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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Schedule of Calculations of Basic and Diluted (EPS)

			Year Ended December 31,
(in thousands, except per common share data)			2024			2023			2022
Net loss attributable to Tutor Perini Corporation			$	(163,721)		$	(171,155)		$	(210,009)
Weighted-average common shares outstanding, basic			52,322			51,845			51,324
Effect of dilutive RSUs and stock options			—			—			—
Weighted-average common shares outstanding, diluted			52,322			51,845			51,324
Net loss attributable to Tutor Perini Corporation per common share:
Basic			$	(3.13)		$	(3.30)		$	(4.09)
Diluted			$	(3.13)		$	(3.30)		$	(4.09)
Anti-dilutive securities not included above			1,443			2,982			3,163

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)			2024			2023
Cash and cash equivalents available for general corporate purposes			$	265,647		$	145,055
Joint venture cash and cash equivalents			189,437			235,509
Cash and cash equivalents			455,084			380,564
Restricted cash			9,104			14,116
Total cash, cash equivalents and restricted cash			$	464,188		$	394,680

Schedule of 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, 2024, 2023 and 2022 were as follows:

			Year Ended December 31,
			2024												2023												2022
(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			$	7,906		$	(2,124)		$	5,782					$	4,477		$	(1,194)		$	3,283					$	7,230		$	(2,001)		$	5,229
Foreign currency translation adjustment			(4,523)			648			(3,875)						961			(126)			835						(3,351)			556			(2,795)
Unrealized gain (loss) in fair value of investments			2,690			(550)			2,140						5,206			(1,075)			4,131						(10,219)			2,111			(8,108)
Total other comprehensive income (loss)			$	6,073		$	(2,026)		$	4,047					$	10,644		$	(2,395)		$	8,249					$	(6,340)		$	666		$	(5,674)
Less: Other comprehensive income (loss) attributable to noncontrolling interests			(1,752)			—			(1,752)						999			—			999						(2,272)			—			(2,272)
Total other comprehensive income (loss) attributable to Tutor Perini Corporation			$	7,825		$	(2,026)		$	5,799					$	9,645		$	(2,395)		$	7,250					$	(4,068)		$	666		$	(3,402)

Schedule of Changes in AOCI Balances by Component

The changes in AOCI balances by component (after tax) attributable to Tutor Perini Corporation and noncontrolling interests during the years ended December 31, 2024, 2023 and 2022 were as follows:

(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 income (loss) before reclassifications			3,370			(1,454)			(7,273)			(5,357)
Amounts reclassified from AOCI			1,859			—			96			1,955
Balance as of December 31, 2022			$	(32,637)		$	(7,241)		$	(7,159)		$	(47,037)
Other comprehensive income before reclassifications			2,036			348			3,528			5,912
Amounts reclassified from AOCI			1,247			—			91			1,338
Balance as of December 31, 2023			$	(29,354)		$	(6,893)		$	(3,540)		$	(39,787)
Other comprehensive income (loss) before reclassifications			4,566			(1,764)			1,680			4,482
Amounts reclassified from AOCI			1,216			—			101			1,317
Balance as of December 31, 2024			$	(23,572)		$	(8,657)		$	(1,759)		$	(33,988)

(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 Noncontrolling Interests:
Balance as of December 31, 2021			$	—		$	542		$	—		$	542
Other comprehensive loss			—			(1,341)			(931)			(2,272)
Balance as of December 31, 2022			$	—		$	(799)		$	(931)		$	(1,730)
Other comprehensive income			—			487			512			999
Balance as of December 31, 2023			$	—		$	(312)		$	(419)		$	(731)
Other comprehensive income (loss)			—			(2,111)			359			(1,752)
Balance as of December 31, 2024			$	—		$	(2,423)		$	(60)		$	(2,483)

Schedule of 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, 2024, 2023 and 2022 are as follows:

			Year Ended December 31,
(in thousands)			2024			2023			2022
Component of AOCI:
Defined benefit pension plan adjustments(a)			$	1,664		$	1,700		$	2,570
Income tax benefit(b)			(448)			(453)			(711)
Net of tax			$	1,216		$	1,247		$	1,859
Unrealized loss in fair value of investment adjustments(a)			$	128		$	115		$	121
Income tax benefit(b)			(27)			(24)			(25)
Net of tax			$	101		$	91		$	96

___________________________________________________________________________________________________

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

(b)Amounts included in income tax benefit on the Consolidated Statements of Operations.

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