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Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Jun. 30, 2022

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 six months ended June 30, 2022 and 2021 were as follows:


	Three Months Ended June 30, 2022						Three Months Ended June 30, 2021
(in thousands)	Before-Tax Amount		Tax (Expense) Benefit		Net-of-Tax Amount		Before-Tax Amount		Tax Expense		Net-of-Tax Amount
Other comprehensive income (loss):
Defined benefit pension plan adjustments	$	638	$	(181)	$	457	$	683	$	(192)	$	491
Foreign currency translation adjustments	(1,698)		308		(1,390)		446		(46)		400
Unrealized gain (loss) in fair value of investments	(2,384)		326		(2,058)		303		(84)		219
Total other comprehensive income (loss)	(3,444)		453		(2,991)		1,432		(322)		1,110
Less: Other comprehensive income (loss) attributable to noncontrolling interests	(773)		—		(773)		280		—		280
Total other comprehensive income (loss) attributable to Tutor Perini Corporation	$	(2,671)	$	453	$	(2,218)	$	1,152	$	(322)	$	830


	Six Months Ended June 30, 2022						Six Months Ended June 30, 2021
(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	$	1,277	$	(362)	$	915	$	1,366	$	(383)	$	983
Foreign currency translation adjustments	(1,442)		309		(1,133)		848		(76)		772
Unrealized loss in fair value of investments	(7,898)		1,636		(6,262)		(1,247)		283		(964)
Total other comprehensive income (loss)	(8,063)		1,583		(6,480)		967		(176)		791
Less: Other comprehensive income (loss) attributable to noncontrolling interests	(1,152)		—		(1,152)		576		—		576
Total other comprehensive income (loss) attributable to Tutor Perini Corporation	$	(6,911)	$	1,583	$	(5,328)	$	391	$	(176)	$	215

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

The changes in AOCI balances by component (after tax) attributable to Tutor Perini Corporation and attributable to noncontrolling interests during the three and six months ended June 30, 2022 were as follows:


	Three Months Ended June 30, 2022
(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, 2022	$	(37,408)	$	(5,796)	$	(3,541)	$	(46,745)
Other comprehensive loss before reclassifications	—		(772)		(1,927)		(2,699)
Amounts reclassified from AOCI	457		—		24		481
Total other comprehensive income (loss)	457		(772)		(1,903)		(2,218)
Balance as of June 30, 2022	$	(36,951)	$	(6,568)	$	(5,444)	$	(48,963)
Attributable to Noncontrolling Interests:
Balance as of March 31, 2022	$	—	$	808	$	(645)	$	163
Other comprehensive loss	—		(618)		(155)		(773)
Balance as of June 30, 2022	$	—	$	190	$	(800)	$	(610)


	Six Months Ended June 30, 2022
(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, 2021	$	(37,866)	$	(5,787)	$	18	$	(43,635)
Other comprehensive loss before reclassifications	—		(781)		(5,495)		(6,276)
Amounts reclassified from AOCI	915		—		33		948
Total other comprehensive income (loss)	915		(781)		(5,462)		(5,328)
Balance as of June 30, 2022	$	(36,951)	$	(6,568)	$	(5,444)	$	(48,963)
Attributable to Noncontrolling Interests:
Balance as of December 31, 2021	$	—	$	542	$	—	$	542
Other comprehensive loss	—		(352)		(800)		(1,152)
Balance as of June 30, 2022	$	—	$	190	$	(800)	$	(610)


	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)
Attributable to Noncontrolling Interests:
Balance as of March 31, 2021	$	—	$	698	$	—	$	698
Other comprehensive income	—		280		—		280
Balance as of June 30, 2021	$	—	$	978	$	—	$	978


	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)
Attributable to Noncontrolling Interests:
Balance as of December 31, 2020	$	—	$	402	$	—	$	402
Other comprehensive income	—		576		—		576
Balance as of June 30, 2021	$	—	$	978	$	—	$	978

The significant items reclassified out of AOCI and the corresponding location and impact on the Condensed Consolidated Statements of Operations during the three and six months ended June 30, 2022 and 2021 were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2022		2021		2022		2021
Component of AOCI:
Defined benefit pension plan adjustments(a)	$	638	$	683	$	1,277	$	1,366
Income tax benefit(b)	(181)		(192)		(362)		(383)
Net of tax	$	457	$	491	$	915	$	983

Unrealized (gain) loss in fair value of investment adjustments(a)	$	31	$	(17)	$	42	$	(173)
Income tax expense (benefit)(b)	(7)		3		(9)		36
Net of tax	$	24	$	(14)	$	33	$	(137)

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(a)Amount included in other income, net on the Condensed Consolidated Statements of Operations.

(b)Amounts included in income tax (expense) benefit on the Condensed Consolidated Statements of Operations.