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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Loss Before Taxes | Loss before income taxes is summarized as follows:
| Year Ended December 31,
(in thousands) | 2024 |  | 2023 |  | 2022
United States operations | $ | (261,147) |  |  | $ | (232,512) |  |  | $ | (288,954) |
Foreign and U.S. territory operations | 88,139 |  |  | 49,958 |  |  | 21,284 |
Total | $ | (173,008) |  |  | $ | (182,554) |  |  | $ | (267,670) |
Schedule of Provision for Income Taxes | The income tax expense (benefit) is as follows:
| Year Ended December 31,
(in thousands) | 2024 |  | 2023 |  | 2022
Current expense (benefit): |  |  |  |  |
Federal | $ | 8,832 |  |  | $ | (178) |  |  | $ | (1,653) |
State | 3,997 |  |  | 1,888 |  |  | 930 |
Foreign and U.S. territories | 14,510 |  |  | 8,153 |  |  | 5,074 |
Total current expense: | 27,339 |  |  | 9,863 |  |  | 4,351 |
Deferred expense (benefit): |  |  |  |  |
Federal | (51,758) |  |  | (48,634) |  |  | (54,526) |
State | (24,862) |  |  | (17,612) |  |  | (25,395) |
Foreign and U.S. territories | (1,388) |  |  | 1,426 |  |  | 472 |
Total deferred benefit: | (78,008) |  |  | (64,820) |  |  | (79,449) |
Total benefit: | $ | (50,669) |  |  | $ | (54,957) |  |  | $ | (75,098) |
Schedule of Reconciliation of Provision for Income Taxes | The following table is a reconciliation of the Company’s income tax expense (benefit) at the statutory federal tax rate to the Company’s effective tax rate:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
(dollars in thousands) | Amount |  | Rate |  | Amount |  | Rate |  | Amount |  | Rate
Federal income tax benefit at statutory tax rate | $ | (36,332) |  |  | 21.0 | % |  | $ | (38,336) |  |  | 21.0 | % |  | $ | (56,211) |  |  | 21.0 | %
State income taxes, net of federal tax benefit | (16,591) |  |  | 9.6 |  |  | (10,556) |  |  | 5.8 |  |  | (21,784) |  |  | 8.1 |
Share-based compensation | 1,122 |  |  | (0.6) |  |  | 446 |  |  | (0.2) |  |  | 1,227 |  |  | (0.5) |
Officers' compensation | 9,825 |  |  | (5.7) |  |  | 5,129 |  |  | (2.8) |  |  | 2,840 |  |  | (1.1) |
Noncontrolling interests | (9,892) |  |  | 5.7 |  |  | (9,795) |  |  | 5.4 |  |  | (3,861) |  |  | 1.4 |
Federal R&D credits | (750) |  |  | 0.4 |  |  | (493) |  |  | 0.3 |  |  | 128 |  |  | — |
Foreign tax rate differences | (422) |  |  | 0.2 |  |  | (297) |  |  | 0.2 |  |  | (1,438) |  |  | 0.5 |
Valuation allowance | 3,968 |  |  | (2.3) |  |  | 347 |  |  | (0.2) |  |  | 7,991 |  |  | (3.0) |
Other | (1,597) |  |  | 1.0 |  |  | (1,402) |  |  | 0.6 |  |  | (3,990) |  |  | 1.7 |
Income tax benefit | $ | (50,669) |  |  | 29.3 | % |  | $ | (54,957) |  |  | 30.1 | % |  | $ | (75,098) |  |  | 28.1 | %
Schedule of 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) | 2024 |  | 2023
Deferred tax assets: |  |  |
Timing of expense recognition | $ | 90,959 |  |  | $ | 72,828 |
Net operating losses | 144,148 |  |  | 113,623 |
Goodwill | — |  |  | 80 |
Joint ventures | 12,571 |  |  | — |
Other, net | 29,001 |  |  | 16,113 |
Deferred tax assets | 276,679 |  |  | 202,644 |
Valuation allowance | (14,014) |  |  | (9,193) |
Net deferred tax assets | 262,665 |  |  | 193,451 |
Deferred tax liabilities: |  |  |
Goodwill | (3,969) |  |  | — |
Intangible assets, due primarily to purchase accounting | (16,786) |  |  | (17,451) |
Fixed assets | (53,382) |  |  | (54,953) |
Construction contract accounting | (7,212) |  |  | (7,711) |
Joint ventures | (23,079) |  |  | (16,132) |
Other | (14,948) |  |  | (24,077) |
Deferred tax liabilities | (119,376) |  |  | (120,324) |
Net deferred tax assets | $ | 143,289 |  |  | $ | 73,127 |
The net deferred tax assets are presented in the Consolidated Balance Sheets as follows:
| As of December 31,
(in thousands) | 2024 |  | 2023
Deferred tax assets | $ | 143,289 |  |  | $ | 74,083 |
Deferred tax liabilities | — |  |  | (956) |
Net deferred tax assets | $ | 143,289 |  |  | $ | 73,127 |
Schedule of 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:
| As of December 31,
(in thousands) | 2024 |  | 2023 |  | 2022
Beginning balance | $ | 4,773 |  |  | $ | 7,525 |  |  | $ | 7,539 |
Change in tax positions of prior years | 6,756 |  |  | 438 |  |  | (416) |
Change in tax positions of current year | 6,385 |  |  | (189) |  |  | 625 |
Reduction in tax positions for statute expirations | (1,046) |  |  | (3,001) |  |  | (223) |
Ending balance | $ | 16,868 |  |  | $ | 4,773 |  |  | $ | 7,525 |

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