Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income (loss) before income taxes is summarized as follows:


	Year Ended December 31,
(in thousands)	2023		2022		2021
United States operations	$	(232,512)	$	(288,954)	$	118,749
Foreign and U.S. territory operations	49,958		21,284		41,033
Total	$	(182,554)	$	(267,670)	$	159,782

Provision for Income Taxes

The income tax expense (benefit) is as follows:


	Year Ended December 31,
(in thousands)	2023		2022		2021
Current expense (benefit):
Federal	$	(178)	$	(1,653)	$	20,052
State	1,888		930		7,899
Foreign and U.S. territories	8,153		5,074		11,568
Total current expense:	9,863		4,351		39,519

Deferred expense (benefit):
Federal	(48,634)		(54,526)		(13,667)
State	(17,612)		(25,395)		36
Foreign and U.S. territories	1,426		472		(256)
Total deferred benefit:	(64,820)		(79,449)		(13,887)
Total expense (benefit):	$	(54,957)	$	(75,098)	$	25,632

Reconciliation of Provision for Income Taxes

The following table is a reconciliation of the Company’s income tax provision at the statutory federal tax rate to the Company’s effective tax rate:


	Year Ended December 31,
	2023				2022				2021
(dollars in thousands)	Amount		Rate		Amount		Rate		Amount		Rate
Federal income tax expense (benefit) at statutory tax rate	$	(38,336)	21.0	%	$	(56,211)	21.0	%	$	33,554	21.0	%
State income taxes, net of federal tax benefit	(10,556)		5.8		(21,784)		8.1		8,301		5.2
Share-based compensation	446		(0.2)		1,227		(0.5)		87		0.1

Officers' compensation	5,129		(2.8)		2,840		(1.1)		3,664		2.3
Noncontrolling interests	(9,795)		5.4		(3,861)		1.4		(8,872)		(5.6)
Federal R&D credits	(493)		0.3		128		—		(1,105)		(0.7)
Foreign tax rate differences	(297)		0.2		(1,438)		0.5		(625)		(0.4)
Federal claim of right credit	—		—		—		—		(8,191)		(5.1)
Valuation allowance	347		(0.2)		7,991		(3.0)		—		—
Other	(1,402)		0.6		(3,990)		1.7		(1,181)		(0.8)
Income tax expense (benefit)	$	(54,957)	30.1	%	$	(75,098)	28.1	%	$	25,632	16.0	%

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)	2023		2022
Deferred tax assets:
Timing of expense recognition	$	72,828	$	49,939
Net operating losses	113,623		82,210
Goodwill	80		6,022
Other, net	16,113		24,105
Deferred tax assets	202,644		162,276
Valuation allowance	(9,193)		(8,846)
Net deferred tax assets	193,451		153,430

Deferred tax liabilities:
Intangible assets, due primarily to purchase accounting	(17,451)		(16,850)
Fixed assets	(54,953)		(66,130)
Construction contract accounting	(7,711)		(7,940)
Joint ventures	(16,132)		(32,983)
Other	(24,077)		(18,266)
Deferred tax liabilities	(120,324)		(142,169)

Net deferred tax assets	$	73,127	$	11,261

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


	As of December 31,
(in thousands)	2023		2022
Deferred tax assets	$	74,083	$	15,910
Deferred tax liabilities	(956)		(4,649)
Net deferred tax assets	$	73,127	$	11,261

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, 2023:


	As of December 31,
(in thousands)	2023		2022		2021
Beginning balance	$	7,525	$	7,539	$	8,681
Change in tax positions of prior years	438		(416)		(1,319)
Change in tax positions of current year	(189)		625		1,000
Reduction in tax positions for statute expirations	(3,001)		(223)		(823)
Ending balance	$	4,773	$	7,525	$	7,539