Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2021

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 six months ended June 30, 2021 and 2020 were as follows:


	Three Months Ended June 30, 2021						Three Months Ended June 30, 2020
(in thousands)	Before-Tax Amount		Tax Expense		Net-of-Tax Amount		Before-Tax Amount		Tax Expense		Net-of-Tax Amount
Other comprehensive income (loss):
Defined benefit pension plan adjustments	$	683	$	(192)	$	491	$	592	$	(168)	$	424
Foreign currency translation adjustments	446		(46)		400		1,973		(318)		1,655
Unrealized gain in fair value of investments	303		(84)		219		1,602		(296)		1,306
Total other comprehensive income	1,432		(322)		1,110		4,167		(782)		3,385
Less: Other comprehensive income attributable to noncontrolling interests(a)	280		—		280		854		—		854
Total other comprehensive income attributable to Tutor Perini Corporation	$	1,152	$	(322)	$	830	$	3,313	$	(782)	$	2,531

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


	Six Months Ended June 30, 2021						Six Months Ended June 30, 2020
(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	$	1,366	$	(383)	$	983	$	1,183	$	(336)	$	847
Foreign currency translation adjustments	848		(76)		772		(2,954)		596		(2,358)
Unrealized gain (loss) in fair value of investments	(1,247)		283		(964)		2,359		(511)		1,848
Total other comprehensive income	967		(176)		791		588		(251)		337
Less: Other comprehensive income (loss) attributable to noncontrolling interests(a)	576		—		576		(1,166)		—		(1,166)
Total other comprehensive income attributable to Tutor Perini Corporation	$	391	$	(176)	$	215	$	1,754	$	(251)	$	1,503

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(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 six months ended June 30, 2021 were as follows:


	Three Months Ended June 30, 2021
(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 March 31, 2021	$	(43,595)	$	(5,246)	$	1,485	$	(47,356)
Other comprehensive income before reclassifications	—		120		233		353
Amounts reclassified from AOCI	491		—		(14)		477
Total other comprehensive income	491		120		219		830
Balance as of June 30, 2021	$	(43,104)	$	(5,126)	$	1,704	$	(46,526)


	Six Months Ended June 30, 2021
(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, 2020	$	(44,087)	$	(5,322)	$	2,668	$	(46,741)
Other comprehensive income (loss) before reclassifications	—		196		(827)		(631)
Amounts reclassified from AOCI	983		—		(137)		846
Total other comprehensive income (loss)	983		196		(964)		215
Balance as of June 30, 2021	$	(43,104)	$	(5,126)	$	1,704	$	(46,526)

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


	Three Months Ended June 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 March 31, 2020	$	(37,403)	$	(7,364)	$	1,639	$	(43,128)
Other comprehensive income before reclassifications	—		801		1,335		2,136
Amounts reclassified from AOCI	424		—		(29)		395
Total other comprehensive income	424		801		1,306		2,531
Balance as of June 30, 2020	$	(36,979)	$	(6,563)	$	2,945	$	(40,597)


	Six Months Ended June 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	—		(1,192)		1,881		689
Amounts reclassified from AOCI	847		—		(33)		814
Total other comprehensive income (loss)	847		(1,192)		1,848		1,503
Balance as of June 30, 2020	$	(36,979)	$	(6,563)	$	2,945	$	(40,597)

The significant items reclassified out of AOCI and the corresponding location and impact on the Consolidated Statements of Income during the three and six months ended June 30, 2021 and 2020 were as follows:


	Location in Consolidated	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	Statements of Income	2021		2020		2021		2020
Component of AOCI:
Defined benefit pension plan adjustments	Other income, net	$	683	$	592	$	1,366	$	1,183
Income tax benefit	Income tax expense	(192)		(168)		(383)		(336)
Net of tax		$	491	$	424	$	983	$	847

Unrealized gain in fair value of investment adjustments	Other income, net	$	(17)	$	(37)	$	(173)	$	(42)
Income tax expense	Income tax expense	3		8		36		9
Net of tax		$	(14)	$	(29)	$	(137)	$	(33)