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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Summary of Income Before Taxes | Income (loss) before taxes is summarized as follows:
| Year Ended December 31,
(in thousands) | 2020 |  | 2019 |  | 2018
United States operations | $ | 138,426 |  |  | $ | (456,403) |  |  | $ | 106,222 |
Foreign and U.S. territory operations | 35,853 |  |  | 30,569 |  |  | 26,391 |
Total | $ | 174,279 |  |  | $ | (425,834) |  |  | $ | 132,613 |
Provision for Income Taxes | The income tax expense (benefit) is as follows:
| Year Ended December 31,
(in thousands) | 2020 |  | 2019 |  | 2018
Current (benefit) expense: |  |  |  |  |
Federal | $ | (36,159) |  |  | $ | (2,884) |  |  | $ | 21,055 |
State | (1,282) |  |  | 3,585 |  |  | 8,676 |
Foreign and U.S. territories | 11,130 |  |  | 5,299 |  |  | 5,550 |
Total current (benefit) expense: | (26,311) |  |  | 6,000 |  |  | 35,281 |
Deferred expense (benefit): |  |  |  |  |
Federal | 38,667 |  |  | (43,579) |  |  | (1,773) |
State | 10,608 |  |  | (27,566) |  |  | 1,278 |
Foreign and U.S. territories | (1,022) |  |  | (464) |  |  | 46 |
Total deferred expense (benefit): | 48,253 |  |  | (71,609) |  |  | (449) |
Total expense (benefit): | $ | 21,942 |  |  | $ | (65,609) |  |  | $ | 34,832 |
Reconciliation of Provision for Income Taxes | The following table is a reconciliation of the Company’s income tax provision at the statutory federal tax rate to the Company’s effective tax rate:
| Year Ended December 31,
| 2020 |  | 2019 |  | 2018
(dollars in thousands) | Amount |  | Rate |  | Amount |  | Rate |  | Amount |  | Rate
Federal income tax expense (benefit) at statutory tax rate | $ | 36,599 |  |  | 21.0 | % |  | $ | (89,425) |  |  | 21.0 | % |  | $ | 27,849 |  |  | 21.0 | %
State income taxes, net of federal tax benefit | 8,518 |  |  | 4.9 |  |  | (18,442) |  |  | 4.3 |  |  | 9,011 |  |  | 6.8 |
Stock based compensation | 3,185 |  |  | 1.8 |  |  | 1,706 |  |  | (0.4) |  |  | — |  |  | — |
Impact of federal tax law changes | (14,476) |  |  | (8.3) |  |  | — |  |  | — |  |  | 211 |  |  | 0.2 |
Officers' compensation | 2,486 |  |  | 1.4 |  |  | 2,938 |  |  | (0.7) |  |  | 3,078 |  |  | 2.3 |
Goodwill impairment | — |  |  | — |  |  | 43,990 |  |  | (10.3) |  |  | — |  |  | — |
Noncontrolling interests | (9,799) |  |  | (5.6) |  |  | (6,064) |  |  | 1.4 |  |  | (3,232) |  |  | (2.4) |
Federal R&D credits | (3,007) |  |  | (1.7) |  |  | (3,998) |  |  | 0.9 |  |  | (2,658) |  |  | (2.0) |
Reversal of reserve for uncertain tax positions due to statute expirations | (489) |  |  | (0.3) |  |  | (773) |  |  | 0.2 |  |  | (1,958) |  |  | (1.5) |
Foreign tax rate differences | 1,491 |  |  | 0.9 |  |  | 4,940 |  |  | (1.2) |  |  | (19) |  |  | — |
Other | (2,566) |  |  | (1.5) |  |  | (481) |  |  | 0.2 |  |  | 2,550 |  |  | 1.9 |
Income tax expense (benefit) | $ | 21,942 |  |  | 12.6 | % |  | $ | (65,609) |  |  | 15.4 | % |  | $ | 34,832 |  |  | 26.3 | %
Significant Components of Deferred Tax Assets and Liabilities | The following is a summary of the significant components of the deferred tax assets and liabilities:
| As of December 31,
(in thousands) | 2020 |  | 2019
Deferred tax assets: |  |  |
Timing of expense recognition | $ | 24,470 |  |  | $ | 44,761 |
Net operating losses | 19,968 |  |  | 23,711 |
Goodwill | 19,315 |  |  | 26,658 |
Other, net | 10,155 |  |  | 17,098 |
Deferred tax assets | 73,908 |  |  | 112,228 |
Valuation allowance | — |  |  | (2,212) |
Net deferred tax assets | 73,908 |  |  | 110,016 |
Deferred tax liabilities: |  |  |
Intangible assets, due primarily to purchase accounting | (15,212) |  |  | (15,309) |
Fixed assets | (76,567) |  |  | (75,461) |
Construction contract accounting | (9,769) |  |  | (13,464) |
Joint ventures | (41,669) |  |  | (24,331) |
Other | (11,962) |  |  | (16,567) |
Deferred tax liabilities | (155,179) |  |  | (145,132) |
Net deferred tax liabilities | $ | (81,271) |  |  | $ | (35,116) |
The net deferred tax liabilities are presented in the Consolidated Balance Sheets as follows:
| As of December 31,
(in thousands) | 2020 |  | 2019
Deferred tax assets | $ | 1,695 |  |  | $ | 570 |
Deferred tax liabilities | (82,966) |  |  | (35,686) |
Net deferred tax liabilities | $ | (81,271) |  |  | $ | (35,116) |
Reconciliation of Gross Unrecognized Tax Benefit | The Company accounts for its uncertain tax positions in accordance with GAAP. The following is a reconciliation of the beginning and ending amounts of these unrecognized tax benefits for the three years ended December 31, 2020:
| As of December 31,
(in thousands) | 2020 |  | 2019 |  | 2018
Beginning balance | $ | 5,682 |  |  | $ | 4,998 |  |  | $ | 6,495 |
Change in tax positions of prior years | 2,286 |  |  | 351 |  |  | (302) |
Change in tax positions of current year | 1,202 |  |  | 1,106 |  |  | 763 |
Reduction in tax positions for statute expirations | (489) |  |  | (773) |  |  | (1,958) |
Ending Balance | $ | 8,681 |  |  | $ | 5,682 |  |  | $ | 4,998 |

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