XML 41 R25.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Summary of Significant Accounting Policies (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2018
Summary of Significant Accounting Policies [Abstract] |
Schedule of the Impact for the Adoption of ASU 2014-09 | ﻿ ﻿
﻿ |  |  |  |  |  |  |  |
﻿ |  |
﻿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 Consolidated Statement of Income and Consolidated Balance Sheet were as follows: ﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |
﻿ |  | Year Ended December 31, 2018
﻿ |  |  |  | Balance Without |  |
﻿STATEMENT OF INCOME |  |  |  | Adoption of |  | Effect of
﻿(in thousands) |  | As Reported |  | ASC 606 |  | Change
﻿REVENUE |  | $ | 4,454,662 |  | $ | 4,458,668 |  | $ | (4,006)
﻿COST OF OPERATIONS |  |  | (4,000,209) |  |  | (4,003,959) |  |  | 3,750
﻿GROSS PROFIT |  |  | 454,453 |  |  | 454,709 |  |  | (256)
﻿General and administrative expenses |  |  | (262,577) |  |  | (262,577) |  |  | —
﻿INCOME FROM CONSTRUCTION OPERATIONS |  |  | 191,876 |  |  | 192,132 |  |  | (256)
﻿Other income, net |  |  | 4,256 |  |  | 4,256 |  |  | —
﻿Interest expense |  |  | (63,519) |  |  | (63,519) |  |  | —
﻿INCOME BEFORE INCOME TAXES |  |  | 132,613 |  |  | 132,869 |  |  | (256)
﻿Income tax (expense) benefit |  |  | (34,832) |  |  | (34,939) |  |  | 107
﻿NET INCOME |  |  | 97,781 |  |  | 97,930 |  |  | (149)
﻿LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS |  |  | 14,345 |  |  | 14,212 |  |  | 133
﻿NET INCOME ATTRIBUTABLE TO TUTOR PERINI CORPORATION |  | $ | 83,436 |  | $ | 83,718 |  | $ | (282)
﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |
﻿ |  | As of December 31, 2018
﻿ |  |  |  | Balance Without |  |
﻿BALANCE SHEET |  |  |  | Adoption of |  | Effect of
﻿(in thousands) |  | As Reported |  | ASC 606 |  | Change
﻿ASSETS |  |  |  |  |  |  |  |  |
﻿Accounts receivable(a) |  | $ | 1,261,072 |  | $ | 1,735,414 |  | $ | (474,342)
﻿Retainage receivable(a) |  |  | 478,744 |  |  | — |  |  | 478,744
﻿Costs and estimated earnings in excess of billings |  |  | 1,142,295 |  |  | 1,148,216 |  |  | (5,921)
﻿Other current assets |  |  | 115,527 |  |  | 79,004 |  |  | 36,523
﻿ |  |  |  |  |  |  |  |  |
﻿LIABILITIES |  |  |  |  |  |  |  |  |
﻿Accounts payable(a) |  | $ | 621,728 |  | $ | 833,684 |  | $ | (211,956)
﻿Retainage payable(a) |  |  | 211,956 |  |  | — |  |  | 211,956
﻿Billings in excess of costs and estimated earnings |  |  | 573,190 |  |  | 530,918 |  |  | 42,272
﻿Accrued expenses and other current liabilities |  |  | 174,325 |  |  | 174,824 |  |  | (499)
﻿Deferred income taxes |  |  | 105,521 |  |  | 106,665 |  |  | (1,144)
﻿ |  |  |  |  |  |  |  |  |
﻿EQUITY |  |  |  |  |  |  |  |  |
﻿Retained earnings |  | $ | 701,681 |  | $ | 705,725 |  | $ | (4,044)
﻿Noncontrolling interests |  |  | (21,288) |  |  | (19,707) |  |  | (1,581)
_____________________________________________________________________________________________________________ ﻿
| (a) |  | Prior to the adoption of ASC 606, retainage receivable and payable balances were included within accounts receivable and payable, respectively.
