Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Our income tax provision consisted of the following for the years ended December 31, 2021, 2020 and 2019 (in thousands):


	For the Year Ended December 31,
	2021		2020		2019
Current
Federal	$	142	$	5,690	$	4,917
State	(80)		3,201		3,182
Foreign	(392)		195		977
Total current	(330)		9,086		9,076
Deferred
Federal	6,893		8,213		3,869
State	2,106		2,898		287
Total deferred	8,999		11,111		4,156
Total income tax provision	$	8,669	$	20,197	$	13,232

Summary of Temporary Differences on Deferred Tax Assets

The following table presents the tax effects of temporary differences on net deferred tax (liabilities)/assets which are classified in our consolidated balance sheets within accounts payable, accrued expenses and other liabilities at December 31, 2021 and other assets at December 31, 2020 (in thousands):


	December 31,
	2021		2020
Deferred tax (liabilities)/asset, net
Reserves and accruals	$	3,155	$	4,571
Domestic intangible assets	(9,652)		(1,672)
Lease assets	—		(310)
Lease liabilities	—		579
Investments in unconsolidated entities	(1,515)		(1,236)

Net operating and other carryforwards	1,908		974
Other U.S. temporary differences	14		2
Net deferred tax (liabilities)/assets	$	(6,090)	$	2,908

Schedule of Income Tax Rate Reconciliation

The following table is a reconciliation of our U.S. federal income tax provision determined using our statutory federal tax rate to our reported income tax provision for the years ended December 31, 2021, 2020 and 2019 (dollars in thousands):


	For the Year Ended December 31,
		2021	2020				2019
Federal statutory tax rate			$	105,230	21.0	%	$	81,118	21.0	%	$	115,535	21.0	%
REIT and other non-taxable income			(92,121)		(18.4)	%	(58,265)		(15.1)	%	(106,301)		(19.3)	%
State income taxes			4,307		0.9	%	7,509		1.9	%	3,034		0.5	%
Federal benefit of state tax deduction			(905)		(0.2)	%	(1,577)		(0.4)	%	(637)		(0.1)	%
Net operating loss carryback rate differential			—		—	%	(3,387)		(0.9)	%	—		—	%
Intra-entity transfers			(6,635)		(1.3)	%	(5,385)		(1.4)	%	—		—	%
Other			(1,207)		(0.3)	%	184		0.1	%	1,601		0.3	%
Effective tax rate			$	8,669	1.7	%	$	20,197	5.2	%	$	13,232	2.4	%