Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Taxes

Schedule of components of income (loss) before income taxes

	Year Ended December 31,
	2019		2018		2017
Pre-IPO Domestic	$	—	$	13,370	$	65,023
Post-IPO Domestic		173,039		146,620		—
Pre-IPO Foreign		—		512		3,073
Post-IPO Foreign		15,284		9,299		—
Income before income taxes	$	188,323	$	169,801	$	68,096

Schedule of provision for income taxes

	Year Ended December 31,
	2019		2018		2017
Current:
Federal	$	1,088	$	—	$	—
State		1,408		1,172		594
Foreign		4,121		3,147		735
Total current income taxes		6,617		4,319		1,329
Deferred:
Federal		14,853		12,589		—
State		10,681		1,992		—
Foreign		(131)		620		220
Total deferred income taxes		25,403		15,201		220
Total provision for income taxes	$	32,020	$	19,520	$	1,549

Schedule of effective income tax rate reconciliation

	Year Ended December 31,
	2019		2018		2017
Income taxes at 21%  (35% for 2017) statutory tax rate	$	39,548	$	35,658	$	23,834
Net difference resulting from:
Profit of Cactus LLC pre-IPO not subject to U.S. federal tax		—		(2,808)		(22,758)
Profit of non-controlling interest not subject to U.S. federal tax		(15,477)		(18,570)		—
Foreign income taxes (net of foreign tax credit)		364		828		(302)
State income taxes (excluding rate change)		4,887		2,746		594
Impact of change in forecasted state income tax rate		5,774		—		—
Foreign withholding taxes		988		1,056		220
Change in valuation allowance		(3,888)		733		(39)
Other		(176)		(123)		—
Total provision for income taxes	$	32,020	$	19,520	$	1,549

Schedule of components of deferred tax assets and liabilities

	December 31,
	2019		2018
Investment in Cactus LLC	$	234,629	$	181,390
Net operating loss carryforwards		—		619
Imputed interest		10,323		7,445
Tax credits		1,479		1,988
Other		155		144
Deferred tax assets		246,586		191,586
Valuation allowance		(24,041)		(32,533)
Deferred tax asset, net	$	222,545	$	159,053
Foreign withholding taxes	$	1,054	$	1,036
Other		294		—
Deferred tax liability, net	$	1,348	$	1,036