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Other Comprehensive Income (Loss) | 6 Months Ended
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Jun. 30, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] |
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) ASC 220, Comprehensive Income, establishes standards for reporting comprehensive income and its components in the consolidated financial statements. The Company reports the change in pension benefit plan assets/liabilities, cumulative foreign currency translation and change in fair value of investments as components of accumulated other comprehensive income (loss) (“AOCI”). The components of other comprehensive income (loss) and the related tax effects for the three and six months ended June 30, 2021 and 2020 were as follows:
| Three Months Ended June 30, 2021 |  | Three Months Ended June 30, 2020
(in thousands) | Before-Tax Amount | Tax Expense | Net-of-Tax Amount |  | Before-Tax Amount | Tax Expense | Net-of-Tax Amount
Other comprehensive income (loss): |  |  |  |  |  |  |
Defined benefit pension plan adjustments | $ | 683 |  | $ | (192) |  | $ | 491 |  |  | $ | 592 |  | $ | (168) |  | $ | 424 |
Foreign currency translation adjustments | 446 |  | (46) |  | 400 |  |  | 1,973 |  | (318) |  | 1,655 |
Unrealized gain in fair value of investments | 303 |  | (84) |  | 219 |  |  | 1,602 |  | (296) |  | 1,306 |
Total other comprehensive income | 1,432 |  | (322) |  | 1,110 |  |  | 4,167 |  | (782) |  | 3,385 |
Less: Other comprehensive income attributable to noncontrolling interests(a) | 280 |  | — |  | 280 |  |  | 854 |  | — |  | 854 |
Total other comprehensive income attributable to Tutor Perini Corporation | $ | 1,152 |  | $ | (322) |  | $ | 830 |  |  | $ | 3,313 |  | $ | (782) |  | $ | 2,531 |
____________________________________________________________________________________________________ (a)The only component of other comprehensive income (loss) attributable to noncontrolling interests is foreign currency translation.
| Six Months Ended June 30, 2021 |  | Six Months Ended June 30, 2020
(in thousands) | Before-Tax Amount | Tax (Expense) Benefit | Net-of-Tax Amount |  | Before-Tax Amount | Tax (Expense) Benefit | Net-of-Tax Amount
Other comprehensive income (loss): |  |  |  |  |  |  |
Defined benefit pension plan adjustments | $ | 1,366 |  | $ | (383) |  | $ | 983 |  |  | $ | 1,183 |  | $ | (336) |  | $ | 847 |
Foreign currency translation adjustments | 848 |  | (76) |  | 772 |  |  | (2,954) |  | 596 |  | (2,358) |
Unrealized gain (loss) in fair value of investments | (1,247) |  | 283 |  | (964) |  |  | 2,359 |  | (511) |  | 1,848 |
Total other comprehensive income | 967 |  | (176) |  | 791 |  |  | 588 |  | (251) |  | 337 |
Less: Other comprehensive income (loss) attributable to noncontrolling interests(a) | 576 |  | — |  | 576 |  |  | (1,166) |  | — |  | (1,166) |
Total other comprehensive income attributable to Tutor Perini Corporation | $ | 391 |  | $ | (176) |  | $ | 215 |  |  | $ | 1,754 |  | $ | (251) |  | $ | 1,503 |
____________________________________________________________________________________________________ (a)The only component of other comprehensive income (loss) attributable to noncontrolling interests is foreign currency translation. The changes in AOCI balances by component (after tax) attributable to Tutor Perini Corporation during the three and six months ended June 30, 2021 were as follows:
| Three Months Ended June 30, 2021
(in thousands) | Defined Benefit Pension Plan | Foreign Currency Translation | Unrealized Gain (Loss) in Fair Value of Investments, Net | Accumulated Other Comprehensive Income (Loss)
Attributable to Tutor Perini Corporation: |  |  |  |
Balance as of March 31, 2021 | $ | (43,595) |  | $ | (5,246) |  | $ | 1,485 |  | $ | (47,356) |
Other comprehensive income before reclassifications | — |  | 120 |  | 233 |  | 353 |
Amounts reclassified from AOCI | 491 |  | — |  | (14) |  | 477 |
