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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Components of Income from Operations Before Income Taxes | The following table presents the components of our income from operations before income taxes (in thousands):
|  | 2024 |  |  | 2023 |  |  | 2022 |
United States earnings |  | $ | 256,210 |  |  | $ | 179,522 |  |  | $ | 77,110 |
Foreign earnings |  |  | 111,441 |  |  |  | 84,531 |  |  |  | 89,112 |
|  | $ | 367,651 |  |  | $ | 264,053 |  |  | $ | 166,222 |
Schedule of Income Tax Expense (Benefit) Attributable to Income from Continuing Operations | The income tax expense (benefit) attributable to income from operations for the years ended December 31, 2024, December 31, 2023, and December 31, 2022 consists of the following (in thousands):
|  | 2024 |  |  | 2023 |  |  | 2022 |
Current |  |  |  |  |  |  |  |  |
Federal |  | $ | 37,713 |  |  | $ | 37,699 |  |  | $ | 21,323 |
State |  |  | 13,441 |  |  |  | 13,340 |  |  |  | 9,946 |
Foreign |  |  | 19,731 |  |  |  | 14,013 |  |  |  | 9,232 |
Total current income tax expense |  |  | 70,885 |  |  |  | 65,052 |  |  |  | 40,501 |
Deferred |  |  |  |  |  |  |  |  |
Federal |  |  | 1,397 |  |  |  | (5,974 | ) |  |  | (2,902 | )
State |  |  | 3,941 |  |  |  | (590 | ) |  |  | (623 | )
Foreign |  |  | 763 |  |  |  | (2,350 | ) |  |  | 2,681 |
Total deferred tax benefit |  |  | 6,101 |  |  |  | (8,914 | ) |  |  | (844 | )
Total income tax expense |  | $ | 76,986 |  |  | $ | 56,138 |  |  | $ | 39,657 |
Computation of Income Tax Expense (Benefit) | Income tax expense (benefit) was different from the amount computed by applying the United States federal statutory rate to pre-tax income from continuing operations as a result of the following (in thousands):
|  | 2024 |  |  | 2023 |  |  | 2022 |
Income before income tax expense |  | $ | 367,651 |  |  |  |  |  | $ | 264,053 |  |  |  |  |  | $ | 166,222 |  |  |  |
Tax at federal statutory tax rate |  |  | 77,207 |  |  |  | 21.0 | % |  |  | 55,451 |  |  |  | 21.0 | % |  |  | 34,907 |  |  |  | 21.0 | %
State taxes, net of federal tax benefit |  |  | 11,852 |  |  |  | 3.2 | % |  |  | 9,807 |  |  |  | 3.7 | % |  |  | 7,530 |  |  |  | 4.5 | %
Change in valuation allowance |  |  | 11,111 |  |  |  | 3.0 | % |  |  | 5,773 |  |  |  | 2.2 | % |  |  | 1,363 |  |  |  | 0.8 | %
Change in uncertain tax positions |  |  | 3,584 |  |  |  | 1.0 | % |  |  | 3,530 |  |  |  | 1.3 | % |  |  | 1,688 |  |  |  | 1.0 | %
Foreign tax rate differential |  |  | (6,078 | ) |  |  | -1.7 | % |  |  | (6,258 | ) |  |  | -2.4 | % |  |  | (1,787 | ) |  |  | -1.1 | %
Tax cost of foreign operations, net of credits |  |  | 1,842 |  |  |  | 0.5 | % |  |  | 3,085 |  |  |  | 1.2 | % |  |  | 777 |  |  |  | 0.5 | %
Foreign-derived intangible income deduction |  |  | (14,794 | ) |  |  | -4.0 | % |  |  | (4,736 | ) |  |  | -1.8 | % |  |  | (76 | ) |  |  | 0.0 | %
Noncontrolling interests |  |  | (11,679 | ) |  |  | -3.2 | % |  |  | (9,821 | ) |  |  | -3.7 | % |  |  | (6,279 | ) |  |  | -3.8 | %
Federal business credits |  |  | (2,932 | ) |  |  | -0.8 | % |  |  | (2,731 | ) |  |  | -1.0 | % |  |  | (1,926 | ) |  |  | -1.2 | %
Executive compensation |  |  | 7,351 |  |  |  | 2.0 | % |  |  | 1,636 |  |  |  | 0.6 | % |  |  | 1,921 |  |  |  | 1.2 | %
Equity compensation |  |  | (7,170 | ) |  |  | -2.0 | % |  |  | (158 | ) |  |  | -0.1 | % |  |  | 10 |  |  |  | 0.0 | %
Other, net |  |  | 6,692 |  |  |  | 1.8 | % |  |  | 560 |  |  |  | 0.2 | % |  |  | 1,529 |  |  |  | 0.9 | %
Total income tax expense |  | $ | 76,986 |  |  |  | 20.9 | % |  | $ | 56,138 |  |  |  | 21.3 | % |  | $ | 39,657 |  |  |  | 23.9 | %
Components of Deferred Tax Assets and Liabilities | The components of deferred tax assets and liabilities consist of the following at December 31, 2024 and December 31, 2023 (in thousands):
|  | 2024 |  |  | 2023 |
Deferred tax assets |  |  |  |  |  |
Project and non-project reserves |  | $ | 23,184 |  |  | $ | 23,555 |
Employee compensation and benefits |  |  | 76,944 |  |  |  | 69,726 |
Revenue and cost recognition |  |  | 46,250 |  |  |  | 37,616 |
Insurance accruals |  |  | 12,424 |  |  |  | 14,081 |
Net operating losses |  |  | 17,640 |  |  |  | 8,663 |
Lease liabilities |  |  | 42,572 |  |  |  | 44,626 |
Tax credit carryforwards |  |  | 35,845 |  |  |  | 31,727 |
Other |  |  | 17,432 |  |  |  | 3,285 |
Total deferred tax assets |  |  | 272,291 |  |  |  | 233,279 |
Valuation allowance |  |  | (45,318 | ) |  |  | (34,779 | )
Total deferred tax assets |  |  | 226,973 |  |  |  | 198,500 |
Deferred tax liabilities |  |  |  |  |  |
Intangible assets |  |  | (57,361 | ) |  |  | (18,783 | )
Right-of-use assets |  |  | (38,605 | ) |  |  | (40,131 | )
Profit remittance tax |  |  | (6,842 | ) |  |  | (5,822 | )
Other |  |  | (1,758 | ) |  |  | (3,378 | )
Total deferred tax liabilities |  |  | (104,566 | ) |  |  | (68,114 | )
Net deferred tax asset |  | $ | 122,407 |  |  | $ | 130,386 |
The Company is not asserting that any of the earnings of the foreign subsidiaries will be permanently reinvested. Therefore, the Company has recorded a deferred tax liability for the undistributed earnings net of applicable foreign tax credits.
Reconciliation of Beginning and Ending Balances of Unrecognized Tax Benefits | A reconciliation of the beginning and ending balances of unrecognized tax benefits is as follows (in thousands):
|  | 2024 |  |  | 2023 |  |  | 2022 |
Beginning of year |  | $ | 25,497 |  |  | $ | 22,798 |  |  | $ | 21,181 |
Increases—current year tax positions |  |  | 1,058 |  |  |  | 3,220 |  |  |  | 4,666 |
Increases—prior year tax positions |  |  | 7,488 |  |  |  | 2,458 |  |  |  | 2,254 |
Decreases—prior year tax positions |  |  | (1,826 | ) |  |  | (1,589 | ) |  |  | (3,537 | )
Settlements |  |  | (1,334 | ) |  |  | (1,026 | ) |  |  | (1,447 | )
Lapse of statute of limitations |  |  | (1,345 | ) |  |  | (364 | ) |  |  | (319 | )
End of year |  | $ | 29,538 |  |  | $ | 25,497 |  |  | $ | 22,798 |

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