Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Components of Income from Operations Before Income Taxes

The following table presents the components of our income from operations before income taxes (in thousands):

	2024		2023		2022
United States earnings	$	256,210	$	179,522	$	77,110
Foreign earnings		111,441		84,531		89,112
	$	367,651	$	264,053	$	166,222

Schedule of Income Tax Expense (Benefit) Attributable to Income from Continuing Operations

The income tax expense (benefit) attributable to income from operations for the years ended December 31, 2024, December 31, 2023, and December 31, 2022 consists of the following (in thousands):

	2024		2023			2022
Current
Federal	$	37,713	$	37,699		$	21,323
State		13,441		13,340			9,946
Foreign		19,731		14,013			9,232
Total current income tax expense		70,885		65,052			40,501
Deferred
Federal		1,397		(5,974	)		(2,902	)
State		3,941		(590	)		(623	)
Foreign		763		(2,350	)		2,681
Total deferred tax benefit		6,101		(8,914	)		(844	)
Total income tax expense	$	76,986	$	56,138		$	39,657

Computation of Income Tax Expense (Benefit)

Income tax expense (benefit) was different from the amount computed by applying the United States federal statutory rate to pre-tax income from continuing operations as a result of the following (in thousands):

	2024					2023					2022
Income before income tax expense	$	367,651				$	264,053				$	166,222
Tax at federal statutory tax rate		77,207		21.0	%		55,451		21.0	%		34,907		21.0	%
State taxes, net of federal tax benefit		11,852		3.2	%		9,807		3.7	%		7,530		4.5	%
Change in valuation allowance		11,111		3.0	%		5,773		2.2	%		1,363		0.8	%
Change in uncertain tax positions		3,584		1.0	%		3,530		1.3	%		1,688		1.0	%
Foreign tax rate differential		(6,078	)	-1.7	%		(6,258	)	-2.4	%		(1,787	)	-1.1	%
Tax cost of foreign operations, net of credits		1,842		0.5	%		3,085		1.2	%		777		0.5	%
Foreign-derived intangible income deduction		(14,794	)	-4.0	%		(4,736	)	-1.8	%		(76	)	0.0	%
Noncontrolling interests		(11,679	)	-3.2	%		(9,821	)	-3.7	%		(6,279	)	-3.8	%
Federal business credits		(2,932	)	-0.8	%		(2,731	)	-1.0	%		(1,926	)	-1.2	%
Executive compensation		7,351		2.0	%		1,636		0.6	%		1,921		1.2	%
Equity compensation		(7,170	)	-2.0	%		(158	)	-0.1	%		10		0.0	%
Other, net		6,692		1.8	%		560		0.2	%		1,529		0.9	%
Total income tax expense	$	76,986		20.9	%	$	56,138		21.3	%	$	39,657		23.9	%

Components of Deferred Tax Assets and Liabilities

The components of deferred tax assets and liabilities consist of the following at December 31, 2024 and December 31, 2023 (in thousands):

	2024			2023
Deferred tax assets
Project and non-project reserves	$	23,184		$	23,555
Employee compensation and benefits		76,944			69,726
Revenue and cost recognition		46,250			37,616
Insurance accruals		12,424			14,081
Net operating losses		17,640			8,663
Lease liabilities		42,572			44,626
Tax credit carryforwards		35,845			31,727
Other		17,432			3,285
Total deferred tax assets		272,291			233,279
Valuation allowance		(45,318	)		(34,779	)
Total deferred tax assets		226,973			198,500
Deferred tax liabilities
Intangible assets		(57,361	)		(18,783	)
Right-of-use assets		(38,605	)		(40,131	)
Profit remittance tax		(6,842	)		(5,822	)
Other		(1,758	)		(3,378	)
Total deferred tax liabilities		(104,566	)		(68,114	)
Net deferred tax asset	$	122,407		$	130,386

The Company is not asserting that any of the earnings of the foreign subsidiaries will be permanently reinvested. Therefore, the Company has recorded a deferred tax liability for the undistributed earnings net of applicable foreign tax credits.

Reconciliation of Beginning and Ending Balances of Unrecognized Tax Benefits

A reconciliation of the beginning and ending balances of unrecognized tax benefits is as follows (in thousands):

	2024			2023			2022
Beginning of year	$	25,497		$	22,798		$	21,181
Increases—current year tax positions		1,058			3,220			4,666
Increases—prior year tax positions		7,488			2,458			2,254
Decreases—prior year tax positions		(1,826	)		(1,589	)		(3,537	)
Settlements		(1,334	)		(1,026	)		(1,447	)
Lapse of statute of limitations		(1,345	)		(364	)		(319	)
End of year	$	29,538		$	25,497		$	22,798