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Other Comprehensive Income (Loss) | 9 Months Ended
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Sep. 30, 2022
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 nine months ended September 30, 2022 and 2021 were as follows:
| Three Months Ended September 30, 2022 |  | Three Months Ended September 30, 2021
(in thousands) | Before-Tax Amount | Tax (Expense) Benefit | Net-of-Tax Amount |  | Before-Tax Amount | Tax (Expense) Benefit | Net-of-Tax Amount
Other comprehensive loss: |  |  |  |  |  |  |
Defined benefit pension plan adjustments | $ | 639 |  | $ | (181) |  | $ | 458 |  |  | $ | 683 |  | $ | (191) |  | $ | 492 |
Foreign currency translation adjustments | (3,016) |  | 489 |  | (2,527) |  |  | (1,389) |  | 264 |  | (1,125) |
Unrealized loss in fair value of investments | (3,188) |  | 678 |  | (2,510) |  |  | (581) |  | 133 |  | (448) |
Total other comprehensive loss | (5,565) |  | 986 |  | (4,579) |  |  | (1,287) |  | 206 |  | (1,081) |
Less: Other comprehensive loss attributable to noncontrolling interests | (1,525) |  | — |  | (1,525) |  |  | (447) |  | — |  | (447) |
Total other comprehensive loss attributable to Tutor Perini Corporation | $ | (4,040) |  | $ | 986 |  | $ | (3,054) |  |  | $ | (840) |  | $ | 206 |  | $ | (634) |
| Nine Months Ended September 30, 2022 |  | Nine Months Ended September 30, 2021
(in thousands) | Before-Tax Amount | Tax (Expense) Benefit | Net-of-Tax Amount |  | Before-Tax Amount | Tax (Expense) Benefit | Net-of-Tax Amount
Other comprehensive loss: |  |  |  |  |  |  |
Defined benefit pension plan adjustments | $ | 1,916 |  | $ | (543) |  | $ | 1,373 |  |  | $ | 2,049 |  | $ | (574) |  | $ | 1,475 |
Foreign currency translation adjustments | (4,458) |  | 798 |  | (3,660) |  |  | (541) |  | 188 |  | (353) |
Unrealized loss in fair value of investments | (11,086) |  | 2,314 |  | (8,772) |  |  | (1,828) |  | 416 |  | (1,412) |
Total other comprehensive loss | (13,628) |  | 2,569 |  | (11,059) |  |  | (320) |  | 30 |  | (290) |
Less: Other comprehensive income (loss) attributable to noncontrolling interests | (2,677) |  | — |  | (2,677) |  |  | 129 |  | — |  | 129 |
Total other comprehensive loss attributable to Tutor Perini Corporation | $ | (10,951) |  | $ | 2,569 |  | $ | (8,382) |  |  | $ | (449) |  | $ | 30 |  | $ | (419) |
The changes in AOCI balances by component (after tax) attributable to Tutor Perini Corporation and attributable to noncontrolling interests during the three and nine months ended September 30, 2022 were as follows:
| Three Months Ended September 30, 2022
(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 June 30, 2022 | $ | (36,951) |  | $ | (6,568) |  | $ | (5,444) |  | $ | (48,963) |
Other comprehensive loss before reclassifications | — |  | (1,238) |  | (2,337) |  | (3,575) |
Amounts reclassified from AOCI | 458 |  | — |  | 63 |  | 521 |
Total other comprehensive income (loss) | 458 |  | (1,238) |  | (2,274) |  | (3,054) |
Balance as of September 30, 2022 | $ | (36,493) |  | $ | (7,806) |  | $ | (7,718) |  | $ | (52,017) |
Attributable to Noncontrolling Interests: |  |  |  |
Balance as of June 30, 2022 | $ | — |  | $ | 190 |  | $ | (800) |  | $ | (610) |
Other comprehensive loss | — |  | (1,289) |  | (236) |  | (1,525) |
Balance as of September 30, 2022 | $ | — |  | $ | (1,099) |  | $ | (1,036) |  | $ | (2,135) |
| Nine Months Ended September 30, 2022
(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, 2021 | $ | (37,866) |  | $ | (5,787) |  | $ | 18 |  | $ | (43,635) |
Other comprehensive loss before reclassifications | — |  | (2,019) |  | (7,832) |  | (9,851) |
Amounts reclassified from AOCI | 1,373 |  | — |  | 96 |  | 1,469 |
