XML 230 R23.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

Other Comprehensive Income (Loss) | 3 Months Ended
--- | ---
Mar. 31, 2024
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 the unrealized gain (loss) 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 months ended March 31, 2024 and 2023 were as follows:
| Three Months Ended March 31, 2024 |  | Three Months Ended March 31, 2023
(in thousands) | Before-Tax Amount | Tax (Expense) Benefit | Net-of-Tax Amount |  | Before-Tax Amount | Tax Expense | Net-of-Tax Amount
Other comprehensive income (loss): |  |  |  |  |  |  |
Defined benefit pension plan adjustments | $ | 437 |  | $ | (116) |  | $ | 321 |  |  | $ | 415 |  | $ | (114) |  | $ | 301 |
Foreign currency translation adjustments | (1,082) |  | 155 |  | (927) |  |  | 340 |  | (90) |  | 250 |
Unrealized gain (loss) in fair value of investments | (301) |  | 65 |  | (236) |  |  | 1,685 |  | (356) |  | 1,329 |
Total other comprehensive income (loss) | (946) |  | 104 |  | (842) |  |  | 2,440 |  | (560) |  | 1,880 |
Less: Other comprehensive income (loss) attributable to noncontrolling interests | (467) |  | — |  | (467) |  |  | 153 |  | — |  | 153 |
Total other comprehensive income (loss) attributable to Tutor Perini Corporation | $ | (479) |  | $ | 104 |  | $ | (375) |  |  | $ | 2,287 |  | $ | (560) |  | $ | 1,727 |
The changes in AOCI balances by component (after tax) attributable to Tutor Perini Corporation and attributable to noncontrolling interests during the three months ended March 31, 2024 and 2023 were as follows:
| Three Months Ended March 31, 2024
(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, 2023 | $ | (29,354) |  | $ | (6,893) |  | $ | (3,540) |  | $ | (39,787) |
Other comprehensive loss before reclassifications | — |  | (428) |  | (313) |  | (741) |
Amounts reclassified from AOCI | 321 |  | — |  | 45 |  | 366 |
Total other comprehensive income (loss) | 321 |  | (428) |  | (268) |  | (375) |
Balance as of March 31, 2024 | $ | (29,033) |  | $ | (7,321) |  | $ | (3,808) |  | $ | (40,162) |
Attributable to Noncontrolling Interests: |  |  |  |
Balance as of December 31, 2023 | $ | — |  | $ | (312) |  | $ | (419) |  | $ | (731) |
Other comprehensive income (loss) | — |  | (499) |  | 32 |  | (467) |
Balance as of March 31, 2024 | $ | — |  | $ | (811) |  | $ | (387) |  | $ | (1,198) |
| Three Months Ended March 31, 2023
(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, 2022 | $ | (32,637) |  | $ | (7,241) |  | $ | (7,159) |  | $ | (47,037) |
Other comprehensive income before reclassifications | — |  | 231 |  | 1,171 |  | 1,402 |
Amounts reclassified from AOCI | 301 |  | — |  | 24 |  | 325 |
Total other comprehensive income | 301 |  | 231 |  | 1,195 |  | 1,727 |
Balance as of March 31, 2023 | $ | (32,336) |  | $ | (7,010) |  | $ | (5,964) |  | $ | (45,310) |
Attributable to Noncontrolling Interests: |  |  |  |
Balance as of December 31, 2022 | $ | — |  | $ | (799) |  | $ | (931) |  | $ | (1,730) |
Other comprehensive income | — |  | 19 |  | 134 |  | 153 |
Balance as of March 31, 2023 | $ | — |  | $ | (780) |  | $ | (797) |  | $ | (1,577) |
The significant items reclassified out of AOCI and the corresponding location and impact on the Condensed Consolidated Statements of Operations during the three months ended March 31, 2024 and 2023 were as follows:
| Three Months Ended March 31, |  |
(in thousands) | 2024 | 2023 |  |  |
Component of AOCI: |  |  |  |  |
Defined benefit pension plan adjustments(a) | $ | 437 |  | $ | 415 |  |  |  |
Income tax benefit(b) | (116) |  | (114) |  |  |  |
Net of tax | $ | 321 |  | $ | 301 |  |  |  |
Unrealized loss in fair value of investment adjustments(a) | $ | 57 |  | $ | 30 |  |  |  |
Income tax benefit(b) | (12) |  | (6) |  |  |  |
Net of tax | $ | 45 |  | $ | 24 |  |  |  |
___________________________________________________________________________________________________ (a)Amounts included in other income, net on the Condensed Consolidated Statements of Operations. (b)Amounts included in income tax (expense) benefit on the Condensed Consolidated Statements of Operations.

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

X
- 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://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(19)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(21)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(23)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//220/tableOfContent + Details
Name: | us-gaap_ComprehensiveIncomeNoteTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration