XML 28 R35.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

Employee Benefit Plans (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2019
Employee Benefit Plans [Abstract] |
Summary of Net Periodic Benefit Cost |
| Year Ended December 31,
(in thousands) | 2019 |  |  | 2018 |  |  | 2017 |
Interest cost | $ | 3,801 |  |  | $ | 3,496 |  |  | $ | 3,919 |
Service cost |  | 900 |  |  |  | 875 |  |  |  | 850 |
Expected return on plan assets |  | (4,170) |  |  |  | (4,302) |  |  |  | (4,358) |
Recognized net actuarial losses |  | 1,933 |  |  |  | 2,067 |  |  |  | 1,897 |
Net periodic benefit cost | $ | 2,464 |  |  | $ | 2,136 |  |  | $ | 2,308 |
Actuarial assumptions used to determine net cost: |  |  |  |  |  |  |  |  |  |  |
Discount rate |  | 4.12 | % |  |  | 3.45 | % |  |  | 3.90 | %
Expected return on assets |  | 5.75 | % |  |  | 6.00 | % |  |  | 6.00 | %
Rate of increase in compensation |  | N/A |  |  |  | N/A |  |  |  | N/A |
Target and Actual Asset Allocation for Pension Plan by Asset Category |
|  | Percentage of Plan Assets as of December 31,
|  | Target |  |  |
|  | Allocation |  |  | Actual Allocation
Asset Category |  | 2020 |  |  | 2019 |  |  | 2018
Cash |  | 5 | % |  |  | 4 | % |  |  | 3 | %
Equity funds: |  |  |  |  |  |  |  |  |  |  |
Domestic |  | 45 |  |  |  | 47 |  |  |  | 50 |
International |  | 18 |  |  |  | 18 |  |  |  | 27 |
Fixed income funds |  | 32 |  |  |  | 31 |  |  |  | 20 |
Total |  | 100 | % |  |  | 100 | % |  |  | 100 | %
Future Benefit Payments Under the Plans |
(in thousands) |  |
Year ended December 31, |
2020 | $ | 6,822
2021 |  | 6,789
2022 |  | 6,724
2023 |  | 6,637
2024 |  | 6,611
2025-2029 |  | 31,183
Total | $ | 64,766
Reconciliation of Changes in Fair Value of Plan Assets, Plan Benefit Obligations and Funded Status |
| Year Ended December 31,
(in thousands) | 2019 |  | 2018
Change in Fair Value of Plan Assets |  |  |  |  |
Balance at beginning of year | $ | 63,109 |  | $ | 71,541
Actual return on plan assets |  | 12,123 |  |  | (4,758)
Company contribution |  | 4,793 |  |  | 2,975
Benefit payments |  | (6,668) |  |  | (6,649)
Balance at end of year | $ | 73,357 |  | $ | 63,109
| Year Ended December 31,
(in thousands) | 2019 |  | 2018
Change in Benefit Obligations |  |  |  |  |
Balance at beginning of year | $ | 95,869 |  | $ | 106,218
Interest cost |  | 3,801 |  |  | 3,496
Service cost |  | 900 |  |  | 875
Assumption change loss (gain) |  | 8,373 |  |  | (7,056)
Actuarial loss (gain) |  | 332 |  |  | (1,014)
Benefit payments |  | (6,668) |  |  | (6,650)
Balance at end of year | $ | 102,607 |  | $ | 95,869
Amount Recognized in Consolidated Balance Sheets |
| As of December 31,
(in thousands) | 2019 |  | 2018
Funded status | $ | (29,250) |  | $ | (32,760)
Net unfunded amounts recognized in Consolidated Balance Sheets consist of: |  |  |  |  |
Current liabilities | $ | (279) |  | $ | (262)
Long-term liabilities |  | (28,971) |  |  | (32,498)
Total net unfunded amount recognized in Consolidated Balance Sheets | $ | (29,250) |  | $ | (32,760)
Plan Assets at Fair Value |
| As of December 31, 2019 |  | As of December 31, 2018
| Fair Value Hierarchy |  |  |  |  | Fair Value Hierarchy |  |  |
(in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  |  | Total
Cash and cash equivalents | $ | 2,867 |  | $ | — |  | $ | — |  | $ | 2,867 |  | $ | 7,587 |  | $ | — |  | $ | — |  | $ | 7,587
Fixed income funds |  | — |  |  | 2,861 |  |  | — |  |  | 2,861 |  |  | — |  |  | 2,585 |  |  | — |  |  | 2,585
Mutual funds |  | 54,085 |  |  | — |  |  | — |  |  | 54,085 |  |  | 36,436 |  |  | — |  |  | — |  |  | 36,436
| $ | 56,952 |  | $ | 2,861 |  | $ | — |  | $ | 59,813 |  | $ | 44,023 |  | $ | 2,585 |  | $ | — |  | $ | 46,608
Closely held funds(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity partnerships |  |  |  |  |  |  |  |  |  |  | 3,660 |  |  |  |  |  |  |  |  |  |  |  | 5,580
Hedge fund investments |  |  |  |  |  |  |  |  |  |  | 9,884 |  |  |  |  |  |  |  |  |  |  |  | 10,921
Total closely held funds(a) |  |  |  |  |  |  |  |  |  |  | 13,544 |  |  |  |  |  |  |  |  |  |  |  | 16,501
Total | $ | 56,952 |  | $ | 2,861 |  | $ | — |  | $ | 73,357 |  | $ | 44,023 |  | $ | 2,585 |  | $ | — |  | $ | 63,109
_____________________________________________________________________________________________________________ (a)Closely held funds in private investment were comprised of a combination of Level 1, 2 and 3 investments, but were not categorized in the fair value hierarchy because they were measured at NAV using the practical expedient under ASC 820, Fair Value Measurement (“ASC 820”).
Benefit Obligations in Excess of Fair Value of Plan's Assets |
| As of December 31, 2019 |  | As of December 31, 2018
|  |  |  | Benefit |  |  |  |  |  |  |  | Benefit |  |  |
| Pension |  | Equalization |  |  |  |  | Pension |  | Equalization |  |  |
(in thousands) | Plan |  | Plan |  | Total |  | Plan |  | Plan |  | Total
Projected benefit obligation | $ | 99,515 |  | $ | 3,092 |  | $ | 102,607 |  | $ | 92,816 |  | $ | 3,053 |  | $ | 95,869
Accumulated benefit obligation | $ | 99,515 |  | $ | 3,092 |  | $ | 102,607 |  | $ | 92,816 |  | $ | 3,053 |  | $ | 95,869
Fair value of plans' assets |  | 73,357 |  |  | — |  |  | 73,357 |  |  | 63,109 |  |  | — |  |  | 63,109
Projected benefit obligation greater than fair value of plans' assets | $ | 26,158 |  | $ | 3,092 |  | $ | 29,250 |  | $ | 29,707 |  | $ | 3,053 |  | $ | 32,760
Accumulated benefit obligation greater than fair value of plans' assets | $ | 26,158 |  | $ | 3,092 |  | $ | 29,250 |  | $ | 29,707 |  | $ | 3,053 |  | $ | 32,760
Summary of Key Information for the Plans |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Expiration
|  |  |  |  |  |  |  | FIP/RP |  |  |  |  |  |  |  |  |  |  |  |  |  | Date of
|  |  |  | Pension Protections Act |  | Status |  | Company Contributions |  |  |  | Collective
|  | EIN/Pension |  | Zone Status |  | Pending Or |  | (amounts in millions) |  | Surcharge |  | Bargaining
Pension Fund |  | Plan Number |  | 2019 |  | 2018 |  | Implemented |  |  | 2019(b) |  | 2018(b) |  | 2017 |  | Imposed |  | Agreement
The Pension, Hospitalization and Benefit Plan of the Electrical Industry - Pension Trust Fund |  | 13-6123601/001 |  | Green |  | Green |  | N/A |  | $ | 9.3 |  | $ | 12.2 |  | $ | 16.0 | (a) |  | No |  | 4/13/2022
Carpenters Pension Trust Fund for Northern California |  | 94-6050970 |  | Red |  | Red |  | Implemented |  |  | 4.0 |  |  | 4.9 |  |  | 8.2 |  |  | No |  | 6/30/2023
Excavators Union Local 731 Pension Fund |  | 13-1809825/002 |  | Green |  | Green |  | N/A |  |  | 5.1 |  |  | 4.1 |  |  | 4.3 |  |  | No |  | 4/30/2022
Northern California Electrical Workers Pension Plan |  | 94-6062674 |  | Green |  | Green |  | N/A |  |  | 3.0 |  |  | 4.1 |  |  | 5.2 |  |  | No |  | 5/31/2022
Laborers Pension Trust Fund for Northern California |  | 94-6277608 |  | Green |  | Green |  | N/A |  |  | 3.4 |  |  | 3.8 |  |  | 6.6 |  |  | No |  | 6/30/2023
Steamfitters Industry Pension Fund |  | 13-6149680/001 |  | Green |  | Green |  | N/A |  |  | 1.7 |  |  | 3.5 |  |  | 3.9 | (a) |  | No |  | 6/30/2020
_____________________________________________________________________________________________________________ (a)These amounts exceeded 5% of the respective total plan contributions. (b)The Company's contributions as a percentage of total plan contributions were not available for the 2019 and 2018 plan years for any of the above pension funds, excluding Excavators Union Local 731 Pension Fund, Northern California Electrical Workers Pension Plan and Steamfitters Industry Pension Fund for the 2018 plan year.

X
- Definition Tabular disclosure of the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall of pension plans and/or other employee benefit plans. + References No definition available. + Details
Name: | tpc_ScheduleOfFairValueOfPlanAssetsTableTextBlock
Namespace Prefix: | tpc_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in the benefit obligation, fair value of plan assets, and funded status of pension plans or other employee benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (a)(b)(c) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ChangesInProjectedBenefitObligationsFairValueOfPlanAssetsAndFundedStatusOfPlanTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

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

X
- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amounts that are recognized in the balance sheet (or statement of financial position) for pension plans and/or other employee benefit plans, showing separately the assets and current and noncurrent liabilities (if applicable) recognized. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAmountsRecognizedInBalanceSheetTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefit obligation and plan assets for defined benefit pension plan with projected benefit obligation in excess of plan assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e2417-114920 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=118257860&loc=d3e4179-114921 + Details
Name: | us-gaap_ScheduleOfBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the quantitative and qualitative information related to multiemployer plans in which the employer participates. A multiemployer plan is a pension or postretirement benefit plan to which two or more unrelated employers contribute where assets contributed by one participating employer may be used to provide benefits to employees of other participating employers. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 80 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=65877416&loc=SL14450657-114947 + Details
Name: | us-gaap_ScheduleOfMultiemployerPlansTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration