Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023


	Year Ended December 31,
(in thousands, except per common share data)	2023		2022		2021
Net income (loss) attributable to Tutor Perini Corporation	$	(171,155)	$	(210,009)	$	91,925

Weighted-average common shares outstanding, basic	51,845		51,324		51,017
Effect of dilutive RSUs and stock options	—		—		352
Weighted-average common shares outstanding, diluted	51,845		51,324		51,369

Net income (loss) attributable to Tutor Perini Corporation per common share:
Basic	$	(3.30)	$	(4.09)	$	1.80
Diluted	$	(3.30)	$	(4.09)	$	1.79
Anti-dilutive securities not included above	2,982		3,163		1,892

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)	2023		2022
Cash and cash equivalents available for general corporate purposes	$	145,055	$	47,711
Joint venture cash and cash equivalents	235,509		211,640
Cash and cash equivalents	380,564		259,351
Restricted cash	14,116		14,480
Total cash, cash equivalents and restricted cash	$	394,680	$	273,831

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, 2023, 2022 and 2021 were as follows:


	Year Ended December 31,
	2023						2022						2021
(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	$	4,477	$	(1,194)	$	3,283	$	7,230	$	(2,001)	$	5,229	$	8,665	$	(2,444)	$	6,221
Foreign currency translation adjustment	961		(126)		835		(3,351)		556		(2,795)		(508)		183		(325)
Unrealized gain (loss) in fair value of investments	5,206		(1,075)		4,131		(10,219)		2,111		(8,108)		(3,440)		790		(2,650)
Total other comprehensive income (loss)	$	10,644	$	(2,395)	$	8,249	$	(6,340)	$	666	$	(5,674)	$	4,717	$	(1,471)	$	3,246
Less: Other comprehensive income (loss) attributable to noncontrolling interests	999		—		999		(2,272)		—		(2,272)		140		—		140
Total other comprehensive income (loss) attributable to Tutor Perini Corporation	$	9,645	$	(2,395)	$	7,250	$	(4,068)	$	666	$	(3,402)	$	4,577	$	(1,471)	$	3,106

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, 2023, 2022 and 2021 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, 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)
Other comprehensive income before reclassifications	2,036		348		3,528		5,912
Amounts reclassified from AOCI	1,247		—		91		1,338
Balance as of December 31, 2023	$	(29,354)	$	(6,893)	$	(3,540)	$	(39,787)


(in thousands)	Defined Benefit Pension Plan		Foreign Currency Translation		Unrealized Gain (Loss) in Fair Value of Investments		Accumulated Other Comprehensive Income (Loss)
Attributable to Noncontrolling Interests:
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)
Other comprehensive income	—		487		512		999
Balance as of December 31, 2023	$	—	$	(312)	$	(419)	$	(731)

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, 2023, 2022 and 2021 are as follows:


	Year Ended December 31,
(in thousands)	2023		2022		2021
Component of AOCI:
Defined benefit pension plan adjustments(a)	$	1,700	$	2,570	$	2,861
Income tax benefit(b)	(453)		(711)		(807)
Net of tax	$	1,247	$	1,859	$	2,054

Unrealized (gain) loss in fair value of investment adjustments(a)	$	115	$	121	$	(352)
Income tax expense (benefit)(b)	(24)		(25)		74
Net of tax	$	91	$	96	$	(278)

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

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