Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Sep. 30, 2021

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

Schedule of Components of Other Comprehensive Income (Loss) and Related Tax Effects

The components of other comprehensive income (loss) and the related tax effects for the three and nine months ended September 30, 2021 and 2020 were as follows:

	Three Months Ended September 30, 2021						Three Months Ended September 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	$	683	$	(191)	$	492	$	592	$	(168)	$	424
Foreign currency translation adjustments	(1,389)		264		(1,125)		1,333		(231)		1,102
Unrealized loss in fair value of investments	(581)		133		(448)		(281)		56		(225)
Total other comprehensive income (loss)	(1,287)		206		(1,081)		1,644		(343)		1,301
Less: Other comprehensive income (loss) attributable to noncontrolling interests(a)	(447)		—		(447)		520		—		520
Total other comprehensive income (loss) attributable to Tutor Perini Corporation	$	(840)	$	206	$	(634)	$	1,124	$	(343)	$	781

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

	Nine Months Ended September 30, 2021						Nine Months Ended September 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	$	2,049	$	(574)	$	1,475	$	1,775	$	(504)	$	1,271
Foreign currency translation adjustments	(541)		188		(353)		(1,621)		365		(1,256)
Unrealized gain (loss) in fair value of investments	(1,828)		416		(1,412)		2,078		(455)		1,623
Total other comprehensive income (loss)	(320)		30		(290)		2,232		(594)		1,638
Less: Other comprehensive income (loss) attributable to noncontrolling interests(a)	129		—		129		(646)		—		(646)
Total other comprehensive income (loss) attributable to Tutor Perini Corporation	$	(449)	$	30	$	(419)	$	2,878	$	(594)	$	2,284

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

Schedule of Changes in AOCI Balances by Component (After-Tax)

The changes in AOCI balances by component (after tax) attributable to Tutor Perini Corporation during the three and nine months ended September 30, 2021 were as follows:

	Three Months Ended September 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 June 30, 2021	$	(43,104)	$	(5,126)	$	1,704	$	(46,526)
Other comprehensive loss before reclassifications	—		(678)		(391)		(1,069)
Amounts reclassified from AOCI	492		—		(57)		435
Total other comprehensive income (loss)	492		(678)		(448)		(634)
Balance as of September 30, 2021	$	(42,612)	$	(5,804)	$	1,256	$	(47,160)

	Nine Months Ended September 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 loss before reclassifications	—		(482)		(1,218)		(1,700)
Amounts reclassified from AOCI	1,475		—		(194)		1,281
Total other comprehensive income (loss)	1,475		(482)		(1,412)		(419)
Balance as of September 30, 2021	$	(42,612)	$	(5,804)	$	1,256	$	(47,160)

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 (loss)	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 significant items reclassified out of AOCI and the corresponding location and impact on the Consolidated Statements of Income during the three and nine months ended September 30, 2021 and 2020 were as follows:

	Location in Consolidated	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	Statements of Income	2021		2020		2021		2020
Component of AOCI:
Defined benefit pension plan adjustments	Other income (expense)	$	683	$	592	$	2,049	$	1,775
Income tax benefit	Income tax expense	(191)		(168)		(574)		(504)
Net of tax		$	492	$	424	$	1,475	$	1,271
Unrealized gain in fair value of investment adjustments	Other income (expense)	$	(73)	$	(281)	$	(246)	$	(323)
Income tax expense	Income tax expense	16		59		52		68
Net of tax		$	(57)	$	(222)	$	(194)	$	(255)