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Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2017
Summary of Significant Accounting Policies [Abstract]  
Costs and Estimated Earnings in Excess of Billings





 

 

 

 

 



 

 

 

 

 



As of December 31,

(in thousands)

2017

 

2016

Claims

$

549,849 

 

$

477,425 

Unapproved change orders

 

296,591 

 

 

207,475 

Other unbilled costs and profits

 

86,318 

 

 

146,926 

Total costs and estimated earnings in excess of billings

$

932,758 

 

$

831,826 



Calculations of Basic and Diluted EPS



 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 



Year Ended December 31,

(in thousands, except per common share data)

2017

 

2016

 

2015

Net income attributable to Tutor Perini Corporation

$

148,382 

 

$

95,822 

 

$

45,292 



 

 

 

 

 

 

 

 

Weighted-average common shares outstanding, basic

 

49,647 

 

 

49,150 

 

 

48,981 

Effect of dilutive stock options and unvested restricted stock

 

1,112 

 

 

714 

 

 

685 

Weighted-average common shares outstanding, diluted

 

50,759 

 

 

49,864 

 

 

49,666 



 

 

 

 

 

 

 

 

Net income attributable to Tutor Perini Corporation per common share:

 

 

 

 

 

 

 

 

Basic

$

2.99 

 

$

1.95 

 

$

0.92 

Diluted

$

2.92 

 

$

1.92 

 

$

0.91 

Anti-dilutive securities not included above

 

798 

 

 

1,132 

 

 

1,372 



Schedule of Cash and Cash Equivalents



 

 

 

 

 



 

 

 

 

 



As of December 31,

(in thousands)

2017

 

2016

Cash and cash equivalents

$

94,713 

 

$

49,539 

Joint venture cash and cash equivalents

 

98,155 

 

 

96,564 

Total cash and cash equivalents

$

192,868 

 

$

146,103 



 

 

 

 

 



Tax Effects of Componenets of Other Comprehensive Income (Loss)



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Year Ended December 31,



2017

 

2016

 

2015

(in thousands)

Before-Tax Amount

 

Tax (Expense) Benefit

 

Net-of-Tax Amount

 

Before-Tax Amount

 

Tax Benefit

 

Net-of-Tax Amount

 

Before-Tax Amount

 

Tax Benefit (Expense)

 

Net-of-Tax Amount

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Defined benefit pension plan adjustments

$

2,416 

 

$

(992)

 

$

1,424 

 

$

(4,452)

 

$

1,829 

 

$

(2,623)

 

$

31 

 

$

1,995 

 

$

2,026 

Foreign currency translation adjustment

 

2,159 

 

 

(886)

 

 

1,273 

 

 

(439)

 

 

178 

 

 

(261)

 

 

(5,897)

 

 

2,683 

 

 

(3,214)

Unrealized (loss) gain in fair value of investments

 

(4)

 

 

 

 

(2)

 

 

(576)

 

 

236 

 

 

(340)

 

 

1,123 

 

 

(357)

 

 

766 

Unrealized loss in fair value of interest rate swap

 

 —

 

 

 —

 

 

 —

 

 

(45)

 

 

21 

 

 

(24)

 

 

(37)

 

 

(88)

 

 

(125)

Total other comprehensive income (loss)

$

4,571 

 

$

(1,876)

 

$

2,695 

 

$

(5,512)

 

$

2,264 

 

$

(3,248)

 

$

(4,780)

 

$

4,233 

 

$

(547)

Total other comprehensive income (loss) attributable to Tutor Perini Corporation

$

4,571 

 

$

(1,876)

 

$

2,695 

 

$

(5,512)

 

$

2,264 

 

$

(3,248)

 

$

(4,780)

 

$

4,233 

 

$

(547)



Changes in AOCI Balances by Component



 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

Defined Benefit Pension Plan

 

Foreign Currency Translation

 

Unrealized (Loss) Gain in Fair Value of Investments

 

Unrealized Gain (Loss) in Fair Value of Interest Rate Swap

 

Accumulated Other Comprehensive Loss

Attributable to Tutor Perini Corporation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of December 31, 2014

$

(40,268)

 

$

(1,389)

 

$

(110)

 

$

149 

 

$

(41,618)

Other comprehensive income (loss)

 

2,026 

 

 

(3,214)

 

 

766 

 

 

(125)

 

 

(547)

Balance as of December 31, 2015

$

(38,242)

 

$

(4,603)

 

$

656 

 

$

24 

 

$

(42,165)

Other comprehensive loss before reclassifications

 

(3,722)

 

 

(261)

 

 

(340)

 

 

(24)

 

 

(4,347)

Amounts reclassified from AOCI

 

1,099 

 

 

 —

 

 

 —

 

 

 —

 

 

1,099 

Balance as of December 31, 2016

$

(40,865)

 

$

(4,864)

 

$

316 

 

$

 —

 

$

(45,413)

Other comprehensive income (loss) before reclassifications

 

306 

 

 

1,273 

 

 

(2)

 

 

 —

 

 

1,577 

Amounts reclassified from AOCI

 

1,118 

 

 

 —

 

 

 —

 

 

 —

 

 

1,118 

Balance as of December 31, 2017

$

(39,441)

 

$

(3,591)

 

$

314 

 

$

 —

 

$

(42,718)



Schedule Of Items Reclassified Out Of AOCI And The Corresponding Location And Impact On The Consolidated Statements Of Income



 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 



Location in Consolidated

 

Year Ended December 31,

(in thousands)

Statements of Income

 

2017

 

2016

 

2015

Defined benefit pension plan adjustments

Various accounts(a)

 

$

1,897 

 

$

1,745 

 

$

 —

Income tax benefit

Income tax benefit (provision)

 

 

(779)

 

 

(646)

 

 

 —

Net of tax

 

 

$

1,118 

 

$

1,099 

 

$

 —

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