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Other Comprehensive Income (Loss) (Tables)
6 Months Ended
Jun. 30, 2023
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, 2023 and 2022 were as follows:
Three Months Ended June 30, 2023Three Months Ended June 30, 2022
(in thousands)Before-Tax AmountTax (Expense) BenefitNet-of-Tax AmountBefore-Tax AmountTax (Expense) BenefitNet-of-Tax Amount
Other comprehensive income (loss):
Defined benefit pension plan adjustments$411 $(115)$296 $638 $(181)$457 
Foreign currency translation adjustments562 (34)528 (1,698)308 (1,390)
Unrealized loss in fair value of investments(751)159 (592)(2,384)326 (2,058)
Total other comprehensive income (loss)222 10 232 (3,444)453 (2,991)
Less: Other comprehensive income (loss) attributable to noncontrolling interests401 — 401 (773)— (773)
Total other comprehensive loss attributable to Tutor Perini Corporation$(179)$10 $(169)$(2,671)$453 $(2,218)
Six Months Ended June 30, 2023Six Months Ended June 30, 2022
(in thousands)Before-Tax AmountTax Expense Net-of-Tax AmountBefore-Tax AmountTax (Expense) BenefitNet-of-Tax Amount
Other comprehensive income (loss):
Defined benefit pension plan adjustments$826 $(229)$597 $1,277 $(362)$915 
Foreign currency translation adjustments902 (124)778 (1,442)309 (1,133)
Unrealized gain (loss) in fair value of investments934 (197)737 (7,898)1,636 (6,262)
Total other comprehensive income (loss)2,662 (550)2,112 (8,063)1,583 (6,480)
Less: Other comprehensive income (loss) attributable to noncontrolling interests554 — 554 (1,152)— (1,152)
Total other comprehensive income (loss) attributable to Tutor Perini Corporation$2,108 $(550)$1,558 $(6,911)$1,583 $(5,328)
Schedule of Changes in AOCI Balances by Component (After-Tax)
The changes in AOCI balances by component (after tax) attributable to Tutor Perini Corporation and attributable to noncontrolling interests during the three and six months ended June 30, 2023 and 2022 were as follows:
Three Months Ended June 30, 2023
(in thousands)Defined
Benefit
Pension
Plan
Foreign
Currency
Translation
Unrealized Gain (Loss) in Fair Value of Investments, NetAccumulated
Other
Comprehensive
Income (Loss)
Attributable to Tutor Perini Corporation:
Balance as of March 31, 2023$(32,336)$(7,010)$(5,964)$(45,310)
Other comprehensive income (loss) before reclassifications— 90 (598)(508)
Amounts reclassified from AOCI296 — 43 339 
Total other comprehensive income (loss)296 90 (555)(169)
Balance as of June 30, 2023$(32,040)$(6,920)$(6,519)$(45,479)
Attributable to Noncontrolling Interests:
Balance as of March 31, 2023$— $(780)$(797)$(1,577)
Other comprehensive income (loss)— 438 (37)401 
Balance as of June 30, 2023$— $(342)$(834)$(1,176)
Six Months Ended June 30, 2023
(in thousands)Defined
Benefit
Pension
Plan
Foreign
Currency
Translation
Unrealized Gain (Loss) in Fair Value of Investments, NetAccumulated
Other
Comprehensive
Income (Loss)
Attributable to Tutor Perini Corporation:
Balance as of December 31, 2022$(32,637)$(7,241)$(7,159)$(47,037)
Other comprehensive income before reclassifications— 321 573 894 
Amounts reclassified from AOCI597 — 67 664 
Total other comprehensive income597 321 640 1,558 
Balance as of June 30, 2023$(32,040)$(6,920)$(6,519)$(45,479)
Attributable to Noncontrolling Interests:
Balance as of December 31, 2022$— $(799)$(931)$(1,730)
Other comprehensive income— 457 97 554 
Balance as of June 30, 2023$— $(342)$(834)$(1,176)
Three Months Ended June 30, 2022
(in thousands)Defined
Benefit
Pension
Plan
Foreign
Currency
Translation
Unrealized Gain (Loss) in Fair Value of Investments, NetAccumulated
Other
Comprehensive
Income (Loss)
Attributable to Tutor Perini Corporation:
Balance as of March 31, 2022$(37,408)$(5,796)$(3,541)$(46,745)
Other comprehensive loss before reclassifications— (772)(1,927)(2,699)
Amounts reclassified from AOCI457 — 24 481 
Total other comprehensive income (loss)457 (772)(1,903)(2,218)
Balance as of June 30, 2022$(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, NetAccumulated
Other
Comprehensive
Income (Loss)
Attributable to Tutor Perini Corporation:
Balance as of December 31, 2021$(37,866)$(5,787)$18 $(43,635)
Other comprehensive loss before reclassifications— (781)(5,495)(6,276)
Amounts reclassified from AOCI915 — 33 948 
Total other comprehensive income (loss)915 (781)(5,462)(5,328)
Balance as of June 30, 2022$(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 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, 2023 and 2022 were as follows:
Three Months Ended
June 30,
Six Months Ended
June 30,
(in thousands)2023202220232022
Component of AOCI:
Defined benefit pension plan adjustments(a)
$411 $638 $826 $1,277 
Income tax benefit(b)
(115)(181)(229)(362)
Net of tax$296 $457 $597 $915 
Unrealized loss in fair value of investment adjustments(a)
$55 $31 $85 $42 
Income tax benefit(b)
(12)(7)(18)(9)
Net of tax$43 $24 $67 $33 
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(a)Amounts 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.