Tutor Perini (TPC) 10-Q 3 Nov 21 2021 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2021	Oct. 28, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	1-6314
Entity Registrant Name	Tutor Perini Corporation
Entity Incorporation, State or Country Code	MA
Entity Tax Identification Number	04-1717070
Entity Address, Address Line One	15901 OLDEN STREET
Entity Address, City or Town	SYLMAR
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91342-1093
City Area Code	818
Local Phone Number	362-8391
Title of 12(b) Security	Common Stock, $1.00 par value
Trading Symbol	TPC
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		51,072,432
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000077543
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
REVENUE	$ 1,178,222	$ 1,442,091	$ 3,605,060	$ 3,969,247
COST OF OPERATIONS	(1,064,245)	(1,317,176)	(3,253,139)	(3,615,498)
GROSS PROFIT	113,977	124,915	351,921	353,749
General and administrative expenses	(61,884)	(41,894)	(181,371)	(165,805)
INCOME FROM CONSTRUCTION OPERATIONS	52,093	83,021	170,550	187,944
Other income (expense)	(464)	(8,048)	1,142	(8,364)
Interest expense	(16,694)	(25,613)	(52,442)	(58,513)
INCOME BEFORE INCOME TAXES	34,935	49,360	119,250	121,067
Income tax expense	(8,694)	(37)	(26,293)	(14,747)
NET INCOME	26,241	49,323	92,957	106,320
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	10,847	12,504	30,364	33,421
NET INCOME ATTRIBUTABLE TO TUTOR PERINI CORPORATION	$ 15,394	$ 36,819	$ 62,593	$ 72,899
BASIC EARNINGS PER COMMON SHARE (in dollars per share)	$ 0.30	$ 0.72	$ 1.23	$ 1.44
DILUTED EARNINGS PER COMMON SHARE (in dollars per share)	$ 0.30	$ 0.72	$ 1.22	$ 1.43
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING:
BASIC (in shares)	51,072	50,787	50,995	50,598
DILUTED (in shares)	51,366	51,241	51,364	51,004

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
NET INCOME	$ 26,241	$ 49,323	$ 92,957	$ 106,320
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
Defined benefit pension plan adjustments	492	424	1,475	1,271
Foreign currency translation adjustments	(1,125)	1,102	(353)	(1,256)
Unrealized gain (loss) in fair value of investments	(448)	(225)	(1,412)	1,623
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX	(1,081)	1,301	(290)	1,638
COMPREHENSIVE INCOME	25,160	50,624	92,667	107,958
LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	10,400	13,024	30,493	32,775
COMPREHENSIVE INCOME ATTRIBUTABLE TO TUTOR PERINI CORPORATION	$ 14,760	$ 37,600	$ 62,174	$ 75,183

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
CURRENT ASSETS:
Cash and cash equivalents ($72,473 and $105,735 related to variable interest entities (“VIEs”))	$ 187,535	$ 374,289
Restricted cash	6,922	77,563
Restricted investments	86,576	78,912
Accounts receivable ($99,841 and $86,012 related to VIEs)	1,426,709	1,415,063
Retainage receivable ($150,301 and $122,335 related to VIEs)	637,124	648,441
Costs and estimated earnings in excess of billings ($142,587 and $39,846 related to VIEs)	1,388,010	1,236,734
Other current assets ($44,851 and $51,746 related to VIEs)	204,555	249,455
Total current assets	3,937,431	4,080,457
PROPERTY AND EQUIPMENT (“P&E”), net of accumulated depreciation of $477,556 and $434,294 (net P&E of $2,413 and $12,840 related to VIEs)	440,982	489,217
GOODWILL	205,143	205,143
INTANGIBLE ASSETS, NET	96,469	123,115
OTHER ASSETS	147,725	147,685
TOTAL ASSETS	4,827,750	5,045,617
CURRENT LIABILITIES:
Current maturities of long-term debt, net of unamortized discount and debt issuance costs totaling $0 and $2,040	28,029	100,188
Accounts payable ($75,333 and $116,461 related to VIEs)	656,135	794,611
Retainage payable ($34,620 and $26,439 related to VIEs)	286,036	315,135
Billings in excess of costs and estimated earnings ($340,943 and $362,427 related to VIEs)	754,939	839,222
Accrued expenses and other current liabilities ($9,892 and $9,595 related to VIEs)	207,850	215,207
Total current liabilities	1,932,989	2,264,363
LONG-TERM DEBT, less current maturities, net of unamortized discount and debt issuance costs totaling $17,921 and $20,209	939,955	925,277
DEFERRED INCOME TAXES	83,065	82,966
OTHER LONG-TERM LIABILITIES	241,123	230,066
TOTAL LIABILITIES	3,197,132	3,502,672
COMMITMENTS AND CONTINGENCIES (NOTE 11)
Stockholders' equity:
Preferred stock - authorized 1,000,000 shares ($1 par value), none issued	0	0
Common stock - authorized 112,500,000 shares ($1 par value), issued and outstanding 51,072,432 and 50,827,205 shares	51,072	50,827
Additional paid-in capital	1,132,396	1,127,385
Retained earnings	484,978	422,385
Accumulated other comprehensive loss	(47,160)	(46,741)
Total stockholders' equity	1,621,286	1,553,856
Noncontrolling interests	9,332	(10,911)
TOTAL EQUITY	1,630,618	1,542,945
TOTAL LIABILITIES AND EQUITY	$ 4,827,750	$ 5,045,617

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Cash and cash equivalents	$ 187,535	$ 374,289
Accounts receivable	1,426,709	1,415,063
Retainage receivable	637,124	648,441
Costs and estimated earnings in excess of billings	1,388,010	1,236,734
Other current assets	204,555	249,455
Accumulated depreciation	477,556	434,294
Property and equipment, net	440,982	489,217
Unamortized discount and debt issuance costs, current	0	2,040
Accounts payable	656,135	794,611
Retainage payable	286,036	315,135
Billings in excess of costs and estimated earnings	754,939	839,222
Accrued expenses and other current liabilities	207,850	215,207
Unamortized discount and debt issuance costs, non-current	$ 17,921	$ 20,209
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, shares issued (in shares)	0	0
Common stock, shares authorized (in shares)	112,500,000	112,500,000
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares issued (in shares)	51,072,432	50,827,205
Common stock, shares outstanding (in shares)	51,072,432	50,827,205
VIEs
Cash and cash equivalents	$ 72,473	$ 105,735
Accounts receivable	99,841	86,012
Retainage receivable	150,301	122,335
Costs and estimated earnings in excess of billings	142,587	39,846
Other current assets	44,851	51,746
Property and equipment, net	2,413	12,840
Accounts payable	75,333	116,461
Retainage payable	34,620	26,439
Billings in excess of costs and estimated earnings	340,943	362,427
Accrued expenses and other current liabilities	$ 9,892	$ 9,595

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash Flows from Operating Activities:
Net income	$ 92,957	$ 106,320
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation	65,550	55,755
Amortization of intangible assets	26,646	23,879
Share-based compensation expense	8,103	10,722
Change in debt discounts and deferred debt issuance costs	4,802	18,960
Deferred income taxes	124	22,137
(Gain) loss on sale of property and equipment	2,004	(2,609)
Changes in other components of working capital	(363,074)	(107,786)
Other long-term liabilities	11,225	3,899
Other, net	(955)	(309)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	(152,618)	130,968
Cash Flows from Investing Activities:
Acquisition of property and equipment	(27,162)	(43,396)
Proceeds from sale of property and equipment	5,236	13,320
Investments in securities	(25,541)	(22,692)
Proceeds from maturities and sales of investments in securities	16,443	19,901
NET CASH USED IN INVESTING ACTIVITIES	(31,024)	(32,867)
Cash Flows from Financing Activities:
Proceeds from debt	448,270	1,183,012
Repayment of debt	(510,146)	(1,004,259)
Cash payments related to share-based compensation	(1,627)	(1,697)
Distributions paid to noncontrolling interests	(17,250)	(37,217)
Contributions from noncontrolling interests	7,000	0
Debt issuance, extinguishment and modification costs	0	(10,701)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	(73,753)	129,138
Net increase (decrease) in cash, cash equivalents and restricted cash	(257,395)	227,239
Cash, cash equivalents and restricted cash at beginning of period	451,852	202,101
Cash, cash equivalents and restricted cash at end of period	$ 194,457	$ 429,340

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The Condensed Consolidated Financial Statements do not include footnotes and certain financial information normally presented annually under generally accepted accounting principles in the United States (“GAAP”). Therefore, they should be read in conjunction with the audited consolidated financial statements and the related notes included in Tutor Perini Corporation’s (the “Company”) Annual Report on Form 10-K for the year ended December 31, 2020. The results of operations for the three and nine months ended September 30, 2021 may not be indicative of the results that will be achieved for the full year ending December 31, 2021. In the opinion of management, the accompanying unaudited Condensed Consolidated Financial Statements reflect all adjustments, including those of a normal recurring nature, necessary to present fairly the Company’s consolidated financial position as of September 30, 2021 and its consolidated statements of income and cash flows for the interim periods presented. Intercompany balances and transactions have been eliminated. Certain amounts in the notes to the condensed consolidated financial statements of prior years have been reclassified to conform to the current year presentation.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	9 Months Ended
	Sep. 30, 2021
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, Simplifying the Accounting for Income Taxes (“ASU 2019-12”), modifying Accounting Standards Codification (“ASC”) 740, Income Taxes (“ASC 740”). The amendments in ASU 2019-12, among other things, remove certain exceptions to the general principles in ASC 740 and seek more consistent application by clarifying and amending the existing guidance. The Company adopted this ASU effective January 1, 2021. The adoption of ASU 2019-12 did not have a material impact on the Company’s financial position, results of operations or cash flows.

Revenue

Revenue	9 Months Ended
	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Disaggregation of Revenue The following tables disaggregate revenue by end market, customer type and contract type, which the Company believes best depicts how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors for the three and nine months ended September 30, 2021 and 2020. Three Months Ended Nine Months Ended (in thousands) 2021 2020 2021 2020 Civil segment revenue by end market: Mass transit (includes certain transportation and tunneling projects) $ 386,913 $ 372,131 $ 1,062,322 $ 1,024,083 Bridges 67,117 104,722 179,059 246,006 Military defense facilities 46,615 44,246 140,736 102,898 Water 22,470 23,277 74,080 76,569 Highways 7,101 30,086 48,153 98,259 Other 16,002 37,534 72,795 119,786 Total Civil segment revenue $ 546,218 $ 611,996 $ 1,577,145 $ 1,667,601 Three Months Ended Nine Months Ended (in thousands) 2021 2020 2021 2020 Building segment revenue by end market: Commercial and industrial facilities $ 75,402 $ 162,364 $ 307,414 $ 402,312 Hospitality and gaming 89,317 119,588 276,029 346,517 Municipal and government 76,471 66,505 222,855 215,230 Education facilities 39,528 50,425 123,988 129,085 Mass transit (includes transportation projects) 38,868 50,206 99,747 174,605 Health care facilities 20,287 26,344 44,294 94,651 Other 21,068 32,708 76,507 100,525 Total Building segment revenue $ 360,941 $ 508,140 $ 1,150,834 $ 1,462,925 Three Months Ended Nine Months Ended (in thousands) 2021 2020 2021 2020 Specialty Contractors segment revenue by end market: Mass transit (includes certain transportation and tunneling projects) $ 135,971 $ 179,875 $ 465,179 $ 447,180 Commercial and industrial facilities 33,897 41,378 109,283 115,382 Multi-unit residential 28,054 39,014 101,498 103,118 Water 29,161 20,413 67,829 46,341 Education facilities 13,876 12,236 45,657 39,131 Other 30,104 29,039 87,635 87,569 Total Specialty Contractors segment revenue $ 271,063 $ 321,955 $ 877,081 $ 838,721 Three Months Ended Three Months Ended (in thousands) Civil Building Specialty Total Civil Building Specialty Total Revenue by customer type: State and local agencies $ 478,720 $ 99,540 $ 110,012 $ 688,272 $ 526,771 $ 126,448 $ 155,175 $ 808,394 Federal agencies 48,680 50,437 14,716 113,833 48,861 32,392 29,362 110,615 Private owners 18,818 210,964 146,335 376,117 36,364 349,300 137,418 523,082 Total revenue $ 546,218 $ 360,941 $ 271,063 $ 1,178,222 $ 611,996 $ 508,140 $ 321,955 $ 1,442,091 Nine Months Ended Nine Months Ended (in thousands) Civil Building Specialty Total Civil Building Specialty Total Revenue by customer type: State and local agencies $ 1,350,555 $ 268,396 $ 377,016 $ 1,995,967 $ 1,426,644 $ 430,212 $ 401,671 $ 2,258,527 Federal agencies 149,648 150,085 41,657 341,390 128,112 99,013 50,410 277,535 Private owners 76,942 732,353 458,408 1,267,703 112,845 933,700 386,640 1,433,185 Total revenue $ 1,577,145 $ 1,150,834 $ 877,081 $ 3,605,060 $ 1,667,601 $ 1,462,925 $ 838,721 $ 3,969,247 Three Months Ended Three Months Ended (in thousands) Civil Building Specialty Total Civil Building Specialty Total Revenue by contract type: Fixed price $ 473,212 $ 89,895 $ 235,534 $ 798,641 $ 484,851 $ 117,650 $ 284,534 $ 887,035 Guaranteed maximum price 502 219,395 5,420 225,317 179 308,299 1,923 310,401 Unit price 71,429 130 23,558 95,117 124,506 254 31,191 155,951 Cost plus fee and other 1,075 51,521 6,551 59,147 2,460 81,937 4,307 88,704 Total revenue $ 546,218 $ 360,941 $ 271,063 $ 1,178,222 $ 611,996 $ 508,140 $ 321,955 $ 1,442,091 Nine Months Ended Nine Months Ended (in thousands) Civil Building Specialty Total Civil Building Specialty Total Revenue by contract type: Fixed price $ 1,353,436 $ 269,693 $ 775,292 $ 2,398,421 $ 1,349,750 $ 401,957 $ 743,241 $ 2,494,948 Guaranteed maximum price 2,270 737,251 9,113 748,634 768 794,810 3,850 799,428 Unit price 212,678 (1,323) 80,558 291,913 307,654 1,417 70,784 379,855 Cost plus fee and other 8,761 145,213 12,118 166,092 9,429 264,741 20,846 295,016 Total revenue $ 1,577,145 $ 1,150,834 $ 877,081 $ 3,605,060 $ 1,667,601 $ 1,462,925 $ 838,721 $ 3,969,247 Changes in Contract Estimates that Impact Revenue Changes to the total estimated contract revenue or cost for a given project, either due to unexpected events or revisions to management’s initial estimates, are recognized in the period in which they are determined. Revenue was negatively impacted during the three and nine month periods ended September 30, 2021 related to performance obligations satisfied (or partially satisfied) in prior periods by $2.1 million and $37.1 million, respectively. Likewise, revenue was negatively impacted during the three and nine month periods ended September 30, 2020 related to performance obligations satisfied (or partially satisfied) in prior periods by $30.4 million and $71.3 million, respectively. Remaining Performance Obligations Remaining performance obligations represent the transaction price of firm orders for which work has not been performed and exclude unexercised contract options. As of September 30, 2021, the aggregate amounts of the transaction prices allocated to the remaining performance obligations of the Company’s construction contracts were $4.4 billion, $1.8 billion and $1.4 billion for the Civil, Building and Specialty Contractors segments, respectively. As of September 30, 2020, the aggregate amounts of the transaction prices allocated to the remaining performance obligations of the Company’s construction contracts were $5.1 billion, $1.9 billion and $1.9 billion for the Civil, Building and Specialty Contractors segments, respectively. The Company typically recognizes revenue on Civil segment projects over a period of three one

Contract Assets and Liabilities

Contract Assets and Liabilities	9 Months Ended
	Sep. 30, 2021
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Contract Assets and Liabilities	Contract Assets and LiabilitiesThe Company classifies contract assets and liabilities that may be settled beyond one year from the balance sheet date as current, consistent with the length of time of the Company’s project operating cycle. Contract assets include amounts due under retainage provisions, costs and estimated earnings in excess of billings and capitalized contract costs. The amounts as included on the Condensed Consolidated Balance Sheets consisted of the following: (in thousands) As of September 30, As of December 31, Retainage receivable $ 637,124 $ 648,441 Costs and estimated earnings in excess of billings: Claims 840,176 752,783 Unapproved change orders 448,600 415,489 Other unbilled costs and profits 99,234 68,462 Total costs and estimated earnings in excess of billings 1,388,010 1,236,734 Capitalized contract costs 72,543 74,452 Total contract assets $ 2,097,677 $ 1,959,627 Retainage receivable represents amounts invoiced to customers where payments have been partially withheld pending the completion of certain milestones, satisfaction of other contractual conditions or the completion of the project. Retainage agreements vary from project to project, and balances could be outstanding for several months or years depending on a number of circumstances such as contract-specific terms, project performance and other variables that may arise as the Company makes progress toward completion. Costs and estimated earnings in excess of billings represent the excess of contract costs and profits (or contract revenue) over the amount of contract billings to date and are classified as a current asset. Costs and estimated earnings in excess of billings result when either: (1) the appropriate contract revenue amount has been recognized over time in accordance with ASC 606, Revenue from Contracts with Customers (“ASC 606”), but a portion of the revenue recorded cannot be billed currently due to the billing terms defined in the contract, or (2) costs are incurred related to certain claims and unapproved change orders. Claims occur when there is a dispute regarding both a change in the scope of work and the price associated with that change. Unapproved change orders occur when a change in the scope of work results in additional work being performed before the parties have agreed on the corresponding change in the contract price. The Company routinely estimates recovery related to claims and unapproved change orders as a form of variable consideration at the most likely amount it expects to receive and to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Claims and unapproved change orders are billable upon the agreement and resolution between the contractual parties and after the execution of contractual amendments. Increases in claims and unapproved change orders typically result from costs being incurred against existing or new positions; decreases normally result from resolutions and subsequent billings. As discussed in Note 11, the resolution of these claims and unapproved change orders may require litigation or other forms of dispute resolution proceedings. Other unbilled costs and profits are billable in accordance with the billing terms of each of the existing contractual arrangements and, as such, the timing of contract billing cycles can cause fluctuations in the balance of unbilled costs and profits. Ultimate resolution of other unbilled costs and profits typically involves incremental progress toward contractual requirements or milestones. Capitalized contract costs are included in other current assets and primarily represent costs to fulfill a contract that (1) directly relate to an existing or anticipated contract, (2) generate or enhance resources that will be used in satisfying performance obligations in the future and (3) are expected to be recovered through the contract. Capitalized contract costs are generally expensed to the associated contract over the period of anticipated use on the project. During the three and nine months ended September 30, 2021, $11.3 million and $36.6 million, respectively, of previously capitalized contract costs were amortized and recognized as expense on the related contracts. During the three and nine months ended September 30, 2020, $12.5 million and $35.2 million, respectively, of previously capitalized contract costs were amortized and recognized as expense on the related contracts. Contract liabilities include amounts owed under retainage provisions and billings in excess of costs and estimated earnings. The amount as reported on the Condensed Consolidated Balance Sheets consisted of the following: (in thousands) As of September 30, As of December 31, Retainage payable $ 286,036 $ 315,135 Billings in excess of costs and estimated earnings 754,939 839,222 Total contract liabilities $ 1,040,975 $ 1,154,357 Retainage payable represents amounts invoiced to the Company by subcontractors where payments have been partially withheld pending the completion of certain milestones, other contractual conditions or upon the completion of the project. Generally, retainage payable is not remitted to subcontractors until the associated retainage receivable from customers is collected. Billings in excess of costs and estimated earnings represent the excess of contract billings to date over the amount of contract costs and profits (or contract revenue) recognized to date. The balance may fluctuate depending on the timing of contract billings and the recognition of contract revenue. Revenue recognized during the three and nine months ended September 30, 2021 and included in the opening billings in excess of costs and estimated earnings balances for each period totaled $288.0 million and $608.4 million, respectively. Revenue recognized during the three and nine months ended September 30, 2020 and included in the opening billings in excess of costs and estimated earnings balances for each period totaled $461.8 million and $662.7 million, respectively.

