Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

The income tax expense (benefit) components recognized in continuing operations follow:

A reconciliation of U.S. statutory federal income tax expense (benefit) to income tax expense (benefit) from continuing operations follows:



				As Restated
	Year Ended December 31,
(in thousands)	2019			2018			2017
U.S. statutory federal tax expense (benefit)	$	(268,107	)	$	39,480		$	18,833
Increase (decrease) in taxes resulting from:
State and local income taxes	(9,383		)	(14,982		)	(134		)
Other permanent items, net	—			14,723			(1,235		)
U.S. tax on global intangible low-taxed income	—			10,649			—
Worthless stock	—			—			(15,175		)
NCI	11,565			(4,506		)	(22,586		)
Foreign tax differential, net	10,968			1,149			(2,178		)
Valuation allowance, net	730,787			79,168			22,860
Other changes to uncertain tax positions	4,098			7,753			4,696
Stranded tax effects from AOCI	(35,619		)	—			—
Impact of tax reform	—			(1,373		)	52,979
International restructuring	—			—			(46,295		)
Other, net	(3,327		)	189			4,591
Total income tax expense	$	440,982		$	132,250		$	16,356

The tax effects of significant temporary differences giving rise to deferred tax assets and liabilities are as follows:



				As Restated
	December 31,
(in thousands)	2019			2018
Deferred tax assets:
Accrued liabilities not currently deductible:
Employee compensation and benefits	$	116,162		$	106,147
Project and non-project reserves	60,768			59,043
Revenue recognition	—			9,808
Net operating loss carryforward	357,803			190,591
Tax basis of investment in excess of book basis	88,255			—
U.S. foreign tax credit carryforward	226,845			189,193
Other comprehensive loss	67,258			82,726
Other	85,059			69,898
Total deferred tax assets	1,002,150			707,406
Valuation allowance for deferred tax assets	(910,336		)	(178,678		)
Deferred tax assets, net	$	91,814		$	528,728
Deferred tax liabilities:
Revenue recognition	(1,787		)	—
Book basis of property, equipment and other capital costs in excess of tax basis	(29,846		)	(77,574		)
Book basis of investments in excess of tax basis	—			(10,835		)
Dividend withholding on unremitted non-U.S. earnings	(49,663		)	(39,687		)
Other	(31,125		)	(22,530		)
Total deferred tax liabilities	(112,421		)	(150,626		)
Deferred tax assets, net of deferred tax liabilities	$	(20,607	)	$	378,102

A summary of unrecognized tax benefits follows:



				As Restated
(in thousands)	2019			2018
Balance at beginning of year	$	55,476		$	60,656
Change in tax positions of prior years	6,359			(4,297		)
Change in tax positions of current year	—			9,500
Reduction in tax positions for statute expirations	(16,894		)	(3,608		)
Reduction in tax positions for audit settlements	(2,547		)	(6,775		)
Balance at end of year	$	42,394		$	55,476