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Income Taxes (Tables)
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12 Months Ended |
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Dec. 31, 2014
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| Income Tax Disclosure [Abstract] |
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| Schedule of Components of Income Tax Expense |
The source of pre-tax income and the components of income tax expense at December 31, 2014, 2013 and 2012, respectively, are as follows: | | | | | | | | | | | | | | (In thousands) | | 2014 | | 2013 | | 2012 | Total income components | | | | | | | United States | | $ | 36,377 |
| | $ | 132,655 |
| | $ | 107,787 |
| Foreign | | 514 |
| | (1,222 | ) | | 2,609 |
| Total | | $ | 36,891 |
| | $ | 131,433 |
| | $ | 110,396 |
| Income tax expense components | | | | | | | Current income tax provision | | | | | | | United States - Federal | | $ | 2,385 |
| | $ | 62,102 |
| | $ | 42,093 |
| United States - state and local | | 29 |
| | 1,190 |
| | 611 |
| Foreign | | 382 |
| | 457 |
| | 839 |
| Total current income tax provision | | 2,796 |
| | 63,749 |
| | 43,543 |
| Deferred income tax provision | | | | | | | United States - Federal | | 10,385 |
| | (16,450 | ) | | (2,211 | ) | United States - state and local | | 898 |
| | (258 | ) | | (5,601 | ) | Total deferred income tax provision | | 11,283 |
| | (16,708 | ) | | (7,812 | ) | Total income tax expense | | $ | 14,079 |
| | $ | 47,041 |
| | $ | 35,731 |
| Effective tax rate | | 38.2 | % | | 35.9 | % | | 31.8 | % |
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| Schedule of Effective Income Tax Rate Reconciliation |
A reconciliation of the income tax provision at the U.S. statutory rate to the effective income tax rate as reported is as follows: | | | | | | | | | | | | | 2014 | | 2013 | | 2012 | Tax provision at U.S. statutory rate | | 35.0 | % | | 35.0 | % | | 35.0 | % | State and local income tax, net of Federal benefit | | 1.6 | % | | 0.5 | % | | (2.9 | )% | Other | | 1.6 | % | | 0.4 | % | | (0.3 | )% | Effective income tax rate | | 38.2 | % | | 35.9 | % | | 31.8 | % |
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| Schedule of Deferred Tax Assets and Liabilities |
Deferred tax assets and liabilities include the following: | | | | | | | | | | (In thousands) |
| 2014 |
| 2013 | Deferred Tax Assets: |
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| Costs incurred in excess of billings |
| $ | 1,867 |
| | $ | 4,067 |
| Compensation and benefits |
| 11,100 |
| | 1,633 |
| Contingency reserves |
| 1,995 |
| | 1,834 |
| Other |
| 1,931 |
| | 3,324 |
| Net operating losses | | 224 |
| | — |
| Total deferred tax assets |
| $ | 17,117 |
| | $ | 10,858 |
| Deferred Tax Liabilities: |
| | | | Goodwill |
| $ | (77,142 | ) | | $ | (74,629 | ) | Property, Plant and Equipment |
| (2,047 | ) | | (2,577 | ) | Unbilled receivables |
| (38,679 | ) | | (32,854 | ) | Total deferred tax liabilities |
| $ | (117,868 | ) | | $ | (110,060 | ) | | | | | |
Deferred taxes are classified in the Consolidated and Combined Balance Sheets as follows: | | | | | | | | | | (In thousands) |
| 2014 |
| 2013 | Current liabilities |
| $ | 25,414 |
| | $ | 24,667 |
| Non-current liabilities |
| 75,337 |
| | 74,535 |
| Net deferred tax liabilities |
| $ | 100,751 |
| | $ | 99,202 |
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| Schedule of Unrecognized Tax Benefits |
A reconciliation of the beginning and ending amount of unrecognized tax benefits as of December 31, 2014, 2013 and 2012 is as follows: | | | | | | | | | | | | | | (In thousands) |
| 2014 |
| 2013 |
| 2012 | Unrecognized tax benefits - January 1 |
| $ | 8,541 |
| | $ | 12,682 |
| | $ | 1,361 |
| Additions for: |
| | | | | | Current year tax positions |
| — |
| | 1,573 |
| | 11,321 |
| Prior year tax positions | | 6,954 |
| | — |
| | — |
| Reductions for: |
| | | | | | Prior year tax positions |
| (7,891 | ) | | (5,714 | ) | | — |
| Unrecognized tax benefits - December 31 |
| $ | 7,604 |
| | $ | 8,541 |
| | $ | 12,682 |
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| Summary of Earliest Open Tax Years |
The following table summarizes the earliest open tax years by major jurisdiction: | | | | Jurisdiction | | Earliest Open Year | United States | | 2009 |
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