Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2017

Other Comprehensive Income (Loss) [Abstract]

Other Comprehensive Income (Loss)

(13)     Other Comprehensive Income (Loss)

ASC 220, Comprehensive Income, establishes standards for reporting and displaying comprehensive income and its components in the consolidated financial statements. The Company reports the change in pension benefit plans assets/liabilities, cumulative foreign currency translation, change in fair value of investments and change in fair value of an interest rate swap as components of accumulated other comprehensive loss (“AOCI”).

The tax effects of the components of other comprehensive income (loss) for the three months ended June 30, 2017 and 2016 are as follows:

	Three Months Ended						Three Months Ended
	June 30, 2017						June 30, 2016
(in thousands)	Before-Tax Amount		Tax (Expense) Benefit		Net-of-Tax Amount		Before-Tax Amount		Tax (Expense) Benefit		Net-of-Tax Amount
Other comprehensive income (loss):
Defined benefit pension plan adjustments	$	456	$	(187)	$	269	$	427	$	(103)	$	324
Foreign currency translation adjustments		1,101		(452)		649		(396)		138		(258)
Unrealized loss in fair value of investments		(6)		3		(3)		(271)		118		(153)
Unrealized gain in fair value of interest rate swap		—		—		—		17		(6)		11
Total other comprehensive income (loss)		1,551		(636)		915		(223)		147		(76)
Other comprehensive income (loss) attributable to Tutor Perini Corporation	$	1,551	$	(636)	$	915	$	(223)	$	147	$	(76)

The tax effects of the components of other comprehensive income (loss) for the six months ended June 30, 2017 and 2016 are as follows:

	Six Months Ended						Six Months Ended
	June 30, 2017						June 30, 2016
(in thousands)	Before-Tax Amount		Tax (Expense) Benefit		Net-of-Tax Amount		Before-Tax Amount		Tax (Expense) Benefit		Net-of-Tax Amount
Other comprehensive income (loss):
Defined benefit pension plan adjustments	$	912	$	(375)	$	537	$	853	$	(282)	$	571
Foreign currency translation adjustment		1,009		(414)		595		1,208		(536)		672
Unrealized loss in fair value of investments		(42)		18		(24)		(258)		113		(145)
Unrealized loss in fair value of interest rate swap		—		—		—		(45)		21		(24)
Total other comprehensive income (loss)		1,879		(771)		1,108		1,758		(684)		1,074
Other comprehensive income (loss) attributable to Tutor Perini Corporation	$	1,879	$	(771)	$	1,108	$	1,758	$	(684)	$	1,074

The changes in AOCI balances by component (after tax) during the three and six months ended June 30, 2017 are as follows:

	Three Months Ended June 30, 2017
	Defined				Unrealized		Accumulated
	Benefit		Foreign		Gain (Loss) in		Other
	Pension		Currency		Fair Value of		Comprehensive
(in thousands)	Plan		Translation		Investments, Net		Loss
Balance as of March 31, 2017	$	(40,597)	$	(4,918)	$	295	$	(45,220)
Other comprehensive gain (loss) before reclassifications		—		649		(3)		646
Amounts reclassified from AOCI		269		—		—		269
Total other comprehensive income (loss)		269		649		(3)		915
Balance as of June 30, 2017	$	(40,328)	$	(4,269)	$	292	$	(44,305)

	Six Months Ended June 30, 2017
	Defined				Unrealized		Accumulated
	Benefit		Foreign		Gain (Loss) in		Other
	Pension		Currency		Fair Value of		Comprehensive
(in thousands)	Plan		Translation		Investments, Net		Loss
Balance as of December 31, 2016	$	(40,865)	$	(4,864)	$	316	$	(45,413)
Other comprehensive gain (loss) before reclassifications		—		595		(24)		571
Amounts reclassified from AOCI		537		—		—		537
Total other comprehensive income (loss)		537		595		(24)		1,108
Balance as of June 30, 2017	$	(40,328)	$	(4,269)	$	292	$	(44,305)

The changes in AOCI balance by component (after tax) for the three and six months ended June 30, 2016 are as follows:

	Three Months Ended June 30, 2016
							Unrealized
	Defined				Unrealized		Gain (Loss) in		Accumulated
	Benefit		Foreign		Gain (Loss) in		Fair Value of		Other
	Pension		Currency		Fair Value of		Interest Rate		Comprehensive
(in thousands)	Plan		Translation		Investments, Net		Swap, Net		Loss
Balance as of March 31, 2016	$	(37,995)	$	(3,673)	$	664	$	(11)	$	(41,015)
Other comprehensive gain (loss) before reclassifications		—		(258)		(153)		11		(400)
Amounts reclassified from AOCI		324		—		—		—		324
Total other comprehensive income (loss)		324		(258)		(153)		11		(76)
Balance as of June 30, 2016	$	(37,671)	$	(3,931)	$	511	$	—	$	(41,091)

	Six Months Ended June 30, 2016
							Unrealized
	Defined				Unrealized		Gain (Loss) in		Accumulated
	Benefit		Foreign		Gain (Loss) in		Fair Value of		Other
	Pension		Currency		Value of		Interest Rate		Comprehensive
(in thousands)	Plan		Translation		Investments, Net		Swap, Net		Loss
Balance as of December 31, 2015	$	(38,242)	$	(4,603)	$	656	$	24	$	(42,165)
Other comprehensive gain (loss) before reclassifications		—		672		(145)		(24)		503
Amounts reclassified from AOCI		571		—		—		—		571
Total other comprehensive income (loss)		571		672		(145)		(24)		1,074
Balance as of June 30, 2016	$	(37,671)	$	(3,931)	$	511	$	—	$	(41,091)

The significant items reclassified out of AOCI and the corresponding location and impact on the Condensed Consolidated Statement of Operations are as follows:

	Location in	Three Months Ended				Six Months Ended
	Condensed Consolidated	June 30,				June 30,
(in thousands)	Statements of Operations	2017		2016		2017		2016
Defined benefit pension plan adjustments	Various accounts(a)	$	456	$	427	$	912	$	853
Income tax benefit	Provision for income taxes		(187)		(103)		(375)		(282)
Net of tax		$	269	$	324	$	537	$	571

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(a)Defined benefit pension plan adjustments were reclassified primarily to cost of operations and general and administrative expenses.