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Income Taxes | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | Income 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) |
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) |
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 | %
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 |
As of December 31, 2024, the Company had federal and various state net operating loss carryforwards of $427.9 million and $793.6 million, respectively. Federal net operating loss carryforwards do not have expiration dates, whereas the state net operating loss carryforwards have expiration dates ranging fro m 2025 to indefinite periods. As of December 31, 2023, the Company had federal and various state net operating loss carryforwards of $299.2 million an d $554.7 million, respectively. As of December 31, 2024, the Company had federal and state tax credit carryforwards of approximately $3.1 million and $4.8 million, respec tively. As of December 31, 2023, the Company had federal and state tax credit carryforwards of approximately $5.9 million and $4.6 million, respectively. The Company established a valuation allowance in 2024, 2023 and 2022 as a result of the uncertainty with the future realization of certain carryforwards for capital losses, foreign tax credits and state net operating losses. 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 |
The Company’s policy is to record interest and penalties on unrecognized tax benefits as an element of income tax expense. The cumulative amounts related to interest and penalties are added to the total unrecognized tax liabilities on the balance sheet. The total amount of gross unrecognized tax benefits as of December 31, 2024 that, if recognized, would impact the effective tax rate is $4.2 million. In the next twelve months, it is reasonably possible that the Company’s unrecognized tax benefits could change due to the resolution of open tax matters, which would reduce our unrecognized tax benefits by $12.6 million. These changes are not expected to have a material impact to the effective tax rate. 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 |
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 authoritie s 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 i s 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.

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