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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Components of Income (Loss) Before Income Taxes

The components of income before income taxes were as follows (in thousands):

			Year Ended December 31,
			2020						2019						2018
Income before income taxes:
Domestic			$	632,791					$	550,676					$	318,635
Foreign			(61,445)						21,611						139,031
Total			$	571,346					$	572,287					$	457,666

Provision for Income Taxes

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

			Year Ended December 31,
			2020						2019						2018
Current:
Federal			$	134,538					$	121,214					$	50,306
State			45,610						35,329						26,170
Foreign			(745)						16,848						23,209
Total current tax provision			179,403						173,391						99,685
Deferred:
Federal			(46,251)						7,379						62,482
State			(3,850)						(1,776)						(4,152)
Foreign			(9,915)						(13,522)						3,644
Total deferred tax provision (benefit)			(60,016)						(7,919)						61,974
Total provision for income taxes			$	119,387					$	165,472					$	161,659

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 before provision for income taxes as follows (in thousands):

			Year Ended December 31,
			2020						2019						2018
Provision at the statutory rate			$	119,983					$	120,180					$	96,110
Increases (decreases) resulting from —
State taxes			31,791						23,399						18,504
Employee per diems, meals and entertainment			10,680						13,817						11,949
Valuation allowance on deferred tax assets			(31,138)						35,761						48,862
Foreign taxes			(9,641)						(21,565)						(2,621)
Stock-based compensation			(3,109)						(1,863)						(1,449)
Contingency reserves, net			(2,125)						(3,173)						(2,619)
Taxes on unincorporated joint ventures			(1,093)						(930)						(578)
Tax Cuts and Jobs Act			—						—						(6,295)
Entity restructuring and recapitalization efforts			—						—						(4,424)
Other			4,039						(154)						4,220
Total provision for income taxes			$	119,387					$	165,472					$	161,659

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,
			2020						2019
Deferred income tax liabilities:
Property and equipment			$	(236,256)					$	(208,751)
Goodwill			(85,467)						(72,244)
Leased assets			(77,344)						(73,861)
Customer holdbacks			(30,457)						(11,882)
Other intangibles			(4,438)						(11,384)
Other book/tax accounting method differences			—						(1,801)
Total deferred income tax liabilities			(433,962)						(379,923)
Deferred income tax assets:
Net operating loss carryforwards			82,817						78,310
Lease liabilities			76,826						74,044
Accruals and reserves			70,335						36,372
Tax credits			42,202						46,621
Stock and incentive compensation			36,590						26,045
Deferred tax benefits on unrecognized tax positions			10,108						16,542
Other			9,617						3,933
Subtotal			328,495						281,867
Valuation allowance			(43,255)						(104,178)
Total deferred income tax assets			285,240						177,689
Total net deferred income tax liabilities			$	(148,722)					$	(202,234)

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

			December 31,
			2020						2019
Deferred income taxes:
Assets			$	17,685					$	12,545
Liabilities			$	(166,407)					(214,779)
Total net deferred income tax liabilities			$	(148,722)					$	(202,234)

Reconciliation of Unrecognized Tax Benefit

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

			December 31,
			2020						2019						2018
Balance at beginning of year			$	40,878					$	41,110					$	36,229
Additions based on tax positions related to the current year			4,398						7,708						6,231
Additions for tax positions of prior years			—						1,200						9,377
Reductions for tax positions of prior years			(2,410)						—						(2,870)
Reductions for audit settlements			(930)						(3,205)						—
Reductions resulting from a lapse of the applicable statute of limitations periods			(8,717)						(5,935)						(7,857)
Balance at end of year			$	33,219					$	40,878					$	41,110

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,
			2020						2019						2018
Unrecognized tax benefits			$	33,219					$	40,878					$	41,110
Portion that, if recognized, would reduce tax expense and effective tax rate			30,868						40,695						40,977
Accrued interest on unrecognized tax benefits			5,204						6,240						5,459
Accrued penalties on unrecognized tax benefits			14						14						631
Reasonably possible reduction to the balance of unrecognized tax benefits in succeeding 12 months			$0 to $11,859						$0 to $6,268						$0 to $9,541
Portion that, if recognized, would reduce tax expense and effective tax rate			$0 to $10,217						$0 to $5,693						$0 to $8,224

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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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