XML 35 R23.htm IDEA: XBRL DOCUMENT v3.24.3

Other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 2024 and 2023 were as follows:

			Three Months Ended September 30, 2024												Three Months Ended September 30, 2023
(in thousands)			Before-Tax Amount			Tax Expense			Net-of-Tax Amount						Before-Tax Amount			Tax (Expense) Benefit			Net-of-Tax Amount
Other comprehensive income (loss):
Defined benefit pension plan adjustments			$	282		$	(75)		$	207					$	413		$	(114)		$	299
Foreign currency translation adjustments			1,046			(192)			854						(1,204)			187			(1,017)
Unrealized gain (loss) in fair value of investments			4,872			(1,014)			3,858						(329)			74			(255)
Total other comprehensive income (loss)			6,200			(1,281)			4,919						(1,120)			147			(973)
Less: Other comprehensive income (loss) attributable to noncontrolling interests			677			—			677						(473)			—			(473)
Total other comprehensive income (loss) attributable to Tutor Perini Corporation			$	5,523		$	(1,281)		$	4,242					$	(647)		$	147		$	(500)

			Nine Months Ended September 30, 2024												Nine Months Ended September 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			$	1,157		$	(308)		$	849					$	1,239		$	(343)		$	896
Foreign currency translation adjustments			(905)			129			(776)						(302)			63			(239)
Unrealized gain in fair value of investments			4,724			(977)			3,747						605			(123)			482
Total other comprehensive income			4,976			(1,156)			3,820						1,542			(403)			1,139
Less: Other comprehensive income attributable to noncontrolling interests			17			—			17						81			—			81
Total other comprehensive income attributable to Tutor Perini Corporation			$	4,959		$	(1,156)		$	3,803					$	1,461		$	(403)		$	1,058

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, 2024 and 2023 were as follows:

			Three Months Ended September 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 June 30, 2024			$	(28,712)		$	(7,784)		$	(3,730)		$	(40,226)
Other comprehensive income before reclassifications			—			535			3,411			3,946
Amounts reclassified from AOCI			207			—			89			296
Total other comprehensive income			207			535			3,500			4,242
Balance as of September 30, 2024			$	(28,505)		$	(7,249)		$	(230)		$	(35,984)
Attributable to Noncontrolling Interests:
Balance as of June 30, 2024			$	—		$	(1,051)		$	(340)		$	(1,391)
Other comprehensive income			—			319			358			677
Balance as of September 30, 2024			$	—		$	(732)		$	18		$	(714)

			Nine Months Ended September 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 income (loss) before reclassifications			—			(356)			3,206			2,850
Amounts reclassified from AOCI			849			—			104			953
Total other comprehensive income (loss)			849			(356)			3,310			3,803
Balance as of September 30, 2024			$	(28,505)		$	(7,249)		$	(230)		$	(35,984)
Attributable to Noncontrolling Interests:
Balance as of December 31, 2023			$	—		$	(312)		$	(419)		$	(731)
Other comprehensive income (loss)			—			(420)			437			17
Balance as of September 30, 2024			$	—		$	(732)		$	18		$	(714)

			Three Months Ended September 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 June 30, 2023			$	(32,040)		$	(6,920)		$	(6,519)		$	(45,479)
Other comprehensive loss before reclassifications			—			(484)			(329)			(813)
Amounts reclassified from AOCI			299			—			14			313
Total other comprehensive income (loss)			299			(484)			(315)			(500)
Balance as of September 30, 2023			$	(31,741)		$	(7,404)		$	(6,834)		$	(45,979)
Attributable to Noncontrolling Interests:
Balance as of June 30, 2023			$	—		$	(342)		$	(834)		$	(1,176)
Other comprehensive income (loss)			—			(533)			60			(473)
Balance as of September 30, 2023			$	—		$	(875)		$	(774)		$	(1,649)

			Nine Months Ended September 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 (loss) before reclassifications			—			(163)			244			81
Amounts reclassified from AOCI			896			—			81			977
Total other comprehensive income (loss)			896			(163)			325			1,058
Balance as of September 30, 2023			$	(31,741)		$	(7,404)		$	(6,834)		$	(45,979)
Attributable to Noncontrolling Interests:
Balance as of December 31, 2022			$	—		$	(799)		$	(931)		$	(1,730)
Other comprehensive income (loss)			—			(76)			157			81
Balance as of September 30, 2023			$	—		$	(875)		$	(774)		$	(1,649)

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, 2024 and 2023 were as follows:

			Three Months Ended September 30,									Nine Months Ended September 30,
(in thousands)			2024			2023						2024			2023
Component of AOCI:
Defined benefit pension plan adjustments(a)			$	282		$	413					$	1,157		$	1,239
Income tax benefit(b)			(75)			(114)						(308)			(343)
Net of tax			$	207		$	299					$	849		$	896
Unrealized loss in fair value of investment adjustments(a)			$	113		$	18					$	132		$	103
Income tax benefit(b)			(24)			(4)						(28)			(22)
Net of tax			$	89		$	14					$	104		$	81

___________________________________________________________________________________________________

(a)Amounts included in other income, net on the Condensed Consolidated Statements of Operations.

(b)Amounts included in income tax 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/1943274/2147477250/944-220-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/1943274/2147478524/942-220-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