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Recent Accounting Pronouncements (Tables) | 6 Months Ended
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Jun. 30, 2018
Recent Accounting Pronouncements [Abstract] |
Schedule of the Impact for the Adoption of ASU 2014-09 | 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 Income and Condensed Consolidated Balance Sheet were as follows: ﻿
﻿ |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |
﻿ |  | Three Months Ended June 30, 2018
﻿ |  |  |  | Balance Without |  |
﻿STATEMENT OF INCOME |  |  |  | Adoption of |  | Effect of
﻿(in thousands) |  | As Reported |  | ASC 606 |  | Change
﻿REVENUE |  | $ | 1,120,085 |  | $ | 1,126,925 |  | $ | (6,840)
﻿COST OF OPERATIONS |  |  | (1,001,445) |  |  | (1,007,258) |  |  | 5,813
﻿GROSS PROFIT |  |  | 118,640 |  |  | 119,667 |  |  | (1,027)
﻿General and administrative expenses |  |  | (63,825) |  |  | (63,825) |  |  | —
﻿INCOME FROM CONSTRUCTION OPERATIONS |  |  | 54,815 |  |  | 55,842 |  |  | (1,027)
﻿Other income, net |  |  | 1,050 |  |  | 1,050 |  |  | —
﻿Interest expense |  |  | (15,998) |  |  | (15,998) |  |  | —
﻿INCOME BEFORE INCOME TAXES |  |  | 39,867 |  |  | 40,894 |  |  | (1,027)
﻿Provision for income taxes |  |  | (11,971) |  |  | (12,211) |  |  | 240
﻿NET INCOME |  |  | 27,896 |  |  | 28,683 |  |  | (787)
﻿LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS |  |  | 3,013 |  |  | 3,213 |  |  | (200)
﻿NET INCOME ATTRIBUTABLE TO TUTOR PERINI CORPORATION |  | $ | 24,883 |  | $ | 25,470 |  | $ | (587)
﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |
﻿ |  | Six Months Ended June 30, 2018
﻿ |  |  |  | Balance Without |  |
﻿STATEMENT OF INCOME |  |  |  | Adoption of |  | Effect of
﻿(in thousands) |  | As Reported |  | ASC 606 |  | Change
﻿REVENUE |  | $ | 2,148,241 |  | $ | 2,157,193 |  | $ | (8,952)
﻿COST OF OPERATIONS |  |  | (1,962,533) |  |  | (1,970,113) |  |  | 7,580
﻿GROSS PROFIT |  |  | 185,708 |  |  | 187,080 |  |  | (1,372)
﻿General and administrative expenses |  |  | (131,818) |  |  | (131,818) |  |  | —
﻿INCOME FROM CONSTRUCTION OPERATIONS |  |  | 53,890 |  |  | 55,262 |  |  | (1,372)
﻿Other income, net |  |  | 1,830 |  |  | 1,830 |  |  | —
﻿Interest expense |  |  | (31,063) |  |  | (31,063) |  |  | —
﻿INCOME BEFORE INCOME TAXES |  |  | 24,657 |  |  | 26,029 |  |  | (1,372)
﻿Provision for income taxes |  |  | (7,703) |  |  | (8,055) |  |  | 352
﻿NET INCOME |  |  | 16,954 |  |  | 17,974 |  |  | (1,020)
﻿LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS |  |  | 4,195 |  |  | 4,355 |  |  | (160)
﻿NET INCOME ATTRIBUTABLE TO TUTOR PERINI CORPORATION |  | $ | 12,759 |  | $ | 13,619 |  | $ | (860)
﻿ ﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |
﻿ |  | As of June 30, 2018
﻿ |  |  |  | Balance Without |  |
﻿BALANCE SHEET |  |  |  | Adoption of |  | Effect of
﻿(in thousands) |  | As Reported |  | ASC 606 |  | Change
﻿ASSETS |  |  |  |  |  |  |  |  |
﻿Accounts receivable(a) |  | $ | 1,272,932 |  | $ | 1,762,442 |  | $ | (489,510)
﻿Retainage receivable(a) |  |  | 490,751 |  |  | — |  |  | 490,751
﻿Costs and estimated earnings in excess of billings |  |  | 1,044,233 |  |  | 1,044,395 |  |  | (162)
﻿Other current assets |  |  | 141,472 |  |  | 101,119 |  |  | 40,353
﻿ |  |  |  |  |  |  |  |  |
﻿LIABILITIES |  |  |  |  |  |  |  |  |
﻿Accounts payable(a) |  | $ | 625,436 |  | $ | 861,981 |  | $ | (236,545)
﻿Retainage payable(a) |  |  | 236,545 |  |  | — |  |  | 236,545
﻿Billings in excess of costs and estimated earnings |  |  | 574,392 |  |  | 524,576 |  |  | 49,816
﻿Accrued expenses and other current liabilities |  |  | 134,264 |  |  | 134,896 |  |  | (632)
﻿Deferred income taxes |  |  | 106,284 |  |  | 107,540 |  |  | (1,256)
﻿ |  |  |  |  |  |  |  |  |
﻿EQUITY |  |  |  |  |  |  |  |  |
﻿Retained earnings |  | $ | 631,004 |  | $ | 635,626 |  | $ | (4,622)
﻿Noncontrolling interests |  |  | (17,618) |  |  | (15,744) |  |  | (1,874)
| (a) |  | Prior to the adoption of ASC 606, retainage receivable and payable balances were included within accounts receivable and payable, respectively.

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