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INCOME TAXES (Tables) - Rocket Lab USA, Inc. | 6 Months Ended | 12 Months Ended
--- | --- | ---
Jun. 30, 2021 | Dec. 31, 2020
Schedule of Pretax Loss From Domestic and Foreign Operations |  | The components of the pretax loss from domestic and foreign operations for the years ended December 31, were as follows:
|  | 2020 |  |  | 2019 |
US loss before income taxes |  | $ | (56,439 | ) |  | $ | (34,076 | )
Foreign income before income taxes |  |  | 1,901 |  |  |  | 4,070 |
Pretax loss from operations |  | $ | (54,538 | ) |  | $ | (30,006 | )
Schedule of Provision (Benefit) for Income Taxes | Income tax expense and the effective tax rate for the six months ended June 30, 2021 and 2020 were as follows (dollar amounts in thousands):
|  | Six-Months Ended June 30, |
|  | 2021 |  |  | 2020 |
Income tax expense |  | $ | 704 |  |  | $ | 749 |
Effective tax rate |  |  | -2.2 | % |  |  | -3.3 | %
| The provision (benefit) for income taxes for the years ended December 31, 2020 and 2019 is as follows:
|  | 2020 |  |  | 2019 |
Current: |  |  |  |  |  |  |  |
Federal |  | $ | — |  |  | $ | — |
State |  |  | — |  |  |  | 1 |
Foreign |  |  | 1,410 |  |  |  | 956 |
Total |  |  | 1,410 |  |  |  | 957 |
Deferred: |  |  |  |  |  |  |  |
Foreign |  |  | (943 | ) |  |  | (603 | )
Total |  |  | (943 | ) |  |  | (603 | )
Provision for income taxes |  | $ | 467 |  |  | $ | 354 |
Schedule of Differences Between Federal Statutory Income Tax Rate and Provision for Income Taxes |  | The provision for income taxes differs from the amount of income tax determined by applying the applicable U.S. statutory federal income tax rate to pretax income as a result of the following differences:
|  | 2020 |  |  | 2019 |
Federal statutory rate |  | $ | (11,453 | ) |  |  | 21.00 | % |  | $ | (6,301 | ) |  |  | 21.00 | %
Adjustments for tax effects of: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Permanent differences and other |  |  | 631 |  |  |  | -1.16 | % |  |  | 42 |  |  |  | -0.14 | %
Increase in valuation allowance |  |  | 11,289 |  |  |  | -20.70 | % |  |  | 6,613 |  |  |  | -22.04 | %
Provision for income taxes |  | $ | 467 |  |  |  | -0.86 | % |  | $ | 354 |  |  |  | -1.18 | %
Schedule of Deferred Tax Assets and Liabilities |  | The significant components of the Company’s deferred tax assets and liabilities were as follows as of December 31:
|  | 2020 |  |  | 2019 |
Deferred tax assets: |  |  |  |  |  |  |  |
Accrued expenses |  | $ | 1,969 |  |  | $ | 1,791 |
Inventories |  |  | 353 |  |  |  | — |
Deferred revenue |  |  | 5,503 |  |  |  | 2,150 |
Lease liability |  |  | 7,426 |  |  |  | 6,462 |
Stock options |  |  | 2,082 |  |  |  | 1,386 |
Warrants |  |  | 519 |  |  |  | 162 |
Net operating losses |  |  | 30,264 |  |  |  | 23,625 |
Tax credits |  |  | 923 |  |  |  | 857 |
Other |  |  | 4 |  |  |  | 67 |
Total deferred tax assets |  |  | 49,043 |  |  |  | 36,500 |
Valuation allowance |  |  | (39,084 | ) |  |  | (27,794 | )
Total deferred tax assets, net |  |  | 9,959 |  |  |  | 8,706 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Right of use asset |  |  | (6,954 | ) |  |  | (6,978 | )
Depreciation and amortization |  |  | — |  |  |  | (43 | )
Unrealized gain |  |  | (757 | ) |  |  | — |
Total deferred tax liabilities |  |  | (7,711 | ) |  |  | (7,021 | )
Net deferred tax assets |  | $ | 2,248 |  |  | $ | 1,685 |
Schedule of Net Deferred Tax Assets |  | The net deferred tax assets as presented in the consolidated balance sheets consists of the following as of December 31:
|  | 2020 |  |  | 2019 |
Deferred tax assets |  | $ | 2,398 |  |  | $ | 1,685 |
Deferred tax liabilities (included in Other non-current liabilities) |  |  | (150 | ) |  |  | — |
Net deferred tax assets |  | $ | 2,248 |  |  | $ | 1,685 |
Schedule of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits |  | The reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits for the years ended December 31 is as follows:
|  | 2020 |  |  | 2019 |
Balance at beginning of year |  | $ | 800 |  |  | $ | 800 |
Increases (decreases) related to prior year tax positions |  |  | — |  |  |  | — |
Balance at end of year |  | $ | 800 |  |  | $ | 800 |

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