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 | |
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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) | |
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, 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) | | 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) | |
___________________________________________________________________________________________________ (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.
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