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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Summary of Income Before Taxes | Income (loss) before income taxes is summarized as follows:
| Year Ended December 31,
(in thousands) | 2022 |  | 2021 |  | 2020
United States operations | $ | (288,954) |  |  | $ | 118,749 |  |  | $ | 138,426 |
Foreign and U.S. territory operations | 21,284 |  |  | 41,033 |  |  | 35,853 |
Total | $ | (267,670) |  |  | $ | 159,782 |  |  | $ | 174,279 |
Provision for Income Taxes | The income tax expense (benefit) is as follows:
| Year Ended December 31,
(in thousands) | 2022 |  | 2021 |  | 2020
Current expense (benefit): |  |  |  |  |
Federal | $ | (1,653) |  |  | $ | 20,052 |  |  | $ | (36,159) |
State | 930 |  |  | 7,899 |  |  | (1,282) |
Foreign and U.S. territories | 5,074 |  |  | 11,568 |  |  | 11,130 |
Total current expense (benefit): | 4,351 |  |  | 39,519 |  |  | (26,311) |
Deferred expense (benefit): |  |  |  |  |
Federal | (54,526) |  |  | (13,667) |  |  | 38,667 |
State | (25,395) |  |  | 36 |  |  | 10,608 |
Foreign and U.S. territories | 472 |  |  | (256) |  |  | (1,022) |
Total deferred expense (benefit): | (79,449) |  |  | (13,887) |  |  | 48,253 |
Total expense (benefit): | $ | (75,098) |  |  | $ | 25,632 |  |  | $ | 21,942 |
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,
| 2022 |  | 2021 |  | 2020
(dollars in thousands) | Amount |  | Rate |  | Amount |  | Rate |  | Amount |  | Rate
Federal income tax expense (benefit) at statutory tax rate | $ | (56,211) |  |  | 21.0 | % |  | $ | 33,554 |  |  | 21.0 | % |  | $ | 36,599 |  |  | 21.0 | %
State income taxes, net of federal tax benefit | (21,784) |  |  | 8.1 |  |  | 8,301 |  |  | 5.2 |  |  | 8,518 |  |  | 4.9 |
Stock based compensation | 1,227 |  |  | (0.5) |  |  | 87 |  |  | 0.1 |  |  | 3,185 |  |  | 1.8 |
Impact of federal tax law changes | — |  |  | — |  |  | — |  |  | — |  |  | (14,476) |  |  | (8.3) |
Officers' compensation | 2,840 |  |  | (1.1) |  |  | 3,664 |  |  | 2.3 |  |  | 2,486 |  |  | 1.4 |
Noncontrolling interests | (3,861) |  |  | 1.4 |  |  | (8,872) |  |  | (5.6) |  |  | (9,799) |  |  | (5.6) |
Federal R&D credits | 128 |  |  | — |  |  | (1,105) |  |  | (0.7) |  |  | (3,007) |  |  | (1.7) |
Foreign tax rate differences | (1,438) |  |  | 0.5 |  |  | (625) |  |  | (0.4) |  |  | 1,491 |  |  | 0.9 |
Federal claim of right credit | — |  |  | — |  |  | (8,191) |  |  | (5.1) |  |  | — |  |  | — |
Valuation allowance | 7,991 |  |  | (3.0) |  |  | — |  |  | — |  |  | — |  |  | — |
Other | (3,990) |  |  | 1.7 |  |  | (1,181) |  |  | (0.8) |  |  | (3,055) |  |  | (1.8) |
Income tax expense (benefit) | $ | (75,098) |  |  | 28.1 | % |  | $ | 25,632 |  |  | 16.0 | % |  | $ | 21,942 |  |  | 12.6 | %
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) | 2022 |  | 2021
Deferred tax assets: |  |  |
Timing of expense recognition | $ | 49,939 |  |  | $ | 28,710 |
Net operating losses | 82,210 |  |  | 15,824 |
Goodwill | 6,022 |  |  | 11,698 |
Other, net | 24,105 |  |  | 13,125 |
Deferred tax assets | 162,276 |  |  | 69,357 |
Valuation allowance | (8,846) |  |  | — |
Net deferred tax assets | 153,430 |  |  | 69,357 |
Deferred tax liabilities: |  |  |
Intangible assets, due primarily to purchase accounting | (16,850) |  |  | (16,453) |
Fixed assets | (66,130) |  |  | (70,128) |
Construction contract accounting | (7,940) |  |  | (9,196) |
Joint ventures | (32,983) |  |  | (26,764) |
Other | (18,266) |  |  | (15,672) |
Deferred tax liabilities | (142,169) |  |  | (138,213) |
Net deferred tax assets (liabilities) | $ | 11,261 |  |  | $ | (68,856) |
The net deferred tax assets (liabilities) are presented in the Consolidated Balance Sheets as follows:
| As of December 31,
(in thousands) | 2022 |  | 2021
Deferred tax assets | $ | 15,910 |  |  | $ | 2,133 |
Deferred tax liabilities | (4,649) |  |  | (70,989) |
Net deferred tax assets (liabilities) | $ | 11,261 |  |  | $ | (68,856) |
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, 2022:
| As of December 31,
(in thousands) | 2022 |  | 2021 |  | 2020
Beginning balance | $ | 7,539 |  |  | $ | 8,681 |  |  | $ | 5,682 |
Change in tax positions of prior years | (416) |  |  | (1,319) |  |  | 2,286 |
Change in tax positions of current year | 625 |  |  | 1,000 |  |  | 1,202 |
Reduction in tax positions for statute expirations | (223) |  |  | (823) |  |  | (489) |
Ending balance | $ | 7,525 |  |  | $ | 7,539 |  |  | $ | 8,681 |

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