Assets) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Total Intangible Assets [Abstract]    
Cost $ 381,940 $ 381,940
Accumulated Amortization (200,568) (198,331)
Accumulated Impairment Charge (113,067) (113,067)
Carrying Value 68,305 70,542
Trade Names    
Finite-Lived intangible assets    
Cost 69,250 69,250
Accumulated Amortization (28,123) (25,886)
Accumulated Impairment Charge (23,232) (23,232)
Carrying Value $ 17,895 $ 20,132
Weighted-Average Amortization Period 20 years 20 years
Customer relationships    
Finite-Lived intangible assets    
Cost $ 39,800 $ 39,800
Accumulated Amortization (23,155) (23,155)
Accumulated Impairment Charge (16,645) (16,645)
Carrying Value 0 0
Construction contract backlog    
Finite-Lived intangible assets    
Cost 149,290 149,290
Accumulated Amortization (149,290) (149,290)
Carrying Value 0 0
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)
v3.24.0.1
Goodwill and Intangible Assets (Narrative) (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]      
Amortization expense $ 2,237,000 $ 14,526,000 $ 35,497,000
2024 2,200,000    
2025 2,200,000    
2026 2,200,000    
2027 2,200,000    
2028 2,200,000    
Thereafter 6,900,000    
Impairment of intangible assets $ 0 $ 0 $ 0
v3.24.0.1
Financial Commitments (Long-Term Debt) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]    
Total debt $ 899,745 $ 958,439
Less: current maturities 117,431 70,285
Long-term debt, net 782,314 888,154
Revolver    
Debt Instrument [Line Items]    
Total debt 0 0
Term Loan B    
Debt Instrument [Line Items]    
Total debt 357,744 404,169
Less: current maturities 91,000 44,000
Equipment financing and mortgages    
Debt Instrument [Line Items]    
Total debt 34,807 48,681
Other indebtedness    
Debt Instrument [Line Items]    
Total debt 8,784 8,300
2017 Senior Notes | 2017 Senior Notes    
Debt Instrument [Line Items]    
Total debt $ 498,410 $ 497,289
v3.24.0.1
Financial Commitments (Reconciliation Of Outstanding Debt Balance To Reported Debt Balance) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]    
Outstanding Debt $ 910,745  
Unamortized Discounts and Issuance Costs (11,000)  
Total debt 899,745 $ 958,439
Term Loan B    
Debt Instrument [Line Items]    
Outstanding Debt 367,154 415,438
Unamortized Discounts and Issuance Costs (9,410) (11,269)
Total debt 357,744 404,169
2017 Senior Notes | 2017 Senior Notes    
Debt Instrument [Line Items]    
Outstanding Debt 500,000 500,000
Unamortized Discounts and Issuance Costs (1,590) (2,711)
Total debt $ 498,410 $ 497,289
v3.24.0.1
Financial Commitments (Narrative) (Details)
 1 Months Ended 12 Months Ended
May 02, 2023
Aug. 18, 2020
USD ($)
Oct. 31, 2022
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 20, 2023
Apr. 01, 2023
Jan. 01, 2022
Apr. 20, 2017
USD ($)
Debt Instrument [Line Items]                  
Less: current maturities       $ 117,431,000 $ 70,285,000        
Amount outstanding       899,745,000 958,439,000        
Term Loan B                  
Debt Instrument [Line Items]                  
Percentage of principal amount with lenders   89.80%              
Less: current maturities       91,000,000 44,000,000        
Amount outstanding       $ 357,744,000 $ 404,169,000        
Mortgages                  
Debt Instrument [Line Items]                  
Term of debt       10 years          
Interest rate (as a percent)       2.25% 2.25%        
Amount outstanding       $ 8,400,000 $ 11,600,000        
Mortgages | Secured Overnight Financing Rate (SOFR)                  
Debt Instrument [Line Items]                  
Basis spread on variable rate       2.00% 2.00%        
Equipment Financing Loans                  
Debt Instrument [Line Items]                  
Term of debt       5 years          
Amount outstanding       $ 26,400,000 $ 37,000,000        
Equipment Financing Loans | Minimum                  
Debt Instrument [Line Items]                  
Interest rate (as a percent)       2.54%          
Equipment Financing Loans | Maximum                  
Debt Instrument [Line Items]                  
Interest rate (as a percent)       7.32%          
BMO Harris Bank                  
Debt Instrument [Line Items]                  
Increase in applicable margin on overdue amounts upon default (as a percent)   2.00%              
BMO Harris Bank | Term Loan B                  
Debt Instrument [Line Items]                  
Percentage of principal amount with lenders   10.20%              
BMO Harris Bank | Unsecured Debt                  
Debt Instrument [Line Items]                  
Fixed charge coverage ratio (maximum)   2.00              
Credit Agreement 2020 | BMO Harris Bank | Secured Overnight Financing Rate (SOFR)                  
Debt Instrument [Line Items]                  
Basis point spread, 1 month interest period 0.11448%                
Basis point spread, 3 month interest period 0.26161%                
Basis point spread, 6 month interest period 0.42826%                
Basis spread on variable rate 10000.00%   10000.00%            
Basis spread adjustment (as a percent)     1000.00%            
Credit Agreement 2020 | BMO Harris Bank | Federal Funds Rate                  
Debt Instrument [Line Items]                  
Basis spread on variable rate 5000.00%   5000.00%            
Credit Agreement 2020 | BMO Harris Bank | Line of Credit                  
Debt Instrument [Line Items]                  
Maximum borrowing capacity   $ 425,000,000              
Fee paid (as percent)           0.50%      
Amortization of Debt Issuance Costs       $ 1,700,000          
Initial principal amount installment percentage   0.25%              
2017 Senior Notes | 2017 Senior Notes                  
Debt Instrument [Line Items]                  
Amount outstanding       $ 498,410,000 497,289,000        
2017 Senior Notes | 2017 Senior Notes | Private Placement                  
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%          
2017 Senior Notes | BMO Harris Bank | Line of Credit                  
Debt Instrument [Line Items]                  
Remaining maturity (in days)   91 days              
First Lien | BMO Harris Bank                  
Debt Instrument [Line Items]                  
Net leverage ratio (maximum)   1.35              
Term Loan B | BMO Harris Bank | Secured Overnight Financing Rate (SOFR) | Minimum                  
Debt Instrument [Line Items]                  
Basis spread on variable rate   4.50%              
Term Loan B | BMO Harris Bank | Secured Overnight Financing Rate (SOFR) | Maximum                  
Debt Instrument [Line Items]                  
Basis spread on variable rate   4.75%              
Term Loan B | BMO Harris Bank | Base Rate | Minimum                  
Debt Instrument [Line Items]                  
Basis spread on variable rate   3.50%              
Term Loan B | BMO Harris Bank | Base Rate | Maximum                  
Debt Instrument [Line Items]                  
Basis spread on variable rate   3.75%              
Credit Facility                  
Debt Instrument [Line Items]                  
Unamortized debt issuance costs       $ 1,400,000 1,600,000        
Amount outstanding       $ 0 $ 0        
Credit Facility | BMO Harris Bank                  
Debt Instrument [Line Items]                  
Weighted-average annual interest rate on borrowings (as a percent)       11.80%          
Available borrowing capacity       $ 175,000,000          
Credit Facility | BMO Harris Bank | Secured Overnight Financing Rate (SOFR) | Minimum                  
Debt Instrument [Line Items]                  
Basis spread on variable rate   4.25%              
Credit Facility | BMO Harris Bank | Secured Overnight Financing Rate (SOFR) | Maximum                  
Debt Instrument [Line Items]                  
Basis spread on variable rate   4.75%              
Credit Facility | BMO Harris Bank | Base Rate | Minimum                  
Debt Instrument [Line Items]                  
Basis spread on variable rate   3.25%              
Credit Facility | BMO Harris Bank | Base Rate | Maximum                  
Debt Instrument [Line Items]                  
Basis spread on variable rate   3.75%              
Credit Facility | BMO Harris Bank | Net Leverage Ratio                  
Debt Instrument [Line Items]                  
Net leverage ratio (maximum)   2.75 2.75   3.50   2.25 2.25  
Credit Facility | BMO Harris Bank | Net Leverage Ratio | Fiscal Quarter March 31, 2023                  
Debt Instrument [Line Items]                  
Net leverage ratio (maximum)       3.75          
Credit Facility | BMO Harris Bank | Net Leverage Ratio | Fiscal Quarter June 30, 2023                  
Debt Instrument [Line Items]                  
Net leverage ratio (maximum)       3.00          
Credit Facility | BMO Harris Bank | Net Leverage Ratio | Fiscal Quarter September 30, 2023                  
Debt Instrument [Line Items]                  
Net leverage ratio (maximum)       2.50          
Credit Facility | BMO Harris Bank | Net Leverage Ratio | Fiscal Quarter December 31, 2023                  
Debt Instrument [Line Items]                  
Net leverage ratio (maximum)       2.25          
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 | Credit Agreement 2020 | BMO Harris Bank | Line of Credit                  
Debt Instrument [Line Items]                  
Maximum borrowing capacity   $ 175,000,000              
Letters Of Credit | Credit Agreement 2020 | BMO Harris Bank | Line of Credit                  
Debt Instrument [Line Items]                  
Maximum borrowing capacity   75,000,000              
Bridge Loan | Credit Agreement 2020 | BMO Harris Bank | Line of Credit                  
Debt Instrument [Line Items]                  
Maximum borrowing capacity   $ 10,000,000              
Secured Debt | BMO Harris Bank | Unsecured Debt | Junior Lien                  
Debt Instrument [Line Items]                  
Total net leverage ratio (maximum)   3.50              
v3.24.0.1
Financial Commitments (Principal Payments of Long-Term Debt) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Debt Disclosure [Abstract]    
2024 $ 117,431  
2025 514,444  
2026 10,336  
2027 264,778  
2028 747  
Thereafter 3,009  
Subtotal 910,745  
Less: Unamortized discounts and issuance costs 11,000  
Total debt $ 899,745 $ 958,439
v3.24.0.1
Financial Commitments (Summary Of Interest Expense As Reported In The Consolidated Statements of Operations) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Other interest $ 2,134 $ 2,044 $ 1,905
Total cash interest expense 79,699 65,941 63,270
Total non-cash interest expense 5,458 3,697 5,756
Total interest expense 85,157 69,638 69,026
Credit Facility      
Interest on debt 4,924 1,642 1,479
Total non-cash interest expense 745 568 568
Term Loan B      
Interest on debt 38,266 27,880 24,590
Total non-cash interest expense $ 3,592 2,084 2,175
Effective interest rates (as a percent) 11.16%    
2017 Senior Notes | 2017 Senior Notes      
Interest on debt $ 34,375 34,375 34,375
Total non-cash interest expense $ 1,121 1,045 973
Effective interest rates (as a percent) 7.13%    
Convertible Debt      
Interest on debt $ 0 0 921
Total non-cash interest expense $ 0 $ 0 $ 2,040
v3.24.0.1
Commitments and Contingencies (Details) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Oct. 18, 2022
Jan. 27, 2020
Dec. 13, 2019
Jun. 04, 2019
Feb. 26, 2015
Mar. 31, 2018
Mar. 31, 2016
Jun. 30, 2015
Aug. 31, 2013
Dec. 31, 2019
Dec. 31, 2023
Jul. 02, 2018
Alaskan Way Viaduct Matter                        
Contingencies and Commitments                        
Value of claim filed             $ 57.2 $ 532.0        
Settlement on judgment, awarded to other party     $ 57.2                  
Pre-tax charge, impact from jury verdict                   $ 166.8    
Pre-tax accrual, impact from jury verdict                   25.7    
Settlement on judgment                   $ 57.2    
Loss contingency, damages paid, value $ 34.6                      
Alaskan Way Viaduct Matter | Seattle Tunnel Partners                        
Contingencies and Commitments                        
Ownership percentage in joint venture                     45.00%  
Seattle Tunnel Partners                        
Contingencies and Commitments                        
Value of counterclaim filed in excess of                     $ 640.0  
George Washington Bridge Bus Station Matter                        
Contingencies and Commitments                        
Value of claim filed   $ 113.0     $ 30.0              
Value of project                 $ 100.0      
Court issued writ of attachment amount       $ 23.0                
Proof of claim amount     $ 113.0                  
Value of damages seeking                       $ 113.0
George Washington Bridge Bus Station Matter | Return of Retainage by Developer                        
Contingencies and Commitments                        
Value of counterclaim filed in excess of           $ 29.0            
George Washington Bridge Bus Station Matter | Tutor Perini Building Corp                        
Contingencies and Commitments                        
Value of counterclaim filed in excess of           113.0            
George Washington Bridge Bus Station Matter | George Washington Bridge Bus Station Development Venture, LLC                        
Contingencies and Commitments                        
Value of claim filed           4.8            
Value of counterclaim filed in excess of           $ 29.0            
v3.24.0.1
Leases (Narrative) (Details)
Dec. 31, 2023
Minimum  
Lessee, Lease, Description [Line Items]  
Operating lease, remaining lease terms 1 year
Maximum  
Lessee, Lease, Description [Line Items]  
Operating lease, remaining lease terms 15 years
v3.24.0.1
Leases (Components of Lease Expense) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Lessee, Lease, Description [Line Items]    
Operating lease expense $ 14,416 $ 15,278
Short-term lease expense 54,451 57,713
Lease expense, gross 68,867 72,991
Less: Sublease income 788 766
Total lease expense $ 68,079 $ 72,225
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  
v3.24.0.1
Leases (Supplemental Balance Sheet Information Related To Leases) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]    
ROU assets $ 48,878 $ 50,825
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] OTHER ASSETS OTHER ASSETS
Current lease liabilities $ 6,275 $ 6,709
Long-term lease liabilities 47,781 49,176
Total lease liabilities $ 54,056 $ 55,885
Weighted-average remaining lease term 10 years 3 months 18 days 11 years
Weighted-average discount rate 12.13% 11.77%
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
v3.24.0.1
Leases (Supplemental Cash Flow And Other Information Related To Leases) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]    
Cash paid for amounts included in the measurement of lease liabilities $ (14,733) $ (14,247)
ROU assets obtained in exchange for lease liabilities $ 6,465 $ 16,349
v3.24.0.1
Leases (Maturity of Leases Liabilities on an Undiscounted Basis) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]    
2024 $ 11,975  
2025 10,622  
2026 8,785  
2027 7,349  
2028 7,229  
Thereafter 51,213  
Total lease payments 97,173  
Less: Imputed interest 43,117  
Total $ 54,056 $ 55,885
v3.24.0.1
Share-Based Compensation (Narrative) (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of shares authorized for grant (in shares) 987,001      
Vested and expected to vest, outstanding, (in shares) 1,385,265      
Total granted and outstanding (in shares) 1,435,265 1,625,265 2,167,765 2,275,265
Aggregate intrinsic value $ 0      
Weighted average remaining contractual term of outstanding stock options 2 years 10 months 24 days      
Number of vested and exercisable stock options (in shares) 1,335,265      
Stock options exercised, intrinsic value $ 0      
Vested and exercisable stock options, weighted average exercise price (in dollars per share) $ 23.64      
Weighted average remaining contractual term of outstanding stock options 2 years 7 months 6 days      
Stock options granted but not vested (in shares) 100,000      
Stock options granted, weighted-average exercise price (in dollars per share) $ 19.24      
Stock options granted, weighted-average remaining contractual life 7 years 2 months 12 days      
Share-based compensation expense $ 12,259,000 $ 9,065,000 $ 11,642,000  
Share based compensation, tax benefits 300,000 900,000 1,200,000  
Reduction in incremental cost (500,000)      
Modification of fair value, incremental cost 400,000      
Employee        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation expense 10,500,000 7,400,000 10,000,000  
Non-employee Directors        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation expense $ 1,700,000 $ 1,600,000 1,600,000  
Restricted Stock Units, Guaranteed Minimum Payouts        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock units with guaranteed minimum payouts outstanding (in shares) 50,000 125,000    
Stock units with guaranteed minimum payouts outstanding, weighted-average grant date fair value (in dollars per share) $ 26.32 $ 26.33    
Stock units with guaranteed minimum payouts outstanding, recognized liabilities $ 4,900,000 $ 2,100,000    
Paid to settle share-based awards 2,800,000 3,600,000 300,000  
Unrestricted Stock Units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Fair value of unrestricted stock units issued $ 1,700,000 $ 1,800,000 $ 1,600,000  
Restricted Stock Units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock units with guaranteed minimum payouts outstanding (in shares) 1,247,629 1,106,670 1,188,851 1,035,000
Stock units with guaranteed minimum payouts outstanding, weighted-average grant date fair value (in dollars per share) $ 12.30 $ 15.66 $ 18.98 $ 21.85
Fair value of restricted stock units that vested during period $ 4,100,000 $ 5,700,000 $ 5,300,000  
Unamortized share-based compensation expense $ 7,200,000      
Weighted average period over which unrecognized compensation cost is expected to be recognized 1 year 7 months 6 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) 1,184,683 814,620 398,852 0
Stock units with guaranteed minimum payouts outstanding, weighted-average grant date fair value (in dollars per share) $ 11.86 $ 16.61 $ 20.39 $ 0
Fair value of restricted stock units that vested during period $ 1,100,000 $ 0 $ 0  
Unamortized share-based compensation expense $ 4,400,000      
Weighted average period over which unrecognized compensation cost is expected to be recognized 1 year 10 months 24 days      
Deferred Cash Awards        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock units with guaranteed minimum payouts outstanding (in shares) 284,379 100,000 0 0
Stock units with guaranteed minimum payouts outstanding, weighted-average grant date fair value (in dollars per share) $ 7.87 $ 6.99 $ 0 $ 0
Fair value of restricted stock units that vested during period $ 200,000 $ 0 $ 0  
Unamortized share-based compensation expense $ 1,600,000      
Weighted average period over which unrecognized compensation cost is expected to be recognized 2 years 3 months 18 days      
Amended and Restated Tutor Perini Corporation Long-Term Incentive Plan (“Incentive Plan”) | Restricted Stock Units and Stock Options        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vested and expected to vest, outstanding, (in shares) 2,682,894      
v3.24.0.1
Share-Based Compensation (Summary of Restricted Stock Unit and Stock Option Activity) (Details) - $ / shares
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
RSUs and CPSUs Number of Shares      
Vested/exercised (in shares) (150,696) 0  
RSUs and CPSUs Weighted-Average Grant Date Fair Value Per Share      
Vested/exercised, weighted average grant date fair value (in dollars per share) $ 11.98 $ 0  
Stock Options Number of Shares      
Outstanding, beginning of period (in shares) 1,625,265 2,167,765 2,275,265
Granted (in shares) 0 0 100,000
Expired or cancelled (in shares) (190,000) (542,500) (202,500)
Vested/exercised (in shares) 0 0 (5,000)
Outstanding, end of period (in shares) 1,435,265 1,625,265 2,167,765
Vested and expected to vest, outstanding, (in shares) 1,385,265    
Stock Options Weighted-Average Grant Date Fair Value Per Share      
Outstanding, beginning of period, weighted average exercise/(strike) price per share (in dollars per share) $ 22.93 $ 20.11 $ 20.13
Granted, weighted average exercise/(Strike) price per share (in dollars per share) 0 0 19.24
Expired or cancelled, weighted average exercise/(strike) Price per share (in dollars per share) 19.88 11.66 20.07
Vested/exercised, weighted average exercise/(strike) price per share (in dollars per share) 0 0 13.32
Outstanding, end of period, weighted average exercise/(strike) price per share (in dollars per share) 23.33 $ 22.93 $ 20.11
Vested and expected to vest, outstanding, weighted average exercise price (in dollars per share) $ 23.48    
Restricted Stock Units      
RSUs and CPSUs Number of Shares      
Outstanding, beginning of period (in shares) 1,106,670 1,188,851 1,035,000
Units granted (in shares) 590,188 375,769 678,851
Expired or cancelled (in shares) (45,000) (42,500) (155,000)
Vested/exercised (in shares) (404,229) (415,450) (370,000)
Outstanding, end of period (in shares) 1,247,629 1,106,670 1,188,851
Vested and expected to vest, outstanding (in shares) 1,197,629    
RSUs and CPSUs Weighted-Average Grant Date Fair Value Per Share      
Outstanding, beginning of period, weighted average grant date fair value (in dollars per share) $ 15.66 $ 18.98 $ 21.85
Granted, weighted average grant date fair value (in dollars per share) 8.66 10.53 16.26
Expired or cancelled, weighted average grant date fair value (in dollars per share) 16.19 19.27 15.37
Vested/exercised, weighted average grant date fair value (in dollars per share) 15.75 20.14 23.53
Outstanding, end of period, weighted average grant date fair value (in dollars per share) 12.30 $ 15.66 $ 18.98
Vested and expected to vest, outstanding, weighted average exercise price (in dollars per share) $ 11.85    
Cash-settled Performance Stock Units      
RSUs and CPSUs Number of Shares      
Outstanding, beginning of period (in shares) 814,620 398,852 0
Units granted (in shares) 901,541 415,768 398,852
Expired or cancelled (in shares) (380,782) 0 0
Vested/exercised (in shares)     0
Outstanding, end of period (in shares) 1,184,683 814,620 398,852
Vested and expected to vest, outstanding (in shares) 603,821    
RSUs and CPSUs Weighted-Average Grant Date Fair Value Per Share      
Outstanding, beginning of period, weighted average grant date fair value (in dollars per share) $ 16.61 $ 20.39 $ 0
Granted, weighted average grant date fair value (in dollars per share) 11.18 12.99 20.39
Expired or cancelled, weighted average grant date fair value (in dollars per share) 20.37 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) 11.86 $ 16.61 $ 20.39
Vested and expected to vest, outstanding, weighted average exercise price (in dollars per share) $ 11.68    
Deferred Cash Awards      
RSUs and CPSUs Number of Shares      
Outstanding, beginning of period (in shares) 100,000 0 0
Units granted (in shares) 214,379 100,000 0
Expired or cancelled (in shares) 0 0 0
Vested/exercised (in shares) (30,000)   0
Outstanding, end of period (in shares) 284,379 100,000 0
Vested and expected to vest, outstanding (in shares) 284,379    
RSUs and CPSUs Weighted-Average Grant Date Fair Value Per Share      
Outstanding, beginning of period, weighted average grant date fair value (in dollars per share) $ 6.99 $ 0 $ 0
Granted, weighted average grant date fair value (in dollars per share) 8.43 6.99 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) 8.98   0
Outstanding, end of period, weighted average grant date fair value (in dollars per share) 7.87 $ 6.99 $ 0
Vested and expected to vest, outstanding, weighted average exercise price (in dollars per share) $ 7.87    
v3.24.0.1
Share-Based Compensation (Summary Of Unrestricted Stock Units Issuance) (Details) - Unrestricted Stock Units - $ / shares
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Units granted (in shares) 302,112 165,030 101,894
Units granted (in dollars per share) $ 5.66 $ 10.63 $ 15.47
v3.24.0.1
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, 2023
Dec. 31, 2022
Dec. 31, 2021
Key assumptions used in estimating the grant date fair values of stock option awards granted      
Total stock options granted (in shares) 0 0 100,000
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
Risk-free rate (as a percent)     1.40%
Expected life of options     6 years 6 months
Expected volatility (as a percent)     73.70%
Expected quarterly dividends     $ 0
v3.24.0.1
Employee Benefit Plans (Summary of Net Periodic Benefit Cost) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Actuarial assumptions used to determine net cost:      
Expected return on assets (as a percent) 6.30% 6.30%  
Employee Pension Plans      
Summary of net periodic benefit cost      
Interest cost $ 3,839 $ 2,594 $ 2,349
Service cost 1,000 945 935
Expected return on plan assets (3,875) (3,890) (3,976)
Recognized net actuarial losses 1,699 2,571 2,860
Net periodic benefit cost $ 2,663 $ 2,220 $ 2,168
Actuarial assumptions used to determine net cost:      
Discount rate (as a percent) 5.16% 2.65% 2.24%
Expected return on assets (as a percent) 6.25% 5.75% 5.75%
v3.24.0.1
Employee Benefit Plans (Target and Actual Asset Allocation for Pension Plan by Asset Category) (Details) - Employee Pension Plans
Dec. 31, 2023
Dec. 31, 2022
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) 6.00% 5.00%
Domestic Equity Funds    
Pension Plan Assets    
Target asset allocation (as a percent) 42.00%  
Actual asset allocation (as a percent) 43.00% 46.00%
International Equity Funds    
Pension Plan Assets    
Target asset allocation (as a percent) 18.00%  
Actual asset allocation (as a percent) 18.00% 20.00%
Fixed income funds    
Pension Plan Assets    
Target asset allocation (as a percent) 35.00%  
Actual asset allocation (as a percent) 33.00% 29.00%
v3.24.0.1
Employee Benefit Plans (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Pension Plan Assets      
Defined benefit plan, plan assets, contributions by employer $ 2,400    
Net actuarial loss $ 44,800 $ 49,300  
Expected return on assets (as a percent) 6.30% 6.30%  
Investments in hedge funds which do not have readily determinable fair values $ 8,100 $ 11,600  
Expense provision for 401 (k) plans 4,100 4,100 $ 4,400
Company contributions 33,800 32,300 $ 41,200
Employee Pension Plans      
Pension Plan Assets      
Defined benefit plan, plan assets, contributions by employer $ 1,526 $ 242  
Discount rate (as a percent) 5.00% 5.20%  
Expected return on assets (as a percent) 6.25% 5.75% 5.75%
v3.24.0.1
Employee Benefit Plans (Future Benefit Payments Under Defined Benefit Pension Plan) (Details)
$ in Thousands
Dec. 31, 2023
USD ($)
Future Benefit Payments  
2024 $ 6,806
2025 6,726
2026 6,652
2027 6,531
2028 6,382
2029-2033 28,923
Total future benefit payments $ 62,020
v3.24.0.1
Employee Benefit Plans (Reconciliation of Changes in Fair Value of Plan Assets, Plan Benefit Obligations and Funded Status) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Change in Fair Value of Plan Assets      
Company contribution $ 2,400    
Employee Pension Plans      
Change in Fair Value of Plan Assets      
Balance at beginning of year 56,157 $ 73,375  
Actual return on plan assets 7,917 (10,865)  
Company contribution 1,526 242  
Benefit payments (7,718) (6,595)  
Balance at end of year 57,882 56,157 $ 73,375
Change in Benefit Obligations      
Balance at beginning of year 79,058 101,526  
Interest cost 3,839 2,594 2,349
Service cost 1,000 945 935
Assumption change (gain) loss 1,281 (19,712)  
Actuarial (gain) loss (17) 300  
Benefit payments (7,718) (6,595)  
Balance at end of year $ 77,443 $ 79,058 $ 101,526
v3.24.0.1
Employee Benefit Plans (Amounts Recognized in Consolidated Balance Sheets) (Details) - Employee Pension Plans - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Funded Status    
Funded status $ (19,561) $ (22,901)
Net unfunded amounts recognized in Consolidated Balance Sheets consist of:    
Current liabilities (309) (275)
Long-term liabilities (19,252) (22,626)
Total net unfunded amount recognized in Consolidated Balance Sheets $ (19,561) $ (22,901)
v3.24.0.1
Employee Benefit Plans (Plan Assets at Fair Value) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
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 $ 57,882 $ 56,157 $ 73,375
Employee Pension Plans | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets 46,671 41,685  
Employee Pension Plans | Level 1 | Non-Closely Held Funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets 46,671 41,685  
Employee Pension Plans | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets 3,063 2,872  
Employee Pension Plans | Level 2 | Non-Closely Held Funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets 3,063 2,872  
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 49,734 44,557  
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 8,148 11,600  
Employee Pension Plans | Cash and cash equivalents | Non-Closely Held Funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets 3,464 2,757  
Employee Pension Plans | Cash and cash equivalents | Level 1 | Non-Closely Held Funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets 3,464 2,757  
Employee Pension Plans | Cash and cash equivalents | Level 2 | Non-Closely Held Funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets 0 0  
Employee Pension Plans | Cash and cash equivalents | Level 3 | Non-Closely Held Funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets 0 0  
Employee Pension Plans | Fixed income funds | Non-Closely Held Funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets 4,583 4,436  
Employee Pension Plans | Fixed income funds | Level 1 | Non-Closely Held Funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets 1,520 1,564  
Employee Pension Plans | Fixed income funds | Level 2 | Non-Closely Held Funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets 3,063 2,872  
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 41,687 37,364  
Employee Pension Plans | Mutual funds | Level 1 | Non-Closely Held Funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets 41,687 37,364  
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 3,826 4,078  
Employee Pension Plans | Hedge fund investments | Closely Held Funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plans' assets $ 4,322 $ 7,522  
v3.24.0.1
Employee Benefit Plans (Benefit Obligations in Excess of the Fair Value of Plan's Assets) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Employee Pension Plans      
Defined Benefit Plan Disclosure [Line Items]      
Projected benefit obligation $ 77,443 $ 79,058 $ 101,526
Accumulated benefit obligation 77,443 79,058  
Fair value of plans' assets 57,882 56,157 $ 73,375
Projected benefit obligation greater than fair value of plans' assets 19,561 22,901  
Accumulated benefit obligation greater than fair value of plans' assets 19,561 22,901  
Pension Plan      
Defined Benefit Plan Disclosure [Line Items]      
Projected benefit obligation 74,831 76,729  
Accumulated benefit obligation 74,831 76,729  
Fair value of plans' assets 57,882 56,157  
Projected benefit obligation greater than fair value of plans' assets 16,949 20,572  
Accumulated benefit obligation greater than fair value of plans' assets 16,949 20,572  
Benefit Equalization Plan      
Defined Benefit Plan Disclosure [Line Items]      
Projected benefit obligation 2,612 2,329  
Accumulated benefit obligation 2,612 2,329  
Fair value of plans' assets 0 0  
Projected benefit obligation greater than fair value of plans' assets 2,612 2,329  
Accumulated benefit obligation greater than fair value of plans' assets $ 2,612 $ 2,329  
v3.24.0.1
Employee Benefit Plans (Summary of Key Information for the Plans) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Multiemployer Plans [Line Items]      
Company contributions $ 33.8 $ 32.3 $ 41.2
The Pension, Hospitalization and Benefit Plan of the Electrical Industry - Pension Trust Fund      
Multiemployer Plans [Line Items]      
Pension Protections Act Zone Status Green Green  
Company contributions $ 4.2 $ 6.7 9.5
Surcharge Imposed No    
Expiration Date of Collective Bargaining Agreement Apr. 15, 2025    
Carpenters Pension Trust Fund for Northern California      
Multiemployer Plans [Line Items]      
Pension Protections Act Zone Status Red Red  
FIP/RP Status Pending or Implemented Implemented    
Company contributions $ 2.5 $ 2.4 2.9
Surcharge Imposed No    
Expiration Date of Collective Bargaining Agreement Jun. 30, 2027    
Excavators Union Local 731 Pension Fund      
Multiemployer Plans [Line Items]      
Pension Protections Act Zone Status Green Green  
Company contributions $ 2.4 $ 4.0 4.0
Surcharge Imposed No    
Expiration Date of Collective Bargaining Agreement Apr. 30, 2026    
Operating Engineers Pension Trust      
Multiemployer Plans [Line Items]      
Pension Protections Act Zone Status Green Yellow  
Company contributions $ 2.4 $ 3.4 2.4
Surcharge Imposed No    
Expiration Date of Collective Bargaining Agreement Jun. 30, 2025    
Construction Laborers Pension Trust for Southern California      
Multiemployer Plans [Line Items]      
Pension Protections Act Zone Status Green Green  
Company contributions $ 2.1 $ 3.4 2.8
Surcharge Imposed No    
Expiration Date of Collective Bargaining Agreement Jun. 30, 2026    
Joint Pension Fund, Local Union 164 IBEW      
Multiemployer Plans [Line Items]      
Pension Protections Act Zone Status Green Green  
Company contributions $ 1.4 $ 6.4 $ 6.8
Surcharge Imposed No    
Expiration Date of Collective Bargaining Agreement Apr. 30, 2026    
v3.24.0.1
Fair Value Measurements (Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Assets:    
Cash and cash equivalents maturity period (maximum) 3 months  
Fair Value, Measurements, Recurring    
Assets:    
Cash and cash equivalents $ 380,564 $ 259,351
Restricted cash 14,116 14,480
Restricted investments 130,287 91,556
Investments in lieu of retainage 106,949 88,328
Total 631,916 453,715
Fair Value, Measurements, Recurring | Level 1    
Assets:    
Cash and cash equivalents 380,564 259,351
Restricted cash 14,116 14,480
Restricted investments 0 0
Investments in lieu of retainage 19,988 20,100
Total 414,668 293,931
Fair Value, Measurements, Recurring | Level 2    
Assets:    
Cash and cash equivalents 0 0
Restricted cash 0 0
Restricted investments 130,287 91,556
Investments in lieu of retainage 86,961 68,228
Total 217,248 159,784
Fair Value, Measurements, Recurring | Level 3    
Assets:    
Cash and cash equivalents 0 0
Restricted cash 0 0
Restricted investments 0 0
Investments in lieu of retainage 0 0
Total 0 0
Money Market Funds | Fair Value, Measurements, Recurring | Level 1    
Assets:    
Investments in lieu of retainage 20,000 20,100
Debt Securities | Fair Value, Measurements, Recurring | Level 2    
Assets:    
Investments in lieu of retainage $ 87,000 $ 68,200
v3.24.0.1
Fair Value Measurements (Available for Sale) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost $ 222,134 $ 169,876
Unrealized Gains 1,272 180
Unrealized Losses (6,158) (10,272)
Fair Value 217,248 159,784
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Less than 12 months, fair value 17,748 88,007
Less than 12 months, unrealized losses (64) (3,199)
12 Months or greater, fair value 120,731 67,173
12 Months or greater, unrealized losses (6,094) (7,073)
Total, fair value 138,479 155,180
Total, unrealized losses (6,158) (10,272)
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Fair Value [Abstract]    
Amortized cost, due within one year 32,586  
Fair value, due within one year 32,241  
Amortized cost, due after one year through five years 179,451  
Fair value, due after one year through five years 175,907  
Amortized cost, due after five years 10,097  
Fair value, due after five years 9,100  
Restricted investments:    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost 133,710 98,090
Unrealized Gains 785 14
Unrealized Losses (4,208) (6,548)
Fair Value 130,287 91,556
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Less than 12 months, fair value 6,350 53,454
Less than 12 months, unrealized losses (9) (2,356)
12 Months or greater, fair value 71,005 34,782
12 Months or greater, unrealized losses (4,199) (4,192)
Total, fair value 77,355 88,236
Total, unrealized losses (4,208) (6,548)
Investments in lieu of retention:    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost 88,424 71,786
Unrealized Gains 487 166
Unrealized Losses (1,950) (3,724)
Fair Value 86,961 68,228
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Less than 12 months, fair value 11,398 34,553
Less than 12 months, unrealized losses (55) (843)
12 Months or greater, fair value 49,726 32,391
12 Months or greater, unrealized losses (1,895) (2,881)
Total, fair value 61,124 66,944
Total, unrealized losses (1,950) (3,724)
Corporate debt securities | Restricted investments:    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost 95,903 53,452
Unrealized Gains 762 1
Unrealized Losses (2,202) (3,550)
Fair Value 94,463 49,903
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Less than 12 months, fair value 4,971 23,559
Less than 12 months, unrealized losses (3) (733)
12 Months or greater, fair value 40,649 25,842
12 Months or greater, unrealized losses (2,199) (2,817)
Total, fair value 45,620 49,401
Total, unrealized losses (2,202) (3,550)
Corporate debt securities | Investments in lieu of retention:    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost 87,601 70,968
Unrealized Gains 246 1
Unrealized Losses (1,950) (3,724)
Fair Value 85,897 67,245
U.S. government agency securities | Restricted investments:    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost 29,082 34,920
Unrealized Gains 18 13
Unrealized Losses (1,054) (1,688)
Fair Value 28,046 33,245
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Less than 12 months, fair value 1,280 24,834
Less than 12 months, unrealized losses (4) (939)
12 Months or greater, fair value 22,858 5,593
12 Months or greater, unrealized losses (1,050) (749)
Total, fair value 24,138 30,427
Total, unrealized losses (1,054) (1,688)
Municipal bonds | Restricted investments:    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost 8,227 9,211
Unrealized Gains 5 0
Unrealized Losses (914) (1,257)
Fair Value 7,318 7,954
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Less than 12 months, fair value 99 4,998
Less than 12 months, unrealized losses (2) (672)
12 Months or greater, fair value 7,038 2,956
12 Months or greater, unrealized losses (912) (585)
Total, fair value 7,137 7,954
Total, unrealized losses (914) (1,257)
Municipal bonds | Investments in lieu of retention:    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost 823 818
Unrealized Gains 241 165
Unrealized Losses 0 0
Fair Value 1,064 983
Corporate certificates of deposit | Restricted investments:    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost 498 507
Unrealized Gains 0 0
Unrealized Losses (38) (53)
Fair Value 460 454
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Less than 12 months, fair value 0 63
Less than 12 months, unrealized losses 0 (12)
12 Months or greater, fair value 460 391
12 Months or greater, unrealized losses (38) (41)
Total, fair value 460 454
Total, unrealized losses $ (38) $ (53)
v3.24.0.1
Fair Value Measurements (Narrative) (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
2017 Senior Notes | 2017 Senior Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term debt, fair value $ 490.9 $ 439.7
Term Loan B    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term debt, fair value $ 358.9 $ 389.5
v3.24.0.1
Variable Interest Entities (VIEs) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Variable Interest Entity [Line Items]      
Current assets $ 3,521,354 $ 3,678,771  
Current liabilities 2,124,953 1,967,527  
Revenue $ 3,880,227 3,790,755 $ 4,641,830
Purple Line Extension Section2 and Section3      
Variable Interest Entity [Line Items]      
Percent interest in the joint venture 75.00%    
Purple Line Extension Section2 and Section3 | Related Party      
Variable Interest Entity [Line Items]      
Revenue $ 2,800,000    
Purple Line Extension Section2 and Section3 | O&G      
Variable Interest Entity [Line Items]      
Noncontrolling interest, ownership percentage by noncontrolling owners 25.00%    
Newark Airport Terminal One Design Build Project      
Variable Interest Entity [Line Items]      
Percent interest in the joint venture 80.00%    
Newark Airport Terminal One Design Build Project | Joint Venture with Parsons      
Variable Interest Entity [Line Items]      
Revenue $ 1,400,000    
Newark Airport Terminal One Design Build Project | Parsons Corporation      
Variable Interest Entity [Line Items]      
Noncontrolling interest, ownership percentage by noncontrolling owners 20.00%    
Variable Interest Entity, Not Primary Beneficiary      
Variable Interest Entity [Line Items]      
Current assets $ 500 400  
Current liabilities 100    
Variable Interest Entity, Primary Beneficiary      
Variable Interest Entity [Line Items]      
Current assets 503,100 527,300  
Current liabilities 505,000 567,300  
Noncurrent assets $ 35,100 $ 22,400  
v3.24.0.1
Business Segments (Narrative) (Details)
 12 Months Ended
Dec. 31, 2023
segment
Segment Reporting [Abstract]  
Number of reportable segments 3
v3.24.0.1
Business Segments (Reportable Segments) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Business Segments      
Revenue from external customers $ 3,880,227 $ 3,790,755 $ 4,641,830
Income (loss) from construction operations (114,597) (204,764) 226,804
Capital expenditures 52,953 59,780 38,594