Cash, Cash Equivalents and Rest

Cash, Cash Equivalents and Restricted Cash	9 Months Ended
	Sep. 30, 2021
Cash and Cash Equivalents [Abstract]
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets to the amounts shown in the Condensed Consolidated Statements of Cash Flows: (in thousands) As of September 30, As of December 31, Cash and cash equivalents available for general corporate purposes $ 66,240 $ 210,841 Joint venture cash and cash equivalents 121,295 163,448 Cash and cash equivalents 187,535 374,289 Restricted cash 6,922 77,563 Total cash, cash equivalents and restricted cash $ 194,457 $ 451,852 Cash equivalents include short-term, highly liquid investments with maturities of three months or less when acquired. Cash and cash equivalents consist of amounts available for the Company’s general purposes, the Company’s proportionate share of cash held by the Company’s unconsolidated joint ventures and 100% of amounts held by the Company’s consolidated joint ventures. In both cases, cash held by joint ventures is available only for joint venture-related uses, including future distributions to joint venture partners. Restricted cash primarily includes amounts held as collateral to secure insurance-related contingent obligations, such as insurance claim deductibles, in lieu of letters of credit. As of December 31, 2020, restricted cash also included $69.9 million held to repay the outstanding principal balance of Convertible Notes, as defined in Note 9, which matured and were repaid on June 15, 2021.

Earnings Per Common Share

Earnings Per Common Share	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Earnings Per Common Share	Earnings Per Common ShareBasic earnings per common share (“EPS”) and diluted EPS are calculated by dividing net income attributable to Tutor Perini Corporation by the following: for basic EPS, the weighted-average number of common shares outstanding during the period; and for diluted EPS, the sum of the weighted-average number of both outstanding common shares and potentially dilutive securities, which for the Company can include restricted stock units and unexercised stock options. Potentially dilutive securities also included the Convertible Notes (as defined in Note 9) prior to their repayment on June 15, 2021; however, the notes had no impact on diluted EPS. The Company calculates the effect of the potentially dilutive restricted stock units and stock options using the treasury stock method. Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per common share data) 2021 2020 2021 2020 Net income attributable to Tutor Perini Corporation $ 15,394 $ 36,819 $ 62,593 $ 72,899 Weighted-average common shares outstanding, basic 51,072 50,787 50,995 50,598 Effect of dilutive restricted stock units and stock options 294 454 369 406 Weighted-average common shares outstanding, diluted 51,366 51,241 51,364 51,004 Net income attributable to Tutor Perini Corporation per common share: Basic $ 0.30 $ 0.72 $ 1.23 $ 1.44 Diluted $ 0.30 $ 0.72 $ 1.22 $ 1.43 Anti-dilutive securities not included above 2,131 1,514 1,861 1,977

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective income tax rates were 24.9% and 22.0% for the three and nine months ended September 30, 2021, respectively. The effective income tax rates for both periods were higher than the 21% federal statutory rate primarily due to state income taxes and adjustments recorded when the final 2020 tax return information became available, partially offset by earnings attributable to noncontrolling interests, for which income taxes are not the responsibility of the Company. The Company’s effective tax rates for the three and nine months ended September 30, 2020 were 0.1% and 12.2%, respectively. The effective income tax rates were lower than the 21% federal statutory rate primarily due to the favorable tax rate differential realized on the 2019 net operating loss ("NOL") carryback and earnings attributable to noncontrolling interests, for which income taxes are not the responsibility of the Company. Under the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act"), enacted on March 27, 2020, the NOL generated in 2019 may be carried back up to five years, whereas under previous rules NOLs were only allowed to be carried forward. This allowed the Company to realize the benefit of the tax rate differential by carrying back the NOL to tax years when the federal statutory tax rate was 35% rather than the current rate of 21%. The majority of the NOL benefit was recorded in the third quarter of 2020 when final tax return information was received from the Company's joint venture partners. These benefits to the effective tax rates for both periods of 2020 were partially offset by state income taxes, the impact of cancelled stock options and the lower vested amounts or forfeiture of restricted stock units, for which some or all of the share-based compensation expense recognized in prior periods was not deductible for income tax purposes.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	9 Months Ended
	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill The following table presents the changes in the carrying amount of goodwill since its inception through September 30, 2021: (in thousands) Civil Building Specialty Total Gross goodwill as of December 31, 2020 $ 492,074 $ 424,724 $ 156,193 $ 1,072,991 Accumulated impairment as of December 31, 2020 (286,931) (424,724) (156,193) (867,848) Goodwill as of December 31, 2020 205,143 — — 205,143 Current year activity — — — — Goodwill as of September 30, 2021 $ 205,143 $ — $ — $ 205,143 The Company tests the goodwill allocated to its Civil reporting unit for impairment annually on October 1, or more frequently if events or circumstances indicate it is more likely than not that the fair value of the reporting unit is less than its carrying amount. The Company performed its annual impairment test in the fourth quarter of 2020 using a weighted average of an income and a market approach. These approaches utilize various valuation assumptions, and small changes to the assumptions could have a significant impact on the concluded fair value. Based on this assessment, the Company concluded goodwill was not impaired since the estimated fair value of the Civil reporting unit exceeded its carrying value. In addition, the Company determined that no triggering events occurred and no circumstances changed since the date of our annual impairment test that would more likely than not reduce the fair value of the Civil reporting unit below its carrying amount. The Company will continue to monitor events and circumstances for changes that indicate the Civil reporting unit goodwill would need to be reevaluated for impairment during future interim periods prior to the annual impairment test. These future events and circumstances include, but are not limited to, changes in the overall financial performance of the Civil reporting unit, impacts to our business as a result of the COVID-19 pandemic, as well as other quantitative and qualitative factors which could indicate potential triggering events for possible impairment. Intangible Assets Intangible assets consist of the following: As of September 30, 2021 Weighted-Average Amortization Period (in thousands) Cost Accumulated Accumulated Impairment Charge Carrying Value Trade names (non-amortizable) $ 117,600 $ — $ (67,190) $ 50,410 Indefinite Trade names (amortizable) 74,350 (25,620) (23,232) 25,498 20 years Contractor license 6,000 — (6,000) — N/A Customer relationships 39,800 (22,868) (16,645) 287 12 years Construction contract backlog 149,290 (129,016) — 20,274 3 years Total $ 387,040 $ (177,504) $ (113,067) $ 96,469 As of December 31, 2020 Weighted-Average Amortization Period (in thousands) Cost Accumulated Accumulated Impairment Charge Carrying Value Trade names (non-amortizable) $ 117,600 $ — $ (67,190) $ 50,410 Indefinite Trade names (amortizable) 74,350 (23,754) (23,232) 27,364 20 years Contractor license 6,000 — (6,000) — N/A Customer relationships 39,800 (22,103) (16,645) 1,052 12 years Construction contract backlog 149,290 (105,001) — 44,289 3 years Total $ 387,040 $ (150,858) $ (113,067) $ 123,115 Amortization expense for the three and nine months ended September 30, 2021 was $9.3 million and $26.6 million, respectively. Amortization expense for the three and nine months ended September 30, 2020 was $9.3 million and $23.9 million, respectively. As of September 30, 2021, amortization expense is estimated to be $9.3 million for the remainder of 2021, $14.4 million in 2022, $2.5 million per year for the years 2023 through 2026 and $12.4 million thereafter.

Financial Commitments

Financial Commitments	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Financial Commitments	Financial Commitments Long-Term Debt Long-term debt as reported on the Condensed Consolidated Balance Sheets consisted of the following: (in thousands) As of September 30, As of December 31, 2017 Senior Notes $ 495,994 $ 495,271 Term Loan B 406,835 408,458 2020 Revolver — — Convertible Notes (a) — 67,878 Equipment financing and mortgages 54,381 47,594 Other indebtedness 10,774 6,264 Total debt 967,984 1,025,465 Less: Current maturities (a) 28,029 100,188 Long-term debt, net $ 939,955 $ 925,277 ____________________________________________________________________________________________________ (a) The Company repaid the remaining principal balance of the Convertible Notes at maturity on June 15, 2021. As of December 31, 2020, the balance of the Convertible Notes was included in current maturities on the Condensed Consolidated Balance Sheet. The following table reconciles the outstanding debt balances to the reported debt balances as of September 30, 2021 and December 31, 2020: As of September 30, 2021 As of December 31, 2020 (in thousands) Outstanding Debt Unamortized Discounts and Issuance Costs Debt, Outstanding Debt Unamortized Discounts and Issuance Costs Debt, 2017 Senior Notes $ 500,000 $ (4,006) $ 495,994 $ 500,000 $ (4,729) $ 495,271 Term Loan B 420,750 (13,915) 406,835 423,938 (15,480) 408,458 Convertible Notes — — — 69,918 (2,040) 67,878 The unamortized issuance costs related to the 2020 Revolver were $2.2 million and $2.6 million as of September 30, 2021 and December 31, 2020, respectively, and are included in other assets on the Condensed Consolidated Balance Sheets. 2020 Credit Agreement On August 18, 2020, the Company entered into a new credit agreement (the “2020 Credit Agreement”) with BMO Harris Bank N.A., as Administrative Agent, Swing Line Lender and L/C Issuer and other lenders. The 2020 Credit Agreement provides for a $425.0 million term loan B facility (the “Term Loan B”) and a $175.0 million revolving credit facility (the “2020 Revolver”), with sublimits for the issuance of letters of credit and swing line loans up to the aggregate amounts of $75.0 million and $10.0 million, respectively. The Term Loan B will mature on August 18, 2027 and the 2020 Revolver will mature on August 18, 2025, in each case, unless any of the 2017 Senior Notes are outstanding on January 30, 2025 (which is 91 days prior to the maturity of the 2017 Senior Notes), in which case, both the Term Loan B and the 2020 Revolver will mature on January 30, 2025 (subject to certain further exceptions). The 2020 Credit Agreement permits the Company to repay any or all borrowings outstanding under the 2020 Credit Agreement at any time prior to maturity without penalty, except that the Company must pay a 1.00% premium in respect to the Term Loan B in connection with any transactions that reduce the yield applicable to the Term Loan B within the first twelve months after August 18, 2020 (subject to certain further exceptions). The 2020 Credit Agreement requires the Company to make regularly scheduled payments of principal on the Term Loan B in quarterly installments equal to 0.25% of the initial principal amount of the Term Loan B. The 2020 Credit Agreement also requires the Company to make prepayments on the Term Loan B in connection with certain asset sales, receipts of insurance proceeds, incurrences of unpermitted indebtedness and annual excess cash flow (subject to certain exceptions). Subject to certain exceptions, at any time prior to maturity, the 2020 Credit Agreement provides the Company with the right to increase the commitments under the 2020 Revolver and/or to establish one or more term loan facilities in an aggregate amount up to (i) the greater of $173.5 million and 50% LTM EBITDA (as defined in the 2020 Credit Agreement) plus (ii) additional amounts if (A) in the case of pari passu first lien secured indebtedness, the First Lien Net Leverage Ratio (as defined in the 2020 Credit Agreement) does not exceed 1.35:1.00, (B) in the case of junior lien secured indebtedness, the Total Net Leverage Ratio (as defined in the 2020 Credit Agreement) does not exceed 3.50:1.00 and (C) in the case of unsecured indebtedness, (x) the Total Net Leverage Ratio does not exceed 3.50:1.00 or (y) the Fixed Charge Coverage Ratio (as defined in the 2020 Credit Agreement) is no less than 2.00:1.00. Borrowings under the 2020 Credit Agreement bear interest, at the Company’s option, at a rate equal to (i) (a) LIBOR or (b) a base rate (determined by reference to the highest of (1) the administrative agent’s prime lending rate, (2) the federal funds effective rate plus 50 basis points and (3) the LIBOR rate for a one-month interest period plus 100 basis points) plus, (ii) an applicable margin. The margin applicable to the Term Loan B is between 4.50% and 4.75% for LIBOR and between 3.50% and 3.75% for base rate (which was initially 4.75% for LIBOR and 3.75% for base rate), and, in each case, is based on the Total Net Leverage Ratio. The margin applicable to the 2020 Revolver is between 4.25% and 4.75% for LIBOR and 3.25% and 3.75% for base rate (which was initially 4.75% for LIBOR and 3.75% for base rate), and, in each case, is based on the First Lien Net Leverage Ratio. In addition to paying interest on outstanding principal under the 2020 Credit Agreement, the Company will pay a commitment fee to the lenders under the 2020 Revolver in respect of the unutilized commitments thereunder. The Company will pay customary letter of credit fees. If a payment or bankruptcy event of default occurs and is continuing, the otherwise applicable margin on overdue amounts will be increased by 2% per annum. The agreement includes provisions for the replacement of LIBOR with an alternative benchmark rate in the event LIBOR is discontinued. The weighted-average annual interest rate on borrowings under the 2020 Revolver was 6.50% during the nine months ended September 30, 2021. The 2020 Credit Agreement requires, with respect to the 2020 Revolver only, the Company and its restricted subsidiaries to maintain a maximum First Lien Net Leverage Ratio of 2.75:1:00, stepping down to 2.25:1.00 beginning the quarter ending March 31, 2022. The 2020 Credit Agreement also includes certain customary representations and warranties, affirmative covenants and events of default. Subject to certain exceptions, substantially all of the Company’s existing and future material wholly-owned subsidiaries unconditionally guarantee the obligations of the Company under the 2020 Credit Agreement; additionally, subject to certain exceptions, the obligations are secured by a lien on substantially all of the assets of the Company and its subsidiaries guaranteeing these obligations. As of September 30, 2021, the entire $175 million was available under the 2020 Revolver and the Company had not utilized the 2020 Revolver for letters of credit. The Company was in compliance with the financial covenants under the 2020 Credit Agreement for the period ended September 30, 2021. Termination of 2017 Credit Facility On August 18, 2020, the Company used proceeds from the Term Loan B to repay outstanding amounts under its credit agreement (the “2017 Credit Facility”) with SunTrust Bank, now known as Truist Bank, as Administrative Agent, Swing Line Lender and L/C Issuer and a syndicate of other lenders, at which time the 2017 Credit Facility was terminated. Repurchase and Repayment of Convertible Notes On June 15, 2016, the Company issued $200 million of 2.875% Convertible Senior Notes due June 15, 2021 (the “Convertible Notes”) in a private placement offering. On August 19, 2020, the Company used proceeds from the Term Loan B to repurchase $130.1 million aggregate principal amount of the Convertible Notes for an aggregate purchase price of $132.4 million (including accrued and unpaid interest to the repurchase date). The Company repaid the remaining $69.9 million principal balance of the Convertible Notes at maturity on June 15, 2021 using proceeds from the Term Loan B, which were held in a restricted cash account for this purpose. None of the Convertible Notes remained outstanding as of September 30, 2021. 2017 Senior Notes On April 20, 2017, the Company issued $500 million in aggregate principal amount of 6.875% Senior Notes due May 1, 2025 (the “2017 Senior Notes”) in a private placement offering. Interest on the 2017 Senior Notes is payable in arrears semi-annually in May and November of each year, beginning in November 2017. The Company may redeem the 2017 Senior Notes at specified redemption prices described in the indenture. Upon a change of control, holders of the 2017 Senior Notes may require the Company to repurchase all or part of the 2017 Senior Notes at 101% of the principal amount thereof, plus accrued and unpaid interest to the redemption date. The 2017 Senior Notes are senior unsecured obligations of the Company and are guaranteed by substantially all of the Company’s existing and future subsidiaries that also guarantee obligations under the Company’s 2020 Credit Agreement, as defined above. In addition, the indenture for the 2017 Senior Notes provides for customary covenants, including events of default and restrictions on the payment of dividends and share repurchases. Interest Expense Interest expense as reported in the Condensed Consolidated Statements of Income consisted of the following: Three Months Ended Nine Months Ended (in thousands) 2021 2020 2021 2020 Cash interest expense: Interest on 2017 Senior Notes $ 8,594 $ 8,594 $ 25,781 $ 25,781 Interest on Term Loan B 6,198 2,919 18,407 2,919 Interest on 2020 Revolver 436 26 1,109 26 Interest on 2017 Credit Facility — 588 — 5,341 Interest on Convertible Notes — 995 921 3,870 Other interest 532 577 1,422 1,616 Cash portion of loss on extinguishment — 786 — 786 Total cash interest expense 15,760 14,485 47,640 40,339 Non-cash interest expense: (a) Amortization of discount and debt issuance costs on Convertible Notes — 2,073 2,040 7,870 Amortization of discount and debt issuance costs on Term Loan B 547 253 1,613 253 Amortization of debt issuance costs on 2020 Revolver 142 64 426 64 Amortization of debt issuance costs on 2017 Credit Facility — 198 — 1,002 Amortization of debt issuance costs on 2017 Senior Notes 245 229 723 674 Non-cash portion of loss on extinguishment — 8,311 — 8,311 Total non-cash interest expense 934 11,128 4,802 18,174 Total interest expense $ 16,694 $ 25,613 $ 52,442 $ 58,513 ____________________________________________________________________________________________________ (a) The combination of cash and non-cash interest expense produces effective interest rates that are higher than contractual rates. Accordingly, the effective interest rates for the 2017 Senior Notes, Term Loan B and the Convertible Notes were 7.13%, 6.48% and 9.39%, respectively, for the nine months ended September 30, 2021.

Leases

Leases	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Leases	LeasesThe Company leases certain office space, construction and office equipment, vehicles and temporary housing generally under non-cancelable operating leases. Leases with an initial term of one year or less are not recorded on the balance sheet, and the Company generally recognizes lease expense for these leases on a straight-line basis over the lease term. As of September 30, 2021, the Company’s operating leases have remaining lease terms ranging from less than one year to 17 years, some of which include options to renew the leases. The exercise of lease renewal options is generally at the Company’s sole discretion. The Company’s leases do not contain any material residual value guarantees or material restrictive covenants. The following table presents components of lease expense for the three and nine months ended September 30, 2021 and 2020: Three Months Ended Nine Months Ended (in thousands) 2021 2020 2021 2020 Operating lease expense $ 3,660 $ 3,563 $ 11,085 $ 10,991 Short-term lease expense (a) 17,951 24,502 57,377 64,823 21,611 28,065 68,462 75,814 Less: Sublease income 176 193 522 851 Total lease expense $ 21,435 $ 27,872 $ 67,940 $ 74,963 ____________________________________________________________________________________________________ (a) Short-term lease expense includes all leases with lease terms ranging from less than one month to one year. Short-term leases include, among other things, construction equipment rented on an as-needed basis as well as temporary housing. The following table presents supplemental balance sheet information related to operating leases: (dollars in thousands) Balance Sheet Line Item As of September 30, As of December 31, Assets Right-of-use assets Other assets $ 55,845 $ 55,897 Total lease assets $ 55,845 $ 55,897 Liabilities Current lease liabilities Accrued expenses and other current liabilities $ 8,060 $ 7,661 Long-term lease liabilities Other long-term liabilities 51,690 51,336 Total lease liabilities $ 59,750 $ 58,997 Weighted-average remaining lease term 11.9 years 12.5 years Weighted-average discount rate 9.40 % 9.22 % The following table presents supplemental cash flow information and non-cash activity related to operating leases: Nine Months Ended (in thousands) 2021 2020 Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ (10,344) $ (11,026) Non-cash activity: Right-of-use assets obtained in exchange for lease liabilities $ 6,686 $ 6,251 The following table presents maturities of operating lease liabilities on an undiscounted basis as of September 30, 2021: Year (in thousands) Operating Leases 2021 (excluding the nine months ended September 30, 2021) $ 3,422 2022 12,474 2023 9,688 2024 7,640 2025 6,803 Thereafter 66,473 Total lease payments 106,500 Less: Imputed interest 46,750 Total $ 59,750

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company and certain of its subsidiaries are involved in litigation and other legal proceedings and forms of dispute resolution in the ordinary course of business, including but not limited to disputes over contract payment and/or performance-related issues (such as disagreements regarding delay or a change in the scope of work of a project and/or the price associated with that change) and other matters incidental to the Company’s business. In accordance with ASC 606, the Company makes assessments of these types of matters on a routine basis and, to the extent permitted by ASC 606, estimates and records recovery related to these matters as a form of variable consideration at the most likely amount the Company expects to receive, as discussed further in Note 4 . In addition, the Company is contingently liable for litigation, performance guarantees and other commitments arising in the ordinary course of business, which are accounted for in accordance with ASC 450, Contingencies . Management reviews these matters regularly and updates or revises its estimates as warranted by subsequent information and developments. These assessments require judgments concerning matters that are inherently uncertain, such as litigation developments and outcomes, the anticipated outcome of negotiations and the estimated cost of resolving disputes. Consequently, these assessments are estimates, and actual amounts may vary from such estimates. In addition, because such matters are typically resolved over long periods of time, the Company’s assets and liabilities may change over time should the circumstances dictate. The description of the legal proceedings listed below include management’s assessment of those proceedings. Management believes that, based on current information and discussions with the Company’s legal counsel, the ultimate resolution of other matters is not expected to have a material effect on the Company’s consolidated financial position, results of operations or cash flows. A description of the material pending legal proceedings, other than ordinary routine litigation incidental to the business is as follows: Five Star Electric Matter In the third quarter of 2015, Five Star Electric Corp. (“Five Star”), a wholly owned subsidiary of the Company that was acquired in 2011, entered into a tolling agreement (which has since expired) related to an ongoing investigation being conducted by the United States Attorney’s Office for the Eastern District of New York (“USAO EDNY”). Five Star has been cooperating with the USAO EDNY since late June 2014, when it was first made aware of the investigation, and has provided information requested by the government related to its use of certain minority-owned, women-owned, small and disadvantaged business enterprises and certain of Five Star’s employee compensation, benefit and tax practices. As of September 30, 2021, the Company has concluded that the potential for a material adverse financial impact on Five Star or the Company as a result of the investigation is remote. Alaskan Way Viaduct Matter In January 2011, Seattle Tunnel Partners (“STP”), a joint venture between Dragados USA, Inc. and the Company, entered into a design-build contract with the Washington State Department of Transportation (“WSDOT”) for the construction of a large-diameter bored tunnel in downtown Seattle, King County, Washington to replace the Alaskan Way Viaduct, also known as State Route 99. The Company has a 45% interest in STP. The construction of the large-diameter bored tunnel required the use of a tunnel boring machine (“TBM”). In December 2013, the TBM struck a steel pipe, installed by WSDOT as a well casing for an exploratory well. The TBM was significantly damaged and was required to be repaired. STP has asserted that the steel pipe casing was a differing site condition that WSDOT failed to properly disclose. The Disputes Review Board mandated by the contract to hear disputes issued a decision finding the steel casing was a Type I (material) differing site condition. WSDOT did not accept that finding. The TBM was insured under a Builder’s Risk Insurance Policy (the “Policy”) with Great Lakes Reinsurance (UK) PLC and a consortium of other insurers (the “Insurers”). STP submitted the claims to the Insurers and requested interim payments under the Policy. The Insurers refused to pay and denied coverage. In June 2015, STP filed a lawsuit in the King County Superior Court, State of Washington seeking declaratory relief concerning contract interpretation, as well as damages as a result of the Insurers’ breach of their obligations under the terms of the Policy. STP is also asserting extra-contractual and statutory claims against the Insurers. STP submitted damages to the Insurers in the King County lawsuit in the amount of $532 million. WSDOT is deemed a plaintiff since WSDOT is an insured under the Policy and had filed its own claim for damages. Hitachi Zosen (“Hitachi”), the manufacturer of the TBM, joined the case as a plaintiff for costs incurred to repair the damages to the TBM. In April and September 2018, rulings received on pre-trial motions limited some of the potential recoveries under the Policy for STP, WSDOT and Hitachi. On August 2, 2021, the Court of Appeals reversed in part certain of those limitations but affirmed other parts of those rulings. On September 1, 2021, STP, WSDOT and Hitachi sought discretionary review by the Washington Supreme Court of the portions of the Court of Appeals’ decision that affirmed the April and September 2018 decisions. STP also sought $532 million of damages from WSDOT related to the pipe-strike by the TBM in a related lawsuit in Thurston County (see following paragraph). In March 2016, WSDOT filed a complaint against STP in Thurston County Superior Court alleging breach of contract, seeking $57.2 million in delay-related damages and seeking declaratory relief concerning contract interpretation. STP filed its answer to WSDOT’s complaint and filed a counterclaim against WSDOT and Hitachi, as the TBM designer, seeking damages of $667 million. On October 3, 2019, STP and Hitachi entered into a settlement agreement which released and dismissed the claims that STP and Hitachi had against each other. The jury trial between STP and WSDOT commenced on October 7, 2019 and concluded on December 13, 2019, with a jury verdict in favor of WSDOT awarding them $57.2 million in damages. Judgment was entered on January 10, 2020, and a notice of appeal was filed by STP on January 17, 2020. The Company recorded the impact of the jury verdict during the fourth quarter of 2019, resulting in a pre-tax charge of $166.8 million. The charge included a pre-tax accrual of $25.7 million (which is the Company’s 45% proportionate share of the $57.2 million in damages awarded by the jury to WSDOT). Payment of damages will only be made if the adverse verdict is upheld on appeal, as the payment is secured by a bond for the course of the appeal. Other than the possible future payment in cash of $25.7 million in damages, the charge was for non-cash write-downs primarily related to the costs and estimated earnings in excess of billings and receivables that the Company previously recorded to reflect its expected recovery in this case. With respect to STP’s direct and indirect claims against the Insurers, management has included in receivables an estimate of the total anticipated recovery concluded to be probable. George Washington Bridge Bus Station Matter In August 2013, Tutor Perini Building Corp. (“TPBC”) entered into a contract with the George Washington Bridge Bus Station Development Venture, LLC (the “Developer”) to renovate the George Washington Bridge Bus Station, a mixed-use facility owned by the Port Authority of New York and New Jersey (the “Port Authority”) that serves as a transit facility and retail space. The $100 million project experienced significant design errors and associated delays, resulting in damages to TPBC and its subcontractors, including WDF and Five Star, wholly owned subsidiaries of the Company. The project reached substantial completion on May 16, 2017. On February 26, 2015, the Developer filed a demand for arbitration, subsequently amended, seeking $30 million in alleged damages and declaratory relief that TPBC’s requests for additional compensation are invalid due to lack of notice. TPBC denied the Developer’s claims and filed a counterclaim in March 2018. TPBC seeks in excess of $113 million in the arbitration, which includes unpaid contract balance claims, the return of $29 million retained by the Developer in alleged damages, as well as extra work claims, pass-through claims and delay claims. Hearings on the merits commenced on September 24, 2018 before the arbitration panel. On June 4, 2019, the arbitration panel, as confirmed by the U.S. District Court in the Southern District of New York, issued a writ of attachment for $23 million of the $29 million discussed above. On October 7, 2019, the Developer filed for bankruptcy protection in the Southern District of New York under Chapter 11 of the Bankruptcy Code. The filing for bankruptcy stayed the pending arbitration proceedings. TPBC appeared in the bankruptcy proceedings on October 8, 2019 and filed a Proof of Claim in the amount of $113 million on December 13, 2019. On June 5, 2020, the Developer, secured lenders and the Port Authority announced that they had reached a settlement of their disputes. As part of the settlement, the Port Authority waived the enforcement of its right to seek a “cure” pursuant to its lease agreement with the Developer which requires construction costs be paid prior to any sale of the leasehold, the sole asset in the Developer’s bankruptcy estate to be distributed in this bankruptcy. On July 14, 2020, the bankruptcy court conducted a hearing to determine (1) whether to approve the settlement agreement between the Developer, secured lenders and the Port Authority; and (2) whether TPBC can assert third-party beneficiary rights to the lease agreement and require that prior to the sale of the leasehold, any outstanding costs owed to contractors for the cost of building the project must be paid pursuant to the lease agreement’s “cure” provisions. On August 12, 2020, the bankruptcy court approved the settlement and denied TPBC’s third-party beneficiary rights under the lease agreement. On August 20, 2020, TPBC filed an appeal with the U.S. District Court for the Southern District of New York seeking to challenge the denial of its third-party beneficiary rights under the lease agreement’s “cure” provisions to avoid being subordinate to the claims of the secured lenders in the bankruptcy proceedings, which was denied by the U.S. District Court on August 4, 2021 and is now before the Second Circuit Court of Appeals. On August 25, 2021, the bankruptcy court approved the sale of the leasehold, which was completed on August 31, 2021. On October 1, 2021, the bankruptcy court converted the case from a Chapter 11 to a Chapter 7 bankruptcy proceeding. Separately, on July 2, 2018, TPBC filed a lawsuit against the Port Authority, as owner of the project, seeking the same $113 million in damages pursuant to the lease agreement between the Port Authority and the Developer. On August 20, 2018, the Port Authority filed a motion to dismiss all causes of action, which was denied by the court on July 1, 2019. The Port Authority appealed this decision on July 15, 2019. On February 18, 2021, the Appellate Division affirmed in part and reversed in part the trial court's denial of the Port Authority's motion to dismiss TPBC’s causes of action. On March 29, 2021, the Port Authority filed a new motion to dismiss on additional grounds. In addition, on August 11, 2021, TPBC filed a second lawsuit against the Port Authority alleging tortious interference with TPBC’s right to recover under the lease agreement’s “cure” provision in the bankruptcy proceeding. On January 27, 2020, TPBC filed separate litigation in the U.S. District Court for the Southern District of New York in which TPBC asserted related claims against individual owners of the Developer for their wrongful conversion of project funds and against lenders that received interest payments from project funds and other amounts earmarked to pay the contractors. On June 1, 2020, the defendants filed motions to dismiss, which were granted in part and denied in part, resulting in the lender defendants being dismissed from the lawsuit and the lawsuit against the individual owners of the Developer continuing. On July 26, 2021, the lawsuit was refiled in New York state court. As of September 30, 2021, the Company has concluded that the potential for a material adverse financial impact due to the Developer’s claims is remote. With respect to TPBC’s claims against the Developer, its owners, certain lenders and the Port Authority, management has made an estimate of the total anticipated recovery on this project, and such estimate is included in revenue recorded to date.

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation As of September 30, 2021, there were 1,036,709 shares of common stock available for grant under the Tutor Perini Corporation Omnibus Incentive Plan. During the nine months ended September 30, 2021 and 2020, the Company granted the following share-based instruments: (1) restricted stock units totaling 555,986 and 75,000 with weighted-average fair values per share of $16.52 and $13.93, respectively; and (2) stock options totaling 100,000 and 75,000 with weighted-average fair values per share of $15.21 and $3.94, respectively, and weighted-average per share exercise prices of $19.24 and $25.70, respectively; and (3) unrestricted stock units totaling 96,668 and 194,177 with weighted-average fair values per share of $15.62 and $8.60, respectively. The Company also granted 275,986 cash-settled performance stock units (“CPSUs”) with a weighted-average grant date fair value per share of $20.21 during the nine months ended September 30, 2021. CPSUs vest upon satisfaction of market or performance conditions and are settled in cash based on the value of the Company’s common stock on the vesting date. CPSUs are classified as liability awards and are remeasured at fair value at the end of each reporting period with the change in fair value recognized in earnings. Since no shares are issued, these awards do not dilute equity. The fair value of restricted stock units and unrestricted stock is based on the closing price of the Company’s common stock on the New York Stock Exchange on the date of the grant and the fair value of stock options is based on the Black-Scholes model. The fair value of stock options granted during the first nine months of 2021 was determined using the Black-Scholes model based on the following weighted-average assumptions: (i) expected life of 6.5 years, (ii) expected volatility of 73.74%, (iii) risk-free rate of 1.44%, and (iv) no quarterly dividends. Certain performance-based awards contain market condition components and are valued on the date of grant using a Monte Carlo simulation model. For certain restricted stock unit grants with guaranteed minimum payouts and CPSUs, the Company recognized liabilities totaling approximately $3.6 million and $2.4 million as of September 30, 2021 and December 31, 2020, respectively. The Company paid approximately $0.3 million to settle liability classified awards during each of the nine month periods ended September 30, 2021 and 2020. For the three and nine months ended September 30, 2021, the Company recognized, as part of general and administrative expenses, costs for share-based payment arrangements totaling $3.1 million and $8.1 million, respectively, and $2.5 million and $10.7 million for the three and nine months ended September 30, 2020, respectively. As of September 30, 2021, the balance of unamortized share-based compensation expense was $20.6 million, which is expected to be recognized over a weighted-average period of 2.1 years.

Employee Pension Plans

Employee Pension Plans	9 Months Ended
	Sep. 30, 2021
Retirement Benefits [Abstract]
Employee Pension Plans	Employee Pension Plans The Company has a defined benefit pension plan and an unfunded supplemental retirement plan. Effective June 1, 2004, all benefit accruals under these plans were frozen; however, the current vested benefit was preserved. The pension disclosure presented below includes aggregated amounts for both of the Company’s plans. The following table sets forth a summary of the net periodic benefit cost for the three and nine months ended September 30, 2021 and 2020: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Interest cost $ 582 $ 758 $ 1,746 $ 2,273 Service cost 236 231 709 694 Expected return on plan assets (1,015) (1,006) (3,045) (3,017) Recognized net actuarial losses 683 592 2,049 1,775 Net periodic benefit cost $ 486 $ 575 $ 1,459 $ 1,725 The Company contributed $1.0 million and $3.2 million to its defined benefit pension plan during the nine months ended September 30, 2021 and 2020, respectively. Due to the election of certain options provided under the American Rescue Plan Act of 2021, enacted on March 11, 2021, the Company is not required to contribute additional amounts to the defined benefit pension plan for the remainder of 2021.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The fair value hierarchy established by ASC 820, Fair Value Measurement , prioritizes the use of inputs used in valuation techniques into the following three levels: • Level 1 inputs are observable quoted prices in active markets for identical assets or liabilities • Level 2 inputs are observable, either directly or indirectly, but are not Level 1 inputs • Level 3 inputs are unobservable The following fair value hierarchy table presents the Company’s assets that are measured at fair value on a recurring basis as of September 30, 2021 and December 31, 2020: As of September 30, 2021 As of December 31, 2020 Fair Value Hierarchy Fair Value Hierarchy (in thousands) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash and cash equivalents (a) $ 187,535 $ — $ — $ 187,535 $ 374,289 $ — $ — $ 374,289 Restricted cash (a) 6,922 — — 6,922 77,563 — — 77,563 Restricted investments (b) — 86,576 — 86,576 — 78,912 — 78,912 Investments in lieu of retainage (c) 25,638 56,555 — 82,193 92,609 1,300 — 93,909 Total $ 220,095 $ 143,131 $ — $ 363,226 $ 544,461 $ 80,212 $ — $ 624,673 ____________________________________________________________________________________________________ (a) Includes money market funds and short-term investments with maturity dates of three months or less when acquired. (b) Restricted investments, as of September 30, 2021, consist of investments in corporate debt securities of $45.8 million, U.S. government agency securities of $40.0 million and corporate certificates of deposits of $0.8 million with maturities of up to five years, and are valued based on pricing models, which are determined from a compilation of primarily observable market information, broker quotes in non-active markets or similar assets and are therefore classified as Level 2 assets. As of December 31, 2020, restricted investments consisted of investments in U.S. government agency securities of $40.5 million, corporate debt securities of $37.5 million and corporate certificates of deposits of $0.9 million with maturities of up to five years. The amortized cost of these available-for-sale securities at September 30, 2021 and December 31, 2020 was not materially different from the fair value. (c) Investments in lieu of retainage are included in retainage receivable and as of September 30, 2021 are comprised of corporate debt securities of $55.3 million, money market funds of $25.6 million and municipal bonds of $1.3 million. The fair values of the money market funds are measured using quoted market prices; therefore, they are classified as Level 1 assets. The fair values of corporate and municipal bonds have maturity periods up to five years, and are determined from a compilation of primarily observable market information, third-party quoted market prices, broker quotes in non-active markets or similar assets; therefore, they are classified as Level 2 assets. As of December 31, 2020, investments in lieu of retainage consisted of money market funds of $92.6 million and municipal bonds of $1.3 million. The amortized cost of these available-for-sale securities at September 30, 2021 and December 31, 2020 was not materially different from the fair value. The carrying values of receivables, payables and other amounts arising out of normal contract activities, including retainage, which may be settled beyond one year, are estimated to approximate fair value. Of the Company’s long-term debt, the fair value of the 2017 Senior Notes was $513.6 million and $495.0 million as of September 30, 2021 and December 31, 2020, respectively. The fair value of the Convertible Notes was $69.1 million as of December 31, 2020 and the Company repaid the remaining principal balance of the notes at maturity on June 15, 2021. The fair values of the 2017 Senior Notes and Convertible Notes were determined using Level 1 inputs, specifically current observable market prices. The fair value of the Term Loan B was $420.8 million and $425.0 million as of September 30, 2021 and December 31, 2020, respectively. The fair value of the Term Loan B was determined using Level 2 inputs, specifically third-party quoted market prices. The reported value of the Company’s remaining borrowings approximates fair value as of September 30, 2021 and December 31, 2020.

Variable Interest Entities (VIE

Variable Interest Entities (VIEs)	9 Months Ended
	Sep. 30, 2021
Variable Interest Entities [Abstract]
Variable Interest Entities (VIEs)	Variable Interest Entities (VIEs) The Company may form joint ventures or partnerships with third parties for the execution of projects. In accordance with ASC 810, Consolidation (“ASC 810”), the Company assesses its partnerships and joint ventures at inception to determine if any meet the qualifications of a VIE. The Company considers a joint venture a VIE if either (a) the total equity investment is not sufficient to permit the entity to finance its activities without additional subordinated financial support, (b) characteristics of a controlling financial interest are missing (either the ability to make decisions through voting or other rights, the obligation to absorb the expected losses of the entity or the right to receive the expected residual returns of the entity), or (c) the voting rights of the equity holders are not proportional to their obligations to absorb the expected losses of the entity and/or their rights to receive the expected residual returns of the entity, and substantially all of the entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. Upon the occurrence of certain events outlined in ASC 810, the Company reassesses its initial determination of whether a joint venture is a VIE. ASC 810 also requires the Company to determine whether it is the primary beneficiary of the VIE. The Company concludes that it is the primary beneficiary and consolidates the VIE if the Company has both (a) the power to direct the economically significant activities of the VIE and (b) the obligation to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE. The Company considers the contractual agreements that define the ownership structure, distribution of profits and losses, risks, responsibilities, indebtedness, voting rights and board representation of the respective parties in determining if the Company is the primary beneficiary. The Company also considers all parties that have direct or implicit variable interests when determining whether it is the primary beneficiary. In accordance with ASC 810, management’s assessment of whether the Company is the primary beneficiary of a VIE is performed continuously. As of September 30, 2021, the Company had unconsolidated VIE-related current assets and liabilities of $1.7 million and $1.5 million, respectively, included in the Company’s Condensed Consolidated Balance Sheet. As of December 31, 2020, the Company had unconsolidated VIE-related current assets and liabilities of $0.6 million and $0.5 million, respectively, included in the Company’s Condensed Consolidated Balance Sheet. The Company’s maximum exposure to loss as a result of its investments in unconsolidated VIEs is typically limited to the aggregate of the carrying value of the investment and future funding commitments. There were no future funding requirements for the unconsolidated VIEs as of September 30, 2021. As of September 30, 2021, the Company’s Condensed Consolidated Balance Sheet included current and noncurrent assets of $510.1 million and $3.3 million, respectively, as well as current liabilities of $460.8 million related to the operations of its consolidated VIEs. As of December 31, 2020, the Company’s Condensed Consolidated Balance Sheet included current and noncurrent assets of $405.7 million and $14.2 million, respectively, as well as current liabilities of $514.9 million related to the operations of its consolidated VIEs. Below is a discussion of some of the Company’s more significant or unique VIEs. The Company established a joint venture to construct the Purple Line Extension Section 2 (Tunnels and Stations) and Section 3 (Stations) mass-transit projects in Los Angeles, California with an original combined value of approximately $2.8 billion. The Company has a 75% interest in the joint venture with the remaining 25% held by O&G Industries, Inc. The joint venture was initially financed with contributions from the partners and, per the terms of the joint venture agreement, the partners may be required to provide additional capital contributions in the future. The Company has determined that this joint venture is a VIE for which the Company is the primary beneficiary. The Company also established a joint venture with Parsons Corporation (“Parsons”) to construct the Newark Liberty International Airport Terminal One project, a transportation infrastructure project in Newark, New Jersey with an original value of approximately $1.4 billion. The Company has an 80% interest in the joint venture with the remaining 20% held by Parsons. The joint venture was initially financed with contributions from the partners and, per the terms of the joint venture agreement, the partners may be required to provide additional capital contributions in the future. The Company has determined that this joint venture is a VIE for which the Company is the primary beneficiary.

Changes in Equity

Changes in Equity	9 Months Ended
	Sep. 30, 2021
Stockholders' Equity Note [Abstract]
Changes in Equity	Changes in Equity A reconciliation of the changes in equity for the three and nine months ended September 30, 2021 and 2020 is provided below: Three Months Ended September 30, 2021 (in thousands) Common Additional Retained Accumulated Noncontrolling Total Balance - June 30, 2021 $ 51,072 $ 1,130,368 $ 469,584 $ (46,526) $ 5,932 $ 1,610,430 Net income — — 15,394 — 10,847 26,241 Other comprehensive loss — — — (634) (447) (1,081) Share-based compensation — 2,030 — — — 2,030 Issuance of common stock, net — (2) — — — (2) Contributions from noncontrolling interests — — — — 3,000 3,000 Distributions to noncontrolling interests — — — — (10,000) (10,000) Balance - September 30, 2021 $ 51,072 $ 1,132,396 $ 484,978 $ (47,160) $ 9,332 $ 1,630,618 Nine Months Ended September 30, 2021 (in thousands) Common Additional Retained Accumulated Noncontrolling Total Balance - December 31, 2020 $ 50,827 $ 1,127,385 $ 422,385 $ (46,741) $ (10,911) $ 1,542,945 Net income — — 62,593 — 30,364 92,957 Other comprehensive income (loss) — — — (419) 129 (290) Share-based compensation — 6,787 — — — 6,787 Issuance of common stock, net 245 (1,776) — — — (1,531) Contributions from noncontrolling interests — — — — 7,000 7,000 Distributions to noncontrolling interests — — — — (17,250) (17,250) Balance - September 30, 2021 $ 51,072 $ 1,132,396 $ 484,978 $ (47,160) $ 9,332 $ 1,630,618 Three Months Ended September 30, 2020 (in thousands) Common Additional Retained Accumulated Noncontrolling Total Balance - June 30, 2020 $ 50,771 $ 1,124,672 $ 350,071 $ (40,597) $ (20,776) $ 1,464,141 Net income — — 36,819 — 12,504 49,323 Other comprehensive income — — — 781 520 1,301 Share-based compensation — 2,471 — — — 2,471 Convertible note repayment allocated to conversion option — (929) — — — (929) Issuance of common stock, net 56 (759) — — — (703) Distributions to noncontrolling interests — — — — (6,307) (6,307) Balance - September 30, 2020 $ 50,827 $ 1,125,455 $ 386,890 $ (39,816) $ (14,059) $ 1,509,297 Nine Months Ended September 30, 2020 (in thousands) Common Additional Retained Accumulated Noncontrolling Total Balance - December 31, 2019 $ 50,279 $ 1,117,972 $ 313,991 $ (42,100) $ (9,617) $ 1,430,525 Net income — — 72,899 — 33,421 106,320 Other comprehensive income (loss) — — — 2,284 (646) 1,638 Share-based compensation — 10,163 — — — 10,163 Convertible note repayment allocated to conversion option — (929) — — — (929) Issuance of common stock, net 548 (1,751) — — — (1,203) Distributions to noncontrolling interests — — — — (37,217) (37,217) Balance - September 30, 2020 $ 50,827 $ 1,125,455 $ 386,890 $ (39,816) $ (14,059) $ 1,509,297

Other Comprehensive Income (Los

Other Comprehensive Income (Loss)	9 Months Ended
	Sep. 30, 2021
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, 2021 and 2020 were as follows: Three Months Ended September 30, 2021 Three Months Ended September 30, 2020 (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 $ 683 $ (191) $ 492 $ 592 $ (168) $ 424 Foreign currency translation adjustments (1,389) 264 (1,125) 1,333 (231) 1,102 Unrealized loss in fair value of investments (581) 133 (448) (281) 56 (225) Total other comprehensive income (loss) (1,287) 206 (1,081) 1,644 (343) 1,301 Less: Other comprehensive income (loss) attributable to noncontrolling interests (a) (447) — (447) 520 — 520 Total other comprehensive income (loss) attributable to Tutor Perini Corporation $ (840) $ 206 $ (634) $ 1,124 $ (343) $ 781 ____________________________________________________________________________________________________ (a) The only component of other comprehensive income (loss) attributable to noncontrolling interests is foreign currency translation. Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020 (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 $ 2,049 $ (574) $ 1,475 $ 1,775 $ (504) $ 1,271 Foreign currency translation adjustments (541) 188 (353) (1,621) 365 (1,256) Unrealized gain (loss) in fair value of investments (1,828) 416 (1,412) 2,078 (455) 1,623 Total other comprehensive income (loss) (320) 30 (290) 2,232 (594) 1,638 Less: Other comprehensive income (loss) attributable to noncontrolling interests (a) 129 — 129 (646) — (646) Total other comprehensive income (loss) attributable to Tutor Perini Corporation $ (449) $ 30 $ (419) $ 2,878 $ (594) $ 2,284 ____________________________________________________________________________________________________ (a) The only component of other comprehensive income (loss) attributable to noncontrolling interests is foreign currency translation. The changes in AOCI balances by component (after tax) attributable to Tutor Perini Corporation during the three and nine months ended September 30, 2021 were as follows: Three Months Ended September 30, 2021 (in thousands) Defined Foreign Unrealized Gain (Loss) in Fair Value of Investments, Net Accumulated 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) Nine Months Ended September 30, 2021 (in thousands) Defined Foreign Unrealized Gain (Loss) in Fair Value of Investments, Net Accumulated 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) The changes in AOCI balances by component (after tax) attributable to Tutor Perini Corporation during the three and nine months ended September 30, 2020 were as follows: Three Months Ended September 30, 2020 (in thousands) Defined Foreign Unrealized Gain (Loss) in Fair Value of Investments, Net Accumulated Attributable to Tutor Perini Corporation: Balance as of June 30, 2020 $ (36,979) $ (6,563) $ 2,945 $ (40,597) Other comprehensive income (loss) before reclassifications — 582 (3) 579 Amounts reclassified from AOCI 424 — (222) 202 Total other comprehensive income (loss) 424 582 (225) 781 Balance as of September 30, 2020 $ (36,555) $ (5,981) $ 2,720 $ (39,816) Nine Months Ended September 30, 2020 (in thousands) Defined Foreign Unrealized Gain (Loss) in Fair Value of Investments, Net Accumulated Attributable to Tutor Perini Corporation: Balance as of December 31, 2019 $ (37,826) $ (5,371) $ 1,097 $ (42,100) Other comprehensive income (loss) before reclassifications — (610) 1,878 1,268 Amounts reclassified from AOCI 1,271 — (255) 1,016 Total other comprehensive income (loss) 1,271 (610) 1,623 2,284 Balance as of September 30, 2020 $ (36,555) $ (5,981) $ 2,720 $ (39,816) The significant items reclassified out of AOCI and the corresponding location and impact on the Consolidated Statements of Income during the three and nine months ended September 30, 2021 and 2020 were as follows: Location in Consolidated Three Months Ended Nine Months Ended (in thousands) Statements of Income 2021 2020 2021 2020 Component of AOCI: Defined benefit pension plan adjustments Other income (expense) $ 683 $ 592 $ 2,049 $ 1,775 Income tax benefit Income tax expense (191) (168) (574) (504) Net of tax $ 492 $ 424 $ 1,475 $ 1,271 Unrealized gain in fair value of investment adjustments Other income (expense) $ (73) $ (281) $ (246) $ (323) Income tax expense Income tax expense 16 59 52 68 Net of tax $ (57) $ (222) $ (194) $ (255)

Business Segments

Business Segments	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Business Segments	Business Segments The Company offers general contracting, pre-construction planning and comprehensive project management services, including planning and scheduling of manpower, equipment, materials and subcontractors required for the timely completion of a project in accordance with the terms and specifications contained in a construction contract. The Company also offers self-performed construction services: site work, concrete forming and placement, steel erection, electrical, mechanical, plumbing, and HVAC (heating, ventilation and air conditioning). As described below, the Company’s business is conducted through three segments: Civil, Building and Specialty Contractors. These segments are determined based on how the Company’s Chairman and Chief Executive Officer (chief operating decision maker) aggregates business units when evaluating performance and allocating resources. The Civil segment specializes in public works construction and the replacement and reconstruction of infrastructure. The contracting services provided by the Civil segment include construction and rehabilitation of highways, bridges, tunnels, mass-transit systems, military defense facilities, and water management and wastewater treatment facilities. The Building segment has significant experience providing services for private and public works customers in a number of specialized building markets, including: hospitality and gaming, transportation, health care, commercial offices, government facilities, sports and entertainment, education, correctional facilities, biotech, pharmaceutical, industrial and technology. The Specialty Contractors segment specializes in electrical, mechanical, plumbing, HVAC, fire protection systems and pneumatically placed concrete for a full range of civil and building construction projects in the industrial, commercial, hospitality and gaming, and mass-transit end markets. This segment provides the Company with unique strengths and capabilities that allow the Company to position itself as a full-service contractor with greater control over scheduled work, project delivery, and cost and risk management. To the extent that a contract is co-managed and co-executed among segments, the Company allocates the share of revenues and costs of the contract to each segment to reflect the shared responsibilities in the management and execution of the project. The following tables set forth certain reportable segment information relating to the Company’s operations for the three and nine months ended September 30, 2021 and 2020: Reportable Segments (in thousands) Civil Building Specialty Total Corporate Consolidated Three Months Ended September 30, 2021 Total revenue $ 624,549 $ 395,013 $ 271,316 $ 1,290,878 $ — $ 1,290,878 Elimination of intersegment revenue (78,331) (34,072) (253) (112,656) — (112,656) Revenue from external customers $ 546,218 $ 360,941 $ 271,063 $ 1,178,222 $ — $ 1,178,222 Income (loss) from construction operations $ 62,555 $ 10,786 $ (5,470) $ 67,871 $ (15,778) (a) $ 52,093 Capital expenditures $ 7,847 $ 87 $ 134 $ 8,068 $ 234 $ 8,302 Depreciation and amortization (b) $ 26,234 $ 416 $ 777 $ 27,427 $ 2,634 $ 30,061 Three Months Ended September 30, 2020 Total revenue $ 723,324 $ 552,823 $ 322,091 $ 1,598,238 $ — $ 1,598,238 Elimination of intersegment revenue (111,328) (44,683) (136) (156,147) — (156,147) Revenue from external customers $ 611,996 $ 508,140 $ 321,955 $ 1,442,091 $ — $ 1,442,091 Income (loss) from construction operations $ 70,237 $ 15,815 $ 9,700 $ 95,752 (c) $ (12,731) (a) $ 83,021 Capital expenditures $ 10,996 $ 438 $ 224 $ 11,658 $ 352 $ 12,010 Depreciation and amortization (b) $ 26,659 $ 419 $ 1,002 $ 28,080 $ 2,778 $ 30,858 ____________________________________________________________________________________________________ (a) Consists primarily of corporate general and administrative expenses. (b) Depreciation and amortization is included in income (loss) from construction operations. (c) During the three months ended September 30, 2020, income (loss) from construction operations was positively impacted by $19.6 million (a favorable after-tax impact of $14.1 million, or $0.28 per diluted share) as a result of a favorable arbitration decision related to a dispute in the Specialty Contractors segment. This favorable impact was largely offset by an adverse impact of $15.2 million (an unfavorable after-tax impact of $10.9 million, or $0.21 per diluted share) due to an unfavorable legal ruling pertaining to a mechanical project in California in the Specialty Contractors segment. Reportable Segments (in thousands) Civil Building Specialty Total Corporate Consolidated Nine Months Ended September 30, 2021 Total revenue $ 1,850,748 $ 1,267,984 $ 877,634 $ 3,996,366 $ — $ 3,996,366 Elimination of intersegment revenue (273,603) (117,150) (553) (391,306) — (391,306) Revenue from external customers $ 1,577,145 $ 1,150,834 $ 877,081 $ 3,605,060 $ — $ 3,605,060 Income (loss) from construction operations $ 187,733 $ 19,514 $ 5,814 $ 213,061 (a) $ (42,511) (b) $ 170,550 Capital expenditures $ 26,027 $ 211 $ 298 $ 26,536 $ 626 $ 27,162 Depreciation and amortization (c) $ 80,125 $ 1,272 $ 2,628 $ 84,025 $ 8,171 $ 92,196 Nine Months Ended September 30, 2020 Total revenue $ 1,948,095 $ 1,548,223 $ 839,040 $ 4,335,358 $ — $ 4,335,358 Elimination of intersegment revenue (280,494) (85,298) (319) (366,111) — (366,111) Revenue from external customers $ 1,667,601 $ 1,462,925 $ 838,721 $ 3,969,247 $ — $ 3,969,247 Income (loss) from construction operations $ 181,756 $ 37,120 $ 6,591 $ 225,467 (d) $ (37,523) (b) $ 187,944 Capital expenditures $ 41,139 $ 636 $ 952 $ 42,727 $ 669 $ 43,396 Depreciation and amortization (c) $ 67,050 $ 1,274 $ 2,990 $ 71,314 $ 8,320 $ 79,634 ____________________________________________________________________________________________________ (a) During the nine months ended September 30, 2021, the Company recorded a reduction of $20.1 million in cost of operations (an after-tax impact of $14.6 million, or $0.28 per diluted share) due to a favorable legal judgment on a completed electrical project in New York in the Specialty Contractors segment. The judgment awarded the Company the recovery of certain costs previously incurred. The Company also recognized $18.1 million of additional revenue (an after-tax impact of $13.0 million, or $0.25 per diluted share) as a result of favorable adjustments on a Civil segment mass-transit project reflecting improved profitability due to the mitigation of certain risks as the project progresses toward completion. The Company’s income from construction operations was also negatively impacted by $14.5 million (an after-tax impact of $10.5 million, or $0.21 per diluted share) due to changes in estimates on an electrical project in New York in the Specialty Contractors segment that included unfavorable adjustments and the negative impact to the period associated with increases to project forecasts due to growth in unapproved change orders (expected to be negotiated in future periods). (b) Consists primarily of corporate general and administrative expenses. (c) Depreciation and amortization is included in income (loss) from construction operations. (d) During the nine months ended September 30, 2020, income (loss) from construction operations was adversely impacted by $15.2 million (an unfavorable after-tax impact of $10.9 million, or $0.21 per diluted share) in the third quarter of 2020 due to an unfavorable legal ruling pertaining to a mechanical project in California in the Specialty Contractors segment, as well as by $13.2 million (an unfavorable after-tax impact of $9.5 million, or $0.19 per diluted share) in the second quarter of 2020 due to an adverse arbitration ruling pertaining to an electrical project in New York in the Specialty Contractors segment. These adverse impacts were mostly offset by $19.6 million (a favorable after-tax impact of $14.1 million, or $0.28 per diluted share) in the third quarter of 2020 as a result of a favorable arbitration decision related to a dispute in the Specialty Contractors segment. A reconciliation of segment results to the consolidated income before income taxes is as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Income from construction operations $ 52,093 $ 83,021 $ 170,550 $ 187,944 Other income (expense) (464) (8,048) 1,142 (8,364) Interest expense (16,694) (25,613) (52,442) (58,513) Income before income taxes $ 34,935 $ 49,360 $ 119,250 $ 121,067 Total assets by segment were as follows: (in thousands) As of September 30, As of December 31, Civil $ 3,255,994 $ 3,141,991 Building 1,054,260 1,147,649 Specialty Contractors 654,946 673,891 Corporate and other (a) (137,450) 82,086 Total assets $ 4,827,750 $ 5,045,617 ____________________________________________________________________________________________________ (a) Consists principally of cash, equipment, tax-related assets and insurance-related assets, offset by the elimination of assets related to intersegment revenue.

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recent Accounting Pronouncements	In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, Simplifying the Accounting for Income Taxes (“ASU 2019-12”), modifying Accounting Standards Codification (“ASC”) 740, Income Taxes (“ASC 740”). The amendments in ASU 2019-12, among other things, remove certain exceptions to the general principles in ASC 740 and seek more consistent application by clarifying and amending the existing guidance. The Company adopted this ASU effective January 1, 2021. The adoption of ASU 2019-12 did not have a material impact on the Company’s financial position, results of operations or cash flows.

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following tables disaggregate revenue by end market, customer type and contract type, which the Company believes best depicts how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors for the three and nine months ended September 30, 2021 and 2020. Three Months Ended Nine Months Ended (in thousands) 2021 2020 2021 2020 Civil segment revenue by end market: Mass transit (includes certain transportation and tunneling projects) $ 386,913 $ 372,131 $ 1,062,322 $ 1,024,083 Bridges 67,117 104,722 179,059 246,006 Military defense facilities 46,615 44,246 140,736 102,898 Water 22,470 23,277 74,080 76,569 Highways 7,101 30,086 48,153 98,259 Other 16,002 37,534 72,795 119,786 Total Civil segment revenue $ 546,218 $ 611,996 $ 1,577,145 $ 1,667,601 Three Months Ended Nine Months Ended (in thousands) 2021 2020 2021 2020 Building segment revenue by end market: Commercial and industrial facilities $ 75,402 $ 162,364 $ 307,414 $ 402,312 Hospitality and gaming 89,317 119,588 276,029 346,517 Municipal and government 76,471 66,505 222,855 215,230 Education facilities 39,528 50,425 123,988 129,085 Mass transit (includes transportation projects) 38,868 50,206 99,747 174,605 Health care facilities 20,287 26,344 44,294 94,651 Other 21,068 32,708 76,507 100,525 Total Building segment revenue $ 360,941 $ 508,140 $ 1,150,834 $ 1,462,925 Three Months Ended Nine Months Ended (in thousands) 2021 2020 2021 2020 Specialty Contractors segment revenue by end market: Mass transit (includes certain transportation and tunneling projects) $ 135,971 $ 179,875 $ 465,179 $ 447,180 Commercial and industrial facilities 33,897 41,378 109,283 115,382 Multi-unit residential 28,054 39,014 101,498 103,118 Water 29,161 20,413 67,829 46,341 Education facilities 13,876 12,236 45,657 39,131 Other 30,104 29,039 87,635 87,569 Total Specialty Contractors segment revenue $ 271,063 $ 321,955 $ 877,081 $ 838,721 Three Months Ended Three Months Ended (in thousands) Civil Building Specialty Total Civil Building Specialty Total Revenue by customer type: State and local agencies $ 478,720 $ 99,540 $ 110,012 $ 688,272 $ 526,771 $ 126,448 $ 155,175 $ 808,394 Federal agencies 48,680 50,437 14,716 113,833 48,861 32,392 29,362 110,615 Private owners 18,818 210,964 146,335 376,117 36,364 349,300 137,418 523,082 Total revenue $ 546,218 $ 360,941 $ 271,063 $ 1,178,222 $ 611,996 $ 508,140 $ 321,955 $ 1,442,091 Nine Months Ended Nine Months Ended (in thousands) Civil Building Specialty Total Civil Building Specialty Total Revenue by customer type: State and local agencies $ 1,350,555 $ 268,396 $ 377,016 $ 1,995,967 $ 1,426,644 $ 430,212 $ 401,671 $ 2,258,527 Federal agencies 149,648 150,085 41,657 341,390 128,112 99,013 50,410 277,535 Private owners 76,942 732,353 458,408 1,267,703 112,845 933,700 386,640 1,433,185 Total revenue $ 1,577,145 $ 1,150,834 $ 877,081 $ 3,605,060 $ 1,667,601 $ 1,462,925 $ 838,721 $ 3,969,247 Three Months Ended Three Months Ended (in thousands) Civil Building Specialty Total Civil Building Specialty Total Revenue by contract type: Fixed price $ 473,212 $ 89,895 $ 235,534 $ 798,641 $ 484,851 $ 117,650 $ 284,534 $ 887,035 Guaranteed maximum price 502 219,395 5,420 225,317 179 308,299 1,923 310,401 Unit price 71,429 130 23,558 95,117 124,506 254 31,191 155,951 Cost plus fee and other 1,075 51,521 6,551 59,147 2,460 81,937 4,307 88,704 Total revenue $ 546,218 $ 360,941 $ 271,063 $ 1,178,222 $ 611,996 $ 508,140 $ 321,955 $ 1,442,091 Nine Months Ended Nine Months Ended (in thousands) Civil Building Specialty Total Civil Building Specialty Total Revenue by contract type: Fixed price $ 1,353,436 $ 269,693 $ 775,292 $ 2,398,421 $ 1,349,750 $ 401,957 $ 743,241 $ 2,494,948 Guaranteed maximum price 2,270 737,251 9,113 748,634 768 794,810 3,850 799,428 Unit price 212,678 (1,323) 80,558 291,913 307,654 1,417 70,784 379,855 Cost plus fee and other 8,761 145,213 12,118 166,092 9,429 264,741 20,846 295,016 Total revenue $ 1,577,145 $ 1,150,834 $ 877,081 $ 3,605,060 $ 1,667,601 $ 1,462,925 $ 838,721 $ 3,969,247

Contract Assets and Liabiliti_2

Contract Assets and Liabilities (Tables)	9 Months Ended
	Sep. 30, 2021
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Schedule of Contract Assets and Liabilities	Contract assets include amounts due under retainage provisions, costs and estimated earnings in excess of billings and capitalized contract costs. The amounts as included on the Condensed Consolidated Balance Sheets consisted of the following: (in thousands) As of September 30, As of December 31, Retainage receivable $ 637,124 $ 648,441 Costs and estimated earnings in excess of billings: Claims 840,176 752,783 Unapproved change orders 448,600 415,489 Other unbilled costs and profits 99,234 68,462 Total costs and estimated earnings in excess of billings 1,388,010 1,236,734 Capitalized contract costs 72,543 74,452 Total contract assets $ 2,097,677 $ 1,959,627 Contract liabilities include amounts owed under retainage provisions and billings in excess of costs and estimated earnings. The amount as reported on the Condensed Consolidated Balance Sheets consisted of the following: (in thousands) As of September 30, As of December 31, Retainage payable $ 286,036 $ 315,135 Billings in excess of costs and estimated earnings 754,939 839,222 Total contract liabilities $ 1,040,975 $ 1,154,357

Cash, Cash Equivalents and Re_2

Cash, Cash Equivalents and Restricted Cash (Tables)	9 Months Ended
	Sep. 30, 2021
Cash and Cash Equivalents [Abstract]
Reconciliation of Cash, Cash Equivalents and Restricted Cash	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets to the amounts shown in the Condensed Consolidated Statements of Cash Flows: (in thousands) As of September 30, As of December 31, Cash and cash equivalents available for general corporate purposes $ 66,240 $ 210,841 Joint venture cash and cash equivalents 121,295 163,448 Cash and cash equivalents 187,535 374,289 Restricted cash 6,922 77,563 Total cash, cash equivalents and restricted cash $ 194,457 $ 451,852

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Calculations of Basic and Diluted EPS	Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per common share data) 2021 2020 2021 2020 Net income attributable to Tutor Perini Corporation $ 15,394 $ 36,819 $ 62,593 $ 72,899 Weighted-average common shares outstanding, basic 51,072 50,787 50,995 50,598 Effect of dilutive restricted stock units and stock options 294 454 369 406 Weighted-average common shares outstanding, diluted 51,366 51,241 51,364 51,004 Net income attributable to Tutor Perini Corporation per common share: Basic $ 0.30 $ 0.72 $ 1.23 $ 1.44 Diluted $ 0.30 $ 0.72 $ 1.22 $ 1.43 Anti-dilutive securities not included above 2,131 1,514 1,861 1,977

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Changes in Carrying Amount of Goodwill	The following table presents the changes in the carrying amount of goodwill since its inception through September 30, 2021: (in thousands) Civil Building Specialty Total Gross goodwill as of December 31, 2020 $ 492,074 $ 424,724 $ 156,193 $ 1,072,991 Accumulated impairment as of December 31, 2020 (286,931) (424,724) (156,193) (867,848) Goodwill as of December 31, 2020 205,143 — — 205,143 Current year activity — — — — Goodwill as of September 30, 2021 $ 205,143 $ — $ — $ 205,143
Intangible Assets	Intangible assets consist of the following: As of September 30, 2021 Weighted-Average Amortization Period (in thousands) Cost Accumulated Accumulated Impairment Charge Carrying Value Trade names (non-amortizable) $ 117,600 $ — $ (67,190) $ 50,410 Indefinite Trade names (amortizable) 74,350 (25,620) (23,232) 25,498 20 years Contractor license 6,000 — (6,000) — N/A Customer relationships 39,800 (22,868) (16,645) 287 12 years Construction contract backlog 149,290 (129,016) — 20,274 3 years Total $ 387,040 $ (177,504) $ (113,067) $ 96,469 As of December 31, 2020 Weighted-Average Amortization Period (in thousands) Cost Accumulated Accumulated Impairment Charge Carrying Value Trade names (non-amortizable) $ 117,600 $ — $ (67,190) $ 50,410 Indefinite Trade names (amortizable) 74,350 (23,754) (23,232) 27,364 20 years Contractor license 6,000 — (6,000) — N/A Customer relationships 39,800 (22,103) (16,645) 1,052 12 years Construction contract backlog 149,290 (105,001) — 44,289 3 years Total $ 387,040 $ (150,858) $ (113,067) $ 123,115

Financial Commitments (Tables)

Financial Commitments (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Long-Term Debt	Long-term debt as reported on the Condensed Consolidated Balance Sheets consisted of the following: (in thousands) As of September 30, As of December 31, 2017 Senior Notes $ 495,994 $ 495,271 Term Loan B 406,835 408,458 2020 Revolver — — Convertible Notes (a) — 67,878 Equipment financing and mortgages 54,381 47,594 Other indebtedness 10,774 6,264 Total debt 967,984 1,025,465 Less: Current maturities (a) 28,029 100,188 Long-term debt, net $ 939,955 $ 925,277 ____________________________________________________________________________________________________ (a) The Company repaid the remaining principal balance of the Convertible Notes at maturity on June 15, 2021. As of December 31, 2020, the balance of the Convertible Notes was included in current maturities on the Condensed Consolidated Balance Sheet.
Reconciliation of Outstanding Debt Balance to Reported Debt Balance	The following table reconciles the outstanding debt balances to the reported debt balances as of September 30, 2021 and December 31, 2020: As of September 30, 2021 As of December 31, 2020 (in thousands) Outstanding Debt Unamortized Discounts and Issuance Costs Debt, Outstanding Debt Unamortized Discounts and Issuance Costs Debt, 2017 Senior Notes $ 500,000 $ (4,006) $ 495,994 $ 500,000 $ (4,729) $ 495,271 Term Loan B 420,750 (13,915) 406,835 423,938 (15,480) 408,458 Convertible Notes — — — 69,918 (2,040) 67,878
Summary of Interest Expense as Reported in the Consolidated Statements of Operations	Interest expense as reported in the Condensed Consolidated Statements of Income consisted of the following: Three Months Ended Nine Months Ended (in thousands) 2021 2020 2021 2020 Cash interest expense: Interest on 2017 Senior Notes $ 8,594 $ 8,594 $ 25,781 $ 25,781 Interest on Term Loan B 6,198 2,919 18,407 2,919 Interest on 2020 Revolver 436 26 1,109 26 Interest on 2017 Credit Facility — 588 — 5,341 Interest on Convertible Notes — 995 921 3,870 Other interest 532 577 1,422 1,616 Cash portion of loss on extinguishment — 786 — 786 Total cash interest expense 15,760 14,485 47,640 40,339 Non-cash interest expense: (a) Amortization of discount and debt issuance costs on Convertible Notes — 2,073 2,040 7,870 Amortization of discount and debt issuance costs on Term Loan B 547 253 1,613 253 Amortization of debt issuance costs on 2020 Revolver 142 64 426 64 Amortization of debt issuance costs on 2017 Credit Facility — 198 — 1,002 Amortization of debt issuance costs on 2017 Senior Notes 245 229 723 674 Non-cash portion of loss on extinguishment — 8,311 — 8,311 Total non-cash interest expense 934 11,128 4,802 18,174 Total interest expense $ 16,694 $ 25,613 $ 52,442 $ 58,513 ____________________________________________________________________________________________________ (a) The combination of cash and non-cash interest expense produces effective interest rates that are higher than contractual rates. Accordingly, the effective interest rates for the 2017 Senior Notes, Term Loan B and the Convertible Notes were 7.13%, 6.48% and 9.39%, respectively, for the nine months ended September 30, 2021.

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Components of Lease Expense	The following table presents components of lease expense for the three and nine months ended September 30, 2021 and 2020: Three Months Ended Nine Months Ended (in thousands) 2021 2020 2021 2020 Operating lease expense $ 3,660 $ 3,563 $ 11,085 $ 10,991 Short-term lease expense (a) 17,951 24,502 57,377 64,823 21,611 28,065 68,462 75,814 Less: Sublease income 176 193 522 851 Total lease expense $ 21,435 $ 27,872 $ 67,940 $ 74,963 ____________________________________________________________________________________________________ (a) Short-term lease expense includes all leases with lease terms ranging from less than one month to one year. Short-term leases include, among other things, construction equipment rented on an as-needed basis as well as temporary housing.
Supplemental Financial Statement Information Related to Leases	The following table presents supplemental balance sheet information related to operating leases: (dollars in thousands) Balance Sheet Line Item As of September 30, As of December 31, Assets Right-of-use assets Other assets $ 55,845 $ 55,897 Total lease assets $ 55,845 $ 55,897 Liabilities Current lease liabilities Accrued expenses and other current liabilities $ 8,060 $ 7,661 Long-term lease liabilities Other long-term liabilities 51,690 51,336 Total lease liabilities $ 59,750 $ 58,997 Weighted-average remaining lease term 11.9 years 12.5 years Weighted-average discount rate 9.40 % 9.22 % The following table presents supplemental cash flow information and non-cash activity related to operating leases: Nine Months Ended (in thousands) 2021 2020 Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ (10,344) $ (11,026) Non-cash activity: Right-of-use assets obtained in exchange for lease liabilities $ 6,686 $ 6,251
Maturity of Operating Lease Liabilities on an Undiscounted Basis	The following table presents maturities of operating lease liabilities on an undiscounted basis as of September 30, 2021: Year (in thousands) Operating Leases 2021 (excluding the nine months ended September 30, 2021) $ 3,422 2022 12,474 2023 9,688 2024 7,640 2025 6,803 Thereafter 66,473 Total lease payments 106,500 Less: Imputed interest 46,750 Total $ 59,750

Employee Pension Plans (Tables)

Employee Pension Plans (Tables)	9 Months Ended
	Sep. 30, 2021
Retirement Benefits [Abstract]
Summary of Net Periodic Benefit Cost	The following table sets forth a summary of the net periodic benefit cost for the three and nine months ended September 30, 2021 and 2020: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Interest cost $ 582 $ 758 $ 1,746 $ 2,273 Service cost 236 231 709 694 Expected return on plan assets (1,015) (1,006) (3,045) (3,017) Recognized net actuarial losses 683 592 2,049 1,775 Net periodic benefit cost $ 486 $ 575 $ 1,459 $ 1,725

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Assets and Liabilities Measured at Fair Value on Recurring Basis	The following fair value hierarchy table presents the Company’s assets that are measured at fair value on a recurring basis as of September 30, 2021 and December 31, 2020: As of September 30, 2021 As of December 31, 2020 Fair Value Hierarchy Fair Value Hierarchy (in thousands) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash and cash equivalents (a) $ 187,535 $ — $ — $ 187,535 $ 374,289 $ — $ — $ 374,289 Restricted cash (a) 6,922 — — 6,922 77,563 — — 77,563 Restricted investments (b) — 86,576 — 86,576 — 78,912 — 78,912 Investments in lieu of retainage (c) 25,638 56,555 — 82,193 92,609 1,300 — 93,909 Total $ 220,095 $ 143,131 $ — $ 363,226 $ 544,461 $ 80,212 $ — $ 624,673 ____________________________________________________________________________________________________ (a) Includes money market funds and short-term investments with maturity dates of three months or less when acquired. (b) Restricted investments, as of September 30, 2021, consist of investments in corporate debt securities of $45.8 million, U.S. government agency securities of $40.0 million and corporate certificates of deposits of $0.8 million with maturities of up to five years, and are valued based on pricing models, which are determined from a compilation of primarily observable market information, broker quotes in non-active markets or similar assets and are therefore classified as Level 2 assets. As of December 31, 2020, restricted investments consisted of investments in U.S. government agency securities of $40.5 million, corporate debt securities of $37.5 million and corporate certificates of deposits of $0.9 million with maturities of up to five years. The amortized cost of these available-for-sale securities at September 30, 2021 and December 31, 2020 was not materially different from the fair value. (c) Investments in lieu of retainage are included in retainage receivable and as of September 30, 2021 are comprised of corporate debt securities of $55.3 million, money market funds of $25.6 million and municipal bonds of $1.3 million. The fair values of the money market funds are measured using quoted market prices; therefore, they are classified as Level 1 assets. The fair values of corporate and municipal bonds have maturity periods up to five years, and are determined from a compilation of primarily observable market information, third-party quoted market prices, broker quotes in non-active markets or similar assets; therefore, they are classified as Level 2 assets. As of December 31, 2020, investments in lieu of retainage consisted of money market funds of $92.6 million and municipal bonds of $1.3 million. The amortized cost of these available-for-sale securities at September 30, 2021 and December 31, 2020 was not materially different from the fair value.

Changes in Equity (Tables)

Changes in Equity (Tables)	9 Months Ended
	Sep. 30, 2021
Stockholders' Equity Note [Abstract]
Schedule of Stockholders Equity	A reconciliation of the changes in equity for the three and nine months ended September 30, 2021 and 2020 is provided below: Three Months Ended September 30, 2021 (in thousands) Common Additional Retained Accumulated Noncontrolling Total Balance - June 30, 2021 $ 51,072 $ 1,130,368 $ 469,584 $ (46,526) $ 5,932 $ 1,610,430 Net income — — 15,394 — 10,847 26,241 Other comprehensive loss — — — (634) (447) (1,081) Share-based compensation — 2,030 — — — 2,030 Issuance of common stock, net — (2) — — — (2) Contributions from noncontrolling interests — — — — 3,000 3,000 Distributions to noncontrolling interests — — — — (10,000) (10,000) Balance - September 30, 2021 $ 51,072 $ 1,132,396 $ 484,978 $ (47,160) $ 9,332 $ 1,630,618 Nine Months Ended September 30, 2021 (in thousands) Common Additional Retained Accumulated Noncontrolling Total Balance - December 31, 2020 $ 50,827 $ 1,127,385 $ 422,385 $ (46,741) $ (10,911) $ 1,542,945 Net income — — 62,593 — 30,364 92,957 Other comprehensive income (loss) — — — (419) 129 (290) Share-based compensation — 6,787 — — — 6,787 Issuance of common stock, net 245 (1,776) — — — (1,531) Contributions from noncontrolling interests — — — — 7,000 7,000 Distributions to noncontrolling interests — — — — (17,250) (17,250) Balance - September 30, 2021 $ 51,072 $ 1,132,396 $ 484,978 $ (47,160) $ 9,332 $ 1,630,618 Three Months Ended September 30, 2020 (in thousands) Common Additional Retained Accumulated Noncontrolling Total Balance - June 30, 2020 $ 50,771 $ 1,124,672 $ 350,071 $ (40,597) $ (20,776) $ 1,464,141 Net income — — 36,819 — 12,504 49,323 Other comprehensive income — — — 781 520 1,301 Share-based compensation — 2,471 — — — 2,471 Convertible note repayment allocated to conversion option — (929) — — — (929) Issuance of common stock, net 56 (759) — — — (703) Distributions to noncontrolling interests — — — — (6,307) (6,307) Balance - September 30, 2020 $ 50,827 $ 1,125,455 $ 386,890 $ (39,816) $ (14,059) $ 1,509,297 Nine Months Ended September 30, 2020 (in thousands) Common Additional Retained Accumulated Noncontrolling Total Balance - December 31, 2019 $ 50,279 $ 1,117,972 $ 313,991 $ (42,100) $ (9,617) $ 1,430,525 Net income — — 72,899 — 33,421 106,320 Other comprehensive income (loss) — — — 2,284 (646) 1,638 Share-based compensation — 10,163 — — — 10,163 Convertible note repayment allocated to conversion option — (929) — — — (929) Issuance of common stock, net 548 (1,751) — — — (1,203) Distributions to noncontrolling interests — — — — (37,217) (37,217) Balance - September 30, 2020 $ 50,827 $ 1,125,455 $ 386,890 $ (39,816) $ (14,059) $ 1,509,297

Other Comprehensive Income (L_2

Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Sep. 30, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Components of Other Comprehensive Income (Loss) and Related Tax Effects	The components of other comprehensive income (loss) and the related tax effects for the three and nine months ended September 30, 2021 and 2020 were as follows: Three Months Ended September 30, 2021 Three Months Ended September 30, 2020 (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 $ 683 $ (191) $ 492 $ 592 $ (168) $ 424 Foreign currency translation adjustments (1,389) 264 (1,125) 1,333 (231) 1,102 Unrealized loss in fair value of investments (581) 133 (448) (281) 56 (225) Total other comprehensive income (loss) (1,287) 206 (1,081) 1,644 (343) 1,301 Less: Other comprehensive income (loss) attributable to noncontrolling interests (a) (447) — (447) 520 — 520 Total other comprehensive income (loss) attributable to Tutor Perini Corporation $ (840) $ 206 $ (634) $ 1,124 $ (343) $ 781 ____________________________________________________________________________________________________ (a) The only component of other comprehensive income (loss) attributable to noncontrolling interests is foreign currency translation. Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020 (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 $ 2,049 $ (574) $ 1,475 $ 1,775 $ (504) $ 1,271 Foreign currency translation adjustments (541) 188 (353) (1,621) 365 (1,256) Unrealized gain (loss) in fair value of investments (1,828) 416 (1,412) 2,078 (455) 1,623 Total other comprehensive income (loss) (320) 30 (290) 2,232 (594) 1,638 Less: Other comprehensive income (loss) attributable to noncontrolling interests (a) 129 — 129 (646) — (646) Total other comprehensive income (loss) attributable to Tutor Perini Corporation $ (449) $ 30 $ (419) $ 2,878 $ (594) $ 2,284 ____________________________________________________________________________________________________ (a) The only component of other comprehensive income (loss) attributable to noncontrolling interests is foreign currency translation.
Schedule of Changes in AOCI Balances by Component (After-Tax)	The changes in AOCI balances by component (after tax) attributable to Tutor Perini Corporation during the three and nine months ended September 30, 2021 were as follows: Three Months Ended September 30, 2021 (in thousands) Defined Foreign Unrealized Gain (Loss) in Fair Value of Investments, Net Accumulated 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) Nine Months Ended September 30, 2021 (in thousands) Defined Foreign Unrealized Gain (Loss) in Fair Value of Investments, Net Accumulated 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) The changes in AOCI balances by component (after tax) attributable to Tutor Perini Corporation during the three and nine months ended September 30, 2020 were as follows: Three Months Ended September 30, 2020 (in thousands) Defined Foreign Unrealized Gain (Loss) in Fair Value of Investments, Net Accumulated Attributable to Tutor Perini Corporation: Balance as of June 30, 2020 $ (36,979) $ (6,563) $ 2,945 $ (40,597) Other comprehensive income (loss) before reclassifications — 582 (3) 579 Amounts reclassified from AOCI 424 — (222) 202 Total other comprehensive income (loss) 424 582 (225) 781 Balance as of September 30, 2020 $ (36,555) $ (5,981) $ 2,720 $ (39,816) Nine Months Ended September 30, 2020 (in thousands) Defined Foreign Unrealized Gain (Loss) in Fair Value of Investments, Net Accumulated Attributable to Tutor Perini Corporation: Balance as of December 31, 2019 $ (37,826) $ (5,371) $ 1,097 $ (42,100) Other comprehensive income (loss) before reclassifications — (610) 1,878 1,268 Amounts reclassified from AOCI 1,271 — (255) 1,016 Total other comprehensive income (loss) 1,271 (610) 1,623 2,284 Balance as of September 30, 2020 $ (36,555) $ (5,981) $ 2,720 $ (39,816) The significant items reclassified out of AOCI and the corresponding location and impact on the Consolidated Statements of Income during the three and nine months ended September 30, 2021 and 2020 were as follows: Location in Consolidated Three Months Ended Nine Months Ended (in thousands) Statements of Income 2021 2020 2021 2020 Component of AOCI: Defined benefit pension plan adjustments Other income (expense) $ 683 $ 592 $ 2,049 $ 1,775 Income tax benefit Income tax expense (191) (168) (574) (504) Net of tax $ 492 $ 424 $ 1,475 $ 1,271 Unrealized gain in fair value of investment adjustments Other income (expense) $ (73) $ (281) $ (246) $ (323) Income tax expense Income tax expense 16 59 52 68 Net of tax $ (57) $ (222) $ (194) $ (255)

Business Segments (Tables)

Business Segments (Tables)	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Reportable Segments	The following tables set forth certain reportable segment information relating to the Company’s operations for the three and nine months ended September 30, 2021 and 2020: Reportable Segments (in thousands) Civil Building Specialty Total Corporate Consolidated Three Months Ended September 30, 2021 Total revenue $ 624,549 $ 395,013 $ 271,316 $ 1,290,878 $ — $ 1,290,878 Elimination of intersegment revenue (78,331) (34,072) (253) (112,656) — (112,656) Revenue from external customers $ 546,218 $ 360,941 $ 271,063 $ 1,178,222 $ — $ 1,178,222 Income (loss) from construction operations $ 62,555 $ 10,786 $ (5,470) $ 67,871 $ (15,778) (a) $ 52,093 Capital expenditures $ 7,847 $ 87 $ 134 $ 8,068 $ 234 $ 8,302 Depreciation and amortization (b) $ 26,234 $ 416 $ 777 $ 27,427 $ 2,634 $ 30,061 Three Months Ended September 30, 2020 Total revenue $ 723,324 $ 552,823 $ 322,091 $ 1,598,238 $ — $ 1,598,238 Elimination of intersegment revenue (111,328) (44,683) (136) (156,147) — (156,147) Revenue from external customers $ 611,996 $ 508,140 $ 321,955 $ 1,442,091 $ — $ 1,442,091 Income (loss) from construction operations $ 70,237 $ 15,815 $ 9,700 $ 95,752 (c) $ (12,731) (a) $ 83,021 Capital expenditures $ 10,996 $ 438 $ 224 $ 11,658 $ 352 $ 12,010 Depreciation and amortization (b) $ 26,659 $ 419 $ 1,002 $ 28,080 $ 2,778 $ 30,858 ____________________________________________________________________________________________________ (a) Consists primarily of corporate general and administrative expenses. (b) Depreciation and amortization is included in income (loss) from construction operations. (c) During the three months ended September 30, 2020, income (loss) from construction operations was positively impacted by $19.6 million (a favorable after-tax impact of $14.1 million, or $0.28 per diluted share) as a result of a favorable arbitration decision related to a dispute in the Specialty Contractors segment. This favorable impact was largely offset by an adverse impact of $15.2 million (an unfavorable after-tax impact of $10.9 million, or $0.21 per diluted share) due to an unfavorable legal ruling pertaining to a mechanical project in California in the Specialty Contractors segment. Reportable Segments (in thousands) Civil Building Specialty Total Corporate Consolidated Nine Months Ended September 30, 2021 Total revenue $ 1,850,748 $ 1,267,984 $ 877,634 $ 3,996,366 $ — $ 3,996,366 Elimination of intersegment revenue (273,603) (117,150) (553) (391,306) — (391,306) Revenue from external customers $ 1,577,145 $ 1,150,834 $ 877,081 $ 3,605,060 $ — $ 3,605,060 Income (loss) from construction operations $ 187,733 $ 19,514 $ 5,814 $ 213,061 (a) $ (42,511) (b) $ 170,550 Capital expenditures $ 26,027 $ 211 $ 298 $ 26,536 $ 626 $ 27,162 Depreciation and amortization (c) $ 80,125 $ 1,272 $ 2,628 $ 84,025 $ 8,171 $ 92,196 Nine Months Ended September 30, 2020 Total revenue $ 1,948,095 $ 1,548,223 $ 839,040 $ 4,335,358 $ — $ 4,335,358 Elimination of intersegment revenue (280,494) (85,298) (319) (366,111) — (366,111) Revenue from external customers $ 1,667,601 $ 1,462,925 $ 838,721 $ 3,969,247 $ — $ 3,969,247 Income (loss) from construction operations $ 181,756 $ 37,120 $ 6,591 $ 225,467 (d) $ (37,523) (b) $ 187,944 Capital expenditures $ 41,139 $ 636 $ 952 $ 42,727 $ 669 $ 43,396 Depreciation and amortization (c) $ 67,050 $ 1,274 $ 2,990 $ 71,314 $ 8,320 $ 79,634 ____________________________________________________________________________________________________ (a) During the nine months ended September 30, 2021, the Company recorded a reduction of $20.1 million in cost of operations (an after-tax impact of $14.6 million, or $0.28 per diluted share) due to a favorable legal judgment on a completed electrical project in New York in the Specialty Contractors segment. The judgment awarded the Company the recovery of certain costs previously incurred. The Company also recognized $18.1 million of additional revenue (an after-tax impact of $13.0 million, or $0.25 per diluted share) as a result of favorable adjustments on a Civil segment mass-transit project reflecting improved profitability due to the mitigation of certain risks as the project progresses toward completion. The Company’s income from construction operations was also negatively impacted by $14.5 million (an after-tax impact of $10.5 million, or $0.21 per diluted share) due to changes in estimates on an electrical project in New York in the Specialty Contractors segment that included unfavorable adjustments and the negative impact to the period associated with increases to project forecasts due to growth in unapproved change orders (expected to be negotiated in future periods). (b) Consists primarily of corporate general and administrative expenses. (c) Depreciation and amortization is included in income (loss) from construction operations. (d) During the nine months ended September 30, 2020, income (loss) from construction operations was adversely impacted by $15.2 million (an unfavorable after-tax impact of $10.9 million, or $0.21 per diluted share) in the third quarter of 2020 due to an unfavorable legal ruling pertaining to a mechanical project in California in the Specialty Contractors segment, as well as by $13.2 million (an unfavorable after-tax impact of $9.5 million, or $0.19 per diluted share) in the second quarter of 2020 due to an adverse arbitration ruling pertaining to an electrical project in New York in the Specialty Contractors segment. These adverse impacts were mostly offset by $19.6 million (a favorable after-tax impact of $14.1 million, or $0.28 per diluted share) in the third quarter of 2020 as a result of a favorable arbitration decision related to a dispute in the Specialty Contractors segment.
Reconciliation of Segment Results to Consolidated Income Before Income Taxes	A reconciliation of segment results to the consolidated income before income taxes is as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Income from construction operations $ 52,093 $ 83,021 $ 170,550 $ 187,944 Other income (expense) (464) (8,048) 1,142 (8,364) Interest expense (16,694) (25,613) (52,442) (58,513) Income before income taxes $ 34,935 $ 49,360 $ 119,250 $ 121,067
Total Assets for Reportable Segments	Total assets by segment were as follows: (in thousands) As of September 30, As of December 31, Civil $ 3,255,994 $ 3,141,991 Building 1,054,260 1,147,649 Specialty Contractors 654,946 673,891 Corporate and other (a) (137,450) 82,086 Total assets $ 4,827,750 $ 5,045,617 ____________________________________________________________________________________________________ (a) Consists principally of cash, equipment, tax-related assets and insurance-related assets, offset by the elimination of assets related to intersegment revenue.

Revenue (Disaggregation Of Reve

Revenue (Disaggregation Of Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Revenue	$ 1,178,222	$ 1,442,091	$ 3,605,060	$ 3,969,247
State and local agencies
Disaggregation of Revenue [Line Items]
Revenue	688,272	808,394	1,995,967	2,258,527
Federal agencies
Disaggregation of Revenue [Line Items]
Revenue	113,833	110,615	341,390	277,535
Private owners
Disaggregation of Revenue [Line Items]
Revenue	376,117	523,082	1,267,703	1,433,185
Civil
Disaggregation of Revenue [Line Items]
Revenue	546,218	611,996	1,577,145	1,667,601
Civil | State and local agencies
Disaggregation of Revenue [Line Items]
Revenue	478,720	526,771	1,350,555	1,426,644
Civil | Federal agencies
Disaggregation of Revenue [Line Items]
Revenue	48,680	48,861	149,648	128,112
Civil | Private owners
Disaggregation of Revenue [Line Items]
Revenue	18,818	36,364	76,942	112,845
Civil | Mass transit (includes certain transportation and tunneling projects)
Disaggregation of Revenue [Line Items]
Revenue	386,913	372,131	1,062,322	1,024,083
Civil | Bridges
Disaggregation of Revenue [Line Items]
Revenue	67,117	104,722	179,059	246,006
Civil | Military defense facilities
Disaggregation of Revenue [Line Items]
Revenue	46,615	44,246	140,736	102,898
Civil | Water
Disaggregation of Revenue [Line Items]
Revenue	22,470	23,277	74,080	76,569
Civil | Highways
Disaggregation of Revenue [Line Items]
Revenue	7,101	30,086	48,153	98,259
Civil | Other
Disaggregation of Revenue [Line Items]
Revenue	16,002	37,534	72,795	119,786
Building
Disaggregation of Revenue [Line Items]
Revenue	360,941	508,140	1,150,834	1,462,925
Building | State and local agencies
Disaggregation of Revenue [Line Items]
Revenue	99,540	126,448	268,396	430,212
Building | Federal agencies
Disaggregation of Revenue [Line Items]
Revenue	50,437	32,392	150,085	99,013
Building | Private owners
Disaggregation of Revenue [Line Items]
Revenue	210,964	349,300	732,353	933,700
Building | Mass transit (includes certain transportation and tunneling projects)
Disaggregation of Revenue [Line Items]
Revenue	38,868	50,206	99,747	174,605
Building | Other
Disaggregation of Revenue [Line Items]
Revenue	21,068	32,708	76,507	100,525
Building | Commercial and industrial facilities
Disaggregation of Revenue [Line Items]
Revenue	75,402	162,364	307,414	402,312
Building | Hospitality and gaming
Disaggregation of Revenue [Line Items]
Revenue	89,317	119,588	276,029	346,517
Building | Municipal and government
Disaggregation of Revenue [Line Items]
Revenue	76,471	66,505	222,855	215,230
Building | Education facilities
Disaggregation of Revenue [Line Items]
Revenue	39,528	50,425	123,988	129,085
Building | Health care facilities
Disaggregation of Revenue [Line Items]
Revenue	20,287	26,344	44,294	94,651
Specialty Contractors
Disaggregation of Revenue [Line Items]
Revenue	271,063	321,955	877,081	838,721
Specialty Contractors | State and local agencies
Disaggregation of Revenue [Line Items]
Revenue	110,012	155,175	377,016	401,671
Specialty Contractors | Federal agencies
Disaggregation of Revenue [Line Items]
Revenue	14,716	29,362	41,657	50,410
Specialty Contractors | Private owners
Disaggregation of Revenue [Line Items]
Revenue	146,335	137,418	458,408	386,640
Specialty Contractors | Mass transit (includes certain transportation and tunneling projects)
Disaggregation of Revenue [Line Items]
Revenue	135,971	179,875	465,179	447,180
Specialty Contractors | Water
Disaggregation of Revenue [Line Items]
Revenue	29,161	20,413	67,829	46,341
Specialty Contractors | Other
Disaggregation of Revenue [Line Items]
Revenue	30,104	29,039	87,635	87,569
Specialty Contractors | Commercial and industrial facilities
Disaggregation of Revenue [Line Items]
Revenue	33,897	41,378	109,283	115,382
Specialty Contractors | Education facilities
Disaggregation of Revenue [Line Items]
Revenue	13,876	12,236	45,657	39,131
Specialty Contractors | Multi-unit residential
Disaggregation of Revenue [Line Items]
Revenue	$ 28,054	$ 39,014	$ 101,498	$ 103,118

Revenue (Schedule Of Revenue By

Revenue (Schedule Of Revenue By Contract Type) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Revenue	$ 1,178,222	$ 1,442,091	$ 3,605,060	$ 3,969,247
Fixed price
Disaggregation of Revenue [Line Items]
Revenue	798,641	887,035	2,398,421	2,494,948
Guaranteed maximum price
Disaggregation of Revenue [Line Items]
Revenue	225,317	310,401	748,634	799,428
Unit price
Disaggregation of Revenue [Line Items]
Revenue	95,117	155,951	291,913	379,855
Cost plus fee and other
Disaggregation of Revenue [Line Items]
Revenue	59,147	88,704	166,092	295,016
Civil
Disaggregation of Revenue [Line Items]
Revenue	546,218	611,996	1,577,145	1,667,601
Civil | Fixed price
Disaggregation of Revenue [Line Items]
Revenue	473,212	484,851	1,353,436	1,349,750
Civil | Guaranteed maximum price
Disaggregation of Revenue [Line Items]
Revenue	502	179	2,270	768
Civil | Unit price
Disaggregation of Revenue [Line Items]
Revenue	71,429	124,506	212,678	307,654
Civil | Cost plus fee and other
Disaggregation of Revenue [Line Items]
Revenue	1,075	2,460	8,761	9,429
Building
Disaggregation of Revenue [Line Items]
Revenue	360,941	508,140	1,150,834	1,462,925
Building | Fixed price
Disaggregation of Revenue [Line Items]
Revenue	89,895	117,650	269,693	401,957
Building | Guaranteed maximum price
Disaggregation of Revenue [Line Items]
Revenue	219,395	308,299	737,251	794,810
Building | Unit price
Disaggregation of Revenue [Line Items]
Revenue	130	254	(1,323)	1,417
Building | Cost plus fee and other
Disaggregation of Revenue [Line Items]
Revenue	51,521	81,937	145,213	264,741
Specialty Contractors
Disaggregation of Revenue [Line Items]
Revenue	271,063	321,955	877,081	838,721
Specialty Contractors | Fixed price
Disaggregation of Revenue [Line Items]
Revenue	235,534	284,534	775,292	743,241
Specialty Contractors | Guaranteed maximum price
Disaggregation of Revenue [Line Items]
Revenue	5,420	1,923	9,113	3,850
Specialty Contractors | Unit price
Disaggregation of Revenue [Line Items]
Revenue	23,558	31,191	80,558	70,784
Specialty Contractors | Cost plus fee and other
Disaggregation of Revenue [Line Items]
Revenue	$ 6,551	$ 4,307	$ 12,118	$ 20,846

Revenue (Narrative) (Details)

Revenue (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Net revenue recognized related to performance obligations satisfies (or partially satisfied) in prior periods	$ 2.1	$ 30.4	$ 37.1	$ 71.3
Civil
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations revenue amount	4,400	5,100	$ 4,400	5,100
Civil | Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations revenue period			3 years
Civil | Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations revenue period			5 years
Building
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations revenue amount	1,800	1,900	$ 1,800	1,900
Specialty Contractors
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations revenue amount	$ 1,400	$ 1,900	$ 1,400	$ 1,900
Building and Specialty Contractors | Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations revenue period			1 year
Building and Specialty Contractors | Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations revenue period			3 years

Contract Assets and Liabiliti_3

Contract Assets and Liabilities (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Capitalized contract costs amortized and recognized as expense	$ 11.3	$ 12.5	$ 36.6	$ 35.2
Liability revenue recognized from contract with customer	$ 288	$ 461.8	$ 608.4	$ 662.7

Contract Assets and Liabiliti_4

Contract Assets and Liabilities (Schedule Of Contract Assets) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Retainage receivable	$ 637,124	$ 648,441
Costs and estimated earnings in excess of billings:
Claims	840,176	752,783
Unapproved change orders	448,600	415,489
Other unbilled costs and profits	99,234	68,462
Total costs and estimated earnings in excess of billings	1,388,010	1,236,734
Capitalized contract costs	72,543	74,452
Total contract assets	$ 2,097,677	$ 1,959,627

Contract Assets and Liabiliti_5

Contract Assets and Liabilities (Schedule of Contract Liabilities) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Retainage payable	$ 286,036	$ 315,135
Billings in excess of costs and estimated earnings	754,939	839,222
Total contract liabilities	$ 1,040,975	$ 1,154,357

Cash, Cash Equivalents and Re_3

Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 187,535	$ 374,289
Restricted cash	6,922	77,563
Total cash, cash equivalents and restricted cash	194,457	451,852	$ 429,340	$ 202,101
Restricted cash held to repay outstanding principal balance of Convertible Notes		69,900
Joint venture cash and cash equivalents
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	121,295	163,448
Cash and cash equivalents available for general corporate purposes
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 66,240	$ 210,841

Earnings Per Common Share (Deta

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Net income attributable to Tutor Perini Corporation	$ 15,394	$ 36,819	$ 62,593	$ 72,899
Weighted-average common shares outstanding, basic (in shares)	51,072	50,787	50,995	50,598
Effect of dilutive restricted stock units and stock options (in shares)	294	454	369	406
Weighted-average common shares outstanding, diluted (in shares)	51,366	51,241	51,364	51,004
Net income attributable to Tutor Perini Corporation per common share: Basic (in dollars per share)	$ 0.30	$ 0.72	$ 1.23	$ 1.44
Net income attributable to Tutor Perini Corporation per common share: Diluted (in dollars per share)	$ 0.30	$ 0.72	$ 1.22	$ 1.43
Anti-dilutive securities not included above (in shares)	2,131	1,514	1,861	1,977

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Effective tax rate	24.90%	0.10%	22.00%	12.20%

Goodwill And Intangible Asset_2

Goodwill And Intangible Assets (Narrative) (Details) - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill impairment charge		$ 0
Amortization expense	$ 9,300,000		$ 9,300,000	$ 26,646,000	$ 23,879,000
Estimated amortization expense, remainder of 2021	9,300,000			9,300,000
Estimated amortization expense, 2022	14,400,000			14,400,000
Estimated amortization expense, 2023	2,500,000			2,500,000
Estimated amortization expense, 2024	2,500,000			2,500,000
Estimated amortization expense, 2025	2,500,000			2,500,000
Estimated amortization expense, 2026	2,500,000			2,500,000
Estimated amortization expense, after year 2026	$ 12,400,000			$ 12,400,000

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets (Changes in Carrying Amount of Goodwill) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Goodwill [Roll Forward]
Gross goodwill as of December 31, 2020		$ 1,072,991
Accumulated impairment as of December 31, 2020		(867,848)
Balance at beginning of period	$ 205,143
Current year activity	0
Balance at end of period	205,143
Civil
Goodwill [Roll Forward]
Gross goodwill as of December 31, 2020		492,074
Accumulated impairment as of December 31, 2020		(286,931)
Balance at beginning of period	205,143
Current year activity	0
Balance at end of period	205,143
Building
Goodwill [Roll Forward]
Gross goodwill as of December 31, 2020		424,724
Accumulated impairment as of December 31, 2020		(424,724)
Balance at beginning of period	0
Current year activity	0
Balance at end of period	0
Specialty Contractors
Goodwill [Roll Forward]
Gross goodwill as of December 31, 2020		156,193
Accumulated impairment as of December 31, 2020		$ (156,193)
Balance at beginning of period	0
Current year activity	0
Balance at end of period	$ 0

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets (Intangible Assets) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Total intangible assets
Cost		$ 387,040	$ 387,040
Accumulated Amortization		(177,504)	(150,858)
Accumulated Impairment Charge		(113,067)	(113,067)
Carrying Value		96,469	123,115
Trade Names
Finite-Lived intangible assets
Cost		74,350	74,350
Accumulated Amortization		(25,620)	(23,754)
Accumulated Impairment Charge		(23,232)	(23,232)
Carrying Value		$ 25,498	27,364
Weighted-Average Amortization Period	20 years	20 years
Customer relationships
Finite-Lived intangible assets
Cost		$ 39,800	39,800
Accumulated Amortization		(22,868)	(22,103)
Accumulated Impairment Charge		(16,645)	(16,645)
Carrying Value		$ 287	1,052
Weighted-Average Amortization Period	12 years	12 years
Construction contract backlog
Finite-Lived intangible assets
Cost		$ 149,290	149,290
Accumulated Amortization		(129,016)	(105,001)
Carrying Value		$ 20,274	44,289
Weighted-Average Amortization Period	3 years	3 years
Trade Names
Indefinite-lived intangible assets
Cost		$ 117,600	117,600
Accumulated Impairment Charge		(67,190)	(67,190)
Carrying Value		50,410	50,410
Contractor license
Indefinite-lived intangible assets
Cost		6,000	6,000
Accumulated Impairment Charge		$ (6,000)	$ (6,000)

Financial Commitments (Narrativ

Financial Commitments (Narrative) (Details)	Aug. 18, 2020USD ($)	Sep. 30, 2021USD ($)	Mar. 31, 2022	Jun. 15, 2021USD ($)	Dec. 31, 2020USD ($)	Aug. 19, 2020USD ($)	Apr. 20, 2017USD ($)	Jun. 15, 2016USD ($)
BMO Harris Bank
Debt Instrument [Line Items]
Applicable margin on overdue amounts (as a percent)	2.00%
First Lien | BMO Harris Bank
Debt Instrument [Line Items]
Net leverage ratio (maximum)	1.35
2020 Revolver | BMO Harris Bank
Debt Instrument [Line Items]
Net leverage ratio (maximum)	2.75
Weighted-average annual interest rate on borrowings		6.50%
Remaining borrowing capacity		$ 175,000,000
Forecast | 2020 Revolver | BMO Harris Bank
Debt Instrument [Line Items]
Net leverage ratio (maximum)			2.25
Line of Credit | 2020 Credit Agreement | BMO Harris Bank
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 425,000,000
Premium fee (as a percent)	1.00%
Periodic payment principal percentage	0.25%
Unsecured Debt | BMO Harris Bank
Debt Instrument [Line Items]
Total net leverage ratio (maximum)	3.50
Fixed charge coverage ratio (maximum)	2
Convertible Notes
Debt Instrument [Line Items]
Face amount								$ 200,000,000
Interest rate								2.875%
Aggregate principal repurchase face amount						$ 130,100,000
Aggregate principal repurchase amount						$ 132,400,000
Current principal amount				$ 69,900,000	$ 69,918,000
Senior Notes | 2017 Senior Notes
Debt Instrument [Line Items]
Current principal amount		$ 500,000,000			500,000,000
Senior Notes | Private Placement | 2017 Senior Notes
Debt Instrument [Line Items]
Face amount							$ 500,000,000
Interest rate							6.875%
Redemption price, change of control triggering event (as a percent)		101.00%
Revolving Credit Facility | 2017 Credit Facility
Debt Instrument [Line Items]
Unamortized debt issuance costs					$ 2,600,000
Revolving Credit Facility | 2020 Credit Agreement | BMO Harris Bank
Debt Instrument [Line Items]
Increase in line of credit	$ 173,500,000
Accordion feature, percentage of LTM EBITDA	50.00%
Revolving Credit Facility | 2020 Revolver
Debt Instrument [Line Items]
Unamortized debt issuance costs		$ 2,200,000
Revolving Credit Facility | Line of Credit | 2020 Credit Agreement | BMO Harris Bank
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 175,000,000
Letters of Credit | Line of Credit | 2020 Credit Agreement | BMO Harris Bank
Debt Instrument [Line Items]
Maximum borrowing capacity	75,000,000
Bridge Loan | Line of Credit | 2020 Credit Agreement | BMO Harris Bank
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 10,000,000
Secured Debt | Junior Lien | BMO Harris Bank
Debt Instrument [Line Items]
Total net leverage ratio (maximum)	3.50
Federal Funds Rate | 2020 Credit Agreement | BMO Harris Bank
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
LIBOR | 2020 Credit Agreement | BMO Harris Bank
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
LIBOR | Term Loan B | BMO Harris Bank
Debt Instrument [Line Items]
Basis spread on variable rate	4.75%
LIBOR | 2020 Revolver | BMO Harris Bank
Debt Instrument [Line Items]
Basis spread on variable rate	4.75%
LIBOR | Minimum | Term Loan B | BMO Harris Bank
Debt Instrument [Line Items]
Basis spread on variable rate	4.50%
LIBOR | Minimum | 2020 Revolver | BMO Harris Bank
Debt Instrument [Line Items]
Basis spread on variable rate	4.25%
LIBOR | Maximum | Term Loan B | BMO Harris Bank
Debt Instrument [Line Items]
Basis spread on variable rate	4.75%
LIBOR | Maximum | 2020 Revolver | BMO Harris Bank
Debt Instrument [Line Items]
Basis spread on variable rate	4.75%
Base Rate | Term Loan B | BMO Harris Bank
Debt Instrument [Line Items]
Basis spread on variable rate	3.75%
Base Rate | 2020 Revolver | BMO Harris Bank
Debt Instrument [Line Items]
Basis spread on variable rate	3.75%
Base Rate | Minimum | Term Loan B | BMO Harris Bank
Debt Instrument [Line Items]
Basis spread on variable rate	3.50%
Base Rate | Minimum | 2020 Revolver | BMO Harris Bank
Debt Instrument [Line Items]
Basis spread on variable rate	3.25%
Base Rate | Maximum | Term Loan B | BMO Harris Bank
Debt Instrument [Line Items]
Basis spread on variable rate	3.75%
Base Rate | Maximum | 2020 Revolver | BMO Harris Bank
Debt Instrument [Line Items]
Basis spread on variable rate	3.75%

Financial Commitments (Long-Ter

Financial Commitments (Long-Term Debt) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total debt	$ 967,984	$ 1,025,465
Less: Current maturities	28,029	100,188
Long-term debt, net	939,955	925,277
Term Loan B
Debt Instrument [Line Items]
Total debt	406,835	408,458
Convertible Notes
Debt Instrument [Line Items]
Total debt	0	67,878
Equipment financing and mortgages
Debt Instrument [Line Items]
Total debt	54,381	47,594
Other indebtedness
Debt Instrument [Line Items]
Total debt	10,774	6,264
2017 Senior Notes | Senior Notes
Debt Instrument [Line Items]
Total debt	495,994	495,271
2020 Revolver
Debt Instrument [Line Items]
Total debt	$ 0	$ 0

Financial Commitments (Reconcil

Financial Commitments (Reconciliation of Outstanding Debt Balance to Reported Debt Balance) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 15, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total debt	$ 967,984		$ 1,025,465
Term Loan B
Debt Instrument [Line Items]
Outstanding Debt	420,750		423,938
Unamortized Discounts and Issuance Costs	(13,915)		(15,480)
Total debt	406,835		408,458
Convertible Notes
Debt Instrument [Line Items]
Outstanding Debt		$ 69,900	69,918
Unamortized Discounts and Issuance Costs			(2,040)
Total debt	0		67,878
2017 Senior Notes | Senior Notes
Debt Instrument [Line Items]
Outstanding Debt	500,000		500,000
Unamortized Discounts and Issuance Costs	(4,006)		(4,729)
Total debt	$ 495,994		$ 495,271

Financial Commitments (Summary

Financial Commitments (Summary of Interest Expense as Reported in the Consolidated Statements of Operations) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Debt Instrument [Line Items]
Other interest	$ 532	$ 577	$ 1,422	$ 1,616
Cash portion of loss on extinguishment	0	786	0	786
Total cash interest expense	15,760	14,485	47,640	40,339
Non-cash interest expense			4,802	18,960
Non-cash portion of loss on extinguishment	0	8,311	0	8,311
Total non-cash interest expense	934	11,128	4,802	18,174
Total interest expense	16,694	25,613	52,442	58,513
Term Loan B
Debt Instrument [Line Items]
Cash interest expense	6,198	2,919	18,407	2,919
Non-cash interest expense	$ 547	253	$ 1,613	253
Effective interest rates	6.48%		6.48%
Convertible Notes
Debt Instrument [Line Items]
Cash interest expense		995	$ 921	3,870
Non-cash interest expense		2,073	$ 2,040	7,870
Effective interest rates	9.39%		9.39%
2017 Senior Notes | Senior Notes
Debt Instrument [Line Items]
Cash interest expense	$ 8,594	8,594	$ 25,781	25,781
Non-cash interest expense	$ 245	229	$ 723	674
Effective interest rates	7.13%		7.13%
2020 Revolver
Debt Instrument [Line Items]
Cash interest expense	$ 436	26	$ 1,109	26
Non-cash interest expense	$ 142	64	$ 426	64
2017 Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Cash interest expense		588		5,341
Non-cash interest expense		$ 198		$ 1,002

Leases (Narrative) (Details)

Leases (Narrative) (Details)	Sep. 30, 2021
Minimum
Lessee, Lease, Description [Line Items]
Operating lease, remaining lease terms	1 year
Maximum
Lessee, Lease, Description [Line Items]
Operating lease, remaining lease terms	17 years

Leases (Components Of Lease Exp

Leases (Components Of Lease Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Lessee, Lease, Description [Line Items]
Operating lease expense	$ 3,660	$ 3,563	$ 11,085	$ 10,991
Short-term lease expense	17,951	24,502	57,377	64,823
Lease expense, gross	21,611	28,065	68,462	75,814
Less: Sublease income	176	193	522	851
Total lease expense	$ 21,435	$ 27,872	$ 67,940	$ 74,963
Minimum
Lessee, Lease, Description [Line Items]
Short term lease, lease term			1 month
Maximum
Lessee, Lease, Description [Line Items]
Short term lease, lease term			1 year

Leases (Supplemental Balance Sh

Leases (Supplemental Balance Sheet Information Related To Leases) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
ASSETS
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	OTHER ASSETS	OTHER ASSETS
Right-of-use assets	$ 55,845	$ 55,897
Liabilities
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Current lease liabilities	$ 8,060	$ 7,661
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Long-term lease liabilities	$ 51,690	$ 51,336
Total lease liabilities	$ 59,750	$ 58,997
Weighted-average remaining lease term	11 years 10 months 24 days	12 years 6 months
Weighted-average discount rate	9.40%	9.22%

Leases (Supplemental Cash Flow

Leases (Supplemental Cash Flow And Other Information Related To Leases) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities	$ (10,344)	$ (11,026)
Right-of-use assets obtained in exchange for lease liabilities	$ 6,686	$ 6,251

Leases (Maturity Of Leases Liab

Leases (Maturity Of Leases Liabilities On An Undiscounted Basis) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Leases [Abstract]
2021 (excluding the nine months ended September 30, 2021)	$ 3,422
2022	12,474
2023	9,688
2024	7,640
2025	6,803
Thereafter	66,473
Total lease payments	106,500
Less: Imputed interest	46,750
Total	$ 59,750	$ 58,997

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	Dec. 13, 2019	Jun. 04, 2019	Feb. 26, 2015	Sep. 30, 2018	Mar. 31, 2016	Jun. 30, 2015	Aug. 31, 2013	Dec. 31, 2019	Sep. 30, 2021	Jul. 02, 2018	Mar. 31, 2018
STP
Contingencies and Commitments
Ownership percentage in joint venture									45.00%
Alaskan Way Viaduct Matter
Contingencies and Commitments
Ownership percentage in joint venture									45.00%
Value of claim filed				$ 532	$ 57.2	$ 532
Value of counterclaim filed					$ 667
Settlement on judgment, awarded to other party	$ 57.2
Pre-tax charge, impact from jury verdict								$ 166.8
Pre-tax accrual, impact from jury verdict								$ 25.7
George Washington Bridge Bus Station Matter
Contingencies and Commitments
Value of claim filed			$ 30
Value of project							$ 100
Value of counterclaim filed in excess of											$ 113
Court issued writ of attachment amount		$ 23
Proof of claim amount	$ 113
Value of damages seeking										$ 113
Return Of Retainage By Developer | George Washington Bridge Bus Station Matter
Contingencies and Commitments
Value of counterclaim filed in excess of											$ 29

Share-Based Compensation (Detai

Share-Based Compensation (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for future grant (in shares)	1,036,709		1,036,709
Cash used to settle liabilities			$ 300,000	$ 300,000
Costs for share-based payment arrangements	$ 3,100,000	$ 2,500,000	8,100,000	$ 10,700,000
Unamortized share-based compensation expense	20,600,000		$ 20,600,000
Weighted average period over which unrecognized compensation cost is expected to be recognized			2 years 1 month 6 days
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units granted (in shares)			555,986	75,000
Weighted-average fair values per share (in dollars per share)			$ 16.52	$ 13.93
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock options granted (in shares)			100,000	75,000
Weighted average grant date fair value (in dollars per share)			$ 15.21	$ 3.94
Weighted-average exercise prices (in dollars per share)			$ 19.24	$ 25.70
Expected life			6 years 6 months
Expected volatility (as a percent)			73.74%
Risk-free rate			1.44%
Expected quarterly dividends			$ 0
Unrestricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units granted (in shares)			96,668	194,177
Weighted-average fair values per share (in dollars per share)			$ 15.62	$ 8.60
Cash-settled Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units granted (in shares)			275,986
Weighted-average fair values per share (in dollars per share)			$ 20.21
Restricted Stock Units, Guaranteed Minimum Payouts
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Liabilities recognized for restricted stock grants	$ 3,600,000		$ 3,600,000		$ 2,400,000

Employee Pension Plans (Narrati

Employee Pension Plans (Narrative) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Pension Plan Assets
Company contribution	$ 1	$ 3.2

Employee Pension Plans (Summary

Employee Pension Plans (Summary Of Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Summary of net periodic benefit cost
Interest cost	$ 582	$ 758	$ 1,746	$ 2,273
Service cost	236	231	709	694
Expected return on plan assets	(1,015)	(1,006)	(3,045)	(3,017)
Recognized net actuarial losses	683	592	2,049	1,775
Net periodic benefit cost	$ 486	$ 575	$ 1,459	$ 1,725

Fair Value Measurements (Assets

Fair Value Measurements (Assets And Liabilities Measured At Fair Value On Recurring Basis) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Assets:
Cash and cash equivalents maturity period (maximum)	3 months
Restricted and other investments, term (maximum)	5 years	5 years
Municipal Bonds
Assets:
Investments in lieu of retainage	$ 1,300	$ 1,300
US Government Agencies Securities
Assets:
Restricted and other investments	40,000	40,500
Corporate Debt Securities
Assets:
Investments in lieu of retainage	55,300
Restricted and other investments	45,800	37,500
Fair value measured on a recurring basis
Assets:
Cash and cash equivalents	187,535	374,289
Restricted cash	6,922	77,563
Restricted investments	86,576	78,912
Investments in lieu of retainage	82,193	93,909
Total	363,226	624,673
Fair value measured on a recurring basis | Level 1
Assets:
Cash and cash equivalents	187,535	374,289
Restricted cash	6,922	77,563
Restricted investments	0	0
Investments in lieu of retainage	25,638	92,609
Total	220,095	544,461
Fair value measured on a recurring basis | Level 2
Assets:
Cash and cash equivalents	0	0
Restricted cash	0	0
Restricted investments	86,576	78,912
Investments in lieu of retainage	56,555	1,300
Total	143,131	80,212
Fair value measured on a recurring basis | Level 3
Assets:
Cash and cash equivalents	0	0
Restricted cash	0	0
Restricted investments	0	0
Investments in lieu of retainage	0	0
Total	0	0
Certificates of Deposit
Assets:
Restricted and other investments	800	900
Money Market Funds
Assets:
Investments in lieu of retainage	$ 25,600	$ 92,600

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Senior Notes | 2017 Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	$ 513.6	$ 495
Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value		69.1
Term Loan B
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	$ 420.8	$ 425

Variable Interest Entities (Det

Variable Interest Entities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Variable Interest Entity [Line Items]
Assets, current	$ 3,937,431		$ 3,937,431		$ 4,080,457
Liabilities, current	1,932,989		1,932,989		2,264,363
Revenue	$ 1,178,222	$ 1,442,091	$ 3,605,060	$ 3,969,247
Purple Line Extension Section 2 And Section 3
Variable Interest Entity [Line Items]
Percent interest in the joint venture			75.00%
Newark Airport Terminal One Design Build Project
Variable Interest Entity [Line Items]
Percent interest in the joint venture			80.00%
Joint Venture With O&G Industries | Purple Line Extension Section 2 And Section 3
Variable Interest Entity [Line Items]
Revenue			$ 2,800,000
O&G | Purple Line Extension Section 2 And Section 3
Variable Interest Entity [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners	25.00%		25.00%
Joint Venture With Parsons | Newark Airport Terminal One Design Build Project
Variable Interest Entity [Line Items]
Revenue			$ 1,400,000
Parsons Corporation | Newark Airport Terminal One Design Build Project
Variable Interest Entity [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners	20.00%		20.00%
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Assets, current	$ 1,700		$ 1,700		600
Liabilities, current	1,500		1,500		500
VIEs
Variable Interest Entity [Line Items]
Assets, current	510,100		510,100		405,700
Liabilities, current	460,800		460,800		514,900
Assets, noncurrent	$ 3,300		$ 3,300		$ 14,200

Changes in Equity (Details)

Changes in Equity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Attributable to Tutor Perini Corporation:
Balance at the beginning of the period	$ 1,610,430	$ 1,464,141	$ 1,542,945	$ 1,430,525
Net income	26,241	49,323	92,957	106,320
Other comprehensive income (loss)	(1,081)	1,301	(290)	1,638
Share-based compensation	2,030	2,471	6,787	10,163
Convertible note repayment allocated to conversion option		(929)		(929)
Issuance of common stock, net	(2)	(703)	(1,531)	(1,203)
Contributions from noncontrolling interests	3,000		7,000
Distributions to noncontrolling interests	(10,000)	(6,307)	(17,250)	(37,217)
Balance at the end of the period	1,630,618	1,509,297	1,630,618	1,509,297
Common Stock
Attributable to Tutor Perini Corporation:
Balance at the beginning of the period	51,072	50,771	50,827	50,279
Issuance of common stock, net		56	245	548
Balance at the end of the period	51,072	50,827	51,072	50,827
Additional Paid-in Capital
Attributable to Tutor Perini Corporation:
Balance at the beginning of the period	1,130,368	1,124,672	1,127,385	1,117,972
Share-based compensation	2,030	2,471	6,787	10,163
Convertible note repayment allocated to conversion option		(929)		(929)
Issuance of common stock, net	(2)	(759)	(1,776)	(1,751)
Balance at the end of the period	1,132,396	1,125,455	1,132,396	1,125,455
Retained Earnings
Attributable to Tutor Perini Corporation:
Balance at the beginning of the period	469,584	350,071	422,385	313,991
Net income	15,394	36,819	62,593	72,899
Balance at the end of the period	484,978	386,890	484,978	386,890
Accumulated Other Comprehensive Loss
Attributable to Tutor Perini Corporation:
Balance at the beginning of the period	(46,526)	(40,597)	(46,741)	(42,100)
Other comprehensive income (loss)	(634)	781	(419)	2,284
Balance at the end of the period	(47,160)	(39,816)	(47,160)	(39,816)
Noncontrolling Interests
Attributable to Tutor Perini Corporation:
Balance at the beginning of the period	5,932	(20,776)	(10,911)	(9,617)
Net income	10,847	12,504	30,364	33,421
Other comprehensive income (loss)	(447)	520	129	(646)
Contributions from noncontrolling interests	3,000		7,000
Distributions to noncontrolling interests	(10,000)	(6,307)	(17,250)	(37,217)
Balance at the end of the period	$ 9,332	$ (14,059)	$ 9,332	$ (14,059)

Other Comprehensive Income (L_3

Other Comprehensive Income (Loss) (Schedule Of Components Of Other Comprehensive Income (Loss) And Related Tax Effects) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Defined benefit pension plan adjustments, Before-Tax Amount	$ 683	$ 592	$ 2,049	$ 1,775
Defined benefit pension plan adjustments, Tax (Expense) Benefit	(191)	(168)	(574)	(504)
Defined benefit pension plan adjustments, Net-of-Tax Amount	(492)	(424)	(1,475)	(1,271)
Foreign currency translation adjustment, Before-Tax Amount	(1,389)	1,333	(541)	(1,621)
Foreign currency translation adjustment, Tax (Expense) Benefit	264	(231)	188	365
Foreign currency translation adjustment, Net-of-Tax Amount	(1,125)	1,102	(353)	(1,256)
Unrealized gain (loss) in fair value of investments, Before-Tax Amount	(581)	(281)	(1,828)	2,078
Unrealized gain (loss) in fair value of investments, Tax (Expense) Benefit	133	56	416	(455)
Unrealized gain (loss) in fair value of investments, Net-of-Tax Amount	(448)	(225)	(1,412)	1,623
Total other comprehensive income (loss), Before-Tax Amount	(1,287)	1,644	(320)	2,232
Total other comprehensive income (loss), Tax Benefit (Expense)	206	(343)	30	(594)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX	(1,081)	1,301	(290)	1,638
Less: Other comprehensive income (loss) attributable to noncontrolling interests, Before-Tax Amount	(447)	520	129	(646)
Less: Other comprehensive income (loss) attributable to noncontrolling interests, Tax (Expense) Benefit	0	0	0	0
Less: Other comprehensive income (loss) attributable to noncontrolling interests, Net-of-Tax Amount	(447)	520	129	(646)
Total other comprehensive income (loss) attributable to Tutor Perini Corporation, Before-Tax Amount	(840)	1,124	(449)	2,878
Total other comprehensive income (loss) attributable to Tutor Perini Corporation, Tax (Expense) Benefit	206	(343)	30	(594)
Total other comprehensive income (loss)	$ (634)	$ 781	$ (419)	$ 2,284

Other Comprehensive Income (L_4

Other Comprehensive Income (Loss) (Schedule Of Changes In AOCI Balances By Component (After-Tax)) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Attributable to Tutor Perini Corporation:
Balance at the beginning of the period			$ 1,553,856
Other comprehensive income (loss) before reclassifications	$ (1,069)	$ 579	(1,700)	$ 1,268
Amounts reclassified from AOCI	435	202	1,281	1,016
Total other comprehensive income (loss)	(634)	781	(419)	2,284
Balance at the end of the period	1,621,286		1,621,286
Defined Benefit Pension Plan
Attributable to Tutor Perini Corporation:
Balance at the beginning of the period	(43,104)	(36,979)	(44,087)	(37,826)
Other comprehensive income (loss) before reclassifications	0	0	0	0
Amounts reclassified from AOCI	492	424	1,475	1,271
Total other comprehensive income (loss)	492	424	1,475	1,271
Balance at the end of the period	(42,612)	(36,555)	(42,612)	(36,555)
Foreign Currency Translation
Attributable to Tutor Perini Corporation:
Balance at the beginning of the period	(5,126)	(6,563)	(5,322)	(5,371)
Other comprehensive income (loss) before reclassifications	(678)	582	(482)	(610)
Amounts reclassified from AOCI	0	0	0	0
Total other comprehensive income (loss)	(678)	582	(482)	(610)
Balance at the end of the period	(5,804)	(5,981)	(5,804)	(5,981)
Unrealized Gain (Loss) in Fair Value of Investments, Net
Attributable to Tutor Perini Corporation:
Balance at the beginning of the period	1,704	2,945	2,668	1,097
Other comprehensive income (loss) before reclassifications	(391)	(3)	(1,218)	1,878
Amounts reclassified from AOCI	(57)	(222)	(194)	(255)
Total other comprehensive income (loss)	(448)	(225)	(1,412)	1,623
Balance at the end of the period	1,256	2,720	1,256	2,720
Accumulated Other Comprehensive Income (Loss)
Attributable to Tutor Perini Corporation:
Balance at the beginning of the period	(46,526)	(40,597)	(46,741)	(42,100)
Balance at the end of the period	$ (47,160)	$ (39,816)	$ (47,160)	$ (39,816)

Other Comprehensive Income (L_5

Other Comprehensive Income (Loss) (AOCI Reclassifications) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other income (expense)	$ 464	$ 8,048	$ (1,142)	$ 8,364
Income tax expense (benefit)	8,694	37	26,293	14,747
Net income attributable to Tutor Perini Corporation	(15,394)	(36,819)	(62,593)	(72,899)
Defined Benefit Pension Plan | Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other income (expense)	683	592	2,049	1,775
Income tax expense (benefit)	(191)	(168)	(574)	(504)
Net income attributable to Tutor Perini Corporation	492	424	1,475	1,271
Unrealized gain in fair value of investment adjustments | Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other income (expense)	(73)	(281)	(246)	(323)
Income tax expense (benefit)	16	59	52	68
Net income attributable to Tutor Perini Corporation	$ (57)	$ (222)	$ (194)	$ (255)

Business Segments (Narrative) (

Business Segments (Narrative) (Details)	9 Months Ended
	Sep. 30, 2021segment
Segment Reporting [Abstract]
Number of reportable segments	3

Business Segments (Reportable S

Business Segments (Reportable Segments) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
Revenue	$ 1,178,222	$ 1,442,091	$ 3,605,060	$ 3,969,247
Income (loss) from construction operations	52,093	83,021	170,550	187,944
Capital expenditures	8,302	12,010	27,162	43,396
Depreciation and amortization	30,061	30,858	92,196	79,634
Operating Segments
Segment Reporting Information [Line Items]
Revenue	1,290,878	1,598,238	3,996,366	4,335,358
Income (loss) from construction operations	67,871	95,752	213,061	225,467
Capital expenditures	8,068	11,658	26,536	42,727
Depreciation and amortization	27,427	28,080	84,025	71,314
Intersegment Eliminations
Segment Reporting Information [Line Items]
Revenue	(112,656)	(156,147)	(391,306)	(366,111)
Corporate
Segment Reporting Information [Line Items]
Income (loss) from construction operations	(15,778)	(12,731)	(42,511)	(37,523)
Capital expenditures	234	352	626	669
Depreciation and amortization	2,634	2,778	8,171	8,320
Civil
Segment Reporting Information [Line Items]
Revenue	546,218	611,996	1,577,145	1,667,601
Civil | Favorable Adjustments Reflecting Improved Profitability on Mass-Transit Project
Segment Reporting Information [Line Items]
Favorable arbitration			18,100
Favorable arbitration, after tax			$ 13,000
Favorable arbitration, after tax, diluted (in dollars per share)			$ 0.25
Civil | Operating Segments
Segment Reporting Information [Line Items]
Revenue	624,549	723,324	$ 1,850,748	1,948,095
Income (loss) from construction operations	62,555	70,237	187,733	181,756
Capital expenditures	7,847	10,996	26,027	41,139
Depreciation and amortization	26,234	26,659	80,125	67,050
Civil | Intersegment Eliminations
Segment Reporting Information [Line Items]
Revenue	(78,331)	(111,328)	(273,603)	(280,494)
Building
Segment Reporting Information [Line Items]
Revenue	360,941	508,140	1,150,834	1,462,925
Building | Operating Segments
Segment Reporting Information [Line Items]
Revenue	395,013	552,823	1,267,984	1,548,223
Income (loss) from construction operations	10,786	15,815	19,514	37,120
Capital expenditures	87	438	211	636
Depreciation and amortization	416	419	1,272	1,274
Building | Intersegment Eliminations
Segment Reporting Information [Line Items]
Revenue	(34,072)	(44,683)	(117,150)	(85,298)
Specialty Contractors
Segment Reporting Information [Line Items]
Revenue	271,063	321,955	877,081	838,721
Specialty Contractors | Favorable Legal Ruling Pertaining to Dispute in Specialty Contractors Segment
Segment Reporting Information [Line Items]
Favorable arbitration		19,600		19,600
Favorable arbitration, after tax		$ 14,100		$ 14,100
Favorable arbitration, after tax, diluted (in dollars per share)		$ 0.28		$ 0.28
Specialty Contractors | Unfavorable Legal Ruling Pertaining to Mechanical Project in California
Segment Reporting Information [Line Items]
Adverse arbitration, loss in period		$ 15,200		$ 15,200
Adverse arbitration, loss in period, after tax		$ 10,900		$ 10,900
Adverse arbitration, loss in period, after tax, diluted (in dollars per share)		$ 0.21		$ 0.21
Specialty Contractors | Favorable Legal Ruling Pertaining to Electrical Project in New York
Segment Reporting Information [Line Items]
Favorable arbitration			20,100
Favorable arbitration, after tax			$ 14,600
Favorable arbitration, after tax, diluted (in dollars per share)			$ 0.28
Specialty Contractors | Unfavorable Adjustment Due to Changes in Estimate on Electrical Project in New York
Segment Reporting Information [Line Items]
Adverse arbitration, loss in period			$ (14,500)
Adverse arbitration, loss in period, after tax			$ (10,500)
Adverse arbitration, loss in period, after tax, diluted (in dollars per share)			$ (0.21)
Specialty Contractors | Adverse Arbitration Ruling Pertaining to Electrical Project in New York
Segment Reporting Information [Line Items]
Adverse arbitration, loss in period				$ 13,200
Adverse arbitration, loss in period, after tax				$ 9,500
Adverse arbitration, loss in period, after tax, diluted (in dollars per share)				$ 0.19
Specialty Contractors | Operating Segments
Segment Reporting Information [Line Items]
Revenue	271,316	$ 322,091	$ 877,634	$ 839,040
Income (loss) from construction operations	(5,470)	9,700	5,814	6,591
Capital expenditures	134	224	298	952
Depreciation and amortization	777	1,002	2,628	2,990
Specialty Contractors | Intersegment Eliminations
Segment Reporting Information [Line Items]
Revenue	$ (253)	$ (136)	$ (553)	$ (319)

Business Segments (Reconciliati

Business Segments (Reconciliation Of Segment Results To Consolidated Income Before Income Taxes) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting [Abstract]
Income from construction operations	$ 52,093	$ 83,021	$ 170,550	$ 187,944
Other income (expense)	(464)	(8,048)	1,142	(8,364)
Interest expense	(16,694)	(25,613)	(52,442)	(58,513)
Income before income taxes	$ 34,935	$ 49,360	$ 119,250	$ 121,067

Business Segments (Total Assets

Business Segments (Total Assets For Reportable Segments) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Assets	$ 4,827,750	$ 5,045,617
Corporate and other
Segment Reporting Information [Line Items]
Assets	(137,450)	82,086
Civil | Operating Segments
Segment Reporting Information [Line Items]
Assets	3,255,994	3,141,991
Building | Operating Segments
Segment Reporting Information [Line Items]
Assets	1,054,260	1,147,649
Specialty Contractors | Operating Segments
Segment Reporting Information [Line Items]
Assets	$ 654,946	$ 673,891