Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020


	Year Ended December 31,
(in thousands, except per common share data)	2020		2019		2018
Net income (loss) attributable to Tutor Perini Corporation	$	108,394	$	(387,690)	$	83,436

Weighted-average common shares outstanding, basic	50,656		50,220		49,952
Effect of dilutive restricted stock units and stock options	421		—		349
Weighted-average common shares outstanding, diluted	51,077		50,220		50,301

Net income (loss) attributable to Tutor Perini Corporation per common share:
Basic	$	2.14	$	(7.72)	$	1.67
Diluted	$	2.12	$	(7.72)	$	1.66
Anti-dilutive securities not included above	1,862		3,640		2,670

Schedule of Cash and Cash Equivalents

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets to the amounts shown in the Consolidated Statements of Cash Flows:


	As of December 31,
(in thousands)	2020		2019
Cash and cash equivalents available for general corporate purposes	$	210,841	$	43,760
Joint venture cash and cash equivalents	163,448		149,925
Cash and cash equivalents	374,289		193,685
Restricted cash	77,563		8,416
Total cash, cash equivalents and restricted cash	$	451,852	$	202,101

Tax Effects of Components of Other Comprehensive Income (Loss)

The components of other comprehensive income (loss) and the related tax effects for the years ended December 31, 2020, 2019 and 2018 were as follows:


	Year Ended December 31,
	2020						2019						2018
(in thousands)	Before-Tax Amount		Tax (Expense) Benefit		Net-of-Tax Amount		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	$	(8,700)	$	2,439	$	(6,261)	$	1,180	$	(336)	$	844	$	1,079	$	(308)	$	771
Foreign currency translation adjustment	178		101		279		1,867		(530)		1,337		(4,067)		1,122		(2,945)
Unrealized gain (loss) in fair value of investments	2,015		(444)		1,571		1,982		(421)		1,561		(1,005)		227		(778)
Total other comprehensive income (loss)	$	(6,507)	$	2,096	$	(4,411)	$	5,029	$	(1,287)	$	3,742	$	(3,993)	$	1,041	$	(2,952)
Less: Other comprehensive income (loss) attributable to noncontrolling interests(a)	230		—		230		393		—		393		(221)		—		(221)
Total other comprehensive income (loss) attributable to Tutor Perini Corporation	$	(6,737)	$	2,096	$	(4,641)	$	4,636	$	(1,287)	$	3,349	$	(3,772)	$	1,041	$	(2,731)

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

Changes in AOCI Balances by Component

The changes in AOCI balances by component (after tax) attributable to Tutor Perini Corporation during the years ended December 31, 2020, 2019 and 2018 were as follows:


(in thousands)	Defined Benefit Pension Plan		Foreign Currency Translation		Unrealized Gain (Loss) in Fair Value of Investments		Accumulated Other Comprehensive Income (Loss)
Attributable to Tutor Perini Corporation:
Balance as of December 31, 2017	$	(39,441)	$	(3,591)	$	314	$	(42,718)
Other comprehensive loss before reclassifications	(695)		(2,724)		(835)		(4,254)
Amounts reclassified from AOCI	1,466		—		57		1,523
Balance as of December 31, 2018	$	(38,670)	$	(6,315)	$	(464)	$	(45,449)
Other comprehensive income (loss) before reclassifications	(539)		944		1,621		2,026
Amounts reclassified from AOCI	1,383		—		(60)		1,323
Balance as of December 31, 2019	$	(37,826)	$	(5,371)	$	1,097	$	(42,100)
Other comprehensive income (loss) before reclassifications	(7,993)		49		1,820		(6,124)
Amounts reclassified from AOCI	1,732		—		(249)		1,483
Balance as of December 31, 2020	$	(44,087)	$	(5,322)	$	2,668	$	(46,741)

Reclassification out of Accumulated Other Comprehensive Income

The significant items reclassified out of AOCI and the corresponding location and impact on the Consolidated Statements of Operations during the years ended December 31, 2020, 2019 and 2018 are as follows:


	Location in Consolidated	Year Ended December 31,
(in thousands)	Statements of Operations	2020		2019		2018
Component of AOCI:
Defined benefit pension plan adjustments	Other income (expense)	$	2,407	$	1,933	$	2,052
Income tax benefit	Income tax expense (benefit)	(675)		(550)		(586)
Net of tax		$	1,732	$	1,383	$	1,466

Unrealized (gain) loss in fair value of investment adjustments	Other income (expense)	$	(315)	$	(76)	$	72
Income tax expense (benefit)	Income tax expense (benefit)	66		16		(15)
Net of tax		$	(249)	$	(60)	$	57