Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2023

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

ASC 220, Comprehensive Income, establishes standards for reporting comprehensive income and its components in the consolidated financial statements. The Company reports the change in pension benefit plan assets/liabilities, cumulative foreign currency translation and change in fair value of investments as components of accumulated other comprehensive income (loss) (“AOCI”).

The components of other comprehensive income (loss) and the related tax effects for the three months ended March 31, 2023 and 2022 were as follows:


	Three Months Ended March 31, 2023						Three Months Ended March 31, 2022
(in thousands)	Before-Tax Amount		Tax Expense		Net-of-Tax Amount		Before-Tax Amount		Tax (Expense) Benefit		Net-of-Tax Amount
Other comprehensive income (loss):
Defined benefit pension plan adjustments	$	415	$	(114)	$	301	$	639	$	(181)	$	458
Foreign currency translation adjustments	340		(90)		250		256		1		257
Unrealized gain (loss) in fair value of investments	1,685		(356)		1,329		(5,514)		1,310		(4,204)
Total other comprehensive income (loss)	2,440		(560)		1,880		(4,619)		1,130		(3,489)
Less: Other comprehensive income (loss) attributable to noncontrolling interests	153		—		153		(379)		—		(379)
Total other comprehensive income (loss) attributable to Tutor Perini Corporation	$	2,287	$	(560)	$	1,727	$	(4,240)	$	1,130	$	(3,110)

The changes in AOCI balances by component (after tax) attributable to Tutor Perini Corporation and attributable to noncontrolling interests during the three months ended March 31, 2023 and 2022 were as follows:


	Three Months Ended March 31, 2023
(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, 2022	$	(32,637)	$	(7,241)	$	(7,159)	$	(47,037)
Other comprehensive income before reclassifications	—		231		1,171		1,402
Amounts reclassified from AOCI	301		—		24		325
Total other comprehensive income	301		231		1,195		1,727
Balance as of March 31, 2023	$	(32,336)	$	(7,010)	$	(5,964)	$	(45,310)
Attributable to Noncontrolling Interests:
Balance as of December 31, 2022	$	—	$	(799)	$	(931)	$	(1,730)
Other comprehensive income	—		19		134		153
Balance as of March 31, 2023	$	—	$	(780)	$	(797)	$	(1,577)


	Three Months Ended March 31, 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	—		(9)		(3,568)		(3,577)
Amounts reclassified from AOCI	458		—		9		467
Total other comprehensive income (loss)	458		(9)		(3,559)		(3,110)
Balance as of March 31, 2022	$	(37,408)	$	(5,796)	$	(3,541)	$	(46,745)
Attributable to Noncontrolling Interests:
Balance as of December 31, 2021	$	—	$	542	$	—	$	542
Total other comprehensive income (loss)	—		266		(645)		(379)
Balance as of March 31, 2022	$	—	$	808	$	(645)	$	163

The significant items reclassified out of AOCI and the corresponding location and impact on the Condensed Consolidated Statements of Operations during the three months ended March 31, 2023 and 2022 were as follows:


	Three Months Ended March 31,
(in thousands)	2023		2022
Component of AOCI:
Defined benefit pension plan adjustments(a)	$	415	$	639
Income tax benefit(b)	(114)		(181)
Net of tax	$	301	$	458

Unrealized loss in fair value of investment adjustments(a)	$	30	$	11
Income tax benefit(b)	(6)		(2)
Net of tax	$	24	$	9

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

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