Recent Accounting Pronouncements (Tables)

3 Months Ended

Mar. 31, 2018

Recent Accounting Pronouncements [Abstract]

Schedule of the Impact for the Adoption of ASU 2014-09

The effect of the changes made to the Company’s consolidated January 1, 2018 balance sheet for the adoption of ASC 606 were as follows:

			Adjustments
BALANCE SHEET	Balance as of		due to		Balance as of
(in thousands)	December 31, 2017(a)		ASC 606		January 1, 2018
ASSETS
Accounts receivable(b)	$	1,801,656	$	(535,939)	$	1,265,717
Retainage receivable(b)		—		535,939		535,939
Other current assets		89,316		32,773		122,089
LIABILITIES
Accounts payable(b)		961,791		(261,820)		699,971
Retainage payable(b)		—		261,820		261,820
Billings in excess of costs and estimated earnings		456,869		39,785		496,654
Deferred income taxes		108,504		(1,537)		106,967
EQUITY
Retained earnings		622,007		(3,762)		618,245
Noncontrolling interests		(8,495)		(1,714)		(10,209)

(a) Balances as previously reported on the Company’s Annual Report on Form 10-K for the year ended December 31, 2017.  

(b) Prior to the adoption of ASC 606, retainage receivable and payable balances were included within accounts receivable and accounts payable, respectively.

In accordance with the new revenue standard requirements, the disclosure of the impacts of adoption on the Condensed Consolidated Statement of Operations and Condensed Consolidated Balance Sheet were as follows:

	Three Months Ended March 31, 2018
			Balance Without
STATEMENT OF OPERATIONS			Adoption of		Effect of
(in thousands)	As Reported		ASC 606		Change
REVENUE	$	1,028,156	$	1,030,268	$	(2,112)
COST OF OPERATIONS		(961,088)		(962,855)		1,767
GROSS PROFIT		67,068		67,413		(345)
General and administrative expenses		(67,993)		(67,993)		—
LOSS FROM CONSTRUCTION OPERATIONS		(925)		(580)		(345)
Other income, net		780		780		—
Interest expense		(15,065)		(15,065)		—
LOSS BEFORE INCOME TAXES		(15,210)		(14,865)		(345)
Income tax benefit		4,268		4,156		112
NET LOSS		(10,942)		(10,709)		(233)
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS		1,182		1,142		40
NET LOSS ATTRIBUTABLE TO TUTOR PERINI CORPORATION	$	(12,124)	$	(11,851)	$	(273)

	As of March 31, 2018
			Balance Without
BALANCE SHEET			Adoption of		Effect of
(in thousands)	As Reported		ASC 606		Change
ASSETS
Accounts receivable	$	1,236,818	$	1,765,769	$	(528,951)
Retainage receivable		530,897		—		530,897
Costs and estimated earnings in excess of billings		980,896		982,302		(1,406)
Other current assets		132,298		97,758		34,540
LIABILITIES
Accounts payable	$	659,290	$	905,323	$	(246,033)
Retainage payable		246,033		—		246,033
Billings in excess of costs and estimated earnings		508,616		466,179		42,437
Accrued expenses and other current liabilities		118,334		118,610		(276)
Deferred income taxes		106,763		108,135		(1,372)
EQUITY
Retained earnings	$	606,199	$	610,234	$	(4,035)
Noncontrolling interests		(14,076)		(12,402)		(1,674)