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Recent Accounting Pronouncements (Tables) | 9 Months Ended
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Sep. 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: ﻿ ﻿
﻿ |  |  |  |  |  |  |  |
﻿ |  |
﻿BALANCE SHEET | Balance as of |  | Adjustments 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 September 30, 2018
﻿ |  |  |  | Balance Without |  |
﻿STATEMENT OF INCOME |  |  |  | Adoption of |  | Effect of
﻿(in thousands) |  | As Reported |  | ASC 606 |  | Change
﻿REVENUE |  | $ | 1,123,137 |  | $ | 1,122,571 |  | $ | 566
﻿COST OF OPERATIONS |  |  | (1,012,013) |  |  | (1,011,808) |  |  | (205)
﻿GROSS PROFIT |  |  | 111,124 |  |  | 110,763 |  |  | 361
﻿General and administrative expenses |  |  | (63,818) |  |  | (63,818) |  |  | —
﻿INCOME FROM CONSTRUCTION OPERATIONS |  |  | 47,306 |  |  | 46,945 |  |  | 361
﻿Other income, net |  |  | 1,909 |  |  | 1,909 |  |  | —
﻿Interest expense |  |  | (16,411) |  |  | (16,411) |  |  | —
﻿INCOME BEFORE INCOME TAXES |  |  | 32,804 |  |  | 32,443 |  |  | 361
﻿Provision for income taxes |  |  | (7,368) |  |  | (7,303) |  |  | (65)
﻿NET INCOME |  |  | 25,436 |  |  | 25,140 |  |  | 296
﻿LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS |  |  | 4,164 |  |  | 4,024 |  |  | 140
﻿NET INCOME ATTRIBUTABLE TO TUTOR PERINI CORPORATION |  | $ | 21,272 |  | $ | 21,116 |  | $ | 156
﻿ ﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |
﻿ |  | Nine Months Ended September 30, 2018
﻿ |  |  |  | Balance Without |  |
﻿STATEMENT OF INCOME |  |  |  | Adoption of |  | Effect of
﻿(in thousands) |  | As Reported |  | ASC 606 |  | Change
﻿REVENUE |  | $ | 3,271,378 |  | $ | 3,279,764 |  | $ | (8,386)
﻿COST OF OPERATIONS |  |  | (2,974,546) |  |  | (2,981,921) |  |  | 7,375
﻿GROSS PROFIT |  |  | 296,832 |  |  | 297,843 |  |  | (1,011)
﻿General and administrative expenses |  |  | (195,636) |  |  | (195,636) |  |  | —
﻿INCOME FROM CONSTRUCTION OPERATIONS |  |  | 101,196 |  |  | 102,207 |  |  | (1,011)
﻿Other income, net |  |  | 3,739 |  |  | 3,739 |  |  | —
﻿Interest expense |  |  | (47,474) |  |  | (47,474) |  |  | —
﻿INCOME BEFORE INCOME TAXES |  |  | 57,461 |  |  | 58,472 |  |  | (1,011)
﻿Provision for income taxes |  |  | (15,071) |  |  | (15,358) |  |  | 287
﻿NET INCOME |  |  | 42,390 |  |  | 43,114 |  |  | (724)
﻿LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS |  |  | 8,359 |  |  | 8,379 |  |  | (20)
﻿NET INCOME ATTRIBUTABLE TO TUTOR PERINI CORPORATION |  | $ | 34,031 |  | $ | 34,735 |  | $ | (704)
﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |
﻿ |  | As of September 30, 2018
﻿ |  |  |  | Balance Without |  |
﻿BALANCE SHEET |  |  |  | Adoption of |  | Effect of
﻿(in thousands) |  | As Reported |  | ASC 606 |  | Change
﻿ASSETS |  |  |  |  |  |  |  |  |
﻿Accounts receivable(a) |  | $ | 1,325,465 |  | $ | 1,816,399 |  | $ | (490,934)
﻿Retainage receivable(a) |  |  | 492,937 |  |  | — |  |  | 492,937
﻿Costs and estimated earnings in excess of billings |  |  | 1,085,651 |  |  | 1,089,452 |  |  | (3,801)
﻿Other current assets |  |  | 130,023 |  |  | 89,875 |  |  | 40,148
﻿ |  |  |  |  |  |  |  |  |
﻿LIABILITIES |  |  |  |  |  |  |  |  |
﻿Accounts payable(a) |  | $ | 611,100 |  | $ | 824,530 |  | $ | (213,430)
﻿Retainage payable(a) |  |  | 213,430 |  |  | — |  |  | 213,430
﻿Billings in excess of costs and estimated earnings |  |  | 648,287 |  |  | 601,913 |  |  | 46,374
﻿Accrued expenses and other current liabilities |  |  | 162,102 |  |  | 162,727 |  |  | (625)
﻿Deferred income taxes |  |  | 106,636 |  |  | 107,835 |  |  | (1,199)
﻿ |  |  |  |  |  |  |  |  |
﻿EQUITY |  |  |  |  |  |  |  |  |
﻿Retained earnings |  | $ | 652,276 |  | $ | 656,742 |  | $ | (4,466)
﻿Noncontrolling interests |  |  | (23,376) |  |  | (21,643) |  |  | (1,733)
| (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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