Depreciation and amortization 45,229 64,364 118,229
Adverse Legal Ruling Pertaining To Mixed-Use Project In New York      
Business Segments      
Loss contingency 83,600    
Loss contingency, after tax $ 60,800    
Loss contingency, loss in period, after tax, per share, diluted (in dollars per share) $ 1.17    
Favorable Adjustments Reflecting Improved Profitability on Mass-Transit Project      
Business Segments      
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 $ 3,967,868 4,075,967 $ 5,138,702
Income (loss) from construction operations (37,419) (139,730) 284,974
Capital expenditures 46,500 54,697 37,902
Depreciation and amortization 36,357 54,934 107,716
Corporate, Non-Segment      
Business Segments      
Income (loss) from construction operations (77,178) (65,034) (58,170)
Capital expenditures 6,453 5,083 692
Depreciation and amortization 8,872 9,430 10,513
Intersegment Eliminations      
Business Segments      
Revenue from external customers (87,641) (285,212) (496,872)
Civil      
Business Segments      
Revenue from external customers 1,883,865 1,734,882 2,095,760
Loss contingency 40,700    
Civil | Unfavorable Legal Ruling Pertaining to Mass-Transit Project in California      
Business Segments      
Loss contingency 23,200    
Loss contingency, after tax $ 17,000    
Loss contingency, loss in period, after tax, per share, diluted (in dollars per share) $ 0.33    
Civil | Favorable Adjustment Legal Ruling Pertaining To Mass-Transit Project In California      
Business Segments      
Favorable arbitration $ 8,800    
Favorable arbitration, after tax $ 7,100    
Favorable arbitration, after tax, diluted (in dollars per share) $ 0.14    
Civil | Unfavorable Adjustments Due to Highway Project in Virginia      
Business Segments      
Loss contingency $ 12,800    
Loss contingency, after tax $ 9,400    
Loss contingency, loss in period, after tax, per share, diluted (in dollars per share) $ 0.18    
Civil | Favorable Adjustment Legal Ruling Pertaining To Mass-Transit Project In West Coast      
Business Segments      
Favorable arbitration $ 19,000    
Favorable arbitration, after tax $ 15,200    
Favorable arbitration, after tax, diluted (in dollars per share) $ 0.29    
Civil | Favorable Adjustments Due To Improved Performance      
Business Segments      
Favorable arbitration $ 58,100    
Civil | Unfavorable Legal Ruling Pertaining To Mass-Transit Project In West Coast      
Business Segments      
Loss contingency   38,800  
Loss contingency, after tax   $ 30,700  
Loss contingency, loss in period, after tax, per share, diluted (in dollars per share)   $ 0.60  
Civil | Unfavorable Adjustment Due to Civil Segment Highway Project in the Northeast      
Business Segments      
Loss contingency   $ 26,200  
Loss contingency, after tax   $ 18,900  
Loss contingency, loss in period, after tax, per share, diluted (in dollars per share)   $ 0.37  
Civil | Adverse Legal Ruling Pertaining to Bridge Project in New York      
Business Segments      
Loss contingency   $ 25,500  
Loss contingency, after tax   $ 18,400  
Loss contingency, loss in period, after tax, per share, diluted (in dollars per share)   $ 0.36  
Civil | Unfavorable Adjustments Due to Civil Segment Mass-transit Project in California      
Business Segments      
Loss contingency   $ 24,700  
Loss contingency, after tax   $ 17,900  
Loss contingency, loss in period, after tax, per share, diluted (in dollars per share)   $ 0.35  
Civil | Unfavorable Settlement due to Project in Maryland      
Business Segments      
Loss contingency   $ 16,200  
Loss contingency, after tax   $ 11,700  
Loss contingency, loss in period, after tax, per share, diluted (in dollars per share)   $ 0.23  
Civil | Unfavorable Non-cash Adjustment on Mass-transit Project in the Northeast      
Business Segments      
Loss contingency   $ 10,000  
Loss contingency, after tax   $ 7,200  
Loss contingency, loss in period, after tax, per share, diluted (in dollars per share)   $ 0.14  
Civil | Favorable Operations Impacted in the Bridge Project Midwest      
Business Segments      
Loss contingency   $ 12,700  
Loss contingency, after tax   $ 9,100  
Loss contingency, loss in period, after tax, per share, diluted (in dollars per share)   $ 0.18  
Civil | Favorable Adjustments From Construction Operations      
Business Segments      
Favorable arbitration     29,000
Favorable arbitration, after tax     $ 20,900
Favorable arbitration, after tax, diluted (in dollars per share)     $ 0.41
Civil | Favorable Adjustments Reflecting Improved Profitability on Mass-Transit Project      
Business Segments      
Favorable arbitration     $ 16,300
Civil | Unfavorable Adjustment Due to Transportation Project      
Business Segments      
Loss contingency     19,000
Loss contingency, after tax     13,700
Civil | Operating Segments      
Business Segments      
Revenue from external customers 1,971,194 $ 1,956,968 2,443,828
Income (loss) from construction operations 198,609 21,123 266,214
Capital expenditures 41,318 49,819 37,067
Depreciation and amortization 31,685 51,123 102,723
Civil | Intersegment Eliminations      
Business Segments      
Revenue from external customers (87,329) (222,086) (348,068)
Building      
Business Segments      
Revenue from external customers 1,302,539 1,242,571 1,428,102
Building | Unfavorable Adjustment Adverse Legal Ruling on Hospitality Project in Florida      
Business Segments      
Loss contingency 14,600 11,300  
Loss contingency, after tax $ 10,700 $ 8,100  
Loss contingency, loss in period, after tax, per share, diluted (in dollars per share) $ 0.21 $ 0.16  
Building | Adverse Legal Ruling Pertaining To Mixed-Use Project In New York      
Business Segments      
Loss contingency $ 72,200    
Building | Operating Segments      
Business Segments      
Revenue from external customers 1,302,636 $ 1,305,468 1,574,759
Income (loss) from construction operations (91,206) 7,166 28,721
Capital expenditures 3,932 2,333 359
Depreciation and amortization 2,227 1,713 1,677
Building | Intersegment Eliminations      
Business Segments      
Revenue from external customers (97) (62,897) (146,657)
Specialty Contractors      
Business Segments      
Revenue from external customers 693,823 813,302 1,117,968
Specialty Contractors | Unfavorable Adjustment Due to Changes in Estimates on Transportation Project in the Northeast      
Business Segments      
Loss contingency 62,200    
Loss contingency, after tax $ 45,700    
Loss contingency, loss in period, after tax, per share, diluted (in dollars per share) $ 0.88    
Specialty Contractors | Unfavorable Adjustment Due To Educational Facilities Project In New York      
Business Segments      
Loss contingency $ 24,700    
Loss contingency, after tax $ 18,100    
Loss contingency, loss in period, after tax, per share, diluted (in dollars per share) $ 0.35    
Specialty Contractors | Unfavorable Adjustment On Multi-Unit Residential Project In New York      
Business Segments      
Loss contingency $ (16,900)    
