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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Components of Income (Loss) Before Income Taxes

The components of income (loss) from continuing operations before income taxes were as follows (in thousands):

	Year Ended December 31,
	2017				2016				2015
Income (loss) from continuing operations before income taxes:
Domestic	$	291,031			$	349,959			$	244,955
Foreign	62,726				(42,273		)		(16,280		)
Total	$	353,757			$	307,686			$	228,675

Provision for Income Taxes

The components of the provision for income taxes for continuing operations were as follows (in thousands):

	Year Ended December 31,
	2017				2016				2015
Current:
Federal	$	44,695			$	106,316			$	85,830
State	301				11,549				9,783
Foreign	22,666				5,076				21,262
Total current tax provision	67,662				122,941				116,875
Deferred:
Federal	(36,915		)		(264		)		(5,247		)
State	14,951				(923		)		917
Foreign	(10,166		)		(14,508		)		(15,073		)
Total deferred tax benefit	(32,130		)		(15,695		)		(19,403		)
Total provision for income taxes from continuing operations	$	35,532			$	107,246			$	97,472

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,
	2017				2016				2015
Provision at the statutory rate	$	123,815			$	107,690			$	80,036
Increases (decreases) resulting from —
Tax Cuts and Jobs Act	(70,129		)		—				—
State taxes	17,920				6,479				7,241
Foreign taxes	(16,958		)		1,860				1,239
Contingency reserves, net	3,651				(13,540		)		4,438
Production activity deduction	(1,504		)		(8,586		)		(6,871		)
Employee per diems, meals and entertainment	13,605				8,764				8,727
Taxes on unincorporated joint ventures	(1,354		)		(656		)		(3,838		)
Asset impairments	—				1,909				7,047
Entity restructuring and recapitalization efforts	(26,668		)		—				—
Equity compensation	(5,095		)		—				—
Other	(1,751		)		3,326				(547		)
Total provision for income taxes from continuing operations	$	35,532			$	107,246			$	97,472

Deferred Tax Assets and Liabilities and Net Deferred Income Tax Assets and Liabilities

The tax effects of these temporary differences, representing deferred tax assets and liabilities, result principally from the following (in thousands):

	December 31,
	2017				2016
Deferred income tax liabilities:
Property and equipment	$	(161,491	)		$	(214,902	)
Goodwill	(49,407		)		(83,097		)
Other intangibles	(26,676		)		(33,566		)
Customer holdbacks	(36,218		)		(16,424		)
Other book/tax accounting method differences	(15,154		)		(24,817		)
Total deferred income tax liabilities	(288,946		)		(372,806		)
Deferred income tax assets:
Accruals and reserves	21,419				21,681
Accrued insurance	—				79,630
Stock and incentive compensation and pension withdrawal liabilities	17,676				58,744
Net operating loss carryforwards	62,925				37,362
Tax credits	48,516				1,613
Other	4,747				5,933
Subtotal	155,283				204,963
Valuation allowance	(19,328		)		(14,991		)
Total deferred income tax assets	135,955				189,972
Total net deferred income tax liabilities	$	(152,991	)		$	(182,834	)

The net deferred income tax assets and liabilities were comprised of the following in the accompanying consolidated balance sheets (in thousands):

	December 31,
	2017				2016
Deferred income taxes:
Assets	$	26,390			$	10,000
Liabilities	(179,381		)		(192,834		)
Total net deferred income tax liabilities	$	(152,991	)		$	(182,834	)

Reconciliation of Unrecognized Tax Benefit

A reconciliation of unrecognized tax benefit balances is as follows (in thousands):

	December 31,
	2017				2016				2015
Balance at beginning of year	$	35,240			$	54,541			$	50,668
Additions based on tax positions related to the current year	7,040				4,227				5,340
Additions for tax positions of prior years	3,372				2,048				292
Reductions for tax positions of prior years	(1,171		)		(1,948		)		(132		)
Reductions for audit settlements	—				(180		)		(1,345		)
Reductions resulting from a lapse of the applicable statute of limitations periods	(8,252		)		(23,448		)		(282		)
Balance at end of year	$	36,229			$	35,240			$	54,541

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,
	2017				2016				2015
Unrecognized tax benefits	$	36,229			$	35,240			$	54,541
Portion that, if recognized, would reduce tax expense and effective tax rate	35,561				33,128				48,312
Accrued interest on unrecognized tax benefits	5,368				5,539				8,750
Accrued penalties on unrecognized tax benefits	631				650				673
Reasonably possible reduction to the balance of unrecognized tax benefits in succeeding 12 months	$0 to $13,655				$0 to $12,332				$0 to $27,485
Portion that, if recognized, would reduce tax expense and effective tax rate	$0 to $12,483				$0 to $10,983				$0 to $24,009

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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.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure for 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 and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

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