Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021


	Year Ended December 31,
(in thousands, except per common share data)	2021		2020		2019
Net income (loss) attributable to Tutor Perini Corporation	$	91,925	$	108,394	$	(387,690)

Weighted-average common shares outstanding, basic	51,017		50,656		50,220
Effect of dilutive restricted stock units and stock options	352		421		—
Weighted-average common shares outstanding, diluted	51,369		51,077		50,220

Net income (loss) attributable to Tutor Perini Corporation per common share:
Basic	$	1.80	$	2.14	$	(7.72)
Diluted	$	1.79	$	2.12	$	(7.72)
Anti-dilutive securities not included above	1,892		1,862		3,640

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)	2021		2020
Cash and cash equivalents available for general corporate purposes	$	60,192	$	210,841
Joint venture cash and cash equivalents	142,005		163,448
Cash and cash equivalents	202,197		374,289
Restricted cash	9,199		77,563
Total cash, cash equivalents and restricted cash	$	211,396	$	451,852

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, 2021, 2020 and 2019 were as follows:


	Year Ended December 31,
	2021						2020						2019
(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	$	8,665	$	(2,444)	$	6,221	$	(8,700)	$	2,439	$	(6,261)	$	1,180	$	(336)	$	844
Foreign currency translation adjustment	(508)		183		(325)		178		101		279		1,867		(530)		1,337
Unrealized gain (loss) in fair value of investments	(3,440)		790		(2,650)		2,015		(444)		1,571		1,982		(421)		1,561
Total other comprehensive income (loss)	$	4,717	$	(1,471)	$	3,246	$	(6,507)	$	2,096	$	(4,411)	$	5,029	$	(1,287)	$	3,742
Less: Other comprehensive income attributable to noncontrolling interests(a)	140		—		140		230		—		230		393		—		393
Total other comprehensive income (loss) attributable to Tutor Perini Corporation	$	4,577	$	(1,471)	$	3,106	$	(6,737)	$	2,096	$	(4,641)	$	4,636	$	(1,287)	$	3,349

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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, 2021, 2020 and 2019 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, 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)
Other comprehensive income (loss) before reclassifications	4,167		(465)		(2,372)		1,330
Amounts reclassified from AOCI	2,054		—		(278)		1,776
Balance as of December 31, 2021	$	(37,866)	$	(5,787)	$	18	$	(43,635)

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, 2021, 2020 and 2019 are as follows:


	Location in Consolidated	Year Ended December 31,
(in thousands)	Statements of Operations	2021		2020		2019
Component of AOCI:
Defined benefit pension plan adjustments	Other income (expense)	$	2,861	$	2,407	$	1,933
Income tax benefit	Income tax expense (benefit)	(807)		(675)		(550)
Net of tax		$	2,054	$	1,732	$	1,383

Unrealized gain in fair value of investment adjustments	Other income (expense)	$	(352)	$	(315)	$	(76)
Income tax expense	Income tax expense (benefit)	74		66		16
Net of tax		$	(278)	$	(249)	$	(60)