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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Schedule of income tax expense (benefit) included in Consolidated Statement of Earnings from continuing operations | The income tax expense (benefit) components recognized in continuing operations follow:
| Year Ended December 31,
(in thousands) | 2020 |  | 2019 |  | 2018
Current: |  |  |  |  |
Federal | $ | (121,411) |  |  | $ | (36,591) |  |  | $ | (19,199) |
Foreign | 140,551 |  |  | 163,141 |  |  | 115,281 |
State and local | 5,343 |  |  | 4,295 |  |  | 12,377 |
Total current | 24,483 |  |  | 130,845 |  |  | 108,459 |
Deferred: |  |  |  |  |
Federal | 17,451 |  |  | 325,351 |  |  | 16,800 |
Foreign | (23,342) |  |  | 9,593 |  |  | 55,208 |
State and local | — |  |  | 19,441 |  |  | (7,136) |
Total deferred | (5,891) |  |  | 354,385 |  |  | 64,872 |
Total income tax expense | $ | 18,592 |  |  | $ | 485,230 |  |  | $ | 173,331 |
Schedule of reconciliation of U.S. statutory federal income tax expense to income tax expense | A reconciliation of U.S. statutory federal income tax expense (benefit) to income tax expense (benefit) from continuing operations follows:
| Year Ended December 31,
(in thousands) | 2020 |  | 2019 |  | 2018
U.S. statutory federal tax expense (benefit) | $ | (43,481) |  |  | $ | (225,014) |  |  | $ | 81,007 |
Increase (decrease) in taxes resulting from: |  |  |  |  |
State and local income taxes | (10,614) |  |  | (11,135) |  |  | (13,668) |
U.S. tax on GILTI | — |  |  | — |  |  | 10,649 |
NCI | (9,466) |  |  | 11,565 |  |  | (7,200) |
Foreign tax differential, net | 38,667 |  |  | 13,479 |  |  | 1,460 |
Valuation allowance, net | 148,783 |  |  | 730,787 |  |  | 79,168 |
Other changes to uncertain tax positions | 7,484 |  |  | 4,098 |  |  | 7,753 |
Stranded tax effects from AOCI | — |  |  | (35,619) |  |  | — |
Impact of tax reform | — |  |  | — |  |  | (1,373) |
CARES Act Benefit | (124,753) |  |  | — |  |  | — |
Other, net | 11,972 |  |  | (2,931) |  |  | 15,535 |
Total income tax expense | $ | 18,592 |  |  | $ | 485,230 |  |  | $ | 173,331 |
Schedule of tax effects of significant temporary differences giving rise to deferred tax assets and liabilities | The tax effects of significant temporary differences giving rise to deferred tax assets and liabilities are as follows:
| December 31,
(in thousands) | 2020 |  | 2019
Deferred tax assets: |  |  |
Accrued liabilities not currently deductible: |  |  |
Employee compensation and benefits | $ | 104,305 |  |  | $ | 116,162 |
Project and non-project reserves | 71,999 |  |  | 60,768 |
Net operating loss carryforward | 326,402 |  |  | 357,803 |
Tax basis of investment in excess of book basis | 118,915 |  |  | 88,255 |
U.S. foreign tax credit carryforward | 414,348 |  |  | 226,845 |
AOCI | 62,681 |  |  | 67,258 |
Other | 103,955 |  |  | 85,059 |
Total deferred tax assets | 1,202,605 |  |  | 1,002,150 |
Valuation allowance | (1,080,752) |  |  | (910,336) |
Deferred tax assets, net | $ | 121,853 |  |  | $ | 91,814 |
Deferred tax liabilities: |  |  |
Book basis of property and equipment in excess of tax basis | (43,475) |  |  | (29,846) |
Dividend withholding on unremitted non-U.S. earnings | (57,859) |  |  | (49,663) |
Other | (23,349) |  |  | (32,912) |
Total deferred tax liabilities | (124,683) |  |  | (112,421) |
Deferred tax assets, net of deferred tax liabilities | $ | (2,830) |  |  | $ | (20,607) |
Schedule of reconciliation of beginning and ending amount of unrecognized tax benefits including interest and penalties | A summary of unrecognized tax benefits follows:
(in thousands) | 2020 |  | 2019
Balance at beginning of year | $ | 42,394 |  |  | $ | 55,476 |
Change in tax positions of prior years | 8,166 |  |  | 6,359 |
Change in tax positions of current year | — |  |  | — |
Reduction in tax positions for statute expirations | (1,510) |  |  | (16,894) |
Reduction in tax positions for audit settlements | (637) |  |  | (2,547) |
Balance at end of year | $ | 48,413 |  |  | $ | 42,394 |
Schedule of U.S. and foreign earnings from continuing operations before taxes |
| Year Ended December 31,
(in thousands) | 2020 |  | 2019 |  | 2018
United States | $ | (265,682) |  |  | $ | (968,280) |  |  | $ | (252,376) |
Foreign | 58,630 |  |  | (103,215) |  |  | 638,125 |
Total | $ | (207,052) |  |  | $ | (1,071,495) |  |  | $ | 385,749 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=84230637&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32840-109319 + Details
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