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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2021
Accounting Policies [Abstract] |
Calculations of Basic and Diluted (EPS) |
| Year Ended December 31,
(in thousands, except per common share data) | 2021 | 2020 | 2019
Net income (loss) attributable to Tutor Perini Corporation | $ | 91,925 |  | $ | 108,394 |  | $ | (387,690) |
Weighted-average common shares outstanding, basic | 51,017 |  | 50,656 |  | 50,220 |
Effect of dilutive restricted stock units and stock options | 352 |  | 421 |  | — |
Weighted-average common shares outstanding, diluted | 51,369 |  | 51,077 |  | 50,220 |
Net income (loss) attributable to Tutor Perini Corporation per common share: |  |  |
Basic | $ | 1.80 |  | $ | 2.14 |  | $ | (7.72) |
Diluted | $ | 1.79 |  | $ | 2.12 |  | $ | (7.72) |
Anti-dilutive securities not included above | 1,892 |  | 1,862 |  | 3,640 |
Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets to the amounts shown in the Consolidated Statements of Cash Flows:
| As of December 31,
(in thousands) | 2021 | 2020
Cash and cash equivalents available for general corporate purposes | $ | 60,192 |  | $ | 210,841 |
Joint venture cash and cash equivalents | 142,005 |  | 163,448 |
Cash and cash equivalents | 202,197 |  | 374,289 |
Restricted cash | 9,199 |  | 77,563 |
Total cash, cash equivalents and restricted cash | $ | 211,396 |  | $ | 451,852 |
Tax Effects of Components of Other Comprehensive Income (Loss) | The components of other comprehensive income (loss) and the related tax effects for the years ended December 31, 2021, 2020 and 2019 were as follows:
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
(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 (Expense) Benefit | Net-of-Tax Amount
Other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |  |
Defined benefit pension plan adjustments | $ | 8,665 |  | $ | (2,444) |  | $ | 6,221 |  |  | $ | (8,700) |  | $ | 2,439 |  | $ | (6,261) |  |  | $ | 1,180 |  | $ | (336) |  | $ | 844 |
Foreign currency translation adjustment | (508) |  | 183 |  | (325) |  |  | 178 |  | 101 |  | 279 |  |  | 1,867 |  | (530) |  | 1,337 |
Unrealized gain (loss) in fair value of investments | (3,440) |  | 790 |  | (2,650) |  |  | 2,015 |  | (444) |  | 1,571 |  |  | 1,982 |  | (421) |  | 1,561 |
Total other comprehensive income (loss) | $ | 4,717 |  | $ | (1,471) |  | $ | 3,246 |  |  | $ | (6,507) |  | $ | 2,096 |  | $ | (4,411) |  |  | $ | 5,029 |  | $ | (1,287) |  | $ | 3,742 |
Less: Other comprehensive income attributable to noncontrolling interests(a) | 140 |  | — |  | 140 |  |  | 230 |  | — |  | 230 |  |  | 393 |  | — |  | 393 |
Total other comprehensive income (loss) attributable to Tutor Perini Corporation | $ | 4,577 |  | $ | (1,471) |  | $ | 3,106 |  |  | $ | (6,737) |  | $ | 2,096 |  | $ | (4,641) |  |  | $ | 4,636 |  | $ | (1,287) |  | $ | 3,349 |
________________________________________________________________________________________ (a)The only component of other comprehensive income (loss) attributable to noncontrolling interests is foreign currency translation.
Changes in AOCI Balances by Component | The changes in AOCI balances by component (after tax) attributable to Tutor Perini Corporation during the years ended December 31, 2021, 2020 and 2019 were as follows:
(in thousands) | Defined Benefit Pension Plan | Foreign Currency Translation | Unrealized Gain (Loss) in Fair Value of Investments | Accumulated Other Comprehensive Income (Loss)
Attributable to Tutor Perini Corporation: |  |  |  |
Balance as of December 31, 2018 | $ | (38,670) |  | $ | (6,315) |  | $ | (464) |  | $ | (45,449) |
Other comprehensive income (loss) before reclassifications | (539) |  | 944 |  | 1,621 |  | 2,026 |
Amounts reclassified from AOCI | 1,383 |  | — |  | (60) |  | 1,323 |
Balance as of December 31, 2019 | $ | (37,826) |  | $ | (5,371) |  | $ | 1,097 |  | $ | (42,100) |
Other comprehensive income (loss) before reclassifications | (7,993) |  | 49 |  | 1,820 |  | (6,124) |
Amounts reclassified from AOCI | 1,732 |  | — |  | (249) |  | 1,483 |
Balance as of December 31, 2020 | $ | (44,087) |  | $ | (5,322) |  | $ | 2,668 |  | $ | (46,741) |
Other comprehensive income (loss) before reclassifications | 4,167 |  | (465) |  | (2,372) |  | 1,330 |
Amounts reclassified from AOCI | 2,054 |  | — |  | (278) |  | 1,776 |
Balance as of December 31, 2021 | $ | (37,866) |  | $ | (5,787) |  | $ | 18 |  | $ | (43,635) |
Reclassification out of Accumulated Other Comprehensive Income | The significant items reclassified out of AOCI and the corresponding location and impact on the Consolidated Statements of Operations during the years ended December 31, 2021, 2020 and 2019 are as follows:
| Location in Consolidated | Year Ended December 31,
(in thousands) | Statements of Operations | 2021 | 2020 | 2019
Component of AOCI: |  |  |  |
Defined benefit pension plan adjustments | Other income (expense) | $ | 2,861 |  | $ | 2,407 |  | $ | 1,933 |
Income tax benefit | Income tax expense (benefit) | (807) |  | (675) |  | (550) |
Net of tax |  | $ | 2,054 |  | $ | 1,732 |  | $ | 1,383 |
Unrealized gain in fair value of investment adjustments | Other income (expense) | $ | (352) |  | $ | (315) |  | $ | (76) |
Income tax expense | Income tax expense (benefit) | 74 |  | 66 |  | 16 |
Net of tax |  | $ | (278) |  | $ | (249) |  | $ | (60) |

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