Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Income before Income Tax, Domestic and Foreign

The components of the Company’s income before income taxes and equity in earnings of non-consolidated affiliates by taxing jurisdiction for the years ended December 31, were:


	2021		2020
Income (Loss):
U.S.	$	38,717	$	95,939
Non-U.S.	20,841		(18,599)
	$	59,558	$	77,340

Schedule Of Components Of Income Taxes Provision Benefit

The provision (benefit) for income taxes by taxing jurisdiction for the years ended December 31, were:


	2021		2020
Current tax provision
U.S. federal	$	7,259	$	5,812
U.S. state and local	7,459		3,242
Non-U.S.	12,498		2,346
	27,216		11,400
Deferred tax provision (benefit):
U.S. federal	(143)		(1,951)
U.S. state and local	(2,521)		389
Non-U.S.	(1,154)		(3,901)
	(3,818)		(5,463)
Income tax expense	$	23,398	$	5,937

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of income tax expense (benefit) using the U.S. federal income tax rate compared with actual income tax expense for the years ended December 31, is as follows:


	2021			2020
Income before income taxes, equity in non-consolidated affiliates and noncontrolling interest	$	59,558		$	77,340
Statutory income tax rate	21.0		%	21.0		%
Tax expense using U.S. statutory income tax rate	$	12,507		$	16,241
Impact of disregarded entity structure	(6,954)			(16,049)
Foreign, net	1,055			752
State taxes, net	4,359			1,980
Stock compensation	4,009			—
Changes in tax rates	4,908			—
Valuation allowance	(15)			1,286
Other, net	3,529			1,727
Income tax expense	$	23,398		$	5,937
Effective income tax rate	39.3		%	7.7		%

Schedule of Deferred Tax Assets and Liabilities

The tax effects of significant temporary differences representing deferred tax assets and liabilities at December 31, were as follows:


	2021		2020
Deferred tax assets:
Net operating losses	$	33,112	$	10,229
Tax credits	6,644		583
Operating lease liability	48,173		4,141
Interest deductions	30,760		—
Accruals and other liabilities	3,720		—
Other	15,160		3,344
Gross deferred tax asset	137,569		18,297
Less: valuation allowance	(5,825)		(5,551)
Net deferred tax assets	$	131,744	$	12,746
Deferred tax liabilities:
Right of use asset - operating leases	37,001		3,577
Property and equipment, net	4,212		463
Goodwill and intangibles	83,607		21,959
Residual basis differences	102,297		—
Other	6,854		2,639
Total deferred tax liabilities	233,971		28,638
Net deferred tax liability	$	(102,227)	$	(15,892)

Deferred tax assets	$	866	$	158
Deferred tax liabilities	(103,093)		(16,050)
	$	(102,227)	$	(15,892)

Schedule Of Changes In Tax Reserve

If these unrecognized tax benefits were to be recognized, it would affect the Company’s effective tax rate.


	2021		2020
A reconciliation of the change in unrecognized tax benefits is as follows:
Unrecognized tax benefit - Beginning Balance	$	—	$	—
Current year positions	—		—
Prior period positions	1,038		—
Settlements	—		—
Lapse of statute of limitations	—		—
Unrecognized tax benefits - Ending Balance	$	1,038	$	—