Recent Accounting Pronouncements (Tables)

9 Months Ended

Sep. 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:

BALANCE SHEET	Balance as of		Adjustments 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 September 30, 2018
			Balance Without
STATEMENT OF INCOME			Adoption of		Effect of
(in thousands)	As Reported		ASC 606		Change
REVENUE	$	1,123,137	$	1,122,571	$	566
COST OF OPERATIONS		(1,012,013)		(1,011,808)		(205)
GROSS PROFIT		111,124		110,763		361
General and administrative expenses		(63,818)		(63,818)		—
INCOME FROM CONSTRUCTION OPERATIONS		47,306		46,945		361
Other income, net		1,909		1,909		—
Interest expense		(16,411)		(16,411)		—
INCOME BEFORE INCOME TAXES		32,804		32,443		361
Provision for income taxes		(7,368)		(7,303)		(65)
NET INCOME		25,436		25,140		296
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS		4,164		4,024		140
NET INCOME ATTRIBUTABLE TO TUTOR PERINI CORPORATION	$	21,272	$	21,116	$	156

	Nine Months Ended September 30, 2018
			Balance Without
STATEMENT OF INCOME			Adoption of		Effect of
(in thousands)	As Reported		ASC 606		Change
REVENUE	$	3,271,378	$	3,279,764	$	(8,386)
COST OF OPERATIONS		(2,974,546)		(2,981,921)		7,375
GROSS PROFIT		296,832		297,843		(1,011)
General and administrative expenses		(195,636)		(195,636)		—
INCOME FROM CONSTRUCTION OPERATIONS		101,196		102,207		(1,011)
Other income, net		3,739		3,739		—
Interest expense		(47,474)		(47,474)		—
INCOME BEFORE INCOME TAXES		57,461		58,472		(1,011)
Provision for income taxes		(15,071)		(15,358)		287
NET INCOME		42,390		43,114		(724)
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS		8,359		8,379		(20)
NET INCOME ATTRIBUTABLE TO TUTOR PERINI CORPORATION	$	34,031	$	34,735	$	(704)

	As of September 30, 2018
			Balance Without
BALANCE SHEET			Adoption of		Effect of
(in thousands)	As Reported		ASC 606		Change
ASSETS
Accounts receivable(a)	$	1,325,465	$	1,816,399	$	(490,934)
Retainage receivable(a)		492,937		—		492,937
Costs and estimated earnings in excess of billings		1,085,651		1,089,452		(3,801)
Other current assets		130,023		89,875		40,148
LIABILITIES
Accounts payable(a)	$	611,100	$	824,530	$	(213,430)
Retainage payable(a)		213,430		—		213,430
Billings in excess of costs and estimated earnings		648,287		601,913		46,374
Accrued expenses and other current liabilities		162,102		162,727		(625)
Deferred income taxes		106,636		107,835		(1,199)
EQUITY
Retained earnings	$	652,276	$	656,742	$	(4,466)
Noncontrolling interests		(23,376)		(21,643)		(1,733)

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