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Income Taxes (Tables)

12 Months Ended

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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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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