XML 43 R28.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Summary of Income Before Taxes | Income (loss) before income taxes is summarized as follows:
| Year Ended December 31,
(in thousands) | 2021 |  | 2020 |  | 2019
United States operations | $ | 118,749 |  |  | $ | 138,426 |  |  | $ | (456,403) |
Foreign and U.S. territory operations | 41,033 |  |  | 35,853 |  |  | 30,569 |
Total | $ | 159,782 |  |  | $ | 174,279 |  |  | $ | (425,834) |
Provision for Income Taxes | The income tax expense (benefit) is as follows:
| Year Ended December 31,
(in thousands) | 2021 |  | 2020 |  | 2019
Current expense (benefit): |  |  |  |  |
Federal | $ | 20,052 |  |  | $ | (36,159) |  |  | $ | (2,884) |
State | 7,899 |  |  | (1,282) |  |  | 3,585 |
Foreign and U.S. territories | 11,568 |  |  | 11,130 |  |  | 5,299 |
Total current expense (benefit): | 39,519 |  |  | (26,311) |  |  | 6,000 |
Deferred expense (benefit): |  |  |  |  |
Federal | (13,667) |  |  | 38,667 |  |  | (43,579) |
State | 36 |  |  | 10,608 |  |  | (27,566) |
Foreign and U.S. territories | (256) |  |  | (1,022) |  |  | (464) |
Total deferred expense (benefit): | (13,887) |  |  | 48,253 |  |  | (71,609) |
Total expense (benefit): | $ | 25,632 |  |  | $ | 21,942 |  |  | $ | (65,609) |
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,
| 2021 |  | 2020 |  | 2019
(dollars in thousands) | Amount |  | Rate |  | Amount |  | Rate |  | Amount |  | Rate
Federal income tax expense (benefit) at statutory tax rate | $ | 33,554 |  |  | 21.0 | % |  | $ | 36,599 |  |  | 21.0 | % |  | $ | (89,425) |  |  | 21.0 | %
State income taxes, net of federal tax benefit | 8,301 |  |  | 5.2 |  |  | 8,518 |  |  | 4.9 |  |  | (18,442) |  |  | 4.3 |
Stock based compensation | 87 |  |  | 0.1 |  |  | 3,185 |  |  | 1.8 |  |  | 1,706 |  |  | (0.4) |
Impact of federal tax law changes | — |  |  | — |  |  | (14,476) |  |  | (8.3) |  |  | — |  |  | — |
Officers' compensation | 3,664 |  |  | 2.3 |  |  | 2,486 |  |  | 1.4 |  |  | 2,938 |  |  | (0.7) |
Goodwill impairment | — |  |  | — |  |  | — |  |  | — |  |  | 43,990 |  |  | (10.3) |
Noncontrolling interests | (8,872) |  |  | (5.6) |  |  | (9,799) |  |  | (5.6) |  |  | (6,064) |  |  | 1.4 |
Federal R&D credits | (1,105) |  |  | (0.7) |  |  | (3,007) |  |  | (1.7) |  |  | (3,998) |  |  | 0.9 |
Foreign tax rate differences | (625) |  |  | (0.4) |  |  | 1,491 |  |  | 0.9 |  |  | 4,940 |  |  | (1.2) |
Federal claim of right credit | (8,191) |  |  | (5.1) |  |  | — |  |  | — |  |  | — |  |  | — |
Other | (1,181) |  |  | (0.8) |  |  | (3,055) |  |  | (1.8) |  |  | (1,254) |  |  | 0.4 |
Income tax expense (benefit) | $ | 25,632 |  |  | 16.0 | % |  | $ | 21,942 |  |  | 12.6 | % |  | $ | (65,609) |  |  | 15.4 | %
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) | 2021 |  | 2020
Deferred tax assets: |  |  |
Timing of expense recognition | $ | 28,710 |  |  | $ | 24,470 |
Net operating losses | 15,824 |  |  | 19,968 |
Goodwill | 11,698 |  |  | 19,315 |
Other, net | 13,125 |  |  | 10,155 |
Deferred tax assets | 69,357 |  |  | 73,908 |
Deferred tax liabilities: |  |  |
Intangible assets, due primarily to purchase accounting | (16,453) |  |  | (15,212) |
Fixed assets | (70,128) |  |  | (76,567) |
Construction contract accounting | (9,196) |  |  | (9,769) |
Joint ventures | (26,764) |  |  | (41,669) |
Other | (15,672) |  |  | (11,962) |
Deferred tax liabilities | (138,213) |  |  | (155,179) |
Net deferred tax liabilities | $ | (68,856) |  |  | $ | (81,271) |
The net deferred tax liabilities are presented in the Consolidated Balance Sheets as follows:
| As of December 31,
(in thousands) | 2021 |  | 2020
Deferred tax assets | $ | 2,133 |  |  | $ | 1,695 |
Deferred tax liabilities | (70,989) |  |  | (82,966) |
Net deferred tax liabilities | $ | (68,856) |  |  | $ | (81,271) |
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, 2021:
| As of December 31,
(in thousands) | 2021 |  | 2020 |  | 2019
Beginning balance | $ | 8,681 |  |  | $ | 5,682 |  |  | $ | 4,998 |
Change in tax positions of prior years | (1,319) |  |  | 2,286 |  |  | 351 |
Change in tax positions of current year | 1,000 |  |  | 1,202 |  |  | 1,106 |
Reduction in tax positions for statute expirations | (823) |  |  | (489) |  |  | (773) |
Ending balance | $ | 7,539 |  |  | $ | 8,681 |  |  | $ | 5,682 |
The Company conducts business internationally and, as a result, one or more of its subsidiaries files income tax returns in U.S. federal, U.S. state and certain foreign jurisdictions. Accordingly, in the normal course of business, the Company is subject to examination by taxing authorities principally throughout the United States, Guam and Canada. The Company's open tax years for a U.S. federal income tax audit are 2018 and later. The 2018 federal income tax return is currently under audit by the Internal Revenue Service. The Company has various years open to audit in a number of state and local jurisdictions and is currently under audit by various state and local taxing authorities.

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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=121826272&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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=121826272&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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=121826272&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(1)(Note 1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in unrecognized tax benefits. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 55 -Paragraph 217 -URI http://asc.fasb.org/extlink&oid=124434304&loc=d3e36027-109320 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319 + Details
Name: | us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration