Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of income tax expense (benefit) included in Consolidated Statement of Earnings from continuing operations

The income tax expense (benefit) components recognized in Cont Ops follow:

	Year Ended December 31,
(in thousands)	2021		2020		2019
Current:
Federal (a)	$	961	$	(121,411)	$	(36,591)
Foreign	40,823		133,810		159,876
State and local	(4,754)		5,343		4,295
Total current	37,030		17,742		127,580
Deferred:
Federal	—		17,451		325,351
Foreign	(20,541)		(19,337)		9,593
State and local	—		—		19,441
Total deferred	(20,541)		(1,886)		354,385
Total income tax expense	$	16,489	$	15,856	$	481,965

(a)    The CARES Act allows entities to carry back 2019 loss to prior periods of up to five years and claim refunds of federal taxes paid. The Company has filed the refund claim with the IRS and received a refund of $49 million in the third quarter of 2020 and expect a refund of $72 million in 2022.

Schedule of reconciliation of U.S. statutory federal income tax expense to income tax expense

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

	Year Ended December 31,
(in thousands)	2021		2020		2019
U.S. statutory federal tax expense (benefit)	$	(26,818)	$	734	$	(176,288)
Increase (decrease) in taxes resulting from:
State and local income taxes	12,777		(10,817)		(5,128)
U.S. tax on GILTI	—		3,835		21,433
NCI	(6,718)		(9,143)		13,209
Foreign tax differential, net	(23,315)		(10,386)		3,989
Valuation allowance, net	99,663		146,930		659,203
Other changes to uncertain tax positions	895		7,484		4,098
Stranded tax effects from AOCI	(51,782)		—		(35,619)
CARES Act benefit	2,188		(124,753)		—
Other, net	9,599		11,972		(2,932)
Total income tax expense	$	16,489	$	15,856	$	481,965

Schedule of tax effects of significant temporary differences giving rise to deferred tax assets and liabilities

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

	December 31,
(in thousands)	2021		2020
Deferred tax assets:
Accrued liabilities not currently deductible:
Employee compensation and benefits	$	138,034	$	104,305
Project and non-project reserves	67,861		71,999
Net operating loss carryforward	346,561		326,402
Tax basis of investment in excess of book basis	144,019		118,915
U.S. foreign tax credit carryforward	455,912		414,348
AOCI	26,982		62,681
Other	26,794		103,955
Total deferred tax assets	1,206,163		1,202,605
Valuation allowance	(1,114,574)		(1,080,752)
Deferred tax assets, net	$	91,589	$	121,853
Deferred tax liabilities:
Book basis of property and equipment in excess of tax basis	(31,197)		(43,475)
Dividend withholding on unremitted non-U.S. earnings	(55,080)		(57,859)
Other	(21,539)		(23,349)
Total deferred tax liabilities	(107,816)		(124,683)
Deferred tax assets, net of deferred tax liabilities	$	(16,227)	$	(2,830)

Summary of Tax Credit Carryforwards

As of December 31, 2021, tax credit carryforwards, principally federal, and tax loss carryforwards, principally federal, state, and foreign, were as follows:

(in thousands)	Federal FTC		Federal NOLs		State NOLs		Foreign NOLs
Expiration periods:
2022 - 2026	$	94,317	$	—	$	10,932	$	40,177
2027-2031	361,595		—		34,034		56,255
2032-2041	—		—		351,159		5,783
Indefinite	—		163,099		131,680		1,177,047

Schedule of reconciliation of beginning and ending amount of unrecognized tax benefits including interest and penalties

A summary of unrecognized tax benefits follows:

(in thousands)	2021		2020
Balance at beginning of year	$	48,413	$	42,394
Change in tax positions of prior years	—		8,166
Change in tax positions of current year	—		—
Reduction in tax positions for statute expirations	(514)		(1,510)
Reduction in tax positions for audit settlements	—		(637)
Balance at end of year	$	47,899	$	48,413

Schedule of U.S. and foreign earnings from continuing operations before taxes

U.S. and foreign earnings (loss) from Cont Ops before taxes are as follows:

	Year Ended December 31,
(in thousands)	2021		2020		2019
United States	$	(176,271)	$	(276,041)	$	(873,189)
Foreign	48,566		279,535		33,724
Total	$	(127,705)	$	3,494	$	(839,465)