TUTOR PERINI CORPTPC

TUTOR PERINI CORP Goodwill & Intangibles Disclosure

10-KFiled Feb 26, 20263 min read
Goodwill and Intangible Assets
Goodwill
The following table presents the changes in the carrying amount of goodwill since its inception through December 31, 2025:
(in thousands)CivilBuildingSpecialty
Contractors		Total
Gross goodwill as of December 31, 2023$492,074 $424,724 $156,193 $1,072,991 
Accumulated impairment as of December 31, 2023(286,931)(424,724)(156,193)(867,848)
Goodwill as of December 31, 2023205,143 — — 205,143 
2024 activity— — — — 
Goodwill as of December 31, 2024205,143 — — 205,143 
Current year activity— — — — 
Goodwill as of December 31, 2025(a)
$205,143 $— $— $205,143 
_____________________________________________________________________________________________________________
(a)As of December 31, 2025, accumulated impairment was $867.8 million.
The Company performed its annual impairment test in the fourth quarter of 2025 and concluded goodwill was not impaired. In addition, the Company determined that no triggering events occurred and no circumstances changed since the date of its 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, 2025Weighted-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 (32,596)(23,232)13,422 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 $(205,041)$(113,067)$63,832 
As of December 31, 2024Weighted-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 (30,359)(23,232)15,659 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 $(202,804)$(113,067)$66,069 
Amortization expense related to amortizable intangible assets was $2.2 million for each of the years ended December 31, 2025, 2024 and 2023. Future amortization expense related to amortizable intangible assets will be approximately $2.2 million per year for the years 2026 through 2030, and $2.4 million in total thereafter.
The Company performed its annual impairment test for non-amortizable trade names during the fourth quarter of 2025. 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 its 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, 2025, 2024 or 2023.

Historical Timeline

Fiscal YearFiled
2025Feb 26, 2026Showing above
2024Feb 27, 2025
2023Feb 28, 2024
2022Mar 15, 2023
2021Feb 24, 2022
2020Feb 24, 2021
2019Feb 26, 2020
2018Feb 27, 2019
2017Feb 27, 2018
2016Feb 23, 2017
2015Feb 29, 2016

About Goodwill & Intangibles Disclosures

Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.

Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.

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