Other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2020

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

ASC 220, Comprehensive Income, establishes standards for reporting 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 components of other comprehensive income (loss) and the related tax effects for the three and nine months ended September 30, 2020 and 2019 were as follows:


	Three Months Ended September 30, 2020						Three Months Ended September 30, 2019
(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	$	592	$	(168)	$	424	$	464	$	(133)	$	331
Foreign currency translation adjustments	1,333		(231)		1,102		(590)		140		(450)
Unrealized gain (loss) in fair value of investments	(281)		56		(225)		328		(72)		256
Total other comprehensive income	1,644		(343)		1,301		202		(65)		137
Less: Other comprehensive income (loss) attributable to noncontrolling interests(a)	520		—		520		(99)		—		(99)
Total other comprehensive income attributable to Tutor Perini Corporation	$	1,124	$	(343)	$	781	$	301	$	(65)	$	236

(a)The only component of other comprehensive income (loss) attributable to noncontrolling interests is foreign currency translation.


	Nine Months Ended September 30, 2020						Nine Months Ended September 30, 2019
(in thousands)	Before-Tax Amount		Tax (Expense) Benefit		Net-of-Tax Amount		Before-Tax Amount		Tax Expense		Net-of-Tax Amount
Other comprehensive income:
Defined benefit pension plan adjustments	$	1,775	$	(504)	$	1,271	$	1,390	$	(398)	$	992
Foreign currency translation adjustment	(1,621)		365		(1,256)		961		(253)		708
Unrealized gain in fair value of investments	2,078		(455)		1,623		2,053		(438)		1,615
Total other comprehensive income	2,232		(594)		1,638		4,404		(1,089)		3,315
Less: Other comprehensive income (loss) attributable to noncontrolling interests(a)	(646)		—		(646)		160		—		160
Total other comprehensive income attributable to Tutor Perini Corporation	$	2,878	$	(594)	$	2,284	$	4,244	$	(1,089)	$	3,155

(a)The only component of other comprehensive income (loss) attributable to noncontrolling interests is foreign currency translation.

The changes in AOCI balances by component (after tax) attributable to Tutor Perini Corporation during the three and nine months ended September 30, 2020 were as follows:


	Three Months Ended September 30, 2020
(in thousands)	Defined Benefit Pension Plan		Foreign Currency Translation		Unrealized Gain (Loss) in Fair Value of Investments, Net		Accumulated Other Comprehensive Income (Loss)
Attributable to Tutor Perini Corporation:
Balance as of June 30, 2020	$	(36,979)	$	(6,563)	$	2,945	$	(40,597)
Other comprehensive income (loss) before reclassifications	—		582		(3)		579
Amounts reclassified from AOCI	424		—		(222)		202
Total other comprehensive income	424		582		(225)		781
Balance as of September 30, 2020	$	(36,555)	$	(5,981)	$	2,720	$	(39,816)


	Nine Months Ended September 30, 2020
(in thousands)	Defined Benefit Pension Plan		Foreign Currency Translation		Unrealized Gain (Loss) in Fair Value of Investments, Net		Accumulated Other Comprehensive Income (Loss)
Attributable to Tutor Perini Corporation:
Balance as of December 31, 2019	$	(37,826)	$	(5,371)	$	1,097	$	(42,100)
Other comprehensive income (loss) before reclassifications	—		(610)		1,878		1,268
Amounts reclassified from AOCI	1,271		—		(255)		1,016
Total other comprehensive income (loss)	1,271		(610)		1,623		2,284
Balance as of September 30, 2020	$	(36,555)	$	(5,981)	$	2,720	$	(39,816)

The changes in AOCI balances by component (after tax) attributable to Tutor Perini Corporation during the three and nine months ended September 30, 2019 were as follows:


	Three Months Ended September 30, 2019
(in thousands)	Defined Benefit Pension Plan		Foreign Currency Translation		Unrealized Gain in Fair Value of Investments, Net		Accumulated Other Comprehensive Income (Loss)
Attributable to Tutor Perini Corporation:
Balance as of June 30, 2019	$	(38,009)	$	(5,416)	$	895	$	(42,530)
Other comprehensive income (loss) before reclassifications	—		(351)		254		(97)
Amounts reclassified from AOCI	331		—		2		333
Total other comprehensive income (loss)	331		(351)		256		236
Balance as of September 30, 2019	$	(37,678)	$	(5,767)	$	1,151	$	(42,294)


	Nine Months Ended September 30, 2019
(in thousands)	Defined Benefit Pension Plan		Foreign Currency Translation		Unrealized Gain (Loss) in Fair Value of Investments, Net		Accumulated Other Comprehensive Income (Loss)
Attributable to Tutor Perini Corporation:
Balance as of December 31, 2018	$	(38,670)	$	(6,315)	$	(464)	$	(45,449)
Other comprehensive income before reclassifications	—		548		1,633		2,181
Amounts reclassified from AOCI	992		—		(18)		974
Total other comprehensive income	992		548		1,615		3,155
Balance as of September 30, 2019	$	(37,678)	$	(5,767)	$	1,151	$	(42,294)