Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Components of Provision for Income Taxes

The components of the provision for income taxes reflected on the consolidated statements of operations are set forth below:

	For the Years Ended December 31,
	2021		2020		2019
	(in thousands)
Current taxes:
U.S. federal	$	(2,664)	$	(2,794)	$	2,868
State and local	1,073		(306)		410
Foreign	4,482		11,535		4,982
Total current tax expense	2,891		8,435		8,260
Deferred taxes:
U.S. federal	11,678		1,245		293
State and local	1,177		264		(534)
Foreign	1,053		(1,517)		(574)
Total deferred tax (benefit) expense	13,908		(8)		(815)
Total tax expense	$	16,799	$	8,427	$	7,445

Significant Components of Net Deferred Tax Assets and Liabilities

Significant components of the Company’s net deferred tax assets and liabilities are set forth below:

	As of December 31,
	2021		2020
	(in thousands)
Deferred tax assets:
Compensation and benefits	$	17,290	$	18,261
Depreciation and amortization	—		642
Cumulative translation adjustment	11,679		10,079
Operating loss carryforwards	4,900		11,736
Capital loss carryforwards	2,503		2,298
Lease asset	22,763		23,867
Other financial accruals	1,947		448
Valuation allowances	(2,503)		(2,298)
Total deferred tax assets	58,579		65,033

	As of December 31,
	2021		2020
	(in thousands)
Deferred tax liabilities:
Depreciation and amortization	4,126		—
Lease liability	18,537		19,139
Other financial accruals	9,082		6,934
Total deferred tax liabilities	31,745		26,073
Net deferred tax asset	$	26,834	$	38,960

Reconciliation of Statutory U.S. Federal Income Tax Rate to Company's Effective Income Tax Rate

A reconciliation of the statutory U.S. federal income tax rate of 21% to the Company’s effective income tax rates is set forth below:

	For the Years Ended December 31,
	2021		2020		2019
U.S. statutory tax rate	21.0	%	21.0	%	21.0	%
Increase related to state and local taxes, net of U.S. income tax benefit	3.0		(3.0)		(0.5)
Benefits and taxes related to foreign operations	3.7		(7.3)		8.8
Charge related to Global Intangible Low-Taxed Income	—		—		2
RSU vesting and dividend discrete accounting charge or benefit	1.4		13.3		6.3
Charge related to non-deductible compensation	1.3		2.4		3.3
Tax Benefits Related to CARES Act	(1.7)		(4.6)		—
Other	(0.3)		(0.6)		(0.5)
Effective income tax rate	28.4	%	21.2	%	40.4	%