XML 55 R41.htm IDEA: XBRL DOCUMENT v3.22.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of Income Before Income Taxes Income before income taxes consisted of (in thousands):
Year Ended December 31,
202120202019
Domestic$72,758 $4,149 $21,414 
Foreign12,157 7,639 10,882 
Income before income taxes$84,915 $11,788 $32,296 
Schedule of Income Tax Expense The components of the Company’s income tax expense consisted of the following (in thousands):
Year Ended December 31,
202120202019
Current income taxes:
Federal
$12,894 $(3,030)$4,216 
State and local
1,825 59 601 
Foreign
2,703 1,673 1,952 
Current income taxes
$17,422 $(1,298)$6,769 
Deferred income taxes:
Federal
$(185)$2,585 $(2,333)
State and local
(18)206 (185)
Foreign
(158)532 225 
Deferred income taxes
(361)3,323 (2,293)
Income tax expense
$17,061 $2,025 $4,476 
Schedule of Reconciliation of Income Tax Expense A reconciliation of income tax expense from operations computed at the U.S. federal statutory income tax rate to the Company’s effective income tax rate is as follows:
Year Ended December 31,
202120202019
Expected U.S. federal income taxes at statutory rate21.0 %21.0 %21.0 %
State and local income taxes, net of federal benefit1.7 2.5 1.0 
Foreign taxes
2.5 18.7 5.9 
Foreign tax credit— (9.3)— 
Non-deductible expenses
(1.1)1.6 (0.8)
Change in valuation allowance
2.3 5.4 4.9 
Non-controlling interest
(6.0)(12.7)(10.8)
Share-based Compensation0.1 5.1 (2.6)
Return to Provision1.5 (15.1)(3.0)
Other, net
(1.9)— (1.7)
Income tax expense
20.1 %17.2 %13.9 %
Schedule of Deferred Tax Assets and Liabilities The significant items comprising deferred tax assets and liabilities is as follows (in thousands):
December 31,
20212020
Deferred tax assets:
Investment in partnership
$64,335 $46,582 
Tax Receivable Agreement liability
19,105 14,087 
Stock-based compensation
6,197 4,195 
Foreign Tax Credit— 1,090 
Other carryforwards— 898 
Net operating loss carryforward— 756 
Gross deferred tax assets
89,637 67,608 
Valuation allowance
(14,829)(12,367)
Deferred tax assets, net of valuation allowance
74,808 55,241 
Deferred tax liabilities:
Property and equipment
(701)(833)
Other(343)(506)
Gross deferred tax liabilities
(1,044)(1,339)
Net deferred tax assets$73,764 $53,902 
Schedule of Income Tax Contingencies The following table summarizes changes in the amount of the Company’s unrecognized tax benefits for uncertain tax positions for the three years ended December 31, 2021, 2020 and 2019 (in thousands):
Year Ended December 31,
202120202019
Unrecognized tax benefits at January 1$490 $490 $490 
Decreases for positions taken in current year(490)— — 
Unrecognized tax benefits at December 31$— $490 $490