Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022


	Year Ended December 31,
(in thousands, except per common share data)	2022		2021		2020
Net income (loss) attributable to Tutor Perini Corporation	$	(210,009)	$	91,925	$	108,394

Weighted-average common shares outstanding, basic	51,324		51,017		50,656
Effect of dilutive restricted stock units and stock options	—		352		421
Weighted-average common shares outstanding, diluted	51,324		51,369		51,077

Net income (loss) attributable to Tutor Perini Corporation per common share:
Basic	$	(4.09)	$	1.80	$	2.14
Diluted	$	(4.09)	$	1.79	$	2.12
Anti-dilutive securities not included above	3,163		1,892		1,862

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)	2022		2021
Cash and cash equivalents available for general corporate purposes	$	47,711	$	60,192
Joint venture cash and cash equivalents	211,640		142,005
Cash and cash equivalents	259,351		202,197
Restricted cash	14,480		9,199
Total cash, cash equivalents and restricted cash	$	273,831	$	211,396

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, 2022, 2021 and 2020 were as follows:


	Year Ended December 31,
	2022						2021						2020
(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	$	7,230	$	(2,001)	$	5,229	$	8,665	$	(2,444)	$	6,221	$	(8,700)	$	2,439	$	(6,261)
Foreign currency translation adjustment	(3,351)		556		(2,795)		(508)		183		(325)		178		101		279
Unrealized gain (loss) in fair value of investments	(10,219)		2,111		(8,108)		(3,440)		790		(2,650)		2,015		(444)		1,571
Total other comprehensive income (loss)	$	(6,340)	$	666	$	(5,674)	$	4,717	$	(1,471)	$	3,246	$	(6,507)	$	2,096	$	(4,411)
Less: Other comprehensive income (loss) attributable to noncontrolling interests	(2,272)		—		(2,272)		140		—		140		230		—		230
Total other comprehensive income (loss) attributable to Tutor Perini Corporation	$	(4,068)	$	666	$	(3,402)	$	4,577	$	(1,471)	$	3,106	$	(6,737)	$	2,096	$	(4,641)

Changes in AOCI Balances by Component

The changes in AOCI balances by component (after tax) attributable to Tutor Perini Corporation and noncontrolling interests during the years ended December 31, 2022, 2021 and 2020 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, 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)
Other comprehensive income (loss) before reclassifications	3,370		(1,454)		(7,273)		(5,357)
Amounts reclassified from AOCI	1,859		—		96		1,955
Balance as of December 31, 2022	$	(32,637)	$	(7,241)	$	(7,159)	$	(47,037)


(in thousands)	Defined Benefit Pension Plan		Foreign Currency Translation		Unrealized Loss in Fair Value of Investments		Accumulated Other Comprehensive Income (Loss)
Attributable to Noncontrolling Interests:
Balance as of December 31, 2019	$	—	$	172	$	—	$	172
Other comprehensive income	—		230		—		230
Balance as of December 31, 2020	$	—	$	402	$	—	$	402
Other comprehensive income	—		140		—		140
Balance as of December 31, 2021	$	—	$	542	$	—	$	542
Other comprehensive loss	—		(1,341)		(931)		(2,272)
Balance as of December 31, 2022	$	—	$	(799)	$	(931)	$	(1,730)

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, 2022, 2021 and 2020 are as follows:


	Year Ended December 31,
(in thousands)	2022		2021		2020
Component of AOCI:
Defined benefit pension plan adjustments(a)	$	2,570	$	2,861	$	2,407
Income tax benefit(b)	(711)		(807)		(675)
Net of tax	$	1,859	$	2,054	$	1,732

Unrealized (gain) loss in fair value of investment adjustments(a)	$	121	$	(352)	$	(315)
Income tax expense (benefit)(b)	(25)		74		66
Net of tax	$	96	$	(278)	$	(249)

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(a)Amount included in other income (expense) on the Consolidated Statements of Operations.

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