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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of income before income taxes by geographical area

Income before income taxes by geographic area was, for the years ended December 31:

(in thousands)						2024						2023						2022
Federal						$	64,068					$	102,014					$	104,185
Foreign						(17,575)						22,990						10,019
						$	46,493					$	125,004					$	114,204

Schedule of income tax expense

Income tax expense consisted of the following for the years ended December 31:

(in thousands)						2024						2023						2022
Current
Federal						$	11,437					$	21,337					$	13,948
Foreign						1,788						1,821						2,148
State						3,405						7,348						5,154
						16,630						30,506						21,250
Deferred
Federal						4,917						(159)						7,739
Foreign						(8,318)						3,984						465
State						3,001						(317)						1,369
						(400)						3,508						9,573
Income tax expense						$	16,230					$	34,014					$	30,823

Schedule of effective tax rate reconciliation

The differences between the U.S. federal statutory tax rate and the Company’s effective tax rate for operations were as follows for the years ended December 31:

						2024						2023						2022
U.S federal statutory rate						21.0		%				21.0		%				21.0		%
State income taxes, net of U.S. federal income tax expense						10.3						4.4						4.5
Change in valuation allowance						0.1						—						—
Tax differential on foreign earnings						(2.0)						0.7						0.6
Non-deductible meals and entertainment						1.6						0.5						0.2
Stock compensation excess tax benefits						(4.6)						(2.6)						(2.4)
Uncertain tax positions						(0.5)						—						0.1
Provision to return adjustments, net						0.6						0.7						0.7
Section 162(m) limitation						10.6						2.5						2.4
Tax credits						(0.6)						—						—
Other income, net						(1.6)						—						(0.1)
Effective rate						34.9		%				27.2		%				27.0		%

Schedule of net deferred tax assets and (liabilities)

The net deferred tax assets and (liabilities) arising from temporary differences was as follows at December 31:

(in thousands)						2024						2023
Deferred income tax assets:
Self-insurance reserves						$	1,498					$	3,850
Contract loss reserves						2,076						2,273
Stock-based awards						3,521						3,336
Bonus						10,128						11,137
Accrued vacation						2,653						2,295
Accrued profit sharing						161						1,707
Operating lease liabilities						11,126						8,115
Non-U.S. operating loss						13,166						2,411
Other						3,064						1,090
Total deferred income tax assets before valuation allowances						47,393						36,214
Less: valuation allowances						(2,247)						(2,412)
Total deferred income tax assets						45,146						33,802
Deferred income tax liabilities:
Property and equipment — tax over book depreciation						(48,194)						(45,332)
Non-U.S. intangible assets — tax over book amortization						(9,601)						(10,363)
Intangible assets — tax over book amortization						(5,200)						(4,013)
Right-of-use operating lease assets						(11,129)						(8,115)
Non-U.S. deferred income tax liabilities						—						(8,819)
Contract revenue adjustment						(17,303)						(4,790)
Other						(483)						(600)
Total deferred income tax liabilities						(91,910)						(82,032)
Net deferred income taxes						$	(46,764)					$	(48,230)

Schedule of liability for unrecognized tax benefits reconciliation

The following is a reconciliation of the beginning and ending liability for unrecognized tax benefits at December 31:

(in thousands)						2024						2023
Balance at beginning of period						$	417					$	390
Gross increases (decreases) in current period tax positions						(122)						54
Reductions in tax positions due to lapse of statutory limitations						(30)						(27)
Balance at end of period						265						417
Accrued interest and penalties at end of period						24						107
Total liability for unrecognized tax benefits						$	289					$	524

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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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-Topic 740
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-Section 50
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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 of the change in unrecognized tax benefits.

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