Calculations of Basic and Diluted EPS |
﻿ |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |
﻿ | Year Ended December 31,
﻿(in thousands, except per common share data) | 2018 |  | 2017 |  | 2016
﻿Net income attributable to Tutor Perini Corporation | $ | 83,436 |  | $ | 148,382 |  | $ | 95,822
﻿ |  |  |  |  |  |  |  |
﻿Weighted-average common shares outstanding, basic |  | 49,952 |  |  | 49,647 |  |  | 49,150
﻿Effect of dilutive restricted stock units and stock options |  | 349 |  |  | 1,112 |  |  | 714
﻿Weighted-average common shares outstanding, diluted |  | 50,301 |  |  | 50,759 |  |  | 49,864
﻿ |  |  |  |  |  |  |  |
﻿Net income attributable to Tutor Perini Corporation per common share: |  |  |  |  |  |  |  |
﻿Basic | $ | 1.67 |  | $ | 2.99 |  | $ | 1.95
﻿Diluted | $ | 1.66 |  | $ | 2.92 |  | $ | 1.92
﻿Anti-dilutive securities not included above |  | 2,670 |  |  | 798 |  |  | 1,132
﻿
Schedule of Cash and Cash Equivalents |
﻿ |  |  |  |  |
﻿ |  |  |  |  |
﻿ | As of December 31,
﻿(in thousands) | 2018 |  | 2017
﻿Cash and cash equivalents available for general corporate purposes | $ | 51,749 |  | $ | 94,713
﻿Joint venture cash and cash equivalents |  | 64,326 |  |  | 98,155
﻿Cash and cash equivalents |  | 116,075 |  |  | 192,868
﻿Restricted cash |  | 3,788 |  |  | 4,780
﻿Total cash, cash equivalents and restricted cash | $ | 119,863 |  | $ | 197,648
﻿ |  |  |  |  |
﻿
Tax Effects of Componenets of Other Comprehensive Income (Loss) | ﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ | Year Ended December 31,
﻿ | 2018 |  | 2017 |  | 2016
﻿(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 Benefit |  | Net-of-Tax Amount
﻿Other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Defined benefit pension plan adjustments | $ | 1,079 |  | $ | (308) |  | $ | 771 |  | $ | 2,416 |  | $ | (992) |  | $ | 1,424 |  | $ | (4,452) |  | $ | 1,829 |  | $ | (2,623)
﻿Foreign currency translation adjustment |  | (4,067) |  |  | 1,122 |  |  | (2,945) |  |  | 2,159 |  |  | (886) |  |  | 1,273 |  |  | (439) |  |  | 178 |  |  | (261)
﻿Unrealized gain (loss) in fair value of investments |  | (1,005) |  |  | 227 |  |  | (778) |  |  | (4) |  |  | 2 |  |  | (2) |  |  | (576) |  |  | 236 |  |  | (340)
﻿Unrealized gain (loss) in fair value of interest rate swap |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (45) |  |  | 21 |  |  | (24)
﻿Total other comprehensive income (loss) | $ | (3,993) |  | $ | 1,041 |  | $ | (2,952) |  | $ | 4,571 |  | $ | (1,876) |  | $ | 2,695 |  | $ | (5,512) |  | $ | 2,264 |  | $ | (3,248)
﻿Less: Other comprehensive income (loss) attributable to noncontrolling interests(a) |  | (221) |  |  | — |  |  | (221) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
﻿Total other comprehensive income (loss) attributable to Tutor Perini Corporation | $ | (3,772) |  | $ | 1,041 |  | $ | (2,731) |  | $ | 4,571 |  | $ | (1,876) |  | $ | 2,695 |  | $ | (5,512) |  | $ | 2,264 |  | $ | (3,248)
| (a) |  | The only component of other comprehensive loss attributable to noncontrolling interests is foreign currency translation.
Changes in AOCI Balances by Component |
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿(in thousands) | Defined Benefit Pension Plan |  | Foreign Currency Translation |  | Unrealized Gain (Loss) in Fair Value of Investments |  | Unrealized Gain (Loss) in Fair Value of Interest Rate Swap |  | Accumulated Other Comprehensive Income (Loss)
﻿Attributable to Tutor Perini Corporation: |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Balance as of December 31, 2015 | $ | (38,242) |  | $ | (4,603) |  | $ | 656 |  | $ | 24 |  | $ | (42,165)
﻿Other comprehensive loss before reclassifications |  | (3,722) |  |  | (261) |  |  | (340) |  |  | (24) |  |  | (4,347)
﻿Amounts reclassified from AOCI |  | 1,099 |  |  | — |  |  | — |  |  | — |  |  | 1,099
﻿Balance as of December 31, 2016 | $ | (40,865) |  | $ | (4,864) |  | $ | 316 |  | $ | — |  | $ | (45,413)
﻿Other comprehensive income (loss) before reclassifications |  | 306 |  |  | 1,273 |  |  | (2) |  |  | — |  |  | 1,577
﻿Amounts reclassified from AOCI |  | 1,118 |  |  | — |  |  | — |  |  | — |  |  | 1,118
﻿Balance as of December 31, 2017 | $ | (39,441) |  | $ | (3,591) |  | $ | 314 |  | $ | — |  | $ | (42,718)
﻿Other comprehensive loss before reclassifications |  | (695) |  |  | (2,724) |  |  | (835) |  |  | — |  |  | (4,254)
﻿Amounts reclassified from AOCI |  | 1,466 |  |  | — |  |  | 57 |  |  | — |  |  | 1,523
﻿Balance as of December 31, 2018 | $ | (38,670) |  | $ | (6,315) |  | $ | (464) |  | $ | — |  | $ | (45,449)
﻿

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

X
- Definition Tabular disclosure of the components of accumulated other comprehensive income (loss). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 14A -URI http://asc.fasb.org/extlink&oid=114867106&loc=SL7669686-108580 + Details
Name: | us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of cash and cash equivalents. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCashAndCashEquivalentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of components of comprehensive income (loss). Includes, but is not limited to, foreign currency translation adjustments, foreign currency transactions designated as economic hedges of a net investment in foreign entity, gain (loss) and prior service cost (credit) for pension plans and other postretirement benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=114867106&loc=d3e526-108580 + Details
Name: | us-gaap_ScheduleOfComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 + Details
Name: | us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=109236672&loc=d3e765-108305 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.10-01.(b)(6)) -URI http://asc.fasb.org/extlink&oid=27015980&loc=d3e46468-122699 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22580-107794 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=109236672&loc=d3e725-108305 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794 + Details
Name: | us-gaap_ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration