XML 25 R8.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Recent Accounting Pronouncements | 3 Months Ended
--- | ---
Mar. 31, 2018
Recent Accounting Pronouncements [Abstract] |
Recent Accounting Pronouncements | (2) Recent Accounting Pronouncements ﻿ New accounting pronouncements implemented by the Company during the three months ended March 31, 2018 are discussed below. ﻿ In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606), as amended by subsequent ASUs (collectively, “ASC 606”). ASC 606 amends the existing accounting standards for revenue recognition and establishes principles for recognizing revenue upon the transfer of promised goods or services to customers based on the expected consideration to be received in exchange for those goods or services. The Company adopted this ASU effective January 1, 2018 using the modified retrospective transition method. The Company recognized the cumulative effect of initially applying the new revenue standard to all contracts not yet completed or substantially completed as of January 1, 2018 as an immaterial reduction to beginning retained earnings. The impacts of adoption on the Company’s opening balance sheet were primarily related to the deferral of costs incurred to fulfill certain contracts that were previously recorded in income in the period incurred, but under the new standard will be capitalized and amortized over the period of contract performance. The prior year comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods; however, certain balances have been reclassified to conform to the current year presentation. ﻿ The effect of the changes made to the Company’s consolidated January 1, 2018 balance sheet for the adoption of ASC 606 were as follows: ﻿ ﻿
﻿ |  |  |  |  |  |  |  |
﻿ |  |
﻿ |  |  |  | Adjustments |  |  |
﻿BALANCE SHEET | Balance as of |  | due to |  | Balance as of
﻿(in thousands) | December 31, 2017(a) |  | ASC 606 |  | January 1, 2018
﻿ASSETS |  |  |  |  |  |  |  |
﻿Accounts receivable(b) | $ | 1,801,656 |  | $ | (535,939) |  | $ | 1,265,717
﻿Retainage receivable(b) |  | — |  |  | 535,939 |  |  | 535,939
﻿Other current assets |  | 89,316 |  |  | 32,773 |  |  | 122,089
﻿ |  |  |  |  |  |  |  |
﻿LIABILITIES |  |  |  |  |  |  |  |
﻿Accounts payable(b) |  | 961,791 |  |  | (261,820) |  |  | 699,971
﻿Retainage payable(b) |  | — |  |  | 261,820 |  |  | 261,820
﻿Billings in excess of costs and estimated earnings |  | 456,869 |  |  | 39,785 |  |  | 496,654
﻿Deferred income taxes |  | 108,504 |  |  | (1,537) |  |  | 106,967
﻿ |  |  |  |  |  |  |  |
﻿EQUITY |  |  |  |  |  |  |  |
﻿Retained earnings |  | 622,007 |  |  | (3,762) |  |  | 618,245
﻿Noncontrolling interests |  | (8,495) |  |  | (1,714) |  |  | (10,209)
| (a) |  | Balances as previously reported on the Company’s Annual Report on Form 10-K for the year ended December 31, 2017.
| (b) |  | Prior to the adoption of ASC 606, retainage receivable and payable balances were included within accounts receivable and accounts payable, respectively.
﻿ In accordance with the new revenue standard requirements, the disclosure of the impacts of adoption on the Condensed Consolidated Statement of Operations and Condensed Consolidated Balance Sheet were as follows: ﻿
﻿ |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |
﻿ |  | Three Months Ended March 31, 2018
﻿ |  |  |  | Balance Without |  |
﻿STATEMENT OF OPERATIONS |  |  |  | Adoption of |  | Effect of
﻿(in thousands) |  | As Reported |  | ASC 606 |  | Change
﻿REVENUE |  | $ | 1,028,156 |  | $ | 1,030,268 |  | $ | (2,112)
﻿COST OF OPERATIONS |  |  | (961,088) |  |  | (962,855) |  |  | 1,767
﻿GROSS PROFIT |  |  | 67,068 |  |  | 67,413 |  |  | (345)
﻿General and administrative expenses |  |  | (67,993) |  |  | (67,993) |  |  | —
﻿LOSS FROM CONSTRUCTION OPERATIONS |  |  | (925) |  |  | (580) |  |  | (345)
﻿Other income, net |  |  | 780 |  |  | 780 |  |  | —
﻿Interest expense |  |  | (15,065) |  |  | (15,065) |  |  | —
﻿LOSS BEFORE INCOME TAXES |  |  | (15,210) |  |  | (14,865) |  |  | (345)
﻿Income tax benefit |  |  | 4,268 |  |  | 4,156 |  |  | 112
﻿NET LOSS |  |  | (10,942) |  |  | (10,709) |  |  | (233)
﻿LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS |  |  | 1,182 |  |  | 1,142 |  |  | 40
﻿NET LOSS ATTRIBUTABLE TO TUTOR PERINI CORPORATION |  | $ | (12,124) |  | $ | (11,851) |  | $ | (273)
﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |
﻿ |  | As of March 31, 2018
﻿ |  |  |  | Balance Without |  |
﻿BALANCE SHEET |  |  |  | Adoption of |  | Effect of
﻿(in thousands) |  | As Reported |  | ASC 606 |  | Change
﻿ASSETS |  |  |  |  |  |  |  |  |
﻿Accounts receivable |  | $ | 1,236,818 |  | $ | 1,765,769 |  | $ | (528,951)
﻿Retainage receivable |  |  | 530,897 |  |  | — |  |  | 530,897
﻿Costs and estimated earnings in excess of billings |  |  | 980,896 |  |  | 982,302 |  |  | (1,406)
﻿Other current assets |  |  | 132,298 |  |  | 97,758 |  |  | 34,540
﻿ |  |  |  |  |  |  |  |  |
﻿LIABILITIES |  |  |  |  |  |  |  |  |
﻿Accounts payable |  | $ | 659,290 |  | $ | 905,323 |  | $ | (246,033)
﻿Retainage payable |  |  | 246,033 |  |  | — |  |  | 246,033
﻿Billings in excess of costs and estimated earnings |  |  | 508,616 |  |  | 466,179 |  |  | 42,437
﻿Accrued expenses and other current liabilities |  |  | 118,334 |  |  | 118,610 |  |  | (276)
﻿Deferred income taxes |  |  | 106,763 |  |  | 108,135 |  |  | (1,372)
﻿ |  |  |  |  |  |  |  |  |
﻿EQUITY |  |  |  |  |  |  |  |  |
﻿Retained earnings |  | $ | 606,199 |  | $ | 610,234 |  | $ | (4,035)
﻿Noncontrolling interests |  |  | (14,076) |  |  | (12,402) |  |  | (1,674)
﻿ The adoption of ASC 606 had no impact on the cash flows used in operating activities in the Company’s Condensed Consolidated Statement of Cash Flows. ﻿ In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, which requires restricted cash to be included with cash and cash equivalent balances in the statement of cash flows. The Company retrospectively adopted this ASU effective January 1, 2018. The adoption of this ASU resulted in a decrease of net cash used in investing activities of $9.7 million for the quarter ended March 31, 2017. ﻿ In May 2017, the FASB issued ASU 2017-09, Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting. This ASU clarifies the scope of modification accounting under Topic 718 with respect to changes to the terms or conditions of a share-based payments award. Under this new guidance, modification accounting would not apply if a change to an award does not affect the total current fair value, vesting conditions or the classification of the award. The Company adopted this ASU effective January 1, 2018. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements. ﻿ In March 2018, the FASB issued ASU 2018-05, Income Taxes (Topic 740)—Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118. This ASU provides guidance for companies that may not have completed their accounting for the income tax effects of the Tax Cut and Jobs Act of 2017 (the “Tax Act”) in the period of enactment. Staff Accounting Bulletin (“SAB”) No. 118 provides for a provisional one year measurement period to finalize the accounting for certain income tax effects related to the Tax Act and requires disclosure of the reasons for incomplete accounting. The Company applied the guidance provided in SAB No. 118 in 2017 and adopted this ASU effective January 1, 2018. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements. ﻿ New accounting pronouncements requiring implementation in future periods are discussed below. ﻿ In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which amends the existing guidance in Accounting Standards Codification (“ASC”) 840, Leases. This amendment requires the recognition of lease assets and lease liabilities by lessees for those leases currently classified as operating leases. Other significant provisions of the amendment include (i) defining the “lease term” to include the non-cancellable period together with periods for which there is a significant economic incentive for the lessee to extend or not terminate the lease; (ii) defining the initial lease liability to be recorded on the balance sheet to contemplate only those variable lease payments that depend on an index or that are in substance “fixed”; and (iii) a dual approach for determining whether lease expense is recognized on a straight-line or accelerated basis, depending on whether the lessee is expected to consume more than an insignificant portion of the leased asset’s economic benefits. This guidance will be effective for interim and annual reporting periods beginning after December 15, 2018 and will be applied using the modified retrospective transition method for existing leases. The Company is currently evaluating the effect that the adoption of this ASU will have on its consolidated financial statements. ﻿ In January 2017, the FASB issued ASU 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (“ASU 2017-04”). This ASU simplifies the calculation of goodwill impairment by eliminating Step 2 of the impairment test prescribed by ASC 350, Intangibles—Goodwill and Other. Step 2 requires companies to calculate the implied fair value of their goodwill by estimating the fair value of their assets, other than goodwill, and liabilities, including unrecognized assets and liabilities, following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. The calculated net fair value of the assets would then be compared to the fair value of the reporting unit to determine the implied fair value of goodwill, and to the extent that the carrying value of goodwill was less than the implied fair value, a loss would be recognized. Under ASU 2017-04, however, goodwill is impaired when the calculated fair value of a reporting unit is less than its carrying value, and the impairment charge will equal that difference (i.e., impairment will be calculated at the reporting unit level and there will be no need to estimate the fair value of individual assets and liabilities). This guidance will be effective for any goodwill impairment tests performed in fiscal years beginning after December 15, 2019; however, early adoption is permitted for tests performed on testing dates after January 1, 2017. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements. ﻿ In February 2018, the FASB issued ASU 2018-02, Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from the Accumulated Other Comprehensive Income. This ASU gives entities the option to reclassify to retained earnings tax effects related to items in accumulated other comprehensive income that the FASB refers to as having been stranded in accumulated other comprehensive income as a result of the Tax Act. Entities can apply the provisions of this ASU either in the period of adoption or retrospectively. The guidance is effective for interim and annual reporting periods beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating the effect that the adoption of this ASU will have on its consolidated financial statements.

X
- References No definition available. + Details
Name: | us-gaap_NewAccountingPronouncementsAndChangesInAccountingPrinciplesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -URI http://asc.fasb.org/topic&trid=2122394 + Details
Name: | us-gaap_NewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration