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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2014
Income Tax Disclosure [Abstract] |
Components of Income Before Income Taxes | The components of income from continuing operations before income taxes were as follows (in thousands):
|  | Year Ended December 31, |
|  | 2014 |  |  | 2013 |  |  | 2012 |
Income from continuing operations before income taxes: |  |  |  |  |  |  |  |  |  |  |  |
Domestic |  | $ | 309,875 |  |  | $ | 523,745 |  |  | $ | 390,734 |
Foreign |  |  | 163,242 |  |  |  | 115,504 |  |  |  | 73,846 |
Total |  | $ | 473,117 |  |  | $ | 639,249 |  |  | $ | 464,580 |
Provision for Income Taxes | The components of the provision for income taxes for continuing operations were as follows (in thousands):
|  | Year Ended December 31, |
|  | 2014 |  |  | 2013 |  |  | 2012 |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 74,224 |  |  | $ | 173,930 |  |  | $ | 109,272 |
State |  |  | 9,542 |  |  |  | 23,287 |  |  |  | 12,397 |
Foreign |  |  | 39,978 |  |  |  | 37,193 |  |  |  | 14,657 |
Total current tax provision |  |  | 123,744 |  |  |  | 234,410 |  |  |  | 136,326 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 20,799 |  |  |  | (15,457 | ) |  |  | 16,134 |
State |  |  | 3,698 |  |  |  | (451 | ) |  |  | 1,627 |
Foreign |  |  | 9,167 |  |  |  | (562 | ) |  |  | 4,772 |
Total deferred tax provision (benefit) |  |  | 33,664 |  |  |  | (16,470 | ) |  |  | 22,533 |
Total provision for income taxes from continuing operations |  | $ | 157,408 |  |  | $ | 217,940 |  |  | $ | 158,859 |
Effective Income Tax Rate Reconciliation | The actual income tax provision differed from the income tax provision computed by applying the U.S. federal statutory corporate rate to income from continuing operations before provision for income taxes as follows (in thousands):
|  | Year Ended December 31, |
|  | 2014 |  |  | 2013 |  |  | 2012 |
Provision at the statutory rate |  | $ | 165,591 |  |  | $ | 223,737 |  |  | $ | 162,603 |
Increases (decreases) resulting from — |  |  |  |  |  |  |  |  |  |  |  |
State taxes |  |  | 9,948 |  |  |  | 14,788 |  |  |  | 10,980 |
Foreign taxes |  |  | (13,059 | ) |  |  | (9,994 | ) |  |  | (5,841 | )
Contingency reserves, net |  |  | (696 | ) |  |  | (3,422 | ) |  |  | (3,880 | )
Production activity deduction |  |  | (6,033 | ) |  |  | (10,247 | ) |  |  | (7,081 | )
Employee per diems, meals and entertainment |  |  | 9,906 |  |  |  | 7,960 |  |  |  | 6,441 |
Taxes on unincorporated joint ventures |  |  | (6,429 | ) |  |  | (6,786 | ) |  |  | (5,609 | )
Other |  |  | (1,820 | ) |  |  | 1,904 |  |  |  | 1,246 |
Total provision for income taxes from continuing operations |  | $ | 157,408 |  |  | $ | 217,940 |  |  | $ | 158,859 |
Deferred Tax Assets and Liabilities | Deferred income taxes result from temporary differences in the recognition of income and expenses for financial reporting purposes and tax purposes. The tax effects of these temporary differences, representing deferred tax assets and liabilities, result principally from the following (in thousands):
|  | December 31, |
|  | 2014 |  |  | 2013 |
Deferred income tax liabilities: |  |  |  |  |  |  |  |
Property and equipment |  | $ | (255,084 | ) |  | $ | (218,739 | )
Goodwill |  |  | (72,030 | ) |  |  | (58,643 | )
Other intangibles |  |  | (53,599 | ) |  |  | (42,604 | )
Book/tax accounting method difference |  |  | (63,989 | ) |  |  | (50,764 | )
Total deferred income tax liabilities |  |  | (444,702 | ) |  |  | (370,750 | )
Deferred income tax assets: |  |  |  |  |  |  |  |
Accruals and reserves |  |  | 22,885 |  |  |  | 22,642 |
Accrued insurance |  |  | 64,773 |  |  |  | 59,640 |
Deferred revenue |  |  | 16,575 |  |  |  | 15,336 |
Stock and incentive compensation and pension withdrawal liabilities |  |  | 53,610 |  |  |  | 57,674 |
Net operating loss carryforwards |  |  | 21,511 |  |  |  | 20,828 |
Other |  |  | 10,678 |  |  |  | 10,857 |
Subtotal |  |  | 190,032 |  |  |  | 186,977 |
Valuation allowance |  |  | (15,186 | ) |  |  | (15,644 | )
Total deferred income tax assets |  |  | 174,846 |  |  |  | 171,333 |
Total net deferred income tax liabilities |  | $ | (269,856 | ) |  | $ | (199,417 | )
Net Deferred Income Tax Assets and Liabilities | The net deferred income tax assets and liabilities were comprised of the following (in thousands):
|  | December 31, |
|  | 2014 |  |  | 2013 |
Current deferred income taxes: |  |  |  |  |  |  |  |
Assets |  | $ | 58,272 |  |  | $ | 61,263 |
Liabilities |  |  | (31,014 | ) |  |  | (16,424 | )
|  |  | 27,258 |  |  |  | 44,839 |
Non-current deferred income taxes: |  |  |  |  |  |  |  |
Assets |  |  | 3,402 |  |  |  | — |
Liabilities |  |  | (300,516 | ) |  |  | (244,256 | )
|  |  | (297,114 | ) |  |  | (244,256 | )
Total net deferred income tax liabilities |  | $ | (269,856 | ) |  | $ | (199,417 | )
Reconciliation of Unrecognized Tax Benefit | A reconciliation of unrecognized tax benefit balances is as follows (in thousands):
|  | December 31, |
|  | 2014 |  |  | 2013 |  |  | 2012 |
Balance at beginning of year |  | $ | 48,838 |  |  | $ | 51,244 |  |  | $ | 47,379 |
Additions based on tax positions related to the current year |  |  | 9,179 |  |  |  | 9,073 |  |  |  | 15,411 |
Additions for tax positions of prior years |  |  | 2,438 |  |  |  | — |  |  |  | 1,607 |
Reductions for tax positions of prior years |  |  | — |  |  |  | — |  |  |  | (293 | )
Reductions for audit settlements |  |  | — |  |  |  | — |  |  |  | (895 | )
Reductions resulting from a lapse of the applicable statute of limitations periods |  |  | (9,376 | ) |  |  | (11,479 | ) |  |  | (11,965 | )
Balance at end of year |  | $ | 51,079 |  |  | $ | 48,838 |  |  | $ | 51,244 |
Balances of Unrecognized Tax Benefits | The balances of unrecognized tax benefits, the amount of related interest and penalties and what Quanta believes to be the range of reasonably possible changes in the next 12 months are as follows (in thousands):
|  | December 31, |
|  | 2014 |  |  | 2013 |  |  | 2012 |
Unrecognized tax benefits |  | $ | 51,079 |  |  | $ | 48,838 |  |  | $ | 51,244 |
Portion that, if recognized, would reduce tax expense and effective tax rate |  |  | 43,363 |  |  |  | 40,562 |  |  |  | 43,910 |
Accrued interest on unrecognized tax benefits |  |  | 6,360 |  |  |  | 5,837 |  |  |  | 6,088 |
Accrued penalties on unrecognized tax benefits |  |  | 697 |  |  |  | 99 |  |  |  | 127 |
Reasonably possible reduction to the balance of unrecognized tax benefits in succeeding 12 months |  | $ | 0 to $10,331 |  |  |  | $0 to $6,722 |  |  | $ | 0 to $11,479 |
Portion that, if recognized, would reduce tax expense and effective tax rate |  |  | $0 to $8,593 |  |  |  | $0 to $4,984 |  |  |  | $0 to $9,645 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 + Details
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