Total other comprehensive income | 491 |  | 120 |  | 219 |  | 830 |
Balance as of June 30, 2021 | $ | (43,104) |  | $ | (5,126) |  | $ | 1,704 |  | $ | (46,526) |
| Six Months Ended June 30, 2021
(in thousands) | Defined Benefit Pension Plan | Foreign Currency Translation | Unrealized Gain (Loss) in Fair Value of Investments, Net | Accumulated Other Comprehensive Income (Loss)
Attributable to Tutor Perini Corporation: |  |  |  |
Balance as of December 31, 2020 | $ | (44,087) |  | $ | (5,322) |  | $ | 2,668 |  | $ | (46,741) |
Other comprehensive income (loss) before reclassifications | — |  | 196 |  | (827) |  | (631) |
Amounts reclassified from AOCI | 983 |  | — |  | (137) |  | 846 |
Total other comprehensive income (loss) | 983 |  | 196 |  | (964) |  | 215 |
Balance as of June 30, 2021 | $ | (43,104) |  | $ | (5,126) |  | $ | 1,704 |  | $ | (46,526) |
The changes in AOCI balances by component (after tax) attributable to Tutor Perini Corporation during the three and six months ended June 30, 2020 were as follows:
| Three Months Ended June 30, 2020
(in thousands) | Defined Benefit Pension Plan | Foreign Currency Translation | Unrealized Gain (Loss) in Fair Value of Investments, Net | Accumulated Other Comprehensive Income (Loss)
Attributable to Tutor Perini Corporation: |  |  |  |
Balance as of March 31, 2020 | $ | (37,403) |  | $ | (7,364) |  | $ | 1,639 |  | $ | (43,128) |
Other comprehensive income before reclassifications | — |  | 801 |  | 1,335 |  | 2,136 |
Amounts reclassified from AOCI | 424 |  | — |  | (29) |  | 395 |
Total other comprehensive income | 424 |  | 801 |  | 1,306 |  | 2,531 |
Balance as of June 30, 2020 | $ | (36,979) |  | $ | (6,563) |  | $ | 2,945 |  | $ | (40,597) |
| Six Months Ended June 30, 2020
(in thousands) | Defined Benefit Pension Plan | Foreign Currency Translation | Unrealized Gain (Loss) in Fair Value of Investments, Net | Accumulated Other Comprehensive Income (Loss)
Attributable to Tutor Perini Corporation: |  |  |  |
Balance as of December 31, 2019 | $ | (37,826) |  | $ | (5,371) |  | $ | 1,097 |  | $ | (42,100) |
Other comprehensive income (loss) before reclassifications | — |  | (1,192) |  | 1,881 |  | 689 |
Amounts reclassified from AOCI | 847 |  | — |  | (33) |  | 814 |
Total other comprehensive income (loss) | 847 |  | (1,192) |  | 1,848 |  | 1,503 |
Balance as of June 30, 2020 | $ | (36,979) |  | $ | (6,563) |  | $ | 2,945 |  | $ | (40,597) |
The significant items reclassified out of AOCI and the corresponding location and impact on the Consolidated Statements of Income during the three and six months ended June 30, 2021 and 2020 were as follows:
| Location in Consolidated | Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands) | Statements of Income | 2021 | 2020 |  | 2021 | 2020
Component of AOCI: |  |  |  |  |  |
Defined benefit pension plan adjustments | Other income, net | $ | 683 |  | $ | 592 |  |  | $ | 1,366 |  | $ | 1,183 |
Income tax benefit | Income tax expense | (192) |  | (168) |  |  | (383) |  | (336) |
Net of tax |  | $ | 491 |  | $ | 424 |  |  | $ | 983 |  | $ | 847 |
Unrealized gain in fair value of investment adjustments | Other income, net | $ | (17) |  | $ | (37) |  |  | $ | (173) |  | $ | (42) |
Income tax expense | Income tax expense | 3 |  | 8 |  |  | 36 |  | 9 |
Net of tax |  | $ | (14) |  | $ | (29) |  |  | $ | (137) |  | $ | (33) |

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- Definition The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -URI http://asc.fasb.org/topic&trid=2134417 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(21)) -URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 220 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(23)) -URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 220 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(19)) -URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263 + Details
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