Income Taxes (Tables)
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12 Months Ended |
Dec. 31, 2023 |
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| 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, 2023, 2022 and 2021, respectively, are as follows (in thousands):
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Year Ended December 31, |
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2023 |
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2022 |
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2021 |
| U.S. current income tax expense |
|
$ |
715 |
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$ |
61 |
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$ |
290 |
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| U.S. deferred income tax benefit |
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— |
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(207) |
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(23,740) |
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| Foreign current income tax expense |
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13,269 |
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5,846 |
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8,852 |
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| Foreign deferred income tax (benefit) expense |
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(1,687) |
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7,907 |
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(8,265) |
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| Total |
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$ |
12,297 |
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$ |
13,607 |
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$ |
(22,863) |
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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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2023 |
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2022 |
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2021 |
| Income (loss) before income taxes |
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$ |
9,134 |
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$ |
12,988 |
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$ |
(124,293) |
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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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1,918 |
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2,727 |
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(26,102) |
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| Interest and penalties |
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2,269 |
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1,677 |
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1,043 |
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| Foreign income tax rate differential |
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3,416 |
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4,311 |
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(282) |
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| Foreign earnings (loss) not in reported income |
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5,188 |
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1,565 |
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(336) |
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| Foreign tax credits |
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(11,193) |
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(3,646) |
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(7,749) |
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| Withholding taxes |
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1,340 |
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1,677 |
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(49) |
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| Other permanent differences |
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1,011 |
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|
322 |
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|
478 |
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| State tax benefit |
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227 |
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(1,129) |
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(2,449) |
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| Return to provision |
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(11) |
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(116) |
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390 |
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| Change in valuation allowance |
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8,132 |
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6,219 |
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12,193 |
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| Total |
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$ |
12,297 |
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$ |
13,607 |
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$ |
(22,863) |
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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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2023 |
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2022 |
| Deferred tax assets: |
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| Lease asset |
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$ |
3,249 |
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$ |
4,287 |
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| Intangible assets |
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997 |
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952 |
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| Accrued liabilities |
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3,712 |
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|
926 |
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| Net operating loss carryover |
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4,334 |
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9,674 |
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| Foreign tax credits |
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96,303 |
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86,311 |
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| Other |
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1,315 |
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1,994 |
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| Valuation allowance |
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(86,432) |
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(78,298) |
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| Deferred tax assets |
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23,478 |
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25,846 |
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| Deferred tax liabilities: |
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| Property and equipment |
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$ |
(14,708) |
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$ |
(18,989) |
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| Lease liability |
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(3,160) |
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(4,057) |
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| Prepaid expenses |
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(2,586) |
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(2,573) |
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| Other |
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(1,808) |
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(698) |
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| Deferred tax liabilities |
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(22,262) |
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(26,317) |
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| Net deferred tax (liability) asset |
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$ |
1,216 |
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$ |
(471) |
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| Reflected in accompanying balance sheet as: |
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| Deferred income tax asset |
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$ |
1,844 |
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$ |
— |
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| Deferred income tax liability |
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(628) |
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(471) |
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| Total |
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$ |
1,216 |
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$ |
(471) |
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