Income Taxes - (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Domestic and foreign components of income (loss) before income taxes

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

	Years Ended December 31,
(in thousands)	2021		2020		2019
Domestic	$	(2,099)	$	(811,995)	$	51,073
Foreign	154,784		49,246		8,113
Income (loss) before income taxes	$	152,685	$	(762,749)	$	59,186

Provision for (benefit from) income tax

The provision for (benefit from) income taxes consisted of:

	Years Ended December 31,
(in thousands)	2021		2020		2019
Current:
U.S. federal	$	14,895	$	1,578	$	15,327
State and local	4,867		1,579		1,196
Foreign	40,149		20,264		4,264
Total current	59,911		23,421		20,787
Deferred:
U.S. federal	(24,962)		(32,454)		(12,815)
State and local	(862)		(6,738)		(1,156)
Foreign	4,358		(4,625)		(590)
Total deferred	(21,466)		(43,817)		(14,561)
Provision for (benefit from) income taxes	$	38,445	$	(20,396)	$	6,226

Effective income tax rate reconciliation

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

	Years Ended December 31,
	2021		2020		2019
Statutory U.S. federal income tax rate	21.0	%	21.0	%	21.0	%
Net difference resulting from:
State and local taxes, net of federal income tax benefit	2.1		0.5		3.2
Foreign withholding tax	8.5		(1.2)		1.8
Foreign derived intangible income	(0.7)		—		(0.8)
Foreign operations tax effect	(1.3)		(0.4)		—
Research and experimentation tax credits	(2.5)		0.4		(1.2)
Foreign tax credit	(9.9)		—		(8.0)
Nondeductible expenses	1.6		(0.6)		2.5
Branch income	7.6		(0.7)		0.6
Tax return to accrual adjustments	(7.3)		0.1		(9.4)
State deferred taxes	—		0.2		(7.9)
Goodwill impairment	—		(15.5)		—
Foreign inclusions (including global intangible low-taxed income)	6.6		(0.7)		—
Transaction costs	—		(0.6)		—
Change in valuation allowance	1.8		(0.5)		9.0
Stock compensation	(3.7)		—		—
Nondeductible officer compensation	2.1		—		—
Other	(0.7)		0.7		(0.3)
Effective income tax rate	25.2	%	2.7	%	10.5	%

Significant components of deferred tax assets and liabilities

Significant components of deferred tax assets and liabilities were as follows:

	December 31,
(in thousands)	2021		2020
Deferred tax assets attributable to:
Accrued compensation	$	12,395	$	13,437
Accrued expenses	8,020		3,950
Inventories	830		—
Net operating loss and other carryforwards	32,420		25,879
Accounts receivable	18,301		19,930
Lease liability	16,573		17,180
Long-term liabilities	—		1,470
Other assets	7,687		2,110
Deferred tax assets	96,226		83,956
Valuation allowance	(38,716)		(26,786)
Deferred tax assets, net of valuation allowance	$	57,510	$	57,170
Deferred tax liabilities attributable to:
Inventories	$	—	$	(2,124)
Intangible assets, including goodwill	(70,799)		(80,634)
Property, plant and equipment	(69,971)		(73,507)
Foreign withholding taxes	(20,239)		(15,673)
Lease asset	(18,346)		(18,293)
Investment in subsidiary	(2,014)		(10,189)
Long-term liabilities	(1,100)		—
Deferred tax liabilities	(182,469)		(200,420)
Net deferred tax liabilities	$	(124,959)	$	(143,250)
Classified as follows in the consolidated balance sheets:
Other non-current assets	$	13,012	$	13,033
Deferred income taxes	(137,971)		(156,283)
Net deferred tax liabilities	$	(124,959)	$	(143,250)