Recent Accounting Pronouncements (Tables)

6 Months Ended

Jun. 30, 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 Income and Condensed Consolidated Balance Sheet were as follows:

	Three Months Ended June 30, 2018
			Balance Without
STATEMENT OF INCOME			Adoption of		Effect of
(in thousands)	As Reported		ASC 606		Change
REVENUE	$	1,120,085	$	1,126,925	$	(6,840)
COST OF OPERATIONS		(1,001,445)		(1,007,258)		5,813
GROSS PROFIT		118,640		119,667		(1,027)
General and administrative expenses		(63,825)		(63,825)		—
INCOME FROM CONSTRUCTION OPERATIONS		54,815		55,842		(1,027)
Other income, net		1,050		1,050		—
Interest expense		(15,998)		(15,998)		—
INCOME BEFORE INCOME TAXES		39,867		40,894		(1,027)
Provision for income taxes		(11,971)		(12,211)		240
NET INCOME		27,896		28,683		(787)
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS		3,013		3,213		(200)
NET INCOME ATTRIBUTABLE TO TUTOR PERINI CORPORATION	$	24,883	$	25,470	$	(587)

	Six Months Ended June 30, 2018
			Balance Without
STATEMENT OF INCOME			Adoption of		Effect of
(in thousands)	As Reported		ASC 606		Change
REVENUE	$	2,148,241	$	2,157,193	$	(8,952)
COST OF OPERATIONS		(1,962,533)		(1,970,113)		7,580
GROSS PROFIT		185,708		187,080		(1,372)
General and administrative expenses		(131,818)		(131,818)		—
INCOME FROM CONSTRUCTION OPERATIONS		53,890		55,262		(1,372)
Other income, net		1,830		1,830		—
Interest expense		(31,063)		(31,063)		—
INCOME BEFORE INCOME TAXES		24,657		26,029		(1,372)
Provision for income taxes		(7,703)		(8,055)		352
NET INCOME		16,954		17,974		(1,020)
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS		4,195		4,355		(160)
NET INCOME ATTRIBUTABLE TO TUTOR PERINI CORPORATION	$	12,759	$	13,619	$	(860)

	As of June 30, 2018
			Balance Without
BALANCE SHEET			Adoption of		Effect of
(in thousands)	As Reported		ASC 606		Change
ASSETS
Accounts receivable(a)	$	1,272,932	$	1,762,442	$	(489,510)
Retainage receivable(a)		490,751		—		490,751
Costs and estimated earnings in excess of billings		1,044,233		1,044,395		(162)
Other current assets		141,472		101,119		40,353
LIABILITIES
Accounts payable(a)	$	625,436	$	861,981	$	(236,545)
Retainage payable(a)		236,545		—		236,545
Billings in excess of costs and estimated earnings		574,392		524,576		49,816
Accrued expenses and other current liabilities		134,264		134,896		(632)
Deferred income taxes		106,284		107,540		(1,256)
EQUITY
Retained earnings	$	631,004	$	635,626	$	(4,622)
Noncontrolling interests		(17,618)		(15,744)		(1,874)

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