Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Components of Income Tax Expense (Benefit)

The components of income (loss) before income taxes for the years ended December 31, 2019 and 2018 are as follows (in thousands):



	Year Ended December 31, 2019		Year Ended December 31, 2018
United States	$	53,966	$	(47,873	)
Foreign	989		5,826
Income (loss) before taxes	$	54,955	$	(42,047	)

The following table shows the expense (benefit) for income taxes (in thousands):



	Year Ended December 31, 2019			Year Ended December 31, 2018
Current:
Federal	$	9,389		$	(374	)
State	2,252			494
Foreign	2,511			1,787
	14,152			1,907

Deferred:
Federal	449			(5,189		)
State	75			(2,328		)
Foreign	(1,549		)	(18		)
	(1,025		)	(7,535		)
Income tax expense (benefit)	$	13,127		$	(5,628	)

Schedule of Effective Income Tax Rate Reconciliation

The differences between income taxes expected at the U.S. federal statutory rate of 21.0% and the reported income tax expense (benefit) are summarized as follows (in thousands):



	Year Ended December 31, 2019			Year Ended December 31, 2018
Tax computed at federal statutory rate	$	11,542		$	(8,830	)
State income tax, net of federal benefit	2,851			(451		)
Permanent items	576			510
Transaction costs	78			21
Global intangible low taxed income	348			538
Foreign derived intangible income	(490		)	—
Foreign rate differential	56			350
Gain on tax receivable agreement	(51		)	(250		)
Rate change	70			47
Valuation allowance	(35		)	(471		)
Other	(1,818		)	2,908
Income tax expense (benefit)	$	13,127		$	(5,628	)

Schedule of Deferred Tax Assets and Liabilities

The following table shows significant components of the Company’s deferred tax assets and liabilities (in thousands):



	December 31, 2019			December 31, 2018
Deferred tax assets:
Right-of-use lease liabilities	$	32,840		$	—
Definite-lived intangible assets	9,670			851
Inventories and related reserves	4,445			3,891
Interest expense carryforward	3,577			6,315
Capital lease obligation	—			2,354
Unrealized derivative loss	1,972			—
Accrued compensation	278			259
Allowance for doubtful accounts	940			935
Net operating loss carryforwards	1,108			1,579
Other, net	1,972			920
Total deferred tax assets	56,802			17,104

Deferred tax liabilities:
Right-of-use assets	(32,250		)	—
Indefinite-lived intangible assets	(22,311		)	(15,900		)
Property, plant and equipment	(20,854		)	(21,490		)
Total deferred tax liabilities	(75,415		)	(37,390		)

Valuation allowance	(359		)	(392		)
Total deferred tax liabilities, net	$	(18,972	)	$	(20,678	)

Summary of Operating Loss Carryforwards

These carryforwards will expire on various dates in the next 20 years as follows (in thousands):



	December 31, 2019
2021-2026	$	2,664
2027-2032	6,577
2033-2038	9,593
	$	18,834