(14) 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 plan assets/liabilities, cumulative foreign currency translation and change in fair value of investments as components of accumulated other comprehensive income (loss) (“AOCI”).

The tax effects of the components of other comprehensive income (loss) for the three months ended June 30, 2018 and 2017 are as follows:



	Three Months Ended						Three Months Ended
	June 30, 2018						June 30, 2017
(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	$	494	$	(140)	$	354	$	456	$	(187)	$	269
Foreign currency translation adjustments		(914)		280		(634)		1,101		(452)		649
Unrealized gain (loss) in fair value of investments		(1,176)		247		(929)		(6)		3		(3)
Total other comprehensive income (loss)		(1,596)		387		(1,209)		1,551		(636)		915
Total other comprehensive income (loss) attributable to Tutor Perini Corporation	$	(1,596)	$	387	$	(1,209)	$	1,551	$	(636)	$	915

The tax effects of the components of other comprehensive income (loss) for the six months ended June 30, 2018 and 2017 are as follows:



	Six Months Ended						Six Months Ended
	June 30, 2018						June 30, 2017
(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:
Defined benefit pension plan adjustments	$	1,026	$	(291)	$	735	$	912	$	(375)	$	537
Foreign currency translation adjustment		(2,553)		745		(1,808)		1,009		(414)		595
Unrealized loss in fair value of investments		(1,295)		281		(1,014)		(42)		18		(24)
Total other comprehensive income (loss)		(2,822)		735		(2,087)		1,879		(771)		1,108
Total other comprehensive income (loss) attributable to Tutor Perini Corporation	$	(2,822)	$	735	$	(2,087)	$	1,879	$	(771)	$	1,108

The changes in AOCI balances by component (after tax) during the three and six months ended June 30, 2018 are as follows:



	Three Months Ended June 30, 2018
	Defined				Unrealized		Accumulated
	Benefit		Foreign		Gain (Loss) in		Other
	Pension		Currency		Fair Value of		Comprehensive
(in thousands)	Plan		Translation		Investments, Net		Loss
Attributable to Tutor Perini Corporation:
Balance as of March 31, 2018	$	(39,060)	$	(4,765)	$	229	$	(43,596)
Other comprehensive income (loss) before reclassifications		—		(634)		(929)		(1,563)
Amounts reclassified from AOCI		354		—		—		354
Total other comprehensive income (loss)		354		(634)		(929)		(1,209)
Balance as of June 30, 2018	$	(38,706)	$	(5,399)	$	(700)	$	(44,805)



	Six Months Ended June 30, 2018
	Defined				Unrealized		Accumulated
	Benefit		Foreign		Gain (Loss) in		Other
	Pension		Currency		Fair Value of		Comprehensive
(in thousands)	Plan		Translation		Investments, Net		Loss
Attributable to Tutor Perini Corporation:
Balance as of December 31, 2017	$	(39,441)	$	(3,591)	$	314	$	(42,718)
Other comprehensive income (loss) before reclassifications		—		(1,808)		(1,014)		(2,822)
Amounts reclassified from AOCI		735		—		—		735
Total other comprehensive income (loss)		735		(1,808)		(1,014)		(2,087)
Balance as of June 30, 2018	$	(38,706)	$	(5,399)	$	(700)	$	(44,805)

The changes in AOCI balance by component (after tax) for 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
Attributable to Tutor Perini Corporation:
Balance as of March 31, 2017	$	(40,597)	$	(4,918)	$	295	$	(45,220)
Other comprehensive income (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		Value of		Comprehensive
(in thousands)	Plan		Translation		Investments, Net		Loss
Attributable to Tutor Perini Corporation:
Balance as of December 31, 2016	$	(40,865)	$	(4,864)	$	316	$	(45,413)
Other comprehensive income (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)