Total other comprehensive income (loss) | 1,373 |  | (2,019) |  | (7,736) |  | (8,382) |
Balance as of September 30, 2022 | $ | (36,493) |  | $ | (7,806) |  | $ | (7,718) |  | $ | (52,017) |
Attributable to Noncontrolling Interests: |  |  |  |
Balance as of December 31, 2021 | $ | — |  | $ | 542 |  | $ | — |  | $ | 542 |
Other comprehensive loss | — |  | (1,641) |  | (1,036) |  | (2,677) |
Balance as of September 30, 2022 | $ | — |  | $ | (1,099) |  | $ | (1,036) |  | $ | (2,135) |
The changes in AOCI balances by component (after tax) attributable to Tutor Perini Corporation and attributable to noncontrolling interests during the three and nine months ended September 30, 2021 were as follows:
| Three Months Ended September 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 June 30, 2021 | $ | (43,104) |  | $ | (5,126) |  | $ | 1,704 |  | $ | (46,526) |
Other comprehensive loss before reclassifications | — |  | (678) |  | (391) |  | (1,069) |
Amounts reclassified from AOCI | 492 |  | — |  | (57) |  | 435 |
Total other comprehensive income (loss) | 492 |  | (678) |  | (448) |  | (634) |
Balance as of September 30, 2021 | $ | (42,612) |  | $ | (5,804) |  | $ | 1,256 |  | $ | (47,160) |
Attributable to Noncontrolling Interests: |  |  |  |
Balance as of June 30, 2021 | $ | — |  | $ | 978 |  | $ | — |  | $ | 978 |
Other comprehensive loss | — |  | (447) |  | — |  | (447) |
Balance as of September 30, 2021 | $ | — |  | $ | 531 |  | $ | — |  | $ | 531 |
| Nine Months Ended September 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 loss before reclassifications | — |  | (482) |  | (1,218) |  | (1,700) |
Amounts reclassified from AOCI | 1,475 |  | — |  | (194) |  | 1,281 |
Total other comprehensive income (loss) | 1,475 |  | (482) |  | (1,412) |  | (419) |
Balance as of September 30, 2021 | $ | (42,612) |  | $ | (5,804) |  | $ | 1,256 |  | $ | (47,160) |
Attributable to Noncontrolling Interests: |  |  |  |
Balance as of December 31, 2020 | $ | — |  | $ | 402 |  | $ | — |  | $ | 402 |
Other comprehensive income | — |  | 129 |  | — |  | 129 |
Balance as of September 30, 2021 | $ | — |  | $ | 531 |  | $ | — |  | $ | 531 |
The significant items reclassified out of AOCI and the corresponding location and impact on the Condensed Consolidated Statements of Operations during the three and nine months ended September 30, 2022 and 2021 were as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands) | 2022 | 2021 |  | 2022 | 2021
Component of AOCI: |  |  |  |  |
Defined benefit pension plan adjustments(a) | $ | 639 |  | $ | 683 |  |  | $ | 1,916 |  | $ | 2,049 |
Income tax benefit(b) | (181) |  | (191) |  |  | (543) |  | (574) |
Net of tax | $ | 458 |  | $ | 492 |  |  | $ | 1,373 |  | $ | 1,475 |
Unrealized (gain) loss in fair value of investment adjustments(a) | $ | 79 |  | $ | (73) |  |  | $ | 121 |  | $ | (246) |
Income tax expense (benefit)(b) | (16) |  | 16 |  |  | (25) |  | 52 |
Net of tax | $ | 63 |  | $ | (57) |  |  | $ | 96 |  | $ | (194) |
___________________________________________________________________________________________________ (a)Amount included in other income (expense) on the Condensed Consolidated Statements of Operations. (b)Amounts included in income tax (expense) benefit on the Condensed Consolidated Statements of Operations.

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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 https://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 https://asc.fasb.org/extlink&oid=126953954&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 https://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 https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263 + Details
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