Income Taxes (Tables)
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12 Months Ended |
Dec. 31, 2022 |
Income Tax Disclosure [Abstract] |
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Schedule of Components of Income Tax Provision (Benefit) |
The components of income tax provision (benefit) attributable to the Company for the year ended December 31, 2022, 2021 and 2020, respectively, are as follows (in thousands):
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Year Ended December 31, |
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2022 |
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2021 |
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2020 |
U.S. current income tax expense (benefit) |
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$ |
61 |
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$ |
290 |
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$ |
(6,931) |
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U.S. deferred income tax benefit |
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(207) |
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(23,740) |
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(12,330) |
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Foreign current income tax expense |
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5,846 |
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8,852 |
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6,948 |
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Foreign deferred income tax expense (benefit) |
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7,907 |
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(8,265) |
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144 |
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Total |
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$ |
13,607 |
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$ |
(22,863) |
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$ |
(12,169) |
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Schedule of Effective Income Tax Rate Reconciliation |
A reconciliation of the statutory federal income tax amount to the recorded expense is as follows (in thousands):
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Year Ended December 31, |
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2022 |
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2021 |
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2020 |
Income (loss) before income taxes |
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$ |
12,988 |
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$ |
(124,293) |
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$ |
(119,776) |
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Statutory income tax rate |
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21 |
% |
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21 |
% |
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21 |
% |
Expected income tax expense (benefit) |
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2,727 |
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(26,102) |
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(25,153) |
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Change in tax rate |
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— |
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— |
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(161) |
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Interest and penalties |
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1,677 |
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1,043 |
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— |
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Foreign income tax rate differential |
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4,311 |
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(282) |
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2,556 |
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Foreign earnings (loss) not in reported income |
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1,565 |
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(336) |
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3,252 |
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Foreign tax credits |
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(3,646) |
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(7,749) |
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(7,133) |
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Withholding taxes |
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1,677 |
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(49) |
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1,019 |
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Goodwill impairment |
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— |
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52 |
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11,544 |
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Other permanent differences |
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322 |
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426 |
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1,290 |
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State tax benefit |
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(1,129) |
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(2,449) |
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(1,664) |
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CARES act |
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— |
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— |
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(2,378) |
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Return to provision |
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(116) |
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390 |
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894 |
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Change in valuation allowance |
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6,219 |
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12,193 |
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3,765 |
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Total |
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$ |
13,607 |
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$ |
(22,863) |
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$ |
(12,169) |
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Schedule of Deferred Tax Assets and Liabilities |
Deferred tax liabilities attributable to the Company consisted of the following (in thousands):
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Year Ended December 31, |
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2022 |
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2021 |
Deferred tax assets: |
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Allowance for doubtful accounts |
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$ |
598 |
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$ |
1,241 |
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Lease asset |
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4,287 |
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4,432 |
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Intangible assets |
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952 |
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1,070 |
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Accrued liabilities |
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926 |
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12,833 |
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Net operating loss carryover |
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9,674 |
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13,447 |
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Foreign tax credits |
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86,311 |
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83,780 |
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Other |
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1,396 |
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1,652 |
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Valuation allowance |
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(78,298) |
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(71,612) |
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Deferred tax assets |
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25,846 |
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46,843 |
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Deferred tax liabilities: |
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Property and equipment |
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$ |
(18,989) |
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$ |
(28,126) |
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Lease liability |
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(4,057) |
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(4,392) |
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Other |
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(3,271) |
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(7,096) |
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Deferred tax liabilities |
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(26,317) |
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(39,614) |
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Net deferred tax (liability) asset |
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$ |
(471) |
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$ |
7,229 |
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Reflected in accompanying balance sheet as: |
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Deferred income tax asset |
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$ |
— |
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$ |
8,094 |
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Deferred income tax liability |
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(471) |
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(865) |
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Total |
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$ |
(471) |
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$ |
7,229 |
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