Loss contingency, after tax $ 12,400    
Loss contingency, loss in period, after tax, per share, diluted (in dollars per share) $ 0.24    
Specialty Contractors | Unfavorable Adjustment Legal Ruling Pertaining To Mass-Transit Project In California      
Business Segments      
Loss contingency $ 9,400    
Loss contingency, after tax $ 6,900    
Loss contingency, loss in period, after tax, per share, diluted (in dollars per share) $ 0.13    
Specialty Contractors | Adverse Legal Ruling Pertaining To Mixed-Use Project In New York      
Business Segments      
Loss contingency $ 11,400    
Specialty Contractors | Unfavorable Adjustment Due to Electrical Project in the Northeast      
Business Segments      
Loss contingency   46,200  
Loss contingency, after tax   $ 33,500  
Loss contingency, loss in period, after tax, per share, diluted (in dollars per share)   $ 0.65  
Specialty Contractors | Unfavorable Non-cash Adjustment Due to Appellate Court Decision Involving a Completed Mass-transit Project in New York      
Business Segments      
Loss contingency   $ 43,200  
Loss contingency, after tax   $ 31,400  
Loss contingency, loss in period, after tax, per share, diluted (in dollars per share)   $ 0.61  
Specialty Contractors | Legal Appeal Due to Electrical Project in the New York      
Business Segments      
Loss contingency   $ 17,800  
Loss contingency, after tax   $ 12,900  
Loss contingency, loss in period, after tax, per share, diluted (in dollars per share)   $ 0.25  
Specialty Contractors | Unfavorable Non-cash Adjustments on Mechanical Project in the Northeast      
Business Segments      
Loss contingency   $ 11,300  
Loss contingency, after tax   $ 8,200  
Loss contingency, loss in period, after tax, per share, diluted (in dollars per share)   $ 0.16  
Specialty Contractors | Unfavorable Non-cash Adjustments on Another Mechanical Project, Northeast      
Business Segments      
Loss contingency   $ 11,100  
Loss contingency, after tax   $ 8,000  
Loss contingency, loss in period, after tax, per share, diluted (in dollars per share)   $ 0.16  
Specialty Contractors | Favorable Legal Ruling Pertaining to Electrical Project in New York      
Business Segments      
Favorable arbitration     20,100
Favorable arbitration, after tax     $ 14,500
Favorable arbitration, after tax, diluted (in dollars per share)     $ 0.28
Specialty Contractors | Unfavorable Adjustment Due to Transportation Project      
Business Segments      
Loss contingency, loss in period, after tax, per share, diluted (in dollars per share)     $ 0.27
Specialty Contractors | Unfavorable Adjustments Due to Second Transportation Project      
Business Segments      
Loss contingency     $ 17,600
Loss contingency, after tax     $ 12,700
Loss contingency, loss in period, after tax, per share, diluted (in dollars per share)     $ 0.25
Specialty Contractors | Unfavorable Adjustments Due to Electrical Project in New York      
Business Segments      
Loss contingency     $ 16,200
Loss contingency, after tax     $ 11,700
Loss contingency, loss in period, after tax, per share, diluted (in dollars per share)     $ 0.23
Specialty Contractors | Operating Segments      
Business Segments      
Revenue from external customers 694,038 $ 813,531 $ 1,120,115
Income (loss) from construction operations (144,822) (168,019) (9,961)
Capital expenditures 1,250 2,545 476
Depreciation and amortization 2,445 2,098 3,316
Specialty Contractors | Intersegment Eliminations      
Business Segments      
Revenue from external customers (215) (229) (2,147)
Civil and Building | Unfavorable Adjustment Due to Changes in Estimates on Transportation Project in the Northeast      
Business Segments      
Favorable arbitration     26,600
Favorable arbitration, after tax     $ 20,500
Favorable arbitration, after tax, diluted (in dollars per share)     $ 0.40
Loss contingency 28,300 31,400  
Loss contingency, after tax $ 22,200 $ 24,400  
Loss contingency, loss in period, after tax, per share, diluted (in dollars per share) $ 0.43 $ 0.48  
v3.24.0.1
Business Segments (Reconciliation of Segment Results to Consolidated Income Before Income Taxes) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Total assets $ 4,429,856 $ 4,542,800
Corporate, Non-Segment    
Total assets (315,825) (242,485)
Civil | Operating Segments    
Total assets 3,539,608 3,402,934
Building | Operating Segments    
Total assets 898,902 898,816
Specialty Contractors | Operating Segments    
Total assets $ 307,171 $ 483,535
v3.24.0.1
Business Segments (Principal Geographical Areas) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Principal Geographical Areas Information      
Revenue from external customers $ 3,880,227 $ 3,790,755 $ 4,641,830
Total assets 4,429,856 4,542,800  
Civil      
Principal Geographical Areas Information      
Revenue from external customers $ 1,883,865 $ 1,734,882 2,095,760
Civil, Building, and Specialty Contractors | Customer Concentration Risk | Revenue Benchmark      
Principal Geographical Areas Information      
Concentration risk, percentage 16.30% 16.30%  
United States      
Principal Geographical Areas Information      
Revenue from external customers $ 3,437,971 $ 3,424,574 4,267,734
Total assets 3,998,470 4,199,604  
Foreign and U.S. territories      
Principal Geographical Areas Information      
Revenue from external customers 442,256 366,181 $ 374,096
Total assets $ 431,386 $ 343,196  
v3.24.0.1
Business Segments Reconciliation of Segment Information to Consolidated Amounts (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Segment Reporting [Abstract]      
Income (loss) from construction operations $ (114,597) $ (204,764) $ 226,804
Other income, net 17,200 6,732 2,004
Interest expense (85,157) (69,638) (69,026)
Income (loss) before income taxes $ (182,554) $ (267,670) $ 159,782
v3.24.0.1
Related Party Transactions (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
project
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Nov. 04, 2022
USD ($)
Related Party Transactions        
Acquisition of property, market value       $ 4.1
Mass-Transit Project in Los Angeles California        
Related Party Transactions        
Ownership percentage in joint venture 75.00%      
Mass-Transit Project in Los Angeles California | O&G        
Related Party Transactions        
Ownership percentage in joint venture 25.00%      
Related Party        
Related Party Transactions        
Related party, payment for leases $ 3.9 $ 3.8 $ 3.6  
Expenses incurred with related party 4.1 4.1 4.6  
Related Party | Alliant        
Related Party Transactions        
Insurance expense 15.3 11.4 $ 16.4  
Other liabilities $ 0.3 $ 1.6    
Related Party | Infrastructure Project in Los Angeles California | O&G        
Related Party Transactions        
Number of construction projects | project 2      
Related Party | Mass-Transit Project in Los Angeles California | O&G        
Related Party Transactions        
Number of construction projects | project 2