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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Taxes

Schedule of income tax expense (benefit) included in Consolidated Statement of Earnings from continuing operations

		Year Ended December 31,
(in thousands)		2017			2016			2015
Current:
Federal		$	(119,875	)	$	120,798		$	22,465
Foreign		145,064			95,198			203,125
State and local		(3,503		)	11,067			15,623
Total current		21,686			227,063			241,213
Deferred:
Federal		15,720			58,601			8,867
Foreign		75,688			(65,656		)	(5,630		)
State and local		8,878			(857		)	1,438
Total deferred		100,286			(7,912		)	4,675
Total income tax expense		$	121,972		$	219,151		$	245,888

Schedule of reconciliation of U.S. statutory federal income tax expense to income tax expense

		Year Ended December 31,
(in thousands)		2017			2016			2015
U.S. statutory federal tax expense		$	135,255		$	191,310		$	254,293
Increase (decrease) in taxes resulting from:
State and local income taxes		6,326			5,785			11,518
Other permanent items, net		(1,072		)	(11,101		)	(5,828		)
Worthless stock		(15,175		)	—			—
Noncontrolling interests		(25,582		)	(16,117		)	(21,873		)
Foreign losses, net		(1,055		)	24,288			8,640
Valuation allowance, net		22,860			6,978			5,611
Statute expirations and tax authority settlements		—			(13,280		)	(7,827		)
Revaluation due to Section 987 tax law change		—			24,156			—
Impact of tax reform		37,423			—			—
International restructuring		(46,295		)	—			—
Other, net		9,287			7,132			1,354
Total income tax expense		$	121,972		$	219,151		$	245,888

Schedule of tax effects of significant temporary differences giving rise to deferred tax assets and liabilities

		December 31,
(in thousands)		2017			2016
Deferred tax assets:
Accrued liabilities not currently deductible:
Employee compensation and benefits		$	28,410		$	117,981
Employee time-off accrual		58,500			94,134
Project and non-project reserves		40,966			46,219
Tax basis of investments in excess of book basis		—			69,195
Net operating loss carryforward		184,517			180,450
U.S. foreign tax credit carryforward		168,027			—
Other comprehensive loss		71,537			271,878
Other		66,286			34,147
Total deferred tax assets		618,243			814,004
Valuation allowance for deferred tax assets		(99,529		)	(81,360		)
Deferred tax assets, net		$	518,714		$	732,644
Deferred tax liabilities:
Book basis of property, equipment and other capital costs in excess of tax basis		(86,780		)	(88,262		)
Residual U.S. tax on unremitted non-U.S. earnings		—			(161,827		)
Dividend withholding on unremitted non-U.S. earnings		(42,201		)	—
Other		(73,261		)	(28,446		)
Total deferred tax liabilities		(202,242		)	(278,535		)
Deferred tax assets, net of deferred tax liabilities		$	316,472		$	454,109

Schedule of reconciliation of beginning and ending amount of unrecognized tax benefits including interest and penalties

(in thousands)		2017			2016
Balance at beginning of year		$	58,881		$	42,203
Change in tax positions of prior years		3,024			30,034
Change in tax positions of current year		—			—
Reduction in tax positions for statute expirations		—			(1,044		)
Reduction in tax positions for audit settlements		(1,249		)	(12,312		)
Balance at end of year		$	60,656		$	58,881

Schedule of U.S. and foreign earnings from continuing operations before taxes

		Year Ended December 31,
(in thousands)		2017			2016			2015
United States		$	(222,979	)	$	(33,414	)	$	12,520
Foreign		609,420			580,014			714,032
Total		$	386,441		$	546,600		$	726,552

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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 components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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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 of income before income tax between domestic and foreign jurisdictions.

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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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