Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Domestic and foreign components of income before income taxes were as follows:

The provision for income taxes consisted of:


	Year Ended December 31,
	2023		2022		2021
Current:
Federal	$	18,354	$	—	$	—
State	4,040		1,231		348
Foreign	7,799		4,900		2,497
Total current income taxes	30,193		6,131		2,845
Deferred:
Federal	12,925		23,945		2,658
State	4,249		514		1,516
Foreign	169		840		656
Total deferred income taxes	17,343		25,299		4,830
Total provision for income taxes	$	47,536	$	31,430	$	7,675

The effective income tax rate was different from the statutory U.S. federal income tax rate due to the following:


	Year Ended December 31,
	2023		2022		2021
Income taxes at 21% statutory tax rate	$	55,094	$	37,076	$	15,780
Net difference resulting from:
Profit of non-controlling interest not subject to U.S. federal tax	(9,951)		(7,339)		(3,754)
Foreign income taxes (net of foreign tax credit)	1,918		2,104		2,423
State income taxes (excluding rate change)	3,999		2,910		1,348
Impact of change in forecasted state income tax rate	4,906		(1,739)		1,347
Foreign withholding taxes	1,419		1,225		730
Change in valuation allowance	(12,067)		(1,381)		(8,977)
Adjustments of prior year taxes	480		(120)		79
Stock compensation	(1,193)		(1,743)		(1,096)
Nondeductible expenses associated with acquisition	3,951		—		—
Other	(1,020)		437		(205)
Total provision for income taxes	$	47,536	$	31,430	$	7,675

The components of deferred tax assets and liabilities are as follows:


	December 31,
	2023		2022
Investment in Cactus Companies (Cactus LLC prior to the CC Reorganization)	$	179,196	$	299,253
Imputed interest	12,740		12,982
Tax credits	7,439		6,158
Net operating loss and other carryforwards	11,343		855
Other	359		—
Deferred tax assets	211,077		319,248
Valuation allowance	(6,225)		(17,604)
Deferred tax asset, net	204,852		301,644

Foreign withholding taxes	1,350		1,323
Other	2,239		643
Deferred tax liability, net	$	3,589	$	1,966