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”).


	Three Months Ended June 30, 2024						Three Months Ended June 30, 2023
(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	$	438	$	(117)	$	321	$	411	$	(115)	$	296
Foreign currency translation adjustments	(869)		166		(703)		562		(34)		528
Unrealized gain (loss) in fair value of investments	153		(28)		125		(751)		159		(592)
Total other comprehensive income (loss)	(278)		21		(257)		222		10		232
Less: Other comprehensive income (loss) attributable to noncontrolling interests	(193)		—		(193)		401		—		401
Total other comprehensive loss attributable to Tutor Perini Corporation	$	(85)	$	21	$	(64)	$	(179)	$	10	$	(169)


	Six Months Ended June 30, 2024						Six Months Ended June 30, 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	$	875	$	(233)	$	642	$	826	$	(229)	$	597
Foreign currency translation adjustments	(1,951)		321		(1,630)		902		(124)		778
Unrealized gain (loss) in fair value of investments	(148)		37		(111)		934		(197)		737
Total other comprehensive income (loss)	(1,224)		125		(1,099)		2,662		(550)		2,112
Less: Other comprehensive income (loss) attributable to noncontrolling interests	(660)		—		(660)		554		—		554
Total other comprehensive income (loss) attributable to Tutor Perini Corporation	$	(564)	$	125	$	(439)	$	2,108	$	(550)	$	1,558

The changes in AOCI balances by component (after tax) attributable to Tutor Perini Corporation and attributable to noncontrolling interests during the three and six months ended June 30, 2024 and 2023 were as follows:


	Three Months Ended June 30, 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 March 31, 2024	$	(29,033)	$	(7,321)	$	(3,808)	$	(40,162)
Other comprehensive income (loss) before reclassifications	—		(463)		108		(355)
Amounts reclassified from AOCI	321		—		(30)		291
Total other comprehensive income (loss)	321		(463)		78		(64)
Balance as of June 30, 2024	$	(28,712)	$	(7,784)	$	(3,730)	$	(40,226)
Attributable to Noncontrolling Interests:
Balance as of March 31, 2024	$	—	$	(811)	$	(387)	$	(1,198)
Other comprehensive income (loss)	—		(240)		47		(193)
Balance as of June 30, 2024	$	—	$	(1,051)	$	(340)	$	(1,391)


	Six Months Ended June 30, 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	—		(891)		(205)		(1,096)
Amounts reclassified from AOCI	642		—		15		657
Total other comprehensive income (loss)	642		(891)		(190)		(439)
Balance as of June 30, 2024	$	(28,712)	$	(7,784)	$	(3,730)	$	(40,226)
Attributable to Noncontrolling Interests:
Balance as of December 31, 2023	$	—	$	(312)	$	(419)	$	(731)
Other comprehensive income (loss)	—		(739)		79		(660)
Balance as of June 30, 2024	$	—	$	(1,051)	$	(340)	$	(1,391)


	Three Months Ended June 30, 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 March 31, 2023	$	(32,336)	$	(7,010)	$	(5,964)	$	(45,310)
Other comprehensive income (loss) before reclassifications	—		90		(598)		(508)
Amounts reclassified from AOCI	296		—		43		339
Total other comprehensive income (loss)	296		90		(555)		(169)
Balance as of June 30, 2023	$	(32,040)	$	(6,920)	$	(6,519)	$	(45,479)
Attributable to Noncontrolling Interests:
Balance as of March 31, 2023	$	—	$	(780)	$	(797)	$	(1,577)
Other comprehensive income (loss)	—		438		(37)		401
Balance as of June 30, 2023	$	—	$	(342)	$	(834)	$	(1,176)


	Six Months Ended June 30, 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	—		321		573		894
Amounts reclassified from AOCI	597		—		67		664
Total other comprehensive income	597		321		640		1,558
Balance as of June 30, 2023	$	(32,040)	$	(6,920)	$	(6,519)	$	(45,479)
Attributable to Noncontrolling Interests:
Balance as of December 31, 2022	$	—	$	(799)	$	(931)	$	(1,730)
Other comprehensive income	—		457		97		554
Balance as of June 30, 2023	$	—	$	(342)	$	(834)	$	(1,176)

The significant items reclassified out of AOCI and the corresponding location and impact on the Condensed Consolidated Statements of Operations during the three and six months ended June 30, 2024 and 2023 were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2024		2023		2024		2023
Component of AOCI:
Defined benefit pension plan adjustments(a)	$	438	$	411	$	875	$	826
Income tax benefit(b)	(117)		(115)		(233)		(229)
Net of tax	$	321	$	296	$	642	$	597

Unrealized (gain) loss in fair value of investment adjustments(a)	$	(38)	$	55	$	19	$	85
Income tax expense (benefit)(b)	8		(12)		(4)		(18)
Net of tax	$	(30)	$	43	$	15	$	67