Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Taxes [Abstract]

Summary of Income Before Taxes

	Year Ended December 31,
(in thousands)	2019		2018		2017
United States operations	$	(456,403)	$	106,222	$	135,177
Foreign and U.S. territory operations		30,569		26,391		18,798
Total	$	(425,834)	$	132,613	$	153,975

Provision for Income Taxes

	Year Ended December 31,
(in thousands)	2019		2018		2017
Current expense:
Federal	$	(2,884)	$	21,055	$	12,329
State		3,585		8,676		6,763
Foreign and U.S. territories		5,299		5,550		3,435
Total current expense		6,000		35,281		22,527
Deferred (benefit) expense:
Federal		(43,579)		(1,773)		(30,021)
State		(27,566)		1,278		5,560
Foreign and U.S. territories		(464)		46		1,365
Total deferred (benefit) expense		(71,609)		(449)		(23,096)
Total (benefit) expense	$	(65,609)	$	34,832	$	(569)

Reconciliation of Provision for Income Taxes

	Year Ended December 31,
	2019				2018				2017
(dollars in thousands)	Amount		Rate		Amount		Rate		Amount		Rate
Federal income tax (benefit) expense at statutory tax rate	$	(89,425)	21.0	%	$	27,849	21.0	%	$	53,892	35.0	%
State income taxes, net of federal tax benefit		(18,442)	4.3			9,011	6.8			7,753	5.0
Stock based compensation		1,706	(0.4)			—	—			—	—
Impact of federal tax law change		—	—			211	0.2			(53,348)	(34.6)
Officers' compensation		2,938	(0.7)			3,078	2.3			2,622	1.7
Goodwill impairment		43,990	(10.3)			—	—			—	—
Domestic production activities deduction		—	—			—	—			(2,668)	(1.7)
Noncontrolling interests		(6,064)	1.4			(3,232)	(2.4)			(2,137)	(1.4)
Federal R&D credits		(3,998)	0.9			(2,658)	(2.0)			(470)	(0.4)
Reversal of reserve for uncertain tax positions and taxes payable due to statute expirations		(773)	0.2			(1,958)	(1.5)			(4,337)	(2.8)
Foreign tax differences		4,940	(1.2)			(19)	—			(389)	(0.3)
Other		(481)	0.2			2,550	1.9			(1,487)	(0.9)
Income tax (benefit) expense	$	(65,609)	15.4	%	$	34,832	26.3	%	$	(569)	(0.4)	%

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)	2019		2018
Deferred tax assets:
Timing of expense recognition	$	44,761	$	20,832
Net operating losses		23,711		8,611
Goodwill		26,658		—
Other, net		17,098		18,828
Deferred tax assets		112,228		48,271
Valuation allowance		(2,212)		(1,150)
Net deferred tax assets		110,016		47,121
Deferred tax liabilities:
Intangible assets, due primarily to purchase accounting		(15,309)		(36,862)
Fixed assets, due primarily to purchase accounting		(75,461)		(75,998)
Construction contract accounting		(13,464)		(9,435)
Joint ventures		(24,331)		(9,853)
Other		(16,567)		(20,411)
Deferred tax liabilities		(145,132)		(152,559)
Net deferred tax liabilities	$	(35,116)	$	(105,438)

As of December 31, 2019, the Company had federal and various state net operating loss carryforwards for income tax purposes of $29.3 million and $184.8 million, respectively. Federal net operating loss carryforwards do not have expiration dates, whereas the state net operating loss carryforwards have expiration dates ranging from 2022 to 2038. As of December 31, 2019, the Company has federal and state credit carryforwards for income tax purposes of approximately $6.0 million and $1.2 million, respectively.

The net deferred tax liabilities are presented in the Consolidated Balance Sheets as follows:

	As of December 31,
(in thousands)	2019		2018
Deferred tax assets	$	570	$	83
Deferred tax liabilities		(35,686)		(105,521)
Net deferred tax liabilities	$	(35,116)	$	(105,438)

Reconciliation of Gross Unrecognized Tax Benefit

	As of December 31,
(in thousands)	2019		2018		2017
Beginning balance	$	4,998	$	6,495	$	7,574
Change in tax positions of prior years		351		(302)		(1,207)
Change in tax positions of current year		1,106		763		128
Reduction in tax positions for statute expirations		(773)		(1,958)		—
Ending Balance	$	5,682	$	4,998	$	6,495