Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016



	Year Ended December 31,
(in thousands)	2016		2015		2014
United States Operations	$	128,072	$	69,822	$	170,517
Foreign Operations		21,043		4,017		16,921
Total	$	149,115	$	73,839	$	187,438

Provision for Income Taxes



	Year Ended December 31,
(in thousands)	2016		2015		2014
Current expense:
Federal	$	43,850	$	5,465	$	45,074
State		13,039		(362)		11,174
Foreign		6,573		1,126		3,203
Total current		63,462		6,229		59,451

Deferred (benefit) expense:
Federal		(3,054)		19,583		9,992
State		(5,302)		2,735		10,059
Foreign		(1,813)		—		—
Total deferred		(10,169)		22,318		20,051
Total provision	$	53,293	$	28,547	$	79,502

Reconciliation of Provision for Income Taxes




	Year Ended December 31,
	2016				2015				2014
(dollars in thousands)	Amount		Rate		Amount		Rate		Amount		Rate
Federal income expense at statutory tax rate	$	52,190	35.0	%	$	25,844	35.0	%	$	65,603	35.0	%
State income taxes, net of federal tax benefit		5,972	4.0			1,250	1.7			10,367	5.5
Officers' compensation		3,807	2.6			2,900	3.9			3,657	2.0
Domestic Production Activities Deduction		(4,018)	(2.7)			(1,499)	(2.0)			(5,170)	(2.8)
Impact of state tax rate changes on deferred taxes		(1,358)	(0.9)			2,435	3.3			3,245	1.7
Other		(3,300)	(2.3)			(2,383)	(3.2)			1,800	1.0
Provision for income taxes	$	53,293	35.7	%	$	28,547	38.7	%	$	79,502	42.4	%

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)	2016		2015
Deferred Tax Assets
Timing of expense recognition	$	36,055	$	23,580
Net operating losses		10,140		5,478
Other, net		33,507		29,342
Deferred tax assets		79,702		58,400
Valuation allowance		(460)		(460)
Net deferred tax assets		79,242		57,940
Deferred Tax Liabilities
Intangible assets, due primarily to purchase accounting		(34,679)		(37,157)
Fixed assets, due primarily to purchase accounting		(107,081)		(100,516)
Construction contract accounting		(12,564)		(9,197)
Joint ventures - construction		(29,609)		(29,949)
Other		(24,970)		(3,943)
Deferred tax liabilities		(208,903)		(180,762)

Net deferred tax liability	$	(129,661)	$	(122,822)

The net deferred tax liability is presented in the Consolidated Balance Sheets as follows:



	As of December 31,
(in thousands)	2016		2015
Deferred tax asset	$	1,346	$	—
Deferred tax liability		(131,007)		(122,822)
Net deferred tax liability	$	(129,661)	$	(122,822)

Schedule Of Immaterial Adjustments To Deferred Tax Assets And Liabilities

The Company has evaluated the effects of the classification adjustments as of December 31, 2015 based on the SEC’s guidance in Staff Accounting Bulletin No. 99, Materiality, and after consideration of both quantitative and qualitative factors, has concluded that the following adjustments are immaterial:



	As of December 31, 2015
(in thousands)	As Previously Reported		Adjustments		As Restated (a)
Total current assets	$	2,635,245	$	(24,889)	$	2,610,356
Other assets		202,125		(149,071)		53,054
Total assets		4,042,441		(173,960)		3,868,481
Accrued expenses and other current liabilities		(159,016)		24,889		(134,127)
Total current liabilities		(1,473,708)		24,889		(1,448,819)
Total liabilities		(2,622,214)		173,960		(2,448,254)
Total liabilities and stockholders' equity		(4,042,441)		173,960		(3,868,481)



	As of December 31, 2015
(in thousands)	As Previously Reported		Adjustments		As Restated (a)
Current deferred tax asset	$	26,306	$	(24,889)	$	1,417
Long-term deferred tax asset		149,071		(149,071)		—
Current deferred tax liability		(24,889)		24,889		—
Long-term deferred tax liability		(273,310)		149,071		(124,239)
Net deferred tax liability	$	(122,822)	$	—	$	(122,822)

(a)

The amounts reflected are prior to the Company's adoption of ASU 2015-03 (see discussion in Note 1) and ASU 2015-17, discussed below.

In addition to the immaterial classification adjustments reflected above, the Company identified certain immaterial classification errors within the disclosure of the significant components of deferred tax assets and liabilities as of December 31, 2015. The following is a revised summary of the significant components of deferred tax assets and liabilities to reflect adjustments for the immaterial classification errors as of December 31, 2015:



	As of December 31, 2015
(in thousands)	As Previously Reported		Adjustments		As Restated
Deferred Tax Assets
Timing of expense recognition	$	58,048	$	(34,468)	$	23,580
Net operating losses		3,564		1,914		5,478
Other, net		114,225		(84,883)		29,342
Deferred tax assets		175,837		(117,437)		58,400
Valuation allowance		(460)		—		(460)
Net deferred tax assets		175,377		(117,437)		57,940
Deferred Tax Liabilities
Intangible assets, due primarily to purchase accounting		(99,549)		62,392		(37,157)
Fixed assets, due primarily to purchase accounting		(101,022)		506		(100,516)
Construction contract accounting		(7,530)		(1,667)		(9,197)
Joint ventures - construction		(27,604)		(2,345)		(29,949)
Other		(62,494)		58,551		(3,943)
Deferred tax liabilities		(298,199)		117,437		(180,762)
Net deferred tax liability	$	(122,822)	$	—	$	(122,822)

Reconciliation of Gross Unrecognized Tax Benefit



	As of December 31,
(in thousands)	2016		2015		2014
Beginning balance	$	3,612	$	7,636	$	5,459
Change in tax positions of prior years		3,543		(3,073)		426
Change in tax positions of current year		419		169		2,929
Reduction in tax positions for statute expirations		—		(1,120)		(1,178)
Ending Balance	$	7,574	$	3,612	